That's very true. Ethereum is a lot more than an ICO-platform, but I still get the impression that most demand for its tokens (outside of speculative flows) is coming from ICOs. And I do think content-focused ICOs have now become a major focus (or will do so once the white-paper concept is fully implemented) in ICO-land. But, yes, now that I've settled down from the last few hours of pump, I am now rather thinking that perhaps I was getting ahead of myself :-)
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Although, hang on, on second thoughts - no..! I'm going back to my original assertion. I more or less see Ethereum (like Bitcoin) as a missed boat. I think the annoucement now means we can see Steemit like Ethereum in its July 2016 phase.
To be honest, the ICO part being the most valuable of Ethereum (and other platforms) is, in my opinion, the bubble that people are talking about. I think it's going to pop fast, with all these other ICO platforms coming out. I think the time for the ICO craze has passed..
Yes, I do believe this is the Blockchain equivalent of the tech bubble of the early noughties. But I'm still excited - because I can still believe there are opportunities, and I genuinely believe that we are witness to something major and I'm happy to play a very small part in all of that. Now, that said, I'm re-reading through previous comments - and am realising that I should perhaps calm down a tad, grab some tea and head to bed and come back when I'm in a more rational, less-excited state of mind :-)