I agree many ICO's are shady and a lot will end with people losing their money. Its not a Ponzi, but people are definitely using the greater fool theory, expecting a greater fool will pay more than they did for the asset.
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Yes greater fool theory seem more accurate than ponzi, but its even borderline pyramid scheme, where first level issuers sell the token at a certain price to intermediary who will sell it at higher price, and lot of the value seem to be based on such scheme.