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IMO it's less about the people borrowing money and more about the potential fraud.
by ddtaylor 8y ago
IMO it's less about the people borrowing money and more about the potential fraud.
- Broken_Hippo 8y agoI think you are correct. After all, many credit cards have a cash advance feature that will allow you to borrow money to get money. Similar restrictions are commonplace for things like money orders, western union, and prepaid credit cards.
- vxNsr 8y agoIn fact citi is posting some of the transactions as cash advances.
- Bud 8y agoJust as an illustration, the fraud risk is so bad that someone as smart as Steve Wozniak had bitcoins stolen via simple fraud. https://www.marketwatch.com/story/steve-wozniak-had-70000-in-bitcoin-stolen-after-falling-for-a-simple-yet-perfect-scam-2018-02-28 https://www.marketwatch.com/story/steve-wozniak-had-70000-in...
- gruez 8y agojust because Wozniak is a good programmers, doesn't mean he automatically knows how to secure cryptocurrency. a fairer comparison would be if a cybersecurity expert's coins got stolen.
- notahacker 8y agoI'm sure Woz has a better idea of how to secure stuff on computers than 99.9% of people. If you need to be a cyber security expert to not run a significant risk of being defrauded, then it's obviously something credit card companies shouldn't be considering acceptable risk