I think I’ve come around on tokens. They are great for addressing misaligned incentives - something that the online social platform landscape is riddled with

If there ever was a project that should have had a token it would be farcaster

Inb4 “hurr durr what would the token do”

It doesn’t have to do anything the same way publicly traded stocks don’t really do anything

stocks underlying value is tied to cashflows in the form of profit entitlement, to say nothing of the legal standing they grant.  Tokens don't have an underlying value if they are just, straight up, tokens. You can obviously extend this, steth being a good example, but saying stocks "don't do anything" is a little overly simplistic IMO

Im the guy that posted all those factory memes once

imo the stocks of tech companies have become more and more detached from those things. sure you have dividends and voting rights etc, but when retail buys stocks they don't see any of that and it's just a vehicle for speculation