# Token reserves

`kaal:entity:token-reserves`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `token-reserves`. 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**

- [3067615-012](https://wulfkaal.github.io/claims/3067615-012) [design/argued] -- Adjusting commercial benefits associated with a token issuance is preferable to blunt monetary intervention, because it avoids more drastic measures such as emergency sales, building token reserves, or changing the token supply in circulation.
  > Fourth, adjusting the commercial benefits associated with a given token issuance avoids more drastic monetary policy intervention by way of emergency sales or building token reserves or a decrease or increase of token supply in circulation.
  Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**2018**

- [3117224-009](https://wulfkaal.github.io/claims/3117224-009) [mechanism/argued] *(failure mode)* -- Because crypto platforms have no product and no revenue to offset costs, the funds they raise must typically last for the entire lifecycle of the platform, forcing them to set aside a large number of tokens for future funding needs.
  > because they have no product and no revenue to offset costs, crypto platforms' revenue raised is typically required to last for the lifecycle of the platform, requiring crypto platforms to set aside a large number of tokens for future funding needs.
  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/token-reserves.md | sha256sum

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