Let me clear something up as well - I am looking at how I would do things differently, had I been starting BitShares from the beginning.
It is clear that Invictus is doing exactly what they promised to do, and they have not set the expectations this high.
So here is how I would do it:
1. I would make the funding only a % pledge amount. Say 5%. I.e. you pledge 5% of your donation, but only buy the full amount once the system is up and running (within 3 months of the start). Yes, this would require actually building a DAC that allows cross chain decentralized exchange. Yes, it is possible. However I wouldn't even expect donations, I'd probably do a proof of burn instead. This also gives better incentive on making my own asset worth something.
2. Then I would create projects and proposals for bettering the system, which would be funded by the owners. I would NOT accept "donations" in PTS or BTC. (let's face it, that's just a term masking the fact that they are doing an IPO). It would be all through assurance contracts, and the funds would not only be available to spend as I see fit. Yes, Invictus has stated that they will spend the funds AS THEY SEE FIT. My opinion is that this is still old school mentality.
3. I would also build restrictions in the system, such that any funded project has limits on spend. i.e. it has predefined milestones, and limits on how much you can spend per day, unless voting approves it (sometimes there is a need)
In any case, I might just have to get these prototypes to a more complete stage and present them for peer reviews. Because until people see what my vision is and how it works, I'm just my own echo chamber and come off as FUD, when really I'm just looking at how I would improve things. I see so many possible improvements, but it is clear that Invictus is not willing to make drastic changes, and perhaps that is a good thing, as it is risky, and also clear that the investors in Invictus don't want them to make changes. So, Invictus will deliver on what they set out to do. And I should shut up and go back to the drawing board.