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.
are you not afraid of ICO projects which are scams and getting failures, I experienced a lot of failures even though I followed the pre-ICO phase, which made me stop to join the ICO