Status.im raises $110M on crowdsale, crashing Ethereum network for the whole day

> It is our belief that messengers are evolving into a new type of OS, and are becoming gateways to our economies and social lives. Status uses messaging as a platform, and by combining both a messenger and a browser we are building a gateway for everyday smartphone users to begin using DApps.... [0]

I'm not sure what this means but it must be a lot because, on paper, they just raised about $10M per core developer. This for an open-source mobile client.

I have tried but I honestly just don't get the value prop of these ICOs. The only concept that my mind can latch onto is the basest of explanations – that these offerings represent a chance to ride a gold-rush wave of speculation.

I'm not assigning fault, certainly not with the founding tech team. Its just that the last time I felt so disconnected from a major upswell in the tech marketplace was 1999. Will ICOs follow a similar feast-famine-smaller feast curve?

[0] https://wiki.status.im/

This is getting insane.

I don't know what else to comment here. That's all I've got. This is the sixth cryptocurrency-related crowdfunding I've read about in the last three months that has received double or triple digit millions in funding in a short period of time.