Anyone ever play clash of clans? ICOs that don't confer any securities-type value on the buyer (no ownership stake, entitlement to a share future profits, etc.) are basically just gems from clash of clans. You buy them in order to interact with the service, that's it.

I suppose the only functional difference between ICOs and gems from clash of clans is that you can resell your tokens on a secondary market because of the decentralized nature of the system. But so what?? It's a solution to a problem that never existed.