I think the Ari Paul article is too bearish and 2018 flavoured for my liking. I understand where he is coming from: it's written as a counter to the 2017 ICO hype and massive profits no matter how bad the ICO. I believe that the truth and some sort of "fair valuation" for ICOs lies somewhere between that 2017 hype and what he has written. I think that the bear market has made it easy for people to forget just what a revolutionary technology blockchains is and just how much it will grow and be used.