But they also may enable new business models that haven't quite been figured out yet, especially in areas where network effects and adoption are key drivers of success. The question is what kinds of novel organizations can be built with this model, not how can these be slapped on existing ideas for a quick influx of cash.
Right, which is why ICOs seem to basically be digital commodity speculation. Still plenty of money to be made in that space. You're betting that the service will become more valuable over time rather than the company.
It's the equivalent of speculating on the value of an item in World of Warcraft (Or some other mmorpg). At any point in the future the company will just change the game logic rules to make it worth less and forge a new item out of thin air worth more to raise more funds.
"Oh yes you have our A coins, but you need our B coins to do certain special transactions. Convert at this rate that's highly favorable to us. Or buy in to our B coins ICO and get in on the ground floor before we begin to phase our A coins out."
Don't purchase things where the other party can redefine what you own as it suits them.
"Buy this property from me, but at any point in the next 50 years I can come in and redraw the property boundary lines and keep what I carve off."
How is that an attractive proposition? It means I get all the risk of buying stock in a new company, but none of the benefits. My money is gone if the company goes belly up, just like buying stock, but if the company does well, the best I'm ever going to get is some standard service. My token will never be worth more than whatever that service is worth.