I would say even with due dilligence, if there is no clear guideline and accountability , it still calls for things going south, no matter who is behind the project.

This lack of clarity and accountability behind those scheme is still disturbing to me lol

And how much people are confident in the future value of tokens with nothing to back them up.

Its the beauty as long as everything keep going up, and the nightmare when things start to go south ..

And it seems very hard to know where the project/company is between beauty of magically going up, and crashing down as brutally.

When merchant are to be paid with a token, they dont want to be paid with a speculative asset as a pseudo share in a shady company, because they have true accountability to hold.

If there is no backing of the value, it worth close to nothing as a currency for merchants.

Normally the backing should not be too hard to provide with clear accountability on the buying and selling of tokens, as all the dollars in to buy the token should be used to back the value, but i dont see much ico providing even this.