# kaal:claim:3396522-026

**Claim.** Full hardcoding is impossible: no stable cryptocurrency can encode all required policies and policy actions with full transparency, because future policy needs cannot be anticipated ex ante.

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

**Source quote.**

> No stable cryptocurrency can hardcode all required policies and policy making actions with full transparency as future policy cannot be fully anticipated ex ante, before the needs occur.

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Stable Cryptocurrencies* (2019), IV. Stable Cryptocurrencies, 7. Price Stability, page 38

**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.** ex-ante-incompleteness-of-hardcoded-policy  (family: smart-contract-rigidity)

**Topics.** tokenomics, governance-design

**Keywords.** hardcoded-policy, protocol-design, incomplete-contracting, monetary-policy, governance

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