Token sales, often called Initial Coin Offerings (ICO), are exploding in popularity. Seemingly each week a new record is hit with huge sums being raised by alpha-stage projects in almost no time. William Mougayar, an investor, author and blogger, who has been at the forefront of the token sale movement joined us to unpack the most dynamic trend in the blockchain ecosystem. We cover the great promise of token sales in disrupting venture capital and changing how startups are build and grown. We also address the apparent irrationality of valuations and what distinguishes a responsible from a reckless token sale. Topics discussed in this episode:The current state of the ICO marketIssues with recent ICOs such as BAT, Bancor and GnosisWhy more attention needs to be paid to the relationship between token and application usageHow one should think about token valuationsWhether we are in a bubble or notHow VCs are responding to disruption through ICOs Links mentioned in this episode: Startup Management BlogThe Ultimate Reading List for Blockchain, Token andCryptocurrency SourcesTokenomics ?'" A Business Guide to Token Usage, Utilityand ValueRaising Tokens to Build a Company or an Ecosystem?Business Blockchain on AmazonVitalik Buterin on Token Sale MechanismsBuyer Beware ?'" AVCToken Summit YouTube ChannelToken Summit WebsiteThoughts on the Bancor Token Sale Sponsors: iPrize: International startup competition to build the Machine Economy - http://epicenter.tv/iprizeJaxx: Wallets that Unify the Blockchain Experience Across Devices - http://epicenter.tv/jaxx Support the show, consider donating: BTC: 1CD83r9EzFinDNWwmRW4ssgCbhsM5bxXwg (https://epicenter.tv/tipbtc)ETH: 0x8cdb49ca5103Ce06717C4daBBFD4857183f50935 (https://epicenter.tv/tipeth) This episode is also available on :Epicenter.tvYouTubeSouncloud Watch or listen, Epicenter is available wherever you get your podcasts. Epicenter is hosted by Brian Fabian Crain, S?ƒbastien Couture & Meher Roy.