It has been 30 hours and 40 min since it started.
Anyone want to bet how much time passes until trading fees give the votecoin-holders their original investment back? $1 million is a lot of money.
Part of the problem with crowdsales is that you can sell some to yourself and inflate the "funds received" number. It's a smart idea, and someone who used to work at Augur (but no longer does) expressed an interest doing it during their crowdsale (hey, who knows).
Secondly, I still think that people don't totally understand that they can use the system for free (or that they are paying a 20% markup fee). Likely plenty of people don't care and are just wowed by the project and want to be a part of it.
The sun is setting on the current period (2014-2015), one where a recently-increased Bitcoin exchange rate (and Ethereum, given that it was originally "valued" at >$18 million for 80%) overlapped with the introduction of new projects which might, possibly, replace Bitcoin as Victorious Currency. People have a lot of (somewhat unspendable) cash, but not a lot of time/relevant-expertise.
Since ethereum allows you to make contracts that bet on augur without having to pay the fee, then the fee is like a voluntary tip. The gamblers don't have to pay if they don't want to.
Default settings are a powerful force. It is possible that a majority of traders pay the fee anyway.
Given "once a parastic contract exists, it's fate will be exactly the same as its host's", the risk-reward for both parasite and host is identical (unlike a bootleg movie where the quality may be lower). I think professional money-seeking traders are likely to consider the fee.
But the greater concern is higher-order stuff: that people will stop making contracts (out of fear that they'll be parasited) or that the VoteCoin marketcap falls on expectation of future parasitism, to a level incommensurate with that required to guarantee honest voting. Fear that the VoteCoin market cap *might* fall might then contribute to a lack of trading, etc.
The Nash Equilibrium can be reached ("found") slowly, but that doesn't mean it doesn't exist. Imagine that contracts exist where the trading fees for Q1 and Q2 each net $10,000 to be divided amongst the Voters. Q3 is coming up...what might a single person
decide to try? What is his cost/benefit? What is likely to happen to VoteCoin marketcap? To Voters? To Trading?