What do people think about allowing words other than .com .o

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I heard on the news the other day that ICANN (I think that is who it is) is looking to allow domain names like <!-- w --><a class="postlink" href="http://www.black.cat">www.black.cat</a><!-- w --> instead of just the normal .com and .org etc.

What do people think of this, obviously it will be a huge kick in the teeth if you are a domain speculator as the .coms will decrease in value significantly.

looking for your 2 cents.
 
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