FTC fines three ticket scalping companies for illegally using bots
The FTC issued fines against three bot-powered ticket scalping operations. The FTC says these organizations bought over 150,000 event tickets over the past four years, reselling these tickets for an estimated $26.1M, breaching the 2016 anti-bot law. Regulators reached a proposed settlement with the ticket selling groups, including $31.6M in fines.
I'm glad there are laws against using bots for scalping, but I am flabbergasted that resources are expended to stop relatively small operations from using bots and yet the largest buyers and sellers of stocks (financial behemoths and other massive corporations) are freely allowed to use bots to trigger their stock exchanges. Both uses of bots are harmful manipulations of the market, but the latter is significantly more far reaching. Of course, the politicians often get paid off to allow the latter and often benefit from it in other ways as well, so they don't care, especially since the people by and large are oblivious about significant details relating to our financial and monetary system.
Finally! Fine them until they are homeless!
Does this mean I'll be able to buy a 3080 soon?
So why no jail time?
Now what about all these PS5 reseller bots?