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I work at eBay. What you noticed is pretty common. As someone (Norman, I
think) explained in another email, people get really excited and overbid.
For many there is still a novelty to buying something with their computer,
not to mention the ego massage one gets passing around a URL at the office
for a unique item that shows you as the high bidder.
As Earl said, you need to know what the item is worth. Knowing this, you can
just place a proxy bid and see what happens. Shill bidding does happen
(that's where I come in), but it is rare. And even if you bid on an auction
that is being shill bid upon, as long as you don't bid more than the item is
worth, you won't get taken advantage of.
Personally, I don't buy too much on eBay. Unless it is a unique or
collecter's item, I can usually get it cheaper at a store. If you do bid,
always make sure the seller has good feedback and, if possible, always pay
with a credit card so you have some protection against fraudulent sellers.
I'm glad a question was finally asked that I knew something about!
Brian
>From: "Earl Adamy" <eadamy@xxxxxxxxxx>
>Reply-To: eadamy@xxxxxxxxxx
>To: <realtraders@xxxxxxxxxxxxxxx>
>Subject: [RT] Re: Gen: A bit off topic EBay Auctions
>Date: Fri, 28 Apr 2000 11:29:02 -0600
>
>I've bought software and hardware on ebay at substantial savings. I've
>seen many auctions go beyond good value so it's necessary to know what
>the best available retail price is and limit your bid to some reasonable
>discounted value e.g. 70-80% above which you're better off dealing at
>retail with a MB guarantee. I will close larger transactions only
>through an escrow service and smaller transactions with sellers
>accepting credit cards. I don't bid on items requiring prepayment.
>
>Earl
>
>----- Original Message -----
>From: "Prosper" <brente@xxxxxxxxxxxx>
>To: <realtraders@xxxxxxxxxxxxxxx>
>Sent: Friday, April 28, 2000 11:12 AM
>Subject: [RT] Gen: A bit off topic EBay Auctions
>
>
> > Hi,
> >
> > I was wondering if anyone from this group has had any luck bidding on
>EBay
> > and buying commuter components at a substantial discount. I thought
>I'd try
> > to upgrade my old computer to a 233mhz CPU from it's current 166mhz
>chip.
> > The retail price for a new 233 is about $40 so I don't want to bid
>more than
> > about 25 bucks. I started watching the actions and even submitted a
>few
> > bids. Time after time the bids go up to, or even exceed the retail
>price.
> > That makes me think that the actions are rigged or at least that there
>are
> > shills bidding the prices up. Your helpful feedback appreciated.
> >
> > Prosper
> >
> >
> >
>
>
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