Just because you raised that much money doesnt mean the idea isnt stupid. Plus its run by Dan Larimar who has a fantastic history of creating projects and handing them over to the community after he cashes out. Bitshares, Steemit, now EOS. Lets see if hes still running it in 2 years. I would guess not.
My guess: you are right.
When you say I am right, do you mean that it makes no sense or that I was wrong :-)?
I invested before a proper investigation. After some research I think you are right.