But I'd game the system by spamming the whole service and recommend as many products as possible.
To be honest, I don't believe that refer.ly will succeed. It adds a layer of complexity to the end user. If I recommend a product, I just write a simple email to the persom I'm recommending to. If I recommend a product on my website, I just write about it or use affiliate marketing (e. g. my own Amazon tag). What would I need refer.ly for?
A couple years ago, I've seen a startup called loved.by (google it) which was the exact same thing. It seems that the pivoted now to a more generic affiliate marketing platform.