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<p>[QUOTE=&quot;Leadfoot, post: 1457605, member: 2972&quot;]And it also seems like they are not hidden, at least up until the last 48 hours.&nbsp; Remember, you made the statement:</p><p><br /></p><p>&quot;There&#039;s only 2 things it can mean that I know of - 1 - bidders are not aware there is even is a reserve, and 2 - bidders may know there is a reserve, but do not get to see what the reserve price actually is until it has been met.&quot;</p><p><br /></p><p>Yet there is a third, ala DLRC, and now you know.</p><p><br /></p><p><br /></p><p><br /></p><p>You are confusing phantom bids and house bids and/or I was unclear.&nbsp; They are two related yet different things (at least in my little head, lol).&nbsp; You describe house bids.&nbsp; What Teleletrade is automatically bid coins up to a reserve via an automated program, again and again, without any bidding taking place by anyone -- right up to the reserve so that anyone who places a bid now owns the coin.&nbsp; That&#039;s quite different from what happens at other auction houses, and add to that the amount of house owned coins (see comments below) and perhaps it makes more sense why I describe Teletrade a retail sales outlet cleverly disguised as an auction house.</p><p><br /></p><p><br /></p><p><br /></p><p>That is not what I understand.&nbsp; I&#039;ve heard (second hand) that in many TT auctions than more than half of the auction lots at TT are house owned, which is far and away higher than any other auction house.</p><p><br /></p><p>And to the best of my knowledge, eBay does not auction their own material, so now you know one.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>Sneaky is how I describe the behavior I see.&nbsp; Something not being disclosed would be illegal or unethical, and you&#039;re right, they disclose this behavior.&nbsp; They are above board with their sneakiness, and that&#039;s a difference that perhaps I didn&#039;t describe well enough.&nbsp; </p><p><br /></p><p>For example, I could tell you that I may intentionally lie to you, but when I do that doesn&#039;t make it right.&nbsp; It&#039;s still a lie, a deception.</p><p><br /></p><p>And that&#039;s what the auction houses do, by my estimation -- deceive to make a profit for themselves and their consignors.</p><p><br /></p><p>And no matter of education or accreditation or historical precedence will change how I feel about that.</p><p><br /></p><p>Bottom line: Disclosure is sufficient to be legal, but being legal hardly makes something right.&nbsp; I was raised to a higher standard of conduct, and while Frank may believe that is a &quot;weak argument&quot;, I try very hard to live up to those lessons -- doing what I see as honest, up-front, and right -- and they have served me very well over the years.</p><p><br /></p><p><br /></p><p><br /></p><p>Detecto, perhaps.&nbsp; However, it would be a mistake to call me ignorant on what is in these bidder agreements.&nbsp; I&#039;ve read them all, participated in most, and I stand by my assessment.[/QUOTE]</p><p><br /></p>

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