I think that's a bit too extreme. There are many great cryptocurrency projects going today that started as ICOs. Why shouldn't early investors be rewarded for the risks they are willing to take? Why shouldn't innovative entrepreneurs raise funds to build something great? I don't think all ICOs are bad, but I'll grant that many, if not most of them, are. Especially right now. If someone buys ETH at $10 and then it goes to $300, it only makes sense to diversify a bit. I think that's why people (myself included) throw ETH at various projects as they come up. It's like angel investing. Even if most fail, the one that don't will give a nice return.
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Name one real ICO that offered coins before it was launched that has brought anything new to the table and has been a positive part to the community. You cant list stuff like ANT coin etc they where not ICOs ICOs are coins offered before there is even a real block chain etc 99 out of 100 have turned into flat out scams, pump and dumps or people running away with investments.
Ethereum was an ICO between July–August 2014 and not launched as a beta until May 2015 according to Wikipedia. It brought functional smart contracts and has been hugely important for the blockchain ecosystem.
I see no mention of it being an ico ? but yes Ethereum brought in a bunch of new things to the block chain. Don't know of any other ICOs that have though.
It's listed here as the second ICO after Mastercoin. My point in bringing up Ethereum (and more specifically, the date) is that it's far too early to know if any of the ICOs we're seeing now will be valuable or not. It's much like angel investing. For every 10 or even 100, we may get a very real and important project that brings a lot of value to the world. We may not know that for several years.
They aren't all bad, even if most of them are.