In the modern era, virtually the entirety of the asset’s “price discovery” has occurred off-market, being captured privately before the token even exists. And a lot of this price discovery is actually inflated due to private market dynamics.

It is funny to reflect that by 2024 people would be yearning for ICOs once again. It is hard to disagree with them when you take a look at the difference in opportunity between now and then: in certain ways, the ICO era seems significantly fairer than the current dynamic of the market.