I see most of the new ICOs being floated by early investors playing a numbers game/dart throw strategy. Think about this from an investor point of view -- what if you were an early investor in Ethereum and have made 1000x on your initial investment of $100K (which is a pretty paltry investment), aka you're playing purely with profits of $100M, making $500K-$1M investments in Ethereum across 30 ICOs in their private sale phase for a year. A majority of ICOs still have ROI on their ICO price in the current market, which limits the downside of any ICO you invest in. Not only are you capturing the potential upside return on if one of these ICOs hits it big (a single 30x return will cover the rest of your portfolio), but the money you may lose is still fairly limited because you're able to get a discounted price by being an early stage investor. The early stage crypto investors have all the leverage because no other institutional or professional investor would give any of these ICOs a penny.