Unless I'm missing something: if I lose my Coin card, ALL of my credit and debit cards are compromised. That's a showstopper. A thief could drain not just one account, but every account I have.
From what I understand...there is some sort of memory chip on the card that stores the credit card numbers and info for every card, right?
So what is to stop some chip from bypassing the OS that manages the multiple cards and just reads the raw data?
Sure, it may be 128-bit encrypted, but if they have the raw dump - then it's just a matter of brute forcing it to eventually crack it...no?
What am I missing here?
No comment.
Remember, the difficulty goes up EXPONENTIALLY for every bit you add.
Just that it is much easier to do that - when you can set computer power to it locally. i.e. you can download all the credit card data onto your local hard disk and throw computing power at it....as opposed to trying to compromise a remote server that may be monitored.