That doesn't sound right. If the loser can see what the winner bid, they'd just need to bid for $1.01 next time to win. They'll get charged $1.15, but their bid

That doesn't sound right. If the loser can see what the winner bid, they'd just need to bid for $1.01 next time to win. They'll get charged $1.15, but their bid will be $1.01, which means the loser next round will see that that was the winning bid and they'll know to bid for $1.02, and so on.