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<p>[QUOTE=&quot;Suarez, post: 3707879, member: 99239&quot;]A shill bid is a fraudulent scheme to inflate the price of a lot. It is done when the auctioneer is the owner, or at least has full control, over that lot and is usually done with shadow accounts to mask the true identity of the bidder as well as create the appearance of a lot of interest to get more action from the mark. </p><p><br /></p><p>This is <b>not </b>the same thing as bidding on your own coin. </p><p><br /></p><p>If I consign a coin that&#039;s worth to me, say, $1,000 and the auctioneer&#039;s policy is to set the starting bid at $100 I&#039;d be an idiot to not become involved in the bidding. The auctioneer sets the bidding start price (aka reserve) and not the coin&#039;s owner so this is effectively my only way of setting a reserve price.</p><p><br /></p><p>Rasiel[/QUOTE]</p><p><br /></p>

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