announced today they were shutting down:
Tipjoy is shutting down.
We have decided against continuing to pursue additional funding. After a long and hard look at the market and the situation, we didn't feel it made sense.
When we evaluate why there's been so much hype about payments on Twitter, and yet so little traction for us (and even far less for our competitors) it is clear to us that the reason is that a 3rd party payment service doesn't add enough value. We strongly believe that social payments will work on a social network, provided that they're done within the platform and not as a 3rd party. "Simple, social payments" is *the* philosophy needed to do digital payments right, but once a service groks that, they need only to implement it on their own. We've been the thought leaders in this space, we see the hype and excitement, and yet we know very intimately the difficulties in gaining actual traction. The only way to get around this is for the platforms themselves to control payments - then all people wanting to operate on that platform would have to play along. We believe that a payments system directly and officially integrated into social networks such as Twitter and Facebook will be a huge success.
Thank you to everyone who has supported and helped us along the way.
If you have any questions, get in touch: email@example.com
Ivan & Abby - Team Tipjoy
See their blog entry for more: http://tipjoys2cents.blog...-thanks-for-all-fish.html