yeah i got fooled by the russians
the first red flag should have been the $1 per token. theres no way their token is worth $1 with no product. they havent begun doing anything.
the second red flag was their 30 million cap. their company is nowhere near worth that much.
i got played by their superior marketing.
Pretty sure with most, decent, ICOs devs lock their tokens for a fixed time period, disclosed in the white paper.
Which makes sense, since they're not legally obligated to provide a working product.
If this wasn't the case, anyone could run an ICO, dump all the tokens on day of release and never be heard from again.
So to answer your question, yes, market determines the price. If everyone who participated in the ICO either held, or sold for a profit, the price wouldn't tank.
read this post-