>> The point about equity crowdfunding was that if the rules only apply to the equity investment model, then most projects are still safe. <<

It's the precedents that make it dangerous. What can be applied to one version of crowdfunding might be extended to another. That's something to keep an eye on.

There is a very worrisome trend throughout the economy of requiring people to have money before they are allowed to make money. It's all about sawing the bottom rungs off the ladder. Droves of people are going into creative ventures because the dayjob quit them and they have no other means of making an income. Crowdfunding currently doesn't require getting anyone's permission or paying exorbitant sums for licensing and school. So if you know about that trend, you know to be protective of ways to make a living that don't yet require payment up front.