Clearly you didn't read the site. Maybe you should pay more attention to things you criticize.
What's your point? None
I actually forgot to add something to my original critique: if your device (iPhone) dies, and Coin isn't authenticated you can't use your card(s)!! Haha
Can't believe I missed this. There's another bullet of flaws to add.
Their FAQ is vague and doesn't really answer any questions, especially the important ones. They attempt to give clever and confronting responses to serious questions and most people can see right through that. Comments on their FAQ like "Should last" and "a lot can happen between now and Summer 2014" - get out here. If you want customers to pay (a premium) for an experimental product - be concrete and firm.
They quite clearly state the usage pattern for the 2 year figure. From said FAQ site (https://onlycoin.com/support/faq/)
Q. How do you figure that a Coin will last 2 years? What constitutes
normal usage?
A. Here’s how we modeled typical usage. On a daily basis, we assume
you’ll toggle which card you want to use and swipe your Coin 10-20 times
a day. In addition, you may adjust which cards you want to store on your
Coin a few times a week. Initially when you’re getting to know your Coin
you will likely be syncing often. Over time we find that most people
sync much less frequently once his or her cards are on a Coin. If you
swipe and sync more frequently on a consistent basis, your Coin’s
battery will drain more quickly.