{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/vote-buying",
 "identifier": "kaal:entity:vote-buying",
 "name": "Vote buying",
 "termCode": "vote-buying",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": [
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3782201-024",
   "identifier": "kaal:claim:3782201-024",
   "text": "Because voting power in the 2016 DAO could be purchased, the exact cost of destroying it was calculable, and had it lasted longer than a month someone would eventually have amassed the money to arbitrage its trivial governance structure.",
   "abstract": "Voting power could be purchased, so we know precisely how much money it would cost to destroy the RWOQ DAO. If it were more successful, and lasted longer than a month, someone would have eventually amassed the money to arbitrage the trivial governance structure.",
   "citation": "Craig Calcaterra, Wulf A. Kaal, Future of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782201",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "governance systems in which voting power is purchasable"
   ],
   "source_pdf_sha256": "bedf7bcfbb7a9b0112b5848cb0d941b1d41f330dafeee0143a30ff5e8aa53700",
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4015908-024",
   "identifier": "kaal:claim:4015908-024",
   "text": "DAO governance built on fungible governance tokens is disfavored and dangerous because governance rights can be bought on open exchanges, whereas non-fungible reputation governance assures the highest levels of decentralization.",
   "abstract": "DAO governance that revolves around fungible governance tokens is disfavored and dangerous in this context as governance rights can be bought on open exchanges. By contrast, non-fungible reputation governance of the DAO assures highest levels of decentralization.",
   "citation": "Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908",
   "datePublished": "2022",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "DAO governance rights are tradeable on open exchanges"
   ],
   "source_pdf_sha256": "e0925afde0c42a16cd5310983789fae3eb3d1f121e2954a72afa64191d00fe37",
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/4529715-020",
   "identifier": "kaal:claim:4529715-020",
   "text": "Fungible governance tokens expose a DAO to vote buying and other forms of manipulation.",
   "abstract": "However, fungible governance tokens also have some limitations and challenges, such as the potential for vote buying or other forms of manipulation.",
   "citation": "Wulf A. Kaal, Josh Bykowski, Decentralized Autonomous Organizations (DAO) – A Market Meta Analysis (2023). SSRN: https://ssrn.com/abstract=4529715",
   "datePublished": "2023",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "fungible token based governance"
   ],
   "source_pdf_sha256": "2d71961e8c449afbeaf45ca4f53de8a575d45c77d6960b767d3d1d0874f296b5",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5254152-003",
   "identifier": "kaal:claim:5254152-003",
   "text": "Fungible governance tokens deliver liquidity and transparency in DAO voting rights, but because they are tradable they simultaneously create exposure to vote buying and manipulation.",
   "abstract": "These tokens represent voting rights and can be traded, providing liquidity and transparency but also risking vote buying and manipulation.",
   "citation": "Wulf A. Kaal, DAO Market Meta Analysis 2024 (2024). SSRN: https://ssrn.com/abstract=5254152",
   "datePublished": "2024",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "DAOs whose voting rights are represented by tradable fungible tokens"
   ],
   "source_pdf_sha256": "bb2052d809a4615f0f3e2526ba6416293c40d00260149ba4fe6f38addf052796",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/5583610-013",
   "identifier": "kaal:claim:5583610-013",
   "text": "If LER rewards are set so generously that they effectively purchase shareholder votes, the program becomes disproportionate or coercive and courts will invalidate it.",
   "abstract": "If LERs are disproportionately or coercively implemented, such as for example overly generous voucher rewards that effectively buy stockholder votes, then LER would violate the applicable requirements and risk invalidation by courts.",
   "citation": "Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610",
   "datePublished": "2025",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "reward size large enough to buy votes",
    "Delaware enhanced scrutiny"
   ],
   "source_pdf_sha256": "2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62",
   "status": "current"
  }
 ],
 "description": "5 claims in the published works of Wulf A. Kaal carry the concept tag 'vote-buying'. Derived node: a roster, not an adjudicated definition."
}