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Is eBay sniping unethical or against the rules?

Despite popular belief, eBay sniping does not violate any rules. An eBay representative acknowledged that "sniping is part of the auction process".
eBay could put a system in place to end sniping very easily if they wanted to.
Think about it - you're placing a bid like anyone else, you're just waiting for the last few seconds of the option to do so.
How is that unethical?
I consider that simply "being smart".