Well you made a sweeping generalization in regards to all projects. I'm wondering what you are basing this off? How did you arrive at your conclusion that a majority of projects are dumping ETH to keep the lights on? Seems more like a minority.
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because I tend to read contract code before investing. I invested in almost 70% of these tokens and I know what they all do to keep the lights on. What do you think these projects do with the ETH they collect?
They don't just collect ETH though they tend to raise BTC. Only the ones that fail would eventually burn through everything they raised which isn't necessarily ETH. You aren't accounting for successes that will need to buy more ETH.
Investing is risky and there will be failures but there will be successes too and those major successes should more than cover the cost of the failures.
Kik messenger has announced they are going to create a currency on the ETH blockchain called Kin. They aren't going to have to burn through ETH holdings to keep the lights on either.