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@Walled_(splatbucket)
It's basically a auction version of chicken, so yeah people can wait but if they wait too long then someone else might have got there just before, and as it's first come first served and there is only one of them then the longer people leave it the less their chance of getting it.
I like the idea of a separate thread where people guess the price it'll sell for, I might offer a set of cranks I'm selling as the prize?