Appreciate the usage of data, but there are some inconsistencies here:
“there is not a single token sale that has been beating the return of ETH so far”
Even though many tokens have not ‘outperformed’ ETH, there are quite a few that have done so since the token sale (BAT, GNO, GOL)
“it shows that holding PAY was by far the best option compared to other cryptocurrencies”
That is a bold (pun intended) statement to make. I would like to point at least one example, Adtoken, whose tokens have ‘outperformed’ both in USD and ETH terms.
Check tokendata.io for more comprehensive data on this.
In my opinion, a focus on returns/outperformance/”beating the market” is completely subordinate to execution and focus on technical development of the projects behind ICO’s and token sales