All things change. Here comes a big one.

Dear Propits users,

Thanks for being a part of the Propits experiment! We are now beginning the process of concluding this first chapter of Propits.

We have learned that the Propits idea works, and people are excited about it! We have also learned that like any new idea, it will take a dedicated sales and marketing effort to establish a sustainable foothold in the marketplace of ideas. While we seek a partner to support that effort, we have decided to gracefully shut down the service.

Effective immediately, credit cards will no longer be charged and all Prop rewards between users are settled. New user accounts cannot be created. Propits users have until 11 pm EST, February 5th, 2010, to claim any cash rewards using the Rewards tab in their account. Please note that depending on the volume of these requests, we may take up to 90 days to process them, but we will process them.

After February 5th, the website will be suspended. If you have a Propits button on your website, the code serving the button image on your website will cease to function by the end of February.

Propits has enjoyed 18 months of operation and a great deal of support from friends. We’ve outlasted several competitors and received attention from notables in venture capital and technology startup circles. We are certain that visionary economics will change the way people relate to money and open the door to a more fair and free future. We look forward to the next chapter of the Propits story! In the meantime, keep supporting the good things in the world however you can. Props to you!

Thomas and Kevin, Propits