It's telling that the author had to use Ethereum as an example. It's just really hard to find good ICO examples that make sense and have a real business.

Most ICOs have a hard time justifying their token. Some are obviously just speculative investments. I hope ICOs come to an end for the most part.

We're doing something similar to an ICO, except issuing shares. Shares are a known thing, and well established. Share price should grow based on the company's prospects, not pumping schemes. Cryptocurrency fundraising as a whole is still incredibly valuable. In our case, legal risk means we can't raise money from people we know (oh, how that'd be so much easier!). Even without the anonymity issues, I think a lot of companies are going to abandon ICOs after the token bubble pops and stick to traditional share-selling, using tokens as a ledger.