You all decide am I right or is Sedo right (Part 2 fastfood.com)

[barybadrinath]

Sedo ethics part 2 --

Sedo published domain sale of fastfood.com for 250k usd somewhere between 2013-15. Someone made an offer of 250k usd for fastfood and then it was on auction for 7 days and domain was shown sold for 250k usd.
I followed that auction as I was interested in fastfood but 250k was out of my reach that time.
Everywhere on domain forums , dnjournal , namebio it was mentioned that fastfood was sold for 250k usd.

You all know what. That auction was never paid. And sedo and dave evanson did not care to issue a public info on the same. They all lied.
So in 2018 i made an offer of 95k usd for fastfood.com which was immediately accepted ( in just a min of making an offer ). I was about to send money next day ..
But through my meditation and Indian Mantra power I came to know that all this was a trap from sedo .. the fastfood price of 250k was a lie and auction was never paid.
If i am lying about this I challenge to all domainers to ask about it from sedo..
I refused to pay 250k usd and asked sedo to cancel the deal as they did for hormone.com with me.
Sedo refused. They said i have to pay commission of 12-14k usd for fastfood.
I asked Dave evanson when sale has not taken place , why should I pay commission. And why sedo did not bother to issue a public statement mentioning that their previous public release of 250k for fastfood was a lie. They must have cleared the air.
Sedo refused and blocked my account. Even though i joined sedo in 2011.
This kind of ethics sedo has and these hifi brokers have.
Sedo be sure India is not your playground and time has come now to create a transparent and ethical domain platform. I have never been to any domain conference and have no touch with any Indian domainer but i will do whatever I need to do so that sedo does not play it's dirty tricks with anyone else.
I also feel that selling price of kush.com is far greater than 500k but the seller has been given only 500k ..

 

[Kate]

The irony: the OP is complaining about a sale that did not complete, so he backed out of an agreed sale, maybe oblivious to the fact that his own actions could lead to another sale being reported before it has actually completed, thus distorting the sales reports on which he based his own purchase.
(I know, it's hard to read)

 

[wot]

Sorry, simply appears you backed out of a deal that you contracted to and then want to find some entity to blame other than yourself.

 

[Kate]

Yes I backed out. In first place my decision to buy that domain was influenced by its public sale release of 250k by sedo. Which itself was a lie.

There was no lie, just an auction that was reported but fell though, it happens in everyday life.
No sane person would spend 95K just for that reason. That is a lame excuse for backing out of a legally binding offer.
I think you didn't even have 95K handy in the bank, you were just fishing for bargains am I right ?

No problem... Thank God you are not the judge in court of law.

But you are already losing in the court of public opinion, and needlessly damaged your reputation as a domainer. You should have remained silent, rather than expose yourself. I don't know what you were expecting. The only one who does not look good is you.

 

[DrJacoby]

But through my meditation and Indian Mantra power I came to know that all this was a trap from sedo ..

Say hello to your friends Spiderman and Superman. Super heroes are cool.

 

[branding]

I'm known for taking long bathroom breaks but just can't keep up with the drama in this thread!

I felt OP was delusional from the get go but gave him a fair chance I think, as did a lot of others. What bothers me is his uncalled for aggression and false claims towards @atinc and Sedo. I'm all about giving anyone a platform to speak their mind but at some point enough is enough and mods should step in and end it.

The past 17 or so pages have shown there's no reasoning with this guy and his acquisitions are false. There's no room for doubt. Like Sedo or don't, he's spreading verifiable false info which should be stopped at some point.

 

[Tshombe]

Answer to your question is simple after reading this thread and all you've said. Sedo is right. You're wrong.

 

[legendarynames]

Some people will never listen to reason.

I don't like SEDO as a company and would never voluntarily do business with them.

And yet clearly SEDO is fully right and @barybadrinath is fully wrong and unethical, making up all kind of bullshit excuses. There are no nuances. He's just regretting his purchase decision and fears overpaying for the domain at his own offer level.

@barybadrinath you're making a strong case for people here never want to do business with you.

 

[Internet.Domains]

Serious question. What does any of this have to do with news? (Posted in NEWS section)

 

[DrJacoby]

Regardless of Sedo's role in this, it's obvious from your incoherent and irrational ramblings that you are not well. Please get professional help. There's no shame in mental illness.

All the best! Over and out.

 

[Kate]

This is what happens when domainers blindly trust sales records (or when domainers try to exploit sales records to their advantage)...

I'm sure it can happen, but in this case this is a cheap excuse for backing out of a binding offer and a pathetic attempt to shift the blame onto Sedo. Even looks like a planned vendetta to me. No sane person spends 95K on a domain just based on a previous sale and without independently appraising the domain value for himself. And even at 95K there is no guarantee you can easily resell it later for a healthy profit.

Why would someone sell a domain for 95K when you know they bought it for 250K. Most likely there is something wrong.
That can happen, sometimes people have financial problems or liquidate assets (that they overpaid) because selling at a loss is better than no sale at all. Example: Zimbabwe.com or flowers.mobi

On the occasion we have also seen LLL.com being sold for less than market value, they almost always turned out to be stolen domains. When there is that kind of price discrepancy and the amounts at stake are high - you really need to ask questions and perform due diligence.

So I don't think the offer was sincere (and perhaps was not even backed by money in the bank).

But this is not a unique example, there are people who actually spend 6 figures on domains without using their brains, example: https://www.namepros.com/threads/porsche-me-money-down-the-drain.531196/

 

[wwwweb]

This thread has seemed to go off topic, your original key message is sedo should make an effort to retract significant sales that do not go thru. It is more to do so with the sites you visit that you get your information from, and nobody can make them retract their info.

Take for instance crikey.com at dropcatch it has been auctioned 2 times, and now a 3rd time, last time it sold for $15,XXX. That $15K sale is out there, since it was not paid it is meaningless, lets hope it gets retracted as it gives a false comp of the valuation. As a domainer you can't really look to much info comps, those are mainly more for selling end users on. Also don't expect other companies to be honest, or have your best interest in mind, they really just care about their own bottom line for the most part.

So at the end of the day, everything falls on you, If something sounds to good to be true, it probably is, don't believe everything you see written online.

 

[eurorealtor]

I don't think it's Sedo's fault that the buyer never paid $250k for the name and Frankly I don't think they are obligate to announce the sale never took a place, you should re-read their TOS. It may not be nice, but it's you own fault, because I never make an offer to a name just because someone supposedly paid a huge bill for it. You should know and make your own research what's the domain worth to you, sorry.

 

[BRANDERX]

Forget the auction & the 250k.

You said your offer of 95k was instantly accepted?

Why didn't you pay up?

Because you're upset about earlier & the whole 250k auction story?

Is this what you are saying?

 

[maksimfa]

So yes, it might have been a bad situation but you need to prove two things...

1. Sedo WILLINGLY reported it as a sale knowing it was not paid and was not going to be.

2. Time to do due diligence is BEFORE you bid. You placing the bid is a legally binding agreement. If you were in the states, I am sure they would sue for non-performance and they would win.

You offered $98k for the domain, they accepted. What the price was before does not matter nor does it change that you are giving money to get domain.

 

[maksimfa]

And in states

In states or in any other country of the world no judge will allow anyone to present wrong data first and then cry about backing out from their agreement..
I would have also sue them asking why did not they issued a statement that their 250k sale was a lie and it was done to get people interested in the domain.
No one is Allowed to first take the cat out from bag and then cry after that same cat creates trouble in the house..

Here is the issue though...

WHERE in the agreement does it specify that your bid is only valid if past sales can be verified? Nowhere.

Yes... what Sedo did might not have been 100% kosher... but NONE of it has anything to do with you making a legally binding bid.

I.e.... You are buying a domain here from someone. They tell you they had a deal for it for $1,000 and they bought it. Now they need to sell it and are selling it to you firesale for $500.

You... as the buyer... Do you honestly believe or care what the person bought it for? You shouldn't. The only thing that matters is that you have to figure out if that domain is worth $500 to you and IF you can sell it for more.

Prices of domains go up and down, it happens. Assume every seller is lying..., it should not change the fact why you are buying it.

If you really needed the $250k deal from Sedo... then I got a bridge to sell you... it is a bit old... but still in very good condition, most of all gets TONS of traffic.

 

[maksimfa]

My own domaining experience variable and my pocket potential variable...

Also pls answer me one question in yes or no ---
Suppose someone gives you 2l.com here for 5 fig. I Believe you will be interested in it. You signs agreement with them but later on in the day you come to know via namepros that this domain is stolen.
Will you still buy the domain and honor the agreement or you will back out from the deal after signing the agreement with that thief.. answer in yes or no

LEgally, you are responsible, but... yes, you can back out... because you know the guy who stole it won't prosecute you. And tons of problems with doing cross border trades as most is unenforceable.

But... when the domain is stolen you know you are NOT going to get the domain for your money.

In your case... you were going to pay X, Sedo was going to give you Y. You give money, they give you domain. Where is the scam?

YOU AGREED TO PAY $95K for FastFood.com. THEY AGREED to GIVE YOU FastFood.com for $95k. End of story.

 

[maksimfa]

I

Yes i agreed to pay 95k for domain fastfood only after reading sedo previous release of domain being sold for 500k usd which itself was a lie.
As i am located in diff continent as you are , so the only credible source of information was reputed domain forums where itself info was wrong.

You cant force anyone to buy shares at higher prices if he has read about those company shares in a magazine where all info was wrong.

BULL... I work in finance and that is completely wrong. Mistakes happen, get over it. Whose fault is it that you do not have resources?

If you needed it... you should have offered...

"I am offering $95k for FastFood.com AS LONG AS Sedo provides that the domain was last sold for $500k."

Again, YOUR FAULT for not requesting it.

It is after all nearly $100k... A LOT of money. Are you really that stupid to throw around that much money without doing full due dilligence?

I suppose you send money to Nigerian Princes who need to smuggle gold out of the country too, right? Or what about those domain appraisal scams?

Bottom line, you are pissed off that you did not get that 80% off deal. You thought you were smarter.

Sad part is... the domain is likely worth the full $300k being asked for it.

Reality is.. I highly doubt anyone here is going to want to do a deal with you and glad that Sedo shut down your account for backing out of such a deal. You did not take it seriously.

What you wanted was someone to sell you a $100 bill for $20.

 

[branding]

Thats what i am asking. How else should i have done research.. whom should I have asked , where should I have checked.
Are you saying all these domain newsletters to which you might be also subscribed , not credible enough..

Just wondering... If you can't do any decent research as it's 'too complicated' in your part of the world, why the hell are you buying 95K domains?

It would've been nice if sedo retracted the past sales price but... Sedo is the broker for the seller. Not for you. You compared it to real estate somewhere. Now whenever I buy a property I get a professional valuation from my own broker and don't trust a word the seller says. I don't just go and check past sales. Past sales mean absolutely nothing.

 

[equity78]

Just wondering... If you can't do any decent research as it's 'too complicated' in your part of the world, why the hell are you buying 95K domains?

It would've been nice if sedo retracted the past sales price but... Sedo is the broker for the seller. Not for you. You compared it to real estate somewhere. Now whenever I buy a property I get a professional valuation from my own broker and don't trust a word the seller says. I don't just go and check past sales. Past sales mean absolutely nothing.

Sedo said nothing, DNPric.es said it sold, they were wrong and not thorough in their business practices.

 

[equity78]

So it means anyone can come and post info about anyone. Whether verified or not.

Of course they can, it's a free world, who is going to prevent someone from posting something on their own website? Who is going to say DNPric.es take that down or else! Or else what?

 

[maya-zir]

You made offer, the seller acepted it..
You dont want to pay..
Thats all what I see..

 

[werty]

It doesn't matter imo. You made an offer and want to back out. This is one of the main problems the domain industry has; people make offers that get accepted and then don't pay. You should have "meditated" before making the offer. So both the 250k offer person and you should be banned.

 

[wwwweb]

In India if someone says they have sold something it means they have given the asset to buyer and money has been credited in account. Did not know that even if money has not been paid , it comes under sale category in your world.

I live in the same World as you.

There is a lot of growth out of India, but economies of scale still make the lucrative .com market a tough entry point on some of the higher quality inventory. With this comes a lot of spam, and other false bidding actions as there is no real fear of recourse.

Do you think someone in Germany would think twice before putting a $95k fake offer on sedo, which takes a higher tier of authorization? No, they wouldn’t because sedo would take action, but given many have nothing to lose, they continue to break many rules, in which case their are global consequences that we all have to pay for.

Now if sales sites are aggregating sales data simply on closing, and not actual paid completed sales which takes time to verify then you have to take that with a grain of salt as they say.

What you are doing is being lazy, just because myspace.com was worth billions 10 years ago, doesn’t mean it’s worth billions, and then some today.

Even past name sales dealing with old technology, old trends have high sales amounts, they are not relevant today.

If CryptoWorld.com was on the market for $95K after selling for $195K, would you be all over it?

You can’t blame, or rely on companies to give you verifiable data, that is your job. By placing fake 6 figure bids to test the fail sale of a sale will only get you banned from every platform, in which case you might as well quit this industry.

 

[mr-x]

First law of holes; if you're in one stop digging.

I don't know what your trying accomplish but it's not working.

 

[xynames]

I didn't scroll through every post. I can understand a certain aspect of OP's issue with Sedo, but on the other hand - most sales from years like 2013 - 2015 are not so relevant to the prices of today. So whether it had actually closed or not, I wouldn't buy automatically a domain sold in 2013 or 2015 for a certain price based on that past valuation.