The author criticizes Initial Coin Offerings (ICOs) that launch with high Fully Diluted Valuation (FDV) and large raises, suggesting this practice is designed to deter "flippers" but is disingenuous. Instead, they advocate for ICOs to launch at low FDV, with allocations prioritized for "actual power users" to foster genuine community and long-term value. Investors should be wary of ICOs with inflated initial valuations, as they may not offer optimal entry points for retail participants.