Coin already blew their launch, pushing back the release of the all-in-one credit card eight-plus months right before pre-orders were supposed to ship. Now, customers will only be able to use their $100 Coin card for a few months before it's made obsolete.

Coin has apologized for screwing their customers. In a letter pushed out late Saturday afternoon, the credit card startup told their pre-order customers that 15,000 purchasers will receive Coin Beta cards for free. Everyone else will have to wait eight more months for the final product.

Last year, we told you about Coin, a credit card gadget for people with so many credit cards, they need a fancier credit card to organize them all. If this sounded like a convoluted product idea, it turns out you're right—and everyone who pre-ordered is boned.

Coin, the frivolous wallet gadget that swept the frivolitysphere last month, just issued its first update to pre-order customers. A lot of them are pissed, because the miracle product they paid for doesn't exist yet.

One downside of Silicon Valley's ultra-insular groupthink fiesta is that it produces things like "Coin." Coin is a company that sells a product that will solve a fake problem, and soothe a tiny cohort of techie whiners. But when that's all you know, it feels like The Next Big Thing. It's not.