Yes, but how does this argument influence anyone’s incentives? For those building real value, an ICO can be an important injection of resources and thus the point is well taken. For those looking to run a scam, nothing here is going to change their minds. Frankly, I agree with the former, as are almost all of us operating in the sunlight. I suppose there are some who are deluded, but I doubt they know it and thus truly believe they are building value.