{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/risk-factors",
 "identifier": "kaal:entity:risk-factors",
 "name": "Risk factors",
 "termCode": "risk-factors",
 "inDefinedTermSet": {
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "additionalProperty": [
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   "name": "status",
   "value": "derived"
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   "value": 4
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   "value": [
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  }
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3606663-013",
   "identifier": "kaal:claim:3606663-013",
   "text": "ICO sale terms are not fixed at launch: promoters can alter the smart contract to change the sales rules mid course during an offering, a risk factor for retail investors that has no analogue in a registered offering.",
   "abstract": "Promoters can also alter the smart contract to change ICO sales rules mid-course during an ICO.",
   "citation": "Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663",
   "datePublished": "2020",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "ICOs administered through promoter controlled smart contracts"
   ],
   "source_pdf_sha256": "d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3949098-015",
   "identifier": "kaal:claim:3949098-015",
   "text": "Only one in one hundred token opportunities returns a large multiple such as 100x, 30x or 10x, which Kaal lists as a core risk factor for running a DAO investment club.",
   "abstract": "Only 1 in 100 of token opportunities returns 100x, 30x, 10x",
   "citation": "Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098",
   "datePublished": "2021",
   "claim_type": "empirical",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "early stage digital asset investing"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3949098-016",
   "identifier": "kaal:claim:3949098-016",
   "text": "Without access to a network of core expertise, early stage investments in the digital asset industry are rarely successful.",
   "abstract": "Without access to a network of core expertise, early-stage investments in the digital asset industry are rarely successful",
   "citation": "Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "early stage digital asset investing",
    "an industry that evolved in silos of information and expertise"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4015908-004",
   "identifier": "kaal:claim:4015908-004",
   "text": "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.",
   "abstract": "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.",
   "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": [
    "token trading opens before a working or beta product exists"
   ],
   "source_pdf_sha256": "e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37",
   "status": "current"
  }
 ],
 "description": "4 claims in the published works of Wulf A. Kaal carry the concept tag 'risk-factors'. Derived node: a roster, not an adjudicated definition."
}