From 6443226a8cf66e7b496fda557dd13bcdb4f7bf3f Mon Sep 17 00:00:00 2001 From: sdiehl Date: Thu, 10 Mar 2022 07:29:26 +0000 Subject: [PATCH] Expand wiki --- README.md | 2 ++ claims/crypto-unbanked.md | 2 ++ claims/new-internet.md | 2 ++ claims/valuation-model.md | 1 + claims/what-type-of-asset.md | 5 ++++- concepts/artificial-scarcity.md | 2 +- concepts/bitcoin.md | 3 +++ concepts/bubble.md | 3 ++- concepts/censorship-resistence.md | 2 ++ concepts/cryptoasset.md | 2 ++ concepts/currency.md | 17 +---------------- concepts/derivative.md | 1 + concepts/free-rider-problem.md | 1 + concepts/fundamental-value.md | 1 + concepts/ico.md | 2 +- concepts/leverage.md | 1 + concepts/market-value.md | 4 +++- concepts/money.md | 16 ++++++++++++++++ concepts/ponzi-scheme.md | 10 ++++++++++ concepts/private-money.md | 2 +- concepts/ransomware.md | 2 +- concepts/shadow-bank.md | 2 +- concepts/speculation.md | 2 ++ concepts/value.md | 5 +++++ 24 files changed, 66 insertions(+), 24 deletions(-) create mode 100644 claims/crypto-unbanked.md create mode 100644 claims/new-internet.md create mode 100644 concepts/bitcoin.md create mode 100644 concepts/censorship-resistence.md create mode 100644 concepts/ponzi-scheme.md create mode 100644 concepts/speculation.md create mode 100644 concepts/value.md diff --git a/README.md b/README.md index 9c42326..766b9b6 100644 --- a/README.md +++ b/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 diff --git a/claims/crypto-unbanked.md b/claims/crypto-unbanked.md new file mode 100644 index 0000000..5622bc2 --- /dev/null +++ b/claims/crypto-unbanked.md @@ -0,0 +1,2 @@ +# Crypto is a solution for the unbanked + diff --git a/claims/new-internet.md b/claims/new-internet.md new file mode 100644 index 0000000..6cbdadd --- /dev/null +++ b/claims/new-internet.md @@ -0,0 +1,2 @@ +# Cryptoassets are being used to build a new internet + diff --git a/claims/valuation-model.md b/claims/valuation-model.md index 5c37e4b..a6fe12e 100644 --- a/claims/valuation-model.md +++ b/claims/valuation-model.md @@ -1,2 +1,3 @@ # How do we value a crypto token? +[fundamental-value](../concepts/fundamental-value.md) diff --git a/claims/what-type-of-asset.md b/claims/what-type-of-asset.md index 2dae4e0..05ae9af 100644 --- a/claims/what-type-of-asset.md +++ b/claims/what-type-of-asset.md @@ -6,4 +6,7 @@ ## Commodity -## Art \ No newline at end of file +## Art + +## Ponzi Scheme + diff --git a/concepts/artificial-scarcity.md b/concepts/artificial-scarcity.md index e19de19..033f4e3 100644 --- a/concepts/artificial-scarcity.md +++ b/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. diff --git a/concepts/bitcoin.md b/concepts/bitcoin.md new file mode 100644 index 0000000..18a3f2a --- /dev/null +++ b/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). \ No newline at end of file diff --git a/concepts/bubble.md b/concepts/bubble.md index 6a4743e..c19a0b2 100644 --- a/concepts/bubble.md +++ b/concepts/bubble.md @@ -13,4 +13,5 @@ An economic bubble is a phenomenon in markets created by herd mentality, whereby ## References -* [@mackay_extraordinary_2012] \ No newline at end of file +* [@mackay_extraordinary_2012] +* [@bernstein_delusions_2021] \ No newline at end of file diff --git a/concepts/censorship-resistence.md b/concepts/censorship-resistence.md new file mode 100644 index 0000000..8ba82fd --- /dev/null +++ b/concepts/censorship-resistence.md @@ -0,0 +1,2 @@ +# Censorship Resistance + diff --git a/concepts/cryptoasset.md b/concepts/cryptoasset.md index 1e1a079..5ead3e9 100644 --- a/concepts/cryptoasset.md +++ b/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 diff --git a/concepts/currency.md b/concepts/currency.md index d8e4c7c..e8ff798 100644 --- a/concepts/currency.md +++ b/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). \ No newline at end of file diff --git a/concepts/derivative.md b/concepts/derivative.md index a5bf124..4b0b6e2 100644 --- a/concepts/derivative.md +++ b/concepts/derivative.md @@ -1,2 +1,3 @@ # Derivative +#todo \ No newline at end of file diff --git a/concepts/free-rider-problem.md b/concepts/free-rider-problem.md index fb4cf86..3492c6c 100644 --- a/concepts/free-rider-problem.md +++ b/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. \ No newline at end of file diff --git a/concepts/fundamental-value.md b/concepts/fundamental-value.md index 66b52a5..6024847 100644 --- a/concepts/fundamental-value.md +++ b/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. \ No newline at end of file diff --git a/concepts/ico.md b/concepts/ico.md index 9bb756a..89815a2 100644 --- a/concepts/ico.md +++ b/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 diff --git a/concepts/leverage.md b/concepts/leverage.md index b3c7315..f497352 100644 --- a/concepts/leverage.md +++ b/concepts/leverage.md @@ -1,2 +1,3 @@ # Leverage +#todo \ No newline at end of file diff --git a/concepts/market-value.md b/concepts/market-value.md index 5398c09..916f741 100644 --- a/concepts/market-value.md +++ b/concepts/market-value.md @@ -1 +1,3 @@ -# Market Value \ No newline at end of file +# 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. \ No newline at end of file diff --git a/concepts/money.md b/concepts/money.md index 9149823..03a5a3e 100644 --- a/concepts/money.md +++ b/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 diff --git a/concepts/ponzi-scheme.md b/concepts/ponzi-scheme.md new file mode 100644 index 0000000..cd5afd8 --- /dev/null +++ b/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] \ No newline at end of file diff --git a/concepts/private-money.md b/concepts/private-money.md index 51925df..84d1ddb 100644 --- a/concepts/private-money.md +++ b/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 diff --git a/concepts/ransomware.md b/concepts/ransomware.md index 37e744a..5aef5d2 100644 --- a/concepts/ransomware.md +++ b/concepts/ransomware.md @@ -1,2 +1,2 @@ # Ransomware -#todo \ No newline at end of file +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). \ No newline at end of file diff --git a/concepts/shadow-bank.md b/concepts/shadow-bank.md index daa87fa..3a016b3 100644 --- a/concepts/shadow-bank.md +++ b/concepts/shadow-bank.md @@ -1,3 +1,3 @@ # Shadow Bank -#todo \ No newline at end of file +A shadow banking system refers to the unregulated financial intermediaries that facilitate the creation of credit across the global financial system. \ No newline at end of file diff --git a/concepts/speculation.md b/concepts/speculation.md new file mode 100644 index 0000000..2b6ca40 --- /dev/null +++ b/concepts/speculation.md @@ -0,0 +1,2 @@ +# Speculation + diff --git a/concepts/value.md b/concepts/value.md new file mode 100644 index 0000000..6e872db --- /dev/null +++ b/concepts/value.md @@ -0,0 +1,5 @@ +# Value + +* [market-value](market-value.md) +* [fundamental-value](fundamental-value.md) +* [present-value](present-value.md) \ No newline at end of file