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.
What does it mean to buy pre-ICO? Isn't ICO the first release or salfe of the tokens? Newbie here, and hoping for your kind understanding.