If you are the high bidder before your snipe goes off (and you are still the high bidder after), you will not be charged nor will this use up any of your free snipes. Instead of a "You Win!" status message, it will read "High Bidder."
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When you block a person, they can no longer invite you to a private message or post to your profile wall. Replies and comments they make will be collapsed/hidden by default. Finally, you'll never receive email notifications about content they create or likes they designate for your content.
Note: if you proceed, you will no longer be following .