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Coin?

Discussion in 'Members' Lounge' started by chadcharb, Dec 15, 2013.

  1. chadcharb

    chadcharb Well-Known Member VIP

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    Looks cool but there a couple things that scare me about it.
    https://onlycoin.com/?referral=yz4YW5eZ

    If someone gets ahold of you're card it would take a matter of seconds for them to put it in there coin and use it today or 2 months from now
     
  2. phunky.buddha

    phunky.buddha Admin with a big stick Admin VIP

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    Interesting. I'd have to really look into their security setup.

    What do you get from your referral?
     
  3. chadcharb

    chadcharb Well-Known Member VIP

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    I took the link off a friends Facebook so whatever it is it would go to them i guess
     
  4. Jeef

    Jeef NO MA'AM Moderator VIP

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    I like the idea but I would be too worried about security. What if someone clicks to the wrong account on it without your knowledge? The biggest thing for me would be having everything on the one card in case of theft. I am sure we have all shopped somewhere that has had their info compromised, would they be able to get all the card number?
     
  5. civicious

    civicious FüK-VTEC VIP

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  6. |Chaz|

    |Chaz| Well-Known Member VIP

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    The referral earns the referrer $5 credit towards their coin. Not quite sure of the point of it. It only lasts 2 years. More or less just a novel idea I guess. Not worth $100 imo.
     
  7. invisibledemon

    invisibledemon Bored Moderator VIP

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    looks like they have that stuff mostly covered.
    the button to toggle cards is (according to the site) not that easy to accidentally push.
    once the card goes a certain distance from your phone (you set the distance) such as a restaurant, the toggle gets turned off completely and can only swipe the card that was selected.
    if its stolen, you will get a notification that the card has left the vicinity that you set, after a certain amount of time separated from your phone, which you set as well, the card disables itself so it cant be used.
    and anything as far as the merchant machine being compromised, the card reader at the store only gets the info of the card that you choose to use. if their machine or records get hacked, its the same as using that one credit card, only that info will be stolen, not all of the cards.

    i like it, and if they figure out a way to recharge it (not going to happen, bc there would be no resale of course) it would be pure gold.

    if i had an extra $50 right now, i would preorder.
     
  8. phunky.buddha

    phunky.buddha Admin with a big stick Admin VIP

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    I'm more worried about the security of them storing all your card data on their server than the physical security of the card.
     
  9. |Chaz|

    |Chaz| Well-Known Member VIP

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    From what I've read so far they barely even have a prototype... Seems like they're using all the money from prepurchases to advertise lol.
     
  10. DarkHand

    DarkHand Senior Member VIP

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    Security seems scary if all my cards are tied in to one, although this looks like a nice vehicle for Bitcoin payment. :ph34r:
     
  11. B16

    B16 Super Moderator VIP

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    As long as they're PCI compliant then you shouldn't be any more worried than shopping on Amazon.com.
     
  12. invisibledemon

    invisibledemon Bored Moderator VIP

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    no more worrisome than the tons of stores, airlines, online merchants that store all your info on servers that get hacked already

    they're security, by reading it, seems likes it about as secure as the actual card used.
     
  13. awptickes

    awptickes unimpressed by you VIP

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    Yeah, no way I'm going to hand some waiter my "coin" with five cards stored on it.

    I haven't looked into it more than to determine that I'd never use one, but I'm curious if it violates the "duplicate card" clause of many credit card agreements.
     
  14. phunky.buddha

    phunky.buddha Admin with a big stick Admin VIP

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    I don't know anything about PCI compliance, but I assumed it was something like a card security standard that was in place similar to other card storage vaults. I do use randomly generated short term card numbers on most of my online purchases- I wonder if Coin could support that.

    :D
     
  15. awptickes

    awptickes unimpressed by you VIP

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    Didn't paypal do that at one point in time?

    I wonder what happened to that service.
     
  16. Briansol

    Briansol Admins Admin VIP

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    pci requires (among other things) that cards not be stored in a web-accessible server and must be in a DMZ of sort along with not being stored in plain text (some salt +hash),

    its pretty safe.



    Either way, i'm not touching it.

    I'm using my cards less and less these days.

    cash is king.
     
  17. B16

    B16 Super Moderator VIP

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    Honestly I didn't even know this option existed until a few months ago when my boss showed me. What a great idea.
     
  18. phunky.buddha

    phunky.buddha Admin with a big stick Admin VIP

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    I've been using it ever since Bank of America acquired the capability from MBNA a good number of years ago- it's extremely useful for signing up for awesome deals that have auto-renewal clauses in them. 2 month expiration? Sure, I'll sign up for your garbage.

    :D
     
  19. DarkHand

    DarkHand Senior Member VIP

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    Know of any other banks that offer that? They should be pushing this feature in their advertising more.
     
  20. Briansol

    Briansol Admins Admin VIP

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