kaal:claim:3067615-023

Because the token supply is controlled by ICO promoters who must reserve tokens for future funding needs, token holders can be diluted by later issuance of reserve tokens and their token value can be diminished without any ability to protect themselves against such events.

Because the token supply is controlled by the ICO promoters, the token holders may be diluted in the future if the platform decides to issue more reserve tokens to additional investors.

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017), IV.1 Intangible or No Product, p. 16
https://ssrn.com/abstract=3067615 · source PDF

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

• platforms that reserve tokens for future funding needs

failuresupport: arguedfailure: Reserve token dilutionfamily: investor-protection-gaptokenomics

• restated_by kaal:claim:3117224-010 ICO investors have no preemptive rights or other anti-dilution protections, so they may be diluted if promoter...

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