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NFT ticket scalping goes wrong for upcoming Paris crypto conference

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“It’s not worth it”: EthCC organizers won’t sell tickets to NFT

A group of anonymous crypto investors, who have not succeeded in speculating on NFT tickets, are in a dispute with the organizers of the Ethereum Community Conference (EthCC), which is due to be held in Paris next month.

In preparation for the upcoming Paris cryptoconference, there was a curious and revealing case of failed ticket scalping in the form of NFT.

Scalping is a trading method that allows one to maximize earnings in a minimum time. A group of anonymous crypto investors resorted to it, trying to resell 200 tickets to the EthCC 5 conference. Spoiler: the plan ultimately failed, and now the enterprising guys are trying to get back the money they paid for the tickets.

A group of anonymous crypto-investors is in dispute with the organizers of the Ethereum Community Conference (EthCC), which is scheduled to take place in Paris next month. The group claims that the 200 tickets they paid for directly on Polygon’s blockchain – hoping to resell some of them – were invalidated, and they only got half their money back.

Jerome de Tichy, the conference organizer, refutes this view, stating that it was an exploit, and therefore returning all the money would be a bad signal.

What makes this curious case interesting is the conflict between the decentralized means of selling tickets and the centralized control of the conference.

The group used a clever way to circumvent a major obstacle to reselling tickets-though it ultimately failed. But what did happen?

EthCC is the largest Ethereum conference in Europe. In the run-up to the event, its organizers were selling tickets in the form of non-transferable tokens (NFTs) via a form on their website. The non-transferable tickets were created using an unlocking protocol and contained the personal metadata of those who bought them.

The crypto investor group says they initially tried to get tickets for EthCC to keep, give away to friends and sell to others. They missed the early tickets, which were all sold out, and decided to sell out some of the next batch early.

On March 23, when EthCC offered another batch of 300 tickets, the group went straight to Polygon Blockchain, paid directly, and minted 200 tickets. That cost $68,000. But because the enterprising guys bypassed a form on the website, they didn’t provide customer information, such as a name and email address, and those were needed to create personal metadata. The group believed that what they were doing would technically work, since the EthCC website stated that participants could generate a wallet signature containing one of the NFTs and they would be admitted to the event. Consequently, NFTs could be redistributed to other people.

There was, however, one problem the contraptions had to get around to doing this. Not only did the website state that the tickets were non-refundable, but the NFT code itself required it. So the group came up with a workaround.

Essentially, they wrapped the tokens in Gnosis Safe, a construct they could – and tried to – sell on the NFT OpenSea trading floor. Buyers could gain control of the wrapped token and deploy it, gaining ownership of the NFT itself.

But as soon as the conference organizers found out about this ploy, they shut down the corresponding opportunity.

“Unfortunately for speculators, the tickets are invalid and have no compatible metadata,” de Tichy said in a post on Medium in March.

He urged users to report the OpenSea collection the group had already created and said the next batch of tickets would include an additional 200 pieces.

Controversy then ensued over the oversold tickets. The day after de Tichy published his post on Medium, the band contacted him and asked for a refund.

Judging from leaked screenshots of their communication, which de Tichy confirmed as true, the enterprising crypto-investors claimed to be a small group of friends who were so eager to attend EthCC that they got a little carried away. De Tichy told the group that he was concerned about ticket taxes because they were paid for, and that he was not inclined to encourage those who try to use the system by giving them money back when their attacks don’t work.

He said he offered to refund them half of their money — about $34,000 — and that offer was later accepted. However, in a new post on Medium, the group continues to demand the remaining amount.

They acknowledge that their intention to speculate on tickets is reprehensible. But argue that the tickets purchased should still be valid, because to do otherwise would undermine the option of using NFT as decentralized tickets on the blockchain. Plus, there should be a refund of the entire amount they spent.

They also point out that conference coffers – funds raised from ticket sales, sponsors, and other initiatives over the years – are now being used in decentralized funding (DeFi) protocols to generate revenue. They argue that using funds in this way is reckless.

In response to these allegations, de Tichy confirmed that ENS-.ETH is indeed being used to generate revenue. He said that most of the funds are in Convex and are mostly used to generate revenue from stablecoins, while some ETH is used to take advantage of the current stETH discount.

He said it helps the conference, as it grows, to pay for larger deposits on larger venues. However, de Tichy acknowledged that there is a risk of Convex falling.

“We take that risk with the rest of the ecosystem, but we also have money in euros in our bank accounts,” he said.

As for using NFT as a ticket, de Tichy said this is the first time he has presented such an option this year because many participants have asked for it. Nevertheless, given the combination of ticket speculation and some other problems, such as credit card payments, that were caused by the lack of verified NFT ticketing apps, the conference organizers summarized:

“It’s not worth it. Next year, we’ll go back to the old way of doing things, doing away with NFT tickets.”

Cryptocurrency

Dogecoin price could rally 20% in July with this bullish reversal pattern

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Dogecoin price could rally 20% in July with this bullish reversal pattern

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

DOGE’s price appears to have been painting a bump-and-run-reversal (BARR) bottom since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump and Run.

DOGE/USD daily price chart featuring ‘BARR bottom’ pattern. Source: TradingView
DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView
DOGE/USD four-hour price chart featuring ‘rising wedge’ setup. Source: TradingView

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Cryptocurrency

3 charts showing this Bitcoin price drop is unlike summer 2021

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3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic.

BTC has been described as facing “a bear of historic proportions” in 2022, but just one year ago, a similar feeling of doom swept crypto markets as Bitcoin saw a 50% drawdown in weeks.

Bitcoin estimated hash rate chart (screenshot). Source: MiningPoolStats
Bitcoin active addresses chart. Source: CryptoQuant
Bitcoin exchange reserves chart. Source: CryptoQuant

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FTM Begins to Retest Previous Highs As Correction May Be Over

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FTM Begins to Retest Previous Highs As Correction May Be Over

  • Fantom (FTM) seems to be retesting previous highs.
  • FTM is currently down 1.97% and is trading at $0.2845.
  • FTM could look to target $0.3501 should the mini upwards move continue for FTM.

Fantom (FTM) seems to be “retesting previous highs”, according to Michael van de Poppe. This comes as there has been a mini relief rally in the crypto market.

This does not necessarily mean that FTM has established its bottom yet, so traders should still tread with caution.

Fantom / TetherUS 2h (Source: Binance).

At the moment, FTM is one of the top 100 cryptos on CoinMarketCap’s list of most valuable cryptocurrencies in terms of market cap. FTM occupies the 59th position and this places FTM behind The Graph (GRT) in the 58th position and in front of Quant (QNT) in the 60th position.

FTM is currently down 1.97% and is trading at $0.2845 after reaching a high of $0.2947 over the last day. This price translates to about 0.00001361 BTC and 0.0002356 ETH. Things look a bit better for FTM over the larger time frames as the crypto saw a 7.89% increase in price over the last seven days.

FTM now has a market cap that stands at $722,730,787 and when looking at FTM’s 24-hour trading volume, the crypto stands at $166,580,326. This number is down 12.82% over the last day.

Fantom / TetherUS 1W (Source: CoinMarketCap)

When looking at the weekly chart for FTM/USDT, the last two weeks have closed with the FTM price higher than it was at the beginning of the week. It now looks like the current week will also end on a positive note. FTM can now look to target $0.3501 should the mini upwards move continue for FTM. This is a key level because it is also the last price that FTM fell from on the weekly chart.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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