Matt, Uh, not exactly. You can't overbid yourself. Placing a second "security" bid is exactly the sme as having place the higher bid in the first place (assuming no bidding activity in the interim). It's kind of hard to grasp at first, but once you get the hang of it, understanding proxy bidding is really easy. It's almost exactly like a live auction.

If you would like, I'd be happy to do a synopsis of "proxy bidding" for the board.