It's the case that so-called "crowdfunding" doesn't work with "just play money". It's needs people ridiculously overspending and I can prove that.
You calculate with the crowdfunded income as being the only available capital which is not the case for the idea of crowdfunding. Usually teams who cannot secure investment money make it crowdfunding to "proof" public interest which also lessens the investor risk by a margin. Cash Roberts said that the original kickstarter money was meant to secure investors after proving the demand. I m not sure what a game like Star Citizen would ve cost originally (I doubt CRoberts does or did) and while the 200 millions are probably wrong its the only number we have so lets use that.
CiG made the leap from kickstarter+investors=game to kickstarter+self-funded=game. In its original concept kickstarter works and probably does without whales as well because thats a phenomenon that only rose after a while. Its still shifting risk from the investors to the players but to a smaller degree and the people spending on kickstarter projects usually know that they have a high risk of never seeing a return value. Thats why spending thousands of $ is simply irresponsible, does NOT guarantee the making of the game nor does it ensure the making of a quality game. Its just voluntarily taking more and more risk on your wallet.