Nordeus magic! The selling price is automatically generated by bots. Like everything else. Note that the only way your players stick around after being sold is if you sell them through Negotiations.
Yep. But on the other hand, you could also grab great 5* players for very cheap (think 2-3 tokens). It was all about identifying market inefficiencies and playing the field. You could also wait until the clock reached 1 second and the clock would not refresh; if you were the only manager to bid in that round, you won the player. It was an interesting game of "chicken".
EDIT: To add to this, I would have no problem if they changed the old system so that you get back half of the tokens you bid away. It would still reduce the amount of people who bid just to drive up the price of the player and are left unscathed (as well as "multi-bidders" who bid many times in succession).