Topic: I dont understand how people can sell BTC on ebay for so much over spot (Read 1664 times)

If this wasn't a bitcoin forum, your statement could easily be misinterpreted:
http://www.urbandictionary.com/define.php?term=BTC&defid=5106418...

Selling btc on ebay can be very lucrative if you do it properly and take proper precautions.

Yea, credit cards are very simple to use probably the best way for buying BTC

I almost used paypal, but was afraid of being scammed again.. But I think some people would pay that much because they are to lazy to go out, or it's so easy just to pull a CC  to use.

 I think the only people buying BTC off ebay are people who know nothing about bitcoin.

Good point. I have been using mine for Silver! I order a lot for work so I have 30-50 a quarter sometimes.

Another reason: potential eBay bucks expirations.  eBay bucks is the rewards program that gives you back a coupon based on your eBay purchases each quarter.

I myself have some small amount of eBay bucks that will expire on February 1st.  I can't spend that money anywhere but on eBay. 

Since I'm not interested in buying anything on eBay right now and the coupon is not transferable, rather than lose the credit on Feb 1st, I'll probably just buy some BTC, even at an exorbitant price.

Yeah, and if a hacker had control of your paypal account, he could claim all the same things.  That's my point - you don't know if the person you are talking to is truly the account holder.

I agree..not all of them seem 'legit' at first glance. I'd much rather buy BTC from just another eBayer than some company that might take it.  I think that is kind of the premise behind BTC...Person to Person trading. eBay is just another conduit to perform it.

I agree with the convenience aspect on the whole: speed of purchase and perceived difficulty to obtain BTC. I like the mini-bar analogy.

Aside from that, do bare in mind that eBay is an established purchasing route in the minds of many. Somebody who wants BTC may not be aware of, or trust, the fiat-exchanges out there..

    Feb 18, 2000       Payment From    xxxxxxxxxxxxxx   Completed   Details Payment From xxxxxxxxx xxxxxxxxxxxxxx       $510.00   $0.00   $510.00 USD

see how long ive had my paypal account.  now someone trade me some dwolla!

didn't amazon.com open before '99?   shame you can't see your full order history

Shipment #1: Shipped on October 20, 1999            
Shipping estimate: October 20, 1999
  Delivery estimate: October 25, 1999 - October 27, 1999 (More about estimates)
1 package via USPS

1 of: Elric of Melnibone [Mass Market Paperback]
By: Roy Thomas, Michael Moorcock
Sold by: Amazon.com LLC
$4.79
 
1 of: Ender's Shadow [Hardcover]
By: Orson Scott Card
Sold by: Amazon.com LLC
$17.47
 
1 of: Enders Game [Paperback]
By: Orson Scott Card(Introduction)
Sold by: Amazon.com LLC
$3.19

you know, i am pretty sure those were new paperbacks... ender's game for $3.19.. wtf?

I guess some people have few BTC and they know it is not worth cashing it because of fees. Some people need few BTC quick.

Lazy may have been a bit harsh, I'm just a really cheap bastard!

Minibars tend to be barely over a wash for the average small to medium sized (boutique/budget) hotel...the guest refutes eating the $4 snickers and $8 beer in then end, they blame it on 'Housekeeping' and argue until it is adjusted or simply claim they didn't know and thought it was free (it's happened believe it or not). We've tried it a few times to failure, sometimes a loss depending on the hotel.

Now, we do maintain mini bars in the higher end hotels. Those guests typically don't fight any charges and are more than welcome to take advantage of convenience over cost. Interesting mindset...not mine.

All this being said, I think the eBay logic isn't a bad idea, and may very well be profitable even with some chargebacks....there just should be a holding period of some kind maybe.  You can have a 'handling' period of up to 10 days with eBay...might be the perfect amount time.

Wow I have to try this. Makes sense to me that you can sell BTC way over the market price via eBay because of convenience and because people are already familiar with eBay. And you don't HAVE TO accept Paypal or credit cards (I wouldn't)..

Maybe it's advertising? Have a few coins available on ebay, then other options look cheap?

Things are worth what people will pay for them, and a lot of people will pay for convenience. Also, scale matters--buying BTC1 at double spot may be the same mistake as buying BTC10,000 in economic terms, but most people won't think of it as the same thing at all.

Or they have other priorities.  Lazy sounds like a character flaw, minibar customers may resent being seen as lazy.  There is nothing inherently wrong or flawed with being willing to pay more for something "where is, as is"... a cold beer in a minibar in front of somebody who wants one, who is willing and able to pay $6 for it, but not willing to spend a half hour going out and getting it, is a beer that is in fact worth $6.  There is a value in having acquired and prepared it and placed it in the right place at the right time that goes far beyond the price at a retailer, and selling "overpriced" goods to those willing to pay helps a hotel stay operating profitably with a lower up-front room rate for those who can't pay.

When you know that much of the time, a business is paying the bill and has little say when it comes to the minibar, I'm shocked at the number of hotels I stay in that simply choose not to offer a minibar.  Perhaps minibars get scammed the same way BTC sellers could get scammed on eBay, but I can't imagine how in the long run that it still wouldn't be profitable in the face of knowing that a lot of honest people are out there and are honestly still willing to pay a huge markup for convenience.

I'd like to say a beer tastes better when you know you've paid $8 for it, but I'm being facetious and subjective at the same time.

There has to be 'trust' somehow....there has to be a way to make something like this work without all of the hassle of possibly being 100% raped in charge backs.

Paypal accounts are easy to steal or buy.  Get the associated eBay account, buy a few dozen auctions for BTC at whatever price it goes to, and hand out your BTC addresses once the auctions are finished, raking in a huge amount of BTC and not caring at all when the legitimate account owners look at their Paypal activity and say "WTF is this???" and charge it back.

I've thought about some sort of website for buying Bitcoin with a CC or Paypal that just wouldn't let you have access to them for 180 days.  But Bitcoin, I hold them in escrow for 180 days, then you can have them afterward.

Sounds like more trouble than it's worth though.

Lol thats ridiculously overpriced, who would buy BTC over paypal any how?