Expand wiki

README.md

@@ -157,6 +157,8 @@ Non-fungible tokens.
 * [The Billion-Dollar Bitcoin Scam](https://www.youtube.com/watch?v=YCuGpfMSmck) - Ordinary Things - 2020-05-31 - “What is Bitcoin? Is Bitcoin a scam? And how did Bitcoin become what it is today? Who was the Dread Pirate Roberts and what happened to the Silk Road?”
 * [Cryptocurrencies: Last Week Tonight with John Oliver (HBO)](https://www.youtube.com/watch?v=g6iDZspbRMg) - 2018-03-12
 * [Don’t Understand Bitcoin? This Man Will Mumble An Explanation At You](https://www.youtube.com/watch?v=4APcgsRdW6w) by ClickHole - 2015-07-7
+* [If Cryptocurrency was Honest](https://www.youtube.com/watch?v=GUs5y9leCyA)
+* [If NFTs were Honest](https://www.youtube.com/watch?v=sG_v4bb2e4k)
 
 ### Twitter users
 

claims/crypto-unbanked.md

@@ -0,0 +1,2 @@
+# Crypto is a solution for the unbanked
+

claims/new-internet.md

@@ -0,0 +1,2 @@
+# Cryptoassets are being used to build a new internet
+

claims/valuation-model.md

@@ -1,2 +1,3 @@
 # How do we value a crypto token?
 
+[fundamental-value](../concepts/fundamental-value.md)

claims/what-type-of-asset.md

@@ -6,4 +6,7 @@
 
 ## Commodity
 
-## Art
+## Art
+
+## Ponzi Scheme
+

concepts/artificial-scarcity.md

@@ -4,5 +4,5 @@ The abstract notion of creating an asset which has no physicality or underlying
 
 Financial instruments like bonds, stocks and derivatives are not artificially scarce.
 
-Pseudo-assets like [nft](concepts/nft.md) are artificially scarce.
+Products like [cryptoasset](cryptoasset.md) and [nft](concepts/nft.md) are artificially scarce.
 

concepts/bitcoin.md

@@ -0,0 +1,3 @@
+# Bitcoin
+
+The first [cryptoasset](cryptoasset.md). Bitcoin is based on an environmentally destructive [consensus-algorithm](consensus-algorithm.md).

concepts/bubble.md

@@ -13,4 +13,5 @@ An economic bubble is a phenomenon in markets created by herd mentality, whereby
 
 ## References
 
-* [@mackay_extraordinary_2012]
+* [@mackay_extraordinary_2012]
+* [@bernstein_delusions_2021]

concepts/censorship-resistence.md

@@ -0,0 +1,2 @@
+# Censorship Resistance
+

concepts/cryptoasset.md

@@ -2,6 +2,8 @@
 
 A digital asset that is traded on a [[blockchain]].
 
+Crypto assets have no [use-value](use-value.md), no [fundamental-value](fundamental-value.md), and no [income-cashflows](income-cashflows.md) and are a pure manifestation of the [greater-fool-theory](greater-fool-theory.md).
+
 ## Comparables
 
 * Zero-coupon perpetual bond

concepts/currency.md

@@ -1,18 +1,3 @@
 # Currency
 
-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).
-
-## Properties
-
-* Unit of Account
-* Medium of Exchange
-* Store of Value
-
-## Qualities
-
-* Durability
-* Portability
-* Divisibility
-* Uniformity
-* Limited supply
-* Acceptability
+A physical or digital representation of [money](money.md).

concepts/derivative.md

@@ -1,2 +1,3 @@
 # Derivative
 
+#todo 

concepts/free-rider-problem.md

@@ -1,2 +1,3 @@
 # Free Rider Problem
 
+The use of [public-goods](public-goods-problem.md) by parties who do not contribute to their creation or upkeep.

concepts/fundamental-value.md

@@ -1 +1,2 @@
 # Fundamental Value
+Fundamental value is the [present-value](present-value.md) of all expected future net [income-cashflows](income-cashflows.md) to the asset calculated via discounted cash flow valuation.

concepts/ico.md

@@ -2,7 +2,7 @@
 
 Initial coin offerings are proxy [equity](security.md) fundraising structure that allows enterpeuers to raise crypto assets in a common enterprise outside of existing securities regulation.
 
-Initial coin offerings are illegal in the United Statess
+Initial coin offerings are illegal in the United States.
 
 ## Citations
 

concepts/leverage.md

@@ -1,2 +1,3 @@
 # Leverage
 
+#todo 

concepts/market-value.md

@@ -1 +1,3 @@
-# Market Value
+# Market Value
+
+The market value represents the value of an asset according to its price on a public market. It is the price an asset would get in the marketplace.

concepts/money.md

@@ -1 +1,17 @@
 # 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).
+
+## Properties
+
+* Unit of Account
+* Medium of Exchange
+* Store of Value
+
+## Qualities
+
+* Durability
+* Portability
+* Divisibility
+* Uniformity
+* Limited supply
+* Acceptability

concepts/ponzi-scheme.md

@@ -0,0 +1,10 @@
+# Ponzi Scheme
+
+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.
+
+Economists often refer to [cryptoasset](cryptoasset.md) as obscured Ponzi schemes.
+
+## References
+
+* [@krugman_bitcoin_2018]
+* [@hutchison_postmodern_2012]

concepts/private-money.md

@@ -2,7 +2,7 @@
 
 A [currency](concepts/currency.md) issued by a private party instead of a nation state.
 
-## American Wildcats
+## American Wildcat Banks
 
 ## Scottish Bank Notes
 

concepts/ransomware.md

@@ -1,2 +1,2 @@
 # Ransomware
-#todo 
+A form of crime involving hijacking of computer systems by which to demand ransoms to be paid to the attacker in the form of [cryptoasset](cryptoasset.md).

concepts/shadow-bank.md

@@ -1,3 +1,3 @@
 # Shadow Bank
 
-#todo 
+A shadow banking system refers to the unregulated financial intermediaries that facilitate the creation of credit across the global financial system.

concepts/speculation.md

@@ -0,0 +1,2 @@
+# Speculation
+

concepts/value.md

@@ -0,0 +1,5 @@
+# Value
+
+* [market-value](market-value.md)
+* [fundamental-value](fundamental-value.md)
+* [present-value](present-value.md)