How is that any different from issuing shares privately to VCs? It seems to me the only fundamental difference is with the technology. Things like voting and vesting can be done on a blockchain, so that's not a limitation. There isn't any rule that says a blockchains token distribution has to be "fair". Granted, a more "even" initial distribution makes sense for a currency, but it you're treating crypto tokens as shares in a company, those "rules" need not apply.