No, ICO Market Caps Are Not Crazy. The Reason Is Basic Economics

The concept of ICOs isn't necessarily a bubble. The part where non-credible founders with non-credible plans raise huge amounts of money is a bubble.

I also love how they're creating their own currency, selling it, paying employees with it, and promising that it will go up... and then they tack on a "no equity-like product is sold" fig leaf. The overall idea of RootProject sounds nice though.

Ummmm, yes they are. They're a function of all the "free" money sloshing around in crypto due to the bubble. Etherium did what it did with $18 million. Now there are projects that are proposing to do things orders of magnitude less complicated raising $30-50 million.