Crypto Tokens

Most of the "tokenized securities" being hyped are "digital stock certificates", not permission-less decentralized businesses with on-chain cash flows & dividends. The former is a cash grab by under-writers, the latter is the potential 10x disruption (a precursor to full DAOs).

Tokens that get their value from "governance rights" are mostly bullshit. In order to assess whether the governance rights are actually valuable, look at 3 related areas: - Scope - Scale - Selfish Benefits Quick 🧵