Is everyone on ebay completely crazy?

[fsparv]

Everything I see when I search for bitcoin miner on ebay is selling for 2-10 times it's likely value... Every time I plug in anything resembling a reasonable set of values into a calculator like the one on thegenisisblock or bitcoinwisdom, and compare it with an ebay auction things don't even come close to lining up. The ONLY way I could see justifying the values placed on say a bitfury usb miner (usually $300-400 with multiple bidders over $300) is if you were going to turn around and offer the contracts that I see on ebay that often sell for 2-10 times their worth....

And then there's the 333Mh/s usb asics that sell for as much as $60 and might mine $10 worth of coin before they loose money on even at 2.5 watts...

Am I missing something or are they all just nuts? It's so universal that I begin to doubt myself... If those prices do make sense, can someone please tell me why.

Note that given the volatility lately, I hardly doubt an assumption of continued growth at 10x/month is likely I've been running calculations presuming steady value (my actual expectation is a little more moderate dip in price for 1-3 weeks and then begin to rise again at a more moderate pace, but the simulators don't let you get that complicated and I haven't built a spreadsheet or written a program to do that because it seems that there is zero means to acquire any hardware at a price that even *remotely* promises to be profitable... )

 

[Itun]

Yes, people on ebay are crazy.

Those just trip up people who just found out about bitcoins.

They might have thought that btc will everlastingly grow in value so buying a miner will mean infinite money

Don't buy those.

[ybnl]

Everyone? Doubt it. They might just be smart enough to want to make the most money they can out of you.

[SaltySpitoon]

You also have to consider the risk involved with Ebay. People sell at a higher cost, to make up for stolen Bitcoins and hardware due to chargebacks.

[beegatewood]

Everything I see when I search for bitcoin miner on ebay is selling for 2-10 times it's likely value... Every time I plug in anything resembling a reasonable set of values into a calculator like the one on thegenisisblock or bitcoinwisdom, and compare it with an ebay auction things don't even come close to lining up. The ONLY way I could see justifying the values placed on say a bitfury usb miner (usually $300-400 with multiple bidders over $300) is if you were going to turn around and offer the contracts that I see on ebay that often sell for 2-10 times their worth....

And then there's the 333Mh/s usb asics that sell for as much as $60 and might mine $10 worth of coin before they loose money on even at 2.5 watts...

Am I missing something or are they all just nuts? It's so universal that I begin to doubt myself... If those prices do make sense, can someone please tell me why.

Note that given the volatility lately, I hardly doubt an assumption of continued growth at 10x/month is likely I've been running calculations presuming steady value (my actual expectation is a little more moderate dip in price for 1-3 weeks and then begin to rise again at a more moderate pace, but the simulators don't let you get that complicated and I haven't built a spreadsheet or written a program to do that because it seems that there is zero means to acquire any hardware at a price that even *remotely* promises to be profitable... )

 

Think of it as an investment, people are making more money trading USB erupter then bitcoin

[lindeanin]

If there is market for the expensive units, why not.

[deepceleron]

You also have to consider the risk involved with Ebay. People sell at a higher cost, to make up for stolen Bitcoins and hardware due to chargebacks.

You also have to consider the risk involved with Ebay. Non-paying bidders bid up your item, which you then cannot relist while you go through the month-long dispute process. People bid at a higher price, because they are paying with stolen paypal accounts.

[Misekop]

Are bis scale mining hardware producers manipulating the BTC prize to influence the pre-order market demand?
I guess smale scale mining is more a decentralized support of the system than a serious meaned mining

[poewerden]

I think it is better to buy these miners with USD instead of BTC, this is the only possible way how to get your investment back (but only if Bitcoin price rises)
 

[fsparv]

Ok so I'm not the only one that thinks ebay is crazy  . I'm new to bitcoins too but I did the math Kinda feel sorry for all those folks who failed math class and are now throwing thousands and thousands of $$ away...

Aside from assuming 2-3 months of market risk (and in most cases laying down thousands of $ to take that risk) by pre-ordering the new generation miners, is there a good place to find a non-sucker price on a miner that at least breaks even in 3 months? Generally I don't want anything drawing over 1500w since my house mostly has 15 amp circuits and 60 amp total service. (I've located one 20 amp circuit but it's not conveniently located).

[shadyz]

Has anyone actually sold bitcoins on ebay and then had them stolen with a chargeback by someone?

Wow, selling on ebay sounds impossible then. 

[oldmarsh]

When I was browsing miners on ebay I came across those listings as well. Hard to believe anyone will actually buy one of those usb miners unless they are collecting dozens of them. Could you even mine anything more than a few satoshis with a single block erupter usb miner? =P

[Zavdub]

I purchased 3 usb for $60. The next week the going price for 1 was $62. Now are going for 90-100  WTF
Some people are crazy as fuck.

[koshgel]

ebay is a scammers dream.  I avoid that website at all costs.

[minedaft]

The supply/demand/risk curve is messed up on ebay.
There is a large demand: ebay is easy to access, has tons of naive users, and supports paypal.
But there is a high fraud risk: paypal payments are reversible

So prices are silly high for anything bitcoin related.

[shadyz]

The supply/demand/risk curve is messed up on ebay.
There is a large demand: ebay is easy to access, has tons of naive users, and supports paypal.
But there is a high fraud risk: paypal payments are reversible

So prices are silly high for anything bitcoin related.

Well the risk is on the seller ,so obviously the price is high to cover the risk

I hope there's less scammers than the price actually indicates

[mladen00]

you'll buy it if you recognize a potential...if dont dont buy.

If nobody buying it the price will go down

[fsparv]

you'll buy it if you recognize a potential...if dont dont buy.

If nobody buying it the price will go down

Nobody buying it will take a month or two is my guess. A bunch of folks are going nuts it seems and it will take them a week to get set-up and another week to begin to suspect there's a problem, at which point half of them will conclude the problem is they didn't buy a big enough miner and go back for more, and then two weeks they'll decide miners are expensive rip-offs and contracts must be the way to go...

Plus I've begun to wonder how much of it is fueled by stolen accounts and organized crime laundering money...

Oh yeah the moneys legit too... I sold Bit coin mining contracts on ebay to get it, you'd be amazed how much some folk who don't have the required equipment will pay to rent it!... want to see my miner? It's in my pocket... it's tiny and it does THREE HUNDRED AND THIRTY-THREE MILLION hashes per second! Powerful stuff! Ain't technology amazing your honor?

*sigh*

[fsparv]

you'll buy it if you recognize a potential...if dont dont buy.

If nobody buying it the price will go down

I'm more or less willing to pay something just under a break-even for lifetime price. That eliminates most the market risk for the seller, and frees up the invested cash to do something else more profitable that what remains on the outgoing technology rigs. That really ought to be a good deal for them.

I guess I'm just royally irritated that the suckers are making all entry points into the market a (nearly) guaranteed loss even with the assumption of fairly substantial further rises in bitcoin prices. Amazon searches today don't turn up anything better than ebay searches, probably because all the sellers on ebay raided amazon and are now re-selling it on ebay/amazon...

[young3dvard]

It shows a lot money is ready to spend for bitcoin miners. And I still hope bitcoin miners will be cheaper so I can ROI, silly me