I agree completely. It seems like this cryptospace is the only area where I have ever seen people be able to raise millions and millions of dollars without having a product to sell. That is why I changed my mindset for ICOs to "Show me your idea and I will be interested, show me your product, and I will invest.
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In my opinion, most of the money flowing into these ICOs are from early adopters of bitcoin. They are sitting on a pile of bitcoins which they cannot easily convert to fiat for whatever reason. (Transfer limits etc.) So they see these icos as opportunities to diverse their investments.