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@Marcho
If people think that there is a 1 in a million chance EVERYONE else will forget to bid they'll bid anyway.
Then get panicky when the price rises and just mash the numberpad to win the item.
They have forgotten the true value, just get caught up in bidding fever, believing that this item will never be for sale again and that it will complete them when it becomes theirs.
Or they are just stupid.