Located in Domain Marketplace Reviews started by webquest, Jul 18, 2017.
But NameJet sends you back that $10,100 minus 10 to 15% big difference than me risking $10,000.
So just put a reserve.... or don't collude...
You are going off topic. This should only be about the Booth's scam.
A new topic in regards to shill bidding on your own no reserve auction could be started but most people will see it as shady.. there will always be the few that would do shady things to make a buck. Some get caught, some don't.
as I said before.. NJ is most likely the only place where you can do this.
so I think this speaks for itself.. when comes to how wonderful a practice this is. (not)
It is shill bidding, it's why it's against their TOS.
"Shill bidding happens when anyone—including family, friends, roommates, employees, or online connections—bids on an item with the intent to artificially increase its price or desirability."
"So what is shill bidding?
Let’s look first at the word, “shill.” Shill means basically to falsely advocate a position in attempts to entice others do follow that lead."
You can bid it up to your heart's desire, knowing you'll get it right back if it doesn't work out (minus the fees)
Free markets mean free information. Information of collusion is hidden from me. That's why we have laws against it because it HURTS real competition and thus hurts the free market.
You actually are supporting shill bidding, because the idea of a no reserve auction is so the buyers set the market price, not the sellers by bidding on their own domains and raising the domains to prices it wouldn't of without them participating...
Screen cap everything before it is edited, folks.
I have a feeling there is going to be a lot of walking back on this one.
The problem is that you are not buying an asset from a 3rd party.
For the case owner buying the asset, he is just paying Price = Commission
For others it's Price = Selling Price
If you didn't want to sell the domain for under $10k, you should have stated a $10k start or reserve price. This helps preserves the integrity of both the auction and auction house.
It seems to me you are only condoning this behavior because you are guilty of similar actions (bidding on your own auctions)
I'm hoping NJ is actually investigating this matter at this point and then I would like to see how they are going to handle sales in which the owners participated in their own auctions. This SHOULD get interesting.
Succinctly put. All the theories don't mean squat when you feel like you're being ripped off because information was held from you about the actual structure of the arrangement.
i would never use any auction site that allowed or was suspected of having the owner's bid on their own item/name...never!
So if the seller can keep bidding the price to artificially high levels because the money would simply go back in his pocket less fees, why not risk it all? But the risk for the outsider bidder not knowing the actual arrangement overpaying is huge. How is that a free market?
It's not. By every definition, it is not.
Shill bidder protecting a shill bidder.
Price manipulation by some of the biggest in the industry. Disgusting.
We all know it happens and we all know things much worse than this happen.
It takes guts to point out a wrong.. However... It takes much more guts to admit it.
This thread and the other about the $150k sale... just blows my mind.
No wonder noobies come in and start off on the wrong track, honesty is out the window.
@NameJetGM any update?
If the brothers have done nothing wrong I think it would be fair to say it asap, to limit damage to reputation or stop further accusations.
In business, trust is #1.
As a seller, the moment you agree to a No Reserve or a Low Reserve or Any Reserve Auction, you basically are agreeing to put the Asset on the table, for that price point which you have agreed as Reserve. From that point, it is left to the market to drive its value.
The whole idea of putting a Reserve for a Reserve Auction is to make sure at what price point you are comfortable to sell it at the least.
The example on Tax Auction is inherently very different to the voluntary Domain Auction at Namejet or Flippa or Namepros, where the seller is not forced with the Auction!
In case of a lien, within tax auctions, it is basically imposed on the seller due to some sort of default.
"......A tax sale is the forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner...." here
This is not a Forced Auction, hence they are not comparable!
Had it been a case where the Domain have expired or the owner had failed some liability, and now the owner of the Domain may lose the Domain due to default with payment or deadline of payment, then in that case the owner might get the opportunity to get it back by participating in the Forced Auction!
In early 2016 when I was bidding for 6N Chips at NJ, I was puzzled at @MediaOptions bidding on his own names. Now I know why he did because system allowed it. Sorry to say @NameJetGM , its very unethical.
OK I can agree with this as long as I can see the owners sitting beside me. But the situation we have here is far from it. Understand you now.
Looks to me Andrew's finer points are way outside of what the Booths seem to be doing.
Separate names with a comma.