I have long been disappointed in the ico and do not invest in it anymore. Tokens with ico are traded on exchanges below the ico price. Until bitcoin starts to grow, investing in ico is very dangerous. This is my personal opinion!
Last year, investing on ico was the good option to make your profit grow more faster. But it all change now since the market was so unstable. You can purchase your desired token more low price on ico on exchange.
I agree with you. People who invested ico in 2018 lost a lot of money, there are tokens that are with access to the exchange cheaper by 5-10 times. From 100 ico according to my statistics, 2-3 are profitable. I think it is better to bet on roulette, there is a chance to lose money the same as when investing in ico!