40 minutes is impressive. More about Coin:

The company planned a pre-order campaign that would top out at $50,000. They blew past that goal in 40 minutes today, a testament to the desire for folks to leave their plastic at home.

The card itself is as thin as a regular credit card. To use the card you select a payment type with the button and just swipe. The Coin card “mimics” your read credit or gift card. The technology is tightly packed inside the card’s plastic case. It uses low-power Bluetooth to connect to your iOS device that is coupled with a standard credit-card reader. You swipe your cards into the system and you’re done. The device holds up to eight cards.

Engineer Kanishk Parashar is leading the Y-Combinator-backed company alongside investor and board member Manu Kumar. Parashar cut his teeth in payments with a startup called SmartMarket, but this product seems to be his winner.

My first reaction: YAY! I want this!

My 2nd:  Oh nifty, all my cards vulnerable via bluetooth!

Yeah, I think more about the downside of all cards vulnerable over the upside, too.