news Mike Mann just sold CryptoWorld.com for....

[Michael M]

Mike Mann has just sold CryptoWorld.com for $194,888.

What are your thoughts on the price?

 

[RobM]

Jealousy seems to be rife in the domain world with people who entered in the last year or two. A domain is worth what a buyer will pay and what you will accept. Good luck to anyone, like Mike, who utilises that. Everyone else I guess has to be 'told' by someone else.

 

[NeonNode]

well before you torture yourself like this and commit suicide, you might want to make sure first the buyer was not able to afford the money he offered to pay you. which usually is not true.

#1) Thank you for the advice about making sure of the buyer having funds, when making that post it slipped through my mind
#2) I wouldn't commit suicide, or torture myself - I'm just saying I'll know that I'll most likely be ripping off the buyer if they were real.

 

[RobM]

You mean buyers don't have a choice? Surely the only way they could get 'ripped off' is paying more than they want to pay?

 

[NeonNode]

You mean buyers don't have a choice? Surely the only way they could get 'ripped off' is paying more than they want to pay?

If I did have cryptoworld.com, and was offered 200k for it.. without a doubt I'd sell it as they offered me.
But in my consciousness I'll feel guilty as in my eyes the domain is worth no where close to 200k, regardless of what I was offered.

If the buyer offered 200k and are willing to pay, they're not getting ripped off by society standards, but in my vision they are.

 

[RobM]

You're in the wrong business then. If someone is happy to pay 200k for a domain and you don't think it's worth that you'll never actually get offered the 200k because you'll accept far less. It's no different to real estate or many other businesses.

 

[Michael M]

If I did have cryptoworld.com, and was offered 200k for it.. without a doubt I'd sell it as they offered me.
But in my consciousness I'll feel guilty as in my eyes the domain is worth no where close to 200k, regardless of what I was offered.

If the buyer offered 200k and are willing to pay, they're not getting ripped off by society standards, but in my vision they are.

Maaaaybe your (domaining) vision is impaired by some underlying illogical guilt? Otherwise you don't seem to understand how supply and demand works...

Supply and Demand does not care about your feelings. It comes down to demand (which is 100% controlled by the buyer). You should not feel guilty if there is demand for a product you are selling.

Why participate in something you have a problem with? I smell a .

Smh.

 

[NeonNode]

Maaaaybe your (domaining) vision is impaired by some underlying illogical guilt? Otherwise you don't seem to understand how supply and demand works...

Supply and Demand does not care about your feelings. It comes down to demand (which is 100% controlled by the buyer). You should not feel guilty if there is demand for a product you are selling.

Why participate in something you have a problem with? I smell a .

Smh.

Going back to a previous post, cryptoworld.com is the only crypto domain that sold for over $100,000 (besides another one that was later presented which I forgot). If there was such a big demand for crypto domains, why haven't the others sold for $200,000 each as well?

 

[Michael M]

Going back to a previous post, cryptoworld.com is the only crypto domain that sold for over $100,000 (besides another one that was later presented which I forgot). If there was such a big demand for crypto domains, why haven't the others sold for $200,000 each as well?

A number of factors you refuse to consider:

1. Crypto is an emerging tech and many more big sales will be incoming
2. Not all sales are reported.
3. People became crypto rich overnight - and can easily justify 200k for a domain they want, when they have much less invested in fiat.
4. Sometimes domains sell for a lot rather it fits trends or your way of thinking
5. Other factors outside of your knowledge

Why does it somehow mean that since you don't understand something then it must be wrong?

There is no telling why that specific domain sold for what it did unless you talk to the buyer.

Your problem is with the buyer, not the seller. You just don't realize that.

 

[Dave]

But in my consciousness I'll feel guilty as in my eyes the domain is worth no where close to 200k, regardless of what I was offered.

It is worth 200k though, because that is what someone offered for it.

The others are not selling because there are no buyers for those domains.

It really is that simple. Supply and demand.

Edit: Also, you still haven't given us any examples of these 'other' domains you keep referring to. Please share with us.

 

[NeonNode]

If many users here are saying $200k for CryptoWorld was more than a fair price, why didn't you guys offer it? If you're all seeing it as a worth it sale, why didn't you guys buy it?

Now, don't give me the "I can't afford it", when many are saying they'd pay way more for it. Why not buy it for 200k and resell it for 400k?

Just because someone bought the domain for 200k, doesn't mean its worth it. I could price a water bottle I drank out of for 100k, but just because its worth 100k for me doesn't mean someone else would buy it.
If Mike Mann didn't own this domain, and a new domainer (for example) asked for an appraisal on here, truthfully how many of you would say 200k+?

The domain sold for 200k due to "Supply and Demand" as you claim, but if there is a domain why wasn't there a huge influx of offers to Mike Mann for the domain.
Just because one person offered 200k for it, doesn't mean it automatically makes it worth that. It could've been sentimental value for the user.


On a final note, I don't have an issue with the buyer or the seller, I have an issue with the industry defending these unrealistic sales and trying to find a way to explain why the domain is worth 200k.

 

[Michael M]

If many users here are saying $200k for CryptoWorld was more than a fair price, why didn't you guys offer it? If you're all seeing it as a worth it sale, why didn't you guys buy it?

Now, don't give me the "I can't afford it", when many are saying they'd pay way more for it. Why not buy it for 200k and resell it for 400k?

Just because someone bought the domain for 200k, doesn't mean its worth it. I could price a water bottle I drank out of for 100k, but just because its worth 100k for me doesn't mean someone else would buy it.
If Mike Mann didn't own this domain, and a new domainer (for example) asked for an appraisal on here, truthfully how many of you would say 200k+?

The domain sold for 200k due to "Supply and Demand" as you claim, but if there is domain why wasn't there a huge influx of offers to Mike Mann for the domain.
Just because one person offered 200k for it, doesn't mean it automatically makes it worth that. It could'be been sentimental value for the user.


On a final note, I don't have an issue with the buyer or the seller, I have an issue with the industry defending these unrealistic sales and trying to find a way to explain why the domain is worth 200k.

I can't believe you are still trying to define what you have a problem with.... If it isn't the buyer or the seller, then why have a problem? Because we mentioned it sold?

You are just illogical. Period. Hard to argue with stupid. So I guess you win. Mike Mann, or us (the industry), or the buyer, or whoever - should not have done whatever they did that made you upset. (whatever that is) You win.

 

[Dave]

@NeonNode Let me give you another example. Take a painting that is up for sale. It doesn't get much interest but then one private individual decides that they love that painting and must have it no matter what. So they buy it for $5 million, even though the painting had no value outside of that one buyer. Does this mean the painting is not worth $5 million in your opinion?

 

[NeonNode]

I can't believe you are still trying to define what you have a problem with.... If it isn't the buyer or the seller, then why have a problem? Because we mentioned it sold?

You are just illogical. Period. Hard to argue with stupid. So I guess you win. Mike Mann, or us (the industry), or the buyer, or whoever - should not have done whatever they did that made you upset. (whatever that is) You win.

It's the buyers money, happy spending.
It's the sellers domain, happy selling.

But it's the people in the domaining industry opinion(s) on the sale and what they think of it, of which I disagree with a majority of the opinions. Does it mean I'm right, No, but it doesn't mean I'm wrong either. Everyone is entitled to their opinion.

I'm not "upset" or "angry" or anything of the sort. I'm just disputing and stating my side or my view on the sale.

 

[NeonNode]

@NeonNode Let me give you another example. Take a painting that is up for sale. It doesn't get much interest but then one private individual decides that they love that painting and must have it no matter what. So they buy it for $5 million, even though the painting had no value outside of that one buyer. Does this mean the painting is not worth $5 million in your opinion?

If it didn't get much interest, and then someone loved it so much they paid $5 million for it, it wouldn't be worth $5 million for me.

Even though it sold for $5 million, I wouldn't pay $5 million for it personally, so it wouldn't be worth $5 million to myself.
For the buyer though it may be worth $5 million or more, and that's why they purchased it.

But think about, if that buyer never heard or saw the painting and it didn't have much interest prior is it worth $5 million to you? No, because it hasn't been purchased for that price. So why should it matter that it's worth $5 million after someone purchased it, if it wasn't worth $5 million to you prior to it.

 

[RobM]

Well it does actually mean you're wrong. The domain is worth what it sold for because that is what it sold for. If the buyer didn't feel it was worth it he wouldn't have paid that. Just because you don't understand why he would spend that much doesn't mean anything at all.

 

[Michael M]

It's the buyers money, happy spending.
It's the sellers domain, happy selling.

But it's the people in the domaining industry opinion(s) on the sale and what they think of it, of which I disagree with a majority of the opinions. Does it mean I'm right, No, but it doesn't mean I'm wrong either. Everyone is entitled to their opinion.

I'm not "upset" or "angry" or anything of the sort. I'm just disputing and stating my side or my view on the sale.

Ok, if that be the case then @Dave hit on a point that I was going to address but opted out of at the time.

On a final note, I don't have an issue with the buyer or the seller, I have an issue with the industry defending these unrealistic sales and trying to find a way to explain why the domain is worth 200k.

The fact there was a buyer at 200k therefore establishes the value of that domain at 200k.

That is the basic definition of the valuation of something. What the market will bare. In the case of domains you are only looking for one end user as there is no other item exactly like it. Therefore its value is exactly what it sells for. No more or less - until it is sold again.

You can have a different view of that value, but if someone was willing to pay it then your view is pretty much irrelevant as the market proved you wrong.

(edited for many grammar mistakes. I type too fast)

 

[Dave]

By the way @NeonNode, nice guys who put feelings and arbitrary decisions before logic and reason will typically get eaten alive in the business world. Take it from me.

Something for you to think about and remember for the future my friend.

 

[NeonNode]

I'm going to state this and then just leave this thread as its going in circles;

If someone owned a product and was available for the public to view, but it got little interest in a time span of lets just say 10 years. Then one day, one individual stumbles upon that product and finds it worth very dearly to him/her and purchase it for $1,000,000. Does it truly mean that to the economy that it's worth $1,000,000? Just because one individual was willing to purchase it for that price for whatever reason, does it mean that the value of that product is automatically worth $1,000,000. For those who say "yes", then why didn't you seize the opportunity to purchase the product for $1,000,000, if before you didn't care about the product and suddenly one individual purchases it for a high value, and everyone is in agreement with it.

A domain is simply a domain, all it's worth is the registration price, it's just the value that people put on it is what makes it worth more than that $10 mark or so.
No one cared about cryptoworld.com and no one cared enough to seize the opportunity prior, so why only now is everyone standing up stating that this well worth over 200k if you yourself didn't stand up when you should have and purchased it.

 

[Michael M]

This back and forth just reminded me of a great quote:
(probably should have remembered it sooner.)

 

[alcy]

This back and forth just reminded me of a great quote:
(probably should have remembered it sooner.)

can we just replace fool with newbie and call it a day?

 

[RobM]

Yes I don't think it's foolish not to understand. People learn over time or fall by the wayside. It's been like that in the domain world as far as I can remember.

 

[NeonNode]

 

[cooljub]

If there was such a big demand for crypto domains, why haven't the others sold for $200,000 each as well?

Because they don't say 'crypto' followed by 'world' followed by '.com'

 

[Michael M]

And people have the right to try to help you to open your mind and understand how this market works, and of course you have the right to ignore it.

I apologize if I have been condescending at any point in this conversation, but it seems illogical to me for you to have the view you do, and then expect to ever have any positive results in this industry. I was only trying to help you understand that it isn't "wrong" for this domain to sell for this amount. It isn't wrong - It just is. It happened, its done, and I imagine the buyer and seller are happy.

Best of luck to you in your endeavors...

 

[-EM-]

Making someone fool because does not think what you want is foolish. It is not helping, but it is forcing.