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Overstock auctions sniping policy
xbob
Posts: 1,979 ✭
I have never purchased on Overstock but I signed up just to check it out for a while. Today I read this about their "anti-sniping" policy. It seemed interesting enough to share:
"If an auction receives a bid within 10 minutes of the auction closing time, the auction will be extended for an additional 10 minutes. All bidders will receive an auction extension notice via e-mail."
Kind of takes some the fun out of it. Doesn't it?
They may as well just do blind auctions.
"If an auction receives a bid within 10 minutes of the auction closing time, the auction will be extended for an additional 10 minutes. All bidders will receive an auction extension notice via e-mail."
Kind of takes some the fun out of it. Doesn't it?
They may as well just do blind auctions.
-Bob
collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
The Low Budget Y2K Registry Set
collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
The Low Budget Y2K Registry Set
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Comments
<< <i>Kind of takes some the fun out of it. Doesn't it? >>
Depends on your point of view....Being a seller on Ebay - this "policy" would certainly sweeten the pot for me.
Russ, NCNE
<< <i>It's a stupid policy.
Russ, NCNE >>
I like it because Russ hates it.
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<< <i>It's a stupid policy.
Russ, NCNE >>
Why say you Russ? Would you not like everyone to bid up your Kennedy's until they are "done". Of course I realize you are a fan of both sides of the game.
<< <i>Why say you Russ? Would you not like everyone to bid up your Kennedy's until they are "done". >>
The policy will drive away snipers. Snipers are frequently responsible for enormous bid increases in the waning moments.
Russ, NCNE
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<< <i>Won't that just push back the time of the snipe ? If I misunderstood please explain. >>
A snipe is placed at the last moment, the auction gets extended 10 minutes. The sniper has to twiddle their thumbs and wait to try again. Many will just say screw it. In addition, if it were eBay policy it would negate those snipes done by bidders who've programmed it in to a service. Besides, does anyone really think 10 minutes is enough for the underbidder to react? Many people only check eMail once a day, if that.
The auction extension creates too much uncertainty.
Russ, NCNE
Either way, as a buyer and occasional seller, I do like the thrill of the final seconds boost. When you loose a bid, while sniping, you can't help but laugh (while cringing) that you're not the only one "playing the game". If you REALLY had to have the item, you can only kick yourself for not bidding higher.
Even as a seller, to refresh your auction at the last second and see a significant jump in selling price is pretty sweet.
-XBOB
BTW, I am glad this topic was considered interesting. I read the post about newbies and was hoping that I wasn't considered in that message. I don't have many posts (yet) but I am thoroughly hooked on this hobby. The nice people I have met, both at coin shows, most shops, and online have been part of the reason it's so enjoyable.
collections: Maryland related coins & exonumia, 7070 Type set, and Video Arcade Tokens.
The Low Budget Y2K Registry Set
It's an anti-solution to a non-existent problem.
Saw what looked like a nice unattributed Morgan VAM on their site. Made a bid. Got outbid. Waited until a few seconds were left in the auction and made a manual snipe. Hey... I'm the high bidder!! ... and the auction has been extended 10 minutes? What the %^*#? Checked my email and saw the ~last minute bidding auction extension policy~. The previous high bidder started making more bids. My max was exceeded, and I was no longer the high bidder. New email. Hey, the auction has been extended another 10 minutes. I gave up. Which one of you got the nice looking 1879-S REV 78 Morgan?
As a seller, I could see some positives in this policy. Unfortunately I sell about 0.0001% of the time. The other 99.9999% of me does not like this at all.
Sounds like a way to screw with the system.
<< <i>Either way, as a buyer and occasional seller, I do like the thrill of the final seconds boost. When you loose a bid, while sniping, you can't help but laugh (while cringing) that you're not the only one "playing the game". If you REALLY had to have the item, you can only kick yourself for not bidding higher. >>
I agree.
<< <i>Can you pick random auctions and keep increasing the bids by 1 cent in the last 10 minute, extending the auction forever just to pizz overstock.com off?
Sounds like a way to screw with the system. >>
I think they have a minimum increment amount for each bid. My automatic bids against the other bidders were jumping $1.00 each time. I went through two extensions (don't go there) and gave up. I'll still check them out every once in a while, but I'll stick with the MIM (make it mine)... their version of BIN.
<< <i>As a seller, I could see some positives in this policy. Unfortunately I sell about 0.0001% of the time. The other 99.9999% of me does not like this at all. >>
But now that you have experienced the frustration of the extentions you probably aren't going to snipe anymore. And since you don't want your proxie bid being shilled up you will probably bid lower amounts and if you can't be there at the end you may possibly pass altogether. (as you have said, you now just basicly check the buy it nows. This will mean lower interst in the auctions, less aggressive bidding, and ultimately lower prices for the sellers.
I think the robo-snipe programs would change so that instead of placeing you max bid as a proxie a few seconds before the end of the auction they will now lok at the high bid just place a one increment bid a few seconds before the end, wait 9 minutes and 55 seconds and repeat until it passes you max. Two robo-snipes (or a robo vs a max proxie) could compete against each other and extend the auction ending for hours and hours yet the seller will get the same final price as he would if they just sniped at the last minute with no extensions.
But a human bidding live against this robot would quickly get ticked off and quit bidding when every ten minutes it bid one increment higher and extended the auction again. So against a human sniper it could result in lower prices realized.
So sellers will getthe same prices as they normally would, but now have no idea when their auctions will end, or they end around the expeted time but they may get lower results. Or peoplejust hit their bins an there is no chance for a run away price from bidding competition. I just really don't see much benefit for the sellers here.
<< <i>I like that policy when I am selliing and will hate it when I am buying! >>
My sentiments exactly. Sniping is great if you have multiple bidders, boring as snot without.
As a seller I absolutely love it, but I'd hate to see Ebay change.
Maybe I'll try Overstock. Someday.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
Coinlearner, Ahrensdad, Nolawyer, RG, coinlieutenant, Yorkshireman, lordmarcovan, Soldi, masscrew, JimTyler, Relaxn, jclovescoins
Now listen boy, I'm tryin' to teach you sumthin' . . . . that ain't an optical illusion, it only looks like an optical illusion.
My mind reader refuses to charge me....
I hope Google gets into auctions, that would make for some real competition.
TorinoCobra71
<< <i>Can you pick random auctions and keep increasing the bids by 1 cent in the last 10 minute, extending the auction forever just to pizz overstock.com off?
Sounds like a way to screw with the system. >>
Most auction sites have minimum bid increments that increase as the price goes up. This could get quite expensive!
TorinoCobra71
<< <i>I don't like it because it forces you to be there at the end and everyone should realise that isn't possible all the time! >>
Can't you put in a proxy bid and let it ride?
Worry is the interest you pay on a debt you may not owe.
<< <i>
<< <i>I don't like it because it forces you to be there at the end and everyone should realise that isn't possible all the time! >>
Can't you put in a proxy bid and let it ride? >>
I don't play that game. I make one bid with five seconds left. I'm not willing to play the bid and rebid game with people that are doing nothing more than shilling up their friends' auction!
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