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It is intended to be a safety net in case you enter $1000 as a bid instead of your intended $100. However, most use it to get out of a legit bid that they placed. Buyer's remorse before they actually buy the item.
Well, this is a new one, ebay:
Retracted: US $21.00
Explanation: Entered wrong amount
What the hell does "entered wrong amount" mean?
It is intended to be a safety net in case you enter $1000 as a bid instead of your intended $100. However, most use it to get out of a legit bid that they placed. Buyer's remorse before they actually buy the item.