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To: wlheatmoon who wrote (4663)	10/26/1998 5:18:00 PM
From: SJS	Respond to of 14427

Mike, Here's how I look at it. 1) Yes, I am just a messenger for that piece. I don't own EBAY. 2) I seem to remember in this crazy web world that in 1995 when "webmania" started in earnest (some of us in the computer business knew and used the web way before this, though...) everyone wondered how to make money at this. No one knew. I actually told a friend to sell AMZN with a 30% gain from the IPO stock because I wondered how they could be the next "NSCP" or MSFT. 3) Jump to now. Lots of models out there. Portals, ad revenue, etc. ONSL tried an idea, and got some traffic with it, but the revenue won't come for a while. EBAY refined the idea, and now is the leader for this type of service. 4) Wall Street likes the refinement because it makes money faster. ONSL says "OOPS...." and tried eBAY's paradigm. So....as new companies and ideas come into place, the web will evolve to allow new entries to not make the mistakes of the pioneers. I think that's what your seeing. As well, eBay's model, which is very interesting if you dig into the differences with ONSL, doesn't warehouse any products, and acts as a true middleman (something we do well in America!!). I wasn't passing judgement on the ridiculous appreciation of the stock we saw today. It is nuts. However, what I like is there are some sharp guys out there innovating to find ways to make the web more profitable sooner, especially for IPO companies. That's good for everyone. Regards,