Loading ...I saw this on TV as I watched people’s shrieks and cover their mouths as to stay stop this madness. A guy came up at a auction held up a 20 dollar bill encased in plastic. A ordinary 20 dollar bill, nothing special about it. He announce that the highest bidder wins but the second bidder must also pay what ever his last bid was as well and ” not ” win the 20 dollars. He started the bid at one dollar. A lot of people started bidding, after all getting a 20 dollar bill for 1-2-3-4-5 dollars was a pretty good risk reward. Then the bids kept going higher and higher till there was 2 bidders left. 18 now the other guy thinking if the other wins the bid he’ll be stuck paying 17 for nothing. 19 he says, the other thinking the same 20 he says, 2- the other says 22 the other said , 23 both sweating it at that pont. Both lost in the end. One more than the other. The winner was the guy who sold the 20 dollar bill for more than the cost. Part ego who one didn’t want the other to win they said, part not wanting to get out at a loss. Sound familiar in trading? Could happen in opposit direction. Now if you asked these people would you pay 23-4 dollars for 20 in return thes say heck no but they did during this bidding.
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