Latest Clean Sweep Auction Closes Feb 6

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Posted By: Steve

Corey and others,

Again, you guys make very good points and it is something as if to quote Churchill (The ten minute rule is the worst system, except for all of the others; the Churchill quote was Democracy is the worst system of government, except for all of the others).

We gave extensive thought to the idea of reducing the ten minute rule into smaller increments. We did not do this for two reasons: (1) One of the virtues of the ten minute rule is that it makes it very difficult to snipe. By making the rule smaller, 5 or 1 minute increment, this is to the great benefit of the sniper as a bidder could literally go to the bathroom for a minute and they lose the lot. (2) Call backs, which believe it or not people still do even at 3 AM, would to be feasible with such a short window. (3) Technical issues. A bidder could have a jam or slowdown on their internet service and they would then be out of luck.

Corey, your point is well taken about assigning a premium to the perpetual late bidders. The problem with this, and we have also thought about it, is that this could be seen as arbitrary, will encounter tremendous resistance as being unfair, and perhaps most importantly, bidders could then have a freind bid instead of them.

Our admitted flawed (but we feel best under the circumstances) solution is to give people a disincentive to bid very late.

As far as income (address to Jay and one other), the income to us from this will likely be very small and this is ENTIRELY in the hand of the bidders. If this becomes extensive, then this is not really working well and it will be re-evaluated!

Hope this fully addresses everyones concerns - Steve