I think the author is overlooking one very important thing. Crowdfunding for startups or small business isn't only about the financial return. Yes some people are going to put $100 into a company claiming to be the next facebook thinking they'll be rich. However, many, many more people will invest in these companies to be a part of something or support their friends and families etc. All of the satisfaction isn't derived from the return.

That being said, protecting investors and maximizing their likelihood of return is going to be largely about the platform. What kind of deals do they facilitate? How do they vet? etc.

The next year is going to be very interesting, and I'm excited to see how this pans out, especially because I'm one of those guys working on a crowdfunding platform.