Good article and I agree with alot of your comments. I’ve highlighted recently the issues around ‘private-sale only’ ICO’s. I think they are here to stay, however, I forsee big problems in terms of mass market engagement (not from the price/performance point of view), but from a usage and adoption perspective.

Public sales provided a level of mass distribution that encompassed a significant emotional attachment, i.e, a great form of marketing and virality to some extent. Airdrops simply don’t have the same effect.

In addition to this it creates liquidity problems, exchange issues, the list goes on.

On the bright side, it’s a sign of a fast maturing market as more sophisticated investors are now participating.

Thanks for the read.