A picture is worth a thousand words
The entire ICO scene can be summed up by one leaked screenshot of the COO/co-founder of GoNetworks Telegram chat:
Yo dawg, I hear you like ICOs
So we're going to do an ICO to do an ICO
If it wasn't such a tragic exemplification of how the entire crypto space has been co-opted by operators who would otherwise find themselves in jail or on the end of physical violence it would be funny. Sadly, this sort of thinking and operating is rampant and is the exact sort of behaviour which will cause regulatory takedowns sooner rather than later. There will be hundreds more people like this who aren't stupid enough to get caught.
There is a good takedown of the entire GoNetwork ICO and their attempts to refute the legitimacy of the screenshot (note: if your COO's Telegram gets hacked don't claim that his email has been hacked - Telegram requires no email to sign up with) here.
Elsewhere Gems annoyed everyone after a month long proof of shill campaign by announcing that they would only be releasing 25% of the tokens for sale, keeping the remaining 75% behind. This came with no explanation on vesting or how long the remaining 75% would be locked for. Got to pay that heavy hitting advisory team somehow.
To complete this rather cynical day, Weiss Ratings (a US ratings agency) just released their first set of cryptoasset ratings. Somehow EOS and Cardano, two projects yet to launch a working project, secured 'B' and 'B-' grades. How something that is yet to operate can get the same grade as Ethereum and get a higher rating than Bitcoin (C+) is beyond me. One would almost think that it was issued by a company with precious little understanding of the sector and done for media attention.