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Pool.com new 2-Phase Auction System

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Pool.com new 2-Phase Auction System

Pool.com uses a 2-Phase Auction System for its Deleting Domains Service. Phase I is the Sealed Bid Auction, and Phase II is the Challenger Auction.


What is a Sealed Bid Auction and how does it work?

A Sealed Bid Auction is the first phase of Pool.com's auction system. If we secure a domain you backordered, you will be entered in Phase 1 of our auction system. You will have 3 days to enter your Sealed Bid. The first person that backordered the domain will have a default Sealed Bid of $60 US. Your Sealed Bid is the amount you are ready to pay for the domain. When the Sealed Bid Auction closes, if you are one of the top bidders, you will advance to the second phase of the auction process: the Challenger Auction.

What is a Sealed Bid?

A Sealed Bid is the amount you are ready to pay for a domain. All Sealed Bids are confidential.

Note: A Sealed Bid is not a Proxy Bid.

How do I place a Sealed Bid?

To place your Sealed Bid, log into your Pool.com account, click on the Deleting Domains tab and on the Auctions link, click on the domain you want to place a Sealed Bid on, enter your Sealed Bid, and click on Bid Now.

Can I change my Sealed Bid?

If you want to increase your Sealed Bid, you can do so at any time during the 3-day auction period. However, you cannot lower your Sealed Bid.

What is a top bidder?

A top bidder is any participant that has placed a bid within 20% of the highest Sealed Bid, or is one of the top two bidders.

What happens at the close of a Sealed Bid Auction?

Once the auction ends, no more bids are accepted. The top bidders will move on to the second phase of the auction process: the Challenger Auction.

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What is a Challenger Auction and how does it work?

A Challenger Auction is the second phase of Pool.com's auction system. Only the top bidders from a Sealed Bid Auction are able to participate in a Challenger Auction and bid for the domain. The highest bid from Phase 1 will be the starting price for the Challenger Auction. The Challenger Auction will last 1 day and the highest bid will determine the winner of the domain. The bidding system for the Challenger Auction is the same as our usual proxy bidding system.

When a bid is placed that changes the auction's price during the last 5 minutes, the closing time will be increased by 5 minutes from the time the last bid was placed. The Auction Close Time will continue to be extended by 5-minute increments from the time of the last bid. When the auction has extended an extra 15 minutes, if a bid is placed within 2 minutes of the closing time the auction will extend by 2 minutes from the time the bid was placed.

What is Proxy Bidding?

When you place a bid, you are entering the maximum amount that you are willing to pay for a domain. The amount of your maximum bid is completely confidential. If someone places a bid higher than the current price, Pool.com will then bid automatically, on your behalf and at the lowest possible bid increments until your maximum bid amount is reached. This continues until another participant exceeds your maximum bid, or until you win the auction. You will be notified by email if you have been outbid on a domain you are currently winning. If you have been outbid, you can return to the auction to place a higher maximum bid amount.

Source Link: https://www.pool.com//help/faq.aspx#2Phase


So with this new PHASE I ... you need to submit your top bid, and only if you are a top bidder do you get to go to auction for the name in PHASE II!

I wonder - do the top bids create the minimum starting point for the PHASE II auction? I think it must, otherwise you could just submit a huge, artificial bid in PHASE I.

I really dont like this change at all.

What do the rest of you think about this?

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