I'm not sure if we disagree, my point was a technical one: traditional markets are "order book" markets where for every buyer, there's a seller. Crypto exchange

I'm not sure if we disagree, my point was a technical one: traditional markets are "order book" markets where for every buyer, there's a seller. Crypto exchanges use AMMs, where there does not need to be a buyer for every seller, as the AMM handles that automatically. If your point is that tokens without liquidity are worthless, then that's true (that's why initial decentralized exchange offerings always involve seeding liquidity pools, as mentioned). If your point is that tokens can get arbitrarily close to zero if everyone sells, that's also true. But if you get a token that's being actively traded on exchanges and has healthy liquidity pools and a healthy market cap, that certainly is a better deal than some percentage "equity" an early-stage startup dangles in front of you.