I agree that ICO's are for sure a bubble, but I wouldn't say the dotcom craze takes it far enough.

I'm not just saying this to be disagreeable but ICO's look more like the digital equivalent of stocks, just like Bitcoin was the invention of "digital money" a company Token that pays out a share of profits as a dividend and has a price per token, tokens outstanding and a market cap on an exchange looks and talks like a stock, however with one major difference: there is no regulation yet, and there are no past financial like income or balance statement to go over. Because of this I'd say ICO's are more like the rise of the early stock market since there was still "regulation" during in the dotcom craze. Tokens are Stocks 2.0 and it's the fucking wildwest out there.

So what does this mean for investors? Be CAREFUL with your money. If you're not an experienced investor, you're highly likely to lose everything you invest.

By experienced investor I mean: able to separate the hype from the details.

You MUST be able to know, ask and answer these questions:

1. What problem is this ICO solving?
2. Is there demand for that problem to be solved?
3. Can they maintain a sustainable competitive advantage?
4. Is the business model understandable and will it create profit?
5. Even if the business makes sense, does the team have the capabilities to be able to make this happen?
6. The last and most important question, can you afford to lose this money?

If the answer to any of the above questions is no, then you should probably pass.

Even though the risks are high, there's still HUGE profit potential for the few ICO's that will be big winners, but you'll have to be both highly skilled and a bit lucky to win. Most people will lose almost everything they invest. Even experienced people will lose. Stick to the list above, answer it honestly, and it should serve as a good general guide for investing.