4 ms·

The link is not just about the amount, A section, > There are about 152 million domain name registrations .com today so Verisign will make about $82 million m

The link is not just about the amount, A section, > There are about 152 million domain name registrations .com today so Verisign will make about $82 million more in the next year following the price increase out of thin air. > Verisign will be able to increase the price of .com in the next 3 years as well. > Verisign will suck about $3 billion dollars out of the world economy just by having some powerful friends at ICANN.

kwthrows 5y ago
They'll pass the value and savings onto the customer, obviously.
pinkybanana 5y ago
Verisign going to be the next rocket stonk
shadilay 5y ago
The term for this is "rent seeking". https://en.wikipedia.org/wiki/Rent-seeking https://en.wikipedia.org/wiki/Rent-seeking
gunapologist99 5y ago
Agree with all of these statements except this one: > Verisign will suck about $3 billion dollars out of the world economy just by having some powerful friends at ICANN. It's not a zero-sum game. If Verisign manages to extract $3B from the poverty-stricken folks who are buying up .com domains, it doesn't just disappear (unless, of course, Verizon takes it in cash and sets it on fire in the basement.) That $3B will then be spent on whatever pet projects Verizon feels like spending it on, thus re-injecting into the global economy. I personally think that Verisign should have to compete to run the .com registry, just like how we do FCC spectrum auctions, but hand-wavy statements like "suck about $3 billion dollars out of the world economy" do not help make that case.
- trafalgarcircle 5y ago
  Apologies for the source of this, I couldn’t find a neutral organization hosting the excerpt. https://mises.org/library/broken-window https://mises.org/library/broken-window In short - the $3 billion would be spent on improving the local economy of those individuals who would otherwise retain the money. Technically nothing is being destroyed, but the point of the article stands.
missedthecue 5y ago
Suck it out of the world economy? Does Verisign collect their profits and throw it all in a furnace?
- criddell 5y ago
  What point are you trying to make? I think you know they don't burn the money.
  - missedthecue 5y ago
    That's it's not lost or sucked out of the economy. It is transferred to new owners who will spend it and it will go to new owners and so on and so forth.
    - patrickthebold 5y ago
      Agreed, it's not really any different than an increase in taxes. Tax money does get spent, so it's not really lost at all.

kwthrows 5y ago

They'll pass the value and savings onto the customer, obviously.

pinkybanana 5y ago

Verisign going to be the next rocket stonk

shadilay 5y ago

The term for this is "rent seeking". https://en.wikipedia.org/wiki/Rent-seeking https://en.wikipedia.org/wiki/Rent-seeking

gunapologist99 5y ago

Agree with all of these statements except this one: > Verisign will suck about $3 billion dollars out of the world economy just by having some powerful friends at ICANN. It's not a zero-sum game. If Verisign manages to extract $3B from the poverty-stricken folks who are buying up .com domains, it doesn't just disappear (unless, of course, Verizon takes it in cash and sets it on fire in the basement.) That $3B will then be spent on whatever pet projects Verizon feels like spending it on, thus re-injecting into the global economy. I personally think that Verisign should have to compete to run the .com registry, just like how we do FCC spectrum auctions, but hand-wavy statements like "suck about $3 billion dollars out of the world economy" do not help make that case.

trafalgarcircle 5y ago
Apologies for the source of this, I couldn’t find a neutral organization hosting the excerpt. https://mises.org/library/broken-window https://mises.org/library/broken-window In short - the $3 billion would be spent on improving the local economy of those individuals who would otherwise retain the money. Technically nothing is being destroyed, but the point of the article stands.

missedthecue 5y ago

Suck it out of the world economy? Does Verisign collect their profits and throw it all in a furnace?

criddell 5y ago
What point are you trying to make? I think you know they don't burn the money.
- missedthecue 5y ago
  That's it's not lost or sucked out of the economy. It is transferred to new owners who will spend it and it will go to new owners and so on and so forth.
  - patrickthebold 5y ago
    Agreed, it's not really any different than an increase in taxes. Tax money does get spent, so it's not really lost at all.