I think it should be valid given obviously he would go higher.
I won't fault him for being bad at math tonight

Smoothie, is it correct that bids go in .005 increments in general, not .005 higher that last bid? Bids from what i have seen do not normally extend further than 3 digits past decimal point, or of they do, the third digit is at least a multiple of 5?
It means 0.005BTC higher than the previous bid.
Your interpretation was incorrect but I will let it go and start from my post above where I restarted the 15 min period.
The only reason I am letting it slide is because you obviously wanted to outbid him but had a misinterpretation of the rules or were bad at math. Neither of which I can fault you for.