Seriously, I have been making increasingly critical posts about ETH, smart contracts, and ICO's over the last few days- why is no one shutting me down? If I were to try to do this with bitcoin I would get eaten alive and turned into a laughing stock in minutes... inactive in the crypto world for a year and a half and I come back and find this insanity.
To put a racial perspective onto this, and please excuse me, but frankly I can't imagine many of these ICO investors are Jewish... Jews seem to be better able to spot traps like these.
The ICOs are still good to its investors. They go to multiple times their ICO price and stay there. Even the ones that don't perform like that don't drop much below ICO price generally.
That said, I completely agree thatw ICOs are like the tulip mania and that ICOs are what is going to cause the next real crash. ICOs have raised ethereums price to these levels. As soon as it is clear that most projects can't deliver or that it is not worth the amount invested, things will start to spiral downwards.
Also, the really big ICOs only gathered their money in ether. Guess what happens to their funds when ether starts declining.