Posted By:
T206Collector<<If I put in a $1000 ceiling on a $100 lot the day before and you bid $500 with 5 seconds left, you still lose.>>
Exactly. If everyone bid with 5 seconds left, there would be no room for any of us to move up into your $1000 ceiling. However, if you bid $1000 the day before, then you are giving scores of people the opportunity to bid up into your ceiling, when they find out that their own ceiling of $500 is not going to cut it. Many of these people will recalculate their own ceilings upwards into your ceiling. What should have been a $500 boon to you will no longer be.