Filecoin Suspends ICO After Raising $186M in One Hour
What's important to note about ICOs is not necessarily whether the idea is actually practical and that it will work.<p>What matters right now is whether the idea can stir our intellect and get the crowds excited.<p>This is because behind the idea there's a new token which value is completely driven by the excitement of the crowds (it's pure speculation).<p>If I invest N amount of money in a token which gets people excited, I will surely get back N + <crowd excitement>.<p>So it's sort of like a snake that bites its own tail, and we see these crazy prices specifically for this reason. People are not investing hoping for the project to be developed - they're investing because they know others will as well, which will drive the prices up.<p>ICOs are a new breed in economy where people can speculate, anonymously, using tokens that are distributed to the crowds in various ways (PoW, initial distribution, etc.). What does this mean for our future economy? I'm not sure, but it surely looks exciting (even though most projects behind ICOs are complete crap).<p>If our future economies will be driven by these tokens, we might think back at this period of time, looking at perhaps the people who will be the %1 of the future.