Interesting comments. You're right about people jumping on things which don't yet have any utility. Can you imagine this in the offline business world "so - how many customers do you have? - None. How many products do you have? None. - Ok, go away and come back when you have something we can invest in."

A lot of people like to jump in just from seeing one person involved who they think they can back, but the 'build it and they will come' mentality has kicked in with these ICOs and people are cranking them out just because they know there are enough gullible speculators that someone will throw money at them. Actually getting to the point where you have a real product with some users seems to be irrelevant for some people.