Tokens

Crypto pretends that we've figured out the difference between equity and tokens but we really haven't.

If a project has both equity and a token, what are you actually investing in? Where does value accrue?

I think it largely depends on whether the token is structured like an equity token (all its value comes from expectation of share in project profits), or a token with actual demand to be spent (like game currency or something like link, where it has to be used in order to get some service)