Finally... a good article. Thanks for that. I am following you now.

Just a thought: I believe the 'cycle' that you mention will only keep growing (or will only get more complete) in the future. You say that ICOs eventually need to sell the cryptos to pay their costs, and I agree that is true today. But as cryptos become more used (or mainstream), I believe some employees will eventually be willing to get paid in cryptos.

Think of an ICO in places with unstable economies like Zimbabwe (unlikely today, I know). Workers (and service prviders) will prefer to get paid in anything but their local currency.

Just like unstable governments have opted to use other currencies (e.g. USD) because theirs are simply too unstable, I think people and companies will eventually prefer cryptos over fiat currencies.

If I am a worker in Zimbabwe, I would rather receive my salary in frequent-flyer miles (I'm exagerating, but you get the point) than in fiat currency that can be controlled/frozen by my government or bank.

Voila - the economy closing the loop.