If bitcoin did not exist and tomorrow there would have been the ICO of Bitcoin, would you buy it? Or would you invest in other projects?
Of course not,why would i bother o invest into something that isnt proven or been existing for a while? thats stupidity i might think that ICOs are traditional ponzi schemes if bitcoin doesnt exist today,probably most of the people will think the same? and most importantly if bitcoin doesnt exist today blockchain and ICO wont be existing too!