While there is sure some enforceability, like he says, it has to be much harder to do because there is no way these ICOs actually have as much legal text written out and agreed upon by all participants. This has to mean that it will be much easier for dishonest actors to get their wishes with ICOs, as opposed to with regular LTDs and such.

More interestingly, there seems to be no real answer for the question you have asked. What is the real value, if the courts and legalities are what people need in this situations, and those things are already in place? Sometimes it really seems like the enthusiasm of most honest people coming into ICOs is fueled by the fact that they don't understand this. They don't comprehend what stocks are really about: making sure that the state can aid in contract enforcing.

Think otherwise? Please prove me wrong. There just don't seem to be any real industrial value in ICOs, we already have stock technology.