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 ..

 

[barybadrinath]

where was it reported?

Master of my domains has posted some links. Kindly see them and i am working to send you link as well

 

[urlurl]

so a Vietnam blog didn't reported it correctly?

 

[barybadrinath]

so a Vietnam blog didn't reported it correctly?

I guess any Vietnam domainer also has same rights as you have.
And it was not 250k. It was 500k reported ..
Ask your old colleagues who keeps historical domain sales records.

 

[NickB]

So you placed a bid on a name that you felt had been previously sold for 250k.
You placed a low ball offer, hoping to grab a bargain
After placing a legally binding bid you found out the previous "sale" had never taken place
You then retracted your offer

so a Vietnam blog didn't reported it correctly?

I think they might of got it from the below site......

https://www.thedomains.com/2015/12/...n-sales-tops-1m-total-sales-tops-1-6-billion/

 

[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.

 

[barybadrinath]

So you placed a bid on a name that you felt had been previously sold for 250k.
You placed a low ball offer, hoping to grab a bargain
After placing a legally binding bid you found out the previous "sale" had never taken place
You then retracted your offer


I think they might of got it from the below site......

https://www.thedomains.com/2015/12/...n-sales-tops-1m-total-sales-tops-1-6-billion/

Thanks...
I guess now some very very big domainer website reported it on which I trusted.

Sorry all it was 500k reported not 250k usd so thats why I tried to acquire it for 95k usd... Is it a mistake to buy domains for flipping or its allowed only for those professionals who are regular buddies in parties hosted by sedo at the beaches or wheresoever...
95% of the money which sedo have earned are owned by someone else .. sedo never owned them....
Same we can also do but we don't cheat people and we dont lay traps to catch bigger fishes nor we have any fabricated testimonials on your website to attract people...

 

[maksimfa]

Thanks...
I guess now some very very big domainer website reported it on which I trusted.

Sorry all it was 500k reported not 250k usd so thats why I tried to acquire it for 95k usd... Is it a mistake to buy domains for flipping or its allowed only for those professionals who are regular buddies in parties hosted by sedo at the beaches or wheresoever...
95% of the money which sedo have earned are owned by someone else .. sedo never owned them....
Same we can also do but we don't cheat people and we dont lay traps to catch bigger fishes nor we have any fabricated testimonials on your website to attract people...

At this point it just sounds like you are bitter... you only wanted it when you thought someone was stupid enough to sell a $500k domain for $95k.

If your whole strategy and valuation of the domain was based on "it last sold for $500k" ... you really need to examine your due diligence strategy.

 

[barybadrinath]

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.

Yes nowhere it is mentioned. But when sedo has listed that domain on their platform then they must have done background check. They are the ones who issued it's sale release of 500k usd and no one else.. they can't say they are not under law if tomorrow they decide to sell nuclear weapons smuggled from Pakistan on their website..
They are equally responsible n answerable as well.every domain listing must be properly scrutinized , verified and then listed....

 

[NickB]

Thanks...
I guess now some very very big domainer website reported it on which I trusted.

Sorry all it was 500k reported not 250k usd so thats why I tried to acquire it for 95k usd... Is it a mistake to buy domains for flipping or its allowed only for those professionals who are regular buddies in parties hosted by sedo at the beaches or wheresoever...
95% of the money which sedo have earned are owned by someone else .. sedo never owned them....
Same we can also do but we don't cheat people and we dont lay traps to catch bigger fishes nor we have any fabricated testimonials on your website to attract people...

Nothing wrong with lowball offers (I have a few thrown at me), that's why I said you where trying to get a bargain.

My main issue is similar to most posters - you backed out of a legally binding bid, which is not cool.

As previously mentioned, you should of conducted thorough due diligence before placing that bid.....

 

[BRANDERX]

Nothing wrong with lowball offers (I have a few thrown at me), that's why I said you where trying to get a bargain.

My main issue is similar to most posters - you backed out of a legally binding bid, which is not cool.

As previously mentioned, you should of conducted thorough due diligence before placing that bid.....

It is not a lowball offer, it was an offer that was instantly accepted. He got the "bargain" he was after.

Then when it got real, he backed out.

 

[barybadrinath]

Nothing wrong with lowball offers (I have a few thrown at me), that's why I said you where trying to get a bargain.

My main issue is similar to most posters - you backed out of a legally binding bid, which is not cool.

As previously mentioned, you should of conducted thorough due diligence before placing that bid.....

Ok then tell me how is due diligence done. From which source and person have I verified it ....
You are also saying sir that sedo is right in falsely reporting a sale of 500k and they are also right when they did not issue re-release saying that auction was never paid.
By this argument why the owner of silkroute was arrested. His was also website wherein sellers n buyers were people selling and buying items

 

[barybadrinath]

It is not a lowball offer, it was an offer that was instantly accepted. He got the "bargain" he was after.

Then when it got real, he backed out.

No. I did not back out immediately. I was about to send money next day. I talked about it with some of my friends and that's when Superman came in my mind and told me that sedo has faked the sale to sell the domain...
Have you accepted all sales thrown at you even though it's a stolen domain..

 

[NickB]

Ok then tell me how is due diligence done. From which source and person have I verified it ....
You are also saying sir that sedo is right in falsely reporting a sale of 500k and they are also right when they did not issue re-release saying that auction was never paid.
By this argument why the owner of silkroute was arrested. His was also website wherein sellers n buyers were people selling and buying items

You felt the name was worth 95k based on what variables?

 

[maksimfa]

um... you value your domain based on: traffic, backlinks, usefullness, and most of all any buyers you believe you have for it, estimating what it will do for their business, what the developed site may look like and how much business it would generate... THEN you back out your desired profit and come up with a value.

In order to come up with value yes, you do look at past sales.. but not just of that one domain. It's nice to know what it sold for in the past, but it doesn't really matter, does it? And you don't look at just one domain, you look at the values of other similar domains and what they went for... this is after all a two word domain... is it really worth $500k? Someone was likely overpaying.

After all, you are not going to call your business "Fast food"... it would likely be an add on domain for an existing company or perhaps a delivery service.

Again, it does suck to find out the deal you made was not the steal you thought it was... but you made a binding contract.

You have to prove Sedo purposefully lied and had no intention of that $500k sale closing.

It is also possible that $500k sale was based on installments and someone defaulted or someone's bank did not approve it. All of that takes time.

 

[Tshombe]

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

 

[barybadrinath]

You felt the name was worth 95k based on what variables?

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

 

[barybadrinath]

um... you value your domain based on: traffic, backlinks, usefullness, and most of all any buyers you believe you have for it, estimating what it will do for their business, what the developed site may look like and how much business it would generate... THEN you back out your desired profit and come up with a value.

In order to come up with value yes, you do look at past sales.. but not just of that one domain. It's nice to know what it sold for in the past, but it doesn't really matter, does it? And you don't look at just one domain, you look at the values of other similar domains and what they went for... this is after all a two word domain... is it really worth $500k? Someone was likely overpaying.

After all, you are not going to call your business "Fast food"... it would likely be an add on domain for an existing company or perhaps a delivery service.

Again, it does suck to find out the deal you made was not the steal you thought it was... but you made a binding contract.

You have to prove Sedo purposefully lied and had no intention of that $500k sale closing.

It is also possible that $500k sale was based on installments and someone defaulted or someone's bank did not approve it. All of that takes time.

The onus is on sedo to clarify in public domain whatever reason it was .
Whn they reported the sale purposely they MUST have followed with the clarification.

 

[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.

 

[barybadrinath]

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

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

 

[maksimfa]

The onus is on sedo to clarify in public domain whatever reason it was .
Whn they reported the sale purposely they MUST have followed with the clarification.

They should... I agree. but they don't have to. Show me anywhere where it says they have to correct mistakenly reported prices?

 

[maksimfa]

They should... I agree. but they don't have to. Show me anywhere where it says they have to correct mistakenly reported prices?

In fact they do not have to report sold prices at all.

 

[barybadrinath]

I

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.

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.

 

[barybadrinath]

In fact they do not have to report sold prices at all.

Show me where it says any big company is Allowed to report false sales..
Is this a joke going on or is it shell bidding kind of activity..

 

[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.

 

[NickB]

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

YES with a but......

The name you that you had an accepted offer on was not stolen and I repeat it was down to you to conduct a thorough due diligence before placing that accepted offer.

You can't blame anyone else for your actions as you are responsible for them. The whole bit about Sedo's ethics is a side issue which would of come up before your accepted bid IF you had done your research first

This is my last post in this thread as you are moving the goal posts every time......