Would they? If security issuance wasn't centralized through prohibitions on unregistered offerings, you don't think there would be a vibrant market for micro-cap companies, with extensive retail marketing in places like convenient stores, and with enough upside potential to take market share away from games of pure chance?

I think the real market could be potentially more exciting than lottos, if regulations didn't prevent securities from being marketed the way lottos are. In a way, the token sale frenzy demonstrated that.