I think we're headed back to mid-2012 GLBSE era.  Where everyone gets to run a security and the possibilites (for losing money) for investors are endless.  Bitfunder doesn't even require that they have a forum thread or a means of contacting the issuer - and issuers can have the option of editing their contract at will (which I guess is ONE way of making sure they don't break their contract - just not really the best way).  They can even convert a bond to a fund without a vote or even any proper notification (already been done once - the face value and guarantee were removed from a security with shares outstanding).  For a while you could even list a business without disclosing what area of business it was in.

The good old days are coming back.