Do you think the winding down was inevitable due to the crowdfunding model, or did the deluge of detritus and massively delayed fulfillments expedite the situation?
I think it was the low quality of the books produced, the long waits for fulfillment and the prices charged. Nearly all of the books produced are indy quality or even sub-indy quality. They are all sold based on personalities and e-celebrity rather than the quality of the work. Its hard to think of any books that were considered great work (or even good work) or that people actually loved as comics.
Paying up-front for the books to be produced was a good model for new creators without money or an audience. But using that model for successful projects with a large audience was just stupid. The guys who made the big paydays needed to move to a model after the first book of finishing books before crowdfunding them. But they didn't because of greed.
Then there were individual things that just pissed people off:
1) Mitch Breitweiser was a crook. His crowdfunding campaign was a con game. He is such a liar that he pretends today that he had nothing to do with CG.
2) Jon Malin checked out of doing his own comic because it was more interesting to hang out with hookers, drunks and ETHOTS doing streams. He just went and hired people to do the work for him because being an idiot was a full-time job.
3) Richard never got better. Rather than being a talented guy kept out of the industry, he was an untalented guy with no good ideas.
4) TUG and vanity projects. One of the early signs of doom for CG was when TUG started talking about himself as a creator. TUG was allowed to sell a work-for-hire book through the crowdfunding model that had nothing to do with him. And the elders of CG said "thats great TUG".
5) Bad creators getting a huge push within the movement. Things like Super-Harem and everything by Adam Post.
6) The movement was initially critical of Marvel/DC cashgrabs through gimmicks that had nothing to with good comics. But quickly the movement took everything Marvel and DC were doing in terms of gimmicks and going further. They would not give you a good story, but they would sell you 20 or 30 different variant copies of the same comic.
The movement was also killed by its love for nostalgia and lack of any original ideas. Everything produced is just a shallow copy of something that was produced in the past. Mike S. Miller gives us a badly written captain America clone. Another guy dusts off his 90s indy comics. And the story Richard wants to tell to make a statement as an artist (499) is a shallow copy of the 1980s movie "Red Dawn'.
The most ironic thing about comicsgate was that what it really did is double down on all the bad things mainstream comics were doing. Rather than trying to expand readership, it business model was about selling expensive comics to a tiny audience of ever-older people who buy the comics for reasons other than the quality of the comics. Rather than come to terms with digital, they were (mostly) irrationally scared of it.
And when you ask them for their thoughts on how to fix things, the answers are inevitably crazy. They either want to turn back the clock to the 1970s trying to bring back returnable distribution or they look, like the fossils they are, to the dead DVD market for inspiration.
Crowdfunding could have opened a window for talented new creators to break through and establish an audience for their work outside the normal comics system. But like every comics trend in the past 40 years, the trend never reached its potential because the con men and grifters moved in at the first sign of there being money to be made.