Might I suggest reading about something before you spout off out of ignorance? Most of the stuff you've asserted is patently false.
- Most card readers today use the smart chip only.
Globally, at least in the 70 or so countries deploying EMV, yes, but not yet in the US. Most readers in the US do not use smart chips. Nowhere close to most, in fact. And the Coin is aimed specifically at the US market, which will continue to accept magnetic swiping for at least the next few years. I.e. For the expected battery life of the Coin.
- By using this, your bank will probably remove any support and blocking for your card and account.
Textbook FUD. Banks have not expressed any issues with Coin, nor should they, since it's actually more secure than a standard credit card, in that it can be configured to automatically disable itself if out of your immediate proximity, as well as the fact that it doesn't have the security code printed on the back, nor the numbers printed on the front, making it more difficult for someone to simply copy it for later. As I looked into it several months back, I was surprised to discover all of the common sense steps they had taken to make the device more secure than a standard credit card, while still being fully compatible with them.
- When scanning and taking a picture of the card. Your essentially giving your card info to a program, on a device with little or no security.
Unless you're compromising the security model in some other way, there's little reason to be concerned, given that the storage is encrypted. And they have little reason to compromise the security of their own app, since that'd make them fugitives in a hurry.
- Looking at the video, it shows you your pin number for that card on the unit.
It's displaying the last four digits (for identification purposes) and the expiration date, not the PIN as you incorrectly claimed.
- Complete failure in the video: Theres nothing to stop the restaurant waiter from pressing the button to change selected card.
Had you taken the 30 seconds to actually look into it, you'd have realized that it's possible to "lock" the device to a single card before you hand it to someone. Unlocking it requires either the use of the app on your phone or a pattern of button presses that you've defined in advance.
Theres a million other reasons why this device is completely idiotic.
The best one I've come up with is that it has a battery that isn't user-serviceable, but that didn't stop me from pre-ordering one after doing my research, making sure I was satisfied that it actually was secure, and thinking through the various implications carefully. I'd love to hear just a few of your "million reasons", since you must be keeping the good ones in reserve, given that the ones you shared here weren't worth beans.