We all know the world of ICOs can be filled with fake ideas and empty promises, but it seems investors don’t care and are more than happy to pour more of their money into an ICO with no working product than one with a working product.

Data recently compiled by Bloomberg shows that of the 30 biggest digital tokens released this year, the ones that had no working product outperformed those that had an actual working product in terms of price movement. Not only that, two thirds of the tokens with a real working product actually declined in price.

So for whatever reason, investors seem to favor fake or non-existent products instead of actual working products. Of course, this means the market is so heavily focused on speculation that promises account for more value than products.







Just as alarming, it found that only 1 in 10 tokens were actually in use after their ICO.

So how long can the ICO hype train keep going? Well, it seems as long as investors keep rewarding those who have no working product with huge returns, it could go on for quite some time.