11/18/2012 11:41 PM
Posted by Mith
That would encourage it to be more like a standard auction where the price gradually increases, and would ultimately hurt 'business' for people who are trying to move what they consider to be high end items. They like it the way it is where you are encouraged to 'bid the maximum your willing to pay' thereby allowing them to more easily control the prices that things are selling for.
You do realize that for every person wishing they had time to bid higher when they are outbid at the last second, the seller has been screwed out receiving a higher bid and making more money?
Of course I realize that. You are missing my point, I agree w/ you. What I'm saying is that yes, the bid could go higher, but only at a much slower rate. If the auctions were to be extended with each increasing bid, yes the price would inch its way up higher and higher, but only at a very slow rate... a rate that the buyers would have absolute control over.
The people who like the AH the way it is like it that way because they can keep yammering on about bidding your maximum and in the meantime keep the buyers in the dark. Rather than having the auction to wait till the expiration and leisurely continue to bid, they prefer it that you have to take one final stab at it blindly. Also this way, if they see that something is not selling for what they believe its worth, they can easily toss in a minimum bid to either massivly inflate the price or take it off the shelf, and put it back in their inventory, to try to sell it again, only losing the 10% fee.
For all you people who keep saying that we don't know how Auctions work and to just bid your maximum, NO ****ing **** Sherlock. Of course we understand that. Yes, on the most simplistic level, your right. But you are missing the complexities of how actual auctions work. Trust me, the people who are saying the AH needs to be changed are making that point based on an entirely more complex model of auctioning, based more on actual real life auctions.