Money 2.0 Stuff: Token distribution is still hard

Sometimes private companies go public. This usually entails an initial public offering. An IPO is often viewed as a seminal moment in a company’s life cycle, a corporate bar mitzvah of sorts. Welcome to manhood! And accountability. And scrutiny. And, for early investors and stakeholders, liquidity! Welcome.  

Another way of thinking about public offerings is as a price discovery process. A private company and its shareholders think its stock is worth $X. Public market investors think it’s worth $Y. After some deliberation the buy and sell sides settle on $Z, which is probably somewhere between $X and $Y.