Why crowd funding has failed?

Recently I saw a movie that about crowd funding “Capital C”. There are 3 reasons for it seems.

  1. Since estimate cost and time loosely, exhaust resources.
  2. The startuppers who will run a project as a side job, actually couldn’t allocate their time to the project.
  3. Lose supportes and watchers upvotes due to postpone the schedule, adding unneccesary features, to require more resources.