Crypto has completely inverted the traditional model of finance. Instead of century old institutions like Goldman Sachs taking companies public, motivated individuals launch projects and raise money via tokens on decentralized exchanges such as Uniswap. But what are tokens? Do they have the same rights and value as shares? Or are shares a mirage just like tokens? Investor and writer David Phelps and I discuss these questions. To delve deeper, read David’s provocative essay: User Generated Finance.