Nah disagree. Most folks building on top of Ethereum are using token sales as a fundraising mechanism to bootstrap their projects, and these projects are raising $100ms of dollars.
The whole "but, but, these tokens have utility" will get old pretty quickly imo and you can see the signaling with sophisticated projects like Protocol Labs' filecoin offering going the Reg D route.
The whole "but, but, these tokens have utility" will get old pretty quickly imo and you can see the signaling with sophisticated projects like Protocol Labs' filecoin offering going the Reg D route.