2/ Of the 50 ICOs:
* of 37 that promised vesting, 80% didn't code it
* of 32 that promised supply restrictions, 25% didn't code it
* of 17 that promised burning, 35% didn't code it
* of 10 with tokens that could be modified (like #Bancor), only 4 disclosed that right in English
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3/ When there is a distance between what's promised and what's coded, does the market clear? Not exactlypic.twitter.com/B0rZPpQu35
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4/ The ICO market celebrates self-regulation, disintermediaiton, and "trustless" transactions But our findings suggest investors don't react to the absence of coded governance rules. So there's actually a lot of "trust" in this market.
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5/ Trust in dev teams to represent their projects truthfully and to refrain from harmful modifications to circulating tokens. Trust that there is some smart money policing governance on the side. Trust in reputational constraints.
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6/ Full results here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3215345 … This was a interdisciplinary effort spanning law, economics, and computer science Co-authors:
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7/ Lots of folks to thank, including
@kwerb,@awrigh01,@NotThatTomBaker,@Andrew___Baker, an amazing team of@pennlawctic &@PennLaw research assistants, regulators, & members of#ICO community for good push-back and useful criticism.এই থ্রেডটি দেখান -
8/ The paper is fairly long (with ~23K words of text and 10K of appendices!) so I'm sure there's plenty to improve. Comments are welcome.
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7/ Just to clarify what I mean by contract vs. disclosure: are these white papers and marketing materials like a TV commercial promoting a product? Or should we think of them as a formal "offer" that investors accept by buying the ICO?
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Yes, this is a very important topic that we decided to leave on the cutting room floor but which I think worth returning to in future work.
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The answer, of course, is contextual. Some of the contract-like documents are much more contract like (terms and conditions of sale!) and some are less so, or are incorporated by reference in ways reminiscent of privacy policies.
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5/ E.g., you refer to "undisclosed code permitting modification" but then say that "a handful of prominent cryptocurrency voices noticed that several circulating tokens were modifiable at will." How did they figure it out? Was the code hidden? I probably just missed this.
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Take a look at the Bancor hack footnote we have in there and read the twitter threads. It's all public on GitHub, just not all disclosed in plain text in white papers.
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Dave - we’re working on self regulation in crypto at
@MessariCrypto. Could we set up time to chat? Would love to leverage your research. Fantastic stuff. cc@ericturnr@katherineykwu -
Sure, send me an email.
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Would be interested in seeing the full report Dave... If possible, please send to jemima.kelly@ft.com. Thanks!
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You can download it from the link on the thread. Or here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3215345 … Make sure your printer has plenty of ink.
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:) thanks and sorry, missed the link
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8/ My hesitation with the contractarian interpretation is that these self-executing lines of code feel like a black box robot that you are buying, not necessarily warranties by a counterparty. Is the issuer guaranteeing the code will function? Is there any implied warranty? Etc
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I will have to continue to think about the legal enforceability of the marketing documents -- push me when I come to your workshop with Bob in the spring for sure! -- but my thinking was we could sideline the question for now given the practical difficulties of enforcement.
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To be continued in the spring
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