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Bidding on your own names at NameJet...?

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

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  1. equity78

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

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    But NameJet sends you back that $10,100 minus 10 to 15% big difference than me risking $10,000.
     
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. zurc.net

    zurc.net Top Member VIP ★★★★★★★★★★

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    So just put a reserve.... or don't collude...
     
  3. LarryDomain

    LarryDomain Established Member

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    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.

     
  4. alcy

    alcy Active Member VIP

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    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)
     
  5. JB Lions

    JB Lions Lounge Gear Connoisseur VIP

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    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)
     
    Last edited: Jul 18, 2017
  6. xn--v4h.com

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

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    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.
     
  7. zurc.net

    zurc.net Top Member VIP ★★★★★★★★★★

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    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...
     
  8. Beezy

    Beezy Active Member VIP

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    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.
     
  9. Pat8

    Pat8 Established Member

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    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
     
  10. Grilled

    Grilled Be the change you want to see in the world VIP

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    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)
     
  11. zurc.net

    zurc.net Top Member VIP ★★★★★★★★★★

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    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.
     
  12. xn--v4h.com

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

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    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.
     
  13. urlurl

    urlurl Active Member VIP

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    i would never use any auction site that allowed or was suspected of having the owner's bid on their own item/name...never!
     
  14. xn--v4h.com

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

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    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?
     
  15. Beezy

    Beezy Active Member VIP

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    It's not. By every definition, it is not.
     
  16. Haris

    Haris Best Domainer Of The End-Times VIP

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    Shill bidder protecting a shill bidder.
     
  17. Beezy

    Beezy Active Member VIP

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    Price manipulation by some of the biggest in the industry. Disgusting.
     
  18. NameZest

    NameZest Active Member VIP

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    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.
     
  19. zurc.net

    zurc.net Top Member VIP ★★★★★★★★★★

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    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.
     
  20. tldboss

    tldboss Active Member VIP

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    @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.
     
  21. xn--v4h.com

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

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    In business, trust is #1.
     
  22. Perceptron

    Perceptron "What you seek, is seeking you!" VIP

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    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!
     
  23. Dream Big

    Dream Big Established Member

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    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.
     
  24. xn--v4h.com

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

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    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.
     
    Last edited: Jul 18, 2017
  25. xn--v4h.com

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

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    Looks to me Andrew's finer points are way outside of what the Booths seem to be doing.
     

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