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Plastc will cease operations and will not fulfill any pre-orders

plastc.com

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Re: Plastc will cease operations and will not fulfill any pre-orders

#5

Post by danso »

FWIW, the thread on Plastc from 3 years ago: https://news.ycombinator.com/item?id=8422928

Edit: apparently there is a r/plastc and it declared plastc a scam 7 months ago: https://www.reddit.com/r/Plastc/comments/52or45/due_to_recen...

To me it's fascinating how much Plastc seems to have flown under the radar. The initial announcement, and then almost no coverage until today: https://www.crunchbase.com/organization/plastc/press

I wonder if they even got the millions in preorders it claimed? How would anyone know if they lied? Did they ever get VC funding, which would presumably require me to tell the truth to investors?

Re: Plastc will cease operations and will not fulfill any pre-orders

#7

Post by vkou »

"In 2011 after buying a pair of sneakers, then a fruit smoothie and noticing a Google Wallet icon on the cash register, Marquis asked the cashier how many people actually paid with their phones. The cashier responded that so far 2-3 people per month were using it...

Immediately the lightbulb went on in Ryan’s mind that there was a significant shift happening in the market from a physical credit card to digital payments. His mind went wild as he dreamed about what the future of digital payments could look like and within a short time after he launched Plastc." [1]

So, after shopping at a store that sells fruit smoothies and sneakers (?), and being told that nobody cares enough about a universal credit card to use the free Google Wallet one, he concluded that the future is a universal credit card that people will pay hundreds of dollars for?

Only in Silicon Valley...

[1] http://www.huffingtonpost.com/bryan-elliott/plastc-one-card-...

Re: Plastc will cease operations and will not fulfill any pre-orders

#8

Post by hkdobrev »

hkdobrev wrote: post #2

Does anyone have any information whether they'd refund people who have pre-ordered?

> A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.

http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy...

I wish they have clarified this in the email and the website in plain English. I'm no lawyer, but this sounds like they won't refund.

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