I think there is a strong delimitation to be made between crypto-currency and tokens. Crypto-currency isn't a business, the rules of former technological explosions don't absolutely apply. You don't need a lot of capital to launch a new currency, you just tweak the parameters if an existing one and see what happens.

That is where I think things are going wrong, ICOs are businesses and they are raising capital to build centralised tokens (a business is inherently centralised). It's in this space that perhaps older paradigms are closer, but the problem with ICOs is you don't own a share in the business, you own a token which you could exchange for time on a working product, if it ever occurs. The point is we are seeing more out-and-out scams in this space, which is driving the desire for regulation. ERC20 is the worst thing that happened in crypto space.