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> It may not occur in USA or China's jurisdiction, but its going to keep happening.

Where will it keep happening?

ICO's will continue to originate from places with relaxed regulatory regimes - Switzerland, the Cayman islands. And people in countries where this type of capital raising is not permitted will find ways around it. KYC is very easy to skip around when the only real contact required is sending ether from one address to another.

I think permissionless offering and trading of securities is the killer app for ethereum.

So in that case only capital from the elite can flow into cryptocurrencies, but not be used by consumers for transactions?

Edit: Wouldn't the lack of general consumer transactions ruin the economic viability of most tokens? If so, then there is definitely a case for a bear market.

>Wouldn't the lack of general consumer transactions ruin the economic viability of most tokens? If so, then there is definitely a case for a bear market.

That argument could apply to many high end and luxury goods, yet there are plenty of companies existing in that sector.

Wouldn't the lack of general consumer transactions ruin the economic viability of most tokens?

Yes.

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