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ICOs have no protection system, never did. IEOs don't as-well.

Doesn't matter what initials you use, when you raise money with a coin it's an ICO. Exchange or not, protection or not. Money backed or not.

No, it's a token sale.
Going by your argument, any issuance of equity is an IPO.

Not all equity issuance takes the form of an IPO, which has a designated framework. Similarly, not all token sales have to follow the framework of an ICO.

ICO and IPO are the name of the first (or initial) issuance of tokens/shares. The first token sale is an ICO. The first public shares issuance is an IPO.