indegogo campaign makes a founder 1.5 million dollars but customers nothing or a late low standard rip off

[luketechreviews]

The co-founder of Kreyos smartwatch posted a picture of him with a new ferrari and bags while leaving customers frustrated.the original goal was 100,000 the project made 1.5 million. The original promise was a waterproof voice activated smart watch they did not follow through

 

https://www.yahoo.com/tech/indiegogo-campaign-never-delivers-product-founder-95369734464.html?soc_src=mags

[Phllips]

What an ass

[Marvzl1357]

Still nothing compared to @LinusTech's lambo

Funny, coz one of my friends wanted to get the kreyos a while ago but changed his mind and ended up getting an LG G watch just recently

[Khraft]

Many people still don't get that you're donating your money when you contribute to Kickstarter / Indiegogo campaigns.

[Derangel]

Many people still don't get that you're donating your money when you contribute to Kickstarter / Indiegogo campaigns.

 

You're not donating, you are pledging. A donation is something you give to a charity and can claim on your taxes. Kickstarter/Indiegogo are essentially pre-orders with only a slim promise of getting anything.

[Mooshi]

Total scrub. Always blowing cash like it's tap water on expensive cars and the like. Scammers and lotto winners are the same with being completely irresponsible with cash. Hope he enjoys that cash while he can because he'll be broke within 12 months.

[SuperfastJellyfish]

only a slim promise of getting anything.

 

Precisely. People who back things really shouldn't really expect anything in return.

 

Edit: That was pretty god damn awful reporting of Android Central to find the pics from 2010 and claim they were new. Fail.

[Tapoculos]

He gave an explanation on Facebook and apparently they are shipping orders. Apparently it was a rental from 2 years ago .

https://twitter.com/mykreyos/status/502744419125452801

[Mooshi]

You're not donating, you are pledging. A donation is something you give to a charity and can claim on your taxes. Kickstarter/Indiegogo are essentially pre-orders with only a slim promise of getting anything.

Ideally, but not really. It's no different than bitcoin and other crypto currency in the sense that its pure blind faith that its worth anything with zero backbone that it does. When you give a campaign money, you are buying into an empty promise until otherwise delivered.

[Mightybaal]

Total scrub. Always blowing cash like it's tap water on expensive cars and the like. Scammers and lotto winners are the same with being completely irresponsible with cash. Hope he enjoys that cash while he can because he'll be broke within 12 months.

 I reckon he will be broke in 1 months cause the price of petrol is ridonculus

[pk-man]

This is why I don't back any kickstarter or indiegogo anymore.  The likelihood of abuse is very high.  They don't have to promise you anything. In fact, once they have the money, they can just give some BS excuse and shelf the project indefinitely.

[Heisenbleurgh]

1. Oh wow, great job taking random pictures from someone to be used against them.

2. How did that maybe people want that smartwatch? Was this in 2010 before the Moto 360 became a thing? I guess the clip was cool but besides that I don't see the appeal.

3. Don't bite more than you can chew.

[kuddlesworth9419]

That is what you get when you give someone money in the hope of them making a product. It is your own faults at the end of the day. You should only be giving money you don't need. Like a couple of quid here and there to a few projects not 100's of pounds or even thousands in some idiots cases. 

[HerEscutcheon]

What an asshat. Can you believe the nerve of this guy? I hate it when people park over the line like that!

 

Okay, now to read the article......

[Guest]

snip

He didn't really buy the car it was a joke

[Guest]

This is why I don't back any kickstarter or indiegogo anymore.  The likelihood of abuse is very high.  They don't have to promise you anything. In fact, once they have the money, they can just give some BS excuse and shelf the project indefinitely.

He didn't buy the car it was a joke 

[threadysparrow]

I laugh at people who donate to these scam artists. If you donate to something that asks for $100,000 and already has a million dollars then please just light your money on fire instead. Indiegogo and Kickstarter are meant for small things or things that have an actual product design and prototype. Stop donating to concept ideas.

 

And the Yahoo article has spelling mistakes so I'm not going to believe shit it says. But still, you are going to help more people if you donate to smaller projects. 

[mr moose]

Precisely. People who back things really shouldn't really expect anything in return.

 

Edit: That was pretty god damn awful reporting of Android Central to find the pics from 2010 and claim they were new. Fail.

 

While I agree you shouldn't expect anything in return,  becasue in reality you may get nothing in return. On the legal side of things if the indigogo page lists benefits or returns of any description related to a pledge, then that can be considered a legal contract and even akin to a financial investment contract.  

 

Fortunately I'll never have to find that out in practice because I will never back a product like that.

[Accursed Entity]

News fail... he didn't even bought the car.

[Guest]

Glad I bought a Pebble instead

[mr moose]

worth reading the original article before making assumptions:

 

http://www.androidpolice.com/2014/08/20/utter-failure-of-kreyos-smartwatch-with-1-5-million-in-backing-shows-the-continued-perils-of-hardware-crowdfunding/

[BallGum]

News like this always comes out every once in a while anyway. Crowdfunding sites are a double edged sword, sometimes there are success stories like pebble, and sometimes stuff like this happens. Doesn't mean it's an outright bad thing.

[Puddleuk]

Not entirely related but https://www.kickstarter.com/projects/973736766/the-cybermatrix-100-concept-tu02?ref=category I can't tell what IT is lol.