That only works in an ideal world where everyone is strong-willed.
I bought my car on eBay (stupid, but easier than dealing with people). I set a maximum bid thinking I'd just leave that. Then somebody went over it, and I decided to stretch my budget and up my max bid, and we traded back and forth a bit like that. Finally I used an automated sniping program for my final bid so that we couldn't drive each other to stupider bids anymore.
I've only bought two items on eBay in total in my life though, and I don't recall if I sniped the other.
Rarely, when necessary.... if it's an uncommon item that may not be put up for auction very often. You know other people are going to be doing it, so you're not really helping your cause by abstaining...
But I'm not patient when it comes to buying things, so I aim for "Buy It Now" auctions and avoid the ones I have to sit on, whenever possible. It's been a few years since I last felt the need to "snipe".
I do, it never works to just put in a bid and leave it, if there is even one more person bidding on it, it seems if you give them time they will always be someone willing to pay more than you do, even if its a ridiculous price. Only time I don't care is if there is no bids and no demand for that particular item.
If you show your cards too early, someone's going to beat you before the timer runs out.
I don't know how it is now, but I remember buying tickets for a concert online (this was about 2001). I was part of the "select group" that got a chance to buy them early, before they went out on sale. I thought I had plenty of time, but a blink of an eye later, half the seats were already sold before i could even click on the button!
ebay is pretty much the same. You really have to be lightining fast. especially on those rare items.
I've never bought anything from ebay. I'm kind of worried that I'll get carried away and buy a whole bunch of stuff I don't need, just because its cheap. When I moved out of my old house I couldn't believe how much useless crap I had bought over the years. I gave away most of it and the rest went into the trash.