kaal:claim:3067615-028

On bankruptcy or termination of the platform, token holders typically have no liquidity preference and no recourse at all once debt holders and outside creditors are satisfied, so unlike a venture capital seed investor with at least a simple liquidity preference, they typically lose everything they invested.

Again, by contrast, token holders typically lose everything they invested as they have no liquidity preference at all.

Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017), IV.4 No Liquidity Preference, p. 19
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

• bankruptcy or termination of the promoter's business or platform

failuresupport: arguedfailure: No liquidity preference in insolvencyfamily: investor-protection-gapdefisystemic-riskinnovationrisk-and-incentives

• restated_by kaal:claim:3117224-012 Token holders typically receive no liquidity preference protecting them if the platform they invested in goes ...

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