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I never really understood Coin. It is basically all the negatives of having one electronic payment method (If you lose it, you have no money unless you have ca
by madelinecameron 10y ago
I never really understood Coin.
It is basically all the negatives of having one electronic payment method (If you lose it, you have no money unless you have cash on hand or can somehow get money out of the bank... if your bank even has a physical branch nearby) with all the negatives of having multiple credit cards (It is a lot more attractive to thieves / skimmers)
With a whole bunch of new negatives like, if you lose your Coin, that means someone has access to all your cards and even if you don't lose it, you are essentially handing people your entire wallet when you use it. Skimmers probably love this thing. Oh, and not to mention: You can't use it online. So all those pesky credit cards; yeah, make sure to keep those around because you still need them.
It just didn't make any sense to me. Pay $100 for no real upsides and a lot of really terrifying downsides.
- smellf 10y agoIt's moot because the product is now dead, but if I understood Coin correctly, all of your criticisms are invalid. > If you lose it, you have no money unless you have cash on hand or can somehow get money out of the bank You keep the actual cards at home. So if you lose your Coin, you just go back to your separate cards. > It is a lot more attractive to thieves / skimmers The Coin was secured through your phone's passcode/biometrics/pattern, so yeah if they broke that you'd be boned. The same as with GWallet/iPay. A sophisticated mugger could do it I guess. > if you lose your Coin, that means someone has access to all your cards Not without the phone. > you are essentially handing people your entire wallet No, before you hand it to a waiter or whatever you lock it into the card you want to use.
- koolba 10y ago>> It is a lot more attractive to thieves / skimmers >>The Coin was secured through your phone's passcode/biometrics/pattern, so yeah if they broke that you'd be boned. The same as with GWallet/iPay. A sophisticated mugger could do it I guess. Mugger A: "Give me the wallet!" (Hands over wallet) Mugger A: "Now unlock your phone and give it to me!" (Unlocks phone and hands it over) Mugger B: "Better chop off his thumb too ... might need it to unlock some apps!" (Gulps)
- rpgmaker 10y agoRelevant: https://xkcd.com/538/ https://xkcd.com/538/
- baddox 10y agoThe mugger would also get all of your separate credit cards. Coin doesn't have any disadvantages here.
- TeMPOraL 10y agoHoly shit, you've just convinced me to reconsider having fingerprint unlocking active on my phone...
- DonHopkins 10y agoThat's why I use my toe.
- TeMPOraL 10y agoI'd consider that, but I doubt my cow-orkers would appreciate me taking off my shoes.
- joshbaptiste 10y agoThat's why I use my toe. While I usually try to stay serious while reading HN, That statement really made me lol. I'm rooting more for Samsung's magnetic secure transmission (MST) to be more mainstream then these card replacements.
- thomasfoster96 10y agoSame. Also, my iPhone 5s seems to read my toeprint better than my fingerprint.
- TeMPOraL 10y agoYou guys are joking, right? Right?