# Black swan events

`kaal:entity:black-swan-events`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `black-swan-events`. 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

2 claims across 1 works, 2019 to 2019.

**2019**

- [3402701-030](https://wulfkaal.github.io/claims/3402701-030) [predictive/argued] *(failure mode)* -- For any long-lived currency, a major shift in perceived value is eventually inevitable, and such a shift is not covered by reserves defending against hot money or by bonds defending against temporary economic instability.
  > For any long-lived currency a major shift in the perception of the value of a currency is at some point inevitable; a shift that is not accounted for by a reserve defending against hot money fluctuations or bonds defending against temporary instability in the larger economy
  Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701
- [3402701-031](https://wulfkaal.github.io/claims/3402701-031) [design/argued] -- When a fundamental shift in value occurs, repegging the currency at its more accurate value is more efficient than soldiering on with tax mechanisms to restabilize at the old peg.
  > but it is more efficient to repeg the currency after discovering its more accurate value
  Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701

## 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/black-swan-events.md | sha256sum

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