Correct, Ron. It's one of the very few times I'll "come out of the closet" as a sniper and bid in the open. Basically, I'm betting that I can still get the item for less than the BIN amount while removing the BIN possibility for other bidders.
I've been known to bid in the open for another reason: to distract a competing bidder from the item I'm
really after. I don't do that very often, though. My old heart can't take it.