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And Barry IIRC usually points this out, is that if you are a seller and you don't see any bids on a good item, then you might get frustrated and close the item because you don't know that anyone has bid on your item.
We're looking at this from the buyer's view, but I'd thought I'd add a seller's view of why sniping can be a problem
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I had already mentioned that way back on page 2, but it got buried.....
PS, if a $1,500 card opened for 99 cents and is at $50 on the last day, I am not so sure a $40.00 placeholder bid is going to keep the seller for yanking down the auction.