# Risk factors

`kaal:entity:risk-factors`

**Status.** derived

This node is assembled mechanically from the 4 claims that carry the concept tag `risk-factors`. 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

4 claims across 3 works, 2020 to 2022.

**2020**

- [3606663-013](https://wulfkaal.github.io/claims/3606663-013) [failure/asserted] *(failure mode)* -- 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.
  > Promoters can also alter the smart contract to change ICO sales rules mid-course during an ICO.
  Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**2021**

- [3949098-015](https://wulfkaal.github.io/claims/3949098-015) [empirical/asserted] -- 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.
  > Only 1 in 100 of token opportunities returns 100x, 30x, 10x
  Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098
- [3949098-016](https://wulfkaal.github.io/claims/3949098-016) [failure/asserted] *(failure mode)* -- Without access to a network of core expertise, early stage investments in the digital asset industry are rarely successful.
  > Without access to a network of core expertise, early-stage investments in the digital asset industry are rarely successful
  Wulf A. Kaal, Reputation as Capital – How DAOs Upgrade Finance (2021). SSRN: https://ssrn.com/abstract=3949098

**2022**

- [4015908-004](https://wulfkaal.github.io/claims/4015908-004) [failure/argued] *(failure mode)* -- 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.
  > 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.
  Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908

## 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/risk-factors.md | sha256sum

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