That would be worse. This is not only the way it should have been done, but after fundraising for a separate blockchain and spending all the money, you're suggesting they don't even build it and we all should have been using the original BitShares blockchain all along!?
Consider the following two options:
Option A: Do everything on the bitshares blockchain. Everyone who likes the project keeps buying BTS with their fiat and bitcoin, supporting the Bitshares market cap.
Option B: Make a new blockchain, and ask for funding. Everyone who likes the project dumps their BTS, and spends their fiat and bitcoin on your fundraiser, thus sending BTS into a downtrend. Take their money.
Clearly option B is better!
PLAY managed to improve upon this plan even further, with the addition of "Panic dump the bitcoin donations you received on the very hour of the absolute low in the bitcoin price". This brilliant addition means that not only do you hurt the Bitshares market cap with your fundraiser, but you also get hardly anything out of it! Amazing!
This gives me an incredible idea!
I will create a new blockchain called Bitshares BURN. Its going to be AWESOME.
I will hold a crowdfund for it that lasts forever and ever, in BTC. You can dump your BTS for BTC and donate it to my Bitshares BURN ICO fund. Then, I'll just take the BTC and burn it! This way, BTS market cap can dwindle to ever lower and lower depths! Isnt that awesome!?