And yet every corporation has its own stock. Tens (hundreds?) of thousands of different stocks out there, spread across of host of heterogeneous markets, and yet capitalism continues to thrive.
Stocks pay dividends to the shareholders who own equity in a for profit company. The only people who are forced to buy stocks are investors. Whereas, app tokens are forcing users of the service to forgo using the most ubiquitous token (e.g. BTC or ETH). So someone will just fork/duplicate the project and get rid of the app tokens (allowing the use of ETH and/or BTC instead). Thus app tokens have no sustainable value.
If all app tokens did was pay dividends, then they would very clearly be investment securities and subject to regulation.
One of the things I like about ICONOMI (not shilling, promise!) was that they were asked during their ICO phase what they would do if Ethereum crashed. This was right in the middle of the computational DOS attacks, so it was a very relevant question. Their answer was they were already looking at other blockchains as backups (specifically Lisk, which, really?). Frankly, every ICO needs to have an answer to that question: what's your plan if Ethereum curls up and dies?
That is why I think my OpenShare blockchain project could be a goldmine, regardless what happens with the other projects such Ethereum.
There is only PoW, PoS, DPoS, and DAGs. Actually the only DAG that is sound is Byteball, but it has the same problem as Casper, TenderMint, and Cosmos in that it can get stuck and require a hard fork to unstuck. Nothing else so far. But OpenShare will be something new.