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Alicorn comments on Less Wrong used to like Bitcoin before it was cool. Time for a revisit? - Less Wrong
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Do you know a Bitcoin exchange that takes credit cards directly, or are you imagining an intermediate step like money orders?
It looks like the one I saw in the past may have folded, as I can't find it. In which case, it might be necessary to use an intermediary, like moneygram. For that sort of large-scale credit card theft, you'd want something fast and automatable, to try to earn the maximum per-card return in the interval before the owners notice and disable them.
Looks like you may be too late. The US based Bitcoin exchange Tradehill had to shut down operations earlier this year because of this exact method of fraud. Here is a description of the modus operandi. The fraud was conducted via an intermediary payment processing service.
Interesting. Not that I was actually planning on committing large scale identity theft, mind.