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Coin

onlycoin.com

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Re: Coin

#221

Post by pbreit »

tedivm wrote: post #199
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…

Many credit card companies are starting to issue new cards which are completely flat, making it impossible to make imprint. My new CapitalOne card is an example of this. Is your company planning on refusing to do business with them?

Imprint was just an example. You can take a picture of it, view the CVC, etc. No one imprints anymore.

Re: Coin

#222

Post by itakee »

thejerz wrote: post #212

Unless I'm missing something: if I lose my Coin card, ALL of my credit and debit cards are compromised. That's a showstopper. A thief could drain not just one account, but every account I have.

eh, for me at least, if they have my Coin card, they probably have my wallet.

Re: Coin

#223

Post by bradmccarty »

joosters wrote: post #166
ams6110 wrote: post #134

Earlier quoted context omitted.

Every rewards card I have is a scanned barcode, not a mag swipe.

Same here. Speaking of which, surely someone has written a phone app that will scan and display all your barcoded cards on demand?

There's an app called Key Ring that I've used for some time that accomplishes exactly this. It works quite well.

Re: Coin

#224

Post by huhtenberg »

tedivm wrote: post #199
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…

Many credit card companies are starting to issue new cards which are completely flat, making it impossible to make imprint. My new CapitalOne card is an example of this. Is your company planning on refusing to do business with them?

These are "electronic" credit cards, they've been around for years and they are flat so not to be usable for offline processing (that's when they take an imprint, you sign it, they take the imprint to the bank and it settles in a week).

Re: Coin

#225

Post by qq66 »

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…

The entire smartphone industry for the last five years has been driven by people paying hundreds of dollars to make their phones a few mm thinner. Why not their wallets? This isn't for your ATM card or your driver's license, it's for those random cards that you either never carry or fatten up your wallet.

Re: Coin

#226

Post by st0p »

dismiss21x wrote: post #121
colinbartlett wrote: post #54

Earlier quoted context omitted.

About 15. And sure, most I barely use. But sometimes I want to use them and they're in my bag and not in my wallet. This would be a great solution to that problem for me if it could hold all of them.

I have a money clip, and only carry my most pertinent cards - ID, ATM, and CCs. The remaining cards, like reward cards or library cards, are in a tin can in my car - which I drive to wherever I'm shopping, and just remove the card I need. I can't imagine carrying 15+ cards in my pocket, especially if it is in your back pocket.

I carry around the following: 1 Debit card 1 Credit card 1 Drivers license (usually I travel with public transport, but I'm required to carry an ID by Dutch law) 1 Ov chipknip (card for public transport in the Netherlands) 1 Health insurance card 2 Loyalty cards for competing grocery stores (I attend both of them on a regular basis)

Even though Coin doesn't solve this problem, especially since it doesn't have EMV which is required in Europe, I'd love to have all off them one card. I have another boatload of cards at home that are rarely / never used because I never have them on me when I could use them.

So basically: very cool idea, needs some more thought for the european market though.

Re: Coin

#227

Post by pbreit »

Nursie wrote: post #219
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 don't know why the US hasn't adopted EMV. It's not perfect, but it has cut down fraud massively here in Europe. They're very hard to clone (I won't say impossible, but attacks against EMV have not generally been of this nature) and the transaction records at both ends will tell you whether the actual, real card was there. The liability is more clear-cut as a result. If the customer claims the charge was unauthorise…

Because it's a massive cost for almost no gain.

Re: Coin

#228

Post by isomorphic »

cik wrote: post #181

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 ac…

Right. Also, unless I missed something, I didn't see anything in their FAQ that states categorically that they're not storing your card information on their servers.

No, Coin, I'm not going to store all of my credit and debit cards in a single spot on the Internet.

Your app has to work without Internet, or it's a security risk.

Re: Coin

#229

Post by huhtenberg »

pbreit wrote: post #227
Nursie wrote: post #219

Earlier quoted context omitted.

I don't know why the US hasn't adopted EMV. It's not perfect, but it has cut down fraud massively here in Europe. They're very hard to clone (I won't say impossible, but attacks against EMV have not generally been of this nature) and the transaction records at both ends will tell you whether the actual, real card was there. The liability is more clear-cut as a result. If the customer claims the charge was unauthorise…

Because it's a massive cost for almost no gain.

Do elaborate on "no gain".

Re: Coin

#230

Post by nmcfarl »

pbreit wrote: post #160

I worked on a product like this at Amex about 20 years ago and while it was a totally neat concept it was completely stupid in practice. All those plastic cards are marketing vehicles that can also transmit a number. And, really, are they that difficult to manage?

Yes.

So much so that I don't carry them, and it costs me money.

The wallet is: photo ID, transit card, and 1 or 2 ccs, depending on if I need my biz cc that day.

Wallets are a pain - though it must be said less so than, keys or phones. All of which dig into me an inopportune moments (usually going around corners on the bike) get dropped, or left on the counter... I'm probably just much to forgetful and clumsy for modern life, but all this /stuff/ is constantly annoying.

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