Usually, whoever stays calm wins regardless of who had the winning bid.
Usually at least 2 people waste their lifetime because of it. I don't see the advantage of virtues like patience in this mechanic. In fact, this is one of the many very outdated mechanincs that BB suffers from. We basically play a game, that works almost excatly as it did in 2008. Think about that. Crazy thought if you ask me.
Get rid of the 3 minute extension, no one needs that. Guys that are around long enough have plenty of experiences where a bidwar took 30-45 minutes of your life. For no reason, it didn't made the game better in any form. It was just another wearisome occurence in BB. It's long overdue to implement a max-bid mechanic. The very least thing to do would be to cut the time extention(s!), or cap it at 3 extentions, something like that.