5 ms·
In his assessment of the risks involved, the author didn't mention the possibility that purchasing coins from the mint could be considered a cash advance, which
by jluxenberg 16y ago
In his assessment of the risks involved, the author didn't mention the possibility that purchasing coins from the mint could be considered a cash advance, which is like taking a 15% APY loan with interest accruing immediately after you take the advance.
EDIT: Also, looks like the mint has caught on to this guy (http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catalogId=10001&storeId=10001&productId=16063&langId=-1&parent_category_rn=27238 http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductD...):
The immediate bank deposit of $1 coins ordered through this Program does not result in their introduction into circulation and, therefore, does not comply with the intended purpose of the Program.
Not sure that's legally binding, but it's at least a dishonest thing to do.
- sachitgupta 16y agoI would say this is more naughty than dishonest. Definitely something I would use to answer the naughtiness question in the YC application.
- eli 16y agoWell, I mean, you're kinda stealing from the government. They're the ones paying the processing fees. Just because it's legal doesn't make it honest.
- encoderer 16y agoBut they don't classify it as a cash advance, and that little comment isn't the law. For what it's worth, I usually keep one of the $20 rolls for tolls per $1000 order that I buy.