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To: GCAT who wrote (4118)	7/14/1999 5:32:00 PM
From: Jeff Dryer	Respond to of 7772

Interesting story! I would agree that almost everyone is honest whether it's discussion or auctions when they first start out. But, if the system in place is corrupt, dishonest people (sometimes criminals) wind up running the show. I believe your example supports the notion that sellers know what price they are willing to sell for which in a way (to some extent) trivializes the true nature of an auction. The new seller who gets stuck with a loss situation will likely be encouraged to find ways not to get stuck again with a low bid. Although, it sounds like you made it very easy on her this time. Her next buyer at a low price might not.