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I didn't know what a "money transference service" was, and certainly didn't know this service that I didn't know about was highly regulated. I only created it
by davidmurdoch 17d ago
I didn't know what a "money transference service" was, and certainly didn't know this service that I didn't know about was highly regulated.
I only created it because I had Google Play Credits that were gifted to me. I built an app to "convert" them to cash for myself. I had never built an app before. I was proud of it and tried to make it pretty and professional and useful for others, and used it as a learning experience. The listing on the Play Store was clear about what it was.
I had to answer questions about what the API was being used for when I signed up for Dwolla (an actual regulated money transference service). I answered honestly. They approved it.
The app sat unused with no downloads for years before someone on Reddit's `r/churning/` posted about it.
- IshKebab 17d agoRight but... You've used gift cards before right? The whole point is that you can't convert them to cash. Not only that but Google/Apple gift cards are notorious for being used in fraud. I guess if you're young...
- MichaelZuo 17d agoMost people dont read the fine print on the back of gift cards. So I can easily see someone never running into a situation where it’s actually explained that is not allowed face to face.
- davidmurdoch 17d agoSure. I created it back in 2011 or 2012. It wasn't a gift card that personally motivated me to make this. It was credits from an online referral program I was gifted. I guarantee I did not read the fine print at that time.
- mitxela 17d agoIt's obvious that you can convert them to cash, because merchants accept cash and do not want to pay their employees in gift cards. The process is just not obvious and usually not accessible to everyone.
- com2kid 16d agoThere are multiple companies dedicated to turning gift cards into cash. It isn't some new idea, he just didn't follow all the rules doing it!
- krageon 16d ago> You've used gift cards before right? The whole point is that you can't convert them to cash. This is very untrue - there's a ton of services that do this and while it is against the ToS sometimes, there's plenty of place where ToS of this type are not legal and so you are perfectly within your rights to resell a gift card for money.
- SoftTalker 17d agoI mean people in poor neighborhoods do the same thing with laundry detergent or anything else you can buy with SNAP benefits.
- trollbridge 16d agoYou can’t buy laundry detergent with SNAP benefits, since it isn’t food.
- SoftTalker 16d agoHm, maybe that loophole was closed recently? Definitely used to be a thing, people with benefits would buy something nonperishable and marketable. Tide detergent was the example. That could then be sold for cash, or traded for cigarettes or booze or something that the benefits program would not allow, and resold to people who needed laundry detergent. Everyone taking a cut along the way of course, but hey it's free to start with so who cares? I went ahead and did a web search on this, and found that I misremembered it. It wasn't that the laundry detergent was initially purchased with a public benefit program, it was outright stolen. https://reason.org/commentary/sound-money-tide-as-gold-standard/ https://reason.org/commentary/sound-money-tide-as-gold-stand... Still, variations on the scam with benefit programs are still run.
- trollbridge 15d agoI’m really wondering how you confused “things that thieves steal” with “things people buy with food stamps”. Food is rarely shoplifted in America.