There is an element of magic in those ICOs which simply cannot defy gravity forever: right now ICOs are the perfect mix of VC valuations (on steroids) and public market liquidity. There needs to be disappointment.
Are ICOs the new Venture Capital ?

Interesting : do you think high valuations and liquidity are uncompatible ? Couldn’t it be argued that, on contrary, the liquidity is a key feature of ICOs that justifies partly the valuation ?

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