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comment by kleinbl00
kleinbl00  ·  404 days ago  ·  link  ·    ·  parent  ·  post: Ethereum Name Service auction bot

333.33 ETH for reuters.eth

Someone just paid $30k for a domain name you can't use yet on a network nobody's heard of using a currency for people who were into Bitcoin before it was cool.

mk  ·  403 days ago  ·  link  ·  

Yeah, insomniasexx is on the front lines of this squatter war, and it isn't pretty. The ENS designers thought they had devised a clever way to reduce squatting, but apparently it didn't work.

It'd be funny if someone like Microsoft created an alternate ENS service and everyone just used that instead. I hope every squatter gets burned. Ransom is not a cool way to make money.

insomniasexx  ·  403 days ago  ·  link  ·  

I don't think anyone thought they solved squatting.

No one expected this insane response. Or people to Throw millions at names they had no use for.

mk  ·  403 days ago  ·  link  ·  

Yeah, but they did hope to reduce it. There seems to be a pattern of underestimation here.

They might have done something where you need to deposit 1 ETH to participate in an auction. If you are the only participant, you get the name, but if there are multiple participants, the deposits are burned and the auction begins.

kleinbl00  ·  403 days ago  ·  link  ·  

but...but...but... I could lose 0.03 ETH!