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Coin: the next big thing or a disaster waiting to happen?

D

dmoney1980

Platinum Member
https://onlycoin.com/

What is it - a singular credit card that allows you to preload all of your debit, credit, corporate, and gift cards in one. It also connects to your phone via bluetooth and alerts you if your "coin card" gets separated from your phone.

It sounds cool and all, but what happens when someone hacks their database? Now not only is one of your cards exposed, all of them are!

What does ATOT say?
 
Common sense says never put all your eggs in one basket, especially when that basket is controlled by an outside party that is based on technology which is always hackable (for lack of better term).

But, on the other hand, people are lazy and like convenience, so it will flourish, even after their first big hack job and cover up.
 
I don't know if merchants should technically accept a readable debit/credit device that was not issued by the bank...is this legal?

Also...looks like a cool app for someone who can steal you credit card info without having to physically steal your card.


"Q. Does Coin satisfy PCI DSS standards for storing and transmitting card data?
A. Coin is in the process of earning a PCI DSS certification."

"Q. Does Coin have a PCI PA-DSS validation?
A. The PCI Security Standards Council PA-DSS program addresses payment applications used to accept and process payment for goods and services. A device such as a Coin is seen as similar to a payment card in a consumer’s wallet and the standard does not apply."

Well...we will see about those before it ships lol

I bet money that Chase, Capital One, etc. are going to have big issues with this...especially if its profits lost on their end for an idea they never thought of.
 
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Seen a lot of people hyping this up. Aside from the usual complaint that you are storing all your cards in one, I find it pretty useless, at least for myself and really any financially responsible person. You should really only have 3-4 cards in your wallet anyways; I carry my debt card, primary/visa and backup/emergency/amex. If youre walking around with so many cards in your wallet that you think you need this to make your life easier, you need to make some spending/financial changes, not buy this crap.
 
Currently it looks like vaporware. Frankly, I'm shocked to read of folks pre-ordering when prepayment is required.
 
arent the info stored on the cards? so theres no database to hack.

anyway these are obsolete when you guys start using chip cards. those are designed to be uncopiable.
 
IronWing said:
Currently it looks like vaporware. Frankly, I'm shocked to read of folks pre-ordering when prepayment is required.
Click to expand...

Correct.
Last week they said that they were going to be able to hit their "summer 2014" ship date and would be sending out claim forms this week to order the cards.

They just sent out an email today to all of their "backers" saying their Summer 2014 date really meant Spring 2015. And they were just kidding, the backers really paid the $50 each to be a beta tester, if they want the real product they can get it at the deeply discounted price of $30...
They have a private board that is just getting hammered right now.

What does it mean to be in Coin Beta?
Coin Beta Backers get their device in the Fall of 2014.
The Coin team will work with Coin Beta Backers in an effort to ensure the quality of the first generation Coin, which will starting shipping in the Spring of 2015.
Coin Beta Backers receive a 70% discount ($30) on first generation Coin and they receive a 50% discount on Coin products for 3 years.
Click to expand...
 
Pantoot said:
Correct.
Last week they said that they were going to be able to hit their "summer 2014" ship date and would be sending out claim forms this week to order the cards.

They just sent out an email today to all of their "backers" saying their Summer 2014 date really meant Spring 2015. And they were just kidding, the backers really paid the $50 each to be a beta tester, if they want the real product they can get it at the deeply discounted price of $30...
They have a private board that is just getting hammered right now.
Click to expand...

Yeah, people are blowing this out of proportion.

So they'll miss their ship date. Fine. We kind of expect shipping delays for new hardware like this. I mean, we've been talking about the Rift for how many years now? As long as it doesn't slip past Summer then they'll be fine.

These people don't have to opt in to the beta. If you don't, you still get your Coin you paid for. If you do, you get your coin now and the option to buy a different one next year. You don't have to purchase a new one. The beta one won't stop working.

I think they've just done a poor with the communication on this.
 
I see the use.

I currently have...

~12 Gift Cards (Mostly Thanks to semi-recent wedding + Other "gifts" from friends)
~8 Credit Cards (I Use them to max out cash back. I never use debit cards)
~5 various other cards (DL, Store cards, etc..).

Until they can combine all cards into 1, meh. What about combining store loyalty cards AKA "We're recording what you are buying and using it for statistical analysis cards".
 
John Connor said:
I never use credit. I pay for my shit.
Click to expand...

...Plenty of credit cards offer 1, 2, or 5% cashback (depending on the purchase) - or miles/rewards. You're a dumbfuck that can't control your finances if you do not use credit.


edit: In addition, it builds your credit so when you need a fat loan (Read: Mortgage, car loan), you get them at good rates instead of ridiculous one's like 18%
 
bearxor said:
Yeah, people are blowing this out of proportion.

So they'll miss their ship date. Fine. We kind of expect shipping delays for new hardware like this. I mean, we've been talking about the Rift for how many years now? As long as it doesn't slip past Summer then they'll be fine.
Click to expand...

True about the out of proportion bit. This isn't a shipping delay though. Last week they sent out an email that said beta was wrapping up and order info emails would come out this week. They claimed summer 2014 shipments were still on track.
Instead they sent an email that says:
Coin Beta
SF Bay area has already started.
Nationwide shipping Fall 2014.
First generation Coin
Ships in Spring 2015.
Click to expand...

When preorders were taken they didn't get any address info, so there is no beta happening outside of friends and family. At this point they went from out of beta back to vapor, and the concern is that they aren't going to be able to fund refunds.
 
John Connor said:
I never use credit. I pay for my shit.
Click to expand...

I use credit AND pay for my shit. I enjoy greater fraud/mugging protection, extended warranties, rental car coverage, discounts on a number of travel expenses, and 1-5% back on everything that I buy, all while paying $0 in interest.
 
I was about to preorder one for the hell of it last year until I found out that its battery is irreplaceable. Once it dies, you've got a (very light) paperweight. Their response is pretty much "lol fuck you you have to buy another one".

Not worth the upfront cost. And that's ignoring the fact that I only have two cards that I regularly use, and usually only carry one outside the house...
 
chubbyfatazn said:
I was about to preorder one for the hell of it last year until I found out that its battery is irreplaceable. Once it dies, you've got a (very light) paperweight. Their response is pretty much "lol fuck you you have to buy another one".

Not worth the upfront cost. And that's ignoring the fact that I only have two cards that I regularly use, and usually only carry one outside the house...
Click to expand...

Yup, 2 year max life, and no emv compatibility? No thanks.
 
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Pantoot said:
Yup, 2 year max life, and no emv compatibility? No thanks.
Click to expand...

Yeah this is definitely a product with a short life. With the transition to emv finally happening in the US and merchants having incentive to upgrade, there will be increasing pressure to phase out magstripe. Emv payments through cards and phones is the soon-to-be, took-too-long-to get here future.
 
Oh yeah, this thing. I remember when people started posting it on FB saying it was "so cool" and that they were going to pay $50 to "pre-order" it.

LOL. I hope this products fails hard. Good idea, but too many potential flaws in it.

Oh and I just checked their website and clicked the pre-order button for shits and giggles...what a bunch of shiet. They charge your maximum tax and will refund you once they figure out your address. What is so hard about having the buyer input their address and charge tax accordingly? Just shows that this company is trying to squeeze as much cash from people. Seems like a really shady business practice to me.
 
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