Great points well made.

On the startup ICO point, I think this is reflective of the wider (not just crypto) market as a surplus of capital at the top has generated a culture of "serial fund-raising" rather than seeking profits (Amazon as a role model hasn't helped as you point out). The difference now in crypto though is that ICOs have been open to pretty much anyone (to suffer!) whereas investing in startups in the 'fiat world' are largely a reserve of high net worths and business angels.