# kaal:claim:3949098-015

**Claim.** Only one in one hundred token opportunities returns a large multiple such as 100x, 30x or 10x, which Kaal lists as a core risk factor for running a DAO investment club.

**Type.** empirical  **Support.** asserted

**Holds when.**

- early stage digital asset investing

**Source quote.**

> Only 1 in 100 of token opportunities returns 100x, 30x, 10x

**From.** Wulf A. Kaal, *Reputation as Capital – How DAOs Upgrade Finance* (2021), II. Basic Concept, 3. Risk Optimization, page 10

**Cite as.** Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098

**Verify.** sha256 of source PDF `04297905564a6092b2db7640561f58fd374d3114c79527357bad09d11b909819` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202021%20-%20Reputation%20as%20Capital%20%E2%80%93%20How%20DAOs%20Upgrade%20Finance.pdf

**Topics.** risk-and-incentives

**Keywords.** venture-returns, power-law, digital-assets, risk-factors

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