You’re right, the personal tokens like one the from Alex are simply an IOU based on trust and reputation. Reputation systems are really interesting and can work

You’re right, the personal tokens like one the from Alex are simply an IOU based on trust and reputation. Reputation systems are really interesting and can work for some things, but I’m not sure you could sell the equivalents of Bowie bonds on trust alone - and the whole point of smart contracts is that they’re supposed to be trustless. So I think investing in future gains of a real world entity who can simply start over under a new guise or decide not to pay, without being able to enforce the contract isn’t going to work. But I’m not sure connecting current legal entities/contracts to onchain versions will be the answer either in many cases.