In a discussion group at the ETHWaterloo 2 event, Vitalik Buterin, the founder of Ethereum, said that the entire ICO mechanism, even though it claims to be a decentralized project, is “disjointed from the spirit of the blockchain” . He explained: "It's like a blockchain. They are about decentralization and trust minimization. ICO basically says, 'I am a centralized king. You should give me $100 million because you Trust me, I will build this encryption project, I will do it very well. So philosophically, this is completely inconsistent."