Eureka Trading System is Live!

RKKay

LINK

Placid

Is it any good?

gmarguli

Under the member list, there are several forums members listed.

RKKay

It just went live today, but it matches buyers with sellers by having each list a price range for the coin they list. From what I've been told, it will go for the lowest acceptable price listed by the seller that overlaps the buyer's range. It is promising, and it has a long list of dealers as members. I anticipate it will be worth it. And that's also true. I noticed several forum members listed.

roadrunner

They even have old "Beavertown Coin" as a member. I wonder how many other people's coins he "merged" into his business as he went bankrupt several years back. Wouldn't even return simple phone calls after more than a year. I would strongly recommend only approval service with this firm to protect yourself from potential future problems similar to what I experienced.

roadrunner

LincolnCentMan

$25 to sign up??? You cant even look into it good without signing in. You cant sign in witout signing up. You cant sign up without chipping them $25. Even over-priced e-bay is free to registar.

David

RKKay

If you call or email them, they are really cool and will take the time to talk about it with you before you make any such investment. They answered my questions ad nauseum before I did anything.

MrEureka

Please give us a call (201-750-9110) and we will give you a personal tour, no charge!

LucyBop

MrEureka, Be Bop A Lula!

RNCHSN

I'd be interested in hearing about the fee schedule, and any other info from members that have signed up.

TheNumish

Hey Mr. Eureka,

Welcome to the boards.

Turn on your PM.

jbsteven

Members beware:

I just signed up with them and unless you are a FULL TIME DEALER with references that they recognize they will treat you like a outsider. Just my first impression.

RKKay

Unless their personalities have changed, that is not the case. I signed up before I even decided to buy and sell, and they always answered any question I had, irrespective of how annoying.

MrEureka

Done!

jbsteven

rkkay

obviously they have changed things.

MrEureka

Jason, you gave us about ten minutes to approve your application and then you cancelled it. We'd be happy to review the situation and welcome you as a member, but give us a little more time???

jbsteven

andy:

I cancelled it because a employee called me and asked for 2 refernces that I buy coins from. I gave them 2 references and they called back 5 minutes later as said they need references that are "recognized". I then called and spoke to a gentleman who answered the phone. I asked him why I needed references and he very bluntly said that they needed to verify me as a dealer. I told the person the phone to cancel my application as by his tone of voice it seemed I was not good enough for their trading system.

this is a quote from the faq page on your website:

Q. Can anyone trade on Eureka?
A. Yes. Nevertheless, most of our members are full time coin dealers.

to me this means that anyone can be a member and trade on your website.

I have to admit that I am trying to become a small time dealer and this looked like a good place to form business relationships.

Did I make a hasty decision to cancel my application, maybe. When I am treated without respect it bothers me.

MrEureka

I am the "gentleman" that answered the phone. I meant no disrespect. I was doing three things at once and was trying to get off the phone quickly. My apologies. If you're willing to give us some time to process your application, it would be appreciated.

jbsteven

go ahead and process the application. I completely understand being very busy. I am sure you understand first impressions.......

let's give it a fresh start.

thanks

wondercoin

Now that we have seen 1st hand the differences in buying/ selling/ trading styles of "collectors" vs. "dealers" (and the fact that words can mean different things depending who you are dealing with), can there even be one trading system for both? If so (and I think there can be), perhaps there really can exist universal etiquette in deals for both collectors and dealers where the "buzz words" mean the same thing whether you are dealer or collector.

Wondercoin

sinin1

EurekaTrading has been listing 2 month trials on eBay at auction in either the mint set or proof set section - my question for Eureka man - what is your definition of a dealer?

Also why have a 10 million dollar system if you do not allow collector/trader type people use it?


If you already have 300 of the nations top dealers, how many more are there?

Why are the no sales the previous day everytime I look at your home page?

How long do you think it will take to compete with CCE/coinet/teletype?

What is your definition of a dealer? ( I have bought and sold on Teletrade and eBay, am I a dealer?)

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=3003033317&category=526
eBay 60 day Eureka trial

dorkkarl

it is useless to me if certified coins are a requirement.

K S

kieferscoins

There is a Proof Set and Mint Set section along with a modern coin section that are not slabbed that you can buy or sell.

Cameron Kiefer

MrEureka

If eBay has proved one thing, it's that dealers and collectors can coexist on one trading system.

ScarsdaleCoin

Hi Andy...guess you saw my note about the pcgs boards and Eureka....for my 2c I hope we are staying just dealers....no offense to collectors but dealer feedback was this was for established dealers to have a platform....good luck

MrEureka

To answer some of the questions out there:

Yes, you can trade raw coins. For that matter, you can trade anything at all on our Bulletin Boards, which are essentially just pages of interactive classified ads.

Can collectors trade on Eureka? Well, if push comes to shove, yes. But, and this is a BIG BUT (now wisecracks, please), we are NOT marketing to collectors. We're still working the kinks out of some of our processes and cannot think about servicing thousands of collectors reporting bugs. Additionally, we are working on new functionality that will better allow dealers and collectors to coexist on our system. (Sorry, I have to be vague about that for now.) So for now, we're focusing on the smaller dealer community.

More to follow, I'm sure. (:&gt

https://www.eurekatrading.com

MrEureka

dorkkarl

<< <i>it is useless to me if certified coins are a requirement.

There is a Proof Set and Mint Set section along with a modern coin section that are not slabbed that you can buy or sell. >>

let me rephrase that. if worthwhile coins (to me) must be certified, the site is useless to me.

K S

MrEureka

Just in case you're wondering, here's a sample of messages now on the Eureka Bulletin Boards:

Sell 125 Raw XF $5 Indians $175 per as a lot

Sell 1793 Chain Cent SEGS Certified S-4 Chain (periods after date & liberty)
Grade on holder is "F-15, Light Roughness".
All 4 digits in date are bold, chain side all letting readable.
Photos upon request. $4500.

Sell NGC 1961 FS-013 Double Die Reverse Proof 66 Franklin Half dollar. These are very scarce, we rarely see them anymore. Sell @ $1500 delivered.

Sell 1995-W PCGS PR69DCAM. INCREDIBLE EXAMPLE PRICED AT ONLY $2450. LISTED ON PCGS'S WEB SITE @ $ 3100.

1880 Stellas wanted....Buy sight seen not fussy, certified or
raw...1880 flowing vf 20 pay $40,000.00 xf 40 pay $50,000.00 au 50
pay 55,000 pf 60 pay 65,000 pf 61 pay 72,000 pf 62 pay
77,000.....1880 coiled hair vf 20 pay 90,000 xf 40 pay 95,000 au 50
pay $125,000 pf 60 pay $165,000 pf 61 pay 185,000 pf 62 pay 215,000
pf 63 pay 275,000

***BUYING GSA DOLLARS***
1878-CC pay $325
1879-CC pay $3200 with card
1880-CC pay $300
1881-CC pay $300
1882-CC pay $110
1883-CC pay $105
1884-CC pay $105
1885-CC pay $325
1890-CC pay $1225 with card
1891-CC pay $1100 with card

non CC pay $125

mrfred

Andy, I would like to join several board members who have welcomed you to this Forum. Thank you. I think that it is great having you here, and I understand fully the growing pains that your new service is facing. (Incidentally, I first heard of it via a news piece in either NN or CW -- I forget). GOOD LUCK.

p.s. I am not a dealer, but I still think that it is best if you leave it dealers-only. I think that in the long run that will actually help collectors, because it is another step in streamlining the whole system and cutting overhead, and (here's hoping! ) thus passing the savings along to us regular collector-type-folk.

MrEureka

Thanks, Fred!

dorkkarl

<< <i>here's a sample of messages >>

mr lustig, now your talking. questions:

(1) how many of the alleged "300" dealers paid full price to join?

(2) are numismatic-related items (auction catalogs, vintage holders, etc) allowed?

(3) who audits your books?

thank you.

K S

MrEureka

Answers to questions:

1. Of our 330 members, all are paying customers. The 270 who joined before we launched prepaid a full year, at a discounted rate. That deal is no longer available. We are now offering 60-day free trials on eBay, but other than that, there are no discounts. By the way, at $25 a month, NOBODY (but our overpriced competitors) has complained about the price.

2. Yes, you can buy and sell books, supplies, or anything you want on our Bulletin Boards. Hell, you can even deal in beanie babies and baseball cards if you like! (The boards are separated into various categories, so you don't have to read about the beanies!)

3. Who edits our books??? Our accountant, of course. Why do you ask?

crito

I saw the eBay auction for Eureka, it said: Winning bids from collectors posing as dealers will NOT be refunded. LOL, good luck, you're gonna need it...

wondercoin

"The 270 who joined before we launched prepaid a full year, at a discounted rate."

Andy: Just a suggestion:

Since these 270 folks were able to buy your service for something like $8/month prepaid, why not make a one-time offer of $10/month now (prepaid for a year) and really get things rolling? I bet your membership might double overnight! I mention this only because you obviously desire to increase your member base, as witnessed by the ebay giveaway offerings. Wondercoin

tradedollarnut

Hmmm - if it's who edits our books, it must be Arthur Anderson!

dorkkarl

<< <i>3. Who edits our books??? Our accountant, of course. Why do you ask? >>

no sir, my question is who audits your books? i ask for the simple reason that i'd want some reassurance that steps are taken to avoid conflicts of interest, re: "shill bidding", etc.

K S

ScarsdaleCoin

questions like who audits your books really present the thought that the system is crooked...if you know of Andy you know that he is a straight up person who has spent a considerable effort both time and $$$ to launch a platform for dealers....I was one of the first dealers to sign on and offered to beta test the system last year...yes it had/has bugs...any thing new will...but you have to admire Andy answering questions on the message board here....there are other competing platforms for dealers to use, but they have there own problems....dealers need a way to comunicate with each other and be able to move inventory. posts to this thread have been both smart and dumb but all in all I am sure very helpful to Andy....

dorkkarl

jon, i'm definitely, absolutely NOT trying to imply anything. but in this day & age of enron's & worldcom's, etc, i think it is a valid question. i assume that e-t-s is a privately held co., but your an insider, i'm an outsider, & i don't think it is outrageos to seek some reasurrances.

when i buy stock in a corporation, by golly, it's my money, & you better believe i investigate first. same thing here, it's my money!

sorry if anyone was offended, but again, NOT trying to imply anything at all. maybe a better question would have been "are your books audited by an outside firm". it's the same concept as a dealer having his coins graded by an outside firm.

K S

MrEureka

OK, I get it. The question really isn't "Who audits our books?", the question is "How do I know that Eureka is a level playing field?"

To answer that question:

1. Eureka's bulletin boards are classified ads. Members post messages to buy and sell. Eureka doesn't handle the coins or the money, nor do we get a commission, so there's no opportunity for abuse on the BB's.

2. Eureka's matching engine is another matter. First, let me explain that the "matching engine" is our way of letting everyone negotiate with everyone at once. (Think of the New York Stock Exchange, where the same thing happens.) Essentially, our customers can enter sight unseen orders and trading parameters, and we close the best deals we can, whenever we can. For these trades, again, we don't handle the coins or money, although we do sometimes get a small (half of one percent) commission.

There are several potential conflicts. The first is that we will grab the best deals for ourselves or otherwise trade on private information. To address that concern, we completely bar ourselves (the company and its principals) from trading through the engine and (off the system) we do not deal in anything for which there are any bids or asks in our system. (I still deal in patterns, pioneer gold and good world coins, but these are not yet traded through the engine.)

The second potential conflict is that we will somehow favor one trader over another when arranging a trade. Without going into great detail, let me just say that for every time Eureka automatically matches a buyer and seller, we provide both traders with the detailed calculations that determined the price and terms of the trade. In other words, you don't have to rely on Arthur Anderson to audit your trades (OK, bad example), you can do it yourself. I understand that this explanation is not as exhaustive as it could be - time is limited - but I hope it helps. In any event, rest assured that we are not stupid and we would do anyting that might jeopardize our credibility.

dorkkarl

mr. lustig, your response addresses my question admirably. thank you.

K S

mrfred

I think it is to Eureka's credit that Andy is answering all these questions in an extensive and public manner. Kudos!

DesertLizard

Andy,
Great idea but I think you could go one step further.

Allow a true "exchange" where any buyer and any seller can trade. Why discriminate? The NYSE does not.

If you don't do it then someone else will come in and do it for you. Just a thought.

tradedollarnut

Allow a true "exchange" where any buyer and any seller can trade. Why discriminate? The NYSE does not.

Sure they do - you have to own a "seat" to trade stocks on the NYSE. The equivalent here would be only allowing mega dealers and forcing all others to consign their listings to those dealers.

DesertLizard

TDN,

Technically correct but what about:

Island, ECA, Archipelago, Instinet, Niteguard, etc etc.


Don't build it, and someone else will!

braddick

<< <i>"The 270 who joined before we launched prepaid a full year, at a discounted rate." Andy: Just a suggestion: Since these 270 folks were able to buy your service for something like $8/month prepaid, why not make a one-time offer of $10/month now (prepaid for a year) and really get things rolling? I bet your membership might double overnight! I mention this only because you obviously desire to increase your member base, as witnessed by the ebay giveaway offerings. Wondercoin >>



Mitch's suggestion is logical and sound. I know I'd join (if allowed to) at that introductory price. $25.00 is just a tad steep- at least to begin a program that is unfamiliar. It might be, after the initial enrollment, I find that I can't live without it and the $25. would be a cheap price to pay.
It's just the unknown factor.

MrEureka

Desert Lizard -

Ultimately, there will be a single exchange on which everyone will trade, but EVERYONE (not just collectors) will be trading at different prices. In that way, it's really no different than a coin show. Seamlessly integrating wholesale and retail markets (and everything in between) is more challenging than it sounds, but we're well on our way. Stay tuned!