Wiki:
A bid sniper is a person or software agent for timed, open auction web-sites (Yahoo!, ebay), that places a high bid during the last few seconds of bidding and prevents other users the opportunity to counter with a higher bid. (source: ebay)
This is often accomplished with the assistance of bidding software. On-line auction systems may attempt to discourage this by automatically extending the auction time when a last-minute bid is placed. This approach leaves all bidding open, and requires that bidders are watching during the final few minutes to counter-snipe any snipers. This approach can sometimes be ‘beaten’ by running Sniper software on a faster internet connection (unless the system has bid flood protection), or by sniping against impatient and disgruntled manual bidders who ‘give up’ after several time extensions, but before reaching their maximum bid.
It can also lead to last-minute automated out-of-control bidding wars between snipers, which could extend the bidding time long beyond what the seller desired. Any site which implements a limit to the number of time extensions, simply causes a final extension snipe.
A second method to discourage snipers is to allow bidders to place a hidden or proxy bid, indicating to the system, but not the sniper, the absolute maximum they would be willing to extend their original bid, but without actually placing a bid. This can steal be beaten by the sniper bidding in one dollar increments all the way up.
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