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surely not. I don't pretend to understand this, as I am a n00b, but:

if the current bid is $25 with an increment of $1, and both snipers have a lead time of 5 seconds and max bid of $100, then auction sniper will send two bids of $26 5 seconds before then end of the auction. The max bid won't matter and it will be 50-50 as to who wins.

please correct me if I'm wrong.
That's correct. The winning bidder will be the one whose bid is accepted first by eBay, and it's an even chance between the two bidders in this example, absent the appearance of another sniper with a bid of $100 or more. What Sara is saying is that instead of one bid increment above $25 ($26), the winning bidder - whoever that is - will have to pay $100.
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because where you're wrong is in the sentence "then auction sniper will send two bids of $26". AS will send two bids of $100 because it always sends your snipe amount. Remember that the high bid is not necessarily the amount that the high bidder has bid, so AS does not know how much it needs to bid to win the auction. So it bids your max, and if someone else has bid the same, one of you will pay that max amount.

In your scenario the bids will go:
Prev high bidder bids USD25 over a bid of USD24. The high bid will appear as USD 25.
First sniper bids USD100.
The high bid will appear as USD 26
Second sniper bids USD100
The high bid will appear as USD100 with the firt sniper as the high bidder.

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