A member of Namepros posted about a domain deal gone wrong with another Namepros member.
It is another example of two domaining rules, 1) when the deal looks to good to be true, it’s probably not going to work out.
2) Always use an escrow company.
The name in question is Kina.com for $1,250, that’s too good of a price, a CVCV like that for $1,250 from another domain trader smells bad.
To add to the mix, Bitcoin was used so no remedy for a chargeback.
Here is the initial post:
Learnt a hard lesson today.Never deal without Escrow even if you have done trading with the same person before.
The issue is Regarding the domain KINA.com
Yesterday I got A PM from @Megist regarding the domain Kina.com whcih he wanted to sale it for $1250 and payment via BTC only.I replied back saying I am willing to buy so pass on the BTC address.I didn’t got any reply from him,all of a sudden in the morning I was checking my mail and I saw the mail regarding Kina.com,he said he wanted to sell it off so lets proceed with the process.
Since his account got restricted in NP so I asked him these questions.
The thread is very much worth a read, there are screenshots of the email conversation.
Note: “This deal did not take place on NamePros”. This person’s account was restricted already which is why the deal took place over email.
the price was the giveaway, no one is selling that name for that price.
The price doesn’t matter — the buyer was just plain stupid for not requiring escrow…especially when considering the seller was in Turkey.
“It’s immoral to let a sucker keep his money” – Canada Bill Jones
I was the buyer in this deal.I took the risk simply because he had good feedback in NP and also I did a deal for four 4l.com with him previously without any issues.
So I thought it was worth taking a chance and hence I agreed for 50% upfront payment if he would have insisted on 100% payment upfront I would have said NO but since he agreed for 50% upfront hence I took a chance.
IN the last reply he has said he will pay in a week although I am 100% sure he wont pay me and make some excuse.
Hopefully this experience has taught you a lesson.
Someone recently gave me $xx,xxx in Bitcoin all upfront with no escrow for a domain deal, and it made sense to have complete confidence that I would certainly do the right thing.
So here are the modified new rules for domain trading with Bitcoin:
1. The seller must clearly be a known, open and public entity, with a clear track record of legitimately being in business for a substantial period of time.
2. The seller must clearly have everything to lose by not doing the right thing.
3. The seller must clearly have every incentive to simply do the right thing as agreed.
4. Because of the above, there must clearly be ample opportunity to publish the scandal if the seller does not do the right thing.
5. The seller should make all this clear to the buyer, and the seller should even want the buyer to engage in #4 if seller fails to do the right thing. That’s certainly how I felt.
6. The above must be sufficiently reflected in any written agreement between buyer and seller.
And that’s how you have a deal go smoothly and well even when both parties are normally so cautious and so savvy that they might otherwise never want to not use escrow or similar measures.