Premium domain extortion


If you have every tried setting up you own small business or even just a small personal website online getting a good name is really important, one that people can remember and one to build your brand on! Once you have thought a clever and ingenious name you will then need to register it…… but like many people you may find that your perfect name has already been grabbed but isnt being used by another actual website but rather has been parked, usually with a message somewhere telling people that they can buy this domain from somewhere between hundreds and thousands of dollars. The owner of this domain will own hundreds and thousands of what they call premium domains with no intention of actually using them but to try to extort money off people wanting to actually use them for their website/business. The amount of parked domains is so high, infact higher than the actual amount of real websites out there as domain brokers will  use computers that putt together related words.. phrases and even just letters to create hundreds of “premium domains” that one day they hope to sell for a profit to those needing that particular name. ICANN the body in charge of domains on the internet will do nothing to stop this situation after all they are profiting from all of this as the domains need to be continually registered year on year even though you can see how this can impact small business as they struggle to find a domain that matches their business name as domain brokers have already bought up all the combinations possible and are forcing people to instead buy the domain for sometimes in the thousands of dollars instead!