eBay prices out of whack with reality?

[NecroBones]

Just wanted to see people's thoughts on this. I know that when you resell some equipment you've been using, you have a desire to recoup as much of the purchase cost as possible. Likewise, bidding wars will settle on what the secondary market's demand will permit.

But after seeing the huge price drops, two weeks in a row on BFL's product line, the eBay prices for used units haven't really changed much.

All of the gear we're seeing for the near future from BFL, Black Arrow, etc, are starting to push into the 500+ GH/s or 1+ TH/s range, for under $10 pr 1GH/s. Some of these devices are closer to $3 per 1GH/s.

What justifies still paying $50+ for a 333MH/s Block Erupter, or close to $1000 for a 25GH/s BFL (especially when BFL is selling their own 50GH/s unit at that price now).

Why are people paying this?

[hilariousandco]

Just wanted to see people's thoughts on this. I know that when you resell some equipment you've been using, you have a desire to recoup as much of the purchase cost as possible. Likewise, bidding wars will settle on what the secondary market's demand will permit.

But after seeing the huge price drops, two weeks in a row on BFL's product line, the eBay prices for used units haven't really changed much.

All of the gear we're seeing for the near future from BFL, Black Arrow, etc, are starting to push into the 500+ GH/s or 1+ TH/s range, for under $10 pr 1GH/s. Some of these devices are closer to $3 per 1GH/s.

What justifies still paying $50+ for a 333MH/s Block Erupter, or close to $1000 for a 25GH/s BFL (especially when BFL is selling their own 50GH/s unit at that price now).

Why are people paying this?

Because people are idiots? People seem to pay a ridiculous premium on ebay for Bitcoins and Bitcoin related stuff.

[AmDD]

Id say the biggest reason is people not knowing what they are doing and think they can just buy some device to "make money". Other than that availability of the devices is a factor. You can buy an order for an ASIC for a cheaper $/GH/s rate but you wont have the device for months/years. a block erupter is much less efficient and more expensive in the $/GH/s but you can get it by the end of the week.

Not saying I would personally buy one at these prices, but it is something to think about.

[jongameson]

Id say the biggest reason is people not knowing what they are doing and think they can just buy some device to "make money". Other than that availability of the devices is a factor. You can buy an order for an ASIC for a cheaper $/GH/s rate but you wont have the device for months/years. a block erupter is much less efficient and more expensive in the $/GH/s but you can get it by the end of the week.

Not saying I would personally buy one at these prices, but it is something to think about.

That's a great price for a Block Erupter.  I hope to hit a block of 25 BTC someday, seriously.  i'm NOT crazy!!!

[Flashman]

For 3 or 4 years your chance of getting any kind of "deal" on eBay for anything remotely popular has mostly depended on finding a listing with a typo that doesn't come up on the searches.

Therefore not really surprising that bitcoin stuff is overpriced also.

Go look at gold scrap or something, you'll see listings ending at slightly above spot for .999 fine based on estimated recovery yield from a bag of old SIMMs or something that you have to pay shipping on yet.

Should we call it an effect of the eBay ecosystem or coin the word loco-system?

[SaltySpitoon]

Because if they pay $100,000 for an Erupter, and then chargeback and win after they have received the hardware, its a free erupter.

I've heard nothing but horror stories from Ebay. Buyers will either chargeback and say the item isn't as described 29 days after winning the auction, so they get a free month of mining. Or just chargeback in general.

[hilariousandco]

For 3 or 4 years your chance of getting any kind of "deal" on eBay for anything remotely popular has mostly depended on finding a listing with a typo that doesn't come up on the searches.

Therefore not really surprising that bitcoin stuff is overpriced also.

Go look at gold scrap or something, you'll see listings ending at slightly above spot for .999 fine based on estimated recovery yield from a bag of old SIMMs or something that you have to pay shipping on yet.

Should we call it an effect of the eBay ecosystem or coin the word loco-system?

Loco-system haha.  A while ago my mate was selling some tiny gold 1 grain pieces on ebay for like £10 each.

[yatsey87]

Go look at gold scrap or something, you'll see listings ending at slightly above spot for .999 fine based on estimated recovery yield from a bag of old SIMMs or something that you have to pay shipping on yet.

What are SIMMs?

[hilariousandco]

Go look at gold scrap or something, you'll see listings ending at slightly above spot for .999 fine based on estimated recovery yield from a bag of old SIMMs or something that you have to pay shipping on yet.

What are SIMMs?

Memory modules I think.

[Flashman]

"An elegant weapon, for a more civilized age."

Yah, oldskool memory modules. SINGLE inline memory modules, as opposed to current DUAL inline memory module tech.

[hort09]

The people on ebay are mostly inexperienced with bitcoin and hope to make a quick buck mining it. In addition to that all serious ASIC retailers are constatly sold out so they buy some outdated piece of hardware on ebay.

[MrPalmer]

Ebay is a comfort zone for many people.  It's regarded as "safe" and trustworthy.  It's reputation far outweighs that of BTC.  WIth that in mind, I think people tend to feel more secure, and maybe they are willing to pay for that security.  Personally, I agree - everything BTC on ebay seems to be overpriced, but that's the beauty of a free market!

[Dogtanian]

People on ebay are crazy, but i get how its quick and easy to get some coins.

[oprahwindfury]

eBay owns Paypal, as you know Paypal does not play well with bitcoins. If you try and sell bitcoins on eBay and get defrauded, Paypal will NOT help you in the slightest. Personally I wouldn't try and deal btc on eBay by any means because of the high risk of fraud that is associated with Paypal chargebacks. People engage in chargeback scams every day and eBay literally has no SELLLER protection. If the buyer claims a SNAD, you are screwed no matter how much evidence you provide to the contrary.

[Dogtanian]

eBay owns Paypal, as you know Paypal does not play well with bitcoins. If you try and sell bitcoins on eBay and get defrauded, Paypal will NOT help you in the slightest. Personally I wouldn't try and deal btc on eBay by any means because of the high risk of fraud that is associated with Paypal chargebacks. People engage in chargeback scams every day and eBay literally has no SELLLER protection. If the buyer claims a SNAD, you are screwed no matter how much evidence you provide to the contrary.

I don't think they pick on bitcoins or cytptos in general but they disalow all digital goods.

[mogrith]

Just wanted to see people's thoughts on this. I know that when you resell some equipment you've been using, you have a desire to recoup as much of the purchase cost as possible. Likewise, bidding wars will settle on what the secondary market's demand will permit.

But after seeing the huge price drops, two weeks in a row on BFL's product line, the eBay prices for used units haven't really changed much.

All of the gear we're seeing for the near future from BFL, Black Arrow, etc, are starting to push into the 500+ GH/s or 1+ TH/s range, for under $10 pr 1GH/s. Some of these devices are closer to $3 per 1GH/s.

What justifies still paying $50+ for a 333MH/s Block Erupter, or close to $1000 for a 25GH/s BFL (especially when BFL is selling their own 50GH/s unit at that price now).

Why are people paying this?

yes they are out of whack with reality. I saw a 1oz Silver coin you can buy new for $26.00 sell for $135