Coin, no not BTC

[Jimmy Clayton]

Reading about this "Coin" on another forum, and a poster brought up a good point.

What are the merchants going to say when you start swiping this "unidentifiable" card through their machines? Is Visa/MC/Amex going to say "this is cool" for their merchants to accept?

"Per AMEX merchant agreement

Merchants must conduct In-Person Charges and follow Card acceptance procedures
according to the type of In-Person Charge and Card presented. For example, Merchants
must:
-verify that the Card is not visibly altered or mutilated,
-verify that the customer is the Cardmember* (Cards are not transferable),
-capture Card Data,
-obtain an Authorization Approval,
-instruct the Cardmember to enter the PIN or obtain signature (when required)
and verify that the signature is identical to the name on the Card*,
-compare the signature on the Charge Record (when required) with the signature
on the Card,
-match the Card Number and Expiration Date on the Card to the same
information on the Charge Record,
-verify the Card’s Expiration Date, and
-validate the Card’s presence (key-entered Charges only)."

And I assume VISA and MC have similar agreements...

For reference...
http://usa.visa.com/download/merchants/card-acceptance-guidelines-for-visa-merchants.pdf
and
http://www.mastercard.com/us/merchant/pdf/BM-Entire_Manual_public.pdf

As of now, they realistically don't do that, but if a merchant accepts this "Coin" and Amex says, "You violated the agreement, so fuck you no more service..." then what? Are merchants going to allow you to use it?

It just seems that there are so many loose ends that aren't really explained.

But Bitcoin would solve all these problems...

 

[Firelead]

The troll value of this is hilarious. Anyone can click the button on the card afaict, so you could pull money from all the wrong shit if you're the one taking the payment.

Also, I wouldn't say having too many cards is a real PAIN POINT for people, so it remains to be seen if this actually catches on.

I imagine they will make it really easy to lock the card to 1 card with the app and solve it with software. That solves the problem of the shady waitress skimming all of your cards or charging the wrong card.

As far as it being a pain point, I agree - for most it isn't, but for me it is because I have a ton of cards that I use for PPC and business expenses. Any chance to slim down my gigantic sized wallet, and I'm on it. No fumbling around with a phone to pay like square or google wallet or whatever. I'm not worried about unauthorized charges at all because all of my credit card companies do a good job at finding fraudulent charges and removing my liability for them.

 

[guerilla]

I imagine they will make it really easy to lock the card to 1 card with the app and solve it with software. That solves the problem of the shady waitress skimming all of your cards or charging the wrong card.

When I watched the video, dude just kept pressing the button until he handed the card over for payment.

 

[bizzykehl]

When I watched the video, dude just kept pressing the button until he handed the card over for payment.

Yeah, they don't address this in their FAQ either. I also noticed that the button is in exactly the place you'd hit with your thumb while swiping the card. I'm sure they'll figure something out, like you press and hold the button for 3 seconds and it "locks" to one card for the next 5 minutes, or something.

 

[cheshire]

Also, I wouldn't say having too many cards is a real PAIN POINT for people, so it remains to be seen if this actually catches on.

Not sure about most people but this would totally rock for me. Between my personal cards (debit, credit) and my business cards (debit, credit) and all the retarded shopping rewards cards, CVS, Walgreens, Brookshires, Kroger, Sam's club, Costco card, etc ... my wallet looks like a big stack of pancakes. Thats not including the fat stack of cash you know I got in there too. Plus the case of rubbers because I'm such a player. You wanna talk pain? Try sitting on a 6" thick brick wallet while driving around. Spinal pain galore.

I call my wallet "the filing cabinet."

 

[Firelead]

Yeah, they don't address this in their FAQ either. I also noticed that the button is in exactly the place you'd hit with your thumb while swiping the card. I'm sure they'll figure something out, like you press and hold the button for 3 seconds and it "locks" to one card for the next 5 minutes, or something.

it's in their FAQ:
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.


But I also think they should be able to lock the card with the app somehow.

 

[Unarmed Gunman]

I invented a cool new way to minimize all of the cards in my wallet - I leave most of them at home. Where the fuck am I going that I need to have 8 fucking credit cards on me at all times?

 

[(O_o)]

So you swipe your cards with the reader and it records the Track 1&2 dump info into your app or on their servers?

that doesnt seem good at all.

 

[eVandals]

I have 1 card too, it's called my EBT.

 

[Ben89]

The troll value of this is hilarious. Anyone can click the button on the card afaict, so you could pull money from all the wrong shit if you're the one taking the payment.

Also, I wouldn't say having too many cards is a real PAIN POINT for people, so it remains to be seen if this actually catches on.

This may apply to a smaller minority, but credit cards can be seen as a form of status symbol. For instance, if you have a black card and you're paying 5 grand per year for it, I'm sure you'd rather bust that out instead of this when the check arrives.

 

[Firelead]

This may apply to a smaller minority, but credit cards can be seen as a form of status symbol. For instance, if you have a black card and you're paying 5 grand per year for it, I'm sure you'd rather bust that out instead of this when the check arrives.

The Black Card is so 2008.

[ame=http://www.youtube.com/watch?v=7zhqmBpKNtU]Harrison Gervitz Interview - YouTube[/ame]

I'd rather bust Coin out with my black card loaded on to it and then rap about it.

 

[guerilla]

The Black Card is so 2008.

Go to sleep

 

[Suddenly_Ass]

 

[CCarter]

 

[SLO Ur Roll]

stopgap technology, not interested.

The sheeple seem to be eating it up though so good for them.

 

[barman]

sauce?

 

[ShadowCaster]

Ah how I miss school.

 

[o hai guyz]

Interesting but seems useless. If you actually have so many credit cards that you find it necessary to buy this, you probably shouldn't be spending more money anyway.

 

[mattseh]

Protip: If you have a load of credit cards because of PPC or whatever, you can leave them in your desk drawer.

 

[contract]

What happens when kids take their parents CC and swipe it in like 2 seconds...

or.

A resturant waiter does this with like 100's of cards in 1 day....

Wondering if you can swipe a coin card with another coin card, basically multiply that.. So you have 1000's of CC on hand in hours.

Drama will ensue.