# kaal:claim:3411897-006

**Claim.** The disillusionment with political institutions after the 2008 to 2009 financial crisis inaugurated a new form of technological decentralization, of which the 2009 Bitcoin protocol is the leading result, conceived as an alternative to the shortcomings of the financial system.

**Type.** mechanism  **Support.** argued

**Holds when.**

- post financial crisis period
- links political legitimacy crisis to technological decentralization

**Source quote.**

> crisis of 2008-9 inaugurated a new form of technological decentralization. As one result, among many, the Bitcoin protocol emerged in 2009 as an attempt by its founders to provide an alternative to the shortcomings of the financial system.

**From.** Wulf A. Kaal, *Decentralization - Past, Present, and Future* (2019), Part I: The Past, Types of Decentralization, page 9

**Cite as.** Wulf A. Kaal, Decentralization - Past, Present, and Future (2019). SSRN: https://ssrn.com/abstract=3411897

**Verify.** sha256 of source PDF `82f0aea026b3e3a526ec51bc073b3b864dc06cd9083ff9c54c550037045edaa9` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202019%20-%20Decentralization%20-%20Past%2C%20Present%2C%20and%20Future.pdf

**Topics.** tokenomics, decentralization

**Keywords.** bitcoin, financial-crisis, technological-decentralization, legitimacy

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