Expand definitions of intrinsic value

claims/hedge-inflation.md

@@ -1,7 +1,7 @@
 # Are crypto assets a hedge against inflation?
  Since [crypto asset](../concepts/cryptoasset.md) have no exposure to domestic commodities there is no evidence of anti-correlation with a basket of goods that would be inversely to the national [currency](../concepts/currency.md) in times of inflation. Instead crypto assets seem largely correlated with the broader [stock](../concepts/stock.md) market and as such are not a hedge against any macroeconomic factors of either inflation or equity markets.
  
-[Crypto assets](../concepts/cryptoasset.md) are also not a reliable [store of value](store-of-value.md) in times of market instability, and as such do not provide a safe haven of any form since they are largely correlated with the broader market and exposed to the same shocks.
+[Crypto assets](../concepts/cryptoasset.md) are also not a reliable [store of value](../concepts/store-of-value.md) in times of market instability, and as such do not provide a safe haven of any form since they are largely correlated with the broader market and exposed to the same shocks.
 
  In his whitepaper *Bitcoin, Currencies, and Fragility*, Nassim Taleb deconstructs the "inflation hedge" thesis:
  

concepts/store-of-value.md

@@ -0,0 +1,9 @@
+# Store of Value
+A store of value is an [asset](../concepts/assets.md) that maintains purchasing power into the future and can be saved, retrieved and exchanged at a later time, and be predictably useful when required.
+
+A store of value should have a low-variance in its [market value](../concepts/market-value.md) on long time scales. Hypervolatile assets do not make for good stores of value.
+
+## References
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31).
+1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001

concepts/use-value.md

@@ -5,10 +5,15 @@ An example of a [commodity](commodity.md) with use value of wheat is the ability
 
 An example of a financial product with no use value is a [stock](stock.md). Instead its [market value](market.md) is derived from its [fundamental value](fundamental-value.md) which originates from both the [legal framework](security.md) that gives rise to its existence and whose demand is generated from its exposure to [income-cashflows](income-cashflows.md).
 
-A historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval Catholic church.
+A historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval Catholic church based on [artificial demand](artificial-demand.md) induced by [narrative](narrative-economics.md).
+
+The [dollar](dollar.md) has no use value and no [fundamental value](fundamental-value.md), however it is a [monetary](money.md) instrument because of its efficacy as a [currency](currency.md).
+
+[Cypto assets](cryptoasset.md) are a [speculative](speculation.md) investment that has both no use value, no [fundamental value](fundamental-value.md) and are also non-monetary. Instead their demand is generated from [narrative](../claims/narrative-economics.md) and the [greater fool theory](greater-fool-theory.md).
+
+See the [asset comparison table](assets.md) for a larger enumeration of asset classes and their properties.
 
 ## References
-
 1. Shri T Rabi Sankar. n.d. ‘Cryptocurrencies – An Assessment’. Reserve Bank of India. Accessed 2 March 2022. https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1196.
 1. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874.
 1. Weisenthal, Joe. n.d. ‘Bitcoin Is a Faith-Based Asset’. Accessed 2 March 2022. https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal.

guide/index.md

@@ -29,7 +29,7 @@ Understand the terminology used to describe crypto and web3.
 * [Zero-sum game](../concepts/zero-sum-game.md)
 * [Memecoins](../concepts/memecoin.md)
 * [Assets](/concepts/assets.md)
-* [Store of value](../claims/store-of-value.md)
+* [Store of value](../concepts/store-of-value.md)
 * [Speculative asset](/concepts/speculation.md)
 * [Market manipulation](../concepts/market-manipulation.md)
 * [DeFi](../concepts/defi.md)