Grandmastersexsay :
You are missing the point.
Who is in the better position to make a sound investment decision? Who is in a better position to do an accurate risk assessment?
When you can't get funding from the people whose job it is to invest in your commodity, there is something wrong. Trying to get funding from an uninformed, uneducated public is unethical at best.
Grandmaster, you seem to be an educated individual. It surprises me that you don't grasp the allure and benefits of the crowd funding model.
It takes the decision making out of the hands of the Publishers, who are more concerned with profit than an actual quality product. In many cases their focus on profit requires that a quality product be produced, but not always. It forces an exceptionally high barrier to entry for indie developers who have ideas and can design a game that would sell if given the chance. Instead, the crowd funding model gives people who are interested in seeing a product come to light to contribute and help the product come to light.
Is it or will it be profitable? Who knows.. The difference is that in either case, the developer has enough money to make the game, and even more than that, has the support of fans and backers from the start.
Everybody who backed this particular project with a contribution of $30 or more gets a copy of Star Citizen: Squadron 42, the optional single player portion of the game, as well as Alpha access and they get a ship for use in the multiplayer edition of Star Citizen.
The bottom line is that in the end, crowdfunding is a viable way to source funds for projects that people want to see happen. It's less about profit and the return on investment (though it obviously matters!) and more about delivering a product that people will enjoy when publishers who are in a better position to take a chance and bring new IP's to the table are unwilling to deviate from the cash cows.
You are of course, entitled to your opinion about crowd funding. If you believe that it is bad, that is your choice, don't make a contribution and let products that you're interested in potentially fall to the wayside. However, saying that crowdfunding is inherently wrong or unethical just isn't true. The public is far more informed and educated than I believe you give them credit for. An average person, assuming they function as a rational agent, will research and solidify their interest and make a sound, defensible decision as to whether they'll contribute to a project or not.
People are capable of risk assessment and can decide for themselves if the potential benefits of their contribution outweigh the potential consequences. The level of risk for contributors is minuscule in comparison to the risk posed to a Publisher in backing a project. That decreased risk alone is a lot of what makes crowdfunding so viable and alluring.