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Posted By: barrysloate

When I first heard about ebay many years ago, I too was baffled by the format that allowed people to bid in the last few seconds before it automatically ended. As time passed I realized it's not a bad one as there is finality. With a catalog auction, you can place ten bids at three in the morning, go to bed, and find out the next day you still won nothing. Every system has pros and cons.

I made a point in an earlier thread that the reason there are so many different systems, and so much tinkering going on with each of them, is that the perfect one still hasn't been found.