Steembay is a blockchain based auction system, that makes sure, that timing is right and edits are ignored. As well it tags (mentions) people that are overbid and announces a winner. This gives more security vs. fraud and also creates sort of legal basis in form of an auction contract.
If you misuse it, you will be seen as scammer/cheater and you will be blacklisted by cheetah / steemcleaners.
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