I am not sure how many bid retractions I have done in my lifetime, but I have done them. I have never done them to find a hidden reserve or to find out where someone might be with their bid on a card I want to buy. Where I typically found myself doing it, is with BIN/BO auctions. I am totally am impulsive buyer, and would see a card I like, put a offer on that card, and between the time I put my offer in, and waited to get a reply from the seller, come to my senses and retract the BO I had placed on the card.
I have gone to a snipe program now, and it tends to curtail my impulsive purchases.
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