I believe a lot of them are creating value out of thin air, but with that said, it's not a cause for concern just yet. There's still so so much new money trying to get into the market but can't due to exchanges not able to keep up with demand.
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Well, part of my point is that from an accounting standpoint all of the ICOs are creating money out of thin air. Some of those ICOs are worth the money that they're creating. But even the scams are adding to the total valuation of all cryptocurrencies.