Fantastic outline of how and why ICOs have a big effect on total market cap. The idea of value not being realised until after transaction is always difficult to grasp, but you got it in very simple terms, which is what is needed as I find it is always over complicated.

I agree that it leads to a false confidence if how healthy the market is - as essentially all assets circulate internally, the value is never lost but will increase based on the speculative value Of The new coin. Thanks for the great overview!