Bitmit and Co. are buyers markets because they are a way to get bitcoins

[giszmo]

At Ebay you get German Silver Coins for twice the face value. At bitmit, people are barely paying face value. I wondered why that is so and I guess it is because the ratio of people buying to people selling is much more on the sellers side on bitmit simply because this is an easy way to get bitcoins. Now I'm afraid people will not stay around to auction their stuff at bitmit which in turn makes it worse. Makes sense?

[1715397060]

1715397060

[1715397060]

1715397060

[BitHits]

https://www.bitmit.net/en/item/18542-wts-1337-bitcoin-addresses-only-0-085btc-per-address

I'm selling stuff at BitMit see

[Walter Rothbard]

Now I'm afraid people will not stay around to auction their stuff at bitmit which in turn makes it worse.

Equilibrium, not spiral.

[kalinka]

You are right. Here I am, auctioning a game which goes for $20 on ebay, with free shipping, starting at 0.01 BTC. I've even been advertising it on this forum and others. And I still only have 1 bid and 37 views; is it because I have 0 feedback?

I posted an auction with my wii sports game for really cheap. Couldn't get any bites and it went unsold. I did end up selling it, but on this forum, not bitmit.

I am starting to think that people only buy gift cards, coins, money, etc. on bitmit and trying to buy (or sell) anything else is not feasible. Prices people want for tangible goods is way too high. Prices people will pay for them is way too low (not that I think I could sell something easily for 0.00000001 BTC, if I wanted to..)

[TheButterZone]

Move topic > service or trading discussion?

[luke.watson]

eBay > 1 Trillion Daily Users

BitMit < 1 Billion Daily Users

There are a ton more sellers and buyers on ebay, naturally prices will be lower as the auction site is congested to hell, bitmit is a relatively new site with a not commonly used currency, which people want a lot of.. the only way you can see BitMit succeed is by using it yourself and by spreading the word as much you can, hopefully all the time and effort people put in to bitcoin will pay off when it becomes and 'accepted' currency but until then you'll have to accept rarely selling anything for a good price, if at all

[kalinka]

I think that bitmit should have a best offer system for their buy it now type listings. Also they should allow you to "watch" other auctions that are about to end.

[giszmo]

eBay > 1 Trillion Daily Users

BitMit < 1 Billion Daily Users

There are a ton more sellers and buyers on ebay, naturally prices will be lower as the auction site is congested to hell, bitmit is a relatively new site with a not commonly used currency, which people want a lot of.. the only way you can see BitMit succeed is by using it yourself and by spreading the word as much you can, hopefully all the time and effort people put in to bitcoin will pay off when it becomes and 'accepted' currency but until then you'll have to accept rarely selling anything for a good price, if at all

Well, Bitmit has according to tosaki (whever tosaki is today) 70 registrations per day. My conclusion is that these are not bitcoin early adopters that want to buy something with their coins but that these are almost only people that want to get first bitcoins. Traffic alone does not drive prices.

@kalinka: You tried to sell stuff to other sellers and finally were successful when you came back to those that have the bitcoins.

I think this could really be a driver for people to buy bitcoins first to buy stuff with it as there really is some cheap stuff on bitmit.

(And yes, there are some idiots trying to sell coins worth 50ct. for $10. There are many such offers, too, but I am refferring to the dilemma that auctioning for $0.0001 will not only not get a fair price but often not even find a buyer.)

[giszmo]

I think that bitmit should have a best offer system for their buy it now type listings. Also they should allow you to "watch" other auctions that are about to end.

What do you mean by "best offer system"? Buy it now instantly ends the auction if it also is an auction. There are no other offers then.

There is a soon ending tab where you can filter for auctions.

[giszmo]

https://www.bitmit.net/en/item/18542-wts-1337-bitcoin-addresses-only-0-085btc-per-address

I'm selling stuff at BitMit see

You are not selling. You are offering. Also why would I trust you not to forget the pirvate keys? People selling pirvate keys have a hard time earn credibility like Casascious.
Edit: Well, ok, maybe you are selling but do you know if you sell at value? These addresses are kind of hard to estimate the true market value so you can't counter my claim by advertising your sale.

[kalinka]

ebay has it to where you can "buy it now or best offer" - since theres a lot of buy it now style listings, i think they should allow the option of letting people make offers on items, or at least let the sellers be able to toggle the option. (ex. person sells an item for 2.4 btc, and i want to offer the person 2.2 btc)

[kalinka]

(And yes, there are some idiots trying to sell coins worth 50ct. for $10. There are many such offers, too, but I am refferring to the dilemma that auctioning for $0.0001 will not only not get a fair price but often not even find a buyer.)

https://www.bitmit.net/en/item/18331-pokemon-white-cartridge-only-starts-at-0-01-btc-wow

I managed to get a bid! tbh I am honestly wondering how this will turn out. Auctions with at least 1 bid on them with the shortest time remaining, appear on the "hot auctions" listing. But that won't be til the last 2 days or so. Maybe that will jack up the price of this a bit. Or perhaps I sell it for 30 cents.

[giszmo]

ebay has it to where you can "buy it now or best offer" - since theres a lot of buy it now style listings, i think they should allow the option of letting people make offers on items, or at least let the sellers be able to toggle the option. (ex. person sells an item for 2.4 btc, and i want to offer the person 2.2 btc)

Ok but this already exists. In bitmit you can sell for $10 and auction for $1 at the same time. If the buyer offers $10 he gets it immediately, else at the end of the auction, the highest bid wins.

[kalinka]

I'm not talking about for auction-style listings. I'm talking about where people might want to sell something at a fixed price, or take offers on the item. The offers would only be visible to the seller, and would expire after a couple days.