There has been talk about try to get ebay to institute a 5 minute rule for auctions.

Here is my opinion on why it is a bad idea.

A modified snipe program will be created.

You will still be sniped but now it will be a long drawn out process.

Let me give you an example.

You place a maximum bid.

A sniping program comes along and out bids you by a penny or whatever.

You are now saying I will beat you. You wait until almost the 5 minute mark or even bid immediately and now are the new bidder.

The sniping program not having hit it's maximum bid yet waits purposely until almost 5 minutes have passed and out bids you again.

You, still not at your maximum bid out bid the sniping program again.

Sniping program does it thing again.

You do your thing again.

And so on things go until you both come to your maximum bid.

You being right there will probably win the majority of the time because you are willing to bid that extra amount to win that auction.

However look what has happened. You have had to sit there are the computer for who knows how long to win the bid.

Perhaps it will only be 5 minutes extra.

More likely it will be several exchanges before you win. In only 6 - 12 exchanges which I don't imagine will be unrealistic you will have used up 30 to an hour of time stuck in front of the computer to make sure you are not outbid.

In the beginning it will seem justified. But after many exchanges like this it will become increasingly frustrating to have constantly be bidding and waiting to see if you get outbid again.

The sniping program on the other hand will continue on it's merry way oblivious of the time it is making you waste.

Yes, there are advantages. The sniper will no longer be able to get something as cheaply as he/she used to be able too.

But, the trade off is the you are now stuck in front of the computer. Waiting for the 5 minutes to pass. Then maybe again. And again. And so on.

You might still be outbid if you finally give up waiting around.

It becomes a waiting game between you and snipe program.

And don't think there will be other strategies in play.

If the sniper know you will bid all the way up to high book value he/she will probably set their final bid just below it.

Then you will have to pay high price all the time for a chip. It will get expensive and you will have bid on less and less auctions.

Everyone likes to get good deals. There will be none to be found so collectors numbers might not increase much. They may even decline because the cost will become to much.

The people who do put maximum bids just one time will be constantly out bid. Why, because the 5 minutes rule will just incite bidding wars. Things will always sell for a preimium.

This is great for sellers. But, terrible for buyers. Especially new buyers. Even a current chip might start fetching premium prices because of the bidding wars.

Will you be willing to pay $4 for a current chips each and every time. Don't be surprised if that ends up being the case.

Look at UBID as an example. Many refurbished items end up selling for more than they are worth because of the 2 minute rule they have.

The newbies simply don't understand true value and will bid up items way beyond what they should sell for.

Heck it happens like that now already. the 5 minute rule will just make that even worse.

Again, in the beginning it will seem like a great idea.

But, eventually many will stop bidding because they will not want to wait around 5, 10, 15, 20 or more minutes for every auction they are bidding on.

There are reasons than just what I have explained why the 5 miute rule is a bad idea.

But, I have already gone on to long.

Just something for people to think about.

Rick G.