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Kickstarter project raised $196K and stopped responding

kickstarter.com

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Re: Kickstarter project raised $196K and stopped responding

#21

Post by zokier »

mkhaytman wrote: post #2

This project has been funded for a year and half with no progress to show for it, only thousands of comments from backers wondering when they will receive a refund or at least an update on whats going on. Unfortunately the project founder has flown the coop and kickstarter doesn't claim a lick of responsibility. Want to get away with stealing 200k? Just make a kickstarter project and never deliver, it's working for t…

Are failed startup founders also stealing millions of VC money? KS is a risk-investment, not a preorder webshop.

Re: Kickstarter project raised $196K and stopped responding

#22

Post by minimaxir »

toomuchtodo wrote: post #12
will_brown wrote: post #5

Notwithstanding all the hype and legitimate positives of crowd sourcing, this is the very real negative side. Kickstarter gives unfettered access to funds, which more often than not is required by a given project, and they indemnify themselves and further remove themselves from the funding transactions (a legal requisite for anyone not wanting to be tied up in litigation for the rest of their known life). Perhaps the…

Looks like someone needs to start kickescrow.com

Which will then pivot into kickbitcoin.com

Re: Kickstarter project raised $196K and stopped responding

#23

Post by princess3000 »

mkhaytman wrote: post #2

This project has been funded for a year and half with no progress to show for it, only thousands of comments from backers wondering when they will receive a refund or at least an update on whats going on. Unfortunately the project founder has flown the coop and kickstarter doesn't claim a lick of responsibility. Want to get away with stealing 200k? Just make a kickstarter project and never deliver, it's working for t…

I was kind of wondering when this would happen. For a very small investment you could mockup a slick iPhone gadget, make 10x your initial request of $100k and then take the money and run. Aside from the morality of it, I don't think there are many legal obstacles to this, especially if you made it seem like you were making a "good faith" effort up until you disappeared with the cash.

Re: Kickstarter project raised $196K and stopped responding

#24

Post by fuzzywalrus »

uptown wrote: post #3

I'm surprised this isn't a more-common outcome of things on Kickstarter. Seems like the perfect "market" to peddle vaporware without consequence.

After a few bad projects like this, Kickstarter now has the following disclaimer and new hardware guidelines

"Product simulations are prohibited. Projects cannot simulate events to demonstrate what a product might do in the future. Products can only be shown performing actions that they’re able to perform in their current state of development. Product renderings are prohibited.

Product images must be photos of the prototype as it currently exists."

http://www.kickstarter.com/blog/kickstarter-is-not-a-store

Also see: http://blogs.reuters.com/felix-salmon/2012/09/18/kickstarter...

Re: Kickstarter project raised $196K and stopped responding

#26

Post by officemonkey »

minimaxir wrote: post #19
bbx wrote: post #16

The project has reached a $196K funding while the initial goal was "only" $12K. Maybe Kickstarter should limit the amount of money to this initial goal, or at least to twice the amount of this goal. If a project looks promising, more people are likely to pledge for it. But if Cryptrade thought $12K was enough to develop their project, that's probably all they actually needed. And $12K is both less tempting for Cryptr…

Since Kickstarter gets a 5% cut, they have no incentive to limit the amount of funding.

They have a huge incentive to keep backers comfortable with using Kickstarter. Too many "scamstarter" projects and it's their brand which takes the hit.

Re: Kickstarter project raised $196K and stopped responding

#28

Post by alexchamberlain »

bbx wrote: post #16

The project has reached a $196K funding while the initial goal was "only" $12K. Maybe Kickstarter should limit the amount of money to this initial goal, or at least to twice the amount of this goal. If a project looks promising, more people are likely to pledge for it. But if Cryptrade thought $12K was enough to develop their project, that's probably all they actually needed. And $12K is both less tempting for Cryptr…

I totally agree; it would also allow the creators a more realistic chance of fulfilling the original spec, whilst not getting overwhelmed by more features and possibilities. They could always allow creators to reopen the funding again, but I'm guessing most projects would follow more traditional methods at that point.

Re: Kickstarter project raised $196K and stopped responding

#29

Post by alexchamberlain »

Part of their description was the following...

Is the Crypteks USB™ Patented? Definitely! Patents covering the unique locking mechanisms as well as iterations for future implementations of varying possible internal electronics have been filed with the USPTO with international coverage. Crypteks Inc. reserves all rights with respect to the use of Logos & Slogans as well as the design concepts and iterations covered under our patents

Do these patents actually exist?

Re: Kickstarter project raised $196K and stopped responding

#30

Post by Udo »

The expectations some people have about crowdfunding are unrealistic. It has to be clear from the start that when you donate money to those projects the money will be spent and the project might fail anyway. People have been using Kickstarter as a pre-order site which I think is not ideal in many cases. The option to preorder should be different from supporting a project in general, but Kickstarter sadly doesn't offer that kind of separation.
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