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David Dayen's Inside the Wild West World of Gift Card Bitcoin Brokering reports on how lax policies at retailers allow their gift cards to be used as a work-around for the difficulties of buying and selling cryptocurrencies for "fiat currency". The spreads involved, typically 25-30%, show how unlikely it is that these transactions are on the straight and narrow. The retailers have little incentive to police this market:
"Eric says, Walmart views gift cards as cash, and it doesn’t go around wondering whether purchases at their stores are made with stolen dollars. This is true of most retailers. “To them, revenue is revenue,” Eric said. “They very specifically don’t give a fuck about crimes involving their store if they’re not directly liable or directly hurt.” It can also be difficult to solve those crimes, putting a Walmart employee in the position of adjudicating which owner of the $1,000 gift card has the legal right to use it."
Nov 25, 2018, 12:22:54 PM
Posted to Shitcoin And The Lightning Network