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Coin

onlycoin.com

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Re: Coin

#391

Post by revelation »

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…

So that's why this video was so confusing to me. It was essentially this guy sliding someones card (he claims it's his, but neither the device nor the card know, right?) and then happily paying stuff with it through his fake replica (or the high-tech version of it, the 'coin').

It seemed like a completely unusable system for it's complete lack of any security.

(Particularly if you consider there are now live payment systems that use pretty much the same audio jack serial port hack as this one does to clone cards)

Re: Coin

#392

Post by fekberg »

This is very neat and a super cool idea. However, there's no chip? I try to avoid non-chip cards as much as I can for security reasons.

One more thing that crossed my mind is, what happens if you give this to the waiter, the waiter goes away to handle your payment and it happens to be outside of reach of your bluetooth ping; then you will most likely become worried that the waiter ran away with your card, or you will start ignoring it when it notifies you that it is outside of reach.

While talking about the waiter, what happens when the waiter accidentally clicks the "change card" button and takes the personal lunch on your business card? You might not notice until it's too late and people start asking questions..

Re: Coin

#393

Post by ececconi »

Some merchants make you have to give over the card so the person at the register can type in the last 4 numbers. This won't work with that use case will it?

Re: Coin

#394

Post by giarc »

taude wrote: post #250
kevincrane wrote: post #201

Earlier quoted context omitted.

Out of curiosity, what do you do that requires 16 cards on a regular basis? At some point, the limiting factor of how many cards you can carry becomes your pant pocket (or purse). My jeans wouldn't stand more than a few cards and far less than 30.

Here's my list: * Costco membership card * three loyalty shopper cards for my common stores (I need the physical card because none of the apps I've tried using that scan the bar codes work with store scanners) * a card to pay for my train rides, * bank debit card for ATMS * business credit card * personal credit card * medical insurance card (this one would be easy to just use a photo of) * AAA card (would be easy to…

Could you not keep your costco card in your car, or at home and just bring it when you need it? Same with your airline cards?

Re: Coin

#395

Post by xinkr »

sixQuarks wrote: post #165
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?

Hey, the cool hipster dude with a beard says it's cool, so it has to be. Seriously though, they did a fantastic job with the overall experience of the landing page/video. The product, however, is not that great.

Totally agree with experience of the landing page/video. It's amazing.

Re: Coin

#396

Post by dakrisht »

bennyg wrote: post #339
untog wrote: post #271

Earlier quoted context omitted.

But how many of the cards in your wallet could be replaced by Coin? For me it's maybe three. If it can't replace nearly all of them it seems pretty pointless to me - I'm still going to be carrying my wallet, it'll just have two fewer cards in it. Yay? In any case, it does seem odd to build a business around something that is virtually guaranteed to be extinct in a few years time.

What about bars? A lot of bars I go to hold onto your card until you tab out. I'd hate to keep getting notifications about losing my card every time I'm out on the town. When you go back up to the bar, they ask what your name is to tab out. I didn't see anything on the Coin to do that. I also wouldn't want the bartender to press the button and change to a business account or something similar. I'm not being a hater,…

Very good point.

Add another item to the list of problems.

Re: Coin

#397

Post by kintamanimatt »

Dylan16807 wrote: post #363
kintamanimatt wrote: post #107

Earlier quoted context omitted.

Pro tip: if you're in the UK and think Chip+PIN is a really good way for the bank to shift liability to the cardholder and want to make your life miserable, ask the bank for a Chip+Signature card. That'll fuck things up for you on the regular.

Which will fuck things up? I can't tell if you're saying Chip+Signature will avoid the problems or make them worse.

Chip+Sig makes things worse in terms of day-to-day purchasing. Vastly worse. Your card no longer works in ATMs, retailers pitch a fit when they figure out your card is making their PDQ spit out a receipt to be signed (some even will try to refuse your card), and automated machines, like the ones found on the London Underground don't take Chip+Sig cards so you actually have to line up to see a human.

I eventually just gave up and got my cards reissued as Chip+PIN.

Re: Coin

#399

Post by dakrisht »

schrodinger wrote: post #361
bennyg wrote: post #339

Earlier quoted context omitted.

What about bars? A lot of bars I go to hold onto your card until you tab out. I'd hate to keep getting notifications about losing my card every time I'm out on the town. When you go back up to the bar, they ask what your name is to tab out. I didn't see anything on the Coin to do that. I also wouldn't want the bartender to press the button and change to a business account or something similar. I'm not being a hater,…

I've been to a bar recently where they didn't have to hold my card to keep a tab open. So much more convenient!

We are all deeply moved by the future of bar tabs not holding credit cards :)

In all seriousness, most bars hold a CC and ID for a tab.

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