# kaal:claim:3782205-004

**Claim.** A DAO will not be a genuinely profitable addition to the economy until decentralized versions of the legal system, the political system, the media, banking, and other services exist to support it.

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

**Holds when.**

- profit-seeking DAOs competing in the contemporary economy

**Source quote.**

> The legal system, the political system, the media, banking, and other services are all needed before the first DAO will be a genuinely profitable addition to our economy.

**From.** Craig Calcaterra, Wulf A. Kaal, *Eight Institutions for the Evolution of Decentralization* (2021), Chapter 9. Eight institutions, page 2

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782205

**Verify.** sha256 of source PDF `5ba52c63e81019b6867fb29c4a50821ff574e510d79b31b8ce9f4c726a0ebc71` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20Eight%20Institutions%20for%20the%20Evolution%20of%20Decentralization.pdf

**Failure mode.** Missing complementary institutions  (family: cold-start-and-bootstrapping)

**Topics.** dao, institutional-design, law-and-legal-systems, systemic-risk

**Keywords.** daos, profitability, institutional-complementarity, legal-system, banking

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3782201-037

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