It all depends on the governance and securing model. Unlike most securities, which have a direct tie to the state apparatus through their legalization, the proof-of-work coins, at least, are governed like their own little consensual nations with ideosyncratic characteristics. Think somewhere in between fandom, religion, and collective and you have many of the more "open" ones. There are also many examples of tokens that are VC plays following the corporate model, where the token is meant to support a core business rather than acting in a national mode. Both are pleasing to speculators for different reasons.
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