Hi EJX, I am happy to answer your questions - as any discussion is a healthy discussion.
Why is it a revolution?
My aim is to revolutionize the way general folks look at domain names. What is the biggest problem domainers have with their portfolio? They love their portfolios yet they hardly sell any domain names? A lot of people will agree. Try convincing an end user that they should fork out $500,000 for a premium name - it's not easy.
Bringing attention of the general public to domaining and domain names can only be a good thing - it builds awareness. Sure, there will be skeptics like yourself who will jump at the chance to worry, and criticize, which is fine - but a lot of people will get only one message from this venture - "Some guy earned a million dollars within 100 days from selling a domain name. Why don't I stop investing money in real estate and start looking at domain names as an investment option?" Others will ask: "what the heck are domain names, I better investigate."
If you think outside the box you will realize that there are various ways to "revolutionize" something. Some involve software and programs, tactics and techniques while others involve hype and media attention. In all cases, all it takes is one idea.
How will the winner know that I will pay the $10,000. What happens if I don't generate enough bids?
I have already answered this on DNKitchen's blog, so I thought I'd just bring the answer here too:
Firstly, I have put away $10,000 of my own money to cover the costs of paying out the value of the domain name if the highest bidder opts for the cash no matter what happens in the auction. I don’t have to disclose my online income sources but I will - I can point you to my blog DNXpert.com (advertising and premium forum memberships add up to over $1000 a month in profit). Then there are past Domaining Manifesto sales, and present affiliate product sales etc.
I would not risk losing credibility that I have built with DNXpert and other ventures over this - not to mention the continuous income my ventures bring in. My aim is to bring positive attention to this project, bidders and the domaining industry as a whole.
As for the technology - I have invested in my server to make sure that the site does not go down - if it does go down as a result of hacking attacks or server load - I will compensate the time by extending the auction by the time lost.
Excluding the weird circumstances mentioned above, the auction will end at midnight Pacific Time on April 10 2009 server time. The last bidder to place their bid will win the mystery domain name. Following midnight that day, you simply will not be able to bid any further.