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Seun (m)
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This is not the kind of goal that we should be aspiring for. I've heard enough of people looking for easy money from the Internet.
Most domains are not worth more than the $10/annum that they are sold for, and those that might be worth a bit more have been taken up by domain name speculators who buy thousands of domains in hope that a handful of them will be worth thousands of dollars.
This kind of business is pure speculation and history has thought us that for every John Doe who makes a positive return at a speculative business, there is another John Doe who fails woefully. In my opinion, this is not the kind of Internet wealth dream that Nigerians should be aspiring for.
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joftech (m)
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People that trade in stocks on NSE and Wall Street trade based on speculation(s). I don't see it as a bad idea if someone can invest in ventures like this.
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Propre (m)
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Business is about taking calculated risks, there isn't anything wrong with this type of business; it's demand and supply - Leisure & Gaming Plc was happy to pay $1.4M and the seller happy to sell for $1.4M
People who deal in stock, buy stock and shares in the hope that the value of their investmnet will appreciate - what is the difference between that and the guy who bought (invested) a domain name for $30 and sell for $1.4M (if it's true)?
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Seun (m)
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I agree with you that trading of stocks in public companies like Microsoft, IBM, Coca-cola is mostly speculation. Do you know Mark Cuban, the billionaire who made money by selling broadcast.com? He argues, in a recent blog post, that there's a big difference between investment and speculation:
" The difference between the two is very simple. If you spend the money and the only way you can earn a return on that money is by selling whatever it is you have purchased. You are speculating. If you give your money to a person or company, and that money is used directly to create commerce or to create an asset that will be used in commerce. If there are profits from that commerce that can be returned to you as a result, that is an investment" What Is An Investor? - By Mark Cuban
As I see it, speculation and gambling are basically the same thing. What I'm trying to say is that gambling is not the ideal way to make money. One should be involved in a business that provides real value to customers. The only people that are doing real business and making real money (not gambling money) from domain name speculation are the registrars who charge just $10/annum or so. They are making millions of the millions of opportunists who think that the domain names they are buying and selling will make them rich. |
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Propre (m)
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Seun, I agree with you that we shouldn't glorify gambling as a means to quick richess however I can't see anything wrong with somebody buying an item for N1 and selling for N10 which is what this guys has done.
He might have speculated when he bought the domain name that the name might increase in value in say two years which did; bless him - for him to have 'speculated' on vip.com and not seun.com meant he had forseight which is a good quality of a business man
While I do not encourage gambling; I do not see anything wrong in what this guy has done; bought a domain name when it was cheap and sold to the highest bidder, this is different from gambling or even 'speculation' - it is pure business (demand and supply)
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joftech (m)
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People buy stocks with the hope of an increase in the share price of the stock, isn't that gambling?
I see ventures like this as pure buying and selling, the only difference is that at times you sell and make so much profit at times you won't sell anything.
A venture like this is even more profitable.
My believe is, business is all about making money, nothing more nothing less.
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skima (m)
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I don't also see anything bad in that. Assuming u bought the domain for about ten years before you are able to sell it, what about the maintenance fees? you have also invested time and money to hoard the domain.
As you know : business is all about profit and loss, sometimes you do and loss and other times u gain. see www.elagos.com, www.lagosians.com a friend bought it some years ago and he hasnt sold it but keep paying the fees. If he had liked he might have sold it .Big Men have approached to offer something but he hasnt. He may decide to sell it later but not for $10.
Its a business I also like to go into. What if the guy has been using the site for some other things that is yielding and someone offer to buy it, wont he sell more than $10? I think its good. If you like u can go into it and if not... good luck. |
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skima (m)
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@joftech
This is no Miracle, its a luck. What i mean by luck is "Preparation + opportunity = luck".
He has prepared for it and he got it. Sometime you wont expect something and it will happen, thats miracle. Good for him.
Has to if that can happen in Nigeria: until people start to think beyond "yahooyahoo"(net fraud) then they will see that; there is more to the internet than that. It can happen if we start NOW.
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kazey (m)
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clears throat. hmm I invest a lot, in very very risky stuff, yes its gambling with your money, yes you have to have the guts, yes I know I am crazy. But turning 10 dollars into 1 million in one deal, is not what I classify something to dream of, I am totally with Seun. There is nothing like the fast way too riches to the majority, its just the selected lucky few, that probably fell into the luck of being in possession of something pricely. And I guess we fall into the majority category and thus building your dreams based on speculation would lead to dissapointment at the end. I just hope nobody is investing in domains to sell to a Nigerian company for a million  , if you are, its all good, I wont be the person that would buy it from you. No matter how a domain name is good, it is in the same level with the lousy domain name, if you don't market it. And a lousy domain name can be marketed so good, that it would becoming more worthy than the good domain name. Thats what we call branding I suppose? Names like Nike arent cool. But they are powereful names now, due to the branding and marketing of that name. Automatically it sips into everybodies brains. |
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obong (m)
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this thing made the news because its rare to selll a doman name for that high. Its hardly something to plan for because its mostly luck
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skima (m)
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Yeah its very risky here in Nigeria to sell that big... but i guess as time goes on the companies will start to place value on the internet presence.
I don't say one should build His or Her life on that.(doing so will be like placing all your eggs in a basket.)Since there is a vast opportunity on the internet, choices abound.
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smartsoft (m)
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lol Nigerians lyke free things. infact cheap stuff For instance someone designing website for companies.. for 300k and someone designing site for 20k woun't you prefer going for 20k because is cheap. despite d fact that d guy designing site for 20k don't know jack. so that is it.. Domain Business and has not really started booming as far has i'm concern.. life is about risk. everything we do in life is risk i agree with skima... u might start a business.. today before u rip your profit. might take tyme.. and forget it business with out advertising or marketing as we all call it.. is notting oh, they are many people out there doing compition on same thing u offer.. so what a heck ? Well only God Grace.. if something is 4 you.. den is 4 you. no matter how that stuff travels it will surely come back lykewise not everybody that goes to school will make it.. Anyway i pray God Helps Everyone of US.. (Amen) if you lyke no say amen nah u sabi...  |
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timmy (m)
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some nija guy in germany if am right, bought the domain globacom.com hoping to sell it..  as u can trust the just switched to gloworld.com. so what should we say about that... Not even all web firms in nigeria know u can bid for domains.... really a big deal but i think its a great venture to sellout domains.. but not around this part of the world sha.. |
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kazey (m)
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heheh poor guy, I wonder what he would use globacom.com to do now  . Well guys that is exactly what I am saying, a Nigerian company just wouldnt, spend millions on a name, especially domain name. |
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joftech (m)
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They can put mobile phone contents on the sites. Am sure they will naturally get more traffic since anybody that does not know the existence of gloworld.com will first try globacom.com first.
Globacom should try and get the domain name from those guys too. There are lot's of undesireable stuffs that can be done with that domain.
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Seun (m)
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What the guy has done is actualy illegal and Globacom can get the domain from him without paying one kobo to his pocket by complaining to ICANN (the body overseeing domain name administration). Try registering a domain name with Google or Microsoft in it and see what will happen. If someone is squatting on a name that represents your business name or trademark, you can lodge a complaint and get it back without paying the person.
Domain names like VIP.com can be sold for such huge amounts because they represent English Words and not the trademarks of some company.
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kazey (m)
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Ah yes thats very true, didnt think in that relation. Trademarks. People are just funny this days. Why would u do such a thing? Well I think globacom does not have time for such troubles. They get enough from their competitors . Well Mikerowesoft would testify to that. hehehe although he had his way sortof. Cos the domain was actually his name with the soft, but M$ didnt feel comfortable with it and well you know the power they got. hehehehe. |
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smartsoft (m)
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humm. this is trouble oh.. see eh men notting concern ICANN with that.. they will only tell you that u should try and sort it out from the guy who register that globacom.com see. if that company.. Really wants to do something with that domain, they will everly get paid heavily. So don't say Glo woun't pay any dime. Who wants is own businesss to go down the drain.
Dats it
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kazey (m)
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Please visit ICANN site and read on domain conflicts. Yes it concerns them, and globacom wouldnt pay a dime if they decide to follow it up. The name is trademarked.
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