Very nice article on Tenx. Thank you for that ! I came to the same conclusion as you. I don't think ICO are a great way to make you richer. It's more gambling than anything else because you never know how the market will behave at the enter of the Token on an exchange and the team most of the time have not proved yet their value.
As an investor you always have to watch investment and calculate how much you risk vs how much you can win.
I found that it's way easier to invest by buying altcoin of a project that is already there and showing real value than ICO, as it's way easier to calculate risk vs earning.
To my opinion, you should invest only in ICO when you want to support the project, but not as an investment.
well-stated.