# Banking

`kaal:entity:banking`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `banking`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

5 claims across 3 works, 2014 to 2021.

**2014**

- [2389423-033](https://wulfkaal.github.io/claims/2389423-033) [empirical/argued] -- Financial regulation has disparate effects on private fund advisers in comparison with other financial services providers, so evidence of scale economies in compliance drawn from banking does not transfer to private funds.
  > Financial regulation has disparate effects on private fund advisers in comparison with other financial services providers.
  Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423

**2019**

- [3409548-023](https://wulfkaal.github.io/claims/3409548-023) [empirical/evidenced] -- Legacy systems at private investment funds and banks are more expensive, more error prone, and slower than emerging blockchain technologies, a gap illustrated by the $1.7 trillion in processing fees banks charged in 2014.
  > Most legacy systems at private investment funds and banks are much more expensive than emerging blockchain technologies, are subject to human error, and take much more time. Banks charged $1.7 trillion in processing fees in 2014.
  Kaal, Financial Technology and Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3409548

**2021**

- [3782205-004](https://wulfkaal.github.io/claims/3782205-004) [failure/argued] *(failure mode)* -- 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.
  > 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.
  Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782205
- [3782205-031](https://wulfkaal.github.io/claims/3782205-031) [mechanism/asserted] -- Banking performs the necessary function of absorbing the risk of less secure but more efficient small transactions, which are then bundled before a more expensive but secure transaction is made with the central bank.
  > Banking: provides a necessary service to absorb the risk of less secure but more effi- cient small transactions. These are then bundled before a more expensive but secure transaction happens with the central bank.
  Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782205
- [3782205-032](https://wulfkaal.github.io/claims/3782205-032) [mechanism/asserted] -- In peer to peer systems the redundant and eternal storage of the blockchain takes the place of the central bank.
  > In P]P, the redundant and eternal storage of the blockchain takes the place of the central bank.
  Craig Calcaterra, Wulf A. Kaal, Eight Institutions for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782205

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/banking.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.