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 "identifier": "kaal:entity:manipulation",
 "name": "Manipulation",
 "termCode": "manipulation",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1908473-026",
   "identifier": "kaal:claim:1908473-026",
   "text": "Sequential triggers invite manipulation of the triggering events and abusive practices such as asset stripping near bankruptcy, a risk the contract or corporate charter can counter by imposing a mandatory holding period on contingent capital securities.",
   "abstract": "manipulation of the sequential triggering events and abusive practices, such as asset stripping in the vicinity of bankruptcy. To avoid such practices, the CCS contract or the charter of the corporation could require a mandatory holding period for CCS.",
   "citation": "Wulf A. Kaal, Christoph Henkel, Contingent Capital with Sequential Triggers (2011). SSRN: https://ssrn.com/abstract=1908473",
   "datePublished": "2011",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "Holding period could be extended until after bankruptcy"
   ],
   "source_pdf_sha256": "9d578dac663357529edd1f6453fcfe69bdc59ac882408d9edfde5a4c2916befa",
   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2029983-032",
   "identifier": "kaal:claim:2029983-032",
   "text": "The Second Circuit's Absolute Activist test, locating a transaction where title transfers or irrevocable liability is incurred, is easy to manipulate: parties can arrange for irrevocable liability to arise outside the United States, for example by conditioning liability on approval by an agent located abroad.",
   "abstract": "this test is easy to ma- nipulate by agreeing that one or both parties will take steps to create irrevocable liability outside the United States, for exam- ple, by making liability on the transaction contingent upon ap- proval of the transaction by an agent located outside the United States.",
   "citation": "Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983",
   "datePublished": "2012",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "private securities transactions off organized exchanges"
   ],
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   "@id": "https://wulfkaal.github.io/claims/3782203-013",
   "identifier": "kaal:claim:3782203-013",
   "text": "Across all the alternative polling methods explored in the literature, changes both help and hurt: new approaches solve old problems while creating new opportunities for manipulation, a pattern the authors identify with increasing the attack surface.",
   "abstract": "In all the methods dis- cussed the answer has always been that changes both help and hurt. New approaches solve old problems, but they create new opportunities for manipulation.",
   "citation": "Craig Calcaterra, Wulf A. Kaal, A Technical Perspective on Decentralization (2021). SSRN: https://ssrn.com/abstract=3782203",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "alternative voting and polling mechanisms",
    "continuous or weighted voting technologies"
   ],
   "source_pdf_sha256": "ab8a22d0dbb026a09212a4c85963f3c05787cf80775e8613ae3724e3883e7a56",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3782220-032",
   "identifier": "kaal:claim:3782220-032",
   "text": "The same ability to learn from others' behavior that unleashes the efficiency of cooperation also gives people untold power to trick others, imagining how to manipulate them and corrupt the organization for individual benefit at the group's expense.",
   "abstract": "This ability to learn from others' behaviors gives us enormous capacity to un- leash the efficiency of cooperation. But it also gives us untold power to trick other",
   "citation": "Craig Calcaterra, Wulf A. Kaal, The Importance of Transcendental Unifying Values for Decentralization (2021). SSRN: https://ssrn.com/abstract=3782220",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "organizations composed of mind-modeling agents"
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  },
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4015908-013",
   "identifier": "kaal:claim:4015908-013",
   "text": "Small market cap launches at very cheap initial prices carry the potential for team and whale purchase abuses, which is why equitable treatment of the public requires significant project-controlled liquidity.",
   "abstract": "Small market cap launches at very cheap initial prices bring with them the potential abuses of team and whale purchases.",
   "citation": "Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908",
   "datePublished": "2022",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "small market capitalization",
    "very low initial token price"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4015908-014",
   "identifier": "kaal:claim:4015908-014",
   "text": "The larger the market capitalization controlled by the DAO, the less likely it becomes that whales and insiders can purchase inexpensive tokens on the market.",
   "abstract": "The larger the market capitalization that is controlled by the DAO, the less likely it becomes that whales and insiders can purchase inexpensive tokens on the market.",
   "citation": "Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908",
   "datePublished": "2022",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "DAO governance over project liquidity"
   ],
   "source_pdf_sha256": "e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4015908-020",
   "identifier": "kaal:claim:4015908-020",
   "text": "Without significant marketing a fair launch token is less likely to reach a diverse set of market participants, and projects reaching only a few hundred investors with small million dollar market caps are much more prone to abuse and manipulation.",
   "abstract": "Without significant marketing of the project, it is less likely the token will reach a diverse set of market participants. Projects that only reach a few hundred investors and only small million-dollar market caps are much more prone to abuse and manipulation.",
   "citation": "Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908",
   "datePublished": "2022",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "token launches with limited marketing reach"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5254152-003",
   "identifier": "kaal:claim:5254152-003",
   "text": "Fungible governance tokens deliver liquidity and transparency in DAO voting rights, but because they are tradable they simultaneously create exposure to vote buying and manipulation.",
   "abstract": "These tokens represent voting rights and can be traded, providing liquidity and transparency but also risking vote buying and manipulation.",
   "citation": "Wulf A. Kaal, DAO Market Meta Analysis 2024 (2024). SSRN: https://ssrn.com/abstract=5254152",
   "datePublished": "2024",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "DAOs whose voting rights are represented by tradable fungible tokens"
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   "source_pdf_sha256": "bb2052d809a4615f0f3e2526ba6416293c40d00260149ba4fe6f38addf052796",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5554218-018",
   "identifier": "kaal:claim:5554218-018",
   "text": "Escrow based enforcement is effective for automation only if it is supported by reliable oracles and robust governance, without which the mechanism is open to manipulation.",
   "abstract": "Escrow mechanisms, while effective for automation, require reliable oracles and robust governance to prevent manipulation, as emphasized by Zhao and Chen.",
   "citation": "Furrer Andreas, Wulf A. Kaal, Universal Digital Law Codex (UDLC) Building the Legal Infrastructure for the Digital Era (2025). SSRN: https://ssrn.com/abstract=5554218",
   "datePublished": "2025",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "escrow arrangements embedded in smart contracts",
    "real world conditions that must be verified off chain"
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   "source_pdf_sha256": "55738b4035a91b70aa2ddaa127552fe4b373ec641afee2719fbdcabebdcbea44",
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 "description": "9 claims in the published works of Wulf A. Kaal carry the concept tag 'manipulation'. Derived node: a roster, not an adjudicated definition."
}