kaal:claim:3067615-026

Because token offerings are built on open source code, the utility of an issued token can at any time be recreated in another token with essentially identical features at marginal cost, so investors cannot rely on the implicit promise that promoters and developers will increase the value of the acquired token rather than launch a duplicate.

Source quote, verbatim
Investors cannot rely on the implicit promise that the token promoters and their developers will increase the value of the acquired token and not create another token with identical features.
From

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017), IV.3 Open Source, p. 18
https://ssrn.com/abstract=3067615 · source PDF

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

Holds when
Classification

failuresupport: arguedfailure: Open source token cloningfamily: valuation-and-pricing-failureopen-source-and-codetokenomicseconomicsrisk-and-incentives

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