for me, the most annoying thing that simple people can lose money this way very easily. Even the projects that blow up can often not be able to cover all the expenses thats been involved in the project initially.
ICO environment is especially tasty for criminals and scammers who can just take your money and go. Many investors dont even bother to verify all the info icos provide.
well you do realize that people risk losing that which they can afford losing. some though are able to afford something they couldnt previously with icos