# Whales `kaal:entity:whales` **Status.** derived This node is assembled mechanically from the 7 claims that carry the concept tag `whales`. 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 7 claims across 3 works, 2018 to 2022. **2018** - [3125827-019](https://wulfkaal.github.io/claims/3125827-019) [failure/argued] *(failure mode)* -- Any blockchain whose soft forks are decided through private communication between famous token holding whales is ultimately less secure than legacy centralized systems, which at least address centralized security risks deliberately. > Any blockchain subject to such governance is ultimately less secure than legacy centralized systems which pointedly address centralized security risks. Craig Calcaterra, Wulf A. Kaal, Secure Proof of Stake Protocol (2018). SSRN: https://ssrn.com/abstract=3125827 **2021** - [3962614-028](https://wulfkaal.github.io/claims/3962614-028) [mechanism/argued] -- If reputation whales stake reputation on a project and the market commits the capital for that stake, the whales should still receive part of the ROI because it is their reputation that is at stake, and they are not required to commit capital or to support capital calls with liquidity. > If whales stake but the market commits for their stake with capital, whales should still have the right to receive (part of) the ROI because it is their reputation that is at stake. Whales are not required to commit capital and don't have to support capital calls with liquidity. Wulf A. Kaal, REPUTATION AS CAPITAL – How Decentralized Autonomous Organizations Address Shortcomings in the Ventu (2021). SSRN: https://ssrn.com/abstract=3962614 **2022** - [4015908-013](https://wulfkaal.github.io/claims/4015908-013) [failure/argued] *(failure mode)* -- Small market cap launches at very cheap initial prices carry the potential for team and whale purchase abuses, which is why equitable treatment of the public requires significant project-controlled liquidity. > Small market cap launches at very cheap initial prices bring with them the potential abuses of team and whale purchases. Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908 - [4015908-014](https://wulfkaal.github.io/claims/4015908-014) [mechanism/argued] -- The larger the market capitalization controlled by the DAO, the less likely it becomes that whales and insiders can purchase inexpensive tokens on the market. > The larger the market capitalization that is controlled by the DAO, the less likely it becomes that whales and insiders can purchase inexpensive tokens on the market. Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908 - [4015908-028](https://wulfkaal.github.io/claims/4015908-028) [failure/argued] *(failure mode)* -- Whale purchases that soak up token supply at the earliest possible time in a launch are the key problem fair launch platforms address, because they can be the origin of significant centralization that harms the project for the entirety of its active market engagement. > of whale token purchases that soak up supply at the earliest possible time in the token launch. Such whale purchases can be the origin of significant centralization of a token launch that may harm the project for the entirely of its active market engagement. Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908 - [4015908-035](https://wulfkaal.github.io/claims/4015908-035) [mechanism/argued] -- An auction mechanism for fair launch tokens avoids pricing tokens below their underlying market value, which in turn helps remedy the problems that derive from large whale token holders who can later manipulate the market. > An auction mechanism for fair launch tokens ensures avoids that tokens are priced cheaper than the underlying market value of the token. This, in turn, helps remedy the problems that derive from large whales token holders that can manipulate the market in the Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908 - [4015908-041](https://wulfkaal.github.io/claims/4015908-041) [mechanism/argued] *(failure mode)* -- Rug pull practices can take the form of a whale guaranteeing an inside developer or business head a percentage participation if that insider changes the code governing the project to produce an outcome that benefits only the whale and its associates. > example, a whale may guarantee an inside developer or business head a percentage participation if the insider changes the code that governs the project for a beneficial outcome that only benefits the whale and its associates. Wulf A. Kaal, Fair Token Launch (2022). SSRN: https://ssrn.com/abstract=4015908 ## 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/whales.md | sha256sum **Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.