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Monday, January 13, 2014

NewEgg goes after Crypto Coin miners

If you have checked E-Bay lately for AMD Radeon video cards you will see that prices have been going up.  These cards have become hard to get and now people on E-Bay are taking advantage.  They buy up any stock they can find from online retailers.  Then they turn around and sell them on E-Bay for even more.  Well now even one of the biggest online retailers is getting into the game as well.  Just last week I was looking for a good mining card on Newegg.com when I came across this card on their site. http://www.newegg.com/Product/Product.aspx?Item=N82E16814150694  When I first found the card it had a price of $659.99.  Before I was able to even purchase the card it had sold out.  When I tried to go back to the link for the card the price had already been increased to $719.99 and the status was out of stock.  I clicked the link to notify me by email once they were available again.  However, before I was ever notified the price had changed again to $799.99.  Now less than 5 days from finding the card listed for $659.99 I get a notification by email that the card is back in stock.  I click on the link only to find that the card is now being sold for $899.99.

When I saw this 3rd price increase in less than a week I was outraged.  It was bad enough to search all of the other 79xx series cards they sell only to find them well over the MSRP.  But, then to watch how they just kept going up even when they didn't have any of the cards in stock.  Maybe Newegg.com is trying to change their business model.  Perhaps they should just start running and auction site on any items that seem to be in high demand. 

Up until this incident I was a loyal customer of Newegg.com.  I felt that they usually had very good and competitive pricing.  But, this is just going to far.  You can't tell me that the price of these cards has go up $240 in a 5 day period.  To me this looks like not more than another company trying to cash in on Crypto Currency miners.  I would love to hear from someone at Newegg.com that could explain why the huge increase.  Until then I will not be supporting a company that feel they can just take advantage of the loyal customers that made them who they are.