The website seems to be admitting they squatted a domain they suspected someone else would want, without any intention of actually using it, but rather to hold out for over $120,000.
If the person's name or their own company was "Jio Hotstar" and they had been using it as an actual website, I would be more understanding, but this scheme seems like a way to extract wealth without providing any value to society. Don't get me wrong, I also would like $120,000 for nothing. But I gotta work for it.
I can imagine going to a startup meetup and talking about a company name idea, and someone there buys the domain and tries to jack up the price for me. I would not like that person.
I support the company acquiring the domain for whatever it cost this domain squatter to acquire it. Or alternatively, not picking this name.
If the current website owner is reading this, I would ask them: what startup do you want to start, which requires a >$120,000 degree in entrepreneurship from cambridge?
