Interesting point of view.
I'm on exactly opposite end - I'm going deeper with ICO's this year.
Your points are pretty valid, but this mean you just need to be more peaky where you are investing. And I'm always and only buying during the pre-ico phase, avoiding those ICO's with massive pre-sale.
and i support your position mate,i try joining ico for a couple of times and its break even since the first is successful and the second is scam,though half of my investments had been returned by the team still its a failure in my part..
But this Q2 im planing to invest more for every project that might get my attention to be legitimate and not scamming..i know that today its really hard to find one but i still believe theres some of them are there waiting for good investors