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this just came in the mail....
Dear Auction Participant,
This notice is to inform you of an upcoming update in the behavior of the auction platform that will take effect at approximately 16:00 UTC on 11 August 2008.
The update is being made to comply with .ME Registry auction rules regarding Lead Changes, which state that "Any lead changes in the last 24 hours result in an automatic 24-hour extension of the auction."
With the update, the auction platform will no longer consider as a lead change bids placed that are higher than the current price but lower than the current leader's maximum bid.
For example, if the current auction price is $100, and the leader's maximum bid is $1,000 and another bidder places a bid for $105, the system will automatically update the auction price to $110 by applying the leader's proxy bid, thereby maintaining the same leader. This will no longer be considered a "Lead Change." If a bidder places a bid higher than $1,000 then a "Lead Change" will occur and the auction will be extended (if such a bid takes place in the last 24 hours of the auction).
The minimum bid increment of $5.00 will not change and this update is no guarantee that an auction will end sooner. This update is being done to better align the auction platform behavior with the auction rules and we thank the participants who brought this to our attention. There has been no evidence of fraud by any participant and this update will not affect the status of any closed auctions or those that began prior to the update.
Dear Auction Participant,
This notice is to inform you of an upcoming update in the behavior of the auction platform that will take effect at approximately 16:00 UTC on 11 August 2008.
The update is being made to comply with .ME Registry auction rules regarding Lead Changes, which state that "Any lead changes in the last 24 hours result in an automatic 24-hour extension of the auction."
With the update, the auction platform will no longer consider as a lead change bids placed that are higher than the current price but lower than the current leader's maximum bid.
For example, if the current auction price is $100, and the leader's maximum bid is $1,000 and another bidder places a bid for $105, the system will automatically update the auction price to $110 by applying the leader's proxy bid, thereby maintaining the same leader. This will no longer be considered a "Lead Change." If a bidder places a bid higher than $1,000 then a "Lead Change" will occur and the auction will be extended (if such a bid takes place in the last 24 hours of the auction).
The minimum bid increment of $5.00 will not change and this update is no guarantee that an auction will end sooner. This update is being done to better align the auction platform behavior with the auction rules and we thank the participants who brought this to our attention. There has been no evidence of fraud by any participant and this update will not affect the status of any closed auctions or those that began prior to the update.