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# Is Proof of Work Harmful to the Environment? # Proof of Work Mining is Harmful to the Environment

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# Can Bitcoin function as a currency? # Bitcoin can funtion as a currency

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# Are crypto assets legal? # Crypto assets are legal

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# Are crypto investments negative-sum games? # Investing in crypto assets is a negative-sum game

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# Bitcoin is the basis for a new gold standard

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# Are Crypto Assets Predatory Investments? # Crypto assets are predatory investments

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# Are crypto assets a risk to the state? # Crypto assets pose a risk to the state

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# Are crypto assets a systemic risk to the economy? # Crypto assets pose systemic risk to the larger economy

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# How do we value a crypto token? # Crypto tokens have a verifiable valuation model
[fundamental-value](../concepts/fundamental-value.md) [fundamental-value](../concepts/fundamental-value.md)

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| | Monetary | Deflationary | Use Value | Fundamental Value | Income | Productive | Security | Speculative | | | Monetary | Deflationary | Use Value | Fundamental Value | Income | Productive | Security | Speculative |
| --------- | ----- | ------------ | --------- | ----------------- | ------ | ---------- | -------- | ----------- | | --------- | ----- | ------------ | --------- | ----------------- | ------ | ---------- | -------- | ----------- |
| Currency | ✔️ | ❌ | ✔️ | ❌ | ❌ | ❌ | ❌ | ❌ | Currency | ✔️ | ❌ | | ❌ | ❌ | ❌ | ❌ | ❌
| Stock | ❌ | ❌ | ❌ | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ | Stock | ❌ | ❌ | ❌ | ✔️ | ✔️ | ✔️ | ✔️ | ✔️
| Bond | ❌ | ❌ | ❌ | ✔️ | ✔️ | ❌ | ✔️ | ❌ | Bond | ❌ | ❌ | ❌ | ✔️ | ✔️ | ❌ | ✔️ | ❌
| Bitcoin | ❌ | ✔️ | ❌ | ❌ | ❌ | ❌ | ✔️ | ✔️ | Bitcoin | ❌ | ✔️ | ❌ | ❌ | ❌ | ❌ | ✔️ | ✔️

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A digital asset that is traded on a [blockchain](blockchain.md). A digital asset that is traded on a [blockchain](blockchain.md).
Crypto assets have no [use-value](use-value.md), no [fundamental-value](fundamental-value.md), and no [income-cashflows](income-cashflows.md) and are a pure manifestation of the [greater-fool-theory](greater-fool-theory.md). Crypto assets have no [use-value](use-value.md), no [fundamental-value](fundamental-value.md), and no [income-cashflows](income-cashflows.md) and are a manifestation of the [greater-fool-theory](greater-fool-theory.md).
## Examples ## Examples

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# Meme Stock
The trading of a public [stock](stock.md) detached from its [fundamental-value](fundamental-value.md) as pure [speculation](speculation.md). Timing a meme stock [bubble](bubble.md) is a [zero-sum-game](zero-sum-game.md).

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A type of investment fraud in which old investors are paid out from an influx of new investors. These type of schemes are ultimately unsustainable and are destined to collapse when outflows exceed inflows or the operators abscond with the funds. A type of investment fraud in which old investors are paid out from an influx of new investors. These type of schemes are ultimately unsustainable and are destined to collapse when outflows exceed inflows or the operators abscond with the funds.
Economists often refer to [crypto asset](cryptoasset.md) as obscured Ponzi schemes. [Crypto asset](cryptoasset.md) are often referred to as obscured or self-organizing Ponzi schemes.
## References ## References

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# Systemic Risk
Systemic risk is the possibility that an event in a single asset or company could trigger severe instability or collapse an entire industry or economy.
Assets considered to be a systemic risk are called "too big to fail".
Systemic risk and was a major contributor to the subprime mortgage crisis crisis of 2008.

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Within the crypto ideology there are several thought-terminating cliches. Within the crypto ideology there are several thought-terminating cliches.
* "fud" * "If you don't believe it or don't get it, I don't have the time to try to convince you"
* "FUD"
* "few understand"
* "bullish" * "bullish"
* "to the moon" * "to the moon"
* "hodl" * "hodl"
* "few understand"
* "now do the dollar" * "now do the dollar"
* "everything is a ponzi" * "everything is a ponzi"
* "diamond hands" * "diamond hands"

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# Use Value # Use Value
The feature of an asset which can satisfy some human requirement, want or need, or which serves a useful purpose. *Use value* or *intrinsic value* is a feature of an asset which can satisfy some human requirement, want or need, or which serves a useful purpose.
For example the use value of wheat is the ability to produce flour and bread which can provide sustenance and satisfy human hunger and need for sustenance. For example the use value of wheat is the ability to produce flour and bread which can provide sustenance and satisfy human hunger and need for sustenance.

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## Prominent Thinkers ## Prominent Thinkers
* Murry Rothbard * Murry Rothbards
* Ludwig von Mises * Ludwig von Mises
* Friedrich Hayek * Friedrich Hayek
* Saifedean Ammous * Saifedean Ammous

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# Technolibertarianism

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## Technosolutionism # Technosolutionism

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<iframe width="560" height="315" src="https://www.youtube.com/embed/_o7pRFLzJHY" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> <iframe width="560" height="315" src="https://www.youtube.com/embed/_o7pRFLzJHY" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
In Episode 1 of the series, Rufus Pollock and Stephen Diehl discuss the Neo-Metallist perspective on bitcoin and the concept of "digital" gold.
In Episode 1 of the series, Rufus Pollock and Stephen Diehl discuss the neo-metallist perspective on bitcoin and the concept of "digital" gold.
## Topic
[new-gold](../claims/new-gold.md)
## Concepts Covered ## Concepts Covered
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* [value](../concepts/value.md) * [value](../concepts/value.md)
* [zero-sum-game](../concepts/zero-sum-game.md) * [zero-sum-game](../concepts/zero-sum-game.md)
## Summary
#todo
## References ## References
1. [@taleb_bitcoin_2021-1] 1. [@taleb_bitcoin_2021-1]
2. [@arnosti_bitcoin_2022] 2. [@arnosti_bitcoin_2022]
3. [@golumbia_bitcoin_2015] 3. [@golumbia_bitcoin_2015]
4. [@caferra_bitcoin_2021] 4. [@caferra_bitcoin_2021]
5. [@qin_bitcoins_2020] 5. [@qin_bitcoins_2020]
6. [@bernanke_essays_2004]

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In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market fundamentalism perspective on crypto assets and the perspective on crypto assets from the perspective of day traders to quantitative hedge funds. In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market fundamentalism perspective on crypto assets and the perspective on crypto assets from the perspective of day traders to quantitative hedge funds.
## Topic
[market-fundamentalism](../ideologies/market-fundamentalism.md)
## Concepts Covered ## Concepts Covered
* [artificial-scarcity](../concepts/artificial-scarcity.md) * [artificial-scarcity](../concepts/artificial-scarcity.md)
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* [wash-trading](../concepts/wash-trading.md) * [wash-trading](../concepts/wash-trading.md)
* [zero-sum-game](../concepts/zero-sum-game.md) * [zero-sum-game](../concepts/zero-sum-game.md)
## Summary
#todo
## References ## References
1. [@akerlof_market_1978] 1. [@akerlof_market_1978]