article
Programming note: Merry Christmas! There will likely be another Bits about Money after the holiday but before New Year.
The gaps scammers exploit in gift cards are the result of deliberate policy tradeoffs.
We are not affiliated with Patrick McKenzie. This unofficial audio edition is available to listen to and share for free. Read the original on Bits about Money.
Duration
~13 minutes (13K characters)
Release date
Dec 19, 2025