When it comes down to it, ICO's profit from the gullibility and ignorance of people. Flippers wouldn't exist if it weren't for greedy, easily convinced mom and pops investors. It doesn't matter how exclusive you make an ICO, demand will decrease to reasonable levels sooner or later, whether ultimately it is imposed by regulators or not.

Its annoying how people "invest" in an ICO and then urge everyone to buy when it hits the market. The exact same mentality I see from people who put their money in HYIPs. The market doesn't owe you anything!