This article "is the step in the wrong direction".
I see nothing wrong with encapsulating/combining multiple mediums into one solution. One solution that extends the innate functionality of magnetic cards and provides additional functional layers. The author talks about Bitcoin as being one of the "other" directions in the horizon, I believe that Bitcoin or any other digital currency is on the same level as the magnetic cards. If Coin is able to tap into your Bitcoin wallet and execute transactions, that would help Bitcoin further infiltrate the market.
I also believe that Coin has the potential to provide an extra layer of security that magnetic cards don't.
1) Coin can implement a one click/touch procedure to disable a given card at any point in time and prevent its usage, which currently requires a call to the bank and a bureaucratic nightmare to reactivate the card. (at least in my country).
2) I'm sure Coin are able to implement an approval/rejection transaction workflow adding an extra layer of control in case of unauthorized usage.
3) Coin can add a key based security layer to their application also preventing unauthorized usage.
Really, the ideas are endless and this is why I love projects that are an extension/middle-layer for other outdated technologies.
I think the hate is originating due to a narrow vision of this product's potential.
I see nothing wrong with encapsulating/combining multiple mediums into one solution. One solution that extends the innate functionality of magnetic cards and provides additional functional layers. The author talks about Bitcoin as being one of the "other" directions in the horizon, I believe that Bitcoin or any other digital currency is on the same level as the magnetic cards. If Coin is able to tap into your Bitcoin wallet and execute transactions, that would help Bitcoin further infiltrate the market.
I also believe that Coin has the potential to provide an extra layer of security that magnetic cards don't.
1) Coin can implement a one click/touch procedure to disable a given card at any point in time and prevent its usage, which currently requires a call to the bank and a bureaucratic nightmare to reactivate the card. (at least in my country).
2) I'm sure Coin are able to implement an approval/rejection transaction workflow adding an extra layer of control in case of unauthorized usage.
3) Coin can add a key based security layer to their application also preventing unauthorized usage.
Really, the ideas are endless and this is why I love projects that are an extension/middle-layer for other outdated technologies.
I think the hate is originating due to a narrow vision of this product's potential.