Congress Joins Battle Against Ticket Bots (csoonline.com)
itwbennett writes: A pair of companion bills now pending in the House and Senate would define the use of bots to buy tickets as an 'unfair and deceptive practice' under the Federal Trade Commission (FTC) Act. It would also become a federal crime, and create a right of action so that private parties can sue in federal court to recover damages. But if a similar law in Tennessee is any example, making the practice illegal doesn't make it any easier to find the people responsible for the bots. The Tennessean reported a year ago that, 'despite the apparent prevalence of the practice, no one has been prosecuted for this hard-to-prove crime in Davidson County.' This may be just another example of members of Congress not understanding the problem, but some experts say that making the bots illegal is at least a start. 'It helps to shine a light on a problem,' says Rami Essaid, cofounder and CEO of Distil Networks.
How is this any different from High Frequency Trading?
Because one made regular (ungodly large) campaign contributions to the loops in Washington and the other one does not?
ELOI, ELOI, LAMA SABACHTHANI!?
Why should it be illegal? Why should I care about this? If something is too expensive because the ticket face price is too much, or the reseller's price is too high, I don't go. I don't see what the problem is.
I don't respond to AC's.
All the ticket sellers have to do is use reverse auction style ticket pricing. Start with (very) high prices when the tickets initially go on sale then drop the price on a day-by-day basis as the event gets closer.
That way there is no practical way to buy low sell high.
"Grab them by the pussy" -- President of the United States of America
The solution is a reverse auction. You set a high initial price, say, 30 days before the event. Some people will pay that price, because they want to be sure to get a seat. Then you lower the price by a few percent each day. If sales are lagging, you lower the price faster. If sales are ahead of predictions, you lower the price more slowly. Frugal people may wait, to get a lower price, but then they run the risk of getting nothing. You end up with no empty seats (unless people are unwilling to attend at any price), everyone pays what they think it is worth, and, since there is no margin for scalpers, all the money goes to support the venue and the performers.
Or we could just pass a law, raise taxes, and hire more police.