This is not just an ICO issue but a crypto issue. There are over 900 coins at present, the majority with no use case, no plan and no real purpose. There are coins being promoted for no other reason than that they offer 700% interest per year. This just makes the entire crypto space look like a bunch of scammers out to rip people off and will delay mainstream adoption.
Don't get me wrong, I'm extremely bullish on crypto but crypto that solves real world problems, has a decent use case, a proper road map/ plan and actually has some utility. Not a promise of riches based on mythical interest that comes from nowhere.
Good points and exactly what I was seeing as well. It was making the crypto space look cheap and giving it a bad name. I actually feel this is a good move and one that will have a very positive impact on cryptos that have real value and provide real world uses and cases.