kaal:claim:4015908-004

ICOs that allowed their token to trade before the underlying product existed, at least in beta, created significant risk for investors because the product might never go live and the token could lose its value entirely.

ICOs that allowed their token to trade before the underlying product was built, at least in a beta version, create significant risk factors for the investors as the product may not go live at all and the token may lose its value entirely.

Wulf A. Kaal, Fair Token Launch (2022), II.2 Risk Factors, p. 5
https://ssrn.com/abstract=4015908 · source PDF

Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

• token trading opens before a working or beta product exists

failuresupport: arguedfailure: Trading before product existsfamily: investor-protection-gapsecurities-lawrisk-and-incentivestokenomics

• supports kaal:claim:3067615-037 ICO promoters should not allow tokens to be traded before the underlying protocol network or application is li...

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