How successful is "ICO" to raise funds using virtual currency?

ICO is "Initial coin offeringAbbreviation for "funding method newly created by the appearance of virtual currency. Sharwin Dowlat is blogging about how well the group gathering funds by the ICO is doing, although it is used for many startups because the regulation is loose at present as compared with the IPO issuing shares.

ICO Quality: Development & Trading - Satis Group - Medium
https://medium.com/satis-group/ico-quality-development-trading-e4fef28df04f

The pie chart on the left side of the image below summarizes the overall situation. The red part, which accounts for 81%, was regarded as "fraud" because it was not allowed to carry out the project. In addition, 6% is "failure" such as insufficient fund procurement, 5% has been successfully financed but not traded on exchanges, and there has been no progress for 3 months. Only 8% of coins become available for trading at exchanges.


The pie chart on the right side of the image above summarizes how successful the coins traded on exchanges have market capitalization of more than $ 50 million (about 5 billion yen). 2.8% is in the middle of decline ", 1.6%" promising in the future "is. Coins saying "success" account for 3.8%. "Successful" here means "the chain or the distributed ledger or product is at least tested up to the test level", "there is a clear road map on the site", "The code has advanced in GitHub within 3 months It is "to be achieved" is achieved. "Prospective in the future" means two out of the above, and "a decline in decline" means that only one of the above has been achieved.

The graph below shows the classification of coins under transaction for each market cap. Coins with market capitalization of more than 1 billion dollars (about 100 billion yen) have only "success" and "promising promising", but as the market capitalization goes down, the proportion of "decline" is rising.


The actual figures are as follows. The data was taken on March 8, 2018.


Currently regulations are thin and investors are almost unprotected, so it seems better to firmly assess risks when investing.