November was a tricky month for initial coin offerings (ICOs).

But one thing's for sure, the hype has most certainly cooled in an environment where Tezos has been beset by legal issues and Bancor by technical glitches, both reported by CNBC no less. Even more remarkable than the press attention, the report suggests, "just 23 percent" of ICO deals are now reaching their maximum goals.

This is no doubt linked to the bewildering array of ICOs currently on offer, all competing for the attention of investors at a time when simply holding bitcoin or one of the stronger alternative cryptocurrencies might be more appealing.

Furthermore, the ICO media-sphere remains immature, and this makes it difficult to assess what information is good or bad.

All told, this situation is particularly stressful for those ICOs that aim to avoid the hype cycle and operate cleanly. One recent ICO, Confideal, missed its target by a considerable amount, raising approximately 303 ETH ($160,000) of a projected target of 70,000 ether (roughly $35 million).