Despite its massive popularity, I'm convinced a large percentage of the population does not understand the concept of eBay. To whit: Yesterday I found an item of interest. Said item had an opening price of $9.95 -- Unbelievably Low! -- and was set as a six day auction.
1st Important Fact: SIX DAYS = FOREVER
When an auction has an extended bidding time, the rule is to lay low and have patience. If the opening price is set far below value, this is a good thing. Like the Beatles said, LET IT BE.
This morning I jumped online to check the status of said item. Remember now, there are still FIVE days left in the bid.
2nd Important Fact: FIVE DAYS = FOREVER
Much to my dismay, in 24 hours the price had jumped to $95. I was bummed to see how fast the price had risen, but when I looked at the bidding history I was ready to club Moron795 into next week.
Bid #1: $50.00
3rd Important Fact: BID LOW, BID SLOW
With no reserve price to meet, with forever to go in the auction, and with no previous bids, Moron795 opened with a bid of $50. Why? WHY? WHY? What's the rush? Why not bid $15? $20? There is no reason to give yourself to Ulysses S. Grant on the first date. Test the waters with Andrew Jackson before moving to the big leagues.
Now with over four days left, the bidding is already out of control. Gone is the opportunity and put in a couple of dummy bids to drive up the price for fun. Gone is the thrill of the final 37 seconds as you hit the refresh key with rapid fire precision to ensure a successful last minute snatch from your competitor. I may not be able to throw my electronic wallet at this auction, but I look forward to next time when Moron795 and GreenTuna battle it out at the eBay corral.