status-resolved NP auctions with a bin that's added later...

[mad409]

I've purchased a few names from members here but never had this happen before, I guess its normal, not sure.

Had high bid early this morning on a couple auctions, looks like I was outbid by a couple bucks on one and can't even find the other auction. This would have kept them live for another 48 hours but when I checked my alerts this morning both domains were sold at bin.

There wasn't a bin so I assume it was added early this morning, not sure because it still doesn't reflect the bin price. I didn't even get an alert a bin was added, last I read it was way too early to add a bin.

Looks like moving forward I'll only bid on live auctions with no bin, or ones that have the bin listed within the auction. No more bin coming later..

Does this happen a lot?

 

[mad409]

@DNVantage Nice I like it.. It is unfair when bin is suddenly added, or in fact there was ever a bin.

 

[deflee79]

In addition, it would help it there was a wait for 24 hours clause. It is unfair to rest of bidders when BIN is added suddenly. A minimum of 24 hours should be given for all interested bidders to claim 'sold at BIN'. If there are multiple 'sold at BIN', the BIN contenders may optional pay higher than BIN amount. The highest sold at BIN after 24 hours of BIN announcement wins.

For example,

if BIN is udpated to $100 at 1pm Wed, all current and new bidders have upto 1pm Thu to claim sold at BIN.

If bidder A, claims sold at BIN (default of $100)
Bidder B could claim sold at BIN $110
New bidder C could claim sold at BIN $120
Bidder B could claim sold at BIN $125 ( if there are no further sold at BIN before 1pm Thu, this wins )

If there are no sold claim and seller reduces BIN again, a new 24 hour claim cycle would apply every time BIN is udpated. If there is no sold at BIN claim, highest bidder as current auction format wins.

This will give fair chance to all bidders plus get higher price for the seller.

It's tough im sure monitoring auctions as is.. It's a good idea but think of all the extra policing it would require. Keep it simple.

 

[mad409]

It's tough im sure monitoring auctions as is.. It's a good idea but think of all the extra policing it would require. Keep it simple.

I agree but if there are rules in place then someone is watching.

 

[deflee79]

I agree but if there is rules in place then someone is watching.

It sounds like someone went outside of the rules and they should be at the least suspended for a period of time. I have an idea of the offender and it's sad that favoritism has become of the marketplace .

 

[NameYourself]

NP is crowded and imo there is a need for a solution beyond just the thread format for sales listings. A structured auction system would solve many of these problems.. BINs, erasing posts, etc.. as everything would be consistent, and follow the same EXACT format, and there'd be no forgetting or neglecting of the numerous rules which right now must be entrusted to the sellers who may not even be aware of every posting rule, and also puts a heavy burden on the staff to have to individually monitor the growing number of threads. In a structured auction format, the system would already ensure these things much more easily, just like they do in the other marketplaces, and it would be easier for buyers to see everything that's listed for sale sitewide. It doesn't mean NP would have to do away with the sales threads as a selling method, but it would make for a more organized, convenient, and I believe productive sales option.

 

[mad409]

It's all about the seller and their actions. This is a forum, therefore we entrust sellers/buyers to do the right thing, abide by the rules.

Is it enforced? Let's see, that's why rules are in place...

I have shared my compliant with NP..

 

[DNVantage]

NP is pretty good place, there seems to be fair self moderation by users. Probably most issues happens as someone may not know about a rule or might have overlooked them. A gentle reminder probably will fix most first timers or 'rare' timers, who slip up once in a while, due to oversight. AFAIS, Mods have to rarely step in, and Mods don't interfere unnecessarily. ( Thumbsup Mods. )

So any new rule on auction format should really not need any extra monitoring. It make take few weeks for users to catch up but once in place it will be like any other rule. If there is a breach, bidders will highlight it! Just as it has been done in this case.

 

[Eric Lyon]

Thanks for all the feedback.

We are working on solutions and improvements to make all of this easier, more user friendly, and fair.

IMO it's not ethical to have a couple running auctions, then say sold at bin in the original post. No bin added to the thread as Eric said and then when you look at the threads there's no bin price and everything is wiped clean. So I'm not sure a bin ever existed.

If you suspect this happened, please Report it to us. We can check the history. If the BIN was not added correctly (first post and new message), we will invalidate it.

NP is pretty good place, there seems to be fair self moderation by users. Probably most issues happens as someone may not know about a rule or might have overlooked them. A gentle reminder probably will fix most first timers or 'rare' timers, who slip up once in a while, due to oversight.

This is true. It's usually because someone is unaware of a rule, and once they're informed about it, it's rare for it to happen again.

 

[dname]

This will give fair chance to all bidders plus get higher price for the seller.

Correct. I'm sure sellers are leaving money on the table by setting BIN that way.

 

[MasterOfMyDomains]

Can you add bin at sedo auctions or godaddy after the auction has started? Just want to know if this is normal practice, allowing back door deals.
But ya an alert to a thread you bid on, some people arent on all day, or for days. If an auction has 72 hours after last bid, I should be able to bid this morning, knowing the soonest it can close is sunday morning.
I can check in just before then, on my 1 day off.
Oh, it sold at bin.

 

[Eric Lyon]

Other large platforms do not support auction extensions (e.g., 72 hours after last bid) as large as we do, and therefore, BIN is a necessary tool on NamePros in certain circumstances.

A standard auction format on NamePros that members choose to use is:

• Auction starts at $1
• $1 increments
• Ends 72 hours after the last bid

If everyone bids the minimum and waits until the last minute to bid, after the first $1 bid:

• In one week, the high bid will be $3
• In two weeks, the high bid will be $5
• In one month, the high bid will be $11
• In one year, the high bid will be $122
• ...
• High bid = (days)/3 + 1

The BIN is a necessary tool for auctions that are lasting longer than is reasonable.
Sellers decide what is reasonable to them and their circumstances.

Hope this helps.