Buy COINS on EBAY a scam or what..

[Mike005]

I have seen people are selling coins on EBAY, but when i look at the actual prince on the coins and the bidding price i was shocked to see people pay so much more $ for the actual value? i was wondering why is that and what's the logic behind it..?

[Reece523]

Some people want an actual physical Bitcoin (sometimes more than one). Probably not a scam if the person you are buying from has a good reputation.

[Mike005]

Thats true.. but why do people pay so much more money for the same COIN that they can buy it from somewhere else like Crypsy or other merchants.. for a example i saw Doge 1 mill goes for $ 4 -10k last night.. i was shocked..  

[zakurim]

a much easier process, people tend to get confused by cryptsy, and also get scared off when people encounter problems with them, so therefor eBay is a safe choice to go. A ebayer doesn't want to have a negative feedback on their profile, so they will stay legit. Unless the seller doesn't have any reviews, gotta stay away from those guys.

[nicapizza]

A lot of people dont want to sign up with a website/ do want to use paypal.
Buying on eBay can generally be relatively safe, but you will pay MUCH more than the regular price. As long as you pick a seller that has a good rep and has sold crypos before its ok. if anything goes wrong, paypal almost ALLWAYs sides with the buyer so you can get a charge-back. Selling on the Ebay can be risky. Technically, paypal/ebay don't accept altcoins/cryptos as a product. If you sell, the buyer could issue a charge-back, even though they did receive the coins, so you gotta be careful. if you wanna sell, maybe send them a paper wallet or a usb with the data, so they ave a PHYSICAL object, to avoid gharge-back. Hope I helped with some other questions you may have. Happy  crypto-ing!  

Edit: Some people can pay more because they know if they issue a charge-back that paypal with give them their $ back. so essentially, they are getting the coins for free.

[wormbog]

The buyer can pay a large premium for coins on ebay, then dispute the charges later and get their money back. Ebay does not officially support sale of cryptocurrency so the seller has no recourse and gets screwed.

[jminerz]

The buyer can pay a large premium for coins on ebay, then dispute the charges later and get their money back. Ebay does not officially support sale of cryptocurrency so the seller has no recourse and gets screwed.

This would pose an issue for sure.

[infinitybo]

It is not necessarily a scam to buy for physical Bitcoins on EBAY, Mike005.

[e521]

[...]
Edit: Some people can pay more because they know if they issue a charge-back that paypal with give them their $ back. so essentially, they are getting the coins for free.

That's the real point. Don't buy on ebay, use localbitcoin and actually meet people.
Pay cash and verify the transaction while drinking a coffee and discuss bitcoin news!

[mindfulmojo]

The buyer can pay a large premium for coins on ebay, then dispute the charges later and get their money back. Ebay does not officially support sale of cryptocurrency so the seller has no recourse and gets screwed.

Not officially no... but they offered a work around now though.

http://www.coindesk.com/ebay-loophole-virtual-currency-transactions/

[vadoff]

1) People are lazy, and some just want an easy way to buy a novel amount of bitcoins/altcoins like ~$20-25 worth. They don't want to bother learning about or dealing with exchanges.
2) There are a ton of scammers that buy via paypal/credit cards and chargeback.

[jongameson]

yes people ARE lazy.

i suggest u go teh feathercoin route.  it seems to be teh most profitable
u can sell 100 ftc for $150 on ebay.  then turn around buy $20 worth of bitcoins, and do again and again

[Whoisthelorax]

Seems like what most people said here. It was a train wreck for me the first time I tried to buy Bitcoins. Most of the methods out there either a)take days to get the coin or b) take a hefty VIG (i.e. percentage off the top). Ebay avoids all of that (except minor fees) and is familiar.

I have seen some sellers have a list of stipulations trying to protect against a buyer using paypal to later dispute the purchase. Some use a written agreement saying you agree to no refunds. I've also seen the requirement that you have at least 98% positive feedback with over 100 transactions.

It is certainly tempting when the going rate on ebay is 3x or more of the crypto exchanges. I would recommend talking to someone who sells cryptos on ebay (message them on ebay if you see them listing cryptos) and get all the info you can.

Good luck