How Crypto Mining Led to eBay Scams

How Crypto Mining Led to eBay Scams

Online sellers are a various and entrepreneurial bunch, however being on the vanguard can show dangerous as letters from readers typically reveal, corresponding to a latest letter to EcommerceBytes that began off:

“After about 20 years with eBay and my latest regrettable determination to attempt my hand at crypto-mining, and looking for graphic playing cards and ASICS on eBay. (There are disappearing listings that vanish when you pay), I used to be shocked to discover out eBay determined to punish me, the customer and suspended my account completely.”

Before going additional, some analysis was wanted to perceive the predicament through which the vendor discovered himself. 

Crypto mining, aka Bitcoin mining, is carried out utilizing very refined computer systems that clear up extraordinarily advanced computational math issues, in accordance to Investopedia. “By mining, you may earn cryptocurrency with out having to put down cash for it.”

But the entry warns: “Cryptocurrency mining is painstaking, expensive, and solely sporadically rewarding.”

The subsequent query – what do graphic playing cards on eBay have to do with the reader’s predicament? 

In an article titled, “How cryptomining Bitcoin is making it tougher to discover the graphics playing cards you need: eBay profiteers aren’t your solely drawback,” TechRadar mentioned due to the excessive worth of Bitcoin (on the time of the writing 3 months in the past), the funding in high-priced graphics card “could be definitely worth the obscene markup, since all the things after that will be revenue.”
If you need extra details about the graphics playing cards in questions, known as GPUs, see this rationalization on the Intel website.
People who had been constructing their very own PCs and wanted these high-end graphics card (corresponding to players) bemoaned the excessive price of GPUs. In this Reddit thread, somebody mentioned in January they’d bought a card in late 2019 for $450 – “now they’re promoting for over $600. There’s one bought on eBay for nearly $900. This crypto mining stuff is critical.”

The EcommerceBytes reader mentioned unscrupulous sellers had been posting advertisements for discounted GPUs in what he mentioned had been misleading listings – “in the event you’re a discount hunter like me you discover them.” Note {that a} seek for “ebay gpu scams” on Google got here up with fairly a number of outcomes, together with YouTube movies.

So why did eBay droop the *reader* – a purchaser who was supposedly duped by unscrupulous sellers?

“As to cause, I feel they used the truth that I made a number of returns or bid on too many vanishing offers as a pretext to cancel me and to not have to honor purchaser safety,” he mentioned.

He recovered a lot of his losses, he mentioned, however then he noticed a message from eBay: “Buyer safety not applies to you.”

“Once they ban you,” he mentioned, “PayPal, their associate in crime, does not enable you to dispute a misleading advert. I’ve recovered all however $295 or so. But solely as a result of I moved shortly.”

“This is eBay’s swan music in my view. There was no two methods about it, no explaining no speaking, nothing,” he mentioned. “The most annoying half about it was after my preliminary conversations on the telephone with the woman who issued me the vanishing merchandise refunds, I may not attain them, and apparently AI dealt with the dump.  There was no two approach communication. Just them.”

The EcommerceBytes reader wasn’t alone – on one other Reddit thread from March, a poster mentioned eBay banned them after they tried buying GPUs on its website. He wrote partly:

“The solely factor I can consider is that they are attempting to ban scalpers and anybody concerned in scalping exercise. Even if this was the case, I might be the one getting scalped? Or perhaps they suppose I used to be a bot attempting to push bid costs greater? Either approach, why cannot I enchantment this or no less than clarify myself to somebody with out getting shunned from eBay.”

Some issues to mull over:

– Some eBay sellers had been allegedly defrauding or making an attempt to defraud patrons of GPUs.

– eBay has a Money Back Guarantee to shield patrons.

– eBay allegedly suspended patrons or would-be patrons of GPUs.

Believe it or not, this isn’t a brand new situation and one which an an eBay moderator commented on 2 years in the past.

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About the Author: Daniel