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Auction sniping (also called bid sniping) is the practice, in a timed online auction, of placing a bid likely to exceed the current highest bid (which may be hidden) as late as possible—usually seconds before the end of the auction—giving other bidders no time to outbid the sniper.
Some people, angered by others seemingly using Live 8 to make money, placed fake bids for millions of pounds for such auctions in an attempt to force the sellers to take them off sale. It was later announced that eBay, under pressure from the British government, the public, as well as Geldof himself, would withdraw all auctions of the tickets. [9]
eBay can be used by individuals, companies and governments to purchase and sell almost any legal, non-controversial item. eBay's auctions use a Vickrey auction (sealed-bid) proxy bid system. Buyers and sellers may rate and review each other after each transaction, resulting in a reputation system.
However, eBay refused to block the ticket auctions, claiming it was the seller's responsibility to ensure that they have the ability and right to sell products. The Triple J radio station encouraged its listeners to sabotage the bidding process and fake bids of up to A$10,000 were consequently listed on eBay by protesters opposed to ticket ...
A first-price sealed-bid auction (FPSBA) is a common type of auction. It is also known as blind auction. [1] In this type of auction, all bidders simultaneously submit sealed bids so that no bidder knows the bid of any other participant. The highest bidder pays the price that was submitted. [2]: p2 [3]
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Dummy bid (a/k/a "ghost bid") – a false bid, made by someone in collusion with the seller or auctioneer, designed to create a sense of increased interest in the item (and, thus, increased bids). Dynamic closing – a mechanism used to prevent auction sniping , by which the closing time is extended for a small period to allow other bidders to ...
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