As soon as people realized that anyone who puts together a white paper and a scraggly looking team of coders, "advisors" and developers can get MILLIONS of dollars virtually overnight the whole market went bonkers. People get in with a discount and dump as soon as the coin hits the market.
The end result will be a BUNCH of people who got ripped off by bogus teams performing terribly. The majority of people are buying into the hype. I have not bought a single ICO token yet. I do however get ERC-20 tokens second hand through exchanges.
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i assume its cheaper to get the tokens though exchanges than to take part in an ICO .
the problem is that there are serious efforts that are put aside in order some "known in community" people to take that money and run. I have spoted ICOs without even a whitepaper. Although in my team we have a pioneer in IT that was working in a lab even before spectrum was invented we cant find the proper community connections. This situation is tragic.