You're still the sucker, because you could have gotten the same result by just selling it for 9.999.000
Besides you think you're the only one undercutting. You undercut to 8 mil, then someone else undercuts to 6 mil and then you get the guy who thinks prices are way too high and wants to be generous to the buyers: starts selling it for 2 mil
Ofcourse you still want to get rid of your items so you undercut that guy again and sell your items for 1.5 mil
and repeat.