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Slimebeast said:
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Because I like KS, I like the idea of creative developers becoming independent from publishers and that small very niche games can get a chance to become reality.

I like that idea as well.  It just seems TOO easy right now. Get any random studio, say you're making a spiritual successor to INSERT LOVED GAME HERE, put 1-2 names who were formerly attached to the game to endorse it on video, shiny trailer video, and that's it. You don't need to prove your team has what it takes, or that your product will stand up to being the sequel people think they're buying. And right now anything like that gets tons of free marketing on forums and news sites, which will decline when the novelty wears off.

There is also an imbalance of risk. If the team fails, all the people who "invested" get absolutely nothing. If they succeed beyond expectations, all the backers get is the game. No share in the success. One of those things has to change, otherwise KS pledges have a huge hidden cost from risk.

My best scenario is that it settles down into deserving projects get funded for a reasonable amount, plus some kind of partial refund on failure.