This is why I've never understood online auctions. If there is a set ending time, sniping is the optimal strategy. If the ending time moves forward as people bid, there's still no use in bidding before the very end - all it will do is drive up the price.

So bidding before the very end is just throwing away your money in either case, yet people still do it. Is the whole concept of online auctions built on this kind of idiot tax?