Most ICO initiators appear to rely on the sort of classic market frenzy that typifies a bubble. Less than 10% of the tokens acquired by investors can be put to use; the rest are merely available for trading. And even where trading is expected, transfer issues related to tokens often cause very difficult legal issues in the countries where the tokens were created. Rather than channeling money to the most productive use there are many signs that many ICOs are channeling money to recipients for their own personal use.