Right, seems different getting people to trade their dollars (backed by nothing, large network effect) for shares (backed by bitcoin, large network effect.) The ICOs were backed by nothing and had a small network effect.

I do think the next leg down will be over leveraged forced-seller bitcoin companies, but I’d also expect big companies like AAPL or META to buy them in that case to acquire coins without moving the price as much as it would if they had to get them at the market.