domain I won a bid for a 5L domain name (mners.com)

[AlienBee]

I just won a domain auction with a bid of 406USD. The domain is a 5L coin/crypto related. Its mners.com.
Do you think I should go ahead and make the purchase? Is it worth the amount?
Do cryptocurrency related domain names still "the thing"?
The auction was on Ebay. Let me know what you think.

 

[Dave]

Of course you should go ahead and buy the domain! It is unethical to do otherwise and your reputation will be ruined before you've even begun.

As for whether it is worth anything, I think you've overpaid for the domain in my opinion. I assume you think it is a good brand for miners? I personally don't even like miners but that's probably just me.

Anyway, I wish you all the best.

 

[AlienBee]

@Dave The bidding was conditional and they made it clear that the auction will be reopened if I fail to pay.
The worst part is that I wasn't able to view other bids before I placed mine. I thought mners.com would sell to crypto-related niches .

 

[Dave]

@Dave The bidding was conditional and they made it clear that the auction will be reopened if I fail to pay.
The worst part is that I wasn't able to view other bids before I placed mine. I thought mners.com would sell to crypto-related niches .

Well of course anyone would have to re-sell something if a buyer doesn't pay. That doesn't it make right. Why did you bid if you did not intend to pay for it?

You bid, you are now legally bound to pay. You know that Ebay will ban your account for life if you don't, right?

Good luck out there.

 

[Truespin Domains]

At end of the day, others were presumably bidding, so you probably paid "fair market value".

But as others have said, whether you like it or not is beyond the point - you bid, you buy.

Walking away from the deal is incredibly bad behaviour.

I've won domains at auction before that, in retrospect, I wished I hadn't paid so much for... but I'd never walk away from the deal that I made.

 

[BrandMart]

Why did you bid if you had not intention of buying it?

By asking the forum whether you should honor your bids, you have proved that you don't honor you words / commitments.

 

[1Darko]

I just won a domain auction with a bid of 406USD. The domain is a 5L coin/crypto related. Its mners.com.
Do you think I should go ahead and make the purchase? Is it worth the amount?
Do cryptocurrency related domain names still "the thing"?
The auction was on Ebay. Let me know what you think.

You should have asked this questions before you bidded!

 

[AlienBee]

okay, decided to honour my bid no matter what .
I have made the purchase. At first I thought the domain was worth much more.
Do you think we all deserve that small "change of mind" window?
I have seen people walk out of million-dollar deals because of the same "change of mind"

 

[Truespin Domains]

okay, decided to honour my bid no matter what .
I have made the purchase. At first I thought the domain was worth much more.
Do you think we all deserve that small "change of mind" window?
I have seen people walk out of million-dollar deals because of the same "change of mind"

You did the right thing. And again, the reason you paid the amount you did was presumably because other people were bidding for the domain - so in that sense you know that it has some value at the very least.

Don't beat yourself up about it. You may well end up selling it for a lot more. At the very worst it will be a good learning opportunity about how you approach auctions in the future. Never bid on anything unless you've spent some time thinking about it. I sometimes see domains I like the look of when the auction is just a few minutes or hours away from ending. I never bid on these domains because I would need time to research and think about the purchase more. Generally speaking I only bid on domains I've had a good few days to consider the merits of.

People might walk away from million-dollar deals when they are in the verbal / negotiation stage, but people don't walk away from deals (for free at least) once contracts have been signed. By bidding on a domain you are essentially signing a contract.

The change your mind period is during the auction.

Good luck.

 

[omarte]

okay, decided to honour my bid no matter what .
I have made the purchase. At first I thought the domain was worth much more.
Do you think we all deserve that small "change of mind" window?
I have seen people walk out of million-dollar deals because of the same "change of mind"

Of course not, before bidding yes once the bid is made you should honor it!

 

[frank-germany]

I like the domain

 

[Klixtorg]

From my side, you have made a really good deal. This name is really brandable. This domain will worth something in the future for sure. Look today how any 4L.com price gone crazy so you don't need to be a genius to fix out in the future own the 5L.com will go crazy.

 

[xynames]

People break their word all the time, after offer and acceptance. It is the internet so they rarely get sued but in the real world people do get sued for breaking contracts.