That seems like a good set of heuristics to me, especially applied to the examples of recent successful ICOs. I knew there were some big ones recently, but I didn't realize how recently or that it was to the tune of $29M. That's a whole lot of money floating around the space.

Some readers might think, "Doesn't sound like my problem, I'm not dumb enough to fund a losing bet. Serves those undisciplined investors right." What they may not realize is that there is a finite supply of investment capital available, and failed projects impact innovation, which benefits everyone.

If you took that $29M, did your due diligence, and invested the right amounts in a number of companies that meet those requirements, you'd net a lot more real blockchain innovation. Further, investors that get burned through bad investments are likely to be gunshy about future opportunities, whereas if they invested in successful projects, they'd more willing (and able) to support others in the future.

Sounds like the most important way to support innovation in the space is to focus on educating amateur investors. I assume the solution to getting them to read and follow that advice will be in your next post, right? :)

Thanks for sharing, really thought provoking piece!