Coin

[DanGarion]

Has anyone else checked this out and preordered?

Coin (https://onlycoin.com/?referral=p7YjVOdn#) is device that allows one to import the card information of your Credit, Debit, etc type cards (that have magnetic stripes) and use the device instead of the actual hard with your normal day to day in person purchases.

Seems pretty neat and a very cool way to reduce card clutter in your wallet.

<iframe width="560" height="315" src="//www.youtube.com/embed/w9Sx34swEG0" frameborder="0" allowfullscreen></iframe>

I went ahead and preordered one, won't be getting it till Summer of 2014, but if you act now you can get one for 1/2 the price they will be at launch. Plus they currently have a referral program that can allow someone to basically get their Coin (https://onlycoin.com/?referral=p7YjVOdn#) for free.

I did link to my referral link above, if you don't want to click on my referral link the website Coin » Use One Coin for All of Your Cards (https://onlycoin.com/).

Article I read on Forbes about it. (http://www.forbes.com/sites/natalierobehmed/2013/11/14/coin-tries-to-make-credit-cards-history/)

[Pyser]

i like it

but i think all cards in the future (along with keys) will just become part of cell phones. but that's neither here nor there i guess

[DaddyTorgo]

That's kinda cool. What's this about a referral program? And how much do they cost?

Why are they charging me for it now but not delivering until Summer 2014? That's fucking shady.

[DanGarion]

That's kinda cool. What's this about a referral program? And how much do they cost?

Why are they charging me for it now but not delivering until Summer 2014? That's fucking shady.

The normal price is $100, but currently $50 for preorder. I assume the referral program is just a way to get the word out and try to market the device.

They are basically doing a Kickstarter like program to help pay for their costs of setting up shop upfront. This is typical to how many of these types of innovations work lately, not really shady at all.

[DanGarion]

i like it

but i think all cards in the future (along with keys) will just become part of cell phones. but that's neither here nor there i guess

Agreed, many people look at this as a stopgap till that finally happens.

[Ryan S]

i like it

but i think all cards in the future (along with keys) will just become part of cell phones. but that's neither here nor there i guess

That can't be too far away now that contactless payment is starting to appear everywhere. Most high end smart phones now have NFC, so the technology is there.

[Ryan S]

I don't know that the "Coin" would work in Europe as I have not swiped any of my cards for over 5 years. Everything is "Chip & Pin" over here.

[Marc Vaughan]

Ok - so am I the only one who had the thought - "If I was a criminal this would be a great way to steal money from people, swipe their cards and take an imprint" ....

[SteveMax58]

Ok - so am I the only one who had the thought - "If I was a criminal this would be a great way to steal money from people, swipe their cards and take an imprint" ....

Yes, and would be a good reason to get any type of job that handles card transactions.

[Pyser]

the more i think about this the more useless i see it. do i really need to pay $50 (soon $100) to consolidate my 4 credit/debit cards into 1? not really.

especially since there is an 8 card limit that coin can hold. it's pretty much all flash and no substance. it's cool, but serves very little purpose.

[Flasch186]

This is a dead tech before it even gets out of the gates.

[DanGarion]

I don't know that the "Coin" would work in Europe as I have not swiped any of my cards for over 5 years. Everything is "Chip & Pin" over here.

Yeah the FAQ covers that and says it currently won't work there.

[DanGarion]

Ok - so am I the only one who had the thought - "If I was a criminal this would be a great way to steal money from people, swipe their cards and take an imprint" ....

The FAQ covers this.

Q. What steps does the Coin app take to prevent cards from being added fraudulently?
A. The Coin app requires that you take a picture of the front and back of the card, type in card details, and then swipe the card (using a reader we provide) to ensure the card’s encoded magnetic stripe data matches the card details provided. It is not possible to complete these steps unless you are in physical possession of a card. As an additional safeguard, the Coin app will only allow you to add cards you own.

[SteveMax58]

The FAQ covers this.

Hmm....a waiter would definitely be in physical possession of other people's cards and could certainly snap a picture of it. Not sure I get the last part about only adding "cards you own". Even if it restricts by name or by some other means, it doesnt stop the device itself from being (relatively easily) rooted to not care.

[DanGarion]

Hmm....a waiter would definitely be in physical possession of other people's cards and could certainly snap a picture of it. Not sure I get the last part about only adding "cards you own". Even if it restricts by name or by some other means, it doesnt stop the device itself from being (relatively easily) rooted to not care.

The device requires the application on your phone (and I'm assuming you logged in to said application) in order to add a card to your account. I would also assume they use a verification process similar to other systems to verify that the user of the account is the user of the credit card.

[Izulde]

Yeah this is a completely frivolous trinket.

[CU Tiger]

And when it gets scratched/ degaussed in a wallet in a year and doesnt work?
Another $100?

[DaddyTorgo]

$100 is wayyyy too high a price point for this, as people have pointed out.

Even $50 is wayyyy too high. For $20 or something - okay maybe.

Shit - you could even make it ad-supported and sell the ads in order to reduce the price, like this: Have one card (that doesn't count towards the limit) pre-loaded on there that's linked up to your "Coin account." Then you're required to give them an email address & physical address. They can sell that information to companies who will pay them for that/pay them to put exclusive coupons in front of you.

Boom - you've just turned it from an expensive vanity toy into something that's far less expensive, and also comes with bonuses.

[DanGarion]

Well evidently many of you are not in their target market. I like the tech involved and am willing to support it for the current price. At $100 I do think it's a stretch that I would ever purchase it again.

[Ryan S]

What are the chances that retailers will accept payment from this device, especially when it is brand new? If I have not seen or heard about the Coin, there is no way I am going to swipe an electronic device.

[Ryan S]

And when it gets scratched/ degaussed in a wallet in a year and doesnt work?
Another $100?

It currently has a two year lifespan, which is shorter than the three years my credit cards are valid. This will need to be addressed pretty quickly, or the price will need to drop considerably.

[CU Tiger]

It currently has a two year lifespan, which is shorter than the three years my credit cards are valid. This will need to be addressed pretty quickly, or the price will need to drop considerably.

Right and in the US cards routinely have much longer validity dates. Our debit card is good through 2020 for example and its at least a year old

[Ryan S]

Right and in the US cards routinely have much longer validity dates. Our debit card is good through 2020 for example and its at least a year old

Wow, my three year old debit card was a mess when I finally cut it up. I can't image what kind of state an 8 year old card will be in, especially if you need to swipe it every time you use it.

The problem with long validity dates is that you can't update the technology easily. If the US wants to introduce Chip & Pin or contactless payment to a wide audience, it will take years to hit the mainstream unless all the card providers replace the cards years before the expiry date.

[Desnudo]

$100 is wayyyy too high a price point for this, as people have pointed out.

Even $50 is wayyyy too high. For $20 or something - okay maybe.

Shit - you could even make it ad-supported and sell the ads in order to reduce the price, like this: Have one card (that doesn't count towards the limit) pre-loaded on there that's linked up to your "Coin account." Then you're required to give them an email address & physical address. They can sell that information to companies who will pay them for that/pay them to put exclusive coupons in front of you.

Boom - you've just turned it from an expensive vanity toy into something that's far less expensive, and also comes with bonuses.

It should be free to the consumer (subsidized by business)

Should make it easier for the waiter to steal all my credit #s instead of just one.

[DaddyTorgo]

It should be free to the consumer (subsidized by business)

Should make it easier for the waiter to steal all my credit #s instead of just one.

That was my thought - if you made it ad-supported or subsidized by business you could get it down to free to consumer.

[Scarecrow]

Should make it easier for the waiter to steal all my credit #s instead of just one.

Not so sure about this. From the looks of it, the waiter will never see your credit card number, and there's security against them recording the coin 'card'.

[DaddyTorgo]

The Coin Miracle Credit Card Is Still a Junky Prototype (http://valleywag.gawker.com/the-coin-miracle-credit-card-is-still-a-junky-prototype-1485744469/@sambiddle)

[EagleFan]

The Coin Miracle Credit Card Is Still a Junky Prototype (http://valleywag.gawker.com/the-coin-miracle-credit-card-is-still-a-junky-prototype-1485744469/@sambiddle)

Not a fan of the device but that "article" is as "junky" as it says the Coin is.

[Marc Vaughan]

The FAQ covers this.

So basically same as any other cloning system - you take the card in a restaurant go to a backroom and clone the card then return it to the 'customer' while retaining the ability to spend their money .... not at all reassuring ..

[digamma]

Is there a ship date for this awesomeness yet?

[Pyser]

i know i weighed in before, but i still firmly believe this is "tech for techs sake" and remains a terrible idea.

but good for these guys for hopefully getting rich in the 2 year window or so they have.

[DaddyTorgo]

Coin delays product launch until spring 2015 as questions remain - CNET (http://www.cnet.com/news/coin-delays-product-launch-until-spring-2015-as-questions-remain/)

[DanGarion]

This is what I got today....

Today the Claim Your Coin email started to roll out. Here's a bit more information on what you can expect.

What is the timing of Coin Beta and first generation Coin?
Coin Beta
SF Bay area has already started.
Nationwide shipping Fall 2014.
First generation Coin
Ships in Spring 2015
Why isn’t first generation Coin ready? (Why Coin Beta now? Why not ship Coin to all backers?)
Since there’s no precedence of a Coin-like device, we need to validate compatibility nationwide to ensure a high quality product.
Coin Beta Backers will give us crucial feedback to improve Coin usability.
Because we want to ensure quality as we deliver to a larger set of Backers, we need time to grow Coin’s manufacturing in a disciplined fashion.
Coin Beta will be available to the first 10,000 Backers who opt-in based on their original purchase date. If there is further demand for Coin Beta, we’ll consider increasing the participation.
What does it mean to be in Coin Beta?
Coin Beta Backers get their device in the Fall of 2014.
The Coin team will work with Coin Beta Backers in an effort to ensure the quality of the first generation Coin, which will starting shipping in the Spring of 2015.
Coin Beta Backers receive a 70% discount ($30) on first generation Coin and they receive a 50% discount on Coin products for 3 years.
How do Backers opt-in to Coin Beta?
Create an account through your Claim Your Coin email.
Download the Coin mobile app to opt-in.
iOS - Available August 28th
Android - Available September 25th

[cartman]

Yeah, they are going to have a tough road with the "chip and pin" standards that are coming out. They will almost have to partner up with card issuers in order to be able to be compatible with EMV.

[DanGarion]

New Email.
An apology and an update
Dear Coin Backers,

First and foremost, we want to apologize to each and every one of you. We are building Coin for you and are extremely disappointed with ourselves that we made some of you unhappy with us. We want to earn your trust again.

We apologize for our lack of transparency and clarity in our communications to you. You, as our valuable backers, should have been the first to know about all product updates. We honestly thought we could make our timeline. We were overly optimistic. The San Francisco Bay Area Coin Beta made it evident that we should conduct a larger nationwide Coin Beta. We need your help with testing nationwide, but realize that this is not a cost for you to bear. Therefore, we will run a nationwide Coin Beta for no cost to Coin Beta Backers ($0) and increase the number of Coin Beta devices by 50% to 15,000. We’ll do our best to grow this number over time. To clarify, your spot in the Coin Beta program is determined by your pre-order date, regardless of whether you opt-in with the iOS or Android app. We feel responsible to the commitment each of you has given to us by backing Coin and so we haven’t spent even one dollar of the crowd funding campaign. All our efforts and production has been supported by equity dollars.

Coin Beta was a hard decision but important step as we want to deliver the device we all expect and nothing less. Getting Coin to work with thousands of different card readers of different makes, models and regions is not easy and that’s why we need the help of an extended beta team.

We are truly sorry that the first generation Coin is not ready when we said it would. Our team has been working hard day/night and weekends since May 2012 in an attempt to deliver Coin to you on time and while we are close, we are not at the finish line. We have achieved ~0.84 mm form factor with e-ink screen and bluetooth low energy. We even found a button that has a tactile touch so you can feel feedback every time you press the button on Coin. Coin swipes successfully in 85% of the locations we visit. Our hardware team is focused on the remaining 15%.

With Coin Beta, we will validate compatibility nationwide and improve usability. Meanwhile, we’ll keep a focus on growing our manufacturing capabilities and are confident that we will deliver high-quality first generation Coins to you all.

We promise to do better with our transparency and updates to backers. We promise to keep working hard to deliver you a great product. We value your honest feedback, good or bad; and we are always listening.

Sincerely,

Kanishk and the whole Coin team

PS - We appreciate your patience and support, but if you would like to cancel, we will promptly issue a refund to you. Please email [email protected] with your order number. We hope to earn your trust again in the future.

[cartman]

Apple just put a big dent in the Coin business model.

[Pyser]

bye coin.

i do enjoy being right from time to time.

[Flasch186]

coIn

[digamma]

Has anyone gotten a Beta Coin yet?

[DanGarion]

I asked for my refund about 2 weeks before they supposedly started "shipping".

[DanGarion]

Oh look there is another one out there now...

Swyp (http://www.swypcard.com/)

[Logan]

Oh look there is another one out there now...

Swyp (http://www.swypcard.com/)

And now there's Plastc (https://www.plastc.com/card).

$155 - it's interesting how these have been getting more expensive over time.