Domain names are like phone numbers. You don’t own your phone number. The only property that is owned are the phones and the infrastructure that connects everything. You contract with a phone company to connect you to the network and provide you with phone service. Let’s say you contract with Verizon and they give you a number 1-800-555-1234. You don’t own that number. Verizon doesn’t own that number. It’s just a number that everyone uses in order to process phone calls so that they go to you when someone dials 1-800-555-1234. It wouldn’t do you much good if Verizon was a company that didn’t recognize the numbers that were given out by other companies. If AT&T, Sprint, etc., all used 1-800-555-1234 to refer to another phone, then that doesn’t do you much good.
ICANN is a phonebook. It doesn’t own your computer or the infrastructure that connects computers and servers throughout the world. You contact a registrar and they register a domain name for you with ICANN. No one else can register that domain name with ICANN. This doesn’t make your domain name your property any more than it makes your phone number your property. When you type “www.google.com” into your browser, your computer connects to your ISP’s DNS servers to lookup what computer to connect you to. Verizon doesn’t have to connect you to Google’s servers. It could connect you to “www.verizon.net” if it wanted. But that doesn’t do you much good. Verizon gets its DNS list from ICANN, so when you lookup “www.google.com” with your browser, you get Google’s website.
These guys registered “www.ronpaul.com” with ICANN. That does not make it their property. All it does is mean that whoever uses the ICANN list to translate “www.ronpaul.com” into an IP gets the particular website associated with the ICANN list. Ron Paul is contesting this with the rules of ICANN. It would be as if Ron Paul used the rules of Verizon to transfer 1-800-555-1234 from you to him. You don’t own that number. You don’t have to use Verizon.
Now I’m going to repost Clayton’s repost of Lew Rockwell’s points: