> YouNow’s ICO is hardly huge by current standards; the largest sales have brought in upwards of $200 million. But it’s notable for other reasons. YouNow is already a profitable company with 40 employees, name-brand investors and 40 million registered users, a rarity in a world dominated by brand-new projects. People who work with cryptocurrencies say they’re fielding an increasing number of calls from established companies and predict that’s where the next wave of notable cryptocurrency projects will come from. The Props project is an early illustration of what that process could look like.

How are they profitable? What's their revenue stream? Selling coins to speculators? How on Earth does that definition of 'profitability' currently justify the value of the coins? "This is not like those other ICOs, because we made 200 million dollars selling coins!" is a huge stretch of reasoning for "So you should buy coins!"

I'm not saying the business sucks, or is a fraud, but that is an incredibly sketchy line of reasoning. I expect better from Bloomberg.