But your answer does not take in to account the utility of a token. You can purchase the product or use any of the service provided by the company by using the Token provided my the company. So in a way a Token sale can be counted as advance revenue for the company that it can recognize after the product is launched.
So money through a token sale can be classified as an operating activity and not a finance activity.
Hmmm It's difficult.
once the project is launched and operating, the token is not a token anymore. Like you say you can purchase the product/service using the tokens (you purchase some coins). But it is because the tokens have been converted into the altcoin
You lent money to the project and the project promise you to send it back in the form of tokens (crowdlending). Then you are supposed to cash out your initial investment and you're done. The fact that you speculate with the tokens is something else.
If you notice their websites never promise, you will make 120%-150% ROI and so on. At least I have never seen it so far
if the tokens can be used to purchase a product the tokens shall have a fixed value.
