ICOs actually have a very important function that will one day be indispensable. They allow for democratic fundraising without VCs getting a large cut. Also programmability of tokens and probably other stuff. But today they're the tools of scammers and abused heavily. :/
The first lie in an ICO, as with most human deception, is the founders lying to themselves. Self-deception is the foundation for deceiving others. But with no-lockup ICOs, they aren't properly penalized for this.
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Time-locked funds should be a necessity. We need a framework for how to structure an honest ICO that can be followed. Non-standard structuring will bring more scrutiny as to the motives of the founders.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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