I'm ALL for democratizing capital markets. The current setup for investing in early-stage companies and even IPOs is nearly entirely gatekept to the top 1%, who effectively dumps on retail.

However, I do think it's pretty important to distinguish that buying a $token that promises zero equity and has no novel mechanics is not participating in a capital market; it's participating in a Kickstarter where you *might* be able to make some money if people buy later than you do.

Hopefully, the regulatory framework changes soon so this isn't the case, but it's hard to imagine we see any sustainable value derived from these tokens.