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Attention Suckers: Please Send Us Your Money

Posted on March 26th, 2014 at 18:39 by John Sinteur in category: News -- Write a comment

[Quote]:

Talking people out of $2.4 million dollars in exchange for zero percent equity is a perfectly legal scam. Then selling the company for $2 billion dollars is simply how this particular crowdfunding works.

  1. Interesting. Kickfunders get bragging rights as well as a T-shirt and a warm fuzzy feeling. They clearly can afford the flutter. Imo, it’s like gambling or giving money to the church. Promises of bliss and untold future treasures. A tax on imbeciles that I’m happy not to pay.

    Gambling and church donations usually give some kickback to charities, some good may come of them. Would the Oculus Rift have got off the ground otherwise?

  2. And all of that for the promise of something that anyone who has ever really tried knows it makes most very nauseous.

  3. Maybe the title should be ‘OMG, someone else than venture capitalist got rich!’.
    I have absolutely no problem with kickstarter and crowdfunding. For 99,9% of the actions that are crowdfunded – they would not take off, and for 0,1% that has some commercial value behind it… what’s the problem?

    It’s as much ‘scam’, as donating for charity. If I give to charity should I be up in arms that this money will be used to buy food for someone, because some company – food producer, store, etc. will benefit from it?

    Before venture capital to make and sell product from idea to prototype you would need investment – that would mean your savings or loans going into product without any outlook on return.
    Then came venture capital – but you would have to find like minded person with money to invest in your idea. Crowdfunding is great next step from that. You can easily reach like minded potential customers ;)

    So who benefits? Inventors and customers.
    Who loses? Investors and banks.

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