Coin: One Card = All your cards!

[Suspicious-Teach8788]

https://onlycoin.com/

Interesting. There's too many products like these now. Kickstarter-like, most likely gimmicky, etc.

I do wonder what kind of people jump on this, but I suppose it's like the early iPhone adopters. I'm just a skeptic though. My other opinion on this is that why are we still dealing with magnetic swipes? I realize NFC isn't the best way either, but most of Europe has already moved to chip and pin technology. I just see the push of magnetic swipes to be a very shortsighted effort to get payments to work today. We should be looking to move forward.

 

[Phobic9]

Pretty interesting product but I too am skeptical, mostly for security reasons. Traditional cards aren't the most secure things either, but uploading all my cards to some server and storing them on my phone? Eh, I'll let the first adopters have their fun first.

 

[ponyo]

I might do it if they pay me. But to have to pay them for the previlege of beta testing and give them valuable purchase info? Lol. They're smoking crack.

 

[Spineshank]

I might do it if they pay me. But to have to pay them for the previlege of beta testing and give them valuable purchase info? Lol. They're smoking crack.

Exactly how I feel.

 

[KB]

I like that its alerts you if you leave your card somewhere. Not sure I would like it though that if someone had my one card, they would effectively have all of my cards, thus I would have to cancel them all at the same time.

 

[darkewaffle]

Kind of neat, but yeah seems to consolidate a lot of risk in one place.

 

[cronos]

I might do it if they pay me. But to have to pay them for the previlege of beta testing and give them valuable purchase info? Lol. They're smoking crack.

Pretty much this.

 

[Midwayman]

Seems purpose made for servers and restaurants to steal people's CC. Also I would think a lot of vendors would have problems accepting such a card for security reasons. Super high fraud potential. I want google wallet or ISIS take take off instead.

 

[Chrono]

Looks stupid. I'd rather just use my c/c in my wallet. It's not like I won't ever have a c/c and almost all places that support c/c's will be using visa/mastercard, so ability to pay for something is almost always there.

 

[midwestfisherman]

No way!

 

[DisgruntledVirus]

Seems purpose made for servers and restaurants to steal people's CC. Also I would think a lot of vendors would have problems accepting such a card for security reasons. Super high fraud potential. I want google wallet or ISIS take take off instead.

ISIS? That's an old protocol... They dropped it from CCNA and CCNP a while ago.

 

[MrX8503]

The card deactivates when it's been away from your phone from a set amount of time you set in your app.

If you have your coin stolen, it's not too much different than having your wallet stolen with all your cards in it.

https://onlycoin.com/

Interesting. There's too many products like these now. Kickstarter-like, most likely gimmicky, etc.

I do wonder what kind of people jump on this, but I suppose it's like the early iPhone adopters. I'm just a skeptic though. My other opinion on this is that why are we still dealing with magnetic swipes? I realize NFC isn't the best way either, but most of Europe has already moved to chip and pin technology. I just see the push of magnetic swipes to be a very shortsighted effort to get payments to work today. We should be looking to move forward.

What's NFC support like from vendors? Like .0001%?

 

[Midwayman]

ISIS? That's an old protocol... They dropped it from CCNA and CCNP a while ago.

Isn't that what ATT and Verizon are trying to force on people with their wallet systems?

http://www.att.com/gen/press-room?pid=25095&cdvn=news&newsarticleid=37286&mapcode=consumer|mk-retail

 

[Imp]

Very very skeptical with the entire smartphone payment thing. Not only do thieves now get your "wallet", they get your $500 phone.

I saw we forgo the phone and all-in-one card and start a Kickstarter for an embedded chip in your hand. I'm sure the tech is there -- a ring or bracelet for pussies like me?

 

[gorcorps]

I think it's a pretty solid idea, but uploading your card info via an app isn't going to appeal to most. If there was a way to directly and locally upload my cards workout network use then I honestly might give it a try. I don't really see any bigger security issue than any other card, and honestly it might be better because the card number can't be seen.

 

[CuriousMike]

and honestly it might be better because the card number can't be seen.

Certainly when you're at retail, that's a real consideration.

 

[Crono]

I'm usually not a fan of one device/service/company to handle x. You usually sacrifice security, privacy, or long term support or viability for convenience. No thank you.

 

[MrX8503]

Very very skeptical with the entire smartphone payment thing. Not only do thieves now get your "wallet", they get your $500 phone.

I saw we forgo the phone and all-in-one card and start a Kickstarter for an embedded chip in your hand. I'm sure the tech is there -- a ring or bracelet for pussies like me?

Coin is a digital card separate from your phone.

 

[Qbah]

The only time I use the magnetic stripe is when the chip reader fails (happens maybe twice a year...). People still use the magnetic stripe regularly? :hmm:

 

[MrX8503]

The only time I use the magnetic stripe is when the chip reader fails (happens maybe twice a year...). People still use the magnetic stripe regularly? :hmm:

I live in Chicago and millions of Chicagoans still do.

 

[bearxor]

I preordered one of these last week. I'm pretty stoked about it.

For some things in the thread:
If your coin is stolen, it deactivates. It does so by not being able to communicate to the phone after a period of time. They're undecided at this point, looks like 10m tops, but it may be user configurable. Basically, if someone steals coin, ten minutes later it's useless. This is great as opposed to a regular card, where you have to call in and cancel it and get a new one issued.

It looks like there may be some kind of approval process for adding cards to the coin. Not sure how it works yet, no details, but you have to swipe the card and take a picture of the front and the back. It could possibly use some kind of OCR on the image to determine the name printed on the card or it might require a manual approval by the Coin staff. No details yet, but they seem pretty confident you won't be able to add cards to Coin that aren't you're, preventing servers in restaurants from just swiping your card to steal it.

The biggest wonder I have right now, is how to stop someone at a restaurant from switching your card on the Coin. Let's say I put the Coin in the little wallet they give you and, on it's way to the cash register, the button gets pressed and now it's on the card you didn't intend to pay with. I hope there's some sort of lock as I have one card I use 90% of the time.

I think it's a pretty solid idea, but uploading your card info via an app isn't going to appeal to most. If there was a way to directly and locally upload my cards workout network use then I honestly might give it a try. I don't really see any bigger security issue than any other card, and honestly it might be better because the card number can't be seen.

Unsure yet if it requires a network connection. I know you have to have the app, then swipe your cards and take their pictures in the app, but after that it just communicates to the Coin over Bluetooth. Unsure if you actually need a network connection at that point, but the card will have to be in contact to the phone via Bluetooth.

Very very skeptical with the entire smartphone payment thing. Not only do thieves now get your "wallet", they get your $500 phone.

With current NFC payment techs, they time out after a period of time. This means you have to put in your PIN every X minutes in order to reauthorize transactions. Same concept with the Coin, checking in over BT every so often.

 

[boomhower]

To many downsides for me. One they get all your CC info. Second the interface or lack there of. Between debit, credit, and membership cards I'd probably have 20 cards in it. You have one button to click through all of those. Go over by one? Time to start all over. Then the issue of the button getting his by the wait staff of cashier. Simply way to many downsides, I'll just swipe my CC. I'll wait until NFC matures.

 

[bearxor]

To many downsides for me. One they get all your CC info. Second the interface or lack there of. Between debit, credit, and membership cards I'd probably have 20 cards in it. You have one button to click through all of those. Go over by one? Time to start all over. Then the issue of the button getting his by the wait staff of cashier. Simply way to many downsides, I'll just swipe my CC. I'll wait until NFC matures.

Although the app could hold all twenty cards, the Coin itself can only hold 8 at a time. You can swap them out anytime via the app. If you need to carry around every single card you could ever possibly use at a moments notice, then it's probably not for you. Most of us oh have three or four tops anyways. And most membership cards for stores that I'm aware of are barcodes, not magnetic stripes. In fact, I don't have a single membership card that is a magnetic stripe. But I've got about ten barcode ones on my keychain.

 

[Imp]

Coin is a digital card separate from your phone.

Okay, thought the thing had to be paired. Website says it's just a security/reminder thing.

Still. I'm paranoid about the security thing. On the other hand, the info would no longer be written on the face of the card (e.g. credit card #, expiry, security code). Like it way more than the mobile/smartphone payment that's rolling out now.

 

[bearxor]

They still have quite a few things to explain about how the whole process actually works. I got an email update from them today saying that they're being flooded with questions right now and are working on answering some of these questions.

For $50 though, I'm more than willing to give them a shot. I can always just not use it if it all goes wrong and I've thrown away $50 on far more useless things.