Is eBay Doomed?

Iain Sinclair on the possible downfall of eBay:

With the spread of free social networking sites, not to mention the ubiquitousness of Google, the need for eBay becomes increasingly unclear. Why give eBay its 2.5 per cent cut when you can auction a CD to all the Keane fans on MySpace and Facebook, who can check your integrity on a site like ebuyer-feedback.com? This isn’t yet possible, though surely it soon will be. Last year, for the first time, the number of listings on eBay began to decline. The company was built on the principle of cutting out the middleman; in the process, it has become the middleman. At some point in the not too distant future, its cherished community of online traders may well decide that the time has come to cut it out.