The thing i never understand about ICO and buying token or coin as an investment to HODL expecting a ROI on it.
It's made to look similar to share holding in a company, but it's a completely different mechanism. Share prices in a company can rise because share is a % of the company capital, and when the company make profits, and rise it's capital, the share value increase.
But token are not a share, they are not a %, and even in the case of a 'good' project, that attract users and market, there is no connection between this and the price of coin on exchange. Especially that the main value of blockchain is a property transfer system, if all the coins/token are sold in an ICO and held by investor, it mean the blockchain is essentially frozen and useless. And if there is a huge speculation on the future price of the coin, nobody is going to use it as payment and the blockchain is essentially stall and useless.
In a 'regular' companies with fund rising through share, the company has an actual product to sell to customer with a profits, when the share holding agreement is made, nothing is really sold yet, it's just a paper that says the share holder will own a certain % of the profits made by selling the future product.
With ICO it seems the main product of the blockchain is the token, and they sell it all during the initial phase, and all the value is already extracted from the company at this point, and they have nothing else to sell.
ICO would make sense as a legal agreement that the funder are bound to hold a certain % of all the profits made using the blockchain, like if all transaction contain a fees distributed to the share holder, as the product of blockchain are the transactions, it's the price should be to fit with regular share holding model where owning a share can make profits, but the good model of funding is not really found yet IMO, other than going through the regular institution for the legal backing and more flexible agreements than what can be made using tokens sales.
I really don't understand how people who buy coin or token see it rise, other than riding a bull run in a pump and dump and selling at the right time scamming others who are going to buy it higher.
Essentially i really don't get it how people expect a token or coin doing x 10 or even x 2, even in case there is a rock solid team who deliver a successful product at the end, who is used by millions of people and in the economy, the price of the token is still not going to rise much.
Even bitcoin nobody can really explain why the value got so high, there is no usual "rational" reason for it to jump from 1$ to 6000$, there is no real economic for this.
The only thing that can make the coin rise if is a whale start a pump with huge funds, but in this case, the creation of value come from the whales pumping it, not from the product, either the product is successful or not. Even if there is a company behind, the benefits are going to end on the company account, and won't make the token price rise in itself.
Initially crypto were interesting because of perspective of decentralization, now it become all about people wanting to ride bull run and pump and dump on centralized exchange, which you could do even without any blockchain at all, and then calling developer greedy because they want to make profits, it's a bit the pot calling the kettle black.
I really don't get it by which mechanism people think the token will rise on value in exchange based on the success of the product itself. Especially if all the tokens that are supposed to be the main use of the blockchain are stuck in HODLers expecting it to go the moon.
On the other side there are all the private blockchain companies, who actually sell product to real company or solve IT issues in real economy, and they have zero token on exchanges, token are tied to the business logic of the company, and not sold with huge speculative promise in the future.
i've seen many people discussing this same issue, and i never got a really clear answer on how this ROI is supposed to happen when buying a token, even if the team is real and the project successful is the sense useful, used in real economy, by merchant or that other business are actually using it.
It's why this question of what make a project good, it depend what you expect of it, if you expect doing a huge profit on exchange, then any coin can do even without a blockchain on centralized site with whales playing pump and dump to keep the traders busy.
If it's about use in the economy, or about promoting decentralization, then i really don't see how the token price can do x10 or X1000 because it's getting used as currency or asset in another business or because it get millions of users. I really don't see how people correlate a project 'success' with price being pumped on exchanges. The two are completely orthogonal to me. Token are not a share in a company, there is zero legal obligation to anything, and there is no direct correlation between a project success and parabolic rising of the token price.
People saying this few year back were called FUDers and non believers, or like the price is supposed to do a x1000 "like bitcoin", but even bitcoin nobody can really explain how the price got so high, or why it would move up or down. So i really don't get it what people expect from crypto project nowday, other than them being pumped up by a whale and selling at the good moment to the good pigeon.