ICOs take the middleman out of fundraising for a new project, its unfortunate that some decide to take advantage of this.
On a side note paying to promote this post is the worst way to get more eyes on it. You are better off to divide that money between @booster, @minnowsupport and similar post promoting services. You may also want to consider renting Steem power for a month $160 would give you around 6000 Steem power for a month. Having steem power lets you give more rewards to users that comment on your post and encourages comments and follows.
Thank you for the tips! I am new to the community and still learning how it works. The only reason I promote my posts is because I want to learn as much as possible from people's comments, and also make new friends along the way! Thanks for the advice! Cheers!