Quote:
Originally Posted by Stonepony
Could you please walk me through how you came to the conclusion that this is "clearly and instance where Mastro exploited a winner's max bid"? What do you base that on? I don't see the logic....at all .
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Sure. It is phantom bidding, exactly the same concept as the Broadway Rick's Strike Zone scam on eBay several years ago: the auction operator runs up a top bidder on an item by a few bid increments. The bidder thinks he won the item for say $100 when in reality it should have closed at $70. The winner wasn't competing against anyone, he was just charged a couple of bid increments above where his bid should have been by a dishonest auctioneer.