Why Bitcoins are so expensive on Ebay?

[thedreamer]

I hope I'm putting this in the right area, sorry if not.

I see tons of people selling bitcoins (partials) at 2x-3x normal going rates. Why is that?
Or better yet, why would anyone buy those??

Thanks.

[Amph]

they are waiting for newbie, fish that don't know about market data, also many use paypal there or others insecure methods

better to trade here, but use escrow

[EcuaMobi]

I hope I'm putting this in the right area, sorry if not.

I see tons of people selling bitcoins (partials) at 2x-3x normal going rates. Why is that?
Or better yet, why would anyone buy those??

Thanks.

Mainly because PayPal is reversible.

This causes 2 effects:

1) Sellers have to take a risk effects. For example if 25% of buyers scam the sellers then they have to increase the price more than 25%.
So if they sell $1,000 worth of bitcoin for $1,300 and they lose $250 on scams then they still profit.

2) Because of this very few people risk and sell for PayPal. This reduces supply and the price is increased out of speculation.
People who want to buy have fewer options and have to pay more for it.

[thedreamer]

Ahh. I never knew paypal was so stacked against sellers. Crap.

[EcuaMobi]

Ahh. I never knew paypal was so stacked against sellers. Crap.

Personally I think it would be so easy for PayPal to know for sure whether the seller really sent the coins or not to the buyer.
It would just need to ask the buyer to give a unique address to the seller, if there's balance there then they know for sure the seller delivered.

The fact is PayPal just doesn't want to. Probably because they see bitcoin as a competitor.

[RodeoX]

Ahh. I never knew paypal was so stacked against sellers. Crap.

PayPal is stacked against us all. Consider that if BTC catches on they are out of business. They have no incentive whatsoever to help if a fraudulent bitcoin sale goes through. It's better for them to say "You shouldn't have used bitcoin".

[Bit_Happy]

Paypal has earned a bad reputation and deserves a worthwhile competitor. I look forward to seeing them slowly fade away.

[gentlemand]

Loads of stuff goes for more on Ebay than elsewhere. Casascius BTC coins often go for double or more what they fetch on here. I guess in the minds of the buyers it's somehow more 'legit'.

[CrackedLogic]

People who sell bitcoin on eBay know that only people who are new will buy from eBay. They are waiting to find one of those people to buy as they are usually unaware of exchanges and demand and supply.

[gkv9]

Don't know whether it's true or not, but I heard somewhere before that a Bitcoin was sold for $10k at eBay and payment was made via PayPal...
Can anybody confirm on this???

[EcuaMobi]

Don't know whether it's true or not, but I heard somewhere before that a Bitcoin was sold for $10k at eBay and payment was made via PayPal...
Can anybody confirm on this???

Indeed. This was discussed here:
https://bitcointalk.org/index.php?topic=236067.0
The eBay listing is no longer published.

[randy8777]

Don't know whether it's true or not, but I heard somewhere before that a Bitcoin was sold for $10k at eBay and payment was made via PayPal...
Can anybody confirm on this???

Indeed. This was discussed here:
https://bitcointalk.org/index.php?topic=236067.0
The eBay listing is no longer published.

some one most likely bought it from himself or a friend.
no one would pay that much for a single bitcoin. it's just ridiculous.

[gentlemand]

Don't know whether it's true or not, but I heard somewhere before that a Bitcoin was sold for $10k at eBay and payment was made via PayPal...
Can anybody confirm on this???

Indeed. This was discussed here:
https://bitcointalk.org/index.php?topic=236067.0
The eBay listing is no longer published.

some one most likely bought it from himself or a friend.
no one would pay that much for a single bitcoin. it's just ridiculous.

It's already almost happened https://bitcointalk.org/index.php?topic=562440.340 but was a few dollars short.

[Nrcewker]

lol, are you kidding me? anyone buy bitcoins on ebay??? 

[TheGr33k]

lol, are you kidding me? anyone buy bitcoins on ebay??? 

lol even better is when peolle try to sell alt coins, why but 1 bitcoin when I could buy 5 litecoins

[Nrcewker]

lol, are you kidding me? anyone buy bitcoins on ebay??? 

lol even better is when peolle try to sell alt coins, why but 1 bitcoin when I could buy 5 litecoins

did you think it is very nice? I don't think so

[erikalui]

It may be because of the Ebay fees as mostly everything on Ebay is quoted above the market price. Gift cards and other products as well because of the high fee of Ebay. They charge about 10% depending on the product you are selling.

[EcuaMobi]

It may be because of the Ebay fees as mostly everything on Ebay is quoted above the market price. Gift cards and other products as well because of the high fee of Ebay. They charge about 10% depending on the product you are selling.

That's definitely a factor, but not the main one. Bitcoins are usually sold there at about 60% to 100% more than market price.

[Bralex]

Paypal has earned a bad reputation and deserves a worthwhile competitor. I look forward to seeing them slowly fade away.

I have to agree with this but imo ebay need to give way to a decentralized exchange without the extortion they call fee's, yes some fee must be paid but 10% of your sale to them and then you pay paypal their fee then you pay the tax man lol they are just leaches and when they are gone sooner the better. this could also explain why their price is high because the fee they must pay.

[funtotry]

eBay forces paypal which is reversable, they usually favor the buyer in disputes (I have been victim by paypal 3 times), and usually people buying btcs on paypal might not be smart enough to ACTUALLY check the price so they can score lots of profit off of attempting this.