kaal:claim:3067615-025

ICOs provide the highest possible liquidity for investors at the very beginning of a platform's lifecycle, before the reporting, accounting, and legal infrastructure that gives the investing public assurance of underlying business success, so investors trade on very limited information and volatility of the tokens and the whole cryptocurrency market increases.

Because ICOs typically take place at the beginning of the lifecycle of a crypto business/platform, ICO investors typically invest - and the token exchange - on very limited information which increases volatility of the tokens and the entire cryptocurrency market.

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017), IV.2 Early Liquidity Despite Little Information Creates High Volatility, 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

• ICOs occurring at the beginning of a crypto business lifecycle

failuresupport: arguedfailure: Early liquidity without informationfamily: information-asymmetrydefidisclosurerisk-and-incentives

• restated_by kaal:claim:3117224-011 Because ICOs give investors very limited assurances through upfront and continuous disclosures, the token mark...

The quote above is an exact substring of the source PDF, whose sha256 is 164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/6b858336dac65653...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/3067615-025.md | sha256sum