Ulrich Gall
Oct 1, 2017 · 1 min read

Please help me understand: Before the withdrawal lock, bidders can just completely withdraw their bids, without limitations — correct?
If so, then wouldn’t bidders be incentivized to place bids when the sale opens (to lock in the max discount), for more than they actually want to win, and then, right before the withdrawal lock, when they have maximum information about the market, decide which of their bids to keep?

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