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Old 02-16-2014, 02:15 PM   #51
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I would definitely not trust my CC numbers to some app...
no bank app on your phone?
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Old 02-16-2014, 02:25 PM   #52
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no bank app on your phone?
Bank app is bank app - they already have all your data and numbers even if you do not use their app.
This is 3d party app to which people would give their CC details, scans and everything.
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Old 02-16-2014, 02:27 PM   #53
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i dont want to be a party pooper, but swiping credit cards wont work in most other countries, you need a chip. because swiping is not secure

also i wonder how trustworthy is a company (and the NSA) that has access to all your credit card information including a picture with your signature. good luck with that.

(because they of course NEVER would access or transmit the information)
of course not
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Old 02-16-2014, 02:29 PM   #54
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Bank app is bank app - they already have all your data and numbers even if you do not use their app.
This is 3d party app to which people would give their CC details, scans and everything.
I don't have a bank app on my phone $.02
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Old 02-16-2014, 02:34 PM   #55
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I don't have a bank app on my phone $.02
Me neither.
I think it was not the point, point was that it is completely different thing and bank app example was irrelevant.
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Old 02-16-2014, 03:30 PM   #56
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Pretty cool idea.

He didn't explain if your card selection is locked to prevent cashiers, waiters etc from altering your selection for lulz after you've handed Coin to them. Kids being easily bored and all.
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Old 02-16-2014, 03:48 PM   #57
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Me neither.
I think it was not the point, point was that it is completely different thing and bank app example was irrelevant.
uh, okay...
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Old 02-16-2014, 03:49 PM   #58
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Pretty cool idea.

He didn't explain if your card selection is locked to prevent cashiers, waiters etc from altering your selection for lulz after you've handed Coin to them. Kids being easily bored and all.
good one...
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Old 02-16-2014, 04:07 PM   #59
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to me this sounds like the greatest plan ever to grab millions of credit cards and the people will even pay for it
they simply don't get it, don't they..... ;-)
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Old 02-16-2014, 04:10 PM   #60
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I don't trust any new technology when it first comes out the door, I will wait until the first big security breach happens and they tighten things up before considering buying this. At my old job we had a policy on new versions of Windows of always waiting until Service Pack 2 before deploying.
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Old 02-16-2014, 04:32 PM   #61
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its stupid because of 2 reasons:

1) a mini card swipe-er for the masses is an ultra stupid idea and this alone will result in tons and tons of cc theft...


2) lacks all the security features for ATMs and can not replicate a chip card (impossible) so its pretty useless..try putting a coin card in an atm it will spit it right out...that and the obvious trust issues, most stores are educated in spotting fake cc, this coin stuff looks exactly like the kind of stuff I would reject if somebody showed up with it...
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Old 02-16-2014, 04:41 PM   #62
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It sounds terribly convenient. It also sounds like a security nightmare.
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"Worst. Idea. Ever," Sophos security advisor Chester Wisniewski told Tom's Guide via email. "Convenient? Sure. Safe? Probably not."

The Coin website has a long FAQ, but its dedicated security section is vague on details. The FAQ states that "our servers, mobile apps and the Coin itself use 128-bit or 256-bit encryption," yet doesn't specify what the encryption algorithms are, or how they might be applied. (Requests for comment from Coin were not returned.)

Here are 10 reasons why you might want to put off getting that Coin card.

? Card issuers may not take kindly to customers skimming their own card data onto third-party devices.

The Coin card reader and its card-duplicating system are essentially "cloning" credit cards and may violate industry standards, and possibly laws against forgery. The only caveat is that the user is duplicating his own cards instead of someone else's.

The Coin card is "almost guaranteed to be a breach of your cardholder agreement with your card issuer," Wisniewski said.

We've reached out to American Express, MasterCard, Visa and X9, the technical standards body for the financial industry, about whether Coin card will comply with their standards. American Express did not want to comment on another company's product; the others have not responded.

? Stores and other points of sale might not accept the Coin card ? and there will be a downside if they do.

The jet-black, featureless Coin card, which has no hologram, logo, signature or other visible verification, "trains people to ignore cards that 'don't look right,' making it far simpler for other thieves to pass off Marriott hotel cards as valid credit cards," Wisniewski said.

? Coin card users may only be able to use the devices for a short time.

Coin cards, promised for mid-2014, probably won't be compatible with the new EMV "chip-and-PIN" credit, debit and ATM cards that U.S. customers will soon be using.

EMV (Eurocard, Mastercard and Visa) cards, already commonplace in Europe, contain a hard-wired security microchip that users insert into a special reader before typing in their personal identification numbers (PINs).

"Because of EMV," Wisniewski said, Coin card "will only work, at best, until October 2015, when Mastercard, Visa, American Express and Discover all implement a liability shift to merchants who are not using chip-and-PIN technology."

To force consumers and retailers into using and accepting EMV cards, the major payment processors are shifting certain types of fraud liability from card issuers to retailers on Oct. 1, 2015. Card issuers will no longer accept chargebacks from retailers defrauded by fake or stolen old-style magnetic-stripe cards, giving retailers plenty of incentive to install EMV terminals before that date.

Coin's website states that "future generations of the device will include EMV," but that goal may be difficult to achieve.

"That's not possible," said Robert Graham, chief executive officer of Errata Security in Atlanta. "By definition, [EMV] chips cannot be cloned. That's the entire reason for chips rather than magstripes."

? Card thieves would love to steal data from the Coin card.

Credit cards can be "skimmed" by crooked restaurant workers, bartenders, cashiers or hotel clerks ? even fast-food restaurant employees ? who sell the stolen magnetic-stripe data to card cloners. If you hand your Coin card to one of these crooks, they'll be able to steal the data from ALL your cards, not just one. (The Coin FAQ says you can't lock your Coin card, "but you don't have to.")

? Conversely, the Coin app card reader could let anyone become a card thief.

"It's a commercial skimmer!" Wisniewski said. "Install the app, swipe someone else's card through your phone, perhaps from the next table at the bar, and voilà!"

(The Coin FAQ says it's not possible for people to import data from cards they don't own, but the FAQ doesn't explain why not.)

? If you pair it with your smartphone, it'll be useless if you lose your phone, or if your phone's battery dies.

Imagine you go out for drinks after work. One bar leads to another, and before you know it, it's 3 a.m., you're out of cash and you're looking for a cab home.

You try to hit an ATM, but your smartphone's out of juice and, without a constant Bluetooth proximity connection, the Coin card has turned itself off. Without access to the worldwide electronic financial system, you're walking home.

? If you break the Coin card, lose it or leave it behind, you're stuck with the cash you happen to have on hand.

"It's a central point of failure in your wallet," said Steve Santorelli, director of global outreach with security firm Team Cymru in Lake Mary, Fla. "At least with the conventional batch of credit cards we all seem to lug around, if one stripe goes bad, you can default to manual entry, or use another one."

"I don't like the idea of all my eggs in one basket," said Sean Sullivan of Finnish security company F-Secure. "I frequently step out with just a debit card (with limited funds in its account) and my ID. Having all my bank cards in one is not actually desired from an 'opsec' [operational security] view, in my mind."

? Bluetooth Low Energy (BLE) security is unproven.

The BLE standard has barely begun to enter the market, and it's possible that it could be susceptible to old-style "sniffing" or "man-in-the-middle" attacks that worked against older Bluetooth protocols.

"While the BLE specification does include encryption, few, if any devices have implemented it yet," Mike Davis of Seattle security firm IOActive told the tech blog The Register. "Additionally, BLE has known issues when it comes to secure pairing."

? Hackers might be able to access credit-card data by hacking your smartphone.

"Consider the amount of overt malware out there for Android, and the occasional apps that are not quite what they seem in iOS," Santorelli said. "You are basically putting all your credit-card data in one place on a device that might not be secure itself. The potential for malware to sniff and ship the relevant files off your device is significant."

? Hackers might be able to steal your credit-card info by breaking into Coin's servers.

The Coin FAQ says that each Coin card will be "associated with your account and not that specific phone/device," and that the company is "in the process" of being certified for "PCI DSS standards for storing and transmitting card data."

That's a pretty strong hint that credit-card data will be stored on the Coin company's servers. But the Coin FAQ doesn't say how that data will be stored.

"Don't worry!" Wisniewski sarcastically said. "All of your card data is stored on Coin's servers."

It's not a good idea to let ANY online company, from Amazon.com down to Pa Kettle's Hi-Fi Repair, store your credit-card data. The consequences of a data breach, all too common these days, are just too high.

Last edited by dyna mo; 02-16-2014 at 04:42 PM..
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Old 02-16-2014, 05:08 PM   #63
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looks like my neighbour...



(and i have nothing to add to the article you quoted)
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Old 02-16-2014, 05:18 PM   #64
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It sounds terribly convenient. It also sounds like a security nightmare.


I use an account just for online that only keep a few hundred in and monitor....
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Old 02-16-2014, 05:42 PM   #65
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If you like the idea, buy it.

If you don't like the idea, don't buy it.

/End thread.
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Old 02-16-2014, 05:56 PM   #66
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If you like the idea, buy it.

If you don't like the idea, don't buy it.

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Old 02-16-2014, 06:21 PM   #67
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on second thought, its an ultra stupid idea..."please skim all my cards heres a collection with a convenient button so you can get them all and not just one"...
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Old 02-17-2014, 12:54 AM   #68
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make a chip&pin version of coin and it will sell
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Old 02-17-2014, 05:13 AM   #69
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That's something awesome!
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Old 02-17-2014, 05:29 AM   #70
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make a chip&pin version of coin and it will sell
chip cards are not copy-able like swipe cards...it is next to impossible to copy a chip, the chip is only the token it is not the full key...
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Old 02-17-2014, 05:41 AM   #71
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People will carry around a huge cellphone, yet a few credit cards is a problem that needs solving.
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Old 02-17-2014, 05:44 AM   #72
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People will carry around a huge cellphone, yet a few credit cards is a problem that needs solving.
you're going to need to accept that some people run multiple, successful business, and the convince offered by this device is worth $100
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Old 02-17-2014, 07:48 AM   #73
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cool but major flaw is that the pros don't outweigh the cons - I predict it will fail...no one wants to place that kind of trust in an app to save a teeny tiny bit of space

And who ever thought "Coin" was a cool name for this should be drawn and quartered
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Old 02-17-2014, 07:50 AM   #74
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i would do anything to get rid of the million cards i have in my wallet. shut up and take my money!
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Old 02-17-2014, 08:29 AM   #75
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I remember people on here having their epassporte cards refused by merchants because they didnt have raised letters on them so they thought they were bogus. I can just imagine the looks this thing will get. Isn't the us going to chip cards yet? I dont think I have any swipe cards left except for my gas card.
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Old 02-17-2014, 10:26 AM   #76
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Old 02-17-2014, 10:41 AM   #77
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Sounds awesome but probably need more security development, fingerprint or something like that.
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Old 02-17-2014, 11:09 AM   #78
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i dont want to be a party pooper, but swiping credit cards wont work in most other countries, you need a chip. because swiping is not secure

also i wonder how trustworthy is a company (and the NSA) that has access to all your credit card information including a picture with your signature. good luck with that.

(because they of course NEVER would access or transmit the information)
Thieves have now figured out how to clone chip cards also, which potentially could stall a planned USA conversion in the next couple of years. http://www.washingtonpost.com/busine...0da_story.html

Obviously if cc companies go forward with the conversion at the end of next year, it would essentially make this coin card obsolete.
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Old 02-17-2014, 11:33 AM   #79
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Old 02-17-2014, 11:50 AM   #80
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Thieves have now figured out how to clone chip cards also, which potentially could stall a planned USA conversion in the next couple of years. http://www.washingtonpost.com/busine...0da_story.html

Obviously if cc companies go forward with the conversion at the end of next year, it would essentially make this coin card obsolete.
what one man can do, another man can undo
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Old 02-18-2014, 08:55 AM   #81
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This is definitely not going to work in the EU. All cards are chip and pin.
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Old 02-18-2014, 09:06 AM   #82
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Damn, this thread gave me a headache. I use cash and an AMEX.. I don't even have a debit card or chips or apps or nothing.
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Old 02-18-2014, 09:13 AM   #83
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Great app but I suspect there will be a problem in stores when they need the cvv2, I doubt any credit card companies would give you 0 liability if you start cloning your own cards.
Security issues could be solved by adding a finger print lock function or create some RFC chip lock system so if the RFC chip hdd out if reach it shuts down... it would probably work better and cheaper than the Bluetooth
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Old 02-18-2014, 09:16 AM   #84
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Damn, this thread gave me a headache. I use cash and an AMEX.. I don't even have a debit card or chips or apps or nothing.
This would copy your amex, debit card and everything else you swipe... including hotel key cards etc
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Old 02-18-2014, 09:59 AM   #85
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Looks interesting, but -

Here in Canada, swiping is all but gone, and replaced with chip cards. Maybe coin though, will have some kind of chip too?

Don't android phones have some kind of chip / payment thingie that lets you do almost the same thing? I know its not really possible yet but I can see all of my payment options being on my mobile phone in 2-3 years, making credit cards and debit cards obsolete.

I listened to a NPR spread about a week ago and CC companies are working on getting the new chip-and-PIN technology implemented all across... replacing the current visa, MC, Amex swipe cards.

Should be here in about 2 years (it's gonna take some time to replace millions of merchant CC devices) would have been here by now if it wasn't for the badass consumer protection we have...

But back to the OP, it's a fantastic idea, but what are they going to do in 2/3 years when every card had the chip-and-PIN technology ?
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Old 02-18-2014, 10:02 AM   #86
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NO BANKING with mobile devices.....my opinion.
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Old 02-18-2014, 10:08 AM   #87
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looks like veri nice idea but i will stick to cash. I dont use cards except my internet card for online payments.
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Old 02-18-2014, 10:17 AM   #88
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very nice!
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Old 02-18-2014, 10:19 AM   #89
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Thieves have now figured out how to clone chip cards also, which potentially could stall a planned USA conversion in the next couple of years. http://www.washingtonpost.com/busine...0da_story.html

Obviously if cc companies go forward with the conversion at the end of next year, it would essentially make this coin card obsolete.
the chip is impossible to copy...the card was force swiped...we get this at my dads bank all the time...they did not copy the chip they swiped the chip card instead of inserting it for chip transactions...there are security measures in place for chip cards but some merchants will force swipe when the chip "does not work"...force swiping is a thing of the past because 100% of the time the merchant will be held accountable and not be payed out or get his card reader revoked by the issuing bank and /or sued...

the biggest mystery in banking, IMO, is why swipe cards are still being used...I used to think it was related to merchants still having outdated POS terminals that accept only swipe and not chip, but I was wrong, in my 3rd world country 95% of POS accepts chip...
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Old 02-18-2014, 12:19 PM   #90
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looks like veri nice idea but i will stick to cash. I dont use cards except my internet card for online payments.
I never use cash as my account gets all bent.. I get paid via wire and pay EVERYTHING with a wire or card or bank check
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Old 02-18-2014, 12:21 PM   #91
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the chip is impossible to copy...the card was force swiped...we get this at my dads bank all the time...they did not copy the chip they swiped the chip card instead of inserting it for chip transactions...there are security measures in place for chip cards but some merchants will force swipe when the chip "does not work"...force swiping is a thing of the past because 100% of the time the merchant will be held accountable and not be payed out or get his card reader revoked by the issuing bank and /or sued...

the biggest mystery in banking, IMO, is why swipe cards are still being used...I used to think it was related to merchants still having outdated POS terminals that accept only swipe and not chip, but I was wrong, in my 3rd world country 95% of POS accepts chip...
3rd world countries have a newer system than many old world countries... your country has nothing to replace
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Old 02-18-2014, 12:25 PM   #92
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This would copy your amex, debit card and everything else you swipe... including hotel key cards etc
I think I will pass..nothing wrong with cash.
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Old 02-18-2014, 12:26 PM   #93
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I think I will pass..nothing wrong with cash.
like I said.... the accountant does NOT like cash payments.
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Old 02-18-2014, 12:32 PM   #94
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like I said.... the accountant does NOT like cash payments.
Minte's accountant is cooler than your accountant. He lets him use cash.
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Old 02-18-2014, 12:33 PM   #95
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like I said.... the accountant does NOT like cash payments.
Accountants. Same fuck turds as lawyers.
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Old 02-18-2014, 12:52 PM   #96
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like I said.... the accountant does NOT like cash payments.


We use a rather large firm for our accounting and they've never said a thing about me using cash for stuff. I bet if I took an envelope of c'notes in to pay them for their services they would be fine with it.
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Old 02-18-2014, 01:02 PM   #97
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you way want to reconsider. i ordered 4 of them prepaid and canceled them for a refund. you can't buy them for others, your name must be imprinted on the card. the battery is rumored to not be great, so in 4 months when it dies, you cannot replace it. and, to top that off, card swiping is on its way out at some point. just some input, you're still of course entitled to do whatever you want. i was really jazzed on them in the beginning.
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Old 02-18-2014, 02:16 PM   #98
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3rd world countries have a newer system than many old world countries... your country has nothing to replace
we had credit cards 30 years ago...granted the new banks in the region moved in with new tech and POS it might be up to that as well...chip + pin is the end of "carding" the success rate for carders is so low that it is not a viable business any more...
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Old 02-18-2014, 02:51 PM   #99
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I don't know why anyone would pre-order one of these. The release date of the product is vague (and I bet will get pushed back), the tech they are using is unproven, who knows if they can even make this thing work.

I understand wanting one when it actually exists. But giving $100 to a company for a product that doesn't even exist yet seems like a very optimistic approach to life.
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Old 02-18-2014, 03:48 PM   #100
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I understand wanting one when it actually exists. But giving $100 to a company for a product that doesn't even exist yet seems like a very optimistic approach to life.
It's $50. And yes, I do have a very optimistic life. Why don't you?
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