I can agree with that. There isn't a whole lot of utility in individual ICO's. However if you look at ICO's in general the concept is pretty remarkable, ICO's essentially facilitate the "move fast and break things" mentality of Silicon Valley. If ICO's work over the next 10 years (after the crash and into the future) that's a pretty great tool that Silicon Valley now has, they can now surpass the SEC and having the burden of pleasing investors and most importantly posting quarterly profits and still raise all of the money that they need.

This goes back to my original point that there is value in cryptocurrency and the technology behind it. It's just going through a period of explosive interest and growth, which in turn is causing the technology to get better rapidly.

The multimillionaire investors are going to be made over the next 3 years. The next google could come out of an ICO in 10, it's just a matter of the market correcting itself once the hype wears off.