I always wondered why I never saw pledge like bounties on projects, which would have ensured that a product was actually being developed even if was for the testnet. As investors you set the rules, your the one that the project needs not vice versa. Investors failed to established a norm that would have prevented all this chaos and still are. ICO's are not the problem investors are. I was just looking at how Namecoin used
https://www.bountysource.com/ to offer a risk-free way of investors to be able to donate while being ensured that a product is actually built. We have failed to utilized the tools that have been right in front of us. Being blinded by greed.
That was the main problem in cryptocurrency space, we are being controlled of the projects team. We as an investor should have set a norm that will benefit both sides to complete the development of the project. But as most of the investors dont care about this, they just keep on trusting the team that they will give good ROIs for them.