Coin

sdilley14 · Nov 18, 2013

https://onlycoin.com/

Has anyone else seen this? It's gotten a bit of traction on my Facebook feed the last couple days. I have a few friends that are placing orders for one. Sounds like a cool idea, looks like a cool product. I'm actually a bit surprised something like this hasn't already come out. Though I wish NFC had picked up more than it has and I would prefer to have all of my "cards" embedded in an NFC chip in my phone (select "card", swipe, pay, go), this seems like an interesting alternative to cut down on the number of cards I have to carry in my wallet.

Thoughts? I'm tempted to pick one up.

Edit: Sorry, I didn't realize the initial link I posted was a referral link, I just grabbed the link that my friend had posted on FB. Sorry.

Shrink · Nov 18, 2013

I'm not generally tempted by stuff like this...but this one interests me.

It seems to have security issues fairly well covered (it is disabled in a few minutes if left behind), and will hold 8 cards.

Here is an article about it.

I, too, would be interested in comments by those with more technical expertise than I...which means just about anybody!

Here are 2 more articles, this one with some question, and this one with possible problems discussed.

roadbloc · Nov 18, 2013

If it works in the UK, this might be an interesting buy. It seems like a better solution than NFC.

Nermal · Nov 18, 2013

Are there still that many magnetic cards around in the US? They're almost dead here so Coin would be near useless in NZ what about other countries?

Kissaragi · Nov 18, 2013

Anything that slims my wallet is very welcome!

ucfgrad93 · Nov 18, 2013

It looks interesting. But since I keep my wallet in a back pocket, I wonder how it will hold up with me sitting on it.

TheAppleFairy · Nov 18, 2013

I pre-ordered it last week. This weekend I found out that it is good for 2 years. I think it's because the battery last 2 years. Hope they can make it rechargeable somehow.

Portaluk · Nov 18, 2013

roadbloc said:
If it works in the UK, this might be an interesting buy. It seems like a better solution than NFC.

Looks unlikely as we use chip and pin this looks like it copies the information stored on the magnetic strip. Good idea though.

sdilley14 · Nov 18, 2013

Nermal said:
Are there still that many magnetic cards around in the US? They're almost dead here so Coin would be near useless in NZ what about other countries?

Magnetic cards are still very much alive and well in the US. I would say 95% of my "offline" transactions are done using some type of debit/credit card.

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TheAppleFairy said:
I pre-ordered it last week. This weekend I found out that it is good for 2 years. I think it's because the battery last 2 years. Hope they can make it rechargeable somehow.

I was wondering about the battery life and if it was rechargeable or what. Thanks for the info. I would imagine they will eventually come out with some type of "mat" you could set the card on and recharge it (not sure how you could go about "plugging in" something like this to give it a charge).

Squilly · Nov 18, 2013

About to preorder. Amazing idea. Just wish it could store more cards and was available sooner.

Shrink · Nov 18, 2013

TheAppleFairy said:
I pre-ordered it last week. This weekend I found out that it is good for 2 years. I think it's because the battery last 2 years. Hope they can make it rechargeable somehow.

From the website FAQ...

Q. How long does a Coin last? Do I recharge it? What happens when my Coins 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.

(Emphasis added)

Squilly · Nov 18, 2013

Shrink said:
From the website FAQ...

I wonder if they're using graphene batteries. It's pretty hard to get a normal battery that small to last two years, regardless of the battery-saving technology behind it.

roadbloc · Nov 18, 2013

Squilly said:
I wonder if they're using graphene batteries. It's pretty hard to get a normal battery that small to last two years, regardless of the battery-saving technology behind it.

My watch battery has been going strong for five years now.

Portaluk said:
Looks unlikely as we use chip and pin this looks like it copies the information stored on the magnetic strip. Good idea though.

A shame. I had no idea the US were still on magnetic strips.

Arran · Nov 18, 2013

I watched the video. Clever tech, but I'm not sure I'd let the waiter take it out of my sight. That's all my cards right there.

For that matter, even if I don't have a "coin", I'll never let any waiter take any plastic card out of my sight: Copying credit cards just became instant and easy. Anyone who has access to your card for a few seconds can now make a fully working copy.

rdowns · Nov 18, 2013

What the hell are you all carrying in your wallets? I carry a debit card, a credit card, a driver's license and health insurance card. What else does one need?

heehee · Nov 18, 2013

This will work well for my wife, she seems to have 25 credit / debit / points cards. That will work out to $1/card/year.

I have 2 credit cards and 2 bank cards. Pass for me.

Edit: Oh wait, it can only store upto 8 cards. What's with all the hype?

Arran · Nov 18, 2013

rdowns said:
What the hell are you all carrying in your wallets? I carry a debit card, a credit card, a driver's license and health insurance card. What else does one need?

You have a point.

I'd add the following to your list:

Corporate card (mag stripe)
Costco card (mag stripe, but physical card needed for entry to the store)
Library card (barcode)
Cash

What does everyone else carry?

sdilley14 · Nov 18, 2013

I carry cash, a few "punch cards" from different restaurants/stores, driver's license, 1 debit card, 4? credit cards, and 3-4 gift cards/rewards cards. My wallet isn't excatly bulging from all the cards I carry, but I think this would be a neat, convenient "luxury" item. Do I *need* it? No. But it sure looks cool and I think it'd be a handy little item to have.

mobilehaathi · Nov 18, 2013

rdowns said:
What the hell are you all carrying in your wallets? I carry a debit card, a credit card, a driver's license and health insurance card. What else does one need?

Well I don't know about need, but, umm, 2 CC, 1 Debit, DL, work ID, public transit pass, museum membership card, 3 rewards cards, frequent flyer card, health+dental+vision insurance (thin paper things). Perhaps ironically, I rarely carry cash...

Hmmm, that seems like an awful lot now that I write it out.

rdowns · Nov 18, 2013

mobilehaathi said:
Well I don't know about need, but, umm, 2 CC, 1 Debit, DL, work ID, public transit pass, museum membership card, 3 rewards cards, frequent flyer card, health+dental+vision insurance (thin paper things). Perhaps ironically, I rarely carry cash...

Hmmm, that seems like an awful lot now that I write it out.

All my loyalty and airline cards are stored in an app on my phone.

Nermal · Nov 18, 2013

rdowns said:
What the hell are you all carrying in your wallets? I carry a debit card, a credit card, a driver's license and health insurance card. What else does one need?

I have quite a few cards (bank, work security, driver licence, multiple loyalty cards)... but only one of them is magnetic. Technically my Visa card is magnetic too but if I swipe it on a terminal with a chip reader (which is pretty much all of them) then it tells me to use the chip instead.

mobilehaathi · Nov 18, 2013

rdowns said:
All my loyalty and airline cards are stored in an app on my phone.

Which app? Wouldn't mind experimenting a bit to slim down...

ucfgrad93 · Nov 18, 2013

Shrink said:
From the website FAQ...

Did you read the entire FAQ? If not, here are a couple of good ones...

Q. Which is better; Tiger or Monkey style kung fu?
A. Depends on the terrain.

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.

rdowns · Nov 18, 2013

mobilehaathi said:
Which app? Wouldn't mind experimenting a bit to slim down...

Key Ring

mobilehaathi · Nov 18, 2013

rdowns said:
Key Ring

Cheers, I'll check it out.

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