Some call it opportunism and some call it piracy. As of November 29, 1999, it can be called illegal. "It" is the practice of registering Internet domain names, or web site addresses, in hopes of reselling them to companies or organizations that have a commercial use for them. In short, it is a scheme to extract ransoms from big name corporations. This is commonly referred to as "cybersquatting." Often the domain names are common trademarks or trade names. Some companies have paid hundreds of thousands of dollars to obtain domain names from cybersquatters. Some companies have opted instead to go to court to secure domain names they claim are legally theirs.
Cybersqatting In Practice
An example of cybersquatting occurred recently in New York when executives of Morgan Stanley Dean Witter & Company discovered that the domain name they wanted to use for Morgan Stanley’s web site, "www.msdwonline.com," was being used by a 17-year-old schoolboy with a passion for mountain-bike racing.
