It's called fraud, the editor was a victim of fraud. At least he clued on late I guess..
Is it fraud if you worked for a startup that promised you options, and then refused to honor/issue those said options? After all, because those options never existed, you also "paid $0 for non-existent [options]"?
> Is it fraud if he paid $0 for non-existent roadsters?
How do you think readership gets monetised in the first place? The biggest way is ads, which includes referrals.
Do you dismiss paid ad placement the same way you dismiss referrals? If not, what makes it different?
> Referral credits are legal fictions
A promise for $100 of stuff isn't exactly the same as a promise for $100, but it's close. Debt is a "legal fiction" but that doesn't mean it's not legitimate, or that you can pretend it doesn't exist.
The contract