The one part I prefer about more traditional fundraising is that even though it's a pain in the ass, at least it forces people to dedicate their lives to a project for a while - some real "sweat equity" - before being able to raise a dime. The ICO model is broken - and while Polymath may not technically be an "ICO," they basically created money out of thin air like everyone else has by pre-selling then launching the token and creating a multi-hundred million dollar asset out of very little on a technical front (check their Github).

Of course, this commentary is NOT limited to Polymath - it is true of many ICOs, where the creators often don't have the same level of sweat equity as a traditional start-up founder (or in this case, the sweat equity is all spent on privately raising capital, marketing and beautiful conferences in the Bahamas). Part of what I love about guys like Vitalik is that they do have that sweat equity, so even if I don't always agree with him (or someone like him), I still respect him and his thoughts.