The rise of these ICOs gives the crypto community a bad reputation. The public sees these record setting ICOs and assume that all cryptos aside bitcoin ate scam.

There even an ICO in which the coin creator explicitly said to the public that his coin the Ponzi coin's proceeds is to be used to buy his Tesla.

The greed in ICOs will quickly.lead to broken promises and stolen money. This will make a perfect excuse for governments to regulate cryptocurrencies.