In response to Colin Lam’s post about Coin’s new credit card replacement venture, I do not think Coin will be a very successful company. There are several weaknesses with this venture that puts a limit on potential success. A significant weakness with the card, mentioned in the Daily Mail, is the fact that the card is using older technology since it does not contain the new chip/pin or pay wave technology. Critics worry that as countries move towards more secure features the device will become obsolete. Coin also has the weakness that the technology in the card could malfunction resulting in a bad reputation for the company. As well as the risk of a technological malfunction, the card cannot be used if the users smartphone is outside of a certain radius. While the company markets this as a strength since they see it as a security feature, it is inconvenient for the user because they cannot use their sole method of payment if they ever leave their phone at home or if their phone battery dies. I believe that coin has a good venture idea due to the fact they are solving a common inconvenience with their product but in order to be successful their product should not create other inconveniences.

https://blogs.ubc.ca/colinlam/2013/11/16/cash-in-on-coin-a-new-credit-card-replacement/

http://www.dailymail.co.uk/news/article-2508082/Coin-wants-replace-credit-card-wallet.html