An Idea for Auctions - Auction Remix

[equity78]

Now this is just an idea, it is nothing official from Namepros or in the works, it is my idea for a different kind of auction product, and looking for comments yay or nay. Eric would have to approve.

The nature of auctions on forums provides no opportunity to set a reserve. So sometimes someone starts an auction at $1 and thinks it will run for a bit, sometimes that doesn't happen.

So I was thinking about an Auction Remix. An auction ends say at $16, the seller does not like the price, so instead of selling the name they pay the high bidder their high bid, so in this case the high bidder would get $16. The seller keeps the domain.

The seller has to state that it is this kind of auction at the start so anyone bidding knows it could happen. A second version would involve the high bidder having to give their ok to accept the cash over the name.

Like I said it is just an idea, give opinions on the concept.

 

[CoolRev]

Now this is just an idea, it is nothing official from Namepros or in the works, it is my idea for a different kind of auction product, and looking for comments yay or nay. Eric would have to approve.

The nature of auctions on forums provides no opportunity to set a reserve. So sometimes someone starts an auction at $1 and thinks it will run for a bit, sometimes that doesn't happen.

So I was thinking about an Auction Remix. An auction ends say at $16, the seller does not like the price, so instead of selling the name they pay the high bidder their high bid, so in this case the high bidder would get $16. The seller keeps the domain.

The seller has to state that it is this kind of auction at the start so anyone bidding knows it could happen. A second version would involve the high bidder having to give their ok to accept the cash over the name.

Like I said it is just an idea, give opinions on the concept.

+1 on the idea.

This would be really good as the bidder will not be leaving empty handed if the seller declined to sell it.

But in order for this to work, allot of things need to be taken under consideration and some rules must be set. Like, min. age of the sellers account, min. post count and rep, account status, etc. What also must be specified is a range x-xxx amount where this clause may apply.

To end, I actually hate the idea of reserve. The main reason I love namePros is because there's no such thing as reserve here. The initial listing price is considered as the reserve and going in the bidder knows he may get it for that very amount.

-Cheers.

 

[DNVantage]

+1 on the idea.

Yeah, reserve or high increment are not good unless you want a speedy auction.

Maybe start the auction with business/vip members for few months to find out issues, see if it works out, than make it common.

 

[Ms Domainer]

Yeah, reserve or high increment are not good unless you want a speedy auction.

Maybe start the auction with business/vip members for few months to find out issues, see if it works out, than make it common.

Actually, beta testing with Namepros' most trusted members is a good idea...

That would help determine if this could be a viable option.

 

[Name Trader]

Personally. I don't think this is a viable option. Also. Anything which adds work to the mods here I would be against. We should be trying to make their work easier, not harder.

 

[equity78]

Thank you everyone for the commentary, like I said this is not be considering by management, me being a mod has no difference, it was a brain storming session on an idea. The idea would probably be to complicated with a forum of this size, it worked with a live auction years ago that was limited to about 30 people. Thank you to everyone who weighed in.

 

[Eric Lyon]

For those concerned, NamePros has no plans to add reserve auctions.

We are considering this "Auction Remix" idea, and we like the feedback about only allowing certain accounts to host remix auctions to prevent newer members from abusing it.

Please continue to provide feedback. We're listening.

@equity78 - Thanks for the idea!

 

[Paul]

I have a hard time believing newcomers would honor this system as sellers. They'd rather just leave and keep their domain without paying. Plus, some people are going to have a really hard time with the fact that they'd have to pay to keep their own domain name--although I suppose those people could just opt not to hold remix-style auctions.

Sounds both innovative and chaotic. I think its success would depend very much on the specifics of the implementation.

As Eric said, we have no plans to add reserve auctions. They're frequently abused by shill bidders, and they have no legitimate use besides deceit to promote additional bidding. "Hey, look at my really low minimum price! Just kidding, my actual minimum was much higher."

 

[forge]

As Eric said, we have no plans to add reserve auctions. They're frequently abused by shill bidders, and they have no legitimate use besides deceit to promote additional bidding. "Hey, look at my really low minimum price! Just kidding, my actual minimum was much higher."

What an absurd thing to say. Nearly every major auction house uses the reserve auction system, for completely legitimate reasons. I think what you say may be more a comment on the ethical standards of the domaining "industry".

 

[Paul]

What an absurd thing to say. Nearly every major auction house uses the reserve auction system, for completely legitimate reasons. I think what you say may be more a comment on the ethical standards of the domaining "industry".

"Because everybody else does it" isn't such a great reason for implementing a fundamentally flawed system. Eliminating reserves largely mitigates several types of scams, including those carried out by staff. That latter issue makes it a PR nightmare, not to mention an ethical dilemma.

 

[Joseph Green]

Nearly every major auction house uses the reserve auction system, for completely legitimate reasons.

I'd say for "lazy reasons." It's their way of raising awareness of domains that are perceived to be good, which is also the reason the system is manipulated.

more a comment on the ethical standards of the domaining

It eventually happens on all types of online auctions that support reserves, whether they're selling baseball cards or cars.

 

[Compassion]

Sounds like a lot of work for mods and another category to distract and confuse people. The additional liquid auctions are working well..

I'd say if anything bring back a seasonal live auction with a queue for people to bid pre-auction. Limit members to selling 1 auction, perhaps 2 auctions for VIPs Business etc...

Limit the live auction to 100 to 200 names and definitely filter the names to only those of obvious quality.
in this format, one could have reserve auctions, or they could all be with no reserve. The queue on every page would reduce any likelihood of a name selling dramatically underpriced.

Members could sponsor the auction as well... (on the queue, on a ticker, during the auction, etc) to raise funds for all of the hardworking staff that is already doing a lot of work behind the scenes to maintain balance and integrity - more work than most realize...

 

[Nem0]

I'd say if anything bring back a seasonal live auction with a queue for people to bid pre-auction. Limit members to selling 1 auction, perhaps 2 auctions for VIPs Business etc...

Limit the live auction to 100 to 200 names and definitely filter the names to only those of obvious quality.
in this format, one could have reserve auctions, or they could all be with no reserve. The queue on every page would reduce any likelihood of a name selling dramatically underpriced.

Members could sponsor the auction as well... (on the queue, on a ticker, during the auction, etc) to raise funds for all of the hardworking staff that is already doing a lot of work behind the scenes to maintain balance and integrity - more work than most realize...

This.

I sure miss those live auctions.

 

[forge]

"Because everybody else does it" isn't such a great reason for implementing a fundamentally flawed system. Eliminating reserves largely mitigates several types of scams, including those carried out by staff. That latter issue makes it a PR nightmare, not to mention an ethical dilemma.

I realize it's subject to abuse and I wouldn't recommend it at NP either, I only objected to the broad brush because sellers have perfectly legitimate reasons for using reserves to protect their investments.

 

[ramkumaritrvs]

After squeezing my brain in many aspects to improve this idea, i got the following ideas:

1) Instead of mention about the auction type is remix / normal within in the auction thread, we could start subforum for it named like "REMIX AUCTION" under the Auction main forum. Haters no need to waste their time on this subforum.

2) we should restrict the sub forum access / permission by minimum post eligibility for sellers. It prevents new account bidders bid & sellers auction. This idea reduce mod's work too.

3) New members shouldn't be allowed to bid in this subforum. otherwise people create too many accounts and bid for money / their own auction (to avoid high bid payment).

Let's hear from other people idea's.

 

[DomainVP]

Interesting concept.

I think that it is just good practice to offer a bidder the amount of the last bid in the event that the owner does not want to sell. It's something that popped into my head once, as a passing thought when I was just lamenting on a scenario I saw.

If you change your mind about a sale, there has to be some way to save face; I think that compensation is a fair way to keep your good trading name. However, I don't think that should ever happen; only list a name you are truly prepared to sell.

Sellers remorse is strong, sometime you just have to be like Elsa and let it go.

 

[Nem0]

The poor second-highest bidder who bid a dollar less but did not get paid off nor get the domain.

I don't care for the idea much for reasons others have mentioned. Especially the fact that there are several other domain markets where one can make a reserve auction.

 

[Name Trader]

Forget it. I just deleted my long scribe. I've never heard of such a cock-a-mamy suggestion. Auction starters buying their domains back before they've reached an undisclosed reserve. Peace to the mods.

 

[imadoer]

I don't see how this can work so if I let's say I win a domain worth $200 for 10 bucks I steal the domain. I'm not going to be happy if the seller pays me $10 to walk away

If this was to work there should be a agreed apon amount of money...Idk
I'm not to fond of it ..

 

[Beezy]

Awesome idea.

 

[tha-she]

The Only thing Auctions TRULY need is a time clock that tells you when the auction is over and auto Resets to 24h ALB or 48 or 72,
Not that id have problems tracking this manually, but if i ever start auctions here and more then 1 that would be truly helpful,
As for the new auction idea, i think it would not be the worst idea however neither the best, and it would surely bring allot of confusion to the forum,

 

[equity78]

The idea was never meant to be universal, it would have have its own section where those who liked it could partake and those who didn't would never have to see it. It has nothing to do with reserves and I will be quite frank, it is seller biased, it is a specialty kind of auction that is not for everybody.

To the point of confusion, no one should ever be confused, in the auction opening post.

THIS IS A REMIX AUCTION - IF I CHOOSE TO I CAN NOT SELL THE DOMAIN AND PAY THE HIGH BIDDER THEIR HIGH BID IN CASH.

I don't expect many auctions will take place, I used to play online poker where they had a game that just dealt face cards it was crazy everyone would have full houses, 4 of a kind, straight flushes, it was not for everyone to most it was dumb, I knew a couple guys who claimed they cleaned up.

It is just another option, idea, it is not a game changer or anything like that.

 

[Name Trader]

If this is the very limited kind of auction you say it is... Do we need this kind of auction on NP?

 

[domainerfella]

As I said before, adding a poll to this suggestion would have ended the confusion on REMIX auction.

 

[Eric Lyon]

Poll added. Please vote!

It's difficult to explain this concept in the limited characters available for a poll. Open to suggestions/improvements.

 

[forge]

To the point of confusion, no one should ever be confused, in the auction opening post.

THIS IS A REMIX AUCTION - IF I CHOOSE TO I CAN NOT SELL THE DOMAIN AND PAY THE HIGH BIDDER THEIR HIGH BID IN CASH.

Don't you think this would read better:

THIS IS A REMIX AUCTION - I HAVE THE OPTION TO NOT SELL THE DOMAIN AND INSTEAD PAY THE HIGHEST BIDDER THEIR HIGH BID AMOUNT IN CASH.

Yikes. Reading this back, I ask myself "Who in their right mind would ever do this?!"