It’s a very good article. Thanks for taking the time to write it.

However I disagree with half of it:

“The ICO bubble, however, did not have the good side effects of a Perez-style bubble. It didn’t produce nearly enough infrastructure to help the blockchain ecosystem move forward.”

Well, nothing can prove if it’s right or wrong. Because as you said liquidity comes ealier with Crypto. But it doesn’t mean that the money is 100% wasted like you are writing after that. I can see many “ICO” that are “TRYING” to innovate in pretty much all fields: Legal (Blockchain capital etc.), Financial (Binance, Legolas) , Technical (EOS, Loom, Polkadot, Cosmos etc.), I can continue to give lot of example. Some projects are really trying and will succeed I believe.

And I’m sure that the ICO Bubble we got will greatly help in the needed infrastructure for the next bubble which will be bring more adoption.