# Token sale

`kaal:entity:token-sale`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `token-sale`. 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

3 claims across 3 works, 2018 to 2022.

**2018**

- [3125827-014](https://wulfkaal.github.io/claims/3125827-014) [failure/argued] *(failure mode)* -- Because almost all other blockchains distribute perfectly fungible currency tokens through initial sales or mining, there is a clear, computable answer to how much it would cost to corrupt or destroy a chain running a proof of stake protocol on cryptocurrency stakes.
  > Either way, these tokens are almost always perfectly fungible currencies, so there is a clear answer to how much it would cost to corrupt or destroy blockchain running a PoS protocol based on cryptocurrency stakes.
  Craig Calcaterra, Wulf A. Kaal, Secure Proof of Stake Protocol (2018). SSRN: https://ssrn.com/abstract=3125827
- [3227933-031](https://wulfkaal.github.io/claims/3227933-031) [empirical/evidenced] -- The DAO raised more than 150 million dollars from approximately 10,000 investors through a crowdfunding campaign in May 2016, with DAO Tokens designed to be fully transferable and tradable on peer-to-peer exchanges like shares in a listed corporation.
  > The DAO raised more than $150 million from approximately 10,000 "investors." Like shares in a traditional listed corporation, DAO Tokens were designed to be fully transferable and tradable on "peer-to-peer" exchanges.
  Mark Fenwick, Wulf A. Kaal, Erik P.M. Vermeulen, Why 'Blockchain' Will Disrupt Corporate Organizations (2018). SSRN: https://ssrn.com/abstract=3227933

**2022**

- [4067783-008](https://wulfkaal.github.io/claims/4067783-008) [empirical/evidenced] *(failure mode)* -- A DAO token sale can be drained at the moment of closing: in the Anubis DAO sale 13597 ETH was removed from the token sale pool and sent to another address as the sale was about to close, and because the launch platform had not been compromised the loss was attributed to an inside rug pull.
  > As the sale was about to close, 13597 ETH was removed from the token sale pool and sent to another address. Allegations of a rug pull ensued because the launch platform Copper had not been compromised.
  Wulf A. Kaal, DAO Fallacies (2022). SSRN: https://ssrn.com/abstract=4067783

## 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-sale.md | sha256sum

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