Im sure we've all heard this term before

Cybersquatting is a term used to describe the practice of registering and claiming rights over Internet domain names that are, arguably, not for the taking. The cybersquatter then offers the domain to the person or company who owns a trademark contained within the name at an inflated price, an act which some deem to be extortion.

Cybersquatters usually ask for prices far greater than that at which they purchased it. Some cybersquatters put up derogatory remarks about the person or company the domain is meant to represent in an effort to encourage the subject to buy the domain from them.

Many cybersquatters also register many variants of a popular trademarked name, a practice known as typosquatting.

I hate this. It really annoys me when i want a domain but its taken by someone for no reason at all.
I thought it was going to be illegal to do this?

Yeah and I wonder even at $8 a domain, where are these people with hundreds of domains squatted, I mean it's like taking a thousand bucks and tossing it in a trash can. Who knows if any of those domains will make a buck.

I know. Waste of money if only a few are making a dollar a day. Its like an addiction having that many domains, like they feel great because they have 1000 domains...

It's such a waste. I hate when a good domain name leads to that plain, boring, blue & white search directory of crap that you know no one is using.

Personally I'd be happy to see these shady speculators who have no other business plan loose some money.

They may lose money, but I still can't stand unnecessary clutter of the Web. They may waste money, but when you arrive at one of these sites, we waste time.

I didn't believe that domains can be blackmarketed. I thought it only happens to tickets of crucial ballgames, and to employ some blackmailing tactics just make it much worse.

That's an excellent point, ArtPark. Personally I try to get around wasting time by finding reliable information from sites I trust - Like forums I'm familiar with that share experiences.

I think it helps a little.

I have heard about the concept but I did not know that it has a word coined for it. I don't find this a very pleasant scenario though - this extorting money for domain names.