Risk is not a disclaimer
A risk list is useful only when it changes the decision path.
Mechanism risks
The token may not create demand. Helpers may not arrive. Work may be hard to evaluate. The project may attract traders instead of users. The treasury may become a founder salary with a decorative ledger.
Legal and custody risks
A claim whose value depends on another project’s growth or work may be regulated. Jurisdiction, eligibility, disclosure, custody, transfer, tax, and settlement design are not footnotes.
Operational risks
Private keys, wallets, payment credentials, personal data, and private corpora must not enter an educational course. A public address cannot be “turned off” merely because a campaign is closed.
Do the work
Write three kill criteria and one trigger for pause, one for redesign, and one for independent legal review.
This lesson is a case-study instrument. It is not individualized financial advice and does not create an offer, security, token, entitlement, or payment obligation.