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Why Do So Few Domainers/Investors Think About Humility?

Posted on 18 April 2014 by Andrei

I’ve noticed an interesting thing about domainers or to take things one step further, investors in general. Most of them seem to think they can predict the future and if their ego got a boost after being right in the past… watch out :)

In my opinion, your ego is the #1 enemy you have to fight against as a domainer/investor and humility can help you do just that. Yes, you might have made the right choices in the past but don’t forget one important thing:

Past performance does not guarantee future results.

A lot of investors seem to think they have some kind of a supernatural ability to see the future just because their past predictions materialized. I’m sorry but that’s just ridiculous. Maybe you made 99 correct predictions in the past, good for you but that doesn’t mean prediction #100 won’t prove to be false.

Analyze each situation on a case by case basis and don’t make the mistake of assuming that you *have* to form an opinion right away. If you don’t have enough information to make an educated decision… don’t.

Embrace your ignorance, be humble and continue gathering information until you are confident in your ability to make a decision. That’s what I’m doing with new gTLDs.

Some readers expect a verdict from me.

I understand that, I really do but unfortunately, I don’t have one yet.

I don’t know.

That’s why for the time being, I’m limiting myself to analyzing one argument at a time, one situation at a time.

I’m “hungry” for more information and am trying to cover all angles. Being a blogger may seem fun and everything but the burden on my shoulders is pretty significant. If I give you guys inaccurate information and you make wrong decisions, most of the blame lies on your shoulders (because, after all, you are all adults) but some of it will lie on mine as well.

That’s why I don’t want to articulate a verdict yet.

Before doing that, I want to feel confident that I’ve done everything humanly possible to understand all dimensions of the problem. I’m not quite there yet and as mentioned when responding to a comment yesterday:

I don’t believe in taking a position just for the sake of taking a position

It’s a humbling experience but I’m confident it will ultimately prove to be useful.

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13 Comments For This Post

  1. Savio D'Silva Says:

    Ease up on this topic for a while. It’s pointless discussing an issue where everyone concerned or not concerned will have an opinion. Sitting on the fence might be the way to go for some of us but I’d rather you discussed other things on this blog for a chance. Quite frankly, there are many more things to focus on.

    Personally I like the tips you give which help enhance our productivity and overall personality. Maybe that’s something you should think about.

    I am guessing you might not do any of the above since you still want people to hear your take on the new TLDs.

  2. Domenclature.com Says:

    (Reposted from other post)

    @Andrei,

    First, let me thank you for your humility, and honesty.

    You have taken a position, to maintain status quo ante. That is a position. Your position is continue with dot com.

    You have some information about dot whatevers, but you are not convinced to invest, at least not yet; that’s your position. Incidentally, that’s my position too, except you use a cunning semantic; you say that you don’t have enough information, and I say I’m not gonna, same difference, same result, we’re NOT investing yet.

    You are entitled to your humility, viz investing, until you start blogging about investing, there you lose your virginity, and humility, and then open yourself up for criticism; you can longer be protected by the humility umbrella. If you simply stated “Regarding new gTLDs, I don’t have enough information to advance yet”, if that’s all you blog, you will be spared any criticism. However, if you like you did, blog that dot whatever is equal or better than dot com, or that it will affect everybody and their grandma, I’m sorry, you have to defend it, humbly or not. At the minimum, you have to take a stand. For, Against, or Neutral.

    Some investors without “humility” in their lexicon, shine everyday. Their’s a risky part to investing. There’s a bullish, and of course the prudent one as well.

  3. Andrei Says:

    @Savio D’Silva: I appreciate the input and sure, will gladly write more about productivity/life

    @Domenclature.com: you misunderstood the message I tried to get across through my “New gTLDs Will Affect *All* Portfolio Owners” post. I made it clear right from the beginning that domains like Insurance.com don’t have any new gTLD “competitors” but on the other hand, a domain like Insurance.web is definitely better than a mediocre dot com such as YourInsuranceOptions.com. And since all portfolio owners have average or even mediocre domains in their portfolios as well, they will be affected in my opinion. To err on the side of caution though, I should have said “almost all” instead of “all” just in case there’s a domainer out there who owns nothing but gems but I for one don’t know such a person. Based on my experience, even domainers who own an impressive number of gems have duds in their portfolios as well

  4. Domenclature.com Says:

    @Andrei,

    I did not misunderstand the message you got across. Our bone of contention is not on the “qualification”, or Clarification, it is that you are opining about the new gTLDs at all. You have said that you don’t have enough information to form an opinion, and thereafter take a position. I accept that, even though I remarked that it is a position if you don’t take a position. For example, let’s say you live in Greece ( I don’t know where you live, sorry), and you are perfectly happy living in Greece; say one of your neighbors comes over, and begins to elucidate the virtues of London for instance; say she goes as far as recommending for you to move to London. Then you say to her, I don’t know much about London, say you concluded after piercing at her gorgeous brown eye by stating “I’m happy here in Greece, I don’t have enough information to move to London”.

    In the scenario above, even though you didn’t have enough information about London, you did take a position to remain in Greece. You maintained status quo.

    Greece = dot com
    London = new gTLDs

  5. Domenclature.com Says:

    @Andrei,

    I let some time elapse, and made this second reply to avoid being accused of mixing metaphors.

    You are like a doctor who smokes cigarettes, no strike that, you are like a doctor who doesn’t smoke, doesn’t have enough information about cigarettes, but is daily recommending (not exactly prescribing) cigarettes to your patients. It behooves me how you can describe the distinctive characterization in precise terms of new gTLDs, specific analogies to dot com, or phenomenon of its general impact on all portfolios, yet deny having enough information to take a stand.

    I say wait! After you acquire enough information, then blog and recommend. That’s the only prudent approach a reflective conscience can take. I say this with all humility, and understanding.

  6. Andrei Says:

    @Domenclature.com: maintaining the status quo would mean telling people to continue buying dot coms and I haven’t been doing that on DomainingTips either lately.

    As far as I’m concerned, the situation is fairly simple: if people ask me whether they should buy dot coms or other TLDs, I simply tell them I don’t have an answer to that question at this point. Again, at this point. I will eventually articulate a position but I need more time and more information.

  7. HowieCrosby Says:

    There is a fine line to when living one’s life and conducting business; Humility can sometimes be seen as weak minded, whereas an over egotistical business owner can be lead to a malevolent belief of delusion.

    However, is it the person with the over ego that believes the first point?
    And we know the later is evidence based.

  8. Domenclature.com Says:

    HowieCrosby,

    Debate is a healthy thing.

    I’m setting up YOUSPAR.COM

    For debate. Check it out. I hope to SPAR with you there soon. I haven’t had time to finish the project.

    Aggressive, Humility, Malevolent, Delusion, Egotistical, …it all depends on who is calling you what. HowieCrosby, if a Vicious Asshole calls you Malevolent, why worry about it? I wouldn’t worry about it, if I were you.

  9. HowieCrosby Says:

    @DomenClature

    That’s a very odd reply!

    My comment was purely neutral.

    Debate is healthy, but it’s how one approaches the subject that achieves the right balance in non aggressive and overly opinionated comments.

    I would certainly not like to visit or spend my time debating with you at that site, sorry.

  10. Domenclature.com Says:

    @HowieCrosby,

    Not a problem, it would’ve been fun, but I do understand; if you ever reconsider let me know. Take care.

  11. CarronDomains Says:

    @Andrei

    The way I look at the future, there are two extreme views:

    A. The gTLDs will be adopted by the masses and will be as valuable as their .com equivalents.

    B. The gTLDs will not adopted by anyone, every domain is worthless, and every registry will go out of business.

    The reality will of course fall somewhere in between these two extremes. My personal opinion is that the future will be closer towards A, because like you, I think a domain like used.cars will be a better option than theusedcars.com or myusedcars.com but not better than usedcars.com

    I have made an investment in gTLDs because I feel that if you secure the better names, then even if the future ends up being more towards (B), they will still be worth more than their initial cost + renewals.

    @Domenclature

    In your first reply, you stated:

    “You use a cunning semantic; you say that you don’t have enough information, and I say I’m not gonna, same difference, same result, we’re NOT investing yet..”

    By this logic, I could equally say that neither Andrei or I have discarded the investment opportunity, so we are also the same.

  12. Domenclature.com Says:

    @Andrei,

    You said: “As far as I’m concerned, the situation is fairly simple: if people ask me whether they should buy dot coms or other TLDs, I simply tell them I don’t have an answer to that question at this point. Again, at this point. I will eventually articulate a position but I need more time and more information”.

    But that applies only when people ask you. What about when they merely read your blog, without asking you. That is what I’m addressing. I’ll guess 100% read, and don’t ask in about 97%, or MORE, of your blog posts. When do you anticipate a position, bearing in mind that time is of the essence in investing? I hope you’re not trying to wait until it is a certainty that the gTLDs are successful, or ain’t.

  13. Andrei Says:

    @Domenclature.com: that’s the message I try to get across whenever I’m blogging about something in the “dot com vs. new gTLDs” category, that I simply don’t know at this point. Now of course, some readers occasionally misinterpret one of my posts and assume I’m trying to say something when in fact, I’m not.

    For example by considering me a a new gTLD supporter whenever I write about one of the positive aspects associated with new gTLDs or by considering me a new gTLD hater whenever I write about one of the negative ones. As a blogger, these things come with the territory :)

 
 
         
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