Quote:
Originally Posted by mkejacques
Buyer one puts in a bid to take high bid. He then puts in a bid to increase highest bid. Buyer 2 puts in a really high bid that he knows no one will bid over. Buyer 2 retracts bid with seconds left so it drops all the way down to the lower bid with no time for anyone else to bid.
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The way I always understood it, there has to be two people involved. Basically the same scenario you mention with one little added item. The original buyer's second bid has to be artificially high and placed within the same time frame as the bidder.
So, let's say this:
Bidder A bids $2. Then he bids $500. Bidder B bids $525. Then, right before the end of the auction, Bidder B retracts, which makes the Bidder A $500 bid go away, and the auction sells for $2.