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Suggestion: Prohibit adding BIN mid-auction

NameSilo

slide_show

Established Member
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14
Thought I'd throw this out there regarding NP forum auctions and section 6.2, specifically 6.2.3 of the rules.

It seems slightly unethical to allow a BIN price to be added/modified mid-auction. This disproportionately disadvantages bidders who are not in the same timezone as the seller. POV: you're participating in an auction with specific terms of reference, only for a BIN to be added & accepted while you're asleep.

An auction should be just that, an auction. Not a "test the waters to determine your price" tool.

If a seller is unhappy with the speed an auction is progressing - they should increase the minimum bid increment.

If they want to test the waters, they ought to post as "make an offer" or as a "BIN / make an offer".

Slightly off-topic: another great alternative would be to conduct a blind auction. I haven't seen any of those on here but don't see why it wouldn't be possible.
eg. "Auction ends in 7 days, all blind bids to be submitted via direct message, put your best foot forward."
You might want a requirement for the seller to post the $ value of all blind bids in the thread at the end of the auction for transparency's sake, and admin could investigate any disputes.

Just my 2c, thanks for your time.
 
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Name Trader

formerly @stubTop Contributor
Impact
11,262
I've experienced the same thing as @slide_show regarding his 2nd paragraph. Living in Asia. It's annoying when you go to sleep, only to check in the morning the domain has been sold. When you were still bidding on the domain when you went to sleep.
 

karmaco

Top Contributor
Impact
11,370
Auctions at NP are not timed for anyone’s convenience but the seller’s so there is nothing intrinsically unfair about someone else deciding to hit the bin when you are asleep or missed it for whatever reason.

First come first served is how it is everywhere. Why should NP be any different? You can’t tell GD to time auctions to your convenience or anywhere else for that matter.

As far as seller being able to add a bin whenever that is at their discretion to do so as far as I understand.
 

slide_show

Established Member
Impact
14
Auctions at NP are not timed for anyone’s convenience but the seller’s so there is nothing intrinsically unfair about someone else deciding to hit the bin when you are asleep or missed it for whatever reason.

First come first served is how it is everywhere. Why should NP be any different? You can’t tell GD to time auctions to your convenience or anywhere else for that matter.
Of course not, no issue here. If an auction is scheduled to end at 3am, either be awake at 3am or bid your highest beforehand.

As far as seller being able to add a bin whenever that is at their discretion to do so as far as I understand.
That's my understanding too - I was suggesting a change in policy on that front. An auction end time can be planned for. A seller adding a BIN price unexpectedly cannot.

If the BIN price was advertised from the start, I have no issue either - that's fair game.
 

timestamp

Established Member
Impact
336

slide_show

Established Member
Impact
14
Thanks for sharing that @timestamp, some good points on both sides of the fence there.

I guess this sums it up:

and its also bad for sellers - smarter buyers dont bid, they would wait till 5 min before action ends and pm you with +10% over last bid offer... of course, seller sells... and he would normally get much higher price if all buyers had to bid or claim (fixed) bin to win.

imho

It is the sellers domain, if they choose to make a bad business call, and yield less it's on them, what do you care?

People need to understand namepros is not heritage auction, this is an exchange where people come to get quick liquidity, and usually not always the highest price the market will provide.

Just something I'll have to keep in mind for auctions here, now that I know it's pretty common practice.
 

timestamp

Established Member
Impact
336
We need to start labelling those sellers cheaters. Put in urban dictionary the place where cheaters operate: namepros.

It will be fixed within a year.
 

timestamp

Established Member
Impact
336
Most recent example:

received an inbound offer yesterday for the domain, not enough

Just wanted to let you know that i'm taking bin offers to end this auction immediately.

Thank you! (y)

If it's an auction, let it run. If you have BIN price in mind there is Fixed Price section, and if you want to get offers there is Make an Offer section. Pick one and stick to it.

Who is sleeping this time? Do you feel cheated?
 
People adding a bin are cheaters?
Your going to go put in urban dictionary namepros is where cheaters operate.
Rules same for everyone
Need some cheese with your whine
 
I will admit there can be private conversation between 2 parties behind closed doors. They agree on mutual price and seller adds bin and buyer posts sold and its over in seconds.
Time thing thats life. i used to buy a lot of names at namesilo expired auctions. They ended or dropped in price at 2am I think was. Well i am sleeping while some guy overseas is 10am and he is ready to rock. Unfair but thats the rules.
Cheaters not correct way to describe those actions, those guys bidding on each others names and only thing changing was office number were cheaters. Thats long ago and another story
Whoever pays the most wins. Exceptions occasionally like registrar removing the domain after you won and paid but again a dfifferent story
Removing ability to add bin after start will never be removed, as if a person has 10 days after last bid and they want to move it fast they can lower bin to 1$ over current bid to get action. Course thats kinda what your referring to but money talks
 

timestamp

Established Member
Impact
336
Namepros has ability to do the right thing. They choose not to. So we know what kind of people are running the show.
 

Domain boy

Top Contributor
Impact
535
Namepros has ability to do the right thing. They choose not to. So we know what kind of people are running the show.
It's a system that always worked like that. I don't see anything wrong.

If you are calling out on NP team for doing that then i don't think you're right buddy.
 
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timestamp

Established Member
Impact
336
IMG_20220917_134058.jpg


I get it now. Namepros built this backdoor. It's a cheap way out.
Namepros auctions: built by cheaters for cheaters.

I get it. I'm disgusted. And I am done.
 
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HotKey

Made in CanadaTop Contributor
Impact
10,456
If the BIN price was advertised from the start, I have no issue either - that's fair game.
Yes but you can also choose not to participate in an auction that has:

BIN: TBA

so perhaps an addendum to rules for explicitly stating in the original auction post as such. Like a heads-up. If there was no mention of a possible addition of a BIN option, then it can't be added after the fact. I would be ok with that kind of rule.

Otherwise, being asleep at the wheel is no excuse for omitting a BIN opportunity on NP auctions, it's one of the things that make them GREAT. Adds fervor and opportunity and can greatly expedite the closure at a price the seller is happy with.
 

Domain boy

Top Contributor
Impact
535
Show attachment 223251

I get it now. Namepros built this backdoor. It's a cheap way out.
Namepros auctions: built by cheaters for cheaters.

I get it. I'm disgusted. And I am done.
You are disgusted by what? Lmao

Everyone had the opportunity to post 'sold', he was the quickest one.

Deal in fact is void if it happens via DM and not in auction, in order to give everyone their chance to go and grab the domain at the set BIN.

Your thinking is flawed.
 

bmugford

www.DataCube.comTop Contributor
Impact
42,644
I could see the addition of a BIN being annoying if you miss it, but IMO it just falls under first come first serve.
Since NamePros does not allow a reserve price, it is basically closing the bid and ask spread.

One issue I have with auctions is I think the timeframe that is allowed to close after the last bid is excessive.
72 hours, 96 hours, and longer. That is just unreasonable IMO.

Also, there is often excessive bumping by the OP. Domains that are clearly not of interest keep being bumped up and occupying space.

Brad
 
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timestamp

Established Member
Impact
336
Well, I don' t want to be in a place where cheaters operate. Until that is fixed + new login emails, I'm out.