An auction is a process where buyers and sellers trade goods at prices arrived at by competitive bidding. The winner of the auction is usually the buyer with the highest bid.
The Internet has driven innovation in many aspects of modern day living, and online auctions are now a world wide trading market where millions of buyers interact with millions of sellers.
On-line bidding systems such as E-bay and Yahoo can be arenas for bid wars and can be ruled by bid snipers. What is a bid sniper? This article investigates the snipers and the wars they are involved in.
Sniping
A term borrowed from the military, a sniper is someone who controls his shots precisely so that every time he pulls the trigger, someone goes down, either dead or injured.
An auction bid sniper is a person or a software program that places a bid during the last seconds of bidding just before an on-line auction ends. This prevents other people from winning the auction because the sniper attacks at just the moment when it is too late for his competitors to react. Sniping is not illegal, it is just a way of out smarting the competition. if the sniper is willing to pay the price which he bid, then he is the rightful winner of the auction.
Counter Sniping
Even though sniping at auctions is legal, it is not popular with auction systems, the sellers don't like it (the winning bid may have been exceeded had there been time), the loosing bidders dont like it (no one likes loosing), and the auctions dont like it (their commission percentage is lower). If it happens too often both sellers and bidders may be discouraged from trading in future auctions.
One way auction systems can fight snipers is by extending the bidding automatically if a bid is placed just before the closing time. This way, all bidders can watch and take part during the final moments of bidding.
Another way of countering snipers is to employ secret bidding. This is similar to the “sealed first price” auction where participants place their bids simultaneously in secret. With the highest bidder winning.
Bid sniping, is perfectly legal, but is seen by some as being unfair and dishonorable. But is is just a technique of bidding at auctions that has been perfected by technology. The best way to deal with it is for the system to automatically extend the auction if someone places a bid in the last seconds.
The Internet has driven innovation in many aspects of modern day living, and online auctions are now a world wide trading market where millions of buyers interact with millions of sellers.
On-line bidding systems such as E-bay and Yahoo can be arenas for bid wars and can be ruled by bid snipers. What is a bid sniper? This article investigates the snipers and the wars they are involved in.
Sniping
A term borrowed from the military, a sniper is someone who controls his shots precisely so that every time he pulls the trigger, someone goes down, either dead or injured.
An auction bid sniper is a person or a software program that places a bid during the last seconds of bidding just before an on-line auction ends. This prevents other people from winning the auction because the sniper attacks at just the moment when it is too late for his competitors to react. Sniping is not illegal, it is just a way of out smarting the competition. if the sniper is willing to pay the price which he bid, then he is the rightful winner of the auction.
Counter Sniping
Even though sniping at auctions is legal, it is not popular with auction systems, the sellers don't like it (the winning bid may have been exceeded had there been time), the loosing bidders dont like it (no one likes loosing), and the auctions dont like it (their commission percentage is lower). If it happens too often both sellers and bidders may be discouraged from trading in future auctions.
One way auction systems can fight snipers is by extending the bidding automatically if a bid is placed just before the closing time. This way, all bidders can watch and take part during the final moments of bidding.
Another way of countering snipers is to employ secret bidding. This is similar to the “sealed first price” auction where participants place their bids simultaneously in secret. With the highest bidder winning.
Bid sniping, is perfectly legal, but is seen by some as being unfair and dishonorable. But is is just a technique of bidding at auctions that has been perfected by technology. The best way to deal with it is for the system to automatically extend the auction if someone places a bid in the last seconds.
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