{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/valuation-uncertainty",
 "identifier": "kaal:entity:valuation-uncertainty",
 "name": "Valuation uncertainty",
 "termCode": "valuation-uncertainty",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "sha256": "3ed97c7f2b876cbbacb9176401f745c1cae9e21286251459bbb1be8bfce82f16",
 "additionalProperty": [
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   "value": "derived"
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   "value": 2
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   "@type": "PropertyValue",
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   "value": [
    "2017",
    "2022"
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-034",
   "identifier": "kaal:claim:3067615-034",
   "text": "An ICO that proposes an uncapped raise without an underlying product is a very serious red flag, because uncapped raises are perceived by the crypto community as greedy and raise investor uncertainty about the valuation of the platform or product being bought.",
   "abstract": "First, ICOs that propose uncapped raises without an underlying product constitute a very serious red flag for any investor.",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "ICOs without an underlying product"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4033886-002",
   "identifier": "kaal:claim:4033886-002",
   "text": "Digital asset valuation uncertainty is produced by the combination of an immature digital asset market and a valuation infrastructure, legal, accounting, finance, technology, and back office, that was not built for these assets.",
   "abstract": "The valuation infrastructure in the current legal, accounting, finance, technology, and back-office framework in combination with the immaturity of the digital asset market create an environment where digital asset valuation continues to be a mystery.",
   "citation": "Wulf A. Kaal, Samuel Evans, Hayley Howe, Digital Asset Valuation (2022). SSRN: https://ssrn.com/abstract=4033886",
   "datePublished": "2022",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "current state of the digital asset market"
   ],
   "source_pdf_sha256": "52ba05b1292b1be4bfaf1ee5cf56b14fea9c196d870603e794d7ee316df129bd",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'valuation-uncertainty'. Derived node: a roster, not an adjudicated definition."
}