Competition for eBay has come from both ends of the internet spectrum, from start-ups to the biggest names on the web. Omidyar believes eBay's first-to-market advantage, critical mass and focus on creating vibrant marketplaces, gives it a significant edge over its rivals:
'It's important to remember that the business we are in is creating marketplaces. We bring buyers and sellers together to exchange goods – and if you are a buyer you are looking for the largest selection.
'Likewise, if you are a seller you're looking at where to sell your item and how much you will get for it. In both cases, it's basically about the largest marketplace. And in the US, it's eBay.
'Sure, it's been very difficult – we have seen ...