I think only ICOs with great ideas mean profit, not all makes money to token holders. But I really love current stage, lots of devs bring whole new ideas into crypto.
We are in a place very similar to the dot com bubble, many ideas are being tested out and we are seeing which ones work and which ones do not, there are going to be many projects that are not worth your time, there are going to be some projects that are scams and there are a small number of projects that are worth your time and money but those are difficult to find.
The dot com bubble seems to have happened as many of the uninitiated wanted to cash in quickly on 'free money', but I feel like buying of cryptocurrency is still not that easy for the general populace. Though I agree that eventually a bubble will form when more people start purchasing cryptocurrencies (when it is easier to purchase it)
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