A large portion of ICOs are funded by people who got rich buying Bitcoin.
They need to diversify their exposure to the volatile cryptocurrency.
But they don't want to pay tax.
On that basis, ICOs look like a good deal.

ICOs are largely unregulated offerings of digital coins, a bit like Bitcoin, that dozens of small tech companies are selling to raise funding. They operate like IPOs, but instead of offering equity they offer cryptocurrency tokens of their own design. The coins can then be exchanged at a later date, either traded to other buyers or for assets produced by the company itself.

ICOs are as exciting, and risky, and crazy, as they sound.

So who is providing this firehose of risk-loving money?