Ok, first, the pedanticism. LOSE (the opposite of win) not Loose (the opposite of tight).
(Not making fun of you, it's a common error these days, for some unknown reason.

OK, so ... first read This

key point: you only need to bid once per round.
Bid once in the initial round
bid once in each knockout round

Bidding more than once in any round will not help you - it is simply a waste of your tokens.
Everyone who bids in a round qualifies to bid in the next round.

If nobody bids in a round, then the last bid wins (This is the ONLY time that when you bid matters)
If only one person bids in a round, they win.

So, if I bid last with 1 second in knockout round 3 and nobody bids in knockout round 4, I win.

If I bid last with 1 second in knockout round 3 and you (and only you) bid in knockout round 4, YOU win. It doesn't matter that I was shown as 'winning' - if I don't bid in that round, you win.

No matter how many people bid, the auction continues until only one (or nobody) bids in a round.

hope that helps.