This is a new game started by many different exchanges to raise their own funds. Previous crowdsale were much good because people had time to get to know the project in detail and can invest as per it. But sometimes due to funding the projects failed to start and had delays but that was still acceptable. But in case of IEO every exchange had created their own coins and conditions apply that IEO can be bought with those only and 80-90% times people and investors cannot buy it and the same old story pump and dump making people loose money.