Hi @Flamme1230
Thanks for suggesting this, and for putting so much time and effort into your post to explain.
There are actually very good reasons as to why we don't do this, and are why ultimately your suggestion will be denied, but I will go ahead and explain for you.
Auctions can (but not always, I am aware) move at a fast pace. Bidders, at the time of making their bids need to be able to make educated and informed decisions. If someone is looking to make a bid within that 5 minute timeframe you have proposed - if that bid is edited, there is no way for them to be notified of this outside of refreshing the page, meaning that if/when they do place their bid, they will have bid higher than they might have otherwise, and are likely to edit their own bid to reflect that - and so goes on the chain of potential confusion that can be caused. In addition to this, you also need to consider a buyer's means to bid - perhaps at the time of viewing the auction, they wouldn't have had enough to outbid the previous amount, and perhaps if an edit was made, they would have, but because they didn't have this information at the time, likely would have clicked away from the page and therefore lost out due to misinformation.
There are also additional issues, when it comes to start and end points. If an auction start bid is 500K, and I, as a player, have made a mistake and typo'd 600K, and realised 4 minutes later and edited this bid to 500K (which by your suggestion would be permitted). Now there is going to be confusion about what time the auction started - the initial bid and the edited bid are 4 minutes apart, but the initial bid is what is most visible to players, not the edit, yet because the edit was made, that 600K bid is not valid. Ergo our start time is completely out of whack.
This then has a knock-on effect on end points, both in relation to the time the auction ends, and if the 15-minute extensions should come into play or not. And then again, we might have the same issue at the back end of the auction with bids edited at the end or within the 15 minute extensions. I'm sure I don't need to go into detail there on how even a minute can totally derail the end of an auction and impact who the winner is.
And again, this idea is forum based. We don't have seconds on the forum. Do you have 5 full minutes, or 5 clock-minutes? If you post a bid at 12:05, do you have until the clock ticks over 12:10, or 12:11? Maybe you have noticed that you posted your bid just before the clock ticked 12:06? Or you were typing your edit but hit enter a millisecond too late? This is a point I can foresee being wildly argued and debated, and just a black hole of issues ahead on this point alone.
This, and just the simple fact, that it's not unreasonable to ask players to show care and sensibility at the time of placing their bid. Ultimately it is better to have a proactive approach, to inform yourself PRIOR to making your bid, than to rush to place the bid knowing that you have a 5 minute window to correct yourself (assuming you're not outbid before that window ends). This is also your duty and responsibility as a bidder, who has agreed to our Terms & Conditions which include all of our Rules, to ensure that you are placing a valid bid when you place it. There is an argument for human error, but that is where TMODs come in.
Ultimately, the problems your suggestion causes outweigh the benefits. There is no world in which trading in a MMO will 100% eradicate human error, so we must go for the options that minimise problems the most. It's not that your suggestion is a bad suggestion per se, it's just that when you weigh pros and cons - asking people to simply pay more attention at the time of making their bid has a lot less potential associated issues.
I hope that you understand. I will lock your suggestion as denied.
Please stay safe, take care, and happy holidays. ^^