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 "text": "Crypto platforms typically launch an ICO when they have only an intangible product based on a basic crypto idea, so token holders invest in the future promise of an idea, and while that works for core infrastructure products such as Ethereum, most other platforms struggle to fulfill that promise.",
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 "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
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