I think to the extent that the system is lopsided, it is in creating fixed costs to participating in investment, which naturally leads to the investment market

I think to the extent that the system is lopsided, it is in creating fixed costs to participating in investment, which naturally leads to the investment market being dominated by the wealthy. The token sale phenomenon briefly reversed this, but that was shut down: https://link.springer.com/article/10.1007/s11408-020-00366-0 https://link.springer.com/article/10.1007/s11408-020-00366-0 >The average ICO has almost 4700 contributors. The median contributor invests a relatively small amount. The ICO market appears to have successfully given access to the financing of innovation to a new class of investors, which is a long-standing public policy issue Even public capital markets are becoming increasingly displaced by private equity where only institutional and accredited (wealthy) investors have access as investor: https://www.citizensbank.com/corporate-finance/insights/private-equity-trends.aspx https://www.citizensbank.com/corporate-finance/insights/priv... This is because the cost of getting SEC approval for offering stock to the public is steadily increasing.