Why are people paying $400 for Jalapeños on Ebay?

[almonds99]

I just sold my jalapeño on Ebay for $400, and I'm not the only one who has, that's the going rate.
What are the buyers thinking?
They will never pay it off.  Ever.
Even with free power.
With difficulty increases, they will make less than a penny a day before they make $400.
I feel guilty because I profited off of someone's stupidity.
I ordered mine in February and paid $165. I plugged it in and was earning roughly 0.01BTC every 17 hours.  A few days later it took 22 hours for the same thing, soon it will take about 30 hours or more!
Are people really this stupid?

[almonds99]

what does that mean? they like mining for fun?

do it with your CPU then.  Why pay $400 to have some fun when you can do it for free with the CPU you already have.  Which you must have, bc you can't mine with a jalapeño without a CPU.

I'm seriously looking for an answer.  Explain to me why you would spend $400 to mine for fun, when you can mine for free.  With that kind of logic, that kind of person is going to have a difficult life.

They're paying money to lose money, guaranteed.  Difficulty is going up 30% every 10 days or so!!

[HappyHunter]

It has been discussed few times. Be ready for the buyer chargeback "Product is significantly different than described" or whatever after 30 days.

[almonds99]

Is that really possible?
Well, I'm cancelling my Paypal account right now.  If it's not linked to my bank anymore, good luck getting that money back.
I've been an Ebay seller for 6 years and have 100% feedback and have never had a chargeback, so that's a new one to me.

[HellDiverUK]

Well, I'm cancelling my Paypal account right now.  If it's not linked to my bank anymore, good luck getting that money back.

Paypal will still take the money from your account - only way to stop it is to close your bank account.

[EzCheese]

what does that mean? they like mining for fun?

do it with your CPU then.  Why pay $400 to have some fun when you can do it for free with the CPU you already have.  Which you must have, bc you can't mine with a jalapeño without a CPU.

I'm seriously looking for an answer.  Explain to me why you would spend $400 to mine for fun, when you can mine for free.  With that kind of logic, that kind of person is going to have a difficult life.

They're paying money to lose money, guaranteed.  Difficulty is going up 30% every 10 days or so!!

I used to prospect a few years ago, which I see very similar to mining for bitcoins.  I pay so much money for mining equipment, with the hopes of finding gold, BIG gold nuggets.  Have I ROI'ed with my equipment?   No, but I had fun digging in the dirt, making trades with fellow prospectors with what equipment I had. 

Yes, difficulty is moving up very fast but that will move miners to alt coins and new alt coins (sha-256) will be created. 

You were lucky to buy it cheap and sell high, it's still the same process for everything else in this world.  Everyone has a price for something they want and they'll pay for it if they can afford it.  (sometimes even if they can't afford it). 

[timk225]

People pay that much money because they are stupid and don't do their research.  I see people selling blocks of 10 LiteCoin for $40-$55 on ebay right now, which are worth $20 at today's price!  I should do that!

Anyone wanna buy my 180 LTC for $600?  It's a good deal!  Really!

[Johnny Bitcoinseed]

It could be they are "well off" and just want to give mining a try for the fun of it, so see what it is all about.  There are many people for whom $400 is nothing - they make that much an hour or even in minutes at their businesses or even their jobs.

[almonds99]

Just changed the account number on the account that was linked to paypal.  Just took a phone call to the bank.
I think this step was unnecessary anyway since the buyer has 100% feedback going back to 1999.
I didn't mis represent the jalapeño in any way. 

He'll probably realize that he's making less than 1$ per day this week, and 50 cents per day next month, and then 25 cents a day next month.  He'll put it up on Ebay and sell it for $350 and chalk it up to a  learning experience.

Mining bitcoin is not fun like prospecting for gold.  I literally double clicked twice and plugged in a USB cable.  That's all there is to mining with a Jalapeno.  If you really want, you can flash a new firmware which will take you five minutes.  If there are really people out there that think this is fun, I have  a bridge to sell you in Brooklyn.
What I really think, is that people realize they've been suckered, and then it's easier to avoid cognitive dissonance by saying, "Oh, I mine because it's fun"

[EzCheese]

[timk225]

Exactly right, almonds99.  People blow a bunch of cash on something they don't understand and when they realize what fools they are, they fall back on "Oh, I don't care about profit, it's just for the fun of it.".

Yes, sitting there watching a little box hum away is really fun.  It might hold my attention for four seconds if I really gave it a chance to work on me.

However, I have no problem taking money from people with more cash than brains, because I need it for my own personal interests and self betterment (I just made up that word).

[fattypig]

I just sold my jalapeño on Ebay for $400, and I'm not the only one who has, that's the going rate.
What are the buyers thinking?
They will never pay it off.  Ever.
Even with free power.
With difficulty increases, they will make less than a penny a day before they make $400.
I feel guilty because I profited off of someone's stupidity.
I ordered mine in February and paid $165. I plugged it in and was earning roughly 0.01BTC every 17 hours.  A few days later it took 22 hours for the same thing, soon it will take about 30 hours or more!
Are people really this stupid?

Not everyone is good at maths and the bitoin difficulty, they just read a few website and though its a profit making thing and they jump in without thinking much.

[timk225]

Not everyone is good at maths

Some people have a problem with english and proper sentence structure too........

[easynote]

I like to sell mine when its arrive for the same. ahahah