Dumb bids can be down to a few factors
1) Old bid that's not been watched very actively and others have lowered their bids since it was last checked
2) Simple mistake ie £2.50 bid instead of 25p bid
3) Some dodgy Agency/PPC management company burning deep pocketed client's cash on a percentage of spend
4) Someone trying to lock out top spot
I have to admit I've sometimes bumped my bid right under but not on anyone I know or on obvious mistake bids, if it's agencies taking the pi$$ or someone trying to lock top spot out when there is no need (ie pretty stable sector bid wise) then I've been annoyed at times and bid right under them.
An agency doing a banking client a couple of years back went in at 80p per click on every PPC SE regardless of number two bids, which at the time were from 10p to about 50p .. within a couple of days every number two was 79p
Basically you reap what you sow bidding like this, I don't think anyone can moan if they get bid 1p under at some stupid price because they were trying to lock no1 out.
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