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.

If you go to Coin's website, you'll be greeted with a nifty promo video oozing production values and promises of future convenience. Look at how easy it is for this guy who work at Coin to use his Coin!

The Coin Miracle Credit Card Is Still a Junky PrototypeS

Wow, so smooth. It's so easy to click. But Watch the clip above, pulled from the invite-only "Coined Backer's Club," which shows Coin, as it exists in reality and not in commercials. Not really so smooth.

Coin admits the company is "still working on tightening things up so this is not the final product," but it seems at least slightly disingenuous to pull in customers with a slick video of a nonexistent product—buyers today are really acting as investors, providing capital for Coin to make good on its promises. This is really just a luxe Kickstarter: unlike actual investors, customers aren't going to receive an iota of equity or a dime of interest—they're basically just doing a private company a favor.

One Coin pre-order customer comments, "Actually doesn't look as good as I thought it would at this point. Looks like its going to break when he tries to switch card numbers."

Others are worried too:

I agree. It looks like you have to push the button a little too hard for it to toggle between cards.

[...]

I'll have to agree with Neil here. It does look cheap and fragile. Also at frame :22, it looks like there's a bump where the button area on the opposite side is. I was wondering, why does it "flash" between toggling accounts? The "flash" appears to be a glitch.

The crowd economy in action.