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Plastc Bankruptcy

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I would expect that they planned to do the same thing that Samsung did and use a "virtual" card that was set not to trig... (more)

RedWolfe01 (Apr. 22, 2017 @ 2:42a) |

Do any of these kick starter things ever work out?

The big one I remember was the ouya game system. Not even sure that ... (more)

JacksonX (Apr. 22, 2017 @ 7:34p) |

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Card's against Humanity
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forbin4040 (Apr. 22, 2017 @ 7:38p) |

Plastc, Inc. is exploring options to file Chapter 7 Bankruptcy and will cease operations on April 20, 2017. 

There are reports that Chase and Amex are taking claim reports which may or may not help you recover your losses.
http://www.doctorofcredit.com/plastc-ceases-operations-one-credit-card-pre-orders-will-not-delivered/#comment-392947


AFIK - The company is NOT Plastiq - the payment company.
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Looks like a similar device, Coin, has also shut its doors at the end of January: http://blog.onlycoin.com/

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Well, at least they were able to pay themselves wages for 3 years...

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Best Quote:
The team writes that it’s, “disappointed and emotionally distraught, and while we know this is extremely disappointing for you, we want our backers to know that we did everything we could to make Plastc Card a reality.”

Oh boy, I haven't laughed that good in a while.

I'm sure they did do EVERYTHING they could. I bet they even set their salaries to small amounts in an effort to keep things alive. Right? RIGHT?!

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I always thought cards like Coin and Plastc were vaporcards from the start.

Did everyone who pre-ordered these things lose their money? Filing bankruptcy probably means they all have to wait in line as a creditor. If Plastc spent all the money, that's that.

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AFIK - The company is NOT Plastiq - the payment company.

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Wow.  I was all set to consider them just another bunch of losers and charlatans, but then I read the part about them being "disappointed and emotionally distraught" and all...

So now I'm just looking to help them get back on an even keel emotionally by sending funds.  Anybody see their "GoFundMe" yet?  

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JW10 said:   AFIK - The company is NOT Plastiq - the payment company.
 did anyone make that mistake?

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I'm not saying they did everything right, but you haters have probably never started a company before. If the world was filled with people like you, there would be no innovation.

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Not surprised. The technology was about ten years too late (banks aren't going to let a no name company work with their emv cards which would allow any hacker clone their cards).

I love the concept of kickstarter and similar sites, but it's a lot easier to make a convincing flashy ad for a product versus actually shipping the product.

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I'm a lot more selective about which projects I'll back these days.

Always thought this one was a bad idea, and unlikely to ever come to fruition. Like someone else said, too much reliance on the credit card companies to play ball. Which, why would they?

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It seems they relied on the banks agreeing to accept their payment protocol like they did with Google (Android Pay) and Apple (Apple Pay). When you see what a pitifully small list of banks and merchants that signed up with these mega-companies, how could a tiny startup get any traction? I don't see how anyone would invest in a scheme like this. Please tell me I'm wrong and that they did have a viable business plan.

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Oh well I'm out $135. $135 was worth it even as a long shot to reduce the 7+ credit cards and 2 debit cards in my wallet down to one card.

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total failure in main-stream reporting as well. it's not the only fail lately. Look up some of thunderfoot's video:

Solar roadway
https://www.youtube.com/watch?v=Yg64h2jrDVw




Waterseer
https://www.youtube.com/watch?v=LVsqIjAeeXw&t=173s




Breath underwater
https://www.youtube.com/watch?v=S5ep2vUMJt0&t=8s



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defjukie said:   I'm a lot more selective about which projects I'll back these days.

Always thought this one was a bad idea, and unlikely to ever come to fruition. Like someone else said, too much reliance on the credit card companies to play ball. Which, why would they?

  
Its not a bad idea, its just an unrealistic idea. If something like this could actually work it'd be super convenient.

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I suspect that the EMV implementation is what finally did them in. Since EMV stores a small amount of data, that means the plastiq card and your real card will be out of sync.

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I got 2 crowdfunding items that failed in the last 7 days. Doh.

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The idea that major banks would willingly allow plastic to get between them and their customers is prettty optimistic.

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I actually saw a real life coin that one of my buddies had. Must have been a unicorn because it sounds like all these were largely vaporware.

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BostonOne said:   I'm not saying they did everything right, but you haters have probably never started a company before. If the world was filled with people like you, there would be no innovation.
  I'm not a hater. I just thought it would fail from the start.  It also struck me they were promising a product that they couldn't deliver on, or even able to develop.  I had the feeling there was no there there, and was a product that had no, or very little, market.  It was like they were just there just to get funding from others, and keep this thing going with promises until the money ran dry.  People were OK using their credit cards as is, along with those using Apple or Android pay platforms.  Was there any current or future need for this product?

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burgerwars said:   
BostonOne said:   I'm not saying they did everything right, but you haters have probably never started a company before. If the world was filled with people like you, there would be no innovation.
  I'm not a hater. I just thought it would fail from the start.  It also struck me they were promising a product that they couldn't deliver on, or even able to develop.  I had the feeling there was no there there, and was a product that had no, or very little, market.  It was like they were just there just to get funding from others, and keep this thing going with promises until the money ran dry.  People were OK using their credit cards as is, along with those using Apple or Android pay platforms.  Was there any current or future need for this product?

  Probably something shady.  Look at Bitcoin, on the surface it's a TERRIBLE idea, but when you start going down the untraceable path, it starts to make sense.

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jd2010 said:   I actually saw a real life coin that one of my buddies had. Must have been a unicorn because it sounds like all these were largely vaporware.
  I was an early adopter in Coin. It had a 70% success rate for me so I shelved it after a couple weeks.

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forbin4040 said:   I suspect that the EMV implementation is what finally did them in. Since EMV stores a small amount of data, that means the plastiq card and your real card will be out of sync.
  
I would expect that they planned to do the same thing that Samsung did and use a "virtual" card that was set not to trigger EMV.   It still requires bank support, but the card number you are using is not the same as the one in your wallet.

Basically what Samsung did was buy a company that had patented a process to use a magnetic transmitter that looks like a swipe to read head.  So it works with anything that has a reader.  It also uses NFC, but the swipe mimic is what makes them unique.  Except for devices with heavily buried reader, it works most places.

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Do any of these kick starter things ever work out?

The big one I remember was the ouya game system. Not even sure that exists anymore.
The other big one was the oculus- they ripped that off kickstarter once they realized it was legitimate

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JacksonX said:   Do any of these kick starter things ever work out?

The big one I remember was the ouya game system. Not even sure that exists anymore.
The other big one was the oculus- they ripped that off kickstarter once they realized it was legitimate

 Exploding Kittens
Card's against Humanity
Kung Fury

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