Key date in lot and I mised it.

Discussion in 'Coin Chat' started by buddy16cat, Oct 13, 2012.

  1. buddy16cat

    buddy16cat Well-Known Member

    As someone mentioned, it exposes knowledge of the lot the bidder may have that others do not. I overlooked the 1866 but someone else probably didn't.
     
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. Blaubart

    Blaubart Melt Value = 4.50

    I get that, but he seems more concerned about a person bidding incrementally to find out what his max bid is than he is about a person just bidding the most they're willing to pay and outbidding him. Maybe I'm just reading too much into it...
     
  4. buddy16cat

    buddy16cat Well-Known Member

    I also thought that the possibility is that they are just incrementing up to a max they are willing to pay. They may bid a few times than give up.
     
  5. medoraman

    medoraman Supporter! Supporter

    A lot of it is sir that:

    1. Some people just want to be the high bidder, and will continue bidding if my proxy outbids them. Some people just bid this way.

    2. Like Jeff said, it exposes my knowledge of a value of a lot. Hey, I do this too. If I see a lot with a lot of people watching, or see tons of bids, I check it out to see what the excitement is about. I have at times bought these auctions as well. I simply prefer to use my knowledge privately, and not let people know I would be willing to pay $500 if the price right now is $45. If I bid right now for $500, I might get bid up, people see the prices, and then THEY get interested and might bid as well. If I see a lot of coins worth $1000 or more, why do I want to call attention to that auction? I wish to remain silent and put a strong bid in at the end, hopefully winning.

    Do sellers like this? I imagine not, but they would like me not bidding at all a lot worst I believe.

    We aren't very far apart Blaubart, and I didn't mean to take this thread OT, so I will stop. Sorry OP.
     
  6. mrweaseluv

    mrweaseluv Supporter! Supporter

    Ok, 1st I admit to being one of those snipers, I got that nice 1859 IH vf (in new acq's today) for only $16 because i sniped it at 2am in the last 30 seconds of the auction. The bid at the time was only $4-5 (it had a poor photo btw) Had i put my max bid in earlier I would surely have been outbid. But the point of an auction is that it is a gamble for the seller. If you don't like to gamble they give you an option to a reserve bid or "buy it now" price. They have to pay for these options, but the whole point is that they are paying to raise the odds in their favor. All i can say to the sellers is you have the option to not gamble, don't complain when you do gamble to save a buck and lose the bet.
     
  7. Conder101

    Conder101 Numismatist

    A lot of people make that comment but they don't seem to realize that eBay is not MEANT to replicate a live auction. It most closely replicates a mail bid auction and those DO end at a specific time. they don't tack on another day just because they got a bid in on the closing day "so lets see if we get another one tomorrow".

    And I am with medoraman, I am not going to schedule my life around the ending times of auctions and then sit there as they drag on and on waiting for them to end. So I would most likely give up eBay as well. And if I did do that there is no way I would just put in my maximum bid and let someone chip away at it. If I have to sit here I am going to nickel and dime it to death as well.

    Another reason to worry about having your high bid exposed is that some sellers use a shill bid to run up the bid to expose your max bid. Then they retract their bid and use a second shill account to place a bid just below your maximum to force you to pay the maximum amount even though actual competition would require you to pay a lesser amount. If the current bid is $50 and no one else is bidding, and you have a proxy bid in of $100 and I learn this, I can then put in a shill bid of $95 so that you win at $100 instead of $50. You still having paid more than you thought it was worth, but you had to pay twice as much as you should have had to pay.

    Even if they don't expose your max bid, if they don't know what it is worth just place a few bids because it looks interesting and then decide it is more than they want to pay, they have still caused you to now have to pay more than you might have otherwise. These two scenarios do not happen to snipers. They may still have their bids go way up or even to their max, but they run up by someone else who was seriously committed to the coin.
     
Draft saved Draft deleted

Share This Page