I definitely agree with the discussion given the way the ICO are going towards pre-sales and the regulatory environment. However, have in mind that what makes the price move is when they start trading on exchanges. I believe that the demand is making valuations being high so the discounts seen in the past will not last long. Therefore, most of the gains will come after the ICO come out anyway. So, it will always benefit for investors to do homework while we wait for them to get on exchanges.