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RE: Market Crash or opportunity to buy with discount?
ICO is what projects of new coins use to finance them selfs and define the initial market cap of a coin.
Personaly i don't invest much in ICO's because a well done research is allot of work.
You need to view their road map and their white paper, see if the problem they are trying to solve is important and their solution is good. And then if they have the technical skills to deliver what they promise.