The greatest defunct Web sites and dotcom disasters

By Nate Lanxon on 05 June 2008, 10:45am

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Beenz (1998-2001)

Back at the turn of the Millennium, Beenz.com tried to form its own Internet currency. You could earn -- yes -- beenz by buying products from participating Web sites, among other methods, and subsequently redeem your beenz for products and services in real life.

The idea was a fairly simple one -- on online version of today's multi-store loyalty card schemes, such as Nectar in the UK -- but its founders got caught up in their 'international currency' hype. Beenz ultimately hit the big red button marked 'FAIL' and went under in 2001 after neglecting to prove that the idea was anything more than an ambitious loyalty points scheme.

Or was it?

Raids
There was a huge controversy over the idea of a global, online currency, and as making your own money is very much illegal, Beenz came under severe scrutiny from governments around the world. Its offices were even raided by the police and the UK's Financial Services Authority. But this was all in spite of massive investment from some serious people, and a partnership with MasterCard that allowed your beenz to be credited to your account.

It seems, however, that beenz went the way of so many of its contemporaries -- most of its clients were dotcom failures themselves, and they took beenz with them. Its technology was eventually bought by Carlzon Marketing Group in the US, and it officially joined the ranks of hasbeenz.