# kaal:claim:3067615-001

**Claim.** Initial Coin Offerings are the most efficient means of financing entrepreneurial initiatives in the history of capital formation, because they minimize transaction cost and democratize finance while dis-intermediating banks.

**Type.** mechanism  **Support.** argued

**Holds when.**

- ICO market as of November 2017

**Source quote.**

> Initial Coin Offerings (ICOs) are the most efficient means of financing entrepreneurial initiatives in the history of capital formation. ICOs minimize transaction cost and democratize finance while dis-intermediating banks.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), Abstract, page 1

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**Verify.** sha256 of source PDF `164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Initial%20Coin%20Offerings%20Emerging%20Practices%2C%20Risk%20Factors%2C%20and%20Red%20Flags.pdf

**Topics.** securities-law, tokenomics, decentralization, economics

**Keywords.** initial-coin-offerings, capital-formation, disintermediation, transaction-cost, efficiency

**Related claims.**

- restated_by: https://wulfkaal.github.io/claims/3117224-001
- supported_by: https://wulfkaal.github.io/claims/3117224-002
- extends: https://wulfkaal.github.io/claims/3002908-039

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.