Would you buy this guitar at BIN if Michael Castello owned it?
It’s domain auction day today at TRAFFIC; if you’re attending the biggest domain conference this side of a-Centauri, you will be experiencing the rush of the game! 😀
Meanwhile, we’re sipping coffee crunching the beans for you, in an effort to (re)define domaining via our daily Domain Name Jargon entries.
What a better time to analyze two auction related keywords! 😀
If you do bid at the TRAFFIC domain auction, remember the single most important rule: pricing is in thousands, not dollars.
BIN (acronym) : Often a shorthand for Buy It Now, the BIN price is set by the auctioneer as a quick way to ruffle some feathers about the expected price for a domain name of dubious quality.
Many domainers take advantage of the BIN price when they want to secure a domain at a public auction; although most of them do so to show off their financial prowess.
Domainers that do not take advantage of the BIN price, often bid in $10 increments, prolonging the frustration of everyone participating in the auction.
Example: “I’ll be offering CookingForVegeterians.com with a low BIN of $2,500 but will be accepting offers from $20 because it’s a silly typo domain.”
Moving onto our next Domain Name Jargon entry.
Reserve (price) : The absolute, irrevocably minimum price that a domain seller is willing to accept for a domain name – before further discounting it for lack of bids.
By setting a reserve price at an auction, domain sellers ensure that they go home with their domain’s virginity intact when no bids surpass the reserve.
Often considered to be the domain equivalent of a chastity belt, reserve prices serve as protection against financial rape due to a low selling price and exuberant auctioneer’s fees.
Example: “My reserve of $2,000 for HoldMeTightTonight.com was met with snotty remarks from the bidders, who snubbed the auction of this premium domain name.”
