Who among us here have been victims of almost perfect Whitepaper?
Those sublimely well-written, full of excellent ideas and proposals that turned out to be a piece of crap!
...
Yes correct, Whitepaper is just... paper. You can write what you want, promise what you want. A complete due-diligence should be made by everyone investing in ICO but even with this, scam can not be fully avoided.
ICO with existing products are a often a better choice but quite rare.