Teletrade unethical policys
William Youngworth
fact most of the coins I lost were outbidded by just one increment. This
is so suspicious that I read Teletrades terms of service and find out that
consignors are allowed to bid, and the only penalty is if they bidded
during the auction, they have to pay both buyers and sellers fees.
I don't know about you guys, but this companys policies seem deeply deeply
disturbing, if not illegal. I have had some success with their auctions,
but I hate how coins that I'm bidding on or watching suddenly "disappear,"
only to be re-listed over and over again. I see coins that amaze me with
the strong bids they are getting, only to come back to the prices realized
and it's the same old song. Coin is back in the next auction with no bids.
It is the ultimate shill in my opinion and needs to be reported to the
authorities. Someone could really pay too much for a coin if they don't
understand this: that they actually may be the only bidder for a particular
lot, bidding away as the seller bids them up.
Bremick
"William Youngworth" <young...@westband.net> wrote in message
news:j2mc77$p0$1...@speranza.aioe.org...
Never having dealt with Teletrade myself, I do agree that the process you
describe does sound fishy and frustrating. But if their rules clearly
permit "shill" bidding, that's what you'll just have to live with as long as
you choose to continue frequenting Teletrade. If you rarely win anything
anyway, maybe it's not worth the apparent grief to continue bidding there.
William Youngworth
>
> Never having dealt with Teletrade myself, I do agree that the process
> you describe does sound fishy and frustrating. But if their rules
> clearly permit "shill" bidding, that's what you'll just have to live
> with as long as you choose to continue frequenting Teletrade. If you
> rarely win anything anyway, maybe it's not worth the apparent grief to
> continue bidding there.
>
>
>
>
>
Getting an interested party into a bidding frenzy by pretending to be
another bidder that shares their enthusiasm in that particular lot. Is
there a difference to you, if teletrade bids up to a fictitious market
value of a coin, or if the seller/friend/sister's cousin's brother does? Is
it not a shill regardless of teletrade's policies?
I fail to see the difference, and saying I should "just live with it"
doesnt doesn't really factor in here when we are talking about a crime.
Some Guy
What crime? You know their rules and you bid anyway! Stop whining.
Bremick
So some sellers consistently are willing to offer their coins on Teletrade
and then jack the bids above market value knowing they will likely be paying
both buyer and seller fees without a sale? How many times are they likely
doing this before realizing they're losing a bundle. If true, sounds like a
wacky auction venue to me. Yet you still play there? I don't see any
"crime" here, but it you do, RCC isn't the place to complain.
som...@some.domain
mazorj
<som...@some.domain> wrote in message
news:5zG3q.136696$BZ.1...@en-nntp-03.dc1.easynews.com...
Birth control is the only guaranteed method.
Phil DeMayo
wrote:
Several years ago I used to bid at Teletrade quite often and won many
nice coins there, until I discovered their policy of allowing sellers
to bid on their own auctions.
I contacted someone at customer service and expressed my displeasure
at this policy and ended up in an argument that lasted several e-mail
exchanges. I was concerned that their policy amounted to shill bidding
and their response was the same that you got....the double fees
charged to the seller would reduce the chances.
My response was to stop shopping at Teletrade.
However, it seems they have changed the policy and it cannot result in
the bidding war with the seller as you claim.
In my day the seller was allowed a "buyback bid" placed at least 1
hour before the auction that amounted to a reserve. Failing to place
the buyback bid a seller could place one bid during the course of the
auction.
Today (I just read their policies) the buyback bid still exists, but
sellers are not allowed to place a bid during the auction.