Clear as mud, but you're making progress.

I have a bid of 50.00 - Current
I have entered my high Proxy bid of 70.00
Someone comes and bids 70.01 which beats me by one cent... because it was more than 50c over the 50.00 current bid.

Did I pass the test?

Thanks for explaining, it finally makes sense.

So that means if two people bid the same Amt. the first one gets the auction, and in the case of sniping, it wouldn't leave time to counter the winning bid.

Thanks for the education.