Auction rules

crypto79

I was bidding on an auction on a major dealer website and had a high bid for most of the week at 1050 with a high bid of 1100 just in case someone went up one bid at 50$ increments. I log in 20min towards the end of the auction and see that I am the high bidder at my max of 1100 knowing someone put in a similar bid. To give myself a little bid protection and prevent a last sec raise I put in a raise bid of 50$ to a 1150$ max and it shoots right to that spot as if I was bidding against my self. Am I being sensitive or is that kind of shady?

TomB

If the other bidder had a bid of $1,100 that matched your bid then their auction software might automatically bump you up an increment since you are bidding against another bidder in addition to yourself. Otherwise, perhaps you matched the reserve with your higher bid. These are just guesses.

ormandh

It could have been a proxy bid by a different bidder. -Dan

Russ

I think Tom is correct. Your $1100 bid was in first, so you were granted top status even though another player came in at the same amount. Once you bid again, it bumped it one increment just as it would have if a third player entered the fray.

Russ, NCNE

crypto79

<< <i>If the other bidder had a bid of $1,100 that matched your bid then their auction software might automatically bump you up an increment since you are bidding against another bidder in addition to yourself. Otherwise, perhaps you matched the reserve with your higher bid. These are just guesses. >>



No reserve was met at 850$, I suspect that the bidding algorithm is a fluid one instead of a real-time. Meaning that when I put in my bid protection bid it raised BidderX's (me) Max form 1100 to 1150 and retrospectively countered bidder Z's 1100 bid with a raise. even though the timing was hours prior. I am going to call their customer service in the morning and see if they will honer the 1100 bid esp since there were no bids after.

Here is the auction, you should like the coin too Tom


Funny bid

TomB

Tough coin and looks like a darn nice example! Nice pickup!!!

crypto79

Thanks I have been looking for one for a few years that was decent. It should be noted that it is my first CAC coin.

AngryTurtle

I have been through a very similar experience with Teletrade, for slightly less money, as I recall $20 or 30 or so. This was a few years ago, dont know what the story there is now. Thought about calling and seeing if it could be fixed, but did not.

crypto79

Quick update:

Contacted customer service and they lived up to their name. Talked to Jason who looked at the bid log and saw what had happened and that it was a case of bidding myself up unnecessary and lowered it to the correct bid of 1100 + the 15%. for a savings of $57.50 off the higher bid. Not the end of the world but it ensures I will continue to be a happy customer in the future. Can't wait to get the coin

coinguy1

That looks like a nice coin - congratulations.

Although I don't do a lot of business with them, I have always been treated well by everyone I have talked to and/or or dealt with at DLRC. They are good folks to work with.