Indeed, the argument is self-refuting. People are willing to dump billions into crowd funding without any equity and with all the same risks. Moreover, a sizabl

Indeed, the argument is self-refuting. People are willing to dump billions into crowd funding without any equity and with all the same risks. Moreover, a sizable percentage of crowd funders chose not to receive any "rewards" or to receive only trivial rewards (thank-yous, t-shirts, postcards, etc.) That shows a willingness to fund projects even when absolute no return is expected. The idea that people would not do the same and more when equity is involved is just blind ignorance of reality.