ICOs — a form of business model — are not inherently flawed. What is flawed are people's abilities to separate signal from noise, which given the technality and

ICOs — a form of business model — are not inherently flawed. What is flawed are people's abilities to separate signal from noise, which given the technality and speculation of these projects make sense. Additionally, ICOs are not necessarily for companies. That seems to be a recent trend. Before that, ICOs were for protocols or open source projects to raise funding for development. For example, Ethereum is not a company but had an ICO. People participated because they wanted the protocol construction to continue.