Expand all ideologies with citations
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Crypto assets are unlicensed [security](../concepts/security.md) contracts for unregulated [speculative](../concepts/speculation.md) investments. The legality of this depends on jurisdiction.
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## References
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1. Bindseil, Ulrich, Patrick Papsdorf, and Jü rgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’.
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1. Diehl, Stephen. 2021a. ‘The Political Case for a Blanket Cryptocurrency Ban’. 30 March 2021. https://www.stephendiehl.com/blog/banbitcoin.html.
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———. 2021b. ‘How to Destroy Bitcoin’. 13 July 2021. https://www.stephendiehl.com/blog/destroy-bitcoin.html.
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# Cryptoanarchism
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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*.
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* Total anonymity of individuals in the digital spaces.
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* Total freedom of speech without censorship or moderation
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* Total freedom to trade without regulation or protections
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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``
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in his writing *A Declaration of the Independence of Cyberspace*.
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The ideas behind [bitcoin](../bitcoin.md) can be traced to another seminal work *The Crypto Anarchist Manifesto*.
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See also [technosolutionism](technosolutionism.md), [libertarianism](libertarianism.md) and [post-state technocracy](../../notes/post-state-technocracy.md).
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## References
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* May, Tim. 1994. ‘Cyphernomicon’.
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* May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
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* Barlow, John Perry. 2019. ‘A Declaration of the Independence of Cyberspace’. Duke Law & Technology Review 18 (1): 5–7.
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* Greenberg, Andy. 2012. This Machine Kills Secrets: Julian Assange, the Cypherpunks, and Their Fight to Empower Whistleblowers. Penguin Randon House. https://www.penguinrandomhouse.com/books/309904/this-machine-kills-secrets-by-andy-greenberg/.
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* Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
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* Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
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* Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
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* 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.
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* Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
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* Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
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* 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.
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* Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
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* Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
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* Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
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* *———. 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.
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* 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.
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* 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.
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* DuPont, Isaac Quinn. 2017. ‘An Archeology of Cryptography: Rewriting Plaintext, Encryption, and Ciphertext’. ProQuest Dissertations and Theses. PhD Thesis, University of Toronto (Canada). https://tspace.library.utoronto.ca/handle/1807/78958.
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* DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
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* Gehl, Robert W. 2016. ‘Power/Freedom on the Dark Web: A Digital Ethnography of the Dark Web Social Network’. New Media and Society 18 (7): 1219–35. https://doi.org/10.1177/1461444814554900.
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* Gürses, Seda, Arun Kundnani, and Joris Van Hoboken. 2016. ‘Crypto and Empire: The Contradictions of Counter-Surveillance Advocacy’. Media, Culture and Society 38 (4): 576–90. https://doi.org/10.1177/0163443716643006.
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* Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
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* 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.
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* Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
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* Phillips, David J. 1998. Digital Cash and the Surveillance Society: Negotiating Identification in New Consumer Payment Systems. University of Pennsylvania. https://search.proquest.com/openview/7ca922683fe4b5a94427e0ba59af4def/1?pq-origsite=gscholar&cbl=18750&diss=y.
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* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
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* *———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
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# Libertariansm
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A political ideology that aims to minimize the role of government in the lives of citizens and in the [market](../market.md). Libertarians generally believe in the minimisation of [public goods](../public-goods-problem.md) and instead replace them with free-market driven solutions. Libertarianism is often correlated with ideas of tax minimization or avoidance which are viewed as form of "plunder" by the state.
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Libertarians believe in a minimal nation state whose role exists to provide for public defense, the rule of law, and to enforce civil contract law.
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Libertarians generally believe in a minimal nation state whose role exists to provide for public defense, the rule of law, and to enforce civil contract law.
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## References
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See also [technosolutionism](technosolutionism.md), [cryptoanarchism](cryptoanarchism.md) and [post-state technocracy](../../notes/post-state-technocracy.md).
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## References
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* Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
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* Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
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* 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.
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* Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
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* Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
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* 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.
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* Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
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* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
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* 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.
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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).
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## References
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The strong form of this ideology coincides with the so-called Friedman Doctrine that
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the social responsibility of business is to increase its profits, possibly by any means.
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## References
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* Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
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* Fama, Eugene F. "Efficient capital markets: A review of theory and empirical work." The journal of Finance 25, no. 2 (1970): 383-417.
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* Akerlof, George A. "The market for “lemons”: Quality uncertainty and the market mechanism." In Uncertainty in economics, pp. 235-251. Academic Press, 1978.
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* Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
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* Fama, Eugene F., and Kenneth R. French. "Size, value, and momentum in international stock returns." Journal of financial economics 105, no. 3 (2012): 457-472.
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* Jarrow, Robert A. "Market manipulation, bubbles, corners, and short squeezes." Journal of financial and Quantitative Analysis 27, no. 3 (1992): 311-336.
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* Friedman, Milton. "The social responsibility of business is to increase its profits." In Corporate ethics and corporate governance, pp. 173-178. Springer, Berlin, Heidelberg, 2007.
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# Post-state Technocracy
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The political ideology that [blockchain](../blockchain.md) and [cryptoasset](../cryptoasset.md) are a tool to dismantle nation states and install a form of anarchism in which governance and institutions are replaced with technology and a new global transnational plutocracy of those holding crypto assets.
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See also [technosolutionism](technosolutionism.md) and [libertarianism](libertarianism.md).
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See also [technosolutionism](technosolutionism.md), [cryptoanarchism](cryptoanarchism.md) and [libertarianism](libertarianism.md).
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## References
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## References
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* Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
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* Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
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* Faria, Inês. 2019. ‘Trust, Reputation and Ambiguous Freedoms: Financial Institutions and Subversive Libertarians Navigating Blockchain, Markets, and Regulation’. Journal of Cultural Economy 12 (2): 119–32. https://doi.org/10.1080/17530350.2018.1547986.
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* Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
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* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
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* Srinivasan, Parag Khanna, Balaji S. n.d. ‘Great Protocol Politics’. Foreign Policy (blog). Accessed 22 February 2022. https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/.
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* *‘1729 - The Network State’. n.d. 1729. Accessed 4 March 2022. https://1729.com/.
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* Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
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* Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
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* Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
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* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
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* Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
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* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
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* Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
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* Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
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* 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.
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* 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.
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* 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.
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* DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
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* Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
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* 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.
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* Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
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* May, Tim. 1994. ‘Cyphernomicon’.
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* May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
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* Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
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* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
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* Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
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* Doody, Sean. 2020. ‘Reactionary Technopolitics: A Critical Sociohistorical Review’. Fast Capitalism 17 (1): 143–64. https://doi.org/10.32855/fcapital.202001.009.
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* Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
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* *———. 2015. ‘Bitcoin as Politics: Distributed Right-Wing Extremism’. MoneyLab Reader: An Intervention in Digital Economy, Amsterdam: Institute of Network Cultures.
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* Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
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* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
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* Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
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@ -3,4 +3,14 @@ A loose set of political or organisational ideologies that [blockchain](../block
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See also [technosolutionism](technosolutionism.md).
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## References
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## References
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* Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
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* Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
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* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
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* Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
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* Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
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* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
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* Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
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* Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
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* Penny, Laurie. 2018. ‘Four Days Trapped at Sea With Crypto’s Nouveau Riche’. BREAKERMAG. https://breakermag.com/trapped-at-sea-with-cryptos-nouveau-riche/.
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* Stephenson, Will. n.d. ‘Cryptonomicon’. Harpers Review. Accessed 2 March 2022. https://harpers.org/archive/2022/03/cryptonomicon-bitcoin-maximalists-miami/.
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# Technosolutionism
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Technosolutionism is belief and broader ideology that every social, political and access problem has a solution based in development of new technology.
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## References
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See also [technocollectivism](techno-collectivism.md).
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## References
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* Morozov, Evgeny. To save everything, click here: The folly of technological solutionism. Public Affairs, 2013.
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* Zitron, Ed. 2022. ‘Solutions That Create Problems’. Substack newsletter. Ed Zitron’s Where’s Your Ed At (blog). 23 February 2022. https://ez.substack.com/p/solutions-that-create-problems.
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* Pollock, Rufus. 2016. ‘Reflections on the Blockchain · Rufus Pollock Online’. 2 July 2016. https://rufuspollock.com/2016/07/02/reflections-on-the-blockchain/.
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* Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
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* Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
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* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
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* Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
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* Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
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* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
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* Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
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* Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
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# Ponzi Scheme
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A type of investment fraud in which old investors are paid out from an influx of new investors. These type of schemes are ultimately unsustainable and are destined to collapse when outflows exceed inflows or the operators abscond with the funds. There are five distinguishing characteristics of a Ponzi scheme:
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A type of investment fraud in which old investors are paid out from an influx of new investors. These type of schemes are ultimately unsustainable and are destined to collapse when outflows exceed inflows or the operators abscond with the funds.
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1. Investors put money into the scheme because they expect profits
|
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1. Investors expectation are temporarily sustained by such profits being paid to those who choose to cash out.
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1. However there is no external source of revenue for those payoffs.
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1. Instead the payoffs come entirely from operators of scheme bringing in new investment money.
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1. And the operators take away (i.e. abscond) with a a large percentage of the money.
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[Crypto asset](cryptoasset.md) are often referred to as obscured or self-organizing Ponzi schemes.
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||||
The mechanism by which new investors are brought in, and by which the operators remove investors from the scheme may vary between schemes. Ponzi schemes may present as direct investment vehicles such as funds like Bernie Madoff's fund Madoff Investment Securities LLC. Ponzi schemes may also present as a [market maker](market-maker.md) where investors are sold [zero income](income-cashflows.md) [greater fool](greater-fool-theory.md) investments and the operators abscond with money through [market manipulation](market-manipulation.md).
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|
||||
Investing in Ponzi schemes has a negative [expected return](expected-return.md).
|
||||
Some participants can make money investing in Ponzi schemes, but the basic fact is that most participants will lose money. Thus Investing in Ponzi schemes has a negative [expected return](expected-return.md).
|
||||
|
||||
[Crypto assets](cryptoasset.md) are often referred to as market-obscured or self-organizing Ponzi schemes because of their nearly identical payout structure.
|
||||
|
||||
## References
|
||||
|
||||
* [@krugman_bitcoin_2018]
|
||||
* [@hutchison_postmodern_2012]
|
||||
* [@bartoletti_dissecting_2020]
|
||||
* Moore, Tyler, Jie Han, and Richard Clayton. 2012. ‘The Postmodern Ponzi Scheme: Empirical Analysis of High-Yield Investment Programs’. In Financial Cryptography and Data Security, edited by Angelos D. Keromytis, 7397:41–56. Lecture Notes in Computer Science. Berlin, Heidelberg: Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-32946-3_4.
|
||||
* *‘Bitcoin Pyramid Schemes Wreak Havoc on Brazil’s “New Egypt”’. 2022. AP NEWS. 22 January 2022. https://apnews.com/article/cryptocurrency-technology-business-brazil-bitcoin-2dc801e5e3aa477ce7983d84dc8a64bb.
|
||||
* Bartoletti, Massimo, Salvatore Carta, Tiziana Cimoli, and Roberto Saia. 2020. ‘Dissecting Ponzi Schemes on Ethereum: Identification, Analysis, and Impact’. Future Generation Computer Systems 102: 259–77.
|
||||
* Krugman, Paul. 2018. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30.
|
||||
* Stolfi, Jorge. n.d. ‘Bitcoin Is a Ponzi’. Accessed 19 March 2022. https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html.
|
||||
* Corradi, Fiammetta, and Philipp Höfner. 2018. ‘The Disenchantment of Bitcoin: Unveiling the Myth of a Digital Currency’. International Review of Sociology 28 (1): 193–207. https://doi.org/10.1080/03906701.2018.1430067.
|
||||
* Jarvis, Christopher J. 2000. ‘The Rise and Fall of Albania’s Pyramid Schemes’. Finance & Development 37 (001).
|
||||
* [Investor.gov Ponzi Scheme](https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme)
|
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@ -1,5 +1,4 @@
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