When Reddit quietly announced their new Redditmade project last night, we worried it'd be a quasi-Kickstarter knockoff where titillated teenagers crowdfund the release of hacked nudes. But Redditmade is much, much more pitiful: it simply allows Reddit's moderators to hawk depressing merch to the site's volatile masses.
Eden Alexander is an adult film star and cam girl. After a "near fatal" reaction to a common prescription drug and a month of chronic pain, she tried to crowdfund $4,000 for her medical care. Hours before she was taken away in an ambulance, she got a notice that the online payments company WePay had cancelled her emergency fundraiser.
Entrepreneur and investor Jason Calacanis offered an exquisite example of the dangers created by loosening the rules around crowd-funding. During a PandoMonthly fireside chat last night, Calacanis not only argued that any consumer knows how to pick a winning startups, but that the populist thing to do is to let the masses bet on them.
Name a type of business that Donald Trump could not improve by putting his face on top of it. If you said crowdfunding startup, you're wrong! (Typical loser.) The legitimate hairstyle choice is now gracing a crowdfunding site called FundAnything, proving that hoary business adage: 301st to market wins the race.