# kaal:claim:3396522-019

**Claim.** The cryptocurrency market structure is fundamentally convoluted because each project requires its own volatile token, which is equivalent to forcing grocery shoppers to buy a different currency for every store and every product.

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

**Holds when.**

- describes the market from inception through 2019

**Source quote.**

> The market structure of cryptocurrencies from its inception to 2019 can be compared to mandating customers who wish to purchase groceries to purchase a different currency for each store they visit and for each product chosen in such store.

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Stable Cryptocurrencies* (2019), IV. Stable Cryptocurrencies, 5. Transforming Cryptocurrency Market Structure, page 32

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies (2019). SSRN: https://ssrn.com/abstract=3396522

**Verify.** sha256 of source PDF `ef5031b16aa53476ed618f0bdf92601cd4affb893692c701134bd9cba3ea8acf` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202019%20-%20Stable%20Cryptocurrencies.pdf

**Failure mode.** token-fragmentation  (family: plutocratic-capture)

**Topics.** economics, tokenomics

**Keywords.** market-structure, token-proliferation, mass-adoption, volatility, interoperability

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