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How come this coin sold for so much?
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<p>[QUOTE="Restitutor, post: 6543900, member: 112621"]This auction was incredibly frustrating. I had a number of RI coins I had 4-5x starting price max bids on and lost them all. The worst part was I knew I’d lose out despite my bids because this market is so irrational. Input them all around 11pm EST and lost them all to last second bids from people on UK time.</p><p><br /></p><p>These auction formats are just grossly anti-consumer friendly. By having a timed end versus a standard live auction style end where a lot stays open until all bidding is done, and by hiding what the max bid is, it encourages people to input ridiculous max bid prices for fear they may lose out to the unknown. Additionally noticed a trend that seems to see more people funneling all their $s to one or two coins versus going after many, thereby further jacking up the price.</p><p><br /></p><p>I’d be willing to bet what happened here is the bidder input that crazy high figure because they just wanted the coin but figured no way it would actually get to that much. So you input a super high max bid so you know you’ll win cause the coin obviously isn’t worth that much, but you don’t wanna lose out cause your $200 max bid was outdone at the last second by a $220. Unfortunately it seems two people likely attempted this same thing so one guy was left in this extremely unfortunate situation of having to actually pay out. This kind of shenanigans wouldn’t happen in a live auction. </p><p><br /></p><p>Somethings got to be done to disrupt this market otherwise prices are going to continue to stay sky high.[/QUOTE]</p><p><br /></p>
[QUOTE="Restitutor, post: 6543900, member: 112621"]This auction was incredibly frustrating. I had a number of RI coins I had 4-5x starting price max bids on and lost them all. The worst part was I knew I’d lose out despite my bids because this market is so irrational. Input them all around 11pm EST and lost them all to last second bids from people on UK time. These auction formats are just grossly anti-consumer friendly. By having a timed end versus a standard live auction style end where a lot stays open until all bidding is done, and by hiding what the max bid is, it encourages people to input ridiculous max bid prices for fear they may lose out to the unknown. Additionally noticed a trend that seems to see more people funneling all their $s to one or two coins versus going after many, thereby further jacking up the price. I’d be willing to bet what happened here is the bidder input that crazy high figure because they just wanted the coin but figured no way it would actually get to that much. So you input a super high max bid so you know you’ll win cause the coin obviously isn’t worth that much, but you don’t wanna lose out cause your $200 max bid was outdone at the last second by a $220. Unfortunately it seems two people likely attempted this same thing so one guy was left in this extremely unfortunate situation of having to actually pay out. This kind of shenanigans wouldn’t happen in a live auction. Somethings got to be done to disrupt this market otherwise prices are going to continue to stay sky high.[/QUOTE]
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How come this coin sold for so much?
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