Public markets need state intervention because the application of force is required.
The point regarding democracy is that you cannot call a 25 person tribe a democracy just because they vote. “What we mean by an election” is about diverse institutions of power such as multiple parties, independent media, freedom of political speech, etc.
Debatable[1] but you can buy commodities and currencies (and even Bitcoin) on public markets in addition to your S&P 500 or shares of Nvidia.
> Public markets need state intervention because the application of force is required.
So does your home and all private business.
> The point regarding democracy is that you cannot call a 25 person tribe a democracy just because they vote.
Why?
[1] It seems as a society we're still trying to categorize and regulation crypto currencies/assets/etc. so I don't think this is settled.
It doesn’t matter whether the state says Bitcoin is an equity or not; it isn’t one. States frequently make all sorts of false claims.
Regarding democracy, in modern parlance it’s a set of institutions; a 25 person tribe is too small to support those institutions; accordingly a 25 person tribe cannot be democracy in the modern sense.