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I was talking to a couple of people the other day about this as there seems to be an awful lot of "auctions" going on lately (although I have noticed not all of them end up at auction) and I'm curious as to what all of your opinion is on these. I don't really have much of an opinion either way as I don't really know enough to have much of a valid opinion but curiosity has gotten me and I'm interested in what you all have to say on these as either a buyer or seller.
As far as I'm aware a reverse auction is when you start at a ridiculous amount and work your way back and the first bidder wins it at that price. Is this how it goes?
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