At first we found lifecasting the most depressing thing around; now, the practice of living your life attached to a camera seems depressingly popular, Silicon Alley Insider reports. Justin.tv has reached 1 million registered users. The site still has no business model, but CEO Michael Seibel says the company is working on an online payments system that will let lifecasters hawk wares to their viewers. Cancel that bit about lifecasting being a downer: The prospect of letting a million QVCs bloom is far scarier.

Justin.tv CEO Michael Seibel detailed how the personal video-broadcasting startup plans to break the profit barrier. His scheme? Setting up a transaction system so that users can pay to view content. He pointed to live sports as an example of something people have been willing to pay for in the past. Justin.tv does make it easy for anyone with a webcam (or video cable) to pirate broadcasts of sporting events.

Michael Siebel, Justin.tv: