Even after many crowdfunders have been fleeced, more Internet users want to line up their credit cards for this dead businessA couple years ago I referenced the ZPM Espresso Kickstarter campaign — an effort to develop a PID-controlled consumer espresso machine. And just as state lotteries are often called “a tax on people who can’t do math,” I’ve long called crowdfunding services such as Kickstarter “a tax on people who don’t understand business loans or venture investing“.

Today the New York Times brought the two together in a good article on ZPM Espresso’s crash and burn — and some of their delusional crowdfunders who somehow expected things to operate more like a consumer e-commerce shopping site: ZPM Espresso and the Rage of the Jilted Crowdfunder – NYTimes.com. It still begs the question: what were these people seriously thinking they were getting into?