This also makes me wonder about another "scam".

* Buy some of coin X

* Use that to buy some cash equivalent good that has a return policy (longer the better)

* If X appreciates by the time the return policy is up, you return the goods, collecting the gains.

* If X depreciates you sell the goods for cash in USD which likely won't have varied much in the intervening time.

* Repeat, and you will have effectively captured 100% of the increase of X while completely derisked.

No one will return you the original number of BTC for refunds for this reason. But if they did then this would work.

They would if BTC had dropped in value though. That's the rub. They choose the refund currency at refund time.

The hardest part of that would definitely be finding the counterparty.

I’m sure there’s a government or two that insists paying back exact currency amounts.