Listia has instituted changes that have caused an inflated value of the credit system.
#1The first change was in the Rewards Store - putting items up as auctions.
#2 The next change was posting the value of credits. They go up & down as the stock market does.
#3 Allowing people to sell their credits at a rate usually below the posted Credit Value, and Listia taking a share of the money collected
We believe that these changes has caused undue inflation in the auction process. Many of us are considering leaving the site because of the crazy inflation. We can no longer win auctions at a fair price.
A good EXAMPLE of this is this auction (https://www.listia.com/auction/28483661-15-amazon-com-gift-card ) A $15 Amazon Gift card, auction ended with a winning bid of 175,630 Credits are at 7100 = $1.00. Which means a $15 gift card went a value of $24.75. Which is almost $10 over the actual value of the gift card.
Another EXAMPLE( https://www.listia.com/auction/28193258-200-00-walmart-e-gift-card) a $200 WalMart Gift card, Bid is 2,222,276 with 6 hrs left - using the current bid, and current credit value (7100) the value of the gift car is now $313.00!
This is causing members to rethink membership, causeing people to bid on the side or in groups so no one else can inflate prices. The idea behind Listia and how it worked is excellent - however with the inflation of credit values many, many Listia members are unhappy at best.
We would like to see the Corporate Executives rethink how the credits are structured and bring it back to acceptable and fair values. All that are in favor of this are signing and asking Mr. James Fong & Mr. Gee-Hwan Chuang, (Co Founders of Listia a privately owned company located at 200 Blossom Lane Mountain View, CA 94041 United States Phone: 347-253-7842) to hear the members and help bring their company back to fair standards.
TO: Listia Co-Founders Mr. James Fong & Mr. Gee-Hwan Chuang
Listia a privately owned company
200 Blossom Lane Mountain View, CA 94041
United States
Phone: 347-253-7842
We, the signed individuals, would like to notify you of changes in your company and how it is directly effecting the members. Inflated credit values are at a point that many of us are considering leaving your company.
The problems we are experiencing and examples are outlined in the petition. We sincerely hope you hear our concerns and address them.
