Monte, Howard and Rick

[izoot]

I'm unaware of any legitimate auction that charges such fees without a refundable element...

IMO its an unscrupulous practice

There is nothing unscrupulous about for on it weeds out the non serious buyers.

Secondly, if you do win names apparently they credit you the $500 towards the purchases. So if your seriously bidding you will very likely win something and get your money back. If not then at least you had the opportunity to bid.

Also, from what I know about auctions at least here in Chicago area ... in order to be able to bid in serious auctions at the very least they will screen the buyers to qualify them. You don't want people coming that are going to bid up an item and back out of it or do it thinking there is nothing to lose while screwing up he auctions for others.

Just my 2¢

Zoot

 

[Creature]

.

 

[foundrstack]

Tia

Unless my understanding is incorrect... why cant they refund the $500 if you fail to win the domain?

I have no idea. Maybe so they'll all aim for a $500 discount

 

[olebean]

Zoot

If you believe $500 screens individuals well or ensures that a purchaser can pay I suggest your faith is misplaced

If 11 people go for 1 domain valued around $2-3k they get ish $5000 potentially 2.5 times more than the domain...

 

[DaddyHalbucks]

If Monte has his name on it, you can be sure it is legit.

 

[H2FC]

If Monte has his name on it, you can be sure it is legit.

Being legit and being fair is two different things in my opinion. If they want to be fair they should refund the $500 deposit when a bidder is unsuccessful with a legit bid. They should keep it only when a bidder is successful with one or more bids. I believe this would still keep out the riff-raff and require every bidder to at least make one legit bid or lose their $500. However, this might would cause a record keeping nightmare.

 

[Raider]

I also think the $500 encourages bidding, if I paid the money and was interested in a few domains, only to get outbid on every one of them, I would look for another domain(s) of less interest to bid on, so I get my $500 worth.

 

[Domain Jedi]

I also think the $500 encourages bidding, if I paid the money and was interested in a few domains, only to get outbid on every one of them, I would look for another domain(s) of less interest to bid on, so I get my $500 worth.

I agree.

 

[David G]

The $500 fee brings more serious buyers and is a good idea IMO.

I am sure the $500 is a balancing act to not overcharge to the point it gets less participants but at the same time make the fee somewhat significant.

Refunding it if you are not successful makes little sense since it's paid to participate (not guarantee success).

 

[olebean]

Trader

In my experience, auctioneers don't charge that sum of money for $1m properties let alone cheap domains!...

IMO it shows a lack of faith in their own business model

 

[StockDoctor]

if you do win names apparently they credit you the $500 towards the purchases.

Now that's interesting, I didn't know that. Is that for certain, and are there any restrictions Zoot? Also, I'd be interested in knowing about how many people signed up for the $500 fee that won't be attending? Maybe Monte (or anyone else who knows) can give us some info?

 

[StockDoctor]

double post el buggo

 

[NAK]

Now that's interesting, I didn't know that. Is that for certain, and are there any restrictions Zoot? Also, I'd be interested in knowing about how many people signed up for the $500 fee that won't be attending? Maybe Monte (or anyone else who knows) can give us some info?

why should they disclose to u, how many people pay the $500 fee? why is that your business?

 

[namestrands]

$500 is $500 even if you can afford to loose it. I would get a better return were I to stuff it down a G-string

 

[Beachie]

Now that's interesting, I didn't know that. Is that for certain, and are there any restrictions Zoot? Also, I'd be interested in knowing about how many people signed up for the $500 fee that won't be attending? Maybe Monte (or anyone else who knows) can give us some info?

They definitely credit the $500 toward any purchase you make.

Everyone who doesn't physically attend TRAFFIC has to pay the $500 - if you attend TRAFFIC you can participate in the auction for free (or, at least, it's included in the overall attendance fee). The $500 does several things (in my opinion):

1) it weeds out the bystanders and the fake bidders. If you have an open auction that anyone can enter you can gaurantee at least 5% will be idiots making fake bids. Nobody pays $500 to be a fake bidder.

2) it encourages people to bid. Anyone can get the list of domains on auction with reserves upfront, so you know if you want to get involved and pay the $500.

3) most of the names sold for more than $5000. I guess if someone can't ante up $500 they never had the money to get involved in the first place. Bear in mind, it's not worth their time to be auctioning names off for $xx, then having to escrow and arrange transfers for 15% of $30.

And finally, business is business. If Monte/Rick want to charge a million dollar entry free, well, who are you to question them? You don't have a God-given right to participate in their auction. They could choose to only invite people whose surname ends in the letter 'T' if they wanted.

 

[Honan]

They definitely credit the $500 toward any purchase you make.

Everyone who doesn't physically attend TRAFFIC has to pay the $500 - if you attend TRAFFIC you can participate in the auction for free (or, at least, it's included in the overall attendance fee). The $500 does several things (in my opinion):

1) it weeds out the bystanders and the fake bidders. If you have an open auction that anyone can enter you can gaurantee at least 5% will be idiots making fake bids. Nobody pays $500 to be a fake bidder.

2) it encourages people to bid. Anyone can get the list of domains on auction with reserves upfront, so you know if you want to get involved and pay the $500.

3) most of the names sold for more than $5000. I guess if someone can't ante up $500 they never had the money to get involved in the first place. Bear in mind, it's not worth their time to be auctioning names off for $xx, then having to escrow and arrange transfers for 15% of $30.

And finally, business is business. If Monte/Rick want to charge a million dollar entry free, well, who are you to question them? You don't have a God-given right to participate in their auction. They could choose to only invite people whose surname ends in the letter 'T' if they wanted.

"most of the names sold for more than $5000. I guess if someone can't ante up $500 they never had the money to get involved in the first place."
Yeah that's right
If one doesn't have $500 to pay for a losing bid of >$5k, they never had the money

 

[BiggieBiggie is verified member.]

I only try to poke some fun at this serious subject. Inadvertently, answered a question which I should have not. Sorry about that.

cleaned!

 

[MediaHound]

...

 

[StockDoctor]

And finally, business is business. If Monte/Rick want to charge a million dollar entry free, well, who are you to question them? You don't have a God-given right to participate in their auction. They could choose to only invite people whose surname ends in the letter 'T' if they wanted.

Yep, it's their show.

 

[NYdomainer]

Here's the solution to most of these troubles:

The feds should be invited to regulate the domain markets.
Domainers should report their profits and pay taxes.
Each transaction should be tagged just as if it was a stock transaction.
And each phone should be bugged while the transaction is taking place.
It's done routinely on Wall Street.
O yes, and shill bidding will be a felony.
:lol: