Ok. Which one of you is this?
Rule 1) you do not talk about manufactured spending.
Rule 2) you do not talk about manufactured spending.
But man, talk about abusing a program!
Nov 15th, 2017 11:19 am
Nov 15th, 2017 11:21 am
Nov 15th, 2017 11:27 am
Nov 15th, 2017 11:28 am
But they'd lose anyway if those coins were bought by people who actually wanted to collect them instead of using them as currency. The government factored that in when they decided to allow them to be bought by credit card transactions.
Nov 15th, 2017 11:32 am
No, because the government would've actually sold the coins. Now they've paid the fees and got stuck back with the original product.
Nov 15th, 2017 11:35 am
No they wouldn't. The minting of the coin costs less than the face value. People buying to collect would have resulted in profit. Buying and redeeming made it so that the mint incurred credit fees, shipping fees, and fees paid to the bank for returning them.
Nov 15th, 2017 11:36 am
Nov 15th, 2017 11:45 am
But they allowed for that to happen by selling them at face value. This is the government agency in charge of the country's money, selling a product that's literally a combination of precious metals and money to the type of people that are interested in speculating on both to make profit. They knew exactly what would happen by choosing to do what they did.
Nov 15th, 2017 1:15 pm
Nov 15th, 2017 1:22 pm
Nov 15th, 2017 2:12 pm
Nov 15th, 2017 2:48 pm
I doubt there's enough suckers on eBay to buy a 1/4 oz silver coin for $20 after eBay/PayPal fees. Or are there? The metal's only worth a quarter of that, and the mintages were hundreds of thousands.eldeejay wrote: ↑ moron should have hung on to the coins and sold them on ebay, not return for face value.
anyway, this was no secret, myself and my colleagues milked this one hard when it started. i used cashback cards to buy. some took it further than others. this guy was lucky to have proximity to a mint store. I think I may have even learned about it on RFD. definitely worth a student's time.
Nov 15th, 2017 2:56 pm
search it. they sell. and the older ones have higher premiums (and lower mintages). sad but true.
Nov 15th, 2017 4:10 pm
Nov 15th, 2017 4:25 pm
Nov 15th, 2017 10:09 pm
Nov 15th, 2017 10:53 pm
Please enlighten us.JackWhyte wrote: ↑ this is hardly a smart or innovative way to create CC points, and there are tons of ways to launder credit card purchases, it just comes down to whether you're unethical enough to drag your soul through the muck and then come out the other side.
The guy in the story is a lawyer, so he definitely qualifies.
Nov 15th, 2017 11:05 pm
Seriously? What rock did you just roll out of.
Nov 16th, 2017 12:55 am
Nov 16th, 2017 1:54 am
He bought cash with ccJackWhyte wrote: ↑ Seriously? What rock did you just roll out of.
Here's a low-hanging fruit, and far from the most lucrative, but just another cog in the CC scamming machine: bonus points offers on gift cards, pre-paid cards or other cash equivalents you shop at every day/week anyway. sometimes you can even pay off your CC bill with them, and the points increase can be 10-20-30% depending on the deal.
buying coins in bulk at the mint is obviously the simplest method, as any monkey could do that with enough free time and effort, but my point is that this crap has been going on for years and it's hardly anything innovative.