[jessaustin]

Well of course the bidding isn't "open" in that sense. You don't even know until after the hammer falls whether the final price came from a bidder or from the auctioneer himself, in order to meet the reserve.

http://www.keeneland.com/sales/conditions-sale

Also, I stated that I found the practice of funding one's own project unobjectionable. I think defunding threatens the entire model of KS, but defunding one's own project is the least objectionable aspect of that. Whatever Kickstarter can do to prevent or ameliorate defunding, within the bounds imposed by credit card practices, they should do.