Bidding on your own names at NameJet...?

Discussion in 'Domain Marketplace Reviews' started by webquest, Jul 18, 2017.

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  1. zurc.net

    zurc.net Restricted ★★★★★★★★★★

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    Is that against the TOS here? Or like at NJ apparently, just depends who you are and how well you covered your tracks?
     
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  2. MediaOptions

    MediaOptions Member MediaOptions.com DomainSherpa PRO ICA Member VIP

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    Again, NOT TRUE in a tax auction. In most tax auctions, the proceeds are use to pay off the tax liability plus interest and all remaining proceeds are returned to the owner.

    Before I was in domaining, tax auctions were my number one investment. I participated in LOTS.
     
  3. Loxline

    Loxline Active Member VIP

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    The owner is bidding for a domain no different and with equal chance like everyone else.
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    It can be called pump & dump scheme.
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    If he wins he buys the domain for (ex) $10,000.
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    in some countries - possible tax fraud
     
  4. xn--v4h.com

    xn--v4h.com Emoji domains at Punycode.com

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    You're dealing in the technical. When I'm bidding without knowing the players exactly I want to have confidence they are not the owners or in collusion with the owners. That's wrong and it's stealing money I worked hard for. This is wrong for the domaining industry, it is wrong anywhere in business.
     
  5. MediaOptions

    MediaOptions Member MediaOptions.com DomainSherpa PRO ICA Member VIP

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    NOTE: I am leaving in a few minutes so I will no longer be commenting or participating in this discussion. I may decide to participate more tomorrow depending on how constructive the conversation becomes. So far I have not heard a single valid argument of why my theory is wrong.

    Again, we are not debating whether this is against the current TOS of Namejet. It clearly is. We are only debating whether or not a free and open auction with no reserve is a better mechanism for creating a transparent and perfectly priced market than reserve auctions which are mostly an exercise in mental masturbation.

    Good luck...
     
  6. deez007

    deez007 The More I Learn The Less I "Know"

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    I have said it many times before and I will say it again... the amount of smoke and mirrors in the domaining industry is absolutely shocking.... (blanket statement, not directed or intended to be directed @ anyone in particular) if anyone takes offense to this statement, well then...if the cap fits....

     
    Last edited: Jul 18, 2017
  7. Loxline

    Loxline Active Member VIP

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    Looking forward
     
  8. promo

    promo Domain investor and broker

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    No thats what you are debating.. The rest of us live on another planet.
     
  9. Ali

    Ali Half Beard, Half Machine. PRO VIP Trusted Blogger Trusted Contest Holder

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    Whatever the case may be from each side (and whatever truth is revealed/proven), one thing that will always remain true is: Allowing domain owners to bid on their own auctions will break not only all that is moral about domain auctions (which is already a fine line), but the system in and of itself.

    Let's be honest here, not everyone walks a moral high ground, most people have zero morals an are absolutely blinded by the "all mighty" dollar. The chance to increase their return would blind them and their intent will be purely based on increasing that value by bidding up their own auctions. It already happens, and to green light that behavior would be catastrophic and detrimental to our industry.

    Our job as a community is to find these issues, mend them, and apply the appropriate actions to ensure the longevity, and integrity of our industry. If we lose sight of what is truly important, we all lose.
     
  10. zurc.net

    zurc.net Restricted ★★★★★★★★★★

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    Honestly... I think many have given you just reasons as to why it's wrong, you just choose not to listen because it differs from your opinion that you are masking as "fact" with the booth brothers.

    Everyone has to keep an open mind, I've tried to, but have you?
     
  11. 3sixty

    3sixty Established Member

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    Precisely. I didn't really want to get too involved in this discussion as it should be quite obvious.

    One party is buying at 100% value and the other 15% (or whatever the auction house commission rate is). The rest is going back to themselves, left hand to right.
     
    Last edited: Jul 18, 2017
  12. MediaOptions

    MediaOptions Member MediaOptions.com DomainSherpa PRO ICA Member VIP

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    HUH??? First off, how is it stealing money? You are part of a free market. You have the decision to bid and try and buy an asset for a certain price or not. If you think it is worth more than the current bid then you can place a higher bid like anyone else. If you think the bid is too high (whether its from the owner or another participant is irrelevant) then you simply don't bid.

    PLEASE do not ever use the words "you're dealing in the technical..." again! YES, we are dealing in the technical aspects of free market capitalism and free market pricing. What are you dealing in exactly?

    As Karl Rove once said: "You may end up with a different math but you are entitled to your math and I’m entitled to THE math."
     
  13. zurc.net

    zurc.net Restricted ★★★★★★★★★★

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    Now you are quoting Karl Rove on math though man... holy smokes!
     
  14. MediaOptions

    MediaOptions Member MediaOptions.com DomainSherpa PRO ICA Member VIP

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    Do you not realize that the actual cost of buying the domain youreself (as owner) is the full price of the 2nd highest bid PLUS the cost of the auction commission???

    I think this is the main point that people don't understand here. Opportunity cost in an auction environment with no reserve is a REAL price. You are paying the full price of the 2nd highest bid PLUS the auction commission. Not just the commission.

    You need to visualize this:

    Two people sit at a table. One has $10,000 and the other has a valuable baseball card. Both parties put their respective values on the table, one the card and the other the money.

    Now, both parties have an equal chance of walking away from that table with the money or the baseball card. Whoever values the card MORE than the $10,000 will get it.

    Both parties have an equal chance of being the buyer or the seller in this transaction.

    This is a difficult concept to understand for many people but it is CRITICAL to truly pricing anything.
     
  15. xn--v4h.com

    xn--v4h.com Emoji domains at Punycode.com

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    So if I bid higher because the buyer (who I am unaware of is participating in the auction) decides to gamble and outbid me, then i have no choice if I want the domain name to outbid him, thus having me pay more than I would have, that's not stealing?
     
  16. hookbox

    hookbox Active Member VIP

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    All this BS tells me is names that I ended up buying at Namejet for x,xxx I could have bought for xxx. What a crock of sh*t this is.

    Nobody should be allowed to bid up their own names or shill bid for their pals. Period.

    The bullsh*t in this industry never ceases to amaze me.
     
  17. JB Lions

    JB Lions Business Member Business Account VIP

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    What's the risk on bidding on your own domain? The money goes right back into your pocket, minus the fees.
     
  18. 3sixty

    3sixty Established Member

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    Let's not bring up examples which are out of point. Lets just stick to the exact example on topic.

    Two parties bid on a domain at Namejet. One is the seller of the Domain (A), the other is someone looking to buy the domain (B)

    If party A wins the Namejet Auction
    1) How much are they paying for the domain?
    2) How much are they receiving from the sale of the domain?

    If party B wins the Namejet Auction
    1) How much are they paying for the domain?
    2) How much are they receiving from the sale of the domain?

    I rest my case.
     
  19. equity78

    equity78 Top Member TLDInvestors.com TheDomains Staff PRO Business Account VIP ★★★★★★★★★★

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    Andrew if I owned the domain you are right I am paying full price, but NameJet is going to send that back to me minus their commission.
     
  20. MediaOptions

    MediaOptions Member MediaOptions.com DomainSherpa PRO ICA Member VIP

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    Welcome to the free market! Yes, if you want something then you need to pay the price the market is asking. With each bid (regardless of who it is from) that price increases. That is the entire premise of an auction. Reserves and everything else just muck up the pure free market nature of an auction.
     
  21. LarryDomain

    LarryDomain Established Member

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    This smells fishier than fish sauce that's been regurgitated multiple times. You and your brother got caught. Very very sad. Smellie fishy sauce!
     
  22. MediaOptions

    MediaOptions Member MediaOptions.com DomainSherpa PRO ICA Member VIP

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    This risk is the opportunity cost. I really am surprised nobody understands that!!!!!!

    If i put xyz.com in auction and its about to sell for $10,000 and I bid $10,100 then i have made the decision that i rather have the domain name xyz.com than the $10,000 (minus auction commission). If I rather have $10,000 then i let someone else win.

    Free market capitalism 101.
     
  23. MediaOptions

    MediaOptions Member MediaOptions.com DomainSherpa PRO ICA Member VIP

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    Again and for the last time, I am NOT supporting shill bidding. I'm supporting the IDEA of openly allowing owners to participate in auctions which have NO RESERVE. Everyone has a fair and equal shot at buying the asset. Where is the flaw?
     
  24. xn--v4h.com

    xn--v4h.com Emoji domains at Punycode.com

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    Just because I can afford to pay extra doesn't mean it's not stealing. Those who artificially drive up the prices without my knowledge in the hopes of me paying more is stealing.
     
  25. Pat8

    Pat8 Established Member

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    I have been in the industry for just about 10 months and I have not made any massive sales or big profit. But what I have gained is some knowledge. I may be very small to comment here but from my understanding bidding on your auctions is useless and is against the sole purpose of an auction. If you do not want to sell your domain then why do you auction it at 1st place?

    If somebody wanted to test the market then I think they can very well use the feature of RESERVE pricing where the exact reserve is hidden.
    Putting your names on No-Reserve, just to gain attention and in reality, you yourself bidding on it is a disguise and may be termed as MISLEADING.

    To sum it up, I mean just this!
     

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