# kaal:claim:3411897-038

**Claim.** Historical evidence demonstrates that every time decentralization emerges in a given industry, profit margins disappear.

**Type.** empirical  **Support.** argued

**Holds when.**

- examples cited predate decentralized blockchain technology

**Source quote.**

> Historical evidence has demonstrated that every time decentralization emerges in a given industry, profit margins disappear.

**From.** Wulf A. Kaal, *Decentralization - Past, Present, and Future* (2019), Part 3: The Future, How to Make Money in Decentralization, page 41

**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.** innovation, decentralization, defi, economics

**Keywords.** profit-margins, industry-disruption, decentralization, economic-exchange

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3406323-008

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