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<p>[QUOTE="breakintheweb, post: 521724, member: 16798"]It looks like teletrade allows the sellers to place a "buy back" bid on their coins. Here is an exerpt from there faq.</p><p><br /></p><p>"[FONT=geneva,arial]<font size="2">Teletrade does not enter minimums or reserves on behalf of consignors. Consignors are permitted to bid on their own coins, but they must do so by placing Buyback bids no later than one hour before the auction begins (see "<a href="http://www.teletrade.com/coins/help/maxbid.asp" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.teletrade.com/coins/help/maxbid.asp" rel="nofollow">Maximum Bidding</a>" instructions on how to enter Buyback Bids). Consignors will be charged a flat 5% fee (minimum $5) on their full Buyback bid on any lots bought back in this manner. The maximum fee for any Buyback lot is $100."</font></p><p><font size="2"><br /></font></p><p><font size="2">My question remains, is this what is actually happening? I would like to see teletrade offer a not sold reasoning and or price.</font></p><p><font size="2"><br /></font></p><p><font size="2">I'm curious to how the buyback actually works.</font></p><p><font size="2"><br /></font></p><p><font size="2">If a coin bid is at $500 and the seller places a buyback bid of $800. Would the bid price on the website jump to $800? If this were the case it would be shill bidding. Teletrade would have to keep the buyback bid private right?</font></p><p><font size="2"></font>[/FONT][/QUOTE]</p><p><br /></p>
[QUOTE="breakintheweb, post: 521724, member: 16798"]It looks like teletrade allows the sellers to place a "buy back" bid on their coins. Here is an exerpt from there faq. "[FONT=geneva,arial][SIZE=2]Teletrade does not enter minimums or reserves on behalf of consignors. Consignors are permitted to bid on their own coins, but they must do so by placing Buyback bids no later than one hour before the auction begins (see "[URL="http://www.teletrade.com/coins/help/maxbid.asp"]Maximum Bidding[/URL]" instructions on how to enter Buyback Bids). Consignors will be charged a flat 5% fee (minimum $5) on their full Buyback bid on any lots bought back in this manner. The maximum fee for any Buyback lot is $100." My question remains, is this what is actually happening? I would like to see teletrade offer a not sold reasoning and or price. I'm curious to how the buyback actually works. If a coin bid is at $500 and the seller places a buyback bid of $800. Would the bid price on the website jump to $800? If this were the case it would be shill bidding. Teletrade would have to keep the buyback bid private right? [/SIZE][/FONT][/QUOTE]
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