So earlier in the week we saw the 2 million pound bid on Lifestyle.com cancelled.
Some wondered how could this happen? Sedo makes people submit to greater verification to bid 10,000 or more.
Additional Certification may be required:
Please note that in order to place bids above 10,000.00 EUR, an additional certification is required and completion of this process may take several business days.
Well it turns out that is only for auctions. While being tagged on Namepros a representative from Sedo under the @Sedo account, posted:
Hi
Verification is only necessary when buyers want to make bids for more than 10k on domains listed in an auction. Buyers do not have the same restrictions when making offers on domains listed on the standard marketplace as Make Offer.
All the best
Chris
So someone can bid $1,000,000 on your name and you push it to auction for some extra added exposure.
I think Sedo needs to make it impossible to make any offer of 10,000 or more without verification.
People do it all the time..bid it and see how far it can go…and win
If can’t pay,what the hell can you do?
Cheap thrills when you have nothing to do.
This happens a LOT with Bidders from China in real time auctions for Antiques. As one auction house told me, “selling the antique to a Chinese buyer is only the first part of a long process”. Apparently Chinese bidders are good at bidding but not paying !.