# kaal:claim:3808873-028

**Claim.** People coins and the innovations they created were largely subject to regulatory uncertainty and evolved much slower or not at all, so government and corporate coins created their own path dependencies and engrained product deficiencies with suboptimal levels of decentralization.

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

**Holds when.**

- community issued tokens without government or corporate sponsorship in the early 2020s

**Source quote.**

> People coins and the innovations they created were largely subject to regulatory uncertainty and evolved much slower or not at all.

**From.** Wulf A. Kaal, *Decentralization Neutralizers* (2021), IX. Regulation, page 22

**Cite as.** Wulf A. Kaal, Decentralization Neutralizers (2021). SSRN: https://ssrn.com/abstract=3808873

**Verify.** sha256 of source PDF `f11493915e6b8c266d421510b5546816e33defb5650aac9d09b20d78549da727` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Decentralization%20Neutralizers.pdf

**Failure mode.** People Coin Innovation Lag  (family: innovation-chilling)

**Topics.** tokenomics, innovation

**Keywords.** people-coins, regulatory-uncertainty, path-dependence, innovation-lag

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