I worry that the ICO frenzy will leave some with such bad experiences that many will shy away from crypto adoption. With an IPO though there are many inefficiencies but there is a lot of regulation and good change forced by seeking public money (voting structures, transparency in records, increased accountability on management). If each ICO results in a price bump on ethereum it is forcing the real adopters to buy at inflated prices. With ICO's it seems like many can raise money with no independent view of what the right valuation is.
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Well the market is inchoate. We'll find an equilibrium after a cycle, but markets take time to get stable, and exponential growth markets more so. People acting responsibly and reasonably on both sides of ICOs (i.e. buyers and sellers) would smooth things out, but the market will sort this out in the end one way or another.