I personally can't believe that ebay allows the bidder to retract bids and the seller to retract the item! If ebay has a chink in their armor, this will be their downfall.
As a seller, if you give up an item to an auction house to be bid off, you can't say, "No, sorry, I want it back, I change my mind", in the middle of the auction! Likewise, bidders can't say, "I will pay xxx for it", then later back out of it.
In the past, people knew everyone in their town. Reputation, reliability, honesty, a handshake, and your word was binding and important. Then in the last century, the automobile and planes made travel easy. So if you screwed up bad in one town, you could move to another. Then the internet came. Due to the fact that your face and identity is hidden, it allowed many "average people" to do things they normally wouldn't do in person. Hidden identities on the internet really brings out the worst in some people.