What is your definition of a scam?

Selling a large slice of the tokens to a small group of specific investors, such that they obtain a much larger price when these are listed. Because they were in so few holders from day0, and the 'auction' closed so quickly, price discovery entirely up to small group of 'investors'. Its birthing shark whales to steal from the little people.

This was back before the real real ICO scams, so it looks pure in comparison. 2017, what a year!

Wealth is always concentrated in the hands of a few. It's the same story with Bitcoin.

http://www.businessinsider.com/bitcoin-97-are-held-by-4-of-a...

By that definition I guess all startups and IPOs are also scams.

The difference is that you can't do a IPO with just little more than a white paper, like most ICOs do.

"IPOs" happening separately from actually listing on an exchanges are always scams. Startups soliciting investment from the public rather than accredited investors are almost always scams.