Someone who goes on eBay or similar online auction sites and bids 1 dollar or less on an item (often one with many other clone auctions) and hopes noone else bids, allowing them to get something they wanted, didnt need but couldnt afford for a few cents.
Me: SWEET! This guy in Hong Kong has 20 auctions for the same fake iPod! 1 dollar bid shark time!
Steve: I want a laser pointer, but the best one i saw on eBay just got $1 bid sharked.