Let me pose a scenario. There is this item I'm trying to buy on eBay. It will usually sell for $25, but I see auctions end at $5 or $40. I am trying to buy one at $12.25.
Here's how I want a snipe to happen:
Assume that there are already 10 bids. This is a Dutch auction with 2 items for sale. The top two bids are for $40.00 and $4.10. Obviously, I want to pay the lowest I can, but under $12.25.
1. The snipe determines, with 15 seconds left, what the #2 bid amount is, along with the bid increment. This is $4.10 plus $0.25 = $4.35.
2. The snipe adds a preset amount to this amount. I want to prevent manual snipes of a penny over the #2 bidder. My preset amount is $1.01 (or, four bid increments plus a penny). This brings it up to $5.36.
3. The snipe determines which is higher, my max bid ($12.25) or the total calculated bid of $5.36.
4. With 4 seconds left, the snipe bids something. In this case, it will be $5.36.
(Repeat calculation with 10 seconds left. If no reply comes back from eBay in time, use the 15 second values.)
In this scenario, I would have gotten the bid for about $7 cheaper than if I used the current snipe system.
Dutch auctions are peculiar, so we need a better system.
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