# kaal:claim:3249860-007

**Claim.** The democratization of monetary policy in token economies creates a serious problem, because token designers lack the qualifications and institutional functions that centralized central banking distributes across multiple institutions and their staff.

**Type.** failure  **Support.** argued

**Holds when.**

- token economies in which the designer sets supply, timing, and allocation

**Source quote.**

> This creates a serious problem for many token economies as the designers lack the qualifications and functions that are

**From.** Wulf A. Kaal, *Crypto Economics - The Top 100 Token Models Compared* (2018), II.3 Macro vs. Micro, page 7

**Cite as.** Wulf A. Kaal, Crypto Economics - The Top 100 Token Models Compared (2018). SSRN: https://ssrn.com/abstract=3249860

**Verify.** sha256 of source PDF `72b13f11002ba26206cd53e74c324b913d1830c642bfa024da6bac0d3af3a7b0` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202018%20-%20Crypto%20Economics%20-%20The%20Top%20100%20Token%20Models%20Compared.pdf

**Failure mode.** unqualified-monetary-policy-designer  (family: staking-and-incentive-misalignment)

**Topics.** tokenomics, systemic-risk

**Keywords.** monetary-policy, token-design, central-banking, designer-competence

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.