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Coin

onlycoin.com

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Re: Coin

#181

Post by cik »

I think we're all missing a key point here. From reading the FAQ it appears that the application needs access to their servers. That blows my mind. Why should my mobile phone application, responsible for programming a local card via Bluetooth ever need access to the internet? Simply put - it shouldn't.

To me, this sounds like a big data play, except in this case the company is getting the user to cover the cost of acquisition. I imagine the actual cost of production on a card like this being well So now, I have something that collects and unifies data across multiple purchase vectors, sending that back to a single source. In other words, I've paid for the privilege of helping another company get the same sort of insight that mint.com was building, except that I'm also including loyalty data.

Colour me out.

Re: Coin

#182

Post by imroot »

cfinke wrote: post #147

See how this idea has progressed in six years: Here's how it works. Users register their cards on the company Web site and upload the information into the iCache. When they want to use it, they activate the device with a fingerprint on its biometric strip, scroll through a list of cards on its screen and choose one. Out pops a plastic card with a magnetic stripe, temporarily loaded with the chosen card's data. Just s…

The problem with the iCache was that it was very short lived, and once apple moved away from the 30pin connector, the icache folks never updated their case for the smaller form factor or new connector configuration.

My iCache is now sitting in a drawer with a bunch of other "good tech gone old," but, I've had issues with servers understanding what my iCache card was, had Enterprise Rent-A-Car flat-out refuse to rent a car unless they could see the raised digits on a card, and a shit-ton of other things.

I was lucky -- I didn't have any issues with the actual encoding on the card (apparently, there were some folks from kickstarter who couldn't use it at all), but, I'll deal with the five cards in my wallet and generally be happy about it.

Re: Coin

#183

Post by fredoralive »

Osmium wrote: post #91
fryguy wrote: post #70

Earlier quoted context omitted.

I was in the UK with my non-chip and pin card and there was a similar response. It took like 5 people at Tesco to figure it out.

Yeah, I can't remember the last time I saw someone sign for or swipe a credit card in the UK: it's all chip-and-pin now, all the time. This looks like cool technology but it just wouldn't work here.

I had to use ye olde magnetic stripe and signature at a Morrison's a couple of weeks ago. The card reader was broken for some reason. Naturally the magnetic stripe on the first card I tried was also broken and wouldn't swipe...

Re: Coin

#184

Post by ChuckMcM »

I ordered the dev kit early on, got charged for it, now waiting anxiously to have it show up. Nice to hear they are moving along. I really think that something like this is a solid answer to some of the vulnerabilities in the current card system and for a subset of identity problems. My interest is in solving one such subset which is this:

At the time of account creation, create means by which both the web site and the user can prove unequivocally at a transaction later, that they are the same person who was there when the account was created.

Nothing about "who" they are, or "what" or "where", but just that the person or entity doing this transaction right now, is exactly the same as the person who created the account.

Re: Coin

#185

Post by apayan »

gojomo wrote: post #96

Super cool, but my guess is that there's a very small time window for it to succeed before the phone completely subsumes all card functionality. After all, the phone already scans the old card and sends the details to the 'CoinCard' (and monitors card-custody) via Bluetooth-LE. It won't be long before most swipe terminals are themselves augmented with wireless transceivers, making the "CoinCard" a redundant middleman…

You can already do this with Google Wallet on Android. Enter your card into the Wallet app, then swipe your phone over any PayPass terminal and it will process the transaction. At least half the retailers I visit already have PayPass terminals (in Los Angeles).

Re: Coin

#186

Post by x0054 »

Wonderful! This is a great tool for restaurant service people to clone your card. I had my card cloned in a restaurant 2 times. Both times they were able to trace it to an employee who was cloning mag strips and selling them online. With this tool it's even easier! Awesome idea, if we lived in a more honest world.

Re: Coin

#187

Post by [deleted] »

kintamanimatt wrote: post #68

I wonder how this would fare in an ATM. What happens if the ATM accidentally presses the card selection button? If the ATM gobbles the card, now you've effectively lost your entire wallet. What happens if the cashier presses the card selection button while running your card too? Oops, now your boss wants to know why you've just paid for your groceries on the business credit card and why you've cloned your business cr…

[deleted]

Re: Coin

#189

Post by cbsmith »

nlh wrote: post #167

SUPER clever idea -- kudos for that. In theory, this is awesome. As a consumer, I love it. As a merchant, however (which I am), there is no chance I would accept this. None. Unless the issuers (that is, Visa, MC, Amex) drastically change their policies, which I don't see happening anytime soon. Why? Because the issuers are very clear about a few things: When push comes to shove and it REALLY gets down to it, unless t…

You must do a lot of online business. ;-)

Re: Coin

#190

Post by jhandl »

nlh wrote: post #167

SUPER clever idea -- kudos for that. In theory, this is awesome. As a consumer, I love it. As a merchant, however (which I am), there is no chance I would accept this. None. Unless the issuers (that is, Visa, MC, Amex) drastically change their policies, which I don't see happening anytime soon. Why? Because the issuers are very clear about a few things: When push comes to shove and it REALLY gets down to it, unless t…

I love the idea behind Coin but what I need is a fat wallet.

I carry 19 cards, of which 16 are essential. Some of them are not for swiping so they wouldn't benefit from Coin. The solution for me is a wallet that can hold 20 to 30 cards, but as far as I can tell there's no such thing.

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