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RE: How to Raise $185 Million in 5 Days With an ICO
I can't help but think of Jesse Livermore and his experiences in "bucket shops". Reference: https://archive.org/details/JesseLivermoreReminiscencesOfAStockOperator
Well worth a read, by the way. The psychology is very similar when looking at ICO's, IPO's, or any other trading vehicle that aims to pull in new investors.
My point is, that you can create hype around a given issue with very little effort. This doesn't mean that the underlying fundamentals are sound. It just means that "Fear of missing out" (FOMO) can be so great that it propels an offering way beyond any reasonable valuation.
There are a lot of real-world examples, but I'll leave it to the reader to follow that particular trail.
We might see a crash in the ICO market if bitcoin ends up splitting, because that will create uncertainty in the crypto market if investors are confused about what's going on. But who knows, these massive ICOs might be able to carry on for a little longer.