Insanely high buy-now auctions. (in General)

Why do people put a buy-now on an auction for a fairly common item that is higher than the richest person in the game has in cash?

Sounds like a complete waste of auction fees to me...

Cause they think they can make a profit I guess. I just don't think they've thought it through much. People like pain castle that snapped up as many basic mage items as she/he could and put them all in auction for ten times their networth make me wonder. It seems so silly and like they're making so little and like such a waste of time since no one in their right mind will buy, but I guess I admire them for trying to make a profit somewhere. Even if they do look foolish in the process.

I think too many people remember the highly inflated CB1 market, and expect to get tons of money off of them like they used to. Hopefully, everyone is smarter and refuses to pay these outrageous fees. We DO have the power to keep prices reasonable.