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<p>[QUOTE=&quot;19Lyds, post: 1457490, member: 15929&quot;]Before Teletrade changed to the current setup, a phantom bid was one placed by the system.</p><p><br /></p><p>Example:</p><p><br /></p><p>I consign a coin that I value at $750. I do not want to sell it below $600. After the coin was put into a specific aution, I logon and place my buyback bid. (A buyback bid &quot;could&quot; be referred to as a sellers reserve.) If my buyback bid is $600, the old Teletrade would place a &quot;starting bid&quot; at say $300 when the auction opened for bidding. Then, unless someone bid higher than the $600 reserve, the system would bid behind the scenes upto that $600 mark.</p><p><br /></p><p>Those could be referred to as &quot;phantom bids&quot; since nobody is really bidding but if a person were watching the auction, it would appear as if someone was actually bidding.</p><p><br /></p><p>That policy has been done away with and instead, the listing begins at 1 increment below the sellers buyback so that the next bid received, equals the sellers buyback amount.[/QUOTE]</p><p><br /></p>

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