Ariel - Volume 5 Number 2

Editors Mark Dembert J.D. Kanofsky Entertainment Editor Robert Breckenridge Gary Kaskey Overseas Editor Mike Sinason Photographer Scott Kastner Staff Ken Jaffe Bob Sklaroff Joseph Sassani Janet Weis

Ariel - Volume 6 Number 1

Editors John Lammie Curt Cummings Frank Chervenak J.D. Kanofsky Mark Dembert Entertainment Robert Breckenridge Joe Conti Gary Kaskey Photographer Larry Glazerman Overseas Editor Mike Sinason Circulation Jay Amsterdam Humorist Jim McCann Staff Ken Jaffe Bob Sklaroff Halley Faus

Ariel - Volume 5 Number 4

Editors Mark Dembert J.D. Kanofskv Entertainment Editors Robert Breckenridge Joe Conti Overseas Editor Mike Sinason Photographer Scott Kastner Epistemologist Gary Kaskey Staff Ken Jaffe Bob Sklaroff Janet Weish David Jacoby Phil Nimoityn Circulation Editor Jay Amsterdam Humorist Jim Mccan

Ariel - Volume 5 Number 5

Editors Mark Dembert J. D. Kanofsky Entertainment Robert Breckenridge Joe Conti Gary Kaskey Photographer Scot Kastner Overseas Editor Mike Sinason Circulation Jay Amsterdam Humorist Jim McCann Staff Ken Jaffe Bob Sklaroff Janet Welsh Dave Jacoby Phil Nimoityn Frank Chervane

Ariel - Volume 5 Number 1

Editors Mark Dembert J.D. Kanofskv Entertainment Editor Robert Breckenridge Gary Kaskey Editor Emeritus David A. Jacoby Photographer Scott Kastner Staff Richard Blutstein Bob Johnson John R. Cohn Joseph Sassani Ken Jaffe Bob Sklarof

Coin-Operated Capitalism

This Article presents the legal literature’s first detailed analysis of the inner workings of Initial Coin Offerings. We characterize the ICO as an example of financial innovation, placing it in kinship with venture capital contracting, asset securitization, and (obviously) the IPO. We also take the form seriously as an example of technological innovation, where promoters are beginning to effectuate their promises to investors through computer code, rather than traditional contract. To understand the dynamics of this shift, we first collect contracts, “white papers,” and other contract-like documents for the fifty top-grossing ICOs of 2017. We then analyze how such projects’ software code reflected (or failed to reflect) their contractual promises. Our inquiry reveals that many ICOs failed even to promise that they would protect investors against insider self-dealing. Fewer still manifested such contracts in code. Surprisingly, in a community known for espousing a technolibertarian belief in the power of “trustless trust” built with carefully designed code, a significant fraction of issuers retained centralized control through previously undisclosed code permitting modification of the entities’ governing structures. These findings offer valuable lessons to legal scholars, economists, and policymakers about the roles played by gatekeepers; about the value of regulation; and the possibilities for socially valuable private ordering in a relatively anonymous, decentralized environment

Ariel - Volume 6 Number 4

Editors Mark Dembert J.D. Kanofsky Frank Chervenak John Lammie Curt Cummings Entertainment Robert Breckenridge Joe Conti Gary Kaskey Photographer Larry Glazerman Overseas Editor Mike Sinason Humorist Jim McCann Staff Ken Jaffe Bob Sklaroff Halley Faust Jim Burk

Ariel - Volume 6 Number 4 (Alternate Version)

Editors Mark Dembert J.D. Kanofsky Frank Chervenak John Lammie Curt Cummings Entertainment Robert Breckenridge Joe Conti Gary Kaskey Photographer Larry Glazerman Overseas Editor Mike Sinason Humorist Jim McCann Staff Kenn Jaffe Bob Sklaroff Halley Faust Jim Burke Jay Amsterdam Morton A. Klein Nancy Redfer