Bid increments are counted from the current price, not someones max and highest recorded bid always wins. (earliest incase of a tie)
Same scenario, except high proxy bid is $74.50 with a current price of $50.
- You snipe for $75.01. You're now in the lead and $75.01 is the current price.
- You win because Joe's bid is rejected by eBay as being below the minimum bid of $76.01, but you never know Joe tried to bid. His bid never gets recorded at eBay.