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Topic: In other news ...

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utee94

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Re: In other news ...
« Reply #742 on: November 18, 2020, 06:15:27 PM »
Eh. It's arbitrage.


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Mdot21

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Re: In other news ...
« Reply #743 on: November 18, 2020, 06:21:36 PM »
Eh. It's arbitrage.

We've seen the exact same thing with concert tickets for decades.

But on what legal principal can you declare that property which you have purchased cannot be resold?
They government has made bots illegal in concert ticket sales and cracked down on US companies that were buying tickets bots and then re-selling. Which has just caused a lot of them to move their base of operations out of the country. 

This was a big international business where people were making millions of dollars using bots to buy concert tickets all over the world and than re-sell them and make millions.

The street-wear/sneaker/ps5/xbox thing is teenage nerds in moms basement on twitter/youtube. It could be cracked down and shut down in two seconds flat.

betarhoalphadelta

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Re: In other news ...
« Reply #744 on: November 18, 2020, 07:02:00 PM »
They government has made bots illegal in concert ticket sales and cracked down on US companies that were buying tickets bots and then re-selling. Which has just caused a lot of them to move their base of operations out of the country.

This was a big international business where people were making millions of dollars using bots to buy concert tickets all over the world and than re-sell them and make millions.
Did they even move out of the country?

Or is it just unenforceable?

https://queue-it.com/blog/ticket-bots/


Quote
5. Has legislation been effective?
Enforceability isn’t easy
Enforceability is an ever-present issue with ticketing legislation. Just because a law is on the books doesn’t mean it’s followed. Strong enforcement is necessary to curb illegal behavior.
Indeed, when the Ontario ban originally passed, attorney general Yasir Niqvi acknowledged the difficulty of enforcing the bot ban, as many bot operators are located outside of the province. He cited the 50% resale cap as an easier enforcement tool. Two years later, in 2019, Ontario’s government rolled back the 50% resale cap, saying it wasn’t enforceable.   
Similarly, in the U.S. the BOTS Act’s bark has been worse than its bite. The Federal Trade Commission—the agency tasked with enforcing the law—couldn’t comment on any instances of enforcement since the BOTS Act’s passage.
And even when the law was passed, the Congressional Budget Office judged it unlikely that any enforcement would take place.
“CBO estimates that [revenues from civil penalties] would be insignificant because of the small number of cases that the agency would probably pursue.”
The financial incentives are too lucrative
Using bots to scalp tickets is a perfect example of rent-seeking behavior (economist talk for leeching) that adds no benefit to society. But as long as there’s a secondary market to sell tickets at markups of over 1,000%, bad actors will fill the void to take advantage.
Indeed, the U.S. ticket resale market alone has ballooned to $5 billion. Ticketmaster reported that it blocks 5 billion bot attempts every month. The financial incentive is simply too strong and the threat of legal action too weak to stop malicious bot operators.
Legislation can’t keep up with the technology
In such a rapidly evolving space, legislation becomes outdated as soon as it’s passed. The U.S. BOTS Act, for example, doesn’t appear to apply to people who purchase tickets where they’ve only used bots to reserve the tickets (as Denial of Inventory bots do). The newest iteration of bots will continue to outpace and outmaneuver the legal roadblocks. 
It’s clear that the ticketing industry cannot rely on legislation to solve the ticketing bot problem. The onus remains on venues, ticketing organizations, and online platforms to defend against malicious bots during online ticket sales. And companies that aren’t perceived as doing enough to battle bots are playing with fire. Public outrage can quickly turn on such organizations, and potential legal actions can follow in its footsteps.
Sounds from that like there has never been a single enforcement case against the people behind bots. Maybe that's because it went overseas. Or maybe that's because it's a toothless law?


Quote
The street-wear/sneaker/ps5/xbox thing is teenage nerds in moms basement on twitter/youtube. It could be cracked down and shut down in two seconds flat.
I'm not sure I believe in this either. How many teenage nerds have access to the sort of capital or credit necessary to pull this off at a large scale? 

Teenage nerds are known more for access to time than to capital. It might not even be bots. It might be hordes of them spending countless hours clicking "refresh" on sites trying to find stock and order 1 or 2 of something with the expectation of resale, rather than bots who might be able to collect 10-20 units. Especially at the order of something like a PS5 or XBox where 20 units might run you 10 grand...

You might have a bunch of guys like me or utee, who are old and successful enough nerds that we have significant access to credit, who do something like this on the side. But I'm pretty sure it's not teenage nerds in mom's basement. 

bayareabadger

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Re: In other news ...
« Reply #745 on: November 18, 2020, 11:37:38 PM »
if the government can crack down on folks reselling toilet paper and hand sanitizer, they could arrest these asshats
I think they politely asked Big Tech to do that, and Big Tech did because it was good PR. 

What would they be arrested for? Commerce. 

bayareabadger

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Re: In other news ...
« Reply #746 on: November 18, 2020, 11:40:14 PM »
I suspect the retail sites, if they wanted, could try to detect and restrict bots. But I don't know what lawmakers could do.

You know how to stop this? Don't pay $2K on eBay for a $500 item. But sadly, people are willing to do so.
This seems like kinda basic economics. These things are to a degree under priced. Or at least underpriced if the scarcity is turned up. A lot of folks will balk at $2K, and that's supply and demand working to perfection. 

And at some point, they'll burn through people willing to pay $2k and have to dump them, or someone will dump $500 versions back on the market and mildly patient people will get them. 

847badgerfan

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Re: In other news ...
« Reply #747 on: November 19, 2020, 07:52:22 AM »
Sure. I'd appreciate it, but don't waste their time or yours too much. My guess is they won't be able to do much. There is a very limited supply because of the China Virus screwing up production/supply chains and then the demand is enormous- and then you have the bots buying up literally everything instantly because the people who use the bots have them set up to basically attack the retailers websites 24/7- so as soon as any stock goes live on their sites they are basically instantly gone.
Good guess.
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FearlessF

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Re: In other news ...
« Reply #748 on: November 19, 2020, 12:49:51 PM »
in other news............ the weather here in NW Iowa is unseasonably awesome

I'm leaving the office to play 18 holes in shorts

can't remember doing that on November 19th

Cooler is packed with Bud Heavy

FORE!!!
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MrNubbz

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Re: In other news ...
« Reply #749 on: November 19, 2020, 01:01:06 PM »
Miss Noonan,miss
Suburbia:Where they tear out the trees & then name streets after them.

GopherRock

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Re: In other news ...
« Reply #750 on: November 19, 2020, 01:35:39 PM »
Will be going for a bike ride later this afternoon. Very nice here in MSP. 

Cincydawg

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Re: In other news ...
« Reply #751 on: November 19, 2020, 02:08:45 PM »
63°F here and sunny, about to take a walk and throw the baseball a bit on the tennis courts practice wall.  I bought a rubber ball today.

I'm supposed to be back to normal December 10.  I still have some deep ache in the shoulder when I do certain movements, part of the therapy.

MrNubbz

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Re: In other news ...
« Reply #752 on: November 19, 2020, 02:33:10 PM »
67 and breezy - I'll take it
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betarhoalphadelta

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Re: In other news ...
« Reply #753 on: November 19, 2020, 03:08:13 PM »
Had to make a Costco run this morning. Place was PACKED. 

And my streak of picking the slowest cashier line is still going strong!

847badgerfan

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Re: In other news ...
« Reply #754 on: November 19, 2020, 03:16:58 PM »
Had to make a Costco run this morning. Place was PACKED.

And my streak of picking the slowest cashier line is still going strong!
Hoarding?
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betarhoalphadelta

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Re: In other news ...
« Reply #755 on: November 19, 2020, 03:21:36 PM »
Hoarding?
There was no toilet paper or paper towels to be found. Not that I was going to buy any--I'm not a hoarder. 

Other than that, the place was pretty well stocked. It wasn't like the start of the pandemic where meat and canned goods were completely gone. 

 

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