>The founders, employees, investors all get their liquidity on day one (and even with vesting schedules on tokens, VCs have been selling their interest in their un-vested stakes). There's no incentive to build a business. The only incentive that exists is to pump the token at all costs. Your only incentive is to build a "community" and "enthusiasm" and spend your entire budget on marketing. Anything you spend building a business is a complete waste and sets you at a disadvantage relative to your peers.

Makes me think of Star Citizen. I will admit I don't follow it very closely, but the cynical view seems to be they've found a very successful business model of hyping up new features and crowdfunding by selling in-game ships while the game is eternally in development, rather than building and selling a finished game.