this!!!!!!!
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I've used the last-second bid that way too (won an auction doing it yesterday) - if you bid early for several rounds, then wait until the last second sometimes the other bidder will drop out thinking they don't need to spend another token.
But if someone's already bid in the round you may as well bid straight away - waiting to the last second is likely to annoy the other bidder, and if they're annoyed they're more likely to go more rounds into the auction than they would have otherwise.