I have lost a bit (modest in comparision to the above!) on this site, and reading the comments here, I thought I guess you're right there are probably a group of big bidders who know not to bid against each other, and just take out any new starters to keep the site to themselves, but that got me thinking, they never bid against each other, not even once looking at the history!
So going down that line looking back through all the past auctions I realised that the method they are employing is brilliant, for all of them, except the site owners, they in fact havent made a profit on an item for nearly a year! In fact the are making massive losses. Also despite depositing on different days in a week, my invoice numbers run consecutively, meaning that none of the won auctions have been paid for!?!?!? HMMM that does seem odd!
I feel a lawsuit coming on!