Whenever I need a good laugh I always refer myself to pool "What is a Sealed Bid Auction and how does it work?
A Sealed Bid Auction is the first phase of Pool.com's auction system. If we secure a domain you backordered, you will be entered in Phase 1 of our auction system. You will have 3 days to enter your Sealed Bid. The first person that backordered the domain will have a default Sealed Bid of $60 US. Your Sealed Bid is the amount you are ready to pay for the domain. When the Sealed Bid Auction closes, if you are one of the top bidders, you will advance to the second phase of the auction process: the Challenger Auction."
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