# kaal:claim:3067615-021

**Claim.** 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.

**Type.** failure  **Support.** argued

**Holds when.**

- crypto platforms other than core infrastructure products

**Source quote.**

> Accordingly, token holders typically invest in the future promise of the idea associated with the platform. While that works well with core infrastructure products such as Ethereum, most other platforms struggle to fulfill that promise.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), IV.1 Intangible or No Product, page 16

**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

**Failure mode.** Unfulfilled product promise  (family: investor-protection-gap)

**Topics.** risk-and-incentives

**Keywords.** intangible-product, future-promise, platform-risk, investor-risk

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