Expand more claims.

claims/crypto-unbanked.md

@@ -1,6 +1,6 @@
 # Crypto is a solution for the unbanked
 
-Crypto is not a solution to unbanked, because by its [deflationary](../concepts/deflationary.md) design it [cannot function as a currency](is-bitcoin-currency.md) that is usable for purchasing goods and services.
+Crypto is not a solution to unbanked, because by its [deflationary](../concepts/deflationary.md) design it [cannot function as a currency](is-bitcoin-currency.md) therefore it is unusable as a scaleable means for purchasing goods and services.
 
 The purpose of retail banking services is to provide stable, reliable and safe means for citizens to transact with money that is safely custodied by a trusted third party with the guarantees of regulation by the government that the party will hold their accounts on their behalf. This includes practices like customer service, deposit insurance, fraud detection, transaction reversal and issuing of payment cards.
 

claims/predatory-investments.md

@@ -1,2 +1,9 @@
 # Crypto assets are predatory investments
 
+Crypto assets are a form of predatory financial product. Crypto asset [market making](../concepts/market-maker.md) is subject to extreme forms of [market manipulation](../concepts/market-manipulation.md) not found in other regulated markets. The [price-formation](../concepts/price-formation.md) of crypto assets is untethered to any [fundamental-value](../concepts/fundamental-value.md) and instead depends purely on the [greater-fool-theory](../concepts/greater-fool-theory.md). 
+
+The price setting by crypto excahnges and [order-book](../concepts/order-book.md) design admits extreme forms of [asymmetric-information](../concepts/asymmetric-information.md) which privileges an [economic cartel](../concepts/cartel.md) who can manipulate crypto assets to extract wealth from public from unfair market making.
+
+The base economics of crypto assets make them [negative sum](negative-sum.md) which guarantees the amount of loses in the asset class exceed the gains.
+
+Crypto assets are thus a form of predatory finance with negative [expected-return](../concepts/expected-return.md) much like [gambling](../concepts/gambling.md) in a rigged casino.

claims/valuation-model.md

@@ -1,3 +1,9 @@
-# Crypto tokens have a verifiable valuation model
+# Crypto assets have a verifiable valuation model
 
-[fundamental-value](../concepts/fundamental-value.md)
+Crypto tokens have no reliable valuation method. It is not possible to develop a theoretical [value](../concepts/value.md) for a crypto token because there is no demand curve generated by a [use case](../concepts/use-value.md) or any [income-cashflows](../concepts/income-cashflows.md) associated with the [security](../concepts/security.md). Crypto tokens thus have a strictly zero [fundamental-value](../concepts/fundamental-value.md).
+
+Instead the price of a crypto asset swings about wildly depending on the whims of fluctuating demand and market mania of the [bubble](../concepts/bubble.md).  Crypto assets are a manifestation of the [greater-fool-theory](../concepts/greater-fool-theory.md) and the price of a crypto asset is defined simply by what people believe the next "fool" will pay for it.
+
+Models such as "Stock To Flow" have shown no predictive power to explain the [price-formation](../concepts/price-formation.md) of assets like [bitcoin](../concepts/bitcoin.md) on long time scales. These models have no rigorous foundations based on any mainstream economics.
+ 
+Other products in [bubble](../concepts/bubble.md) such as tulips or beanie babies have exhibited similar economic structure to crypto tokens.

claims/weird-culture.md

@@ -1,5 +1,7 @@
 # Crypto has a weird subculture
-Crypto currency is an example of a [high-control-group](../concepts/high-control-group.md) to develop the [narrative-economics](../concepts/narrative-economics.md) to entice people to invest in the asset class. Since the asset class is [negative-sum](negative-sum.md) it depends largely on inconsistent narratives that clash with orthodox [economics](../concepts/ideologies/keynsian-economics.md) and depend on [technosolutionism](../concepts/ideologies/technosolutionism.md) to justify bringing more [greater fools](../concepts/greater-fool-theory.md) into the scheme.
+Crypto currency is an example of a self-organizing [high control group](../concepts/high-control-group.md) whose existence organically creates a market mania, [bubble](../concepts/bubble.md) and [narrative economics](../concepts/narrative-economics.md) that entices the public to invest in the asset class or join the group and its subculture.
+
+Since the asset class is [non-productive](../concepts/productive-asset.md) and [negative-sum](negative-sum.md)the crypto scheme depends largely on narratives of "money for nothing" and "easy wealth" that clash with traditional readings of [economics](../concepts/ideologies/keynsian-economics.md). These schemes may depend on [technosolutionism](../concepts/ideologies/technosolutionism.md) or [libertarianism](../concepts/ideologies/libertarianism.md) to justify bringing more [greater fools](../concepts/greater-fool-theory.md) into the scheme.
 
 Crypto culture depends heavily on a distortion of language to signify belonging to an ingroup and leans heavily on [thought terminating cliches](../concepts/thought-terminating-cliches.md) to quell dissent or rational discourse.
 

concepts/art.md

@@ -0,0 +1,19 @@
+# Art
+
+Art is an asset class which encompass a broad category of human activities that are done with "artistic intent". This is a philosophically ambiguous category but generally corresponds to activities which are stimulating because of their aesthetic, intellectual or emotional qualities. 
+
+Art is a [non-productive asset](productive-asset.md).
+
+Art is a [speculative asset](speculation.md).
+
+Art generally has no [income-cashflows](income-cashflows.md) in and of itself.
+
+Art has no [fundamental value](fundamental-value.md) under the economic definition of the term.
+
+Art's [intrinsic value](use-value.md) is a debated in philosophy. There is no generally agreed definition of what constitutes art.
+
+Art's value is often tied to its provenance and [sign-value](sign-value.md).
+
+Art may be [artificial-scarcity](artificial-scarcity.md) if created as part of a collection.
+
+The art market has a great amount of [asymmetric-information](asymmetric-information.md) and [market-manipulation](market-manipulation.md).

concepts/dao.md

@@ -1,2 +1,21 @@
 # Distributed Autonomous Organization
-#todo 
+A DAO or *decentralized autonomous organization* is a form of [smart contract](smart-contracts.md) which aims to reproduce the governance structure of a corporation or coop attached associated with [cryptoasset](cryptoasset.md) held by the [smart contracts](smart-contracts.md).
+
+DAOs are experiments in autonomous governance and voting structures (quadratic voting, continuous voting, etc) which give voting rights proportionally to the "shareholders" of the structure by their percentage of ownership of the *governance token* issued by the DAO.
+
+DAOs are a form of [regulatory-arbitrage](regulatory-arbitrage.md) which attempt to recreate the regulated of creating voting shares in corporations. Instead this DAOs place this practice outside the regulatory perimeter and have no recourse for shareholders in the presence of fraud. 
+
+DAOs are best understood as shares in a common enterprise which is run by potentially anonymous entities and which has no restrictions on the provenance of funds held by the "corporation" basically acting as a self-governing crypto slush fund. DAOs may be attached to a enterprise which is an attempt at solving a hard [public-goods-problem](public-goods-problem.md) such as fixing climate change or universal basic income.
+
+## Examples
+
+* Constitution DAO
+* Spice DAO
+
+## References
+
+* [@morrison_dao_2020]
+* [@wright_measuring_2021]
+* [@securities_sec_2017]
+* [@rikken_ins_nodate]
+* [@brennecke_-central_2022]

concepts/defi.md

@@ -1,2 +1,3 @@
 # Decentralized Finance (DeFi)
 
+Defi is a broad category of [smart-contracts](smart-contracts.md) which loosely correspond to digital contracts running on a [blockchain](blockchain.md) which allow users to create collateralized loans out of [stablecoin](stablecoin.md) and which have side payouts in so-called "governance tokens".

concepts/distribution-problem.md

@@ -0,0 +1,4 @@
+# Distribution Problem
+The *distribution problem* refers to a set of hypothetical solutions to achieve a equitable (or other property) of distribution in the bootstrapping of a [private-money](private-money.md). Effectively how to distribute the [currency](currency.md) to early adopters to achieve some end.
+
+An alleged solution to this problem comes attached to a presuppositional claim about what *equity* would be defined as, which is a political rather than economic claim.

concepts/private-money.md

@@ -1,9 +1,15 @@
 # Private Money
 
-A [currency](concepts/currency.md) issued by a private party instead of a nation state or [central-banks](central-banks.md).
+A [currency](concepts/currency.md) issued by a private party instead of a nation state or [central-banks](central-banks.md). Private money has a [distribution-problem](distribution-problem.md). 
+
+Many [crypto assets](cryptoasset.md) allege to be a form of transnational private money in either their namesake or political imaginaries.
 
 ## American Wildcat Banks
 
+The America financial system, before the Civil War, had a large network of independent banks which all issued their own notes as a form of private money. The system was not effective as rife with fraud and [systemic-risk](systemic-risk.md). The bank note was nationalized by The National Banking Acts of 1863.
+
+https://www.npr.org/sections/money/2012/12/07/166747693/episode-421-the-birth-of-the-dollar-bill
+
 ## Scottish Bank Notes
 
 ## Company Scrip

concepts/productive-asset.md

@@ -0,0 +1,9 @@
+# Productive Asset
+
+Productive assets are [assets](assets.md) which have [income-cashflows](income-cashflows.md)  attached to them. Examples include stocks, real estate, and bonds.
+
+Commodities are non-productive assets.
+
+Art is a non-productive assets.
+
+Crypto tokens are non-productive assets.