Submitted 1 year ago by otter@lemmy.ca to nostupidquestions@lemmy.world
I was curious about domains and looked for something. The domain was available, but it cost over $1,000,000
What would happen if I clicked “add to cart” and tried to buy it if…
Does someone reach out since it’s a big sale? How do they confirm I have the money? Who does the money go to?
Assuming I don’t have the money, at what point would I get blocked? I assume they don’t just process giant purchases the same way as $10 ones
Looks like nobody pointed out the obvious here:
Domains cost around 10-20$€£ per year. That amount is rent, paid to the registrar.
If you find a domain that costs more than that, then you are not dealing with a registrar. You are dealing with a domain squatter that owns the usage rights to that domain name, and the price is what they demand to transfer that right to you.
If you’re stupid enough to pay that, you’ll still need to pay the actual fee to the registrar when the next billing period starts.
So 1.000.000 dollars plus 10-20 per year.
Often Times even more, depending on the domain “extension”.
It’s sad to see how mere bytes can cost over 1 million.
It’s the rule of scarcity. Same reason why some ground can cost a lot.
You’ve both just reminded me of the million dollar homepage. Essentially the synthesis of the two.
If you have the money you probably need to transfer the money to an escrow account. Even if you are loaded you probably wouldn’t have a credit card with a million dollar limit.
The escrow agent calls the other party to tell them that the money is on the account. They transfer the domain rights to you then you call the agent to tell them that the deal has been concluded and they will send the money to the seller.
Fabulously wealthy people have no limit credit cards, not unlike my hold em games.
No. Actually they don’t. Nor would they use a credit card to make these kinds of transactions because the fees are too high to the buyer. Or more correct, the buyer would tack on a surcharge to use a credit card. Might use a credit card to put down a deposit but that is about it.
If you click add to cart, then purchase, but you only have $5 in your bank account, then your bank account will be overdrawn $9999,995 and congratulations, you’re the broke-ass new owner of a million dollar domain, now you better pick up some side hustles to dig yourself out of crippling debt.
Is there any bank in the world that is stupid enough to allow someone to overdraw their account by $1M without prior arrangement?
Yes, I would like to know this too…
…for a friend… 😅
Every time I hear about banks allowing overdraws, it's from Americans. If true, then it's yet another thing that America do to fuck it's citizens and that the rest of the world has already figured it out.
That’s not how it works at all.
There’s a hold period where validation happens.
The seller has decided the domain costs $1m. It’s unlikely any “cart” they’ve set that up with would allow such a transaction. It’ll be some kind of bank to bank transfer that is needed with various fraud checks.
Also as with most expensive purchases, the list price is total bullshit. When you see expensive price tags, the final price will be less unless demand is high.
When you see expensive apartments or properties up for $1m the selling price is likely to be less unless there is a lot of competition. In property hotspots it is getting normal to pay the full price but in all areas the prices are inflated deliberately to see what the seller can get away with. The actual price is what someone is willing to pay. People aren’t fools - they negotiate.
If you’ll haggle over a $10k car then of course you’d haggle over a $1m domain. (And if you’re not haggling the price down on a $10k car then you’re an idiot and wasting money)
A $1m domain - it might sell for $900k or $100k or never sell as it’s actually worthless.
I have procured expensive machines that cost millions of dollars before. For stuff above a certain amount, you have to buy it the old fashioned way via quotation, invoice and purchase order.
Do it! What do you need, like $30,000-35,000 from each of us? Let’s get this bread!
Do it! What do you need, like $30,000-35,000 from each of us? Let’s get this bread! Then let’s turn around and sell it for $2M!
New infinite money glitch just dropped
Please try and report back
I’m on it!
A domain registrar rents domains to individuals (including companies as individuals). At least for the common standard registrars/top-level-domains the rented domain is owned with a guarantee of being able to extend it.
Like with any possession, how it is sold depends the owner.
Where did you find it and where would you “press add to cart”? If it’s a trustworthy platform, the following process depends on them, but for such a high cost I would expect a manual contracted process instead of an automated one.
Can you tell us the domain? Curious which domain is so desirable that it’s listed for $1M but no one is using it
I’ll have to find it again, but some generic variation of open____.org
X.com
My best guess is that you’d be a million poorer and not a domain richer
Assuming I don’t have the money, at what point would I get blocked?
First they would make sure to know who you are.
Then the deal breaks, you don’t get your domain, and you owe them a nice amount for damages. That won’t go away. They would come after you and strip you of everything you have, probably for years to come.
Why would you owe them anything for damages? What damages?
Emotional damage, they thought they finally unloaded the damn domain
What damages?
That depends on the legislation, where it happens.
In my country, you owe the full amount of 1 million because that’s the price you have agreed. The fact that you don’t have so much money does not change your duties.
Then you can go to court and say it was an error. Probably the judge decides for you (but not sure). Then you owe them damages only for all the efforts they have made in relation to this business have been in vain, and this may yet become very extensive.
Pons_Aelius@kbin.social 1 year ago
The money is transferred to the registrar and you get to use the domain.
The transaction fails as some point. The money is not transferred, you don't get to use the domain.