First-order effects

• Backers who prepaid years of goodwill for Coin's consolidated card finally receive hardware, though a subset must still wait months — meaning Coin is servicing its earliest customers last-in-line rather than first.
• Coin's 'shipping now' pitch against Wocket, Plastc, and Stratos loses force the moment Stratos hits its own April window with an un-delayed timeline.

Second-order effects

• Rivals in the unified-card race can campaign on reliability versus Coin's missed promises, turning fulfillment history into a marketing wedge in exactly the niche where buyers are already skeptical.
• Every month Coin spends clearing backlog is a month Apple Pay's bank-and-token rollout widens its lead, pressuring the whole standalone-card category to justify why anyone carries a second device.

Third-order effects

• If the pattern holds, the all-in-one card market consolidates around whichever player pairs hardware with issuer relationships — a direction that points toward phone-native wallets and bank-issued cards rather than third-party dongles.
• Repeated crowdfunded-hardware delays like Coin's and Blocks' erode the pre-order model itself, pushing consumers toward products that ship through retail channels before money changes hands.