For me most people made money from ICO in 2017 and it is 2018 that thinks changed and people start losing money investing into this ICOs. ICO is not IPO we need to get this right, IPO are companies looking to grow their company from profit they make but ICO only promise to use this money to develop their platform and no promise of future profit, just sit down and read most of this ICO's term and conditions
You are totally right, we are buying only utility token with hope that the chart will show good values. If no use case of token, it will go down.