Flooz offered an alternative currency—Flooz—that could be e-mailed to friends and family. It was not quite money, because there were only a few places you could use it, but it sure made a unique gift. In order to jump-start the company, Flooz.com turned to an old business school maxim that “any idiot can sell a one-dollar bill for eighty cents.” Flooz.com launched a special offer to American Express platinum card holders allowing them to buy $1,000 of Flooz currency for just $800. Shortly before declaring bankruptcy, Flooz itself was Floozed when Filipino and Russian gangs bought $300,000 of
...more
