A Ten Year Study of Stupid People as Evidenced by Ebay

How is it that after all this time (10+ years), the vast majority of people still haven’t figured out how online auctions work???

The way a traditional (real life) auction typically works is something like this:
1. Seller defines their starting bid amount.
2. Auctioneer announces item and the starting bid.
3. Someone bids an amount they’re willing to pay.
4. Auctioneer calls out the new price.
5. Repeat steps three and four until nobody in the crowd is willing to pay anything more, at which point the item is immediately sold to the highest bidder.

The way an online auction (like ebay) typically works:
1. Seller sets up item for sale and defines the starting bid amount.
2. Seller sets a time and date when the auction will end.
3. Morons bid the price up and up.
4. The so-called “Auction” ends at pre-defined time, at which point the most recent high bidder wins the item.

Plain and simple, don’t bid on an auction a whole week before it ends! Don’t even bid on it a day or hour before it ends! There’s no reason to!! All you’re doing is driving up the price! You literally gain abso-freaking-lutely *nothing* from bidding early! The only thing that matters is the very last bid the second right before when the auction closes. Period. End of story!

Yet, to this day, all you have to do is a search on ebay to find hundreds of thousands of auctions (with a whole week to go) that have 30 morons bidding away, just driving up the end price.

How do so many people not understand???