There is no "15 minute rule" at a "live auction".
At a live auction, thirty seconds(?) after the last bid is made the auctioneer pronounces the item sold.
So saying that the 15 minute rule makes ebay/internet bidding more like a live auction is BS.

The above is bs. I don't get 30 seconds to respond to a sniper. I would be more than happy to increase my bid, but I cannot because the ebay auctioneer is chained to a clock.

Bait and switch? Are you sure that's the correct usage of this? What's the switch? the time? Because in a true auction time is irrelevant. The auction could go on forever if there are two bidders willing to continue the bidding.