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They basically don't care about individual sellers, only "power sellers" who move the needle in a meaningful way, and can handle a margin loss on fraud. It's like how hotels and banks have a fraud allotment on their balance sheet.

How large of an market is there for "original ebay" today? If it's big enough, I wonder how much longer it will take for a competitor to rise from the ranks.

Isn't Craigslist basically that competitor?

As it has been said in the linked article, Craiglist limits the market to local while eBay gave access to global.

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