If token issuance looks like a claim on the future value of an enterprise, that is true. The problem is, among the scams that have emerged from what can be called the token-layer of the crypto hierarchy, investing in unproven applications (ideas) is the most prevalent.
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https://cryptodaily.co.uk/2017/11/icos-not-bitcoin-bubble/Couldnt agree more here. Its a shame how this whole ICO craze is evolving. I am concerned that this will hurt the space badly sooner or later. We can already see it with those many scams evolving. Moreover people are too lazy to do their due dilligence and therefore hurting themselves. This month there were several ICO's (legit ones) that just lowered their hardcap to 1/10 or even 1/50 of the previous one because november was a slow month. Can you believe that? What are people supposed to think of that besides of: greedy money grab that would have never needed this kind of money in the first place to realize their idea. Sad.