15 min rule ridiculous

[Hankphenom]

I agree it can be aggravating to go to bed with no activity for hours on an item you're the high bidder on, then discover the next day that you've been topped. The rational for the rule is that bidders who have given up on items when they've been outbid can now take a new look at the entire auction with some money to burn. But, in the end, and as always, the only one you can really blame for ever being outbid is yourself. You would have paid more, you're thinking? Then why didn't you? Once max bids came into the picture, I've felt relieved of all responsibility for losing an auction. Figure out what you're willing to pay, place the max bid, and whatever happens, move on. There's always another auction just down the road.

[travrosty]

Originally Posted by Hankphenom

I agree it can be aggravating to go to bed with no activity for hours on an item you're the high bidder on, then discover the next day that you've been topped. The rational for the rule is that bidders who have given up on items when they've been outbid can now take a new look at the entire auction with some money to burn. But, in the end, and as always, the only one you can really blame for ever being outbid is yourself. You would have paid more, you're thinking? Then why didn't you? Once max bids came into the picture, I've felt relieved of all responsibility for losing an auction. Figure out what you're willing to pay, place the max bid, and whatever happens, move on. There's always another auction just down the road.

yep, if you were willing to pay more, then why didnt you? that's exactly right, max bid solves that problem, this is spot on.

[JoeyFarino]

Originally Posted by travrosty

yep, if you were willing to pay more, then why didnt you? that's exactly right, max bid solves that problem, this is spot on.

Either way people know when the auction ends....if theres no activity on that particular lot for 15 mins it should be ended.

[bn2cardz]

The idea of "you should put in a max bid and leave" only works if you are only going after 1 item or have unlimited resources.

When I am bidding in auctions I typically find I am interested in more than one item and I do have limited resources so I have to make sure all my current max bids don't exceed my budget. When I get out bid on one lot I can maximize a bid on another lot, but if I don't get outbid til I am in bed than I can not move my bids around.

[Hankphenom]

Originally Posted by bn2cardz

The idea of "you should put in a max bid and leave" only works if you are only going after 1 item or have unlimited resources.

When I am bidding in auctions I typically find I am interested in more than one item and I do have limited resources so I have to make sure all my current max bids don't exceed my budget. When I get out bid on one lot I can maximize a bid on another lot, but if I don't get outbid til I am in bed than I can not move my bids around.

True enough, but also under the system you prefer you're still going to have to make allocation choices to get initial bids in, and you will be limited to those items to which to move your money when you start getting outbid on others. You might wish you had more choices when the outbidding starts. Clearly, the AH that decides to keep everything open to all bidders thinks that there's more money in that, and the AH that doesn't feels that their system is the most profitable. No matter what the system, there is always another auction just down the road. And there doesn't exist the item for which you are willing to pay anything to get it, so take your losses with your wins, and move on.

[Leon]

Exactly. Regardless of auction closing style I have never lost any AH auction where I was willing to pay more for an item than someone else. At this stage in our hobby if you don't trust the auction house with a max bid then find another auction house.

Originally Posted by Hankphenom

True enough, but also under the system you prefer you're still going to have to make allocation choices to get initial bids in, and you will be limited to those items to which to move your money when you start getting outbid on others. You might wish you had more choices when the outbidding starts. Clearly, the AH that decides to keep everything open to all bidders thinks that there's more money in that, and the AH that doesn't feels that their system is the most profitable. No matter what the system, there is always another auction just down the road. And there doesn't exist the item for which you are willing to pay anything to get it, so take your losses with your wins, and move on.

[bn2cardz]

Originally Posted by Hankphenom

True enough, but also under the system you prefer you're still going to have to make allocation choices to get initial bids in, and you will be limited to those items to which to move your money when you start getting outbid on others. You might wish you had more choices when the outbidding starts. Clearly, the AH that decides to keep everything open to all bidders thinks that there's more money in that, and the AH that doesn't feels that their system is the most profitable. No matter what the system, there is always another auction just down the road. And there doesn't exist the item for which you are willing to pay anything to get it, so take your losses with your wins, and move on.

Only wrong thing with what you said is that I never said I prefer a certain method. Honestly there are pros and cons to every method and depending on the day you may get a different answer from me.

My only point was that as often as I see people say you should just leave a max bid and leave it assumes that those that don't are only worried about shilling, but that would be in flaw in thinking. I stay up as late as I can not because I am scared about shilling, I find I stay up to see if I am outbid on one lot to reallocate my money else where.

[Hankphenom]

Originally Posted by bn2cardz

When I get out bid on one lot I can maximize a bid on another lot, but if I don't get outbid til I am in bed than I can not move my bids around.

This sounded to me as though you preferred the system of a 15-minute closing rule on items on which you have a bid placed, so you could re-allocate your money without having to stay up all night.

[JoeyFarino]

These people who are talking about putting in your max bid then there's no need to keep a auction going until 4 a.m eastern time???. Thats insane.

[Runscott]

Originally Posted by JoeyFarino

These people who are talking about putting in your max bid then there's no need to keep a auction going until 4 a.m eastern time???. Thats insane.

Joey, just start an auction house where everyone is required to put in their max bids by your bed-time, at which time the auction closes. I probably won't be part of it, because it's an insane idea, but I wish you the best.

[bn2cardz]

Originally Posted by Hankphenom

This sounded to me as though you preferred the system of a 15-minute closing rule on items on which you have a bid placed, so you could re-allocate your money without having to stay up all night.

Yeah, I can see how you would see that, but my comment wasn't about a preference rather just on the idea of why I don't always put my max in right away.