Bidding Terminology

Discussion in 'Coin Chat' started by Randy Abercrombie, Jan 24, 2022.

  1. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Rarely I will bid on an eBay coin and have won a few. I place my max bid and go on about my business. There are two terms that I hear regularly that I want to understand their meaning please.
    Shill Bidding
    Snipe bidding…. I think this has to do with bidding in the final seconds of a bid listing?
     
    Last edited: Jan 24, 2022
    Inspector43 and SensibleSal66 like this.
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  3. SensibleSal66

    SensibleSal66 U.S Casual Collector / Error Collector

    Shill bidding is known as a form of auction fraud. eBay defines shill bidding as, "when someone bids on an item to artificially increase its price, desirability, or search standing." Shill bidding creates an unfair advantage and causes other bidders outside of the scam to pay more than they should for an item.
    Google search found this....Snipe bidding as just that. Bidding seconds before the end of the Bid.
     
  4. Paddy54

    Paddy54 Hey brother can you spare a half dime?

    Randy
    Snipe bidding you find a site that snipes. You enter all information if ebay item # and the amount you like to set the limit. Say $50.00 date and times of auction ends...and you can set time to bid like 15 to 2 seconds before the auction ends.
    You pay a % of finial value price paid, on the item. It works 99% of the time.
     
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  5. daveydempsey

    daveydempsey Well-Known Member

    Snipe bidding is usually done with an automatic Sniper app.
    I use one all the time.
    I put my maximum bid in the sniper programme and it bids 5 seconds before the end of the auction.
    This way you are not showing your hand and bids don't get increased like in a bidding war.
    At the end of the day though, highest bidder wins.
     
  6. baseball21

    baseball21 Well-Known Member

    The only way it would be an unfair advantage is if you use it to determine what the high bid is for the other guy then retract the bid. Auction houses wouldnt let you get away with that but eBay lets you cancel bids for any reason. Other than that it doesnt really matter whose bidding what, buyers control how much they're willing to bid and no one can force them to go over that amount which they have presumably determined to be FMV
     
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  7. Mac McDonald

    Mac McDonald Well-Known Member

    A good eye on the clock and quick reflexes can/do beat many snipe apps...but not all/always. Sometimes when not, it's an e-delay in your or their system with transmitting/receiving/registering your bid...have in the past gone round and round with eBay about this...they say not responsible for anything like that and should simply bid a few seconds earlier to be sure bid is received in time. Also, certain more sophisticated apps can beat any manual bid by a bid increment in a fraction of a second before the time ends. That said, I actually prefer these auctions to those with auction "windows" that open-up and renew with each/any bid in the last 10 or 15 mins. When an auction is advertised to end at a certain time...it should end at that time. Also think any form of auto-bid apps should not be allowed...my op.
     
  8. baseball21

    baseball21 Well-Known Member

    Those auctions are generally for high end expensive stuff. No one wants to be sniping or suppressing bidding on 6+ or even 5 figure coins.
     
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  9. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    OK.. Full disclosure. In my years collecting I have amassed a hoard of coins. I am at a place where I am thinking along the lines of winding my professional life down and reducing my hoard of coins and it seems to me that I need to get more aware of how this works as it appears my best option is a bid market of one sort or another..... And here's my deal.... If I put a St. Gaudens out for bid, I won't accept a $1300.00 price. So can't a fellow set a minimum bid amount that would effectively eliminate the funny business that goes on?
     
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  10. baseball21

    baseball21 Well-Known Member

    Yes you can either set a reserve or just start the auction at that price. Some of it depends where you sell it. Things like that I would recommend not using eBay as a new first time seller and go with an auction house like Great Collections where you dont have to worry about getting scammed by a buyer which is becoming more and more common these days. With GC you could just set the opening big at the minimum youd accept
     
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  11. kanga

    kanga 65 Year Collector Supporter

    I don't snipe.
    I bid early what I'm willing to pay and let it go at that.
    If someone outbids me IMO they overpaid.
     
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  12. Morgandude11

    Morgandude11 As long as it's Silver, I'm listening

    I always snipe, for the thrill of it. I actually won a snipe with 1 second remaining. Of course, I have Bidslammer, but like the excitement of a good snipe.

    Shill bidding is an illegal activity, by all auction houses. It involves getting straw bidders to artificially inflate the bid price of the auction. The shills are usually friends, or relatives.
     
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  13. wxcoin

    wxcoin Getting no respect for 65 years Supporter

    There's an auction house, that I won't name here, that has auctions most Tuesdays and Thursdays. I've noticed that there will be a floor bid to either start the bidding or a floor bid to go above an internet bid that may be low. In most instances, if there are no other bids, the same item is listed in a future auction several weeks in the future. To me it looks like the auction house will bid on an item if they don't like the amount that's being bid on an item. Why not list a reserve price?
     
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  14. ominus1

    ominus1 Supporter! Supporter

    ..i like that...i too am willing to lose a coin knowing i set the price...my motto 'i'm here for the coin, or make the other guy pay' :D
     
    charley likes this.
  15. spirityoda

    spirityoda Coin Junky Supporter

    You can always use Buy it now and you set the price.
     
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  16. Dave Waterstraat

    Dave Waterstraat Well-Known Member

    Anybody remember Yahoo when the auction end time was extended if you outbid someone in the final seconds?
     
  17. serafino

    serafino Well-Known Member

    I only buy on eBay and I try to always snipe manually. As far as shill bidding is concerned it's against eBay's rules and I hate to see crooked sellers engage in it. Nobody wants to bid against the seller and his friends and relatives who engage in shill bidding driving the price up with phony bids.
     
  18. Burton Strauss III

    Burton Strauss III Supporter! Supporter

    Yes you can

    Yes you can

    You can also combine the two, set a $1300 starting bid and a $1500 BIN... that limits your upside, but also limits your downside.

    There is a school of thought that all auctions should start at 99c to attract a lot of eyes. Not sure how true that is anymore.
     
  19. kanga

    kanga 65 Year Collector Supporter

    That's okay as long as you have a reserve.
     
  20. Burton Strauss III

    Burton Strauss III Supporter! Supporter

    Actually I hate reserve auctions and rarely will bid in them. If you offer at 99 cents then you're offering at 99 cents. If you want a 100 bucks then start it at 100 bucks.
     
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  21. Conder101

    Conder101 Numismatist

    And if someone just runs up your max bid but you still win, you paid more than you had to. So you overpaid even though you paid less than you were willing to.

    The auction house may not own the item, it is just on consignment. So if there are no bids it turns up again. But they do have their own non auction coin business as well, so it iit is something they would like to have for stock , they may bid as well. The house does have an advantage over other biidders, they don't pay buyers fees.

    Yes I do, and that was why I never bid in Yahoo's auctions.
     
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