Wrong forum - disregard
Pedzola
Posts: 1,027 ✭✭✭✭✭
Pedzola
Posts: 1,027 ✭✭✭✭✭
Pedzola
Posts: 1,027 ✭✭✭✭✭
Comments
You'll probably get better responses on the forum as opposed to the BST!
I think it depends on the auction type. For a traditional ending auction (HA, SB) I think your strategy is perfect.
For a timed ending, it's not a bad strategy per se but can leave you open to sniping and potentially paying more than you have to. For example, you want to buy a coin for $1000 and place your $1000 bid and walk away. You may get it or not but will never overpay based on what you want to bid.
Here is the theory behind last second "snipe" bids. If you wait until the last moment when the bid is at, say $500, and pop in a $1000 bid, others who are doing the same thing may see the current bid at $500 and figure that their max bid of $700 is enough to take it. Your $1000 max is then executed at $725. If it works, great! Not always guaranteed of course and depends on the coin, auction, other bidders. But it works often enough, especially for not ultra scarce coins where you may be able to try again soon, that it is worthwhile.