I don't do the Bay anymore, but I occasionally used it for a few years. The first time that I encountered "sniping", I perceived it as being "underhanded", and "unethical". My choice of perception, my words, blah, blah, blah.
Later I came to realize how useful "sniping" can be in getting something. I was once going to try to get a vintage men's hat for my girlfriend-at-the-time's son. I had found a nice Dobb's Homburg in his guesstimated hat size, and it even had a wind trolley (wind string). Unfortunately, I was not going to around be around a computer at the closing time, so I bid hours ahead of the closing time. This one time, there was only one other bidder, who had put in the opening bid. I logged in again late in the evening, after the bidding had ended, and I had lost. I had put in a ridiculously extravagant top bid, because I wanted the hat. I then checked the bid history. There was only the one other bidder. This is what happened. At some point, much earlier, he had seen my first proxy bid, beating him. He had time to think about it, and put in a new bid, and was immediately informed that he was outbid. He then put in a newer bid, and was informed that he was outbid. This was probably frustrating to him/her. That hat was nice, but it was not a Borsalino, or even a Cavanagh, but he/she had developed a "sense of possession" already (very easily formed in we humans). He/she put in another extravagant bid, outdoing my extravagance. The point I'm trying to make is this. If I had "sniped" at the last few seconds, my rival would not have had time to react. I not only would have won the bid, but I would have ended up with the hat at much less than what he/she ended up paying for it. Personally, I think that "sniping" is the only way to go. The one disadvantage is that if your last-second bid is not high enough to win, you don't have time to try again. Whenever I now see gradual bidding go on past the first bidder, I think, "Why are all of you alerting all of the others? It isn't productive." As I say, I am no longer on the Bay, but you can find things there that you might not find elsewhere.