Why not? In my opinion the opportunity to have a proof that the team can deliver before investing into their ICO is huge, otherwise you just invest into a whitepaper.
You're right. But this can alienate some traders who will see STEX in this state. They may not return later. Do not you think so?
No I don't think so, I prefer to see at least a working product even if it is an alpha and a lot of work has to be done, but there is something I can try out. This increases my confidence in the team immensely.
But that's just my opinion, of course I also understand your point of view.