diff --git a/claims/blockchain-tech.md b/claims/blockchain-tech.md new file mode 100644 index 0000000..e5dee03 --- /dev/null +++ b/claims/blockchain-tech.md @@ -0,0 +1,11 @@ +# Is the underlying technology of "blockchain" useful for non-monetary purposes? +Blockchain technology, detached from the sale of tokens or [crypto assets](../concepts/cryptoasset.md) a has shown no track record of providing benefit for any real world applications. So-called [permissioned blockchain](../concepts/permissioned-blockchain.md) solutions offer no benefits over traditional database solutions and introduce a great deal of additional complexity for no value add. + +The technical purpose of blockchains is to create [censorship resistent](../concepts/censorship-resistence.md) networks for the issuance of [crypto asset](../concepts/cryptoasset.md) for [regulatory arbitrage](../concepts/regulatory-arbitrage.md) of [securities](../concepts/security.md) law and [illicit financing](../concepts/illicit-financing.md) purposes. There is no proven use case for the technology outside of scofflawing. + +## References +* [@orlowski_blockchain_2018] +* [@rauchs_2nd_2019] +* [@bindseil_encrypted_2022] +* [@olson_problem_2022] +* [@diehl_case_nodate] \ No newline at end of file diff --git a/claims/hedge-debasement.md b/claims/hedge-debasement.md new file mode 100644 index 0000000..1ab6eb7 --- /dev/null +++ b/claims/hedge-debasement.md @@ -0,0 +1 @@ +# Are crypto assets a hedge against "debasement" of the dollar? \ No newline at end of file diff --git a/claims/hedge-inflation.md b/claims/hedge-inflation.md new file mode 100644 index 0000000..1c92f47 --- /dev/null +++ b/claims/hedge-inflation.md @@ -0,0 +1,4 @@ +# Are crypto assets a hedge against inflation? + +## References +* [@cembalest_maltese_2022] \ No newline at end of file diff --git a/claims/transnational-payment.md b/claims/transnational-payment.md new file mode 100644 index 0000000..1c9b034 --- /dev/null +++ b/claims/transnational-payment.md @@ -0,0 +1,12 @@ +# Is a unregulated transnational payment rail even desirable? + +Panama Papers + +See [shadow banking](../concepts/shadow-bank.md). + +## References +* [@pilkington_can_2017] +* [@allen_defi_2022] +* [@braun_central_2019] +* [@steele_miner_2021] +* [@li_money_2021] \ No newline at end of file diff --git a/claims/weird-culture.md b/claims/weird-culture.md index cdd311e..29b7120 100644 --- a/claims/weird-culture.md +++ b/claims/weird-culture.md @@ -1,9 +1,9 @@ # Crypto has a weird subculture -Crypto subculture 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. +The crypto subculture 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 entirely depends on attracting new investor inflows based on narratives of "money for nothing" and "easy wealth" that clash with traditional readings of [economics](../concepts/ideologies/keynsian-economics.md). These schemes may also 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. Within the crypto [subculture](../claims/weird-culture.md) there are several thought-terminating cliches. +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 and rational discourse. Within the crypto [subculture](../claims/weird-culture.md) there are several thought-terminating cliches. * "have fun staying poor" / "hfsp" * "If you don't believe it or don't get it, I don't have the time to try to convince you" diff --git a/claims/well-defined.md b/claims/well-defined.md index 36cf586..588f02c 100644 --- a/claims/well-defined.md +++ b/claims/well-defined.md @@ -1,9 +1,9 @@ # Is web3 a well-defined term? Web3 does not have any universally agreed upon definition. -Web3 has been accused of becoming an intellectual nexus for many internet "thought leaders" to pontificate about grand visions of technical and financial reconfiguration largely detached from any concrete plans or implementations of these ideas. This may give rise to [bubble](bubble.md) detached from any progress on building real companies or technologies. +Web3 has been accused of becoming an intellectual nexus for many internet "thought leaders" to pontificate about grand visions of technical and financial reconfiguration largely detached from any concrete plans or implementations of these ideas. This may give rise to a [bubble](bubble.md) in the sale of [security](../concepts/security.md) tokens detached from any progress on building real companies or technologies and may even disincentive productivity in favour of pure [speculation](../concepts/speculation.md). -Web3 has also been described as a means of doing [regulatory arbitrage](regulatory-arbitrage.md) on [securites](security.md) offerings to enrich venture capital firms. +Web3 has also been described as a means of doing [regulatory arbitrage](regulatory-arbitrage.md) on [securites](security.md) offerings to enrich venture capital firms using the broader public as exit [liquidity](../concepts/liquidity.md). Web3 has been [criticised](https://www.stephendiehl.com/blog/web3-bullshit.html) as being an intentionally ambiguous buzzword. diff --git a/claims/what-type-of-asset.md b/claims/what-type-of-asset.md index 9512607..bde47ae 100644 --- a/claims/what-type-of-asset.md +++ b/claims/what-type-of-asset.md @@ -5,7 +5,7 @@ See the [assets](../concepts/assets.md) comparison chart for an overview of how Crypto assets are [not currency](is-bitcoin-currency.md) because they cannot fulfil the definition of [money](../concepts/money.md). -Crypto assets are not [commodities](../concepts/commodity.md) because they have no intrinsic value needed to fulfil any productive economic activity or human need. Their definition of [use-value](../concepts/use-value.md) depends on a circular argument. +Crypto assets are not [commodities](../concepts/commodity.md) because they have no intrinsic value needed to fulfil any productive economic activity or human need. A hypothetical definition of their [use value](../concepts/use-value.md) depends on a circular logic. Crypto assets may also be a form of [art](../concepts/art.md) under the fuzzy definition of "artistic intent". @@ -13,14 +13,16 @@ Crypto assets may also be a form of [art](../concepts/art.md) under the fuzzy de Crypto assets have no direct correspondence in traditional markets, but have several pathological equivalences of traditional assets with absurd premises or terms. +* Tulip [bubble](../concepts/bubble.md) * Zero-coupon perpetual [bond](bond.md) * Unspendable [currency](currency.md) * [Equity](security.md) with no cash flows or dividends -* [Commodity](commodity.md) with no use value +* [Commodity](commodity.md) with no [use value](../concepts/use-value.md) * Exchange traded [pyramid-scheme](pyramid-scheme.md) * [Derivative](derivative.md) contract with no underlying * [Libertarian](ideologies/libertarianism.md) performance [art](art.md) -* Self-organizing [ponzi-scheme](ponzi-scheme.md) +* Self-organizing [Ponzi scheme](ponzi-scheme.md) +* [Indulgences](https://en.wikipedia.org/wiki/Indulgence) ## References * [@diehl_intellectual_2021] diff --git a/concepts/bretton-woods.md b/concepts/bretton-woods.md index 3953730..d70bf5f 100644 --- a/concepts/bretton-woods.md +++ b/concepts/bretton-woods.md @@ -1 +1,4 @@ # Bretton Woods +The *Bretton Woods system* is the international monetary convention by the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example an an international and negotiated order intended to establish a means of doing international monetary relations among independent states. The Bretton wood system was based on the [gold standard](gold-standard.md) and establish the [dollar](dollar.md) as a the international [reserve-currency](reserve-currency.md). + +In 1971 the United States terminated convertibility of the US dollar to [gold](gold.md), removing the United States from the gold standard and transitioned to a pure *fiat money* system. This ended the Bretton Woods system. \ No newline at end of file diff --git a/concepts/bubble.md b/concepts/bubble.md index be9981d..dd3cb56 100644 --- a/concepts/bubble.md +++ b/concepts/bubble.md @@ -1,10 +1,9 @@ # Bubble - -An economic bubble is a phenomenon in markets created by herd mentality, whereby people hear stories of others who bought in early and made big profits, causing those who did not buy to feel a fear of missing out. This causes irrational pricing of the asset which proceeds until the mania subsides. +An economic bubble is a phenomenon in [markets](market.md) created by herd mentality, whereby people hear stories of others who bought in early and made big profits, causing those who did not buy to feel a fear of missing out. This causes irrational pricing of the asset which proceeds until the mania subsides. Attempting to time the market on bubbles is a [zero-sum game](zero-sum-game.md) and has a negative [expected return](expected-return.md). -See ["madness of crowds"](madness-crowds.md). +See ["madness of crowds"](madness-crowds.md), [market mania](market-mania.md) and [bandwagon bias](bandwagon-bias.md). ## Examples @@ -14,7 +13,7 @@ See ["madness of crowds"](madness-crowds.md). * Tulip Mania * Dot-com Bubble * Japanese Real Estate Bubble -* [Cryptoasset](cryptoasset.md) Bubble +* [Crypto asset](cryptoasset.md) Bubble ## References * [@mackay_extraordinary_2012] diff --git a/concepts/decentralization.md b/concepts/decentralization.md index ef4e07e..db76c42 100644 --- a/concepts/decentralization.md +++ b/concepts/decentralization.md @@ -5,6 +5,8 @@ In information technology it refers to a type of network topology in which a sys The internet is the canonical example of a decentralized network. +This term is often falsely used interchangeably with "democratization", which has an orthogonal meaning. + ## References * [@diehl_decentralized_2021] diff --git a/concepts/defi.md b/concepts/defi.md index b3d0dce..092e4da 100644 --- a/concepts/defi.md +++ b/concepts/defi.md @@ -3,4 +3,11 @@ Defi is a broad category of [smart-contracts](smart-contracts.md) which loosely DeFi generally refers to a collection of services which offer lending products offered by non-banks and which exist outside the regulatory perimeter as a form [regulatory-arbitrage](regulatory-arbitrage.md) and to fund margin trading activities to [speculaate](speculation.md) on [crypto assets](cryptoasset.md). -See also [yield farming](yield-farming.md), [AMM](amm.md), [DEX](dex.md). \ No newline at end of file +See also [yield farming](yield-farming.md), [AMM](amm.md), [DEX](dex.md). + +## References +* [@allen_defi_2022] +* [@carter_defi_2021] +* [@aramonte_defi_2021] +* [@saengchote_defi_2021] +* [@barbereau_defi_2022] \ No newline at end of file diff --git a/concepts/high-control-group.md b/concepts/high-control-group.md index 96d99dd..4dc806e 100644 --- a/concepts/high-control-group.md +++ b/concepts/high-control-group.md @@ -1,4 +1,4 @@ # High Control Group A social group or movement in which the members are strongly influenced by the suggestions of a group leader or group as a whole and in which dissent or reflection on the ideology are discouraged. Often incorporates a narrative about an ingroup and outgroup. -This type of group will often adopt a disfigurement of language and [thought-terminating-cliches](thought-terminating-cliches.md) in order to communicate within the ingroup.s \ No newline at end of file +This type of group will often adopt a disfigurement of language and [thought terminating cliches](thought-terminating-cliches.md) in order to communicate within the ingroup. \ No newline at end of file diff --git a/concepts/ideologies/financial-nihilism.md b/concepts/ideologies/financial-nihilism.md index a7017bb..9c7e1ea 100644 --- a/concepts/ideologies/financial-nihilism.md +++ b/concepts/ideologies/financial-nihilism.md @@ -3,4 +3,8 @@ A philosophy on investing and markets in which [value](../value.md) does not exi This is a belief system held by some who participate in [meme stock](../meme-stock.md) and [meme coin](../memecoin.md) projects. -## References \ No newline at end of file +## References +* [@warzel_absurdity_2021] +* [@weisenthal_bitcoin_nodate] +* [@olson_problem_2022] +* [@diehl_gamestop_2021] \ No newline at end of file diff --git a/concepts/private-money.md b/concepts/private-money.md index f998a42..04d47f9 100644 --- a/concepts/private-money.md +++ b/concepts/private-money.md @@ -1,5 +1,4 @@ # Private Money - A [currency](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. @@ -11,12 +10,14 @@ The America financial system, before the Civil War, had a large network of indep https://www.npr.org/sections/money/2012/12/07/166747693/episode-421-the-birth-of-the-dollar-bill ## Scottish Bank Notes +#todo ## Company Scrip +#todo ## Town Money +#todo ## References - * [@gorton_taming_2021] * [@hockett_moneys_2019] \ No newline at end of file diff --git a/concepts/speculation.md b/concepts/speculation.md index 8a439d3..515b97c 100644 --- a/concepts/speculation.md +++ b/concepts/speculation.md @@ -1,4 +1,4 @@ # Speculation -Speculation is the taking of a position on an asset with the hope that it will become more valuable on a short time horizon. Speculation plays a part in [price-formation](price-formation.md). +Speculation is the taking of a position on an asset with the hope that it will become more valuable on a short time horizon. Speculation plays a part in [price formation](price-formation.md). Some speculators may care little for the [fundamental value](fundamental-value.md) of the asset and instead focus purely on short-term price movements, public sentiment and momentum. \ No newline at end of file diff --git a/guide/index.md b/guide/index.md index 284cdce..e00b53e 100644 --- a/guide/index.md +++ b/guide/index.md @@ -64,7 +64,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims **Financial Liberty** -* Is a unregulated transnational payment rail even desirable? +* [Is a unregulated transnational payment rail even desirable?](../claims/transnational-payment.md) * Are crypto tokens a hedge against the "debasement" of the dollar? * [Are crypto tokens a means to counter authoritarianism?](../claims/authoritarianism.md) * I want to raise money for my non-profit or public goods project? @@ -79,6 +79,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims **Financial Innovation** +* [Is the underlying technology of "blockchain" useful for non-monetary purposes?](../claims/blockchain-tech.md) * [Is web3 even a well-defined term?](../claims/well-defined.md) * Is web3 green? * [Is web3 decentralized?](../claims/crypto-decentralized.md) @@ -97,6 +98,11 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims Understand crypto and "web3" in terms of recent news events and interviews and external resources. * [Video Interviews](/guide/interviews) + 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 + 5. Episode #5: Fintech Incrementalism * [Recent News Stories](/notes/recent-events.md) * [Commentary on 'Line Goes Up'](../notes/olson-2022-line-go-up.md) @@ -144,6 +150,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla * [Ponzi scheme](../concepts/ponzi-scheme.md) * [Meme stocks](../concepts/meme-stock.md) * [Reserve currency](../concepts/reserve-currency.md) +* [Bretton Woods system](../concepts/bretton-woods.md) * [Wash trading](../concepts/wash-trading.md) **Technology** diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md index 435e3a8..ad9a68c 100644 --- a/meta/concepts-todo.md +++ b/meta/concepts-todo.md @@ -37,7 +37,7 @@ Second Pass - [ ] [amm](../concepts/amm.md) - [x] [artificial-scarcity](../concepts/artificial-scarcity.md) - [ ] [assets](../concepts/assets.md) -- [ ] [bretton-woods](../concepts/bretton-woods.md) +- [x] [bretton-woods](../concepts/bretton-woods.md) - [ ] [broker](../concepts/broker.md) - [ ] [cd](../concepts/cd.md) - [ ] [commodity](../concepts/commodity.md) diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md index ac8dc42..513ccc3 100644 --- a/notes/market-fundamentalism.md +++ b/notes/market-fundamentalism.md @@ -110,7 +110,6 @@ In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market f - Wealth transfer from public to insiders is all nearly guaranteed by the information asymmetry. ## Concepts Covered - * [artificial-scarcity](../concepts/artificial-scarcity.md) * [assets](../concepts/assets.md) * [asymmetric-information](../concepts/asymmetric-information.md) @@ -144,11 +143,7 @@ In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market f * [wash-trading](../concepts/wash-trading.md) * [zero-sum-game](../concepts/zero-sum-game.md) -## Summary -#todo - ## References - 1. [@akerlof_market_1978] 2. [@krugman_technobabble_2021] 3. [@krugman_transaction_2018] diff --git a/notes/olson-2022-line-go-up.md b/notes/olson-2022-line-go-up.md index 6b03c82..63c5f8f 100644 --- a/notes/olson-2022-line-go-up.md +++ b/notes/olson-2022-line-go-up.md @@ -6,7 +6,8 @@ https://www.youtube.com/watch?v=YQ_xWvX1n9g * [00:00:00](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=0s) Preface * [00:01:12](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=72s) 0. In 2008 The Economy Collapsed -* [00:07:09](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=429s) 1. Bitcoin [00:18:18](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=1098s) 2. Ethereum +* [00:07:09](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=429s) 1. Bitcoin +* [00:18:18](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=1098s) 2. Ethereum * [00:24:34](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=1474s) 3. The Machine * [00:39:07](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=2347s) 4. NFTs Exist To Get You To Buy Crypto * [00:57:54](https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=3474s) 5. The Unbearable Cringe Of Crypto @@ -73,7 +74,7 @@ This whole section is worth quoting in full: > > It all maps onto narratives of sin and deception, a chosen-few who are privileged with  advance knowledge about the promised land,   which they can achieve by holding strong  to the rituals and expelling all doubt. > -> The end product is a  self-organizing high-control group. +> The end product is a  self-organizing [high-control group](../concepts/high-control-group.md) ---