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Onlycoin... thoughts?
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Onlycoin... thoughts? - November 15, 2013, 07:09 AM

I think the idea is awesome! Google wallet failed to make their physical card so a startup in San Fran did it. I preordered.. we'll see how this thing works when they get to shipping next summer...

https://onlycoin.com/?referral=cKpzoKAO


GENERAL (15)
Q. What is a Coin?
A. Coin is a connected device that can hold and behave like the cards you already carry. Coin works with your debit cards, credit cards, gift cards, loyalty cards and membership cards. Instead of carrying several cards you carry one Coin. Multiple accounts and information all in one place.
Q. How do I get my cards onto a Coin?
A. Our mobile app will allow you to add, manage and sync the cards that you choose to store on your Coin. The process of adding card information to the mobile app is very simple and is done by taking a picture or two and swiping your Coin through a small device we provide you with.
Q. How much does a Coin cost?
A. Each Coin costs $100. For you early adopters there is a very limited quantity that can be purchased for $50.
Q. How do I get my Coin?
A. You can pre-order a Coin via our website.
Q. What card details does the Coin display?
A. The Coin's screen will display the last 4 digits of the card, the expiration date, and the CVV.
Q. Where can I use Coin?
A. You can use a Coin everywhere cards are accepted including dip-style card readers and ATMs. Use a Coin just like you use your cards now at gas stations, restaurants, the mall, the gym, or other places you frequent.
Q. Will my Coin work outside the U.S.?
A. Not in all cases.

U.S.-based customers: Coin will work overseas, but we recommend that you bring a backup card when you travel.

Customers located outside of the U.S.: Coin does not support EMV yet. If the country you live it requires it we recommend holding off your purchase for now.
Q. Why are you charging me immediately for my pre-order?
A. Creating and manufacturing new devices is expensive. As a young company, being able to use the revenue from your pre-order to pay for things as we build them helps us reduce risk and helps ensure that we deliver the best possible product and customer service to you.
Q. Why aren’t you collecting my shipping information when I order?
A. A lot can happen between now and Summer 2014. For example, you could move. To reduce confusion, we’ll get those details from you once we get a little closer to getting you your Coin.
Q. Does the price include sales tax?
A. The price includes sales tax for U.S. customers only.
Q. Does the price include VAT or other duties?
A. No. You are responsible for all other taxes or duties.
Q. Which is better; Tiger or Monkey style Kung Fu?
A. Depends on the terrain.
Q. How do I get help or support?
A. Please email us at help@onlycoin.com.
Q. Will Coin affect my card’s loyalty or rewards program?
A. No, you will accumulate points or rewards exactly the same way as with your plastic card.
Q. Are you hiring?
A. Please send your resume and a quick blurb on how you think you can make an impact at Coin to jobs@onlycoin.com.
FORM (2)
Q. Is a Coin really the same size as a typical credit card?
A. Yes, really. The dimensions of a Coin are roughly 80.5 mm x 54 mm x 0.84 mm or 3.125" x 2.125" x 0.033".
Q. Do Coins only come in Midnight?
A. Yes, but later down the road we will probably offer more colors.
FUNCTION (
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.
Q. What kinds of cards can I store in my Coin?
A. Debit cards, credit cards, gift cards, loyalty cards and membership cards.
Q. What mobile platforms will Coin support?
A. Coin mobile apps will be available for iOS and Android. We'll keep track of demand for Windows phone support and consider this for the future.
Q. Can I use my Coin for online payments?
A. Coin is designed to allow you to use your cards out in the world. When you are making a purchase online, the Coin mobile app can be used to reference your card details. The Coin itself, however, cannot be used directly for online payments.
Q. Can I use a Coin in an ATM?
A. Yes, a Coin can be used in an ATM.
Q. Can a Coin store my driver’s license or other forms of identification?
A. Bottom line is that you should not rely on your Coin as a form of ID the next time you’re in line at the airport or at the club. A Coin can store an ID with a magnetic stripe, however, this will likely not suffice for you to use it out in the world. Many forms of identification have additional security features to ensure they are not fakes.
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.
Q. Do I need my phone with me to use Coin? How close does my Coin need to be to my phone to use it?
A. No. Coin is a standalone device. There are, however, security features like notifying you that you forgot your Coin somewhere which you need to have your phone on you to take advantage of.
SECURITY (12)
Q. How secure is Coin?
A. Maintaining the integrity of your Coin’s data is critical to your peace of mind. That’s why our servers, mobile apps and the Coin itself use 128-bit or 256-bit encryption for all storage and communication (http and bluetooth). Additionally Coin can alert you in the event that you leave it somewhere.
Q. What if I lose my Coin or someone steals it?
A. In the event that your Coin loses contact with your phone for a period of time that you configure in the Coin mobile app, it will automatically deactivate itself.
Q. Is Coin password protected?
A. Your Coin account is password protected and the mobile app requires that you type in your password before you can access sensitive card details.
Q. Can I lock my Coin?
A. Currently you cannot lock your Coin, but you don’t have to. Coin will automatically deactivate if it loses contact with your phone for a period of time that you configure in the Coin mobile app.
Q. Does Coin support chip and pin (EMV)?
A. Coin is currently designed for the U.S. market and does not support chip and pin (EMV), however, future generations of the device will include EMV.
Q. What if my phone runs out of power or is in airplane mode? Will my Coin be useable?
A. Yes, but you may need to unlock it if the Coin becomes deactivated due to being out of contact with your phone for too long.
Q. What if I lose my phone?
A. When you pair your Coin with your phone, it is associated with your account and not that specific phone/device. If you lose your phone, it is possible to pair your Coin with your new phone after installing the Coin mobile app and signing in.
Q. Does Coin satisfy PCI DSS standards for storing and transmitting card data?
A. Coin is in the process of earning a PCI DSS certification.
Q. Does Coin have a PCI PA-DSS validation?
A. The PCI Security Standards Council PA-DSS program addresses payment applications used to accept and process payment for goods and services. A device such as a Coin is seen as similar to a payment card in a consumer’s wallet and the standard does not apply.
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.
Q. Can a Coin be used to skim cards?
A. No. You can only add cards that you own to your Coin.
Q. Can card data be skimmed from a Coin?
A. A Coin is less susceptible to some card skimming techniques that take a picture of the card as it is swiped since Coin does not display the full card details on the front or back of the device. A Coin is no less susceptible than your current cards to other forms of skimming that capture data encoded in the magnetic stripe as the card is swiped.
DURABILITY (
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.
Q. How do you figure that a Coin will last 2 years? What constitutes normal usage?
A. Here’s how we modeled typical usage. On a daily basis, we assume you’ll toggle which card you want to use and swipe your Coin 10-20 times a day. In addition, you may adjust which cards you want to store on your Coin a few times a week. Initially when you’re getting to know your Coin you will likely be syncing often. Over time we find that most people sync much less frequently once his or her cards are on a Coin. If you swipe and sync more frequently on a consistent basis, your Coin’s battery will drain more quickly.
Q. Won’t the Bluetooth connection between my Coin and my phone drain the Coin’s battery?
A. Bluetooth Low Energy (BLE) is designed to consume very little power and in addition to that we’ve carefully optimized communication between the Coin and Coin mobile app. Under normal usage, a Coin’s battery should last 2 years.
Q. Is Coin waterproof?
A. Coins are water resistant but not waterproof. If you spill your coffee or juice box on your Coin it's probably no big deal. If you put it through the washer or take it swimming your Coin will likely cease to function as designed.
Q. My soufflés keep collapsing! What can I do?
A. In order for the meringue to peak properly we suggest adding a little lemon juice to the béchamel. This strengthens the mixture and prevents tragedy.
Q. Can magnets break my Coin?
A. Normal magnetic exposure (wallets with money clips that use magnets) won’t harm your Coin. If your job or hobby puts you in close proximity to above average strength electro-magnets this will most likely render your Coin inoperable.
Q. What happens if I sit on my Coin?
A. Coins are built with some durability and flexibility so don’t worry too much. Your Coin however is an electronic device so if it is folded or bent at extreme angles it will most likely break.
Q. What happens when the stripe wears out?
A. If the stripe becomes unreadable you will need to replace your Coin. Since the electronics that generate the stripe data are below the card surface this should be much less of an issue than with a traditional card where the stripe actually comes in contact with the card reader.


ay ya yay

Last edited by onel0wcubn; November 15, 2013 at 08:40 AM..
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I'm a llama again!
 
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November 15, 2013, 07:42 AM

Only 55, shizzle I will give it a try.


Yeah I am old enough to know better. Thing is, I just don't care.
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November 15, 2013, 08:12 AM

Looks like a really cool concept. If probably keep at least one other card with me though in case someplace doesn't take it. Most credit cards technically are not valid unless they are signed. I didn't see anything in the FAQ about that.


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November 15, 2013, 08:14 AM

Thats pretty damn awesome. I would love to get rid of my george castanza wallet


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November 15, 2013, 08:22 AM

Lemon Wallet is sorta like that as you can keep all your cards stored in your phone....this takes it up a notch.

really cool.

I like the proximity alert too.

But what's to stop someone (a waiter, cashier, etc etc) from hitting your button (purpose or accident) when you want to charge something to a particular card and having it be charged to a different card?

Can it get wet?

Does extreme cold make it lag? Will heat ruin it? If stolen or an account is hacked - do you lose the entire Coin or just that account?

Will I have to carry my wallet in my front pocket to avoid the screen from breaking?


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Last edited by 4 Podium Glass; November 15, 2013 at 08:25 AM..
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November 15, 2013, 08:24 AM

Quote:
Originally Posted by djkouza View Post
Looks like a really cool concept. If probably keep at least one other card with me though in case someplace doesn't take it. Most credit cards technically are not valid unless they are signed. I didn't see anything in the FAQ about that.
agreed - would be pointless to use the Coin only to have to pull out your wallet to show ID.


Check out pics at http://www.facebook.com/4podiumglass

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Repairing fiberglass motorcycle track and race fairings. Painting available. Paypal accepted. Credit Cards accepted *small fee applies* Shipping via UPS Ground.
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November 15, 2013, 08:24 AM

Cool concept, but it looks like an account security nightmare in the making. Cash only for me anyway unless its off the internetz (which contradicts my first sentence completely).
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November 15, 2013, 08:41 AM

i posted up the FAQs..


ay ya yay
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November 15, 2013, 09:15 AM

LOL at the kungfu and answer.

Good stuff.

So I can toggle to my Giant card...then toggle to my bank card. Seems legit.

ERRRRRR screeching halt...battery life est at 2 years, no re-charge option = must replace. I'm sure in the next 2 years if this does well they will be upwards of $150+ for a new Coin.

and for that, I'm out.


Check out pics at http://www.facebook.com/4podiumglass

Interested in buying damaged or unwanted bodywork.

Repairing fiberglass motorcycle track and race fairings. Painting available. Paypal accepted. Credit Cards accepted *small fee applies* Shipping via UPS Ground.

Last edited by 4 Podium Glass; November 15, 2013 at 09:18 AM..
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November 15, 2013, 09:39 AM

Quote:
Originally Posted by 4 Podium Glass View Post
But what's to stop someone (a waiter, cashier, etc etc) from hitting your button (purpose or accident) when you want to charge something to a particular card and having it be charged to a different card?

Can it get wet?

Does extreme cold make it lag? Will heat ruin it? If stolen or an account is hacked - do you lose the entire Coin or just that account?

Will I have to carry my wallet in my front pocket to avoid the screen from breaking?
I'm also worried about #1... not that the person would gain anything but definitely could see some dumb ass kid changing your card just to be stupid. (you should check your receipt before signing anyway, but that will catch what card was being used, so not a total deal breaker here)

According to FAQ, water "resistant"
if it's stolen, you can have the coin automatically deactivate or something.

Sounds like you can have in the back pocket, as it has some flex to it.

As for the replacing every two years.... yeah good point, but then again if you like it, in two years they will likely be more flexible, hold more cards, be more secure etc.. I'm still leaning toward a definite maybe


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November 15, 2013, 09:46 AM

Oh cool, a single electronic means of controlling and monitoring all of my transactions, no matter which banks I use. And it's all traceable and transparent too!

"[The Beast] also forced all people, great and small, rich and poor, free and slave, to receive a mark on their right hands or on their foreheads, so that they could not buy or sell unless they had the mark, which is the name of the beast or the number of its name."
--Revelation 13:16-17


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November 15, 2013, 09:48 AM

Quote:
Originally Posted by OrangeShirtDude View Post
Oh cool, a single electronic means of controlling and monitoring all of my transactions, no matter which banks I use. And it's all traceable and transparent too!
hmmmm good point... VERY good point.. Wonder what data OnlyCoin actually can/does/could collect from the app....


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November 15, 2013, 09:57 AM

Quote:
Originally Posted by djkouza View Post
hmmmm good point... VERY good point.. Wonder what data OnlyCoin actually can/does/could collect from the app....
I actually doubt it'll be a problem in the beginning. Benign use of technology is not a problem. However, putting the technology in place and lulling the populace to convert to it voluntarily and peacefully is necessary for more nefarious uses in the future.


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November 15, 2013, 10:09 AM

The battery lasts 2 years if you use it like a million times a day..


ay ya yay
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November 15, 2013, 10:15 AM

10-20 times a day seems excessive. I might have some days where I do that, but an average day for me is probably less than five.
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