I was surprised by Vitalic's saying that most of modern projects are just bubbles... that affected my belief in ETH, don't like when people judge others in that way...
It's not something we like to hear, but I don't think he's wrong. ICO's raising over 100 million dollar just for showing a white paper. In the world before cryptocurrencies you had to have a healthy running business before going public.
Even if those modern projects manage to create a product with the millions they raised we still have to see if they'll make enough revenue to be worth the investment.
We're now in the phase of hopeful optimism. I'm not looking forward to the phase of financial statements.