kaal:claim:3067615-024

Hardcoded lockup periods can protect token holders against supply side induced devaluation, but they also decrease the token economic flexibility the promoter team needs to raise additional funds, so the remedy trades investor protection against issuer financing capacity.

However, while such lockup periods may protect token holders against dilution, it also decreases much needed token economic flexibility for the promoter team to raise additional funds when needed.

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017), IV.1 Intangible or No Product, p. 17
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

• tokens subject to hardcoded lockup periods

failuresupport: arguedfailure: Lockup versus token economic flexibility tradeofffamily: token-transferability-defecttokenomics

The quote above is an exact substring of the source PDF, whose sha256 is 164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/fda31faee6f061ac...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/3067615-024.md | sha256sum