# Securities history

`kaal:entity:securities-history`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `securities-history`. 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, 2021 to 2021.

**2021**

- [3936876-006](https://wulfkaal.github.io/claims/3936876-006) [mechanism/asserted] -- Self-custody of securities declined in prevalence after the Stock Market Crash of 1929 because investors recognized how inherently risky the bearer certificate system was.
  > Self-custody decreased in prevalence after the Stock Market Crash of 1929 when investors recognized how inherently risky this system was.
  Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876
- [3936876-007](https://wulfkaal.github.io/claims/3936876-007) [failure/evidenced] *(failure mode)* -- The paper certificate system failed at scale: trust companies and intermediaries were overwhelmed by changing ownership records, and from 1967 to 1970 a reported $400 million in securities was lost or stolen.
  > The trust companies and intermediaries quickly became overwhelmed with changing ownership records, and from 1967 to 1970, a reported $400 million was lost or stolen in securities.
  Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

## 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/securities-history.md | sha256sum

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