[Boatanchors] Sniping (Was "GDO...")

[David Stinson]

The problem with straight bidding is one of human nature
and is the reason live auctions are so profitable.

A McGuffin is listed with a starting price  of $9.99.

Joe thinks: "I'm willing to pay $25 for that," and bids $25.
The McGuffin is now at $10.

Fred sees the McGuffin and really wants its. 
He bids $30.
The McGuffin is now at $26.

Joe paces.  Joe frets.  
Joe convinces himself and bids $40.

Fred paces.  Fred frets.  
Fred convinces himself and bids $50.

Repeat.

The McGuffin eventually sells to Fred for $110,
who has to take an extra heart pill and worries
what "She Who Must Be Obeyed" is going to say.

Joe, having gotten more and more frustrated
as he followed along, spends the next day cussing Ebay.

Had both men used a "sniper" service, the 
McGuffin would have sold to Fred for $26.
Joe would shrug his sholders and move on.