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Onlycoin.com (1 Viewer)

Quint

Footballguy
this looks interesting:

Onlycoin

after doing some digging in the FAQs, there's two immediate downsides IMO (aside from potential security issues) -

1. a little skeptical about an up-front payment for something that won't be released until Summer 2014

2. battery in this thing is supposed to last two years under "normal conditions." after that, it's another $100 for a replacement and having to re-load all the info for your card(s).

 
Saw it Monday on CNBC. One guy from the company was on there explaining and telling the suits about it. He didn't say anything about the $100 battery though. It is pretty cool and will likely catch on.

 

Abraham

Footballguy
It violates the Terms of service of every credit card issuer on earth. You see, the terms say that the merchant must be able to produce a physical imprint of the card for every transaction. Most merchants don't do so because they swipe the card themselves and get an electronic copy...hey, that's good enough. But the chance of fraud is REALLY high on this thing (never mind that some waitress might change your payment method accidentally on the way to the register). "I wasn't at Best Buy buying that television...please ask them to prove otherwise..." It's a cool idea, and it may have a little bit of a future, but I see this is as transitional technology between what we have now and what we have later (Q Codes on tickets for scanning and paying, NFC, etc.)

 
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Insoxicated
My only concern about this is, how do they stop you from scanning a buddys card and storing it, then using it?

From their FAQ:

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.
How do they prove that you own the card... does it have to be in your name? That term is very vague. As of now I see no reason why a waiter couldn't swipe/snap pics of a handful of cards every night and go have some fun with them. No?

 

Abraham

Footballguy
My only concern about this is, how do they stop you from scanning a buddys card and storing it, then using it?

From their FAQ:

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.
How do they prove that you own the card... does it have to be in your name? That term is very vague. As of now I see no reason why a waiter couldn't swipe/snap pics of a handful of cards every night and go have some fun with them. No?
That's your only concern?

 

Mr. Ected

Footballguy
The other thing that is strange is how they keep talking about how it can store all these tons of cards, but if you look at their FAQ:

Q. How many cards can a Coin hold?
A. The Coin mobile app can store an unlimited number of cards, however, a Coin can hold up to 8 cards at a time.
 

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Insoxicated
My only concern about this is, how do they stop you from scanning a buddys card and storing it, then using it?

From their FAQ:

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.
How do they prove that you own the card... does it have to be in your name? That term is very vague. As of now I see no reason why a waiter couldn't swipe/snap pics of a handful of cards every night and go have some fun with them. No?
That's your only concern?
Definitely not my only concern, but one I wanted to bring up here out of curiosity.

The other thing that is strange is how they keep talking about how it can store all these tons of cards, but if you look at their FAQ:

Q. How many cards can a Coin hold?

A. The Coin mobile app can store an unlimited number of cards, however, a Coin can hold up to 8 cards at a time.
My guess is there is an unlimited number of cards that the app can store, but only 8 can be synced to the card at once?

 

Mr. Ected

Footballguy
My only concern about this is, how do they stop you from scanning a buddys card and storing it, then using it?

From their FAQ:

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.
How do they prove that you own the card... does it have to be in your name? That term is very vague. As of now I see no reason why a waiter couldn't swipe/snap pics of a handful of cards every night and go have some fun with them. No?
That's your only concern?
Definitely not my only concern, but one I wanted to bring up here out of curiosity.

The other thing that is strange is how they keep talking about how it can store all these tons of cards, but if you look at their FAQ:

Q. How many cards can a Coin hold?

A. The Coin mobile app can store an unlimited number of cards, however, a Coin can hold up to 8 cards at a time.
My guess is there is an unlimited number of cards that the app can store, but only 8 can be synced to the card at once?
Yes, so I guess you can swap them back and forth as you need them.

 

Dexter

Footballguy
Dumb. I would rather use my phone with NFC & google wallet.
That's cool What about the other ~90% of merchants that don't accept NFC?
They need to get with the times. I'd like the Gov to get with it too. I would LOVE to ditch my wallet completely. I know apple is 1-2 years behind Android, so when they get it in a few years hopefully more and more merchants will get it.

 

FreeBaGeL

Footballguy
Dumb. I would rather use my phone with NFC & google wallet.
That's cool What about the other ~90% of merchants that don't accept NFC?
They need to get with the times. I'd like the Gov to get with it too. I would LOVE to ditch my wallet completely. I know apple is 1-2 years behind Android, so when they get it in a few years hopefully more and more merchants will get it.
That's what we were saying 1-2 years ago, though.

This thing comes out next year, and supposedly should work with ANY vendor. Color me interested. I might give this a shot while they have the 50% off.

Maybe I'm naive, but I don't see the security risks like this compared to just using a regular card that a restaurant server carries back into a dark corner and does with as they please. If anything, the way it automatically disables when it's out of bluetooth range from your phone seems to make it even safer than a regular card as someone can't use it if they steal it or if you lose it, people can't read the numbers off the physical card, etc.

I do wonder if there is a way to disable that though, if your phone battery dies.

 

Mr. Ected

Footballguy
Aren't there already apps that do this?
I use KeyRing for Android to keep store loyalty/rewards cards. It generates the bar-code on my reward card and the cashier can just scan that and get my discounts.
I use keyring too and love it. Although it makes me, like I said above, want to ditch my wallet even more
There are a couple apps on iOS that do that too. Passport, and Lemon Wallet are two that come to mind. Lemon Wallet allows you to take pictures of the card. I have used it to store my drivers license, since my kids school now requires ID for parents to get in and I can use this in case I walk out of the house w/o my wallet. Passport is more of a centralization of apps and cards on your iPhone.

 

GroveDiesel

Footballguy
It violates the Terms of service of every credit card issuer on earth. You see, the terms say that the merchant must be able to produce a physical imprint of the card for every transaction. Most merchants don't do so because they swipe the card themselves and get an electronic copy...hey, that's good enough. But the chance of fraud is REALLY high on this thing (never mind that some waitress might change your payment method accidentally on the way to the register). "I wasn't at Best Buy buying that television...please ask them to prove otherwise..." It's a cool idea, and it may have a little bit of a future, but I see this is as transitional technology between what we have now and what we have later (Q Codes on tickets for scanning and paying, NFC, etc.)
I have 2 cards that are completely flat. How in the world would any vendor possibly take an imprint?

 

dickey moe

Fingerpicker
So they convince people to shell out $55 for a card to replace the maybe.... three or four cards they have in their wallet? Gawd, people are stupid.

 

FreeBaGeL

Footballguy
Just got the latest update email. Kind of sucks, for the kickstarter they promised shipping to backers in summer of 2014. All of their recent updates have said the same. Now today's email says that they're shipping a limited amount to a few backers in fall 2014, and the rest will get it in spring 2015. The instructions to get into the 2014 group are convoluted and look like it will screw over android owners. The first 10,000 to opt in get it in fall 2014 and you have to opt in via the mobile app, which comes out a month later on android than on ios.

Equally annoying is that they never mentioned the words "delay" or apologized or anything in the email. They just went along like this was the plan all along even though they've been promising summer 2014 in exchange for people handing over their money early.

Not a good start.

 

johnnycakes

Footballguy
Good example of something I let others try first so they can come back later and tell me what a moron I am for not having kept up.

 

Mario Kart

Footballguy
I just need an app that stores condoms and I'm all set.
What about an app that will let a woman know if she has been impregnated? Those pregnancy tests at Walgreen's will be out of business in less than nine months. Do you think women would mind peeing on their phones for the new app test?

 

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