Anyway, the fact that the same can be done in rolling systems doesn't somehow mean it's not abuse, of course. And it's not just a waste of time. Imagine a bid-off between two or more party members starts at a mid-point in a dungeon, such as for a Soul Shield in Bloodshade Harbor, for more Blade-Soul Gold. None of the competitors can pass through the portal to the next area, because that will cancel their bid. You get 8 seconds per bid, and one person is deliberately bidding at the last second every time. That would almost certainly hold up the party for at least five minutes, and easily for ten. Nobody is prepared to wait that long for a party to progress. Many people would consider leaving the party if two of their party members were competing in a bid for that long.
And I know it feels good to suggest that somebody might not have been paying attention and that it was their own fault, but no, I was definitely paying attention. I did go with the lowest possible bid each time though. Sure enough, I probably wouldn't do the same thing again. But something as simple as a 0.3 second forced wait after a big bid jump would prevent this kind of abuse. It's a wonder this hasn't been implemented yet.
If you don't like the bidding system, I suggest you find yourself some friends that are reliable and play with them to get what you need. Like me, I never have to bid for anything, nor my clanmates and reliable friends.
I have seen clan people on cross server who try to fuck each other up by bidding against each other. The logic of being in the same clan and making 1 bleed for some shitty item that can drop again and again...
The biggest issue I have with this system is people abusing it. Aka making the guy who wants a certain item pay higher than necessary. Especially at a fresh released end game, sure this can be only temporary , but it's still an issue. Well but it's indeed better than many loot systems. Sadly the 'need' and 'greed' system won't work in this game, because it does work well in ffxiv (in my opinion at least)