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Coin

onlycoin.com

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Re: Coin

#491

Post by blazingfrog2 »

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?

Flat may be fine. However, from what I've seen in the video, the Coin is not only flat but also almost totally anonymized. The cashier would not be able to verify the name against a photo ID or even take a picture of the card. This would be possible with a non-imprintable card.

Re: Coin

#492

Post by PeterisP »

ashcairo wrote: post #485
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…

Can't the merchant just treat it like an online payment. Take the Card number, expiry date and security code?

No, most retailers can't accept online payments (or "like an online payment") - if they want to, that's a different kind of agreement with different (higher) fees and more liability for fraudulent transactions.

If they want to book it as 'card present' transaction, then they have to follow the 'card present' guidelines - which, by coincidence, would require them to see the actual card, not just it's magstripe data in some fancy device.

Re: Coin

#493

Post by chazandchaz »

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…

knucklebusters (card imprinting machines) are not required or even recommended by processors. The tide had turned on imprinting in the majority of industries.

Re: Coin

#494

Post by lnanek2 »

rfnslyr wrote: post #387
bsimpson wrote: post #332

Earlier quoted context omitted.

My girlfriend's family wanted to rent bikes at Blazing Saddles in SF and the cashiers there threw a big fit when they realized her card wasn't imprintable. They wouldn't photocopy it or write the number down, they just flat-out declined the business.

Their loss really.

Their loss of possibly getting chargebacked? Seems like a benefit.

Re: Coin

#495

Post by iLoch »

PeterisP wrote: post #417
iLoch wrote: post #55

Earlier quoted context omitted.

I was trying to look into this as well. Apparently the chips cannot be read from in the same way unless you authorize it. I don't know how that authorization process works, but I'm guessing it's possible. I'll be looking out for Coin in the future when they introduce EMV support.

You shouldn't be able to read EMV chips with any authorisation - it's supposed to be safe from bank employees who make the actual cards, so they can't clone your card before giving it to you. In the EMV process the private key should be unique to the card (if you make a replacement card with the same number, it's a different key); the private key shouldn't exist anywhere outside the chip after the card is made; and t…

Guess I have to stick to my shitty baby blue card then. Yes my bank IS Toys 'R' Us.

Re: Coin

#496

Post by tomasien »

Coin looks great, I want to make that clear. No ifs ands or buts, I think it's a great product.

However - if you're looking for the future, I think I've got something interesting - feeless payments bank to bank by oAuthing consumers directly into their online banking. Completely secure - merchants never get the personal information, they just get paid. Better: I've built it, and we have beta customers. I'm posting a couple comments on HN to start the conversation, because anyone who cares about payments or accepts them online - I'm trying to talk. You'll be hearing more from me in the coming weeks and months - and it's going to be exciting. We're going to kill credit card fees, because we don't need them anymore.

If you want to talk, email me @ tommy@thecityswig.com and let's just chat. I'm not selling anything - we just need to know what hackers are thinking about payments. It's the most valuable info we can have.

Re: Coin

#497

Post by sfrechtling »

Coin's logo seems to be very similar to Macquarie Bank's[1]. I'm not a lawyer - but Coin may be infringing on their United States visual trademark[2] (of concentric circles), especially as they are also a financial service. I may be very wide of the mark here; but my first thought with this was that this was a product of Macquarie.

[1]:http://static.macquarie.com/dafiles/Internet/mgl/com/furnitu... [2]: http://tess2.uspto.gov/bin/showfield?f=doc&state=4807:8dpjzg...

Re: Coin

#498

Post by lambda »

rfnslyr wrote: post #387
bsimpson wrote: post #332

Earlier quoted context omitted.

My girlfriend's family wanted to rent bikes at Blazing Saddles in SF and the cashiers there threw a big fit when they realized her card wasn't imprintable. They wouldn't photocopy it or write the number down, they just flat-out declined the business.

Their loss really.

Everyone loses in this case. The card is supposed to facilitate a transaction and it failed to do so; the shop went without their money, the family went without their bikes, and all of the various financial institutions went without their cut.

Which is why the poster above is warning about this; if there will be merchants out there who won't accept it, it's pretty much DOA as you can't replace all the cards in your wallet with it.

Re: Coin

#500

Post by talon88 »

jackmaney wrote: post #452

0_0 This is one of the worst ideas I've ever seen. Yes, let's put all of my cards in one card so that if it's stolen, then all of my cards are gone. @#$%^ing brilliant!

Try reading the FAQ before your vomit more words onto the screen.
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