dnrabbit
The RabbitAccount Closed (Disallowed)
- Impact
- 61
There was a time when DropCatch had a very strict bidder verification in place. You had to supply proper IDs and do a credit card verification and shill bidding was very limited.
However, in recent times DropCatch bidder verification has new lows. Now, you don't even need to upload any kind of credit card and any other financial instrument.
All you need to send them is a government I'd (which can be easily photoshopped), and voila, you are certified.
You can then participate in any auction, bid to whatever level you want .. and if you find a buyer higher than your bid, then you can pay for auction and sell to buyer.
However, if you are unable to find a buyer within the 3-4 day period, then you don't pay for auction. On non-payment, DropCatch suspends your account, which doesn't matter because next day you can create a new account in a new name and get certified immediately for next auction.
DropCatch then sends a template mail to all buyers that they are restarting the auction for 'suspected fraudulent activity'. Auction happens again, maybe ends at a slightly lower price (say $800 vs $1000) but DropCatch is happy as that $1000 was never real in the first place.
And the cycle repeats. Plain and Simple!
===
This has become a plague now. DropCatch doesn't give a shit as they make more money as bidders that contact end users prior to auction are likely to bid higher and drive the auction up.
I am now THINKING TWICE before bidding in any auction as I don't know whether the guy on the other side has an option not to pay at the end if he doesn't feel like it.
The very fact that your counter-bidder isn't serious enough is extremely dangerous for the domain industry. I would caution all domain investors before bidding on any auctions on DropCatch now.
When everyone stops using the platform, they will be forced to bring changes and incorporate best practises to their verification and compliance.
===
Just yesterday, the auction for LUMEO.COM ended at over $14k on DropCatch. I watched the bidding pattern carefully, and I am sure it was a bogus auction.
I am hereby predicting that the winning bidder won't pay for it, and DropCatch will re-auction the name. Check your inbox few days later announcing the re-auction. Bookmark this thread and do come back and post here telling me that I was right.
However, in recent times DropCatch bidder verification has new lows. Now, you don't even need to upload any kind of credit card and any other financial instrument.
All you need to send them is a government I'd (which can be easily photoshopped), and voila, you are certified.
You can then participate in any auction, bid to whatever level you want .. and if you find a buyer higher than your bid, then you can pay for auction and sell to buyer.
However, if you are unable to find a buyer within the 3-4 day period, then you don't pay for auction. On non-payment, DropCatch suspends your account, which doesn't matter because next day you can create a new account in a new name and get certified immediately for next auction.
DropCatch then sends a template mail to all buyers that they are restarting the auction for 'suspected fraudulent activity'. Auction happens again, maybe ends at a slightly lower price (say $800 vs $1000) but DropCatch is happy as that $1000 was never real in the first place.
And the cycle repeats. Plain and Simple!
===
This has become a plague now. DropCatch doesn't give a shit as they make more money as bidders that contact end users prior to auction are likely to bid higher and drive the auction up.
I am now THINKING TWICE before bidding in any auction as I don't know whether the guy on the other side has an option not to pay at the end if he doesn't feel like it.
The very fact that your counter-bidder isn't serious enough is extremely dangerous for the domain industry. I would caution all domain investors before bidding on any auctions on DropCatch now.
When everyone stops using the platform, they will be forced to bring changes and incorporate best practises to their verification and compliance.
===
Just yesterday, the auction for LUMEO.COM ended at over $14k on DropCatch. I watched the bidding pattern carefully, and I am sure it was a bogus auction.
I am hereby predicting that the winning bidder won't pay for it, and DropCatch will re-auction the name. Check your inbox few days later announcing the re-auction. Bookmark this thread and do come back and post here telling me that I was right.