ICO looks like a Ponzi scheme

The more I learn ICO/ITO the more it reminds Ponzi scheme company MMM in the ex Soviet Countries. The smart guy did incredible scheme to retain money from the people. By different estimates from 5 to 40 million people lost up to $10 billion. Just imagine the number for early 90s in Russia)!
MMM was established in 1989 by Sergei Mavrodi, his brother Vyacheslav Mavrodi, and a woman Olga Melnikova. These triple play band did smth incredible thing.
And I hope they or similar smarts are not in ... for this time

https://en.m.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)
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