This Investor Bought a Crypto Domain for $16 — and Sold It for $435,000. Here's How
Bitcoin

This Investor Bought a Crypto Domain for $16 — and Sold It for $435,000. Here's How

3 months ago

They were determined to receive 10 BTC for the coveted website name, which was desperately wanted by a "multibillion-dollar exchange." The high-stakes negotiation was nail biting.

This Investor Bought a Crypto Domain for $16 — and Sold It for $435,000. Here's How

Tabla de contenidos

Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts

An investor who bought a crypto domain for $16 claims he's now managed to sell it for $435,000.

In a thread on Twitter, @cryptofelon said he was approached by GoDaddy, who said a "multibillion-dollar" exchange was interested in buying the website address for $500.

After receiving persistent messages, he told them that he was only prepared to sell the domain for 10 Bitcoin — worth $500,000 at the time.

Although he wasn't expecting a reply, GoDaddy eventually responded by saying they were willing to pay $200,000.

Explaining what happened next, @cryptofelon explained:

"That's not what I asked for. I wanted 10 Bitcoin, and I was going to get 10 Bitcoin. And so, I ignored the offer. I turned down $200,000 — for a domain that only cost me $16. A 12,500x profit. I knew my worth."

He doubled down by insisting that he wanted 10 BTC — and was warned this asking price "will more than likely scare the buyer away completely."

Screenshots of the GoDaddy email suggest the company tried to weaken his resolve — and said even major .US domain names often sell for far less, with video.us going under the hammer for $75,000… and jobs.us changing hands for $36,000. The representative wrote:

"It seems that you have very high expectations for this particular domain name. The reality is that the buyer's counteroffer would be a record-setting sales price … I get the sense that this .US domain name would probably be a 'nice to have' for the buyer, but I'm sure they can operate without it."

A High-Stakes Negotiation

Unfortunately, @cryptofelon's insistence on being paid 10 BTC was met with radio silence — but a dip in the value of Bitcoin last September may have worked in their favor. A couple of weeks later, the determined domain owner wrote:

"Volatility seems to be in the prospective buyer's favor. 10 BTC is currently equivalent to $435,000 today. Is $435,000 cash doable for your client?"

The negotiation continued, with GoDaddy replying that it might be able to convince the company to go up to $350,000 if @cryptofelon would shake hands on this amount. But as the Twitter thread explains:

"Nope, that wasn't 10 Bitcoin. Know. Your. Worth."

And this is where things got exceedingly tense for @cryptofelon. He wrote:

"Everything on the line at this point. I made it up from $500, to a guaranteed $200,000. If I was reading the situation correctly, I also practically had $350,000 in my hands. Was I reading the situation correctly? Could I see past the psyops? Would I get the 10 Bitcoin prize?"

There were a few days of silence as he waited to see whether his demand for $435,000 would be met — and as the agonizing wait continued, he had to resist the urge to email them again. "I wasn't going to reach out more than the one time I already had," he explained.

Finally — the email came through, and the buyer agreed that they were prepared to pay the full $435,000.

Sharing the screenshot that confirmed the offer was made — as well as the funds sitting prettily in this bank account — @cryptofelon said:

"From starting at $500 to $200,000 to $350,000, I had now traded a $16 domain for $435,000. I had done it."
18 people liked this article