if anyone's read the FAQ yet, it's insane. they said they are flooded with calls from people who hate the idea. this is a sad turn of events because it will only be a matter of time before the other drop services follow suit. terrible.
glad I'm out!
no more pool droptests for me! unless all my bids are $1 just to see who catches it.
keep in mind they just launched it today! no notice whatsoever. snapnames stepped on their shoes, so they changed their biz model. the evolution will only get uglier.
check the faq out:
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PHASE I: SEALED BID AUCTION
What is a Sealed Bid Auction and how does it work?
A Sealed Bid Auction is the first phase of Pool.com's auction system. If we secure a domain you backordered, you will be entered in Phase 1 of our auction system. You will have 3 days to enter your Sealed Bid. The first person that backordered the domain will have a default Sealed Bid of $60 US. Your Sealed Bid is the amount you are ready to pay for the domain. When the Sealed Bid Auction closes, if you are one of the top bidders, you will advance to the second phase of the auction process: the Challenger Auction.
What is a Sealed Bid?
A Sealed Bid is the amount you are ready to pay for a domain. All Sealed Bids are confidential.
Note: A Sealed Bid is not a Proxy Bid.
How do I place a Sealed Bid?
To place your Sealed Bid, log into your Pool.com account, click on the Deleting Domains tab and on the Auctions link, click on the domain you want to place a Sealed Bid on, enter your Sealed Bid, and click on Bid Now.
Can I change my Sealed Bid?
If you want to increase your Sealed Bid, you can do so at any time during the 3-day auction period. However, you cannot lower your Sealed Bid.
What is a top bidder?
A top bidder is any participant that has placed a bid within 20% of the highest Sealed Bid, or is one of the top two bidders.
What happens at the close of a Sealed Bid Auction?
Once the auction ends, no more bids are accepted. The top bidders will move on to the second phase of the auction process: the Challenger Auction.
PHASE II: CHALLENGER AUCTION
What is a Challenger Auction and how does it work?
A Challenger Auction is the second phase of Pool.com's auction system. Only the top bidders from a Sealed Bid Auction are able to participate in a Challenger Auction and bid for the domain. The highest bid from Phase 1 will be the starting price for the Challenger Auction. The Challenger Auction will last 1 day and the highest bid will determine the winner of the domain. The bidding system for the Challenger Auction is the same as our usual proxy bidding system.
When a bid is placed that changes the auction's price during the last 5 minutes, the closing time will be increased by 5 minutes from the time the last bid was placed. The Auction Close Time will continue to be extended by 5-minute increments from the time of the last bid. When the auction has extended an extra 15 minutes, if a bid is placed within 2 minutes of the closing time the auction will extend by 2 minutes from the time the bid was placed.
What is Proxy Bidding?
When you place a bid, you are entering the maximum amount that you are willing to pay for a domain. The amount of your maximum bid is completely confidential. If someone places a bid higher than the current price, Pool.com will then bid automatically, on your behalf and at the lowest possible bid increments until your maximum bid amount is reached. This continues until another participant exceeds your maximum bid, or until you win the auction. You will be notified by email if you have been outbid on a domain you are currently winning. If you have been outbid, you can return to the auction to place a higher maximum bid amount.
Can I retract or cancel an unwanted Maximum Bid?
No. Bids are legally binding agreements to purchase a domain for the agreed upon price of up to your maximum bid. Pool.com recommends that you take your time when placing a bid.
How do I know if I am winning or if I won a Challenger Auction?
The current price will be highlighted in green in the Domains I'm Bidding On list on the Auction page. At the time you place your bid, Pool.com will confirm that you are the current high bidder. When an auction ends, Pool.com sends a confirmation email to the winning bidder, explaining which domain they have acquired, and the amount paid for the domain.
Where can I view the auction status and review the Auction History for a domain?
Log into your account and click the Auctions tab. All current auctions are displayed on the main Auctions page and for information related to past auctions, simply click the View Your Auction History link located in the Auction Info section.
What happens at the close of a Challenger auction?
Once the auction ends, no more bids are accepted. The high bidder is awarded the domain.
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