There is an elephant in the room and that room is the current ICO market. The elephant is the unignorable fact that the majority of ICOs offer no protection to their token buyers who consider themselves as investors. These buyers are not investors. Here’s why.In 2017, initial coin offerings, or ICOs, emerged into the big time. Over the course of the year, startups conducting an ICO as a way of raising startup capital raised over $6.5 billion. Since then, many ICOs have issued utility tokens under the guise of security tokens, and they have raised millions of dollars by promising their holders huge returns and part of their income. In reality, they may not able to deliver on these promises.