Both are fundraising mechanisms: one sells liquid tokens on the open market, the other sells illiquid shares to VCs.
Does YC plan to address competition from tokens, and if so, how?
2 - Great investors provide more than just access to capital.
My point of view is similar to Fred Wilson's. More here http://avc.com/2017/06/icos-and-vcs/
Like what?
If you had shares in Company X and it got acquired, you would be entitled to a share of the sale price.
If you have tokens in FileCoin, EOS, whatever - and they sell the underlying company or IPO - your tokens might have appreciated independently of that, but you get 0% of the underlying company sale.
So a company issuing tokens, compared to VC funding, is essentially getting free money with few strings attached.
Game over, illiquid equity.