Kevin Ham - "the man who owns the internet" (long)
money.cnn.com
money.cnn.com
It's for sale, nobody owns it, and it's eventually going to be controlled by whoever can use it best. I suspect that you aren't hurting for content, given that there's already more than anyone could possibly absorb.
The real problem is the idiots out there who actually click on the links on these sites. If not for them, this practice would not be possible.
All non-registered domain names are currently sold for the same price, regardless of much value they have to potential buyers. By thinking of and buying say "weddings-central.com" for $10 and then reselling it for $10,000 he's creating valuable domain names that won't be wasted by being sold for less than they are worth.
He's basically a speculator. If he bets wrong he loses money, and he bets right he makes money and provides a useful service.
If I want to start my own online radio station (I know, it's been done), onlineradio.com seems like a good place to start. Except of course that it's being squatted on, so I can't pay the "public domain" price that I should be able to, but instead I have to pay one of these bosos whatever they think it's worth. The fact that he bought it didn't help me come up with the name... it's an obvious name, and that's why he bought it in the first place.
So where's the service again?
He's selling you a second chance to get the domain name, and a service of preserving the good domain names.
However, if you can prove that a certain domain name is the name of your business (and you have a legit, valid business running) and a scumbag like this fucker "owns" but does not use your name, you can claim that domain in court. I heard google did this with google.ru in russia: the asshole-domainer who "owned" it got nothing.
I could draw a bunch of other fun implications from this article, but they mostly fall in the "What you Can't Say" category.