But what are people buying for?

None of those are selling. They're just desperate attempts to get their money back for an item that took a crash.

selling =/= trying to sell, all the ebenezers on your links are unsold

I will only pay 3 keys for this ugly hat. Ugly ugly ugly.

Link 1: Unsold for 2 days. Link 2: Unsold for 2 weeks. Link 3: Unsold for 2 days. Link 4: Unsold for 3 days. Link 5: Unsold for 3 days.

Evidence is bogus, needs people actually buying it for that.

This is practically free rep.

Heres someone trying to buy it for 6, does it means its worth 6? http://www.tf2outpost.com/trade/5090861

I'd say 10 keys would be the right price

It took me about a week to get an offer on mine, and I was selling it for 9 keys. This is dumb.

Too many people are trying to sell for 10+ keys. I think it's interesting that people say the price will rise because of christmas, yet a lot of traders are trying to sell it now? Doesn't make sense.

http://www.tf2outpost.com/trade/5091432 (8 key seller, still has stock)

http://www.tf2outpost.com/trade/6077297 (sold a bunch for 7-8 keys, I think the user needed keys quickly)

You need some links of some actually being sold for the suggested price.