Is it possible to oversell an ICO? Is there a sweet spot?
I think that's what Waves did. They raised so much money that everyone was already in with no one to sell to at launch. Value of unproven tech already priced in. Little upside, big downside. (Still own some)
Rise has less money, but value of promised tech isn't included in the price. Big upside if they come through on it. Especially since they'd be cutting off Lisk.
In a way I think its also better for devs. Who gives a shit about coming through on tech when you already have 10 gorillian BTC.