Remembering Beenz.com

Back in the earlier days of the internet - before cryptocurrencies - “e-currencies” were all the rage. Beenz.com was one of them. Positioned as “the web’s currency,” Beenz raised $100 Million from venture capitalists including Larry Ellison of Oracle. It was founded in 1998, defunct by 2001.

Much went wrong along the way. It was, for example, a “currency” created as way to pay for goods and services online. But then Visa and Mastercard figured out how their existing technology - and network - could integrate with ecommerce websites like Amazon. No need for Beenz.

Their marketing tactics were… also a bit shady. They hired magicians to slip flyers into the pockets of unsuspecting passers by. Many of the recipients were, it turns out, drunk. Thankfully the tactic didn’t work, but the underhand nature of it represented of the underhand nature of the offering.

This is what it looked like.

Lots of Z’s, not a lot of substance.

The founder, Charles Cohen, wrote a book: Corporate Vices: What′s gone wrong with business?.