Bitcoin Forum

Does anyone here in the community has seen this kind of contract? specially in a market place such as Ebay?
It really looks like very scammy shady to me, 2 hours you will get xx BTC/ETH? Perhaps this is a new strategy for scammers and take advantage of Ebay?

What do you guys think?


https://www.ebay.com/itm/Ethereum-0-01-ETH-Mining-Contract-2-Hours-Get-0-01-ETH-Guaranteed/402189420558?hash=item5da45b880e:g:L~sAAOSwOiRekaAJ

Just as always with mining contracts, it's most likely going to be either a scam, or a total waste of money. Probably this dude just decided to try out selling on eBay instead of creating his/her own cloud mining website.

Well even if it is true mining that offer such service their guarantee result is almost half of their asking price so why would we even invest on it?
Their asking price is $4 and a 0.01 ETH is only around $2 so why would we even do this kind of investment it seems like they are asking for donation instead of invest.

There are so many flaws in this trade to identify that it's an obvious scam.

1. They are selling a contract on ebay without actually providing a website for the mining.
2. It is similar to a cloud mining contract and as we all know most of the cloud mining is fake.
3. They are "promising" high returns and we all know HYIP is a scam.
4. The seller is definitely not trusted because he would be having a good rating if he was a genuine seller.

I can go on but these points are more than sufficient to identify the obvious scam.
you should probably report it so that other newbies don't get scammed by this.

Never seen this before, but you can smell that this is scam from a far. Don't bother to read those reviews, those for sure are fake. 0.01 ETH for two years is an offer that you can't refuse, those scammers are really a genius, know the psychology of human greed.

But thanks for the OP for exposing this kind of scam attempts in E-bay, as I have said, this is new to me, and I agree that this should be reported to stop these scammers.

@Yaunfitda this is definitely a scam, and FBI had already warned people to be aware of such scams taking place on reputed e-commerce sites like eBay and Amazon.



@pawanjain I completely agree with your points, and hopefully all who read it will avoid falling for such scams. Lastly @Jating the review that you’re seeing are paid reviews, which are bought by the seller by contacting online workers who often post such reviews for a fix sum of money, hence I don’t trust any reviews I see online unless those accounts are verified.

Sources:

https://www.medianama.com/2020/04/223-fbi-cryptocurrency-fraud-surge/

https://www.brightlocal.com/learn/fake-reviews-are-a-real-problem-8-statistics-that-show-why/

Some people do sell crypto on eBay for Paypal (disguised as mining contracts).

First red flag I noticed here is getting double of your of the amount you paid in 2 hour.
Secondly, cloud mining are scams. They might pay early bird but they are definitely going to end up running away.
This ones can't even afford to build a website  ???

I would not be trusting any cloud contract on eBay. Cloud mining in general is weak.

Double or half ? This guy is selling 0.01 ETH contract for 4.4$ when in fact it is worth 2.4$. It may not be scam (in term that you won't receive ETH) you will most likelie receive it but it is well overpriced. I think that this guy simple feeds on the potential lack of insight into crypto prices by statistical ebay user. That's all.

If I see "guaranteed" it's already a red flag. Yeah, even the legit mining companies can't give this confidence and most of their contracts are sold out. So, if something like this pop, it's already fishy.

Yep

Maybe we are just speculating but to think about guaranteed at a certain time, people will surely think there is a shady thing on it. Of course, people will think this as this is also the most common trick that scammers attract investors, and those who are new to this and those who want instant profit will definitely take a bite.
It was great that OP seeing this and it gives warning to the people around who come into eBay. I don't know how/why eBay has allowed this scammingshady trick as this will might ruin their reputation.

And that is the reason why they are doing it in ebay. Cloud mining are only good at the beginning, but most of the time you can't even get your initial investments even from legit cloud mining websites. High possibility that they are just ripping money from newbies in crypto especially now that there are noncrypto users who are looking at the possibility of investing in crypto.

This!

I think it's legit because he's selling at a profit not at a discount like he would be if it was a scam. He's already making money on this auction without having to scam anyone.

His profit is about $2 so even after paying taxes and giving ebay its share he's left with $1 per trade.

I think he bought ETH for less than $2.5 so his profit is even greater.

Yes, we just don't discuss this is this community because those who are trying to scam crypto enthusiast have websites.


This is also possible, but we can't really be sure though, I think this case is on the gray area. Maybe this strategy has been going on in ebay for many years and no one is bitching around the community about this tactic so we can't really say that this is a scam.

I've seen this type of listings on eBay around 7 months ago.
It seems that the sellers have positive feedback,but the fees of buying crypto using this method are insane.
AFAIK,selling cryptocurrencies on eBay isn't allowes,but selling such "mining contracts" is just a way to hide the fact that those people are selling actual cryptocurrencies and to avoid eBay ban.I don't think that those eBay sellers have mining hardware and are actually mining Bitcoin.

I believe Ebay doesn't monitor scams. Its seems self bouncing sales post. There is lots of positive feedback which have created by a scammers team. The scam technic isn't new but scammers changing their way to gain trust from buyers. High return within short time isn't something potential legit platform. Buyers should realized there isn't such as money making machine. It's quite surprising that there is no any negative feedback but all feedbacks are positive with five start. Really scared.

Those peoples have account on Ebay they could use Report Item (https://signin.ebay.com/ws/eBayISAPI.dll?SignIn&UsingSSL=1&pUserId=&co_partnerId=2&siteid=0&ru=http%3A%2F%2Focs.ebay.com%2Fws%2FeBayISAPI.dll%3FReportItemMember%26items%3D402189420558%26state%3D1%26%26active%3D1%26seller%3Dav_prince%26guest%3D1&pageType=3857), perhaps it would save some innocent/greedy peoples.

It's because this guy is selling ETH with profit to people not knowing how much ETH is worth. He is selling 2$ for 4$. If you are stupid enought to buy it you will net become smart after reciving 0.01 ETH. You will rate it 5 stars and enojoy your 0.01 ETH woth 2$.

In this type of deal (selling 2$ for 4$) scamming is less profitable than not scamming because a satisfied customer  will rate 5 starts, buy more or bring friends.

The "mining contract" is no doubt BS, but the 0.01 ETH is probably real. He'd be stupid to scam people over this, because he actually found a profitable business model. I'm amazed he sold 279 "items" already! After Paypal and eBay costs that still leaves a decent profit, so there's not really a reason not to send the crypto.

It's overpriced, but any other seller adds a margin to the "product" being sold too. I'm more wondering why anyone would even want to buy $2.40 worth of ETH. What's the use of that?

I don't know anything about eBay.
Are they not filtering this kind of attempt?

279 was sold.
That means someone is biting to this kind of service. If suddenly eBay states that it is legitimate. Will it really be profitable?
I haven't tried services like this.
I won't bite though unless there is proof from trusted people.

I already know that eBay has this kind of contract?? really? It is confusing, but, it is yes in their official eBay site. So, if they are doing scamming, how can? they are trusted eCommerce in the world. but, it seems so strange making this kind of contract mining of ETH.
Moreover:
Does mining work like this? By purchasing? I think that it is difficult to believe in this, to purchase at first, and then I will get at least around 0.01 ETH into my wallet? I don't think that I will buy it, moreover, it still looks strange.
And when I am looking for another source about this news, yes there is. But, it is sold out. Is it really? Sold out?
Here, https://www.ebay.co.uk/p/2274531226
It seems that there are several offers and they provide some different products of investment or mining systems.

I don't think these are really mining contracts. They just sell ETH or BTC. eBay has some weird rules not let people selling directly the coins, so they use this way to circumvent. At least this is what I understood a few months ago.

It's kinda suspicious to me. Giving back .01 eth return with that contract. And to think you will gonna get that amount within 2 hrs is kind of inviting buyers to add the item to the cart, seeing that it was sold almost 300 already (279 sold to be exact). And i saw the % feedback was good, you can also check it.
 Either scam or a misleading offering of promotions. We shouldn't believe that kind of mining contract. Does ebay aware that they are supporting such shady item?

Never seen it being sold in ebay actually, but I have seen someone sell his soul there;)

But to answer you, old scam, new method. You have these scams for Bitcoin especially, you send it some bitcoin, and you get it back to your address after 2 days. Manual, no smart contract. But this is equally the same just a same wolf in different sheeps clothing:)

that so funny for me, someone sell mining contract for 4$ in 2H for 0.01 ETH, that was crazy.
yeah this is really close enought to say "this is scammer" because it so unpredictable for me.
but how can eebay loss that secure system or just eebay make some deal with ETH ??
sorry just my crazy think.