# Liquidity preference

`kaal:entity:liquidity-preference`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `liquidity-preference`. 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 2 works, 2017 to 2018.

**2017**

- [3067615-028](https://wulfkaal.github.io/claims/3067615-028) [failure/argued] *(failure mode)* -- On bankruptcy or termination of the platform, token holders typically have no liquidity preference and no recourse at all once debt holders and outside creditors are satisfied, so unlike a venture capital seed investor with at least a simple liquidity preference, they typically lose everything they invested.
  > Again, by contrast, token holders typically lose everything they invested as they have no liquidity preference at all.
  Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**2018**

- [3117224-012](https://wulfkaal.github.io/claims/3117224-012) [failure/argued] *(failure mode)* -- Token holders typically receive no liquidity preference protecting them if the platform they invested in goes bankrupt or terminates.
  > Token holders typically do not receive a liquidity preference that would protect them in the case of bankruptcy or termination of the platform they invested in.
  Wulf A. Kaal, Initial Coin Offerings The Top 25 Jurisdictions and Their Comparative Regulatory Responses (2018). SSRN: https://ssrn.com/abstract=3117224

## 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/liquidity-preference.md | sha256sum

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