Can someone explain to me why when I try to bid on something that it's always lower than the 'maximum bid'? I read the wiki page but I'm still confused.
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Started by Kae [2030697] on in Questions & Answers.
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Can someone explain to me why when I try to bid on something that it's always lower than the 'maximum bid'? I read the wiki page but I'm still confused.
This system uses a proxy bid. Bidder #1 places a $1000 bid. Bidder #2 is willing to pay up to $2000 but the highest bid will show $1001 until another bidder meets or excedes Bidder #2's bid($2000 in this instance) . You may have bid $1599 , thinking you should be top, but you did not excede the max bid. The new high bid will show as $1615 or something close to that ( bid plus 1%)
Basically , the system only makes you pay 1% over the second highest bid, even if your max bid were much higher.
Okay thanks!