Some ICO projects operate just at the level of grand ideas for using Blockchain to change the world for the better. Very often, it's far from clear to investors how these projects actually plan to make any money.
We wrote an article about this issue, comparing our own project, LakeBanker, with Humaniq's recently successful ICO.
You can check it out on medium:
https://medium.com/@andrew.mccarthy/charity-or-finance-humaniq-vs-lakebanker-155d9dc3d63Feedback welcome.
Mostly for charities but you never can tell which are not because a free market without any regulations seems to kinda hard to carry out even a basic due diligence of the project. Furthermore, people buying into these ICOs are happy to see them as trading robot and not necessarily concern about the use cases, business model, target market and competitive analysis of such ICOs before investing in them. Also to be considered is the problems the projects would solve and how tha heck they'd solve that problems while having business model focused on that. But it's so unfortunate that most of these ICOs see the millions they're raising as a sort of business model and investors seem to be too blind to see that. Terrible!