Update concepts

claims/crypto-unbanked.md

@@ -4,4 +4,4 @@ Crypto is not a solution to unbanked, because by its [deflationary](../concepts/
 
 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.
 
-[Crypto exchanges](../concepts/crypto-exchange.md) cannot function as banks because the do not custody customer deposits and have no deposit insurance. This pushes unnecessary counterparty risk down to consumers and in the event of fraud, insolvency or market shocks customers may be left with no access to their "deposits". This is an unnecessary risk that is strictly worse than traditional banking products.
+[Crypto exchanges](../concepts/crypto-exchange.md) cannot function as banks because the do not custody customer deposits and have no deposit insurance. This pushes unnecessary counterparty risk down to consumers and in the event of fraud, insolvency or market shocks customers may be left with no access to their "deposits". This is an unnecessary risk that is strictly worse than traditional banking products and is a form of [predatory inclusion](../concepts/predatory-inclusion.md) with parallels to predatory lending done during the subprime mortgage crisis.

claims/is-bubble.md

@@ -1 +1,24 @@
 # Crypto assets are a bubble
+Crypto assets have the characterstic price behaviour that resembles many other [bubbles](../concepts/bubble.md) and [market manias](../concepts/madness-crowds.md) throughout history.  Bitcoin has been characterised as a [speculative](../concepts/speculation.md) bubble by eight winners of the Nobel Prize in economics.
+
+* Paul Krugman
+* Robert J. Shiller
+* Joseph Stiglitz
+* Richard Thaler
+* James Heckman
+* Thomas Sargent,
+* Angus Deaton
+* Oliver Hart
+
+And by central bank officials:
+
+* Alan Greenspan
+* Agustín Carstens,
+* Vítor Constâncio,
+* Nout Wellink
+* Mark Carney
+
+And several notable investors have also described it as a bubble:
+
+* Warren Buffet
+* George Soros

claims/legality.md

@@ -1,2 +1,2 @@
-# Crypto assets are legal
+# Legality of crypto assets
 Crypto assets are unlicensed [security](../concepts/security.md) contracts for unregulated [speculative](../concepts/speculation.md) investments. The legality of this depends on jurisdiction. 

claims/negative-sum.md

@@ -3,8 +3,8 @@ Investing in crypto assets is a [negative sum game](../concepts/zero-sum-game.md
 
 Since crypto assets are [investments](../concepts/security.md) the purpose of buying a crypto asset is to buy it at a lower price and sell it at a higher price to generate a return denominated in a [real currency](../concepts/currency.md). However as an investment crypto assets have no [income-cashflows](../concepts/income-cashflows.md) therefore the only money that exists to pay out investors is money that is brought in by later investors. This makes the entire scheme a [zero sum game](../concepts/zero-sum-game.md). All money won by [speculation](../concepts/speculation.md) is ultimately money that is equally lost by another participant. 
 
-This is comparable to the analogy of a game of poker and other [gambling](../concepts/gambling.md) games The only money that can be won in a poker game "pot" provided by the players of the card game. The act of playing poker does not generate any money, it simply redistributes to participants according to a game of chance. If the "house" or casino takes a percentage of the pot on every round of the game played then the size of the pot must decrease over time. This turns the zero-sum game into a negative-sum game which admits a negative [expected return](../concepts/expected-return.md). 
+This is comparable to the analogy of a game of poker and other [gambling](../concepts/gambling.md) games The only money that can be won in a poker game "pot" provided by the players of the card game. The act of playing poker does not generate any money, it simply redistributes to participants according to a game of chance. If the "house" or casino takes a percentage of the pot on every round of the game played then the size of the pot must decrease over time. This turns the zero-sum game into a negative-sum game which admits a negative [expected return](../concepts/expected-return.md).  See also the [greater fool theory](../concepts/greater-fool-theory.md).
 
-Investing in crypto assets is statistically guaranteed to lose money for almost all market participants because as investments they have no [income-cashflows](../concepts/income-cashflows.md). This differs drastically from [productive-asset](../concepts/productive-asset.md) such as [stocks](../concepts/stock.md) and [bonds](../concepts/bond.md).
+Investing in crypto assets is statistically guaranteed to lose money for almost all market participants because as investments they have no [income-cashflows](../concepts/income-cashflows.md). This differs drastically from [productive assets](../concepts/productive-asset.md) such as [stocks](../concepts/stock.md) ,[bonds](../concepts/bond.md) and [real-estate](../concepts/real-estate.md).
 
-See [assets](../concepts/assets.md) comparison chart for comparison of crypto assets to productive asset.
+See [assets](../concepts/assets.md) comparison chart for comparison of crypto assets to conventional investments.

claims/weird-culture.md

@@ -1,7 +1,7 @@
 # Crypto has a weird subculture
-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.
+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 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.
+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.
 

claims/well-defined.md

@@ -0,0 +1 @@
+# Is web3 a well-defined term?

claims/what-type-of-asset.md

@@ -1,6 +1,5 @@
 # What type of assets are crypto token?
-
-Crypto assets are [securities](../concepts/security.md) contracts.
+Crypto assets are [securities](../concepts/security.md) contracts for [speculative](../concepts/speculation.md) investments.
 
 See the [assets](../concepts/assets.md) comparison chart for an overview of how crypto asset compare to traditional investments and currencies.
 

concepts/art.md

@@ -1,6 +1,5 @@
 # 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 an asset class which encompass a broad category of human activities and artefacts 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).
 

concepts/artificial-scarcity.md

@@ -1,8 +1,9 @@
 # Artificial Scarcity
 
-The abstract notion of creating an asset which has no physicality or underlying and whose demand curve is not generated by [use-value](use-value.md) or [income-cashflows](income-cashflows.md). 
+The abstract notion of creating an asset whose supply is artificially determined and set by the issuer instead of by its physicality or underlying whose demand curve would be generated by a [use value](use-value.md) or [income cashflows](income-cashflows.md).  
+
+Products like [crypto asset](cryptoasset.md), [NFTs](nft.md) and sometimes [art](art.md) are artificially scarce.
 
 Financial instruments like bonds, stocks and derivatives are not artificially scarce because of their underlying cashflows. Commodities are not artificially scarce because of their physicality and intrinsic value.
 
-Products like [crypto asset](cryptoasset.md) and [nft](nft.md) are artificially scarce.
-
+There is an infinite number of non-physical artificially scare assets that can be created, thus leading to a paradox where unless demand is also infinite their [market value](market-value.md) should trend towards zero.

concepts/assets.md

@@ -8,8 +8,11 @@ Comparison of different asset classes.
 | Currency  | ✔️     | ❌              | ❌        | ❌                | ❌     | ❌         | ❌       | ❌          
 | Stock     | ❌    | ❌              | ❌        | ✔️                 | ✔️      | ✔️          | ✔️        | ✔️             
 | Bond      | ❌    | ❌              | ❌        | ✔️                 | ✔️      | ❌         | ✔️        | ❌           
+| Art       | ❌    | ❌              | ❌        | ❌                | ❌     | ❌         | ❌       | ✔️            
+| Gold      | ❌    | ✔               | ✔️         | ❌                | ❌     | ❌         | ❌       | ❌           
+| Commodity | ❌    | *               | ✔️         | ❌                | ❌     | ❌         | ❌       | ❌           
+| Real Estate| ❌   | ❌              | ❌        | ❌                | ✔️      | ✔️          | ❌       | ✔️            
 | Bitcoin   | ❌    | ✔️               | ❌        | ❌                | ❌     | ❌         | ✔️        | ✔️            
-| Commodity | ❌    | *               | ✔️         | ❌                | ❌     | ❌         | ❌        | ❌           
 | NFT       | ❌    | ❌              | ❌        | ❌                | ❌     | ❌         | ❌       | ✔️            
 
 * (*) depends on the particular commodity

concepts/atomic-swap.md

@@ -0,0 +1 @@
+# Atomic Swap

concepts/bandwagon-bias.md

@@ -0,0 +1,4 @@
+# Bandwagon Bias
+The bandwagon bias refers to the tendency people have to adopt a certain trend-following behaviour or investment based on the perception that others are involved.
+
+See [madness of crowds](madness-crowds.md), [bubble](bubble.md) and [market mania](market-mania.md).

concepts/bank.md

@@ -1 +1,6 @@
 # Bank
+A bank is a financial institution which is chartered and regulated to hold customer [deposit](deposit.md). 
+
+A bank has [deposit insurance](deposit-insurance.md) backed by a [central bank](central-banks.md).
+
+Banks are required to perform [KYC](kyc.md), [CTF](ctf.md), [AML](aml.md) checks on financial transactions and account holders.

concepts/bearer-instrument.md

@@ -1,4 +1,6 @@
 # Bearer Instrument
+A bearer instrument is a financial product in which ownership is not account-based but held by either physical or digital possession.
+
 Physical [currency](currency.md) is a bearer instrument.
 
 Unhosted crypto [wallets](wallet.md) are bearer instruments for whoever holds their associated [private key](private-key.md).

concepts/bitcoin.md

@@ -8,11 +8,13 @@ Bitcoin is not a [currency](currency.md).
 
 Bitcoin is a [speculative](speculation.md) investment.
 
+Bitcoin is a [bearer instrument](bearer-instrument.md).
+
 Bitcoin is [deflationary](deflationary.md).
 
-Bitcoin has no [fundamental-value](fundamental-value.md).
+Bitcoin has no [fundamental value](fundamental-value.md).
 
-Bitcoin has no [use-value](use-value.md).
+Bitcoin has no [use value](use-value.md).
 
 Bitcoin has no [income-cashflows](income-cashflows.md).
 
@@ -20,7 +22,7 @@ Bitcoin has a [present-value](present-value.md) of zero.
 
 Bitcoin has a [terminal-value](terminal-value.md) of zero.
 
-Bitcoin is a [greater-fool-theory](greater-fool-theory.md) asset.
+Bitcoin is a [greater fool theory](greater-fool-theory.md) asset.
 
 Bitcoin is a form of [gambling](gambling.md).
 
@@ -38,6 +40,6 @@ Bitcoin investing is a [negative-sum game](zero-sum-game.md).
 
 Bitcoin has a [narrative economics](../claims/narrative-economics.md) based on [libertarianism](ideologies/libertarianism.md), [regulatory arbitrage](regulatory-arbitrage.md) and aspirations of [private money](private-money.md).
 
-Bitcoin shares a payout structure similar to a [ponzi scheme](ponzi-scheme.md).
+Bitcoin shares a payout structure similar to a [Ponzi scheme](ponzi-scheme.md).
 
-Bitcoin is based on an environmentally destructive [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
+Bitcoin is based on an energy intensive [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).

concepts/bubble.md

@@ -2,7 +2,9 @@
 
 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.
 
-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).
+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).
 
 ## Examples
 
@@ -15,9 +17,6 @@ Attempting to time the market on bubbles is a [zero-sum-game](zero-sum-game.md)
 * [Cryptoasset](cryptoasset.md) Bubble
 
 ## References
-
-
-
 * [@mackay_extraordinary_2012]
 * [@bernstein_delusions_2021]
 * [@blanchard_bubbles_1982]

concepts/cartel.md

@@ -2,4 +2,4 @@
 
 An economic cartel use a non-public agreement to restrict the supply or fix the price of an asset. A cartel is a formal type of [market-manipulation](market-manipulation.md). Cartels are considered to be against the public interest because of the potential [asymmetric-information](asymmetric-information.md) to reduce trust in [markets](market.md).
 
-Crypto exchanges operators act as economic cartel which can distort [price-formation](price-formation.md). See [stablecoin](stablecoin.md).
+Crypto exchanges operators act as economic cartel which can distort [price formation](price-formation.md). See [stablecoin](stablecoin.md).

concepts/cbdc.md

@@ -12,6 +12,6 @@ CBDCs have been critized as being an extension of the surveillance state that co
 
 ## References
 
-* *[@kiff_survey_2020]
+* [@kiff_survey_2020]
 * [@bilotta_cbdcs_nodate]
 * [@nabilou_central_2019]

concepts/dogecoin.md

@@ -1,10 +1,10 @@
 # Dogecoin
 
-A [[memecoin]] [cryptoasset](cryptoasset.md) based on a joke about the Shibu variety of dogs. 
+A [memecoin](memecoin.md) [cryptoasset](cryptoasset.md) based on a joke about the Shibu variety of dogs. 
 
 Dogecoin is an example of a crypto asset with no political imaginaries, no [currency](currency.md) narrative, no pretense of [use-value](use-value.md), no [fundamental-value](fundamental-value.md), and no narrative economics whatsoever. it is a pure manifestation of the [greater-fool-theory](greater-fool-theory.md) with an investment thesis rooted purely in financial nihilism.
 
-Dogecoin is part of a larger class of nihilistic investments based around a collective dog money theme
+Dogecoin is part of a larger class of nihilistic investments based around a collective dog theme.
 
 ## Properties
 
@@ -14,9 +14,11 @@ Dogecoin is a [speculative](speculation.md) investment.
 
 Dogecoin is [deflationary](deflationary.md).
 
-Dogecoin has no [fundamental-value](fundamental-value.md).
+Dogecoin is a [bearer instrument](bearer-instrument.md).
 
-Dogecoin has no [use-value](use-value.md).
+Dogecoin has no [fundamental value](fundamental-value.md).
+
+Dogecoin has no [use value](use-value.md).
 
 Dogecoin has no [income-cashflows](income-cashflows.md).
 
@@ -24,22 +26,22 @@ Dogecoin has a [present-value](present-value.md) of zero.
 
 Dogecoin has a [terminal-value](terminal-value.md) of zero.
 
-Dogecoin is a [greater-fool-theory](greater-fool-theory.md) asset.
+Dogecoin is a [greater-fool theory](greater-fool-theory.md) asset.
 
 Dogecoin is a form of [gambling](gambling.md).
 
-Dogecoin is a non-productive investment.
+Dogecoin is a [non-productive](productive-asset.md) investment.
 
-Dogecoin has a negative [expected-return](expected-return.md).
+Dogecoin has a negative [expected return](expected-return.md).
 
 Dogecoin is a [security](security.md).
 
 Dogecoin is a [bubble](bubble.md).
 
-Dogecoin investing is a [zero-sum-game](zero-sum-game.md).
+Dogecoin investing is a [zero-sum game](zero-sum-game.md).
 
-Dogecoin has a [narrative-economics](../claims/narrative-economics.md) based on [financial-nihilism](ideologies/financial-nihilism.md)
+Dogecoin has a [narrative economics](../claims/narrative-economics.md) based on [financial-nihilism](ideologies/financial-nihilism.md)
 
-Dogecoin shares a payout structure similar to a [ponzi-scheme](ponzi-scheme.md).
+Dogecoin shares a payout structure similar to a [Ponzi scheme](ponzi-scheme.md).
 
-Dogecoin is based on an environmentally destructive [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
+Dogecoin is based on an energy intensive [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).

concepts/endowment-effect.md

@@ -0,0 +1 @@
+# Endowment Effect

concepts/ethereum.md

@@ -10,9 +10,11 @@ Ethereum is a [speculative](speculation.md) investment.
 
 Ethereum is [deflationary](deflationary.md).
 
+Ethereum is a [bearer instrument](bearer-instrument.md).
+
 Ethereum has no [fundamental value](fundamental-value.md).
 
-Ethereum has no [use-value](use-value.md).
+Ethereum has no [use value](use-value.md).
 
 Ethereum has no [income-cashflows](income-cashflows.md).
 
@@ -20,13 +22,13 @@ Ethereum has a [present-value](present-value.md) of zero.
 
 Ethereum has a [terminal-value](terminal-value.md) of zero.
 
-Ethereum is a [greater-fool-theory](greater-fool-theory.md) asset.
+Ethereum is a [greater-fool theory](greater-fool-theory.md) asset.
 
 Ethereum is a form of [gambling](gambling.md).
 
 Ethereum is a [non-productive](productive-asset.md) investment.
 
-Ethereum has a negative [expected-return](expected-return.md).
+Ethereum has a negative [expected return](expected-return.md).
 
 Ethereum is a [security](security.md).
 
@@ -34,8 +36,8 @@ Ethereum is a [bubble](bubble.md).
 
 Ethereum investing is a [negative-sum game](zero-sum-game.md).
 
-Ethereum has a [narrative economics](../claims/narrative-economics.md) based on [technosolutionism](ideologies/technosolutionism.md), [libertarianism](ideologies/libertarianism.md), [regulatory-arbitrage](regulatory-arbitrage.md) and aspirations of [private-money](private money.md) .
+Ethereum has a [narrative economics](../claims/narrative-economics.md) based on [technosolutionism](ideologies/technosolutionism.md), [libertarianism](ideologies/libertarianism.md), [regulatory-arbitrage](regulatory-arbitrage.md) and aspirations of [private-money](private-money.md).
 
 Ethereum shares a payout structure similar to a [Ponzi scheme](ponzi-scheme.md).
 
-Ethereum is based on an environmentally destructive [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
+Ethereum is based on an energy intensive [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).

concepts/ficticious-commodity.md

@@ -0,0 +1 @@
+# Fictitious commodities

concepts/free-rider-problem.md

@@ -1,2 +1,2 @@
 # Free Rider Problem
-The use of [public-goods](public-goods-problem.md) by parties who do not contribute to their creation or upkeep.
+The use of [public goods](public-goods-problem.md) by parties who do not contribute to their creation or upkeep.

concepts/howey-test.md

@@ -0,0 +1,8 @@
+# Howey Test
+
+A legal test which defines whether an investment contract is designed as a [security](security.md) under United States law.
+
+1. Investment of money 
+2. In a common enterprise 
+3. With the expectation of profit 
+4. To be derived from the efforts of others

concepts/ideologies/cryptoanarchism.md

@@ -0,0 +1 @@
+# Cryptoanarchism

concepts/ideologies/financial-nihilism.md

@@ -1,4 +1,4 @@
 # Financial Nihilism
 A philosophy on investing and markets in which [value](../value.md) does not exist or is inherently unknowable. The claims of this ideology are inherently contradictory but is stems from an underlying belief that [market](../market.md) have no purpose and cannot or does not exist to do [price formation](../price-formation.md) on [assets](../assets.md) because [capitalism](capitalism.md) does not work.
 
-This is a belief system held by many who participate in [meme-stock](../meme-stock.md) and [memecoin](memecoin) projects such as [dogecoin](../dogecoin.md).
+This is a belief system held by many who participate in [meme stock](../meme-stock.md) and [meme coin](memecoin.md) projects such as [dogecoin](../dogecoin.md).

concepts/ideologies/inevitablism.md

@@ -0,0 +1 @@
+# Inevitablism

concepts/ideologies/keynsian-economics.md

@@ -1,2 +1,2 @@
-## Keynsian Economics
+# Keynsian Economics
 

concepts/ideologies/market-fundamentalism.md

@@ -1,4 +1,4 @@
 # Market Fundamentalism
 The belief that [market](../market.md) are inevitable and desirable feature of [capitalism](capitalism.md) and that efficient and transparent [market making](../market-maker.md) enables capital formation and general public prosperity.
 
-Often coincides with the belief that [market-manipulation](../market-manipulation.md), [asymmetric-information](../asymmetric-information.md), and [cartels](../cartel.md) in markets is undesirable because these phenomenon destroy trust in markets and inhibit [price-formation](../price-formation.md).
+Often coincides with the belief that [market manipulation](../market-manipulation.md), [asymmetric information](../asymmetric-information.md), and [cartels](../cartel.md) in markets is undesirable because these phenomenon destroy trust in markets and inhibit [price formation](../price-formation.md).

concepts/ideologies/techno-collectivism.md

@@ -1,4 +1,4 @@
 # Technocollectivism
-A loose set of political or organisational ideologies that [blockchain](../blockchain.md), [crypto assets](../cryptoasset.md) and [DAOs](../dao.md) can be used to enable new forms of organisations in which capital formation can occur outside of existing power structures.
+A loose set of political or organisational ideologies that [blockchain](../blockchain.md), [crypto assets](../cryptoasset.md) and [DAOs](../dao.md) can be used to enable new forms of organisations in which capital formation can occur outside of existing power structures. These include a variety of experiments in social choice theory, futarchy and digital cooperatives.
 
 See also [technosolutionism](technosolutionism.md).

concepts/immutability.md

@@ -0,0 +1 @@
+# Immutability

concepts/liquidity.md

@@ -1,5 +1,4 @@
 # Liquidity
-
-Liquidity is as the state of [assets](assets.md) being liquid, or the ability to easily turn the assets or investments into [currency](currency.md) by finding a buyer for the asset on a [[market.]]
+Liquidity is the state of [assets](assets.md) being liquid, or the ability to easily turn the assets or investments into [currency](currency.md) by finding a buyer for the asset on a [[market.]]
 
 The inability to find a buyer for an asset makes the asset illiquid.

concepts/madness-crowds.md

@@ -0,0 +1 @@
+# Madness of Crowds

concepts/market-mania.md

@@ -0,0 +1 @@
+# Market Mania

concepts/memecoin.md

@@ -0,0 +1,4 @@
+# Memecoin
+A meme coin is a [cryptoasset](cryptoasset.md) which has no pretense of [fundamental value](fundamental-value.md) or [utility](use-value.md) but instead is a [greater fool](greater-fool-theory.md) investment based trend-following of an image or symbol in popular culture.
+
+See [dogecoin](dogecoin.md).

concepts/money.md

@@ -1,17 +1,21 @@
 # Money
-Money is any item or verifiable record that is  accepted as payment for goods and services and repayment of debts and payment of national obligations, such as taxes, in a particular jurisdiction. Issued by a [central-banks](central-banks.md).
+Money is any item or verifiable record that is accepted as payment for goods and services and repayment of debts and payment of national obligations, such as taxes, in a particular jurisdiction. Money is issued by a [central banks](central-banks.md). 
 
-## Properties
+The United States dollar is an example of money.
 
-* Unit of Account
-* Medium of Exchange
-* Store of Value
+Money is a social technology whose efficacy is based on both its universal acceptance in an economic region and the money's coherence to three properties:
+
+* **Medium of Exchange** - 
+* **Unit of Account** -
+* **Store of Value** -
 
 ## Qualities
 
+The qualifies of a currency representing money are defined by coherent to three properties:
+
 * Durability
 * Portability
 * Divisibility
 * Uniformity
 * Limited supply
-* Acceptability
+* Acceptability

concepts/nft.md

@@ -13,6 +13,9 @@ NFTs have been critizied as having a payout structure similar to a [pyramid sche
 ## Duplication
 #todo 
 
+## Plagiarism
+#todo 
+
 ## Multiple-chains
 #todo 
 
@@ -25,7 +28,11 @@ See: https://thenftbay.org/
 #todo 
 
 ## Tinkerbell Effect
+#todo 
 
+## References
+
+* [Line Goes Up - The Problem with NFTs](https://www.youtube.com/watch?v=YQ_xWvX1n9g)
 * [@bodo_rise_2022]
 * [@diehl_tinkerbell_2021]
 * [@olson_line_2022]

concepts/non-economic.md

@@ -0,0 +1,4 @@
+# Non-economic
+The property of a process having no economic importance or implication, a closed loop in which there are in inflows or outflows of good or services.
+
+See [ficticious commodity](ficticious-commodity.md) and [artificial scarcity](artificial-scarcity.md).

concepts/paper-wealth.md

@@ -0,0 +1,4 @@
+# Paper Wealth
+Paper wealth is [value](value.md) that is stored on behalf of a customer or counterparty which has not been converted into [currency](currency.md) yet. It's denominated value has yet to be realized and is subject to [counterparty risk](counterparty-risk.md), [platform risk](platform-risk.md) and [price risk](price-risk.md)
+
+[Crypto assets](cryptoasset.md) held in [crypto exchanges](crypto-exchange.md) are an example of paper wealth.

concepts/predatory-inclusion.md

@@ -0,0 +1,2 @@
+# Predatory Inclusion
+Predatory inclusion refers to a process whereby members of a marginalized group are provided with access to a good, service, or opportunity from which they have historically been excluded but under suboptimal or risky conditions that jeopardize the benefits of access.

concepts/private-key.md

@@ -1 +1,2 @@
-# Private Key
+# Private Key
+A cryptographic key, essentially a large number, that within a given cryptosystem gives whoever posses it access the ability to generate a public key and address which is associated with a numerical quantity on a [blockchain](blockchain.md) known as a [wallet](wallet.md) and which imparts the capacity to transact in [cryptoasset](cryptoasset.md) associated with the public key's address. 

concepts/pseudonymous.md

@@ -0,0 +1 @@
+# Pseudonymous

concepts/pump-and-dump.md

@@ -1,5 +1,4 @@
 # Pump and Dump Scheme
-
 A type of market manipulation based on [asymmetric-information](asymmetric-information.md) in which buying of an asset is coordinated by a set of insiders to temporarily artificially inflate the price and bring in more buyers which are used as exit liquidity for the insiders to "dump" their positions.
 
 Pump and dump schemes are illegal in most regulated markets such as public stock markets, but are rampant in crypto markets.

concepts/reserve-currency.md

@@ -1 +1,8 @@
 # Reserve Currency
+ A reserve currency is a [currency](currency.md) that is held in by [central-banks](central-banks.md) as part of their foreign exchange reserves. The reserve currency is used for international transaction between nation states.
+
+## Historical World Reserve Currencies
+1. Spanish Silver Dollar
+2. Dutch Guilder
+3. British Pound
+4. United States Dollar

concepts/sanctions-enforcement.md

@@ -0,0 +1 @@
+# Sanctions Enforcement

concepts/security.md

@@ -1,5 +1,5 @@
 # Securites
-A legal framework in which counterparties to a country are given time-varying rights to [income-cashflows](income-cashflows.md) according to a contractual agreement.
+A legal framework in which counterparties to a country are given time-varying rights to [income-cashflows](income-cashflows.md) according to a contractual agreement. The legal test for a product being a security is in-part defined by the [Howey Test](howey-test.md).
 
 ## Examples
 

concepts/shadow-bank.md

@@ -1,5 +1,5 @@
 # Shadow Bank
 
-A shadow banking system refers to a network of unregulated financial intermediaries that facilitate the creation of credit across the global financial system outside of the normal banking system.
+A shadow banking system refers to a network of unregulated financial intermediaries that facilitate the creation of credit across the global financial system outside of the normal [banking](bank.md) system.
 
 See also [regulatory-arbitrage](regulatory-arbitrage.md).

concepts/stock.md

@@ -1,5 +1,4 @@
 # Stock
-
 A type of [security](security.md) which grants buyers access to [income-cashflows](income-cashflows.md) in a common economic enterprise.
 
 Stocks are valued by the [market](market.md) as a combination of three factors which inform price formation:

concepts/systemic-risk.md

@@ -1,5 +1,4 @@
 # 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".

concepts/thought-terminating-cliches.md

@@ -1,14 +1,13 @@
 # Thought Terminating Cliche
-
-A acronym or saying that is used within a [high-control-group](high-control-group.md) to quell dissent or discourage rational inquiry. 
+A acronym or saying that is used within a [high control group](high-control-group.md) to quell dissent or discourage rational inquiry. 
 
 ## Examples
 
-Within the crypto ideology there are several thought-terminating cliches.
+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"
 * "we're all going to make" / "wagmi"
-* "have fun staying poor" / "hfsp"
 * "hold on for dear life" / "hodl"
 * "the dollar is a ponzi scheme" / everything is a ponzi"
 * "now do the dollar"

concepts/tinkerbell-effect.md

@@ -0,0 +1 @@
+# Tinkerbell Effect

concepts/value.md

@@ -1,6 +1,6 @@
 # Value
 
-Value is a subjective concept which refers to the process by which humans measure the worth of physical goods, services or ideas in terms of a fitness function which assigns subjective or objective reality to this measure.
+Value is a subjective concept which refers to the process by which humans measure the worth of physical goods, services or ideas in terms of a fitness function which assigns subjective or objective measure to the referent. 
 
 There are many different types of value definitions.
 

concepts/wallet.md

@@ -1,2 +1,2 @@
 # Crypto Wallet
-An unhosted wallet is a crypto wallet not stored on a [crypto exchange](crypto-exchange.md) or with a custodial service and whose private key is individually managed by the user.
+An unhosted wallet is a crypto wallet not stored on a [crypto exchange](crypto-exchange.md) or with a custodial service and whose [private key](private-key.md) is individually managed by the user.

guide/index.md

@@ -15,23 +15,24 @@ Understand the terminology used to describe crypto and web3.
 * [Bitcoin](/concepts/bitcoin.md)
 * [Ethereum](/concepts/ethereum.md)
 * [Blockchain](/concepts/blockchain.md)
+* [Bubble](/concepts/bubble.md)
 * [Money](/concepts/money.md)
 * [NFT](../concepts/nft.md)
-* [Sound money](../concepts/sound-money.md)
-* [Deflationary](../concepts/deflationary.md)
-* [Assets](/concepts/assets.md)
-* [Apeculative asset](/concepts/speculation.md)
-* [Crypto-exchange](/concepts/crypto-exchange.md)
-* [Bubble](/concepts/bubble.md)
-* [DAO](/concepts/dao.md)
 * [Private money](../concepts/private-money.md)
+* [Sound money](../concepts/sound-money.md)
+* [Ponzi scheme](../concepts/ponzi-scheme.md)
+* [Deflationary asset](../concepts/deflationary.md)
+* [Crypto exchanges](/concepts/crypto-exchange.md)
+* [Assets](/concepts/assets.md)
+* [Speculative asset](/concepts/speculation.md)
+* [DAO](/concepts/dao.md)
 * [Stablecoin](../concepts/stablecoin.md)
 * [Regulatory arbitrage](../concepts/regulatory-arbitrage.md)
-* [Central Bank Digital Currency](../concepts/cbdc.md)
+* [Central bank digital currency](../concepts/cbdc.md)
 
 ### Claims
 
-Explore crypto and web3 in terms of the claims made about it.
+Explore crypto and "web3" in terms of the claims made about it.
 
 1. [Is bitcoin a currency?](/claims/is-bitcoin-currency.md)
 2. [What type of asset is a crypto token?](/claims/what-type-of-asset.md)
@@ -39,21 +40,24 @@ Explore crypto and web3 in terms of the claims made about it.
 4. [Are crypto assets a systemic risk to the economy?](../claims/systemic-risk.md)
 5. [Are crypto tokens a negative-sum investment?](/claims/negative-sum.md)
 6. [Are crypto tokens a predatory investment?](../claims/predatory-investments.md)
-7. Is bitcoin the basis for a new gold standard?
-8. Is bitcoin mining harmful to the environment?
-9. Are crypto assets a risk to the dollar?
+7. [Is bitcoin the basis for a new gold standard?](../claims/digital-gold.md)
+8. [Is bitcoin mining harmful to the environment?](../claims/environmental-footprint.md)
+9. [Are crypto assets a risk to the dollar?](../claims/threaten-dollar.md)
 10. [Are crypto assets legal?](/claims/legality.md)
 11. [Is crypto a solution for the unbanked?](/claims/crypto-unbanked.md)
 12. [What is the narrative economics of crypto assets?](../claims/narrative-economics.md)
-13. Is web3 the next generation of the internet?
-14. Is web3 even a well-defined term?
+13. [Is web3 the next generation of the internet?](../claims/new-internet.md)
+14. [Is web3 even a well-defined term?](../claims/well-defined.md)
 15. [Why does crypto have such a weird subculture?](/claims/weird-culture.md)
-16. Is web3 decentralized?
+16. [Is web3 decentralized?](../claims/crypto-decentralized.md)
 17. Is web3 green?
 18. Why do people invest in crypto tokens?
 19. [Are crypto tokens a means to counter authoritarianism?](../claims/authoritarianism.md)
 20. Are crypto tokens a means to accelerate the collapse of capitalism?
 21. [Are crypto assets a bubble?](../claims/is-bubble.md)
+22. Is web3 a means to dismantle the American tech hegemony?
+23. Is crypto bringing about the "financialization of everything"?
+24. Is crypto providing faster payment rails or better remittance services?
 
 ## Contextual
 
@@ -69,12 +73,14 @@ Explore crypto and "web3" in terms of different perspectives on politics and eco
 * [Market Fundamentalism](../concepts/ideologies/market-fundamentalism.md)
 * [Financial Nihilism](../concepts/ideologies/financial-nihilism.md)
 * [Austrian Economics](../concepts/ideologies/austrian-economics.md)
-* [Libertarianism](../concepts//idelogies/libertarianism.md)
-* [Technolibertarianism](../concepts//idelogies/technolibertarianism.md)
-* [Technosolutionism](../concepts/ideologies/technosolutionism.md)
-* [Keynsian Economics](../concepts/ideologies/keynsian-economics.md)
 * [Post State Technocracy](../concepts/ideologies/post-state-technocracy.md)
+* [Libertarianism](../concepts/ideologies/libertarianism.md)
+* [Technolibertarianism](../concepts/idelogies/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)
 
 ## Supporting Concepts
 
@@ -82,31 +88,35 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 
 **Economics**
 
-* [Artificial-scarcity](/concepts/artificial-scarcity.md)
+* [Artificial scarcity](/concepts/artificial-scarcity.md)
 * [Asymmetric information](/concepts/asymmetric-information.md)
 * [Central banks](/concepts/central-banks.md)
 * [Currency](/concepts/currency.md)
-* [Currency-peg](/concepts/currency-peg.md)
+* [Currency peg](/concepts/currency-peg.md)
 * [Free rider problem](/concepts/free-rider-problem.md)
 * [Gold standard](/concepts/gold-standard.md)
 * [Market manipulation](/concepts/market-manipulation.md)
 * [Moral hazard](/concepts/moral-hazard.md)
-* [Public goods problem](/concepts/public-goods-problem.md)
+* [Public goods](/concepts/public-goods-problem.md)
 * [Zero-sum game](/concepts/zero-sum-game.md)
 * [Liquidity](../concepts/liquidity.md)
-* [Pump and Dump](../concepts/pump-and-dump.md)
-* [Multilevel Marketing Scheme](../concepts/mlm.md)
-* [Pyramid Scheme](../concepts/pyramid.md)
-* [Ponzi Scheme](../concepts/ponzi.md)
+* [Pump and dump scheme](../concepts/pump-and-dump.md)
+* [Multilevel marketing scheme](../concepts/mlm.md)
+* [Pyramid scheme](../concepts/pyramid-scheme.md)
+* [Ponzi scheme](../concepts/ponzi-scheme.md)
+* [Meme stocks](../concepts/meme-stock.md)
+* [Reserve currency](../concepts/reserve-currency.md)
+* [Wash trading](../concepts/wash-trading.md)
 
 **Technology**
 
 * [Blockchain](/concepts/blockchain.md)
 * [Cryptoasset](/concepts/cryptoasset.md)
+* [Immutability](../concepts/immutability.md)
 * [Crypto Wallet](../concepts/wallet.md)
 * [Decentralized Finance (DeFi)](/concepts/defi.md)
 * [Decentralization](/concepts/decentralization.md)
-* [Initial Coin Offering (ICO)1](/concepts/ico.md)
+* [Initial Coin Offering (ICO)](/concepts/ico.md)
 * [Non-fungible token (NFT)](/concepts/nft.md)
 * [Ransomware](/concepts/ransomware.md)
 * [Smart contracts](/concepts/smart-contracts.md)
@@ -120,12 +130,26 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 
 **Regulation**
 
-* [Securities Framework](/concepts/security.md)
-* [Anti-money Laundering Law](/concepts/aml.md)
+* [Securities framework](/concepts/security.md)
+* [Anti-money laundering law](/concepts/aml.md)
 * [Know Your Customer Law](/concepts/kyc.md)
-* [Money Laundering](../concepts/money-laundering.md)
-* [Regulatory Capture](../concepts/regulatory-capture.md)
-* [Money Services Business](../concepts/money-services-business.md)
+* [Money laundering](../concepts/money-laundering.md)
+* [Regulatory capture](../concepts/regulatory-capture.md)
+* [Money services business](../concepts/money-services-business.md)
 * [Deposit Insurance](../concepts/deposit-insurance.md)
-* [Counter-terrorism Financing](../concepts/ctf.md)
-* [Illicit Financing](../concepts/illicit-financing.md)
+* [Counter-terrorism financing](../concepts/ctf.md)
+* [Illicit financing](../concepts/illicit-financing.md)
+* [Broker-dealer](../concepts/broker.md)
+
+**Sociology**
+
+* [Value](../concepts/value.md)
+* [Bubbles](../concepts/bubble.md)
+* ["Madness of crowds"](../concepts/madness-crowds.md)
+* [High control groups](../concepts/high-control-group.md)
+* [Thought terminating cliche](../concepts/thought-terminating-cliches.md)
+* [Sign value](../concepts/sign-value.md)
+* [Bandwagon bias](../concepts/bandwagon-bias.md)
+* [Tinkerbell effect](../concepts/tinkerbell-effect.md)
+* [Endowment effect](../concepts/endowment-effect.md)
+* [Predatory inclusion](../concepts/predatory-inclusion.md)

meta/concepts-todo.md

@@ -1,4 +1,7 @@
 # Conceps TODO
+
+First pass
+
 - [ ] [keynsian-economics](../concepts/ideologies/keynsian-economics.md)
 - [x] [libertarianism](../concepts/ideologies/libertarianism.md)
 - [x] [market-fundamentalism](../notes/market-fundamentalism.md)
@@ -28,7 +31,9 @@
 - [x] [wash-trading](../concepts/wash-trading.md)
 - [x] [web3](../concepts/web3.md)
 
+Second Pass
 
+- [ ] [private-money](../concepts/private-money.md)
 - [ ] [amm](../concepts/amm.md)
 - [ ] [artificial-scarcity](../concepts/artificial-scarcity.md)
 - [ ] [assets](../concepts/assets.md)
@@ -53,11 +58,45 @@
 - [ ] [order-book](../concepts/order-book.md)
 - [ ] [platform-risk](../concepts/platform-risk.md)
 - [ ] [capital-formation](../concepts/capital-formation.md)
-- [ ] [private-key](../concepts/private-key.md)
+- [x] [private-key](../concepts/private-key.md)
 - [ ] [pyramid-scheme](../concepts/pyramid-scheme.md)
 - [ ] [mlm](../concepts/mlm.md)
 - [ ] [rtgs](../concepts/rtgs.md)
 - [ ] [staking](../concepts/staking.md)
 - [ ] [systemic-risk](../concepts/systemic-risk.md)
 - [ ] [yield-farming](../concepts/yield-farming.md)
-- [ ] [stablecoin](../concepts/stablecoin.md)
+- [ ] [stablecoin](../concepts/stablecoin.md)
+- [ ] [capital-formation](../concepts/capital-formation.md)
+- [ ] [commercial-paper](../concepts/commercial-paper.md)
+- [x] [reserve-currency](../concepts/reserve-currency.md)
+- [ ] [pseudonymous](../concepts/pseudonymous.md)
+- [x] [bearer-instrument](../concepts/bearer-instrument.md)
+- [x] [memecoin](../concepts/memecoin.md)
+- [x] [paper-wealth](../concepts/paper-wealth.md)
+- [ ] [endowment-effect](../concepts/endowment-effect.md)
+- [x] [bandwagon-bias](../concepts/bandwagon-bias.md)
+
+Claims
+
+- [ ] [authoritarianism](../claims/authoritarianism.md)
+- [ ] [crypto-decentralized](../claims/crypto-decentralized.md)
+- [ ] [environmental-footprint](../claims/environmental-footprint.md)
+- [x] [is-bubble](../claims/is-bubble.md)
+- [ ] [narrative-economics](../concepts/narrative-economics.md)
+- [ ] [digital-gold](../claims/digital-gold.md)
+- [ ] [new-internet](../claims/new-internet.md)
+- [ ] [risk-to-state](../claims/risk-to-state.md)
+- [ ] [systemic-risk](../concepts/systemic-risk.md)
+- [ ] [threaten-dollar](../claims/threaten-dollar.md)
+- [ ] [valuation-model](../concepts/valuation-model.md)
+- [ ] [what-type-of-asset](../claims/what-type-of-asset.md)
+
+Ideologies
+
+- [ ] [accelerationism](../concepts/ideologies/accelerationism.md)
+- [ ] [capitalism](../concepts/ideologies/capitalism.md)
+- [ ] [cryptoanarchism](../concepts/ideologies/cryptoanarchism.md)
+- [ ] [inevitablism](../concepts/ideologies/inevitablism.md)
+- [ ] [keynsian-economics](../concepts/ideologies/keynsian-economics.md)
+- [ ] [technolibertarianism](../concepts/ideologies/technolibertarianism.md)
+- [ ] [technosolutionism](../concepts/ideologies/technosolutionism.md)

notes/neo-metallism.md

@@ -9,7 +9,7 @@ In Episode 1 of the series, Rufus Pollock and Stephen Diehl discuss the neo-meta
 
 ## Topic
 
-[new-gold](../claims/new-gold.md)
+[digital-gold](../claims/digital-gold.md)
 
 ## Concepts Covered
 

notes/recent-events.md

@@ -1,7 +1,24 @@
 # Recent Events
-Sources: https://www.ft.com/cryptocurrencies
+Sources: 
 
-## # NCA calls for regulation of crypto mixers used in ‘churning criminal cash’
+* https://www.ft.com/cryptocurrencies
+* https://www.bloomberg.com/crypto
+* https://techcrunch.com/tag/web3/
+* https://techcrunch.com/tag/crypto/
+
+***
+
+## Andreessen Horowitz Hires Former Prosecutor for Crypto Role
+
+*March 16, 2022*
+
+https://www.bloomberg.com/news/articles/2022-03-15/andreessen-horowitz-hires-former-prosecutor-for-crypto-role
+
+See: [regulatory-capture](../concepts/regulatory-capture.md) | [regulatory-arbitrage](../concepts/regulatory-arbitrage.md) | [market-manipulation](../concepts/market-manipulation.md)
+
+***
+
+## NCA calls for regulation of crypto mixers used in ‘churning criminal cash’
 
 *March 15, 2022*
 
@@ -9,6 +26,8 @@ https://www.ft.com/content/c6df2b68-a244-4560-9911-88cc1fa61576
 
 See: [aml](../concepts/aml.md) | [crypto-exchange](../concepts/crypto-exchange.md) | [illicit-financing](../concepts/illicit-financing.md) | [regulatory-arbitrage](../concepts/regulatory-arbitrage.md)
 
+***
+
 ## White House Is Set to Put Itself at Center of U.S. Crypto Policy
 
 *March 15, 2022*
@@ -17,6 +36,8 @@ https://www.bloomberg.com/news/articles/2022-01-21/white-house-is-set-to-put-its
 
 See: [regulatory-capture](../concepts/regulatory-capture.md) | [security](../concepts/security.md) | [systemic-risk](../concepts/systemic-risk.md)
 
+***
+
 ## Web3 allows tech to indulge in its love of both speculation and idealism
 
 March 4, 2022
@@ -25,6 +46,8 @@ https://www.ft.com/content/879ae372-bb3b-4aa1-a264-ce32304a77d9
 
 See: [web3](../concepts/web3.md) | [speculation](../concepts/speculation.md) | [technolibertarianism](../concepts/ideologies/technolibertarianism.md)
 
+***
+
 ## Crypto exchanges resist calls for ban on Russia transactions
 
 *March 1, 2022*
@@ -33,10 +56,14 @@ https://www.ft.com/content/33c79ec2-6d26-4083-9093-2f05c3010536
 
 See: [crypto-exchange](../concepts/crypto-exchange.md) | [aml](../concepts/aml.md) | [regulatory-arbitrage](../concepts/regulatory-arbitrage.md)
 
+***
+
 ## Business Rapper Was Bad at Bitcoin Laundering
 
 *February 9, 2022*
 
 https://www.bloomberg.com/opinion/articles/2022-02-09/business-rapper-was-bad-at-bitcoin-laundering
 
-See: [aml](../concepts/aml.md) | [crypto-exchange](../concepts/crypto-exchange.md) | [shadow-bank](../concepts/shadow-bank.md)
+See: [aml](../concepts/aml.md) | [crypto-exchange](../concepts/crypto-exchange.md) | [money-laundering](../concepts/money-laundering.md)
+
+***

site/pages/contribute.md

@@ -4,7 +4,7 @@ This is an open collaborative project. We already have a variety of partners and
 
 ### If you like research and writing
 
-* Contribute to the [library][], for example by adding articles and research on web3 and background topics.
+* Contribute to the [library][], for example by adding articles, papers and research on web3 and background topics.
 * Write up key concepts and ideas. You can check out our [existing guide][guide] to see which ones could be extended or improved.
 	* See our [concepts-todo](../../meta/concepts-todo.md) task list for open topics.
 * Proof edit articles and transcribe dialogs. Please [get in touch][contact] to find out more.

site/pages/library.md

@@ -27,4 +27,5 @@ Join the group:
 * Visit the group library and click the join button. https://www.zotero.org/groups/4600269/web3
 * Be approved by an admin (we'll get notified of your request or you can contact us via hello@lifeitself.us)
 
-Start adding materials.
+Start adding materials.
+