Initial Coin Offerings

This article on coin offerings makes understanding the euphoria here, for the issuer anyway,  pretty simple. Issuing equity as a tech start up is now far too expensive relative to issuing coins. Coins are like gift cards, something that you can turn in for a product or service in the future. They represent a liability on the offering company's balance sheet, just like debt, but there are a couple of added benefits IMO. First, no one ever expects these coins to be redeemed since they are really speculative tools (it is free money). Second, tech products and services decline in price so even if they are redeemed down the road, the cost of providing the service will have fallen. In short, these ICOs are like issuing massively negative yielding bonds. If we think equity and bond prices are too high, what does this tell us about coin prices?