Amazing debate, however I think ICOs are going too much towards the corporate model. Sure ICOs take advantage of the features which an IPO would have to pay a software developer to design like the smart contract itself but although interesting Spectre looks very much like an IPO offer. To acquire token Spectre request you to:
-Confirm that you have read and understood SPECTRE's Token Mechanics

• Confirm that you have read and understand the White Paper.
  -Confirm that you have read and I accept the Terms & Conditions.
  -Confirm that you have read and I accept the Privacy Policy.
  -Confirm that you have read and I accept the Token Sale Agreement...
  I mighty be wrong and you mighty disagree but to me ICO was a more flexible way to raise finance. Satoshi Nakamoto and the Bitcoin paper was so innovative, straightforward and simple...