You are right to have an issue with increase in capital stock as it is an inflation tax on the shareholders to the benefit of the company. This sentiment I share but I bring up stocks and expansion of stock only as a parallel to illustrate the similarities of securities with government fiat, and vice-versa. My point isn't necessarily that the upper echelon use stocks as a currency, its that companies have been engaging in and benefiting from money creation for a very long time. I noticed this a long time ago when I first learned how the federal reserve works, and that stocks are not much different than the debt notes issued by the government.
A stock, a bond and a fiat money have many similarities where the specific terms and conditions vary between the instruments, they serve very similar functions. Bitcoin is unique such that it also serves as an asset class but more akin to a physical possession than a fiduciary instrument.
SecurityBondFiatBitcoin
CreationIssuance by company bylawsTwo-party debt contractDebt contract contractProof of work
Profit for holderDividendInterestTaxesNone/Deflation
RedeemabilityUpon company buybackUpon maturityPayable for all debtsExchangeable for value
Exchange forumStock MarketBond MarketOpen MarketOpen Market
Holder rightsOne vote per shareContract law, court enforced repayment or rights to collateralGovernment decreeUniversal veritability of possession
Value MeasurementViability of company and potential profitabilityCredit risk, face value, relative interest rate and maturity levelMerchantability for goodsThe sum of all present value liquidity divided by 21M
Sources of RiskLack of company performance, loss of stock price, changes in profitabilityDebtor fails to service debt, changes in interest rates, loss of collateral valueRun on banks, changes in tax revenue, loss of confidence of valueLoss
The problem with shitcoins, particularly ones with a centralized govenance and issuance model, is they are more like corporate paper than they are like a security. Separate from this topic, I propose that companies should move to a blockchain or NFT model of stock issuance (either with a shitcoin or somehow with bitcoin like liquid) to improve exchangability of the instruments and to reduce regulatory burden on both the company and the shareholder.