If you are a buyer you should like the sniping rule - you probably get your chips at a lower price. And if you get beat at the last second you don't have time to overbid. Of course if you are a seller then the 5 minute rule would probably get you a better price in many auctions. I have mixed feelings on the topic since I am an admitted sniper and also a seller. I found out a long time ago that if the current bid on a $50 chip is $5 and I bid $45 max then by the time the auction is over I will frequently be outbid. However, if I never placed a bid until the last minute the price five minutes before the end of the auction was likely to still be $5. Bidding only shows interest in an item which causes others to be more interested thus running up the price. There are even some bidders who look at which auctions known chip collectors are bidding on. They figure that if he is interested I may need that chip also.