The fact is most people who buy into ICOs dont even know what they are getting into. Recent ICOs don't even give the token holders any shares in the company other than the promise for a small percentage of the profits which may not even in forthcoming. Many of these buyers are in it for a quick buck to make a quick exit once there is a small price appreciation. However, as most ICOs have turned out, they are just holding on to the baby. If they have left their bitcoin and ether in their own wallets, it would most likely have done better. So before you buy into any ICO, it is best to do a bit of research instead of following the herd blindly.
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