He has many valid points, and a project like this also sounds pretty interesting. My problem with working on these kind of projects is that they seem to me harder on the legal side of things rather than the technical side of things. When money is involved, there’s all kind of regulations to comply with (money laundering for a start…). If somebody can handle those legal things, I’d be actually interested to contribute to a project like this.
I remember there was something called LiberaPay but has the same category of shortcomings as mentioned by the blog post. Another challenge in competing with Patreon is to accrue a sizeable userbase (something free and open source alternatives often have trouble with).