Crowdfunding is Broken

  1. Think of a cool idea.
  2. Make very general estimates for total cost.
  3. With any cash on hand, do whatever you can to get attention and clicks.
  4. Set price goal and host on a centralized platform (Kickstarter, IndieGoGo, etc) or bLoCkChAiN iT bRo.
  5. Receive money, make the slightest provable effort to complete product.
  6. Stop updating with either an unpolished alpha product or no product release whatsoever.

Stop Being a Cynic, Dude

Hard to vouch for a single one of the top 14 — in fact, one has to go to #21 on the list (a product called “GlowForge”) to find something that still exists, has a valid use case, and sells a product.

EOS

“The first performant blockchain platform” loooool

Star Citizen

Benefit of the Doubt

If It’s Broke, Fix It

  1. Mob mentality. When a few people see a project they like, spend money on it, and it climbs up whatever rankings are available (be it the “Featured” page on Kickstarter or a big jump on CoinMarketCap), others inherently want to put money into it. So, projects with any momentum quickly outpace their goals, while solid, but “boring” projects may get no momentum whatsoever.
  2. People love to spend money. When we get our hands on cash, we spend it, and if we get our hands on too much cash, we spend it indiscriminately. Goals get opaque if people believe they have forever to work on them and all the money in the world. Instead of pursuing the concept they promised initially, once individuals have exceeded their goals they’re inclined to **overpromise** and **underdeliver**.

Exceptions to the Rule

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Fraud. Fraud everywhere.

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Cas Piancey

Cas Piancey

Fraud. Fraud everywhere.

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