Just as predicted...the hefty LSK bonus made more damage than good after post day 1 merely 150 BTC worth of funds were raised....why would anyone participate now knowing others have bought so cheaply?
The problem with you reasoning (while holds some truth) is that you assume that our highest aim is 2000 BTC while it is not, it's the lowest. So if we get 20% more funds then that is true, those who sent in the last 20% will get much less. But the thing is, as events progress, interviews and promotions line up, last minute investors get ready, much more funds should be incoming, and the early bonuses will be just that early bird rewards, meaning little overall.
They haven't read our profile at the prestigious Smith and Crown read or heard other interviews, AMAs and other info to come. They haven't seen the source code released, the testnet launched, the beginnings of a community form around a more fair DPoS delegate system. This TEC is far from over, thinks always go slow after the initial rush, and you are right, our heavy early bonus structure enlarged that effect.
It's all about risk tolerance as Mike said. Those who take more risk, having their money tied up longer, will get more as they should.
Many view these bonus structures as a marketing tool to build hype, but they are actually a way to reward those who take a higher risk with a higher distribution.
Those who exchange early are taking on higher risk from reasons like ale has mentioned. The early adopters face the most uncertainty regarding if the project will launch, how much value the token they exchanged might lose over a longer period of time, and how much of the distribution they will receive.
Those who prefer less risk by waiting until the end of the exchange benefit from much better knowledge of these factors, and receive a correspondingly reduced reward.
Also, the volatility of Lisk is much higher than that of Bitcoin, presenting even a higher degree of risk. This significantly higher risk for those exchanging Lisk for Ark is reflected in the higher bonus it receives, and the steeper curve by which the bonus is reduced.
Overall, the bonus structure is designed to accommodate a full spectrum of risk tolerance.