New Coin Deal

[yuneeq]

I was pointing out even on $1xx tickets they are netting 1K+ profit. They can afford to pay the tax.
Let's remember the profit was always taxable. They just lowered the cheating threshold. 

I read that cheap seats were 1k but whatever. Plenty of people sell old junk on eBay or resell season tickets at face value or lower and now have to waste money and time figuring out their taxes.

[CountValentine]

I read that cheap seats were 1k but whatever. Plenty of people sell old junk on eBay or resell season tickets at face value or lower and now have to waste money and time figuring out their taxes.

What were they doing before, committing fraud?

[yuneeq]

What were they doing before, committing fraud?

No they didn’t bother reporting the $50 losses they incurred

[Euclid]

What were they doing before, committing fraud?

tax avoidance, like every other red blooded american

[CountValentine]

No they didn’t bother reporting the $50 losses they incurred

Not how it works and you know that.

tax avoidance, like every other red blooded american

Tax avoidance is legal.
Tax evasion is not (concealing income).

Either way it is for another thread.

Enjoy your beautiful Sunday morning, I am. 

[myi]

Please take your ticket convo to a new thread guys.
 Leave this for the coins.

[JMHO]

Please take your ticket convo to a new thread guys.
 Leave this for the coins.

Why? It's the same deal operator, shouldn't people be aware of their failure?
Let's not cover it up...

[ari3]

Please take your ticket convo to a new thread guys.
 Leave this for the coins.

Why? It's the same deal operator, shouldn't people be aware of their failure?
Let's not cover it up...

Because some people are interested in coin deals and not in the in's and out's of PFS's not fully honoring this ticket deal. By now anyone following this thread get's that they haven't fully honored their commitment.

You can title the thread PFS ticket fiasco or something like that.

[JMHO]

Because some people are interested in coin deals

Are you interested in coin deals? Or are you interested in reputable buying groups (with whom most of their deals are coin related)?

[lindnuck]

Because some people are interested in coin deals and not in the in's and out's of PFS's not fully honoring this ticket deal. By now anyone following this thread get's that they haven't fully honored their commitment.

You can title the thread PFS ticket fiasco or something like that.

Seems pretty easy to skim past the ticket discussion if it's not relevant to you. Conversely, it seems like an easy way to people to miss this discussion if there are two separate PFS threads. It's relevant to future coin buyers what happened with the Travis Scott tickets.

Perhaps the real solution (not sure if it's possible?) is to rename the thread to be a general PFS thread, not strictly coin related.

[gubevo18]

PFS with an honorable mention in Matt levine's bloomberg column today.

ETA: link to the article he was quoting: http://web.archive.org/web/20231005150037/https://www.404media.co/ticket-brokers-bet-on-travis-scott-will-lose-thousands-of-dollars/

[sddd]

PFS with an honorable mention in Matt levine's bloomberg column today.

ETA: link to the article he was quoting: http://web.archive.org/web/20231005150037/https://www.404media.co/ticket-brokers-bet-on-travis-scott-will-lose-thousands-of-dollars/

Fascinating article, thanks for posting.

The times of many concerts just changed by an hour. Is that pretext enough to argue for a refund? The option hasnt appeared in my account, but doesnt seem right that they can change the time.

[Dan]

PFS with an honorable mention in Matt levine's bloomberg column today.

ETA: link to the article he was quoting: http://web.archive.org/web/20231005150037/https://www.404media.co/ticket-brokers-bet-on-travis-scott-will-lose-thousands-of-dollars/

Ouch.
And this is why we went to such extreme measures before taking an ad from them. It was also the only advertiser that we guaranteed against losses in their early days.

https://www.dansdeals.com/advertisement/purchase-a-120-85-coin-set-from-the-mint-this-tuesday-and-get-200-85-220-85-back/

[gubevo18]

Fascinating article, thanks for posting.

The times of many concerts just changed by an hour. Is that pretext enough to argue for a refund? The option hasnt appeared in my account, but doesnt seem right that they can change the time.

Agree. very thorough and a great overview of the market. BH i didn't get caught up in the travis scott fiasco, but I feel for all that did (including PFS).

[al613]

I have agreed to their ridiculous terms (losing money on the deal), got a check rom them, deposited it. Today it came back.

[gubevo18]

I have agreed to their ridiculous terms (losing money on the deal), got a check rom them, deposited it. Today it came back.

Ouch that's bad. Hope you are made whole

[Darth1]

Bringing this thread back to topic... What is the deal with the American Eagle 2023 One Ounce Silver Proof Coin? I just go the charge for my subscription.

[lindnuck]

I was paid for my TS tickets but weirdly they have only listed the Oct. 13 tickets for sale. All the other shows the tickets are not yet up for sale. I'm sure they have a lot to go through but doesn't seem like it should take this long if they are trying to get their money back.

[Live N Learn]

I have agreed to their ridiculous terms (losing money on the deal), got a check rom them, deposited it. Today it came back.

Any update? Anyone else with a similar experience?

[pfscoins]

I was initially against replying to articles/blogs regarding our failed deal, but I figured that this is the one forum that deserves to hear from us directly.

I do not anticipate doing a Q&A or a full back-and-forth here, so please keep that in mind if you're responding to this.

I just wanted to share several facts, points, thoughts… in no particular order.


1. This was a failed deal. It's on us. We're taking a massive hit on it.

2. Our SOLE priority from the minute they announced new shows, and prices tanked, was to make sure that every member who bought tickets for us is made whole.

3. We did indeed negotiate with members who bought resell tickets by mistake to share some of the loss. We offered them the FULL "normal" cost PLUS 50% of the "extra" they paid. The quantity of tickets that were resold was - b”H - a real small percentage of our overall inventory/tickets. Even with members taking some of the losses, we estimate that we're going to incur an ~80% loss on these resell tickets. Almost all resell tickets were purchased after we sent out emails advising not to buy them.

4. The ONLY people from whom we declined to take their tickets entirely were those who did not opt into our deal or those who initially told us they had bought X quantity of tickets and then, hours/days later, changed their numbers and wanted us to take more tickets. In the latter case, we still took their initial quantity of tickets.

5. The member in the quoted article was one of the above cases. He filled out our form stating that he had 90 tickets, and when we synced his accounts, he had dozens more. He also didn’t follow one of our deal terms of forwarding the Ticketmaster confirmations. The article doesn't mention that we still offered to take all of his initial quantity of tickets for his full cost.

6. As of now, we have paid almost 90% of our members their entire cost.

7. We still hope to pay some members commissions – those who opted to wait until their tickets sell, enabling us not to have to front the money.

8. We know that we adjusted our "deal" a couple of times. We had no choice – we needed to stay solvent so that we could get our members their cost back to pay their credit cards on time. Although, as stated, most are paid, and things are under control, this was not a given at all.

9. With what we were facing, lesser people (a lesser company) would have just shuttered their doors.


Moving forward, we learned a lot.

For years, our model was pure arbitrage and sharing ~50-75% of our guaranteed/locked-in profits with our members - no risk to us or our members.

We had no coin deals from April 2022 until just a few months ago, so we started this new division. We had some successes with Sofi and verified codes, but then this came around. There are other risk-free things that we’re working on, and we pledge to return and stick with our risk-free arbitrage model.

Again, 98% of our members will walk away from this deal having recouped at least their entire cost and have earned credit card spending as well. For such a travesty, we are considering this a massive win.

For the small percentage that will end up taking a loss on this deal, we feel bad about the outcome, we honestly do.

For those that did indeed take a loss and would still want to work with us in the future, we commit to doing our best to make things right. At this point, though, we took measures that were required to stay afloat and to make all our members who followed our deal correctly whole.