The current trend in the ICO market is towards liquidity, but early investors may still be locked up for a significant period to ensure their support for the company.

Investors struggle to conduct due diligence in the ICO space due to a lack of established norms and data on token success rates, making it difficult to assess which tokens are viable.

Unlike penny stocks, many ICO tokens lack a concrete basis for their value, making it challenging for investors to understand what they represent.

The demand for ICOs indicates a strong interest in investing in startups, but it also reflects a tendency for investors to believe in ideas that may not be sound.

Investors often rush into ICOs with the hope of quick returns, which can inflate the amount of capital flowing into the space beyond reasonable limits.

More money has been raised in ICOs than has been delivered in venture capital to companies in 2018 thus far, which raises concerns about the ICO industry. The ICO industry has developed norms and standards over the last four years, but the rapid growth in this space is concerning rather than positive.

The ICO market is currently a global phenomenon, with significant fundraising occurring in both Europe and the United States, reflecting the rapid growth of the cryptocurrency ecosystem.

The YC process for evaluating startups provides valuable data on success signals, but such a framework does not currently exist for ICO tokens, leading to aggressive investment mentalities.

As the ICO market matures, we are seeing a convergence towards traditional venture capital practices, including vesting schedules and lockups for investors to align incentives better.