• Hey Guest. Check out your NeoGAF Wrapped 2025 results here!

Coin: The Universal Credit Card

Status
Not open for further replies.
HammerOfThor said:
I picture this getting denied at stores when they ask to check my ID and I give them that card.



Where do you pay MORE because your using AMEX? Or do you mean you don't get the discount because your not using whatever card that gas station has a deal with?
Click to expand...
Sorry I forgot about this, safeway gas, they charge you 10 cents more for credit, but they say you get 10 cents "off" if you use debit or cash.


Its a debit card, but because its an AMEX they only have credit style cards,
 
This is exactly why magnetic strip cards need to go out of commission as soon as possible. They are so insecure that anyone can copy them. Why everyone hasn't switched to smart cards is a mystery to me. Here they are pretty much on every card, but the magnetic strip remains for legacy reasons, which renders the increased security of smart cards pointless to a certain extent.
 
I hate the idea of putting all my sensitive info, like multiple credit card numbers, in one place- ESPECIALLY digitally. Someone get into my phone and finds the data, I'm out of luck. Unlikely, but entirely possible.


And the idea of skimming multiple credit card numbers from a lost/stolen Coin is also a potential issue for me...


But damn, that thing looks amazingly cool. I want one.
 
I like the idea of it, and anything that reduces what I carry is a good thing (I have one of those iPhone wallet/cases), but as someone who often has to explain that a $2 bill is actually real money, it's going to be a battle to get people to recognize a blank card as being a Visa/Mastercard/Amex/etc.
 
I like the idea, but really, I want to get rid of all cards period. I want my payment info to just be on my phone, and let me use that to pay. I want to go from 3 ~ 6 to 0, not 1.
 
standards.png
 
Hey, if Android can get it's act together and Apple stopped being a bitch we'd all have this in our phones via NFC. Sigh.
 
The idea of handing the keys to my day-to-day financial kingdom over to a fledgling start-up (and potential hacker target) is something I'm not super comfortable with. It's a really neat idea, but the first few posts pretty much stated my every fear with this thing, and personally it'd take some proving time in the wild risking and protecting someone else's money before I ever felt comfortable relying on it.
 
Thought it was good until:

Q. How long does a Coin last? Do I recharge it? What happens when my Coin’s battery dies?A. Coins are designed to last for 2 years under normal usage and do not need to be recharged. Once the battery dies you will need to replace your Coin.
 
I think I'm good. I have a debit card, an emergency credit card, and a rewards credit card. That's about it really. This just seems too inconvenient for its own good.
 
i don't use a wallet and have kept 2 credit cards my ID possibly a reward card or two in the back pocket of my jeans for years and have never had a problem with it. cash folded up in another pocket. i'm not a girl wearing dresses so i see no need for a wallet or space age crap like this. i don't do cartwheels or wear 80s baggy jeans so nothing ever falls out and everything as easily accessable as can be
 
How do you stop the restaurant server from accidentally pressing the button when swiping out of your presence?
 
agrajag said:
So if that shit gets stolen, they get access to ALL your credit cards? Thx but no thx
Click to expand...

Rubenov said:
One dude robbing you can make you deplete all accounts.
Click to expand...

ItsThatAsianBoy said:
Putting all your cards and information onto one card?
Something is bound to go wrong.
Click to expand...

The idea of this is to put all the cards in your wallet on one card.

If a dude robs you and takes your "coin", its the same as someone stealing your wallet.

Seems a little safer since there is no number on the card so when you give it to a waiter they can't just write it down in the back.
 
Nebulous security concerns aside, the obvious potential problem is that if you forget to charge your phone and the battery dies, the card stops working. Or if you reach the end of life for the card's internal battery, it stops working.

It basically comes down to whether you think obviating the frequent minor inconvenience of having to manage multiple physical cards is worth risking infrequent major inconveniences.
 
tokkun said:
Nebulous security concerns aside, the obvious potential problem is that if you forget to charge your phone and the battery dies, the card stops working. Or if you reach the end of life for the card's internal battery, it stops working.

It basically comes down to whether you think obviating the frequent minor inconvenience of having to manage multiple physical cards is worth risking infrequent major inconveniences.
Click to expand...
I imagine that giving vendors a sketchy looking copied card is going to cause some frequent inconveniences.
 
A few friends and I had this for an idea a little over a year ago but we ultimately decided to not pursue it and make it a thing because we felt it wouldn't work/catch on...sigh. We always talk ourselves out of stuff.
 
Angelus Errare said:
A few friends and I had this for an idea a little over a year ago but we ultimately decided to not pursue it and make it a thing because we felt it wouldn't work/catch on...sigh. We always talk ourselves out of stuff.
Click to expand...

who says it's going to catch on? it's not even released yet. think people will be happy about buying a new card every 2 years? or dealing with technical issues? good luck to anyone who pays for a product not even out yet, i'll never waste my time doing that again.
 
isual said:
I like my wallet.

Full of dollar bills, and I like to have multiple debit/credit cards in it.

Having one card to consolidate it all can be good; but it's also a liability - what happens if you lose that card which houses all your cards ?

You'll have to go through the hassle of calling all those companies up; unless the company behind this can do all that for you......

still not getting it. and startups fail at what? 80-90 percent ?

I think the next best thing would be for your cards' data on your phone, because as a man, you only need 3 things in your pocket; phone, wallet and keys (all extra accouterments on the keys itself).
Click to expand...

How is that any different from losing your wallet all your cards in it?
 
SonicXtreme said:
who says it's going to catch on? it's not even released yet. think people will be happy about buying a new card every 2 years? or dealing with technical issues? good luck to anyone who pays for a product not even out yet, i'll never waste my time doing that again.
Click to expand...

It'll catch on if only because it's convenient and unlike Passport and NFC, it works with existing technology.
 
Supermanisdead said:
what happens when you hand the card to the staff and they accidentally press the button, charging your debit card for that big ticket item you wanted to charge on credit?
Click to expand...

Q. Can someone accidentally change which card is selected on my Coin?

A. We’ve designed the button to toggle cards in a way that makes it difficult to trigger a "press" unintentionally. Dropping a Coin, holding a Coin, sitting on a Coin, or putting the Coin in a check presenter at a restaurant will not inadvertently toggle the card that is selected.
 
So it's just a magnetic strip, no chip? I guess that wouldn't even be possible, what with the point of the chip being that it's much more secure and basically impossible to clone. Pretty much all cards have chips here in Sweden now, magnetic strips will likely disappear completely somewhat soon. So a thing like this, while clever, would not be very viable here.

I just have the one debit card anyway, so eh.
 
I guess they've heard the feedback and are making some changes...

The company plans to add a button to the Coin card so users can reactivate it even if their phone is dead. Users will be able to tap a button in a "Morse-code-like" fashion.

Coin will also feature a system that shows how many times your card is being swiped, and tell you if someone is using it when it isn't near you.

Finally, the device will also "lock" on one particular card -- so the waitress can't accidentally switch your payment method when she grabs Coin from you.
Click to expand...

http://money.cnn.com/2013/11/20/technology/innovation/coin-card-startup/
 
CornBurrito said:
I'm so confused by all the "what if you lose it" comments. Do people normally keep their cards in different wallets?
Click to expand...

One common scenario:

1. Person opens a tab at a bar with their card.
2. Person has several drinks over the course of a few hours.
3. Person leaves bar, forgetting to close tab and get their card back.

Hasn't happened to me yet, but it's happened to a few of my friends.
 
I feel like the bigger issue here is how many places are going to ask for your credit card to charge you and then see this thing. It would look like a huge red flag to me and I'd at the very least want to compare signatures and oh wait you can't because there are no signatures on the Coin.

I'm imagining a lot of places declining it and thinking it's some way that you've stolen card numbers.
 
Once EMV becomes mandatory in the US the product won't exist anymore, this has a lifespan of a little less than 2 years.
 
where does the chip go that all cards have.

dead in euro before getting off the ground.
 
Status
Not open for further replies.

Similar threads

Another Universal Basic Income Experiment Fails
2
90
1K
INC replied
Masters of The Universe | Official Teaser Trailer
2 3 4 5
248
2K
NotMyProblemAnymoreCunt replied
Your opinion, the Ghost in the Shell universe.
2
79
1K
uncreativename replied
Brendan Fraser & Rachel Weisz In Talks To Return For New ‘Mummy’ Movie From Universal
2
87
2K
jason10mm replied
Anybody been to Universal Orlando Resort?
29
2K
AJUMP23 replied
Top Bottom