An idea I had for a solution to ICO FOMO madness

After the last few ICOs I really think developers should be rethinking the approaches used.

The should be a 24 hour window where anyone can commit their ETH to the ICO. After that 24 hour window, the total amounts of tokens is distributed proportionally to all ETH committers.

Example...

-ICO hard cap of $10 million

-$100 million of ETH collectively committed

-Alice committed $10,000 but will now receive $1000 worth of tokens (reduced, but proportional)

-$9000 of ETH returned to Alice

Everyone is able to participate. It's not perfect because whales will win the most tokens if the project is undervalued. Thoughts?

Edit: u/ItsAConspiracy wrote code for this a in 2016 http://www.blunderingcode.com/fairtokensales/