4 ms·

Ah, this is too bad. I successfully churned about 60K credit card points at the end of last year. (Buy $X + fees and sell when it covered the fees/principal)

• matt_wulfeck 9y ago
  Sounds like an enormous risk to take on for credit card points.
  • gruez 9y ago
    ...unless you have some bitcoins already lying around. in which case you could simultaneously buy and sell at the same time, reducing your risk to almost 0.
    • JumpCrisscross 9y ago
      > reducing your risk to almost 0 You have 100 Bitcoins. You buy 100 Bitcoins at $1,000 each on credit. You now have $200,000 of Bitcoins and $100,000 of debt. Bitcoin crashes 60% ($19k to $7.6k is a sixty percent crash). You now have $80,000 of Bitcoins and $100,000 of debt. You are insolvent. If you’re talking about buying and selling from yourself to milk points, that’s fraud.
      • gruez 9y ago
        I don't mean buying those on margin. I meant if you already had some lying around. maybe you mined some back in 2010, maybe you already intended to hold some long term. >If you’re talking about buying and selling from yourself to milk points, that’s fraud. i'm not sure how that's fraud anymore than you buying goods with your credit card and immediately selling them to rack up rewards.
  • ceejayoz 9y ago
    Why? Buy Bitcoin on credit. Sell immediately. Deposit to bank account. Pay credit card bill. Repeat.
    • zhoujianfu 9y ago
      Because iMuzz said "sell when it covered the fees/principal". If you sold immediately, you'd be down a little bit each time because of cash advance fees/coinbase fees. So instead, s/he was just getting lucky buying bitcoin as the price kept rising. That same plan would not have done well so far in 2018..
      • wolco 9y ago
        But will after the crash yesterday
      • ceejayoz 9y ago
        Fees weren’t that high until recently. 10k miles for a few bucks is a deal most frequent flyer optimizers would sell their grandma for.
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