I hate to admit it but no bids for 5 minutes (as an example) would be better for buyers and sellers. Everyone wouldn't wait until the last hour/minutes to bid anymore.

I've just decided that my top bid, is my top bid and although I hate seeing someone "beat me out" for 50 cents, I went as high as my Max. bid. Time to wait for another one to come around. And they do, usually for less, since there's limited competition for much of what I collect. I can get it for a lower bid the second or third time around...

What happens when two or three people are using the software? Interesting problem.

Really want something? Place an outrageous high bid and let them chase, you'll either get it, or someone else will pay way too much for their sniping efforts. The seller will love you.