First Page
Posted 01/04/2019 3:46 pm
cableguy815 You are certainly giving the benefit of the doubt to people who buy forgeries when you say:
Stupidity is the cause of people buying forgeries.
I would say you can give the buyer a pass for buying one forgery. But if the buyer returns and buys over and over you can presume one of two things is happening.
1. You have discovered a collector of counterfeits.
2. You have discovered a re-seller of forgeries.
This scam was present on ebay when I first entered the site in 1999. Typically BIN auctions where the coin was always far underpriced was the hook. These coins were poorly made and were usually easy to spot in hand. The buyers often immediately re-posted the coins at higher prices as if they were genuine. This group of re-sellers seems to be motivated to commit fraud because of greed.
Over time the BIN prices were raised and then many forgers converted to auctions because they improved the look of their crap. They also realized the truism that you related as:
I would agree that when bidding reaches nearly actual value that greed is eliminated.
So a 7 or 10 day auction can benefit forgers as long as their auction is not reported.
With no one at ebay assigned to review each auction for fraud it is hit or miss. The forgers know this and so they gamble a little to make a lot.
As a counter question:
Stupidity is the cause of people buying forgeries.
I would say you can give the buyer a pass for buying one forgery. But if the buyer returns and buys over and over you can presume one of two things is happening.
1. You have discovered a collector of counterfeits.
2. You have discovered a re-seller of forgeries.
This scam was present on ebay when I first entered the site in 1999. Typically BIN auctions where the coin was always far underpriced was the hook. These coins were poorly made and were usually easy to spot in hand. The buyers often immediately re-posted the coins at higher prices as if they were genuine. This group of re-sellers seems to be motivated to commit fraud because of greed.
Over time the BIN prices were raised and then many forgers converted to auctions because they improved the look of their crap. They also realized the truism that you related as:
Quote:
this strategy probably relies on people's auction frenzy to maximize prices. Another view can just be that in in efficient market (and ebay is VERY efficient), fair market prices are reached and greed has nothing to do with it
.this strategy probably relies on people's auction frenzy to maximize prices. Another view can just be that in in efficient market (and ebay is VERY efficient), fair market prices are reached and greed has nothing to do with it
I would agree that when bidding reaches nearly actual value that greed is eliminated.
So a 7 or 10 day auction can benefit forgers as long as their auction is not reported.
With no one at ebay assigned to review each auction for fraud it is hit or miss. The forgers know this and so they gamble a little to make a lot.
As a counter question:
Quote:
" Is a person who out of stupidity wins a forgery guilty of fraud (greed) if he chooses to re-sell the coin without stating what it is?"
" Is a person who out of stupidity wins a forgery guilty of fraud (greed) if he chooses to re-sell the coin without stating what it is?"
