Most crowd sales have unlimited discretionary use of the funds, and that doesn't mean you can't make a profit, especially if you receive something tradable back.
This is probably another reason why equity companies (or at least, purchases of their private equity) are going to go the way of the dinosaur, without liberalizing a liquid secondary market, now that there are alternatives available.
A secondary market which eschews many of the practices of the established markets vis a vis investor protections, and relies on information discovery and reputation, eventually will develop so much friction related to those costs as to stop being viable.
They were still developed in a vacuum. US securities laws are 90% promulgated by the SEC unilaterally, for quite some time, and even when Congress is involved the SEC still spends years warping the intent and implementation of the law. The SEC's public comment periods are a total farce and their decision is unilateral, doesn't provide more confidence in the markets, hampers interstate commerce, usually increases transaction costs and the cost of capital, and doesn't prevent scams.
There are alternatives now.
what people tolerate has nothing to do with my "literal beliefs"
Source?
There is no dissertation on it, at best you'll find some charts showing side by side comparisons of what you get with the antiquated share company - a technology from 1600 AD - with what is available now, and you couple that with the size of the deal flow and extrapolate what can happen next
Huh, didn't think we'd reach this point this fast.
Sure, everyone loves liquidity and anyone can manage risk in an orderly two-sided market.
If there is 1) no legitimate profit-making endeavor backing your security & 2) no current bid, your security is worth exactly $0. You have faith that we needn't worry about (1) because (2) will never happen. I don't.