Quote:
Originally Posted by japhi
My guess is the first sale was rigged, second guy thought he was getting a steal, went to flip it and the market said, ya that's a 5K card.
I suspect there were some BS BIN's leading up to the first sale.
In case anyone is wondering how this racket works, there is a pattern; a few BIN's get hit leading up to a PWCC auction. Those BIN's are to set a baseline. The PWCC card closes at a price higher then the BIN's and voila the hobby has a new baseline for that card. All you need is a multiple copies and a few friends and you can drive prices up substantially.
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Even if they were able to succeed in doing this for x number of cards (and I fully acknowledge that this does in fact occur), it's still artificial demand and economic theory tells us that the market will adjust. The market as a whole, or even sub segments of it, is just far too big for it to be manipulated by a handful or even hundreds of transactions. Do people get scammed? Yes, for sure. Daily. But the broader market stabilizes to meet supply and demand.