owner of the ico is the main root of thier failures but investors and bounty hunters are the secondary reasons on why they fail more evenly .
i know good ico's on the past but no matter how good they are there are still times that their coin goes down . who do you think are responsible for that ?
price is based on demand and owners cant just manipulate thier own creation . they need investors and bounty hunters to drive demand but both can also drive the price sideways
I don't see how bounty hunters can be reason why project fail. Project do crowdfunding, they collect money and reach soft cap or hard cap and they have enough money to accomplish their goal. Bounty hunters can shake market at early days, later it depends on developers. If they succeed, token price will go up because there will be new investors, but if they fail no one can say bounty hunters are one of reasons.