Of course there was a hype and everyone tried to quickly make some easy money, and right, a lot of ICOs have no visions, products and so on. But this is due to the fact that everyone wanted to launch an ico and constructed an idea in the framework. Now is the time for startups with real ideas and products, where a token offering is the most suitable solution compared to classic venture capital. And yes, this is gambling, but funding startups is always gambling.
Funding startups are not purely gambling since if you do talk about legit startups with no hidden agendas. Startups has a pure vision so it is clear to someone who will be investing to that certain project of what he/she should have to expect.
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Still there is evidence that almost 9 out of 10 startups fail on the long run. Of course, within the blockchain area there are more startups with hidden agendas. You have to do the research and also have quite a bit of luck to get a nice profit, investing in ICOs or in classic VC.