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.

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.

When evaluating a startup application, YC looks for unique insights on user acquisition and the founder's competence. Having traction and a clear understanding of your market is crucial.

The YC application process emphasizes the importance of clearly expressing your startup idea to avoid missing out on opportunities.

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

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.

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.

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.

When evaluating seed investments, we often face conflicts about whether we are fully convinced that a startup will succeed, which can create emotional debates among investors.