I totally agree! Although there have been so bad actors, in a way ICOs are a good way for projects to gather funds and start evolving. Maybe the model has to be tweeked but still a usefull way of fundind. The proble resides on people being financially irresponsible. If the government dosen't interveen when people overspend on clothing, p.e., the government shouldn't come parenting me when I decide to participate on the funding of a project.
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You cannot compare investing vs buying cloths to wear. In case of ICO people are misled to believe something thats not true. Its cheating and you cannot blame the people for the same. It would be the same argument with stock market. I think some kind of legal framework will happen.
The stock market does not sell magic beans for eth.
ICO: Ok you give me your real currency and Ill give you this fake currency.
I think if anything ICO RATING sites and influencers should be regulated. The amount of scams I can find on Icobench is almost criminal. Also, the shilling industry quickly became a multi-million dollar industry and crippled the growth of the industry.
The biggest scammers in ICOs were the ones that helped them in marketing and shilling.