This is the madness that follows any gold rush. Perhaps even more so — because not everyone understands Ethereum, blockchain and/or smart contracts.
The value and , for me, the promise of smart contracts is still to be realised — and in fact, I would go so far as to say these ICOs break the use case.
There is no ‘smart’ in these ICOs. The intelligence shown here is like more slug-like than dophin-ish.
Sure, raise equity — but make the release of the cash dependent on more than simply the availability of tokens — make it dependent on a real life future event — like ‘first 1000 customers’. Hold the money until those ‘milestones’. Of course this throws up a few questions — like who will validate that those milestones have been reached, who do you trust to hold the funds etc.
I, for one, am eagerly awaiting Aeternity’s launch — bitcoin with oracles.
Until then (or never), my wallet is closed and my eyes remain open.