Finish regulatory arbitrage page

claims/why-invest.md

@@ -5,6 +5,8 @@ As has been consistently noted [2,3,8] throughout historical [market manias](../
 
 This coupled with the [weird subculture](weird-culture.md) of crypto assets and a [narrative economics](../concepts/narrative-economics.md) of belonging to a [high control group](../concepts/high-control-group.md) with the promises of [easy money](../concepts/ponzi-scheme.md) is a psychologically enticing proposition for a large demographic. The synthesis of the market mania and the narrative appeal of the culture and its political [imaginarires](../concepts/narrative-economics.md) appears to be the main driver of the crypto bubble.
 
+There is also a strong sample bias in self-reported winnings of crypto assets. With partipants who make outsized returns [gambling](../concepts/gambling.md) on the [bubble](../concepts/bubble.md) are more likely to report this returns compared to the vast majority of those who lost money as guaranteed by the [negative-sum](../concepts/zero-sum-game.md) dynamics of gambling on [crypto assets](../concepts/cryptoasset.md).
+
 See [madness of crowds](../concepts/madness-crowds.md), [bubble](../concepts/bubble.md), [market mania](../concepts/market-mania.md), [speculation](../concepts/speculation.md) and [bandwagon bias](../concepts/bandwagon-bias.md).
 
 ## References

concepts/ideologies/anarchocapitalism.md

@@ -6,6 +6,11 @@ In the absence of the nation state, anarcho-capitalists suppose that society wil
 See [cryptoanarchism](cryptoanarchism.md), [post-state technocracy](../../notes/post-state-technocracy.md) and [technolibertarianism](technolibertarianism.md).
 
 ## References
+1. Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
+1. Brunton, Finn. 2019. Digital Cash: The Unknown History of the Anarchists, Utopians, and Technologists Who Created Cryptocurrency. Princeton University Press. https://press.princeton.edu/books/hardcover/9780691179490/digital-cash.
+1. Malabou, Catherine. 2020. ‘Cryptocurrencies: Anarchist Turn or Strengthening of Surveillance Capitalism? From Bitcoin to Libra’. Australian Humanities Review 66 (May 2020). http://australianhumanitiesreview.org/2020/05/31/cryptocurrencies-anarchist-turn-or-strengthening-of-surveillance-capitalism-from-bitcoin-to-libra/.
+1. Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.
+1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
 1. Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
 1. Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
 1. Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
@@ -14,7 +19,5 @@ See [cryptoanarchism](cryptoanarchism.md), [post-state technocracy](../../notes/
 1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
 1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
 1. Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
 1. Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
-1. Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
-1. Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.
+1. Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.

concepts/ideologies/cryptoanarchism.md

@@ -1,16 +1,15 @@
 # Cryptoanarchism
-Crypto-anarchism or cyberanarchism is a political ideology whose aim is to achieve the protection of privacy, political freedom and economic freedom through the use the use of cryptography and [cryptoi assets](../cryptoasset.md). Cryptoanarchism sees itself as reaction to the overreach of governments and the state into the private and financial lives of citizens and asserts the need for so-called *total freedom*. 
+Cryptoanarchism or cyberanarchism is a political ideology whose aim is to achieve the protection of privacy, political freedom and economic freedom through the use the use of cryptography and [crypto assets](../cryptoasset.md). Cryptoanarchism sees itself as reaction to the overreach of governments and the state into the private and financial lives of citizens and asserts the need for so-called *total freedom*. 
 
 * Total anonymity of individuals in the digital spaces.
 * Total freedom of speech without censorship or moderation
 * Total freedom to trade without regulation or protections
 
-The idea revoles around the politics that individuals are self-soverign and that the internet or cyberspace as a whole is an independent territory outside the remit and regulation of governments. This is outlined in the seminal writing by cryptoanarchist leader John Barlow``
-in his writing *A Declaration of the Independence of Cyberspace*.
+The idea revolves around the politics that individuals are self-sovereign and that the internet or cyberspace as a whole is an independent territory outside the remit and regulation of governments. This is outlined in the seminal writing by cryptoanarchist leader John Barlow in his writing *A Declaration of the Independence of Cyberspace*.
 
 The ideas behind [bitcoin](../bitcoin.md) can be traced to another seminal work *The Crypto Anarchist Manifesto*.
 
-See also [technosolutionism](technosolutionism.md), [libertarianism](libertarianism.md) and [post-state technocracy](../../notes/post-state-technocracy.md).
+See also [anarchocapitalism](anarchocapitalism.md), [libertarianism](libertarianism.md) and [post-state technocracy](../../notes/post-state-technocracy.md).
 
 ## References
 * May, Tim. 1994. ‘Cyphernomicon’.

concepts/regulatory-arbitrage.md

@@ -1,2 +1,17 @@
 # Regulatory Arbitrage
-The use of one region or jurisdictions laws to create financial products which abuse or break another jurisdictions laws using legal loopholes, [regulatory capture](regulatory-capture.md), or outright scofflaw and criminal behaviour.
+The use of one region or jurisdictions laws to create financial products which abuse or break another jurisdictions laws using legal loopholes, [regulatory capture](regulatory-capture.md), or outright scofflaw and criminal behaviour.
+
+Tax avoidance is a form of [regulatory arbitrage](regulatory-arbitrage.md).
+
+[Initial coin offerings](ico.md) are a form of regulatory arbitrage.
+
+## References
+1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jü rgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’.
+1. Brummer, Chris. 2019. Cryptoassets: Legal, Regulatory, and Monetary Perspectives. Oxford University Press.
+1. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
+1. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
+1. Jackson, Howell E., and Morgan Ricks. 2021. ‘Locating Stablecoins within the Regulatory Perimeter’. The Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2021/08/05/locating-stablecoins-within-the-regulatory-perimeter.
+1. Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
+* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+* Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.

guide/index.md

@@ -128,12 +128,12 @@ Explore crypto and "web3" in terms of different perspectives on politics and eco
 * [Post State Technocracy](../concepts/ideologies/post-state-technocracy.md)
 * [Libertarianism](../concepts/ideologies/libertarianism.md)
 * [Technolibertarianism](../concepts/ideologies/technolibertarianism.md)
-* [Technosolutionism](../concepts/ideologies/technosolutionism.md)
-* [Technocollectivism](../concepts/ideologies/techno-collectivism.md)
-* [Keynsian Economics](../concepts/ideologies/keynsian-economics.md)
-* [Accelerationism](../concepts/ideologies/accelerationism.md)
 * [Cryptoanarchism](../concepts/ideologies/cryptoanarchism.md)
 * [Anarchocapitalism](../concepts/ideologies/anarchocapitalism.md)
+* [Keynsian Economics](../concepts/ideologies/keynsian-economics.md)
+* [Technosolutionism](../concepts/ideologies/technosolutionism.md)
+* [Technocollectivism](../concepts/ideologies/techno-collectivism.md)
+* [Accelerationism](../concepts/ideologies/accelerationism.md)
 
 ***
 

guide/interviews.md

@@ -3,5 +3,5 @@
 1. [Episode #1: Neo-Metallism](../notes/neo-metallism.md)
 2. [Episode #2: Market Fundamentalism](../notes/market-fundamentalism.md)
 3. [Episode #3: Securities Regulation](/notes/are-crypto-tokens-securities.md)
-4. Episode #4: Post-state Technocracy
+4. [Episode #4: Post-state Technocracy](../notes/post-state-technocracy.md)
 5. Episode #5: Fintech Incrementalism

site/pages/about.md

@@ -28,7 +28,7 @@ We will be steel-manning the key claims made by proponents of web3 through consc
 
 **A lot of energy and attention are going into this area**: There is also a lot of energy and attention being channeled into this area across the spectrum from tech to change-makers. This is energy that could be used elsewhere—it has an [opportunity cost](../../claims/is-opportunity-cost.md). If web3 can’t deliver on its promise this would be a significant waste of energy. Furthermore, given some of the elevated claims, there is a risk that disappointments here would not only tarnish web3 but reduce the energy for other types of innovation or change-making. Whilst there are opportunity costs to any action, they are particularly important in the context of web3 precisely because so much energy and good-will are being channelled here.
 
-**This is a runaway phenomenon presenting special risks and requiring special attention**: Finally, this is a "runaway phenomenon" with exponential growth in interest, use and investment. To take just one illustrative example, blockchain based assets are the [fastest growing](../../concepts/bubble.md) asset class we have ever seen in human history; The crypto market cap -- the value of all the cryptocurrency tokens in circulation -- is currently sitting at $2.6 trillion, according to CoinMarketCap data. This huge velocity of expansion means web3 has the potential to significantly impact the organization of society -- for good or ill. It also renders the risks of wasted resources and energy even greater, as our "spend" is increasing so rapidly. Furthermore, runaway phenomena present special risks because things can happen before we notice and have time to react (cf. AI, climate change, nuclear weapons). The need for discourse and understanding, in other words, is not one that can wait.
+**This is a runaway phenomenon presenting special risks and requiring special attention**: Finally, this is a "runaway phenomenon" with [exponential growth](../../concepts/bubble.md) in interest, [use](../../concepts/use-value.md) and investment. To take just one illustrative example, blockchain based assets are the [fastest growing](../../concepts/bubble.md) asset class we have ever seen in human history; The crypto market cap -- the value of all the cryptocurrency tokens in circulation -- is currently sitting at $2.6 trillion, according to CoinMarketCap data. This huge velocity of expansion means web3 has the potential to significantly impact the organization of society -- for good or ill. It also renders the risks of wasted resources and energy even greater, as our "spend" is increasing so rapidly. Furthermore, runaway phenomena present special risks because things can happen before we notice and have time to react (cf. AI, climate change, nuclear weapons). The need for discourse and understanding, in other words, is not one that can wait.
 
 ### We need better sensemaking. How do we get there?