Who are the people investing in ICOs? Does anyone know? Which countries do they tend to live in and why are they so speculative? As a developer, I think giving

Who are the people investing in ICOs? Does anyone know? Which countries do they tend to live in and why are they so speculative? As a developer, I think giving so much money, no strings attached, to a team before a product even exists sounds crazy and kills incentive. I must be missing something.