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I saw this posted on the CU forums, a very interesting article analyzing the factors that killed the internet auction, and pertinent to this thread. I will admit that they do name sniping as a factor, and I will admit I was wrong in dismissing it so much. Anyways, here's the link:

http://www.wired.com/magazine/2011/05/ff_endofauction/

Really, though, the biggest factor in the decline of the auction may simply be that the novelty of bidding wore off. “The Internet stopped being a source of wonder and became a place to do certain kinds of business,” Koehn says. “Once that happens, you start to think about things like ‘Does it make sense to spend this much time on an auction when I might not even get the item in the end?’” In econospeak, the hedonic benefits of bidding on eBay diminished.

Quote:

Originally Posted by nolemmings (Post 897168)

If it's a card I really want (but don't HAVE to have), I will bid about 60% of my snipe price early to mid-auction, which I figure is a reasonable seller's reserve. If I get chased or even shilled to that bid, I still figure I came out way ahead, plus the seller does not have to wait until the last moments with the fear he's going to take it in the shorts. Then I have the snipe waiting if needed.

Yes , Todd, +1
Of all the opions so far (all are justified) .......... That's what I do. Throw a "good'' bid in there (maybe I'll go a bit higher, i.e. 73.67 % :o) .......... then snipe it ........... a good way to win, but if you don't, you aren't so bad off ..............