Thought Experiment: What do you think Facebook would be like today if it had initially raised the capital it needed via fundraising instead of via traditional VCs?

Great question. I'll substitute the word "crowdfunding" under the meaning given by the SEC in Regulation Crowdfunding (Reg CF) for the word "fundraising" in your question as I suspect that is the import of your question.

Facebook would be radically different if it had been financed in its earliest days by hundreds of college students instead of by venture capitalists. It would have led to a more user-focused rather than advertiser-focused platform because the users would be owners.

I'd like to think we'd have all the best parts of Facebook without the worst parts.