That's the wrong way to look at it. Try to step out of the cargo-cult for just a second. Shareholders buying an IPO is hyper-capitalism. You have a market of buyers and sellers, say, and some utility token. Maybe it's FileCoin for file storage on IPFS. Maybe it's ETH for gas on Ethereum. It's global and convenient to pay once you have it. Maybe it's Disney Dollars.
But then, you have on top of this "hyper-capitalism". Peter Thiel says "competition is for losers, build a monopoly", making many capitalists blush. Venture Capitalists prop up money-losing unit economics for years (they call it "reducing friction") and then dump the equity on the public. The public then pushes the team to extract rents from all sides from the marketplace forever. Who needs these shareholders? That's hyper-capitalism.
In fact, I would even go so far as to say that your utility token shouldn't be freely available to everyone. Only the actual participants should be buying it. Otherwise a hyper-capitalist whale like Goldman Sachs can pump and dump it, hurting people: https://foreignpolicy.com/2011/04/27/how-goldman-sachs-creat...
It might even be designed to undergo demurrage, so that if you don't use it, you gradually lose it. This was done in Worgl and defied the depression all around it, even the Mises institute had to gradully agree it worked: https://mises.org/library/free-money-miracle
But then, you have on top of this "hyper-capitalism". Peter Thiel says "competition is for losers, build a monopoly", making many capitalists blush. Venture Capitalists prop up money-losing unit economics for years (they call it "reducing friction") and then dump the equity on the public. The public then pushes the team to extract rents from all sides from the marketplace forever. Who needs these shareholders? That's hyper-capitalism.
In fact, I would even go so far as to say that your utility token shouldn't be freely available to everyone. Only the actual participants should be buying it. Otherwise a hyper-capitalist whale like Goldman Sachs can pump and dump it, hurting people: https://foreignpolicy.com/2011/04/27/how-goldman-sachs-creat...
It might even be designed to undergo demurrage, so that if you don't use it, you gradually lose it. This was done in Worgl and defied the depression all around it, even the Mises institute had to gradully agree it worked: https://mises.org/library/free-money-miracle