Go for it. Even on ebay or any other auction site you can back out from a winning auction. As a buyer, I no longer want it, as I do not see the product viable anymore. In a business, buyer is always right. I give a flying f**k about what you think

i would but it's not my auction
ebay huh?
using about.com as a quick google search
http://ebay.about.com/od/frequentlyaskedquestion1/f/faq_backout.htm Sometimes you'll bid on an item only to see it for sale in the Sunday paper at a lower price than your bid, or only to realize that you've already spent your grocery money for the month. In such cases, is it okay to back out?
Answer: No. Just as would be the case in a "live" auction, eBay auction bids are considered legal and binding on both bidder and seller. As a bidder, you must pay for the item and receive it if you win, and likewise, the seller must transfer ownerhship of the item to you and deliver it to you once you have paid for it as a winning bidder.
seems to describe this situation quite exact huh? you woke up and saw the item cheaper and backed out
It is absolutely ok for buyer to back out of an auction in ebay. I have had many buyer do so. It is better to cancel the auction, and relist instead of a disgruntled buyer. Ebay gives your final value fee and listing fees back for a cancelled auction. This auction is listed for free.
Moreover, this is an invalid auction item, as you cannot list usd for ebay auction - go try it and see if you get banned or not.
Anyway, I an done with replying.