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Kemal Gavilan
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Posted - 2006.07.10 18:57:00 -
[1]
As English is not my native tongue I have some trouble understanding some of the terms used in auctions.
What is exactly the meaning of reserve ?
And what about sniper rule ?
Could someone try explaining it with an example ?
Thx
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Mr Bondy
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Posted - 2006.07.10 19:34:00 -
[2]
Reserve: The minimum amount of ISK the seller is willing to except for an item (Seller will usually not sell below this price)
Sniper Rule: If a bid is made near the end of an auction (like one min before it ends) then this buyer would have an unfair advantage as nobody would be able to outbid him before the auction ends. To stop this, sellers impliment a "Sniper Rule" which extends the auction a certain amout of time to allow bidding to continue and stop people getting an unfair advantage.
Im sure some1 will give an example of the sniper rule but im pushed for time
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Tepper
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Posted - 2006.07.10 19:51:00 -
[3]
Actually Reserve: The seller "reserves" the right not to sell said item up to that monetary point in the auction.
Sniper Rule: Deterent to stop people from bidding only once (at the end) during an auction. People usually go with the 15 min sniper rule which means only people who have bid before the last 15 minutes can bid during that time.
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Zaphoniggan
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Posted - 2006.07.10 19:56:00 -
[4]
Say someone says the auction ends at 10:00, and the sniper rule is 10 minutes.
If someone puts in a bid at 9:59, that person has an unfair advantage as no one will have time to bid over them, so the auction is extended by 10 minutes to give people a chance to bid higher.
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Havelcek
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Posted - 2006.07.10 19:59:00 -
[5]
Edited by: Havelcek on 10/07/2006 20:00:20
My understanding of the sniper rule is that the auction is automatically extended for 10 minutes after the last bid, and any new bid coming in that time extends it another 10 minutes. So in order for the auction to end you would need a full 10 minutes to pass without a bid (assuming a 10 minute sniper rule).
Example:
Auction is supposed to end at 12:00
Person places bid at 11:59
New auction end-time is now 12:09
Person places bid at 12:03
New auction end-time is now 12:13
no new bids are placed, auction ends at 12:13
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