What reddit post, exactly? Also you just let everyone know about the (assuming) private event.
Yeah, don't really find that a good thing. It is basically auction controlled gambling, for there isn't a winning prize for all.
FOMO: "Fear Of Missing Out", also commonly known as people with a mental issue of managing time and activities, many expecting others to fit into their schedule so they don't miss out on things to come. If FOMO becomes a problem for you, do seek help, it can be a very unhealthy lifestyle..