You are right.
We have local crowdcut (only Minneapolis-St. Paul, MN/and Atlanta, GA) which is popular locally and has awesome deals.
But their refund policy is pretty bad - just recently 2 business for which I had unused vouchers went out of business. I bet crowdcut knew it, but unlike Groupon they did not notify anyone. When I tried to get refund for the vouchers, all I got was credit for Crowdcut (not actual cash refund). Their reason is that they already paid the business and thus don’t have the money.
Living Social is no better either. The business was selling Brazilian blowout express treatment (normally around $85) as if it was full Brazilian blowout for $150 (normally $300). Basically they were saying that you are purchasing full Brazilian blowout, but when people tried to redeem the voucher, the business was doing only express treatment
LivingSocial refused to get involved.