[verdverm]

ICOs are almost all securities and requires registration with the SEC. It's hard to do something like that as a service.

If someone puts money in and expects a profit, then by the Howey Test, it is a security. Most funding in crypto is now going through VCs. Rich getting richer and all.

Hacker News is largely anti-crypto. You will find healthy skepticism in the comments on high score stories. You can use the search to find them.