Can you imagine what ICO's would be like in 1950 or 1960?

"Hi. Give me a bunch of money, and I promise I will build something that works"

They would laugh at the idea. Generally you need a product first, a prototype before you could ask for money.

People on the blockchain today don't even have a working prototype!! That just drives me crazy.

Anyone who knows how to write a good whitepaper, add some flashy graphics to a website, can instantly create an ICO and get thousands of dollars. It's sad.

At least when eSteem was created, you did not do an ICO, you just started building your product. Which is really nice to see, and quite respectful.