If I understand it, it's a pretty horrible idea. For a lot of reasons. But, the most obvious, is how easy it'll be for you to game it. When someone makes a bid, you can simply outbid them but not actually pay any money.
I see your concern, but we haven't done this yet - we have no reason to. There is no actual reward for being the "richest", we could care less as to who claims the title.
If we ever auto-outbid people, they would find out right away, and wouldn't return to the site.
Anonymous submissions are allowed... so it could be you hit the nail on the head and they are doing this right now (and simply publicly denying for obvious reasons).
