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http://caltechrejects.com/ takes you to https://mit.edu/: you don't need a .sucks TLD to be funny.
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Similarly, someone I know set up http://factoryfloorsweepings.com/ to redirect to AliExpress. :)
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> It felt extortionate.

Because it is.

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I worked on the .name application, and it was a key thing we were basically required to demonstrate we could do even back in 2000. ICANN was obsessed with protecting trademark holders.
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gTLDs include .com, .org, .info etc, so they have been around pretty much since the beginning of public dns
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the domain industry is completely insane
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In fairness, the problem they're trying to solve is insanely complex. Not surprising that the solution went off the rails.
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