What is Value
A while back I mentioned in a blog post that I was buying a domain name.. here’s what I said:
So I am trying to buy this domain I want, and I want it so badly I offered what I considered a ridiculous sum. We haggled back and forth for a while and to my dismay I offered twice my original (and already ridiculous I might add) offer. Guy said great, just wanted me to submit the bid through his domain parking service so they could handle the escrow and all that. I said great because I wanted that security, after all I was talking about a lot of money! Turns out when you submit a bid on this particular domain parking service, the domain holder can then open an auction for said domain as the original bid as the first bid in the auction. Not so great for the unwitting buyer but an amazingly useful tool in the hands of an opportunistic and fortunate seller. *sigh* Oh well hope I get it but I am not raising my offer.
So I didn’t raise my offer. And I didn’t really pay attention to when the auction closed. I got off a plane in vegas a few weeks ago, turned my phone on, and got two emails. “You’ve been outbid” “This auction is closed”
Ever since then I have been kicking myself. Over and Over. To me, the domain was worth 5x-10x times what I was paying for it. Easily. 50x maybe. So every morning I wake up and feel like a jerk because I was trying to save a few bucks, and ended up costing myself millions. The lesson? Pigs get fat, hogs get slaughtered. Don’t be greedy and if you really want something don’t be afraid to pay for it.
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