Coin actually increases the complexity of an already complex and archaic system.
The product manages to create more headaches for the consumer and the merchant by consolidating various credit cards in a digital device with a nice "cool" factor but lacking any real solution to the many problems associated with the complex back-ends in the payments space.
Conceptually, it's not a bad product, and it sucks that the founders are probably reading hundreds of people slamming their hard work. But it's reality.
The product manages to create more headaches for the consumer
That doesn't mean that cars were a bad idea, just that I have a crappy car.
Do you have any reason to believe that Coin will be any less reliable than a regular credit card?
Many merchants I swipe my own card and they never see it. A waitress may question it, but I have no reason to believe they won't accept it if it is validated by their card reader.
The website says the battery should last two years.
Given that, I'd very much hesitate to try to pay with something that clearly isn't the original card. (Of course, I won't be able to anyway, since I'm outside the US, and every single one of my cards these days are chip and pin cards)
It's only good if it works as well as credit cards work - 99.9% of places accept them.
When they don't take that, I use my Chase Visa card, which has a pretty small limit and pretty crappy rewards. I also have my first card, a Capital One Visa card, which I keep around because there's a cool picture on it.
I also have a business credit card for work, and another for my personal LLC.
And there's my debit card I use for ATMs.
Honest question. I also have 4 cards. They don't thicken my wallet, they weigh nothing, and.. I never had a problem pulling the one I want on first try.
I mean, even in terms of 'first world problems', turning my 4 cards into 1 would never even have occurred to me.
Replacing them with a card that will one day make me say "Sorry can't pay, looks like the battery in my CC went flat" seems outright ridiculous.
First world problems indeed! And people claim there isn't a tech bubble, if projects like this get funding...
Some people can't manage their spending with a credit card, some people can't believe that these companies are giving away all that free shit (even money in return) just by not paying cash. Depends on how they manage their finances.
$500/yr to not have to listen to anyone telling me how I can save a few more cents? Priceless - no wait, not even priceless, only $500/yr!
That is the currency, that you do pay for these "perks".