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Yep, that's exactly how it works. No retraction because since it's a snipe all we do is cancel the snipe. That's one of the best parts about sniping. You can bid on a whole bunch of the same thing until you win one. You cant do that on eBay. You have to bid on one and wait to see if you win, then bid on the next and next and next until you finally win.

Which I'm sure out of frustration drives the price up as people get tired of losing and just want to win one so they start bidding higher.
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