How ICO's are ruining the Crypto market

You all probably have experienced the numbers of new Cryto launching every single day, New ICO's trying to get money in their pockets without any proof by just showing white paper.

Now lets go back to few months ago how many times in a month did you hear about new ICO? Probably once in 2 months or may be once in a month! But now the scenario has changed companies are selling the ICO's by taking big people's name to attract more and more people, companies have taken millions of $$$ with out any proof.

Recently there was an ICO for SONM coin and the company collected $42 million in less than a week and they were sold out , that is insane why the hell a company needs $42 million without any proof? I was very keen to buy SONM as my wife name is "Sonam" but I could not as I was late to buy. Recently I was curious to know the price of SONM coin in the market and to my surprise this coin was trading at $.04 where as the ICO price was $.18 so that is 1/4 of the price. All the people who invested in this ICO are in big time loss and I don't see the price going up anytime soon, in fact I am happy that I did not invest and I told my wife I already have Sonam so I don't need SONM ;)

In fact there are numerous coins like SONM who have just collected peoples money on white paper but no proof.

I personally feel that people should focus on investing in the coins who started and have proven their work and have a good blue print for the future. Saying so I am not discouraging the people to invest in ICO but one should look at what the company want to achieve and how much they want to collect in ICO? In my opinion $42 Million at the ICO stage is a ridiculous amount when coins like PeerCoin, NXT are still sitting on $44 Million and $71 Million respectively and are operating in the market for a long time.

Note: All Views expressed on this post are my own and do not represent the opinions of any entity whatsoever with which I have been, am now or will be affiliated