You hit the nail on the head when you said that FOMO is going to overcome a lot of people. Wanting to get the 20x - 100x+ returns that people hear about can cause them to get into those projects that don't even have a business or product. I keep hearing about ICOs that collect the money and even as soon as the next day they just close up shop and walk away with people's money. It's sad to hear, but it happens.

Always make sure to at least read the whitepaper, and do some research into the team that's involved. Contact the team and learn about their plan. Don't just throw money at things and hope it works out.

This is not financial advice. Invest at your own risk