91–100 of 182 posts
Super cool idea! but, terrible name choice, no one is ever going to call it just "Coin" they're gonna call it their "coin card". "Coin" is already slang for money in general like, "dough" or "clams" and is also already a form of money. Do you have a coin? I lost my coin. Check out my coin. I paid for that with coin. Coin is so convenient. I got rid of all my credit cards, I just use coin. All of those will be "coin c…
This seems a great way to steal other people's credit cards. You can literally duplicate someone's card on your "coin". Now there's a super easy way for someone working in a restaurant to get your credit card information and sell it.
Two notes: 1) This can already be done using a simple stripe reader. 2) Coin can identify, investigate and proactively block anyone who has more than the average number of cards, so Coin actually seems well positioned to reduce fraud. Also, Coin could identify that multiple Coin cards have the same credit/whatever cards on them and, the next day , prompt you to swipe your card again to confirm. [Provided that Coin up…
Not as much as the credit card company (e.g. not the amount of the purchase), but still quite a lot.
Something not answered by the FAQ: when the battery starts to die, do you get some kind of a warning? If so, great. If not, I'd be worried that one day my battery would die without warning while I'm out of town and I'd be stuck without access to any of my cards. Of course I could mitigate this by carrying my cards with me, but that kind of defeats the point, right? I suppose I could also replace it after two years li…
Earlier quoted context omitted.
It's actually the end merchant (seller) that bears the cost of fraud. So credit card companies have little incentive to fix this, beyond customer support costs. Say you sell a camera to someone using a stolen credit card. The real owner of the card gets his money back after doing a chargeback. The thief keeps the camera. The merchant loses a camera, the money, and gets a ding in his credit card merchant reputation.
Seems like the legislative solution then would just be to shift (at least some of) the burden to the credit card processors then.
Bitcoin, on the other hand, is sided on the other extreme. The merchant has almost all the power. However, the merchant still has a reputation, which might be sufficient incentive.
Earlier quoted context omitted.
Maybe in the EU. The US is dragging its feet on the whole PIN/CHIP migration. I had to specifically request my Platinum Amex have a chip on it, and Amex still doesn't support pin and chip with it, only chip and signature (which means it still fails often enough for me in the EU to be a pain).
> Maybe in the EU. *the remainder of the world. > The US is dragging its feet on the whole PIN/CHIP migration. Merchants are dragging their feet. The liability shift deadline is instituted by the card schemes themselves.
From the FAQ: Q. Can I lock my Coin? A. Currently you cannot lock your Coin, but you don’t have to. Coin will automatically deactivate if it loses contact with your phone for a period of time that you configure in the Coin mobile app. Bummer! Seems like there should be a way to use your phone to lock it down. Either way this is cool as hell.
.... and when the waiter accidentally presses that button and changes the card which your business lunch is being charged to?
A lot of places ID you when you use a card. I wonder how that would work. I don't see a name on it.
> "...a problem most of us have." Is this a real problem? I'm going to go out on a limb and say that you can't determine a problem by telling me this is a problem we all have . I'm not buying the angle, sorry. Not like I'm against this idea, but the sell is a little ridiculous. How would this work with chip-based cards? In Canada, some of the banks have ditched the magstripe, so not sure how scalable this is - since…
Not everything has to have global reach or impact.
This seems a great way to steal other people's credit cards. You can literally duplicate someone's card on your "coin". Now there's a super easy way for someone working in a restaurant to get your credit card information and sell it.
Two notes: 1) This can already be done using a simple stripe reader. 2) Coin can identify, investigate and proactively block anyone who has more than the average number of cards, so Coin actually seems well positioned to reduce fraud. Also, Coin could identify that multiple Coin cards have the same credit/whatever cards on them and, the next day , prompt you to swipe your card again to confirm. [Provided that Coin up…