One again @biophil writes a spectacular article! I have a question on one point. You state that you believe that even the worst ICO's increase the total market capitalization. I see a situation where this may not be true.
Although mostly an academic point, if Alice and the rest of the ICO participants buy Magic with Ether they already own the price does not double unless more people enter the market with new USD and purchase ether.
Until the further purchase of ether occurs everyone's Magic coins are essentially worthless. That, or the price of ether must decrease in an amount equal to the rise in the price of Magic. In this situation, the market cap does not change.
Thoughts?
RE: How ICOs inflate the cryptocurrency market cap