The DNS is depressing to me. The fact that I find a service like this as cool as I do really speaks to how messed up the domain name service is. Why is domain resale even allowed? "Ownership" of a domain seems silly to me. You should be licensing it from ICANN, and you should not be able to sell it. Part of the licensing agreement should be "if you are a domain squatting piece of scum, your contract will be terminate…
while i don't like squatters, I do believe by holding onto domains they are taking a big risk that there won't be a sudden shift away from the current DNS system in the future. i think the domain market is subject to black swans.
I wouldn't be shocked if in 10 years we rely on something else entirely to navigate to websites and .coms become virtually worthless.
i can see why a piece of physical property has lasting value and won't be subject to extreme changes, but i think the value of domains in the future has a very fat tailed distribution and there is a decent risk of them all plummeting to zero.
it is certainly a bubble. the question is how long it will last.