innovation!
http://bits.blogs.nytimes.com/2013/12/10/be-careful-with-coin/?_r=0
Cliffs:
- coin is taking people's money when they haven't even produced one unit yet
- using coin may violate your CC's ToS and render the machine worthless
- coin takes no responsibility for anything that goes wrong with your 'card'
Oh and
http://bits.blogs.nytimes.com/2013/12/10/be-careful-with-coin/?_r=0
Coin is not handing the cards out for review because they are not in production yet. It promises to have them ready by this summer. The company is raising money to build them by asking people to pay in advance. (All the ads you see online, and there are loads of them, are paid for with investors’ money, not those orders, the company says.)
It is being sold for $105, though if you order before the end of this week it is $55. (The company hinted that it might extend the discount longer.)
But here are two things to think about. First, the device, by the company’s own admission deep on its website, will last only two years. The battery cannot be recharged, so if you find the device useful, you’ll need to shell out another $100 to keep using it. So think of it as a $50-a-year subscription, if that helps it go down easier.
Consider this as well: When you buy it, you are agreeing to terms of service that give you no protection. Should something go wrong — name your worst fear: the device broadcasts your credit card numbers, it is hacked, the site containing your encrypted numbers is hacked, the numbers are improperly encrypted, merchants refuse it — it’s not Coin’s problem. The company says it is confident it will work as promised. “We stand by our product,” a spokeswoman emailed.
Cliffs:
- coin is taking people's money when they haven't even produced one unit yet
- using coin may violate your CC's ToS and render the machine worthless
- coin takes no responsibility for anything that goes wrong with your 'card'
Oh and
The company also says that if the service doesn’t work as promised, well, also your problem.