{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/positions/2026-07-31-6061",
 "identifier": "kaal:position:2026-07-31-6061",
 "additionalType": "https://wulfkaal.github.io/positions/schema.json#AffirmedPositionClaim",
 "name": "Streaming Initial Coin Offerings Financing Growth With Cryptocurrency Token Sales 5Ce8597439",
 "text": "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales presents the following source proposition: Success is associated with disclosure, credible commitment to the project, and quality signals. This proposition is pertinent to Kaal's source-bound claim that ICOs provide the highest possible liquidity for investors at the very beginning of a platform's lifecycle, before the reporting, accounting, and legal infrastructure that gives the investing public assurance of underlying business success, so investors trade on very limited information and volatility of the tokens and the whole cryptocurrency market increases. The proposed response is an extension: the relationship should remain limited to the retrieved source proposition and the mapped Kaal claim unless fuller source review supports a broader conclusion.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "datePublished": "2026-07-31",
 "dateModified": "2026-07-31",
 "creativeWorkStatus": "Affirmed",
 "responseType": "extension",
 "keywords": [
  "defi",
  "disclosure",
  "risk-and-incentives",
  "historical-response",
  "scholarly-literature",
  "openalex"
 ],
 "scope_conditions": [
  "The response is limited to the retrieved source proposition and mapped Kaal claim unless fuller source review supports a broader conclusion.",
  "External evidence level: abstract indexed.",
  "Mapping review tier: moderate-confidence claim review.",
  "Primary mapping confidence: 0.4123.",
  "The source-to-claim mapping remains explicitly ambiguous and is published with that limitation."
 ],
 "currentDebate": {
  "name": "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales",
  "url": "https://doi.org/10.1093/rfs/hhz131"
 },
 "extends": {
  "identifier": "kaal:claim:3067615-025",
  "url": "https://wulfkaal.github.io/claims/3067615-025",
  "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
  "paper": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags",
  "authors": [
   "Wulf A. Kaal"
  ],
  "year": "2017",
  "ssrn": "https://ssrn.com/abstract=3067615",
  "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38"
 },
 "isBasedOn": [
  {
   "@id": "https://wulfkaal.github.io/claims/3067615-025"
  },
  {
   "@type": "CreativeWork",
   "name": "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales",
   "url": "https://doi.org/10.1093/rfs/hhz131"
  }
 ],
 "batch_id": "kaal-review:2026-07-31:streaming-etl-0003",
 "review_provenance": "https://kaal-signal-desk.wulf577462.chatgpt.site/#review",
 "publicationStatus": "public",
 "recordTypeNote": "Dated commentary position extending a scholarly corpus claim. Not a verbatim claim extracted from the paper.",
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/positions/index.json"
 },
 "version": "1.0",
 "canonical_url": "https://wulfkaal.github.io/positions/2026-07-31-6061",
 "canonicalForm": "https://wulfkaal.github.io/positions/2026-07-31-6061.md",
 "candidateId": "kaal:response-draft:2026-07-31:37fa043353a8957fa03c",
 "evidenceLevel": "abstract indexed",
 "reviewTier": "moderate-confidence claim review",
 "mappingConfidence": 0.4123,
 "mappingAmbiguous": true,
 "mappingMethod": "idf-weighted multi-field mapping v1",
 "mappingWhyRelevant": "Shared high-information concepts: initial, coin, offerings, cryptocurrency, token, success, disclosure, market. Scope: ICOs occurring at the beginning of a crypto business lifecycle.",
 "sourceProvenance": {
  "source": "openalex",
  "sourceRecordId": "https://openalex.org/W2985545178",
  "queryId": "concept:ee778ad15ea3",
  "queryText": "decentralized autonomous organization",
  "canonicalUrl": "https://doi.org/10.1093/rfs/hhz131",
  "doi": "10.1093/rfs/hhz131",
  "externalIds": {
   "OpenAlex": "https://openalex.org/W2985545178",
   "DOI": "10.1093/rfs/hhz131",
   "MAG": "2985545178"
  },
  "retrievedAt": "2026-07-31T17:52:10.435Z",
  "providerPage": 8,
  "rawObservationSha256": "01b06a943bb1b5108f989d9dbecb3bee4fe831472cf743568183116622de3366",
  "inputSnapshotSha256": "bdb2cd83e925a3abd26bab9a4375d1355c1d8fbab8736869dc7845f3ba159924",
  "inputLine": 8922,
  "chunkId": "openalex-00003",
  "workId": "work:doi:10.1093/rfs/hhz131",
  "workAuthors": [
   "Sabrina T Howell",
   "Marina Niessner",
   "David Yermack"
  ],
  "workPublishedAt": "2019-10-29",
  "identityKeys": [
   "doi:10.1093/rfs/hhz131",
   "openalex:https://openalex.org/w2985545178",
   "url:https://doi.org/10.1093/rfs/hhz131",
   "title:ce082723a21bac861f3e910f",
   "proposition:2283b0876520cf7e0d8797187a257dfdbb34cebc426c9adf93b13bee25cf392b"
  ],
  "sourceProposition": "Success is associated with disclosure, credible commitment to the project, and quality signals.",
  "sourcePropositionSha256": "695dedc145b5437ea9875d65f09d53fc311b6e47832b19a1872748a34f1a7b3c",
  "sourcePropositionIndex": 1,
  "claimMappings": [
   {
    "claimId": "kaal:claim:3067615-025",
    "claimUrl": "https://wulfkaal.github.io/claims/3067615-025",
    "rank": 1,
    "confidence": 0.4123,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: initial, coin, offerings, cryptocurrency, token, success, disclosure, market. Scope: ICOs occurring at the beginning of a crypto business lifecycle.",
    "ambiguous": true
   },
   {
    "claimId": "kaal:claim:3067615-038",
    "claimUrl": "https://wulfkaal.github.io/claims/3067615-038",
    "rank": 2,
    "confidence": 0.3197,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: initial, coin, offerings, sales, disclosure, offering. Scope: ongoing ICO sales governed by smart contracts.",
    "ambiguous": true
   },
   {
    "claimId": "kaal:claim:3067615-037",
    "claimUrl": "https://wulfkaal.github.io/claims/3067615-037",
    "rank": 3,
    "confidence": 0.3189,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: initial, coin, offerings, disclosure, project, economics, technology. Scope: emerging bad ICO practices identified in 2017.",
    "ambiguous": true
   },
   {
    "claimId": "kaal:claim:3067615-005",
    "claimUrl": "https://wulfkaal.github.io/claims/3067615-005",
    "rank": 4,
    "confidence": 0.3174,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: initial, coin, offerings, disclosure, project, market, economics. Scope: standard ICO roadmap practice as of 2017.",
    "ambiguous": true
   },
   {
    "claimId": "kaal:claim:3117224-011",
    "claimUrl": "https://wulfkaal.github.io/claims/3117224-011",
    "rank": 5,
    "confidence": 0.3112,
    "method": "idf-weighted multi-field mapping v1",
    "whyRelevant": "Shared high-information concepts: initial, coin, offerings, token, disclosure, market, economics. Scope: review source claim scope.",
    "ambiguous": true
   }
  ]
 },
 "userAffirmation": "I affirm batch kaal-review:2026-07-31:streaming-etl-0003, SHA-256 8afd77518bf3e6dff3e21ea20524a254cd29e7e4678a80362a24c26c8dc039e2, as written and authorize publication of all 250 response claims on my canonical property, preserving their evidence levels, ambiguity labels, provenance, and the unchanged 5,033 scholarly claims.",
 "sha256": "b7fb06637bbdeaac6752056fce9825fad2b7d3b5764b06f792794441175a2ff2"
}