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>Lenders have said they’re worried they’d be left on the hook if a borrower lost money on a digital currency bet and couldn’t repay. Weird, isn't the whole poi
by greggarious 8y ago
>Lenders have said they’re worried they’d be left on the hook if a borrower lost money on a digital currency bet and couldn’t repay.
Weird, isn't the whole point of setting a credit limit that you assess how much risk a given person can sustain?
Seems to me like banks want to hand out high credit limits to entire overspending, under the assumption they can make their money back twice - through reposession + obscenely high APRs in the 25%+ range.
Meanwhile, every time I go to a casino ATM I see prominent signage on how to use one's credit card to obtain casino credit. They don't block these transactions, they just factor the existence into the calculations for a credit line...
- root_axis 8y ago> they just factor the existence into the calculations for a credit line... That is very misleading. They "allow" casino transactions in the form of cash advances, not directly to the card as someone might infer from the way you constructed that sentence. The reason this detail is important is because a cash advance can be used to buy blockchain tokens just as easily as it could be used to buy casino tokens, and they're both relegated to the cash advance scenario for the same reasons.