Chris Burniske, partner at Placeholder and author of Cryptoassets, discusses why he thinks initial coin offerings may not always be the best token distribution model, why he's more interested in projects that enable users to earn tokens through contributing to the network, and how token distribution models can be designed to take advantage of the democratizing potential of blockchains. We also discuss why Placeholder uses a ten-year time horizon as it invests in these liquid markets and why regulators may someday have to buy tokens. Placeholder: https://www.placeholder.vc/ TPL: https://blog.zeppelin.solutions/tpl-a-framework-for-secure-peer-to-peer-exchange-7c69fd0aebc9 Messari: https://messari.io/ Harbor/R-token standard: https://harbor.com/ R-token white paper: https://harbor.com/rtokenwhitepaper.pdf