NameSilo

Verification needs to be required on all offers not just auction bids

Located in Domain Marketplace Reviews, started by equity78, May 28, 2020

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595

  1. equity78

    equity78 Top Member TheDomains Staff TLDInvestors.com PRO VIP ★★★★★★★★★★

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    So earlier in the week we saw the 2 million pound bid on Lifestyle.com cancelled. Some wondered how could this happen? Sedo makes people submit to greater verification to bid 10,000 or more. Additional Certification may be required: Please note that in order to place bids above 10,000.00 EUR, an additional certification is required and completion of this process may take several business … [Read more...]
     
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  2. pb

    pb Established Member ★★★★★★★★★★

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    I don't think it's a good idea to force buyers through the verification process just so they can make an offer, but maybe it shouldn't be possible to start an auction based on an unverified buyer's offer (actually I don't think it should be possible at all, it's a terrible "feature" from the buyer's point of view - actually I wouldn't be at all surprised if the purchase fell through exactly because of that).
     
    Last edited: May 28, 2020
  3. Samer

    Samer Top Contributor VIP Blue Account

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    Obviously, @Sedo wont change,

    “So naturally, the problem has to fall on us.”
     
    Last edited: May 28, 2020
  4. Samer

    Samer Top Contributor VIP Blue Account

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    Did Sedo ever fix misleading “BIN” “auction”?

    Nope.

    Samer
     
    Last edited: May 28, 2020
  5. equity78

    equity78 Top Member TheDomains Staff TLDInvestors.com PRO VIP ★★★★★★★★★★

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    Not any offer, for offers 10,000 or more like auction bids.
     
  6. pb

    pb Established Member ★★★★★★★★★★

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    That would cost sedo many lost sales, they will never do it (I wouldn't).
    Or - in a slightly better scenario - it would put an artificial limit of first offers at 9999 euro, which would also impact the sales.
     
    Last edited: May 28, 2020
  7. Brian L.

    Brian L. Top Contributor VIP ICA Member

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    $10,000 seems like a good threshold to require verification.
     
  8. CraigD

    CraigD Established Member

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    The term "Your offer is legally binding..." is obviously not good enough these days.

    I think pre-registration & verification for high value auctions is the only way forward.
     
  9. wot

    wot Top Contributor VIP ★★★★★★★★★★

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    Not practical.
     
  10. Mister Funsky

    Mister Funsky Top Contributor VIP

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    A deposit on whatever marketplace the bids are being made should be required. The amount to be placed on deposit would based on whatever limits the bidder requires (something like 5% of total limit). If a bidder does not complete the auction, 75% of the deposit is paid to seller and 25% goes to the market place for dealing with the deadbeat. Of course the bidder is permanently banned from the marketplace in the event of non payment.
     
  11. AEProgram

    AEProgram Top Contributor VIP Blue Account

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    I am not accusing anyone of anything, this is a general comment.

    The auction business be it domains or other items has a history of being very dirty.

    Some auction houses might not mind fake bidders, it helps push the price up.

    In addition, by having a platform with little verification, it allows them to create fake accounts to push up bids especially when they might know the amount of a proxy bid.

    Check what just happened on NP, imagine without the mod

    https://www.namepros.com/threads/ojul-com-means-sole-in-hindu-dutch-next-bid-1010.1164124/
     
    Last edited: May 29, 2020
  12. Mytz.com

    Mytz.com Upgraded Member Gold Account

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    SEDO is still very powerful,
    I sold a couple of good domain names on SEDO,
    I hope I can sell more domains in the future
     
  13. Samer

    Samer Top Contributor VIP Blue Account

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    Sorry, i misunderstood as “all” too...
    (though still dont like Sedo.. they dont change )

    We trying make industry liquidity easier
    things like verification further barrier to entry

    $10k is more than fair; wish u reflected in title.

    Sorry again, @equity78

    Samer
     
    Last edited: May 29, 2020

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