Expand citations

claims/weird-culture.md

@@ -30,6 +30,7 @@ Crypto culture depends heavily on a distortion of language to signify belonging
 1. Faria, I. (2021). The market, the regulator, and the government: Making a blockchain ecosystem in the Netherlands. Finance and Society, 7(1), 40–56. https://doi.org/10.2218/finsoc.v7i1.5590
 1. Faustino, S. (2019). How metaphors matter: An ethnography of blockchain-based re-descriptions of the world. Journal of Cultural Economy, 12(6), 478–490. https://doi.org/10.1080/17530350.2019.1629330
 1. Fletcher, J. (2013). Currency in Transition: An Ethnographic Inquiry of Bitcoin Adherents. https://stars.library.ucf.edu/etd/2748/
+1. Gerard, David. 2017. Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts. David Gerard.
 1. Gerard, D. (n.d.). Neo-Nazis Bet Big on Bitcoin (And Lost). Retrieved 3 March 2022, from https://foreignpolicy.com/2019/03/19/neo-nazis-banked-on-bitcoin-cryptocurrency-farright-christchurch/
 1. Glongloff, M. (n.d.). Bitcoin, GameStop Are More Cults Than Investments. Bloomberg. Retrieved 2 March 2022, from https://www.bloomberg.com/opinion/articles/2021-03-02/bitcoin-btc-gamestop-gme-are-more-cults-than-investments
 1. Golumbia, D. (2016). The Politics of Bitcoin: Software as Right-wing Extremism. University of Minnesota Press.
@@ -58,9 +59,4 @@ Crypto culture depends heavily on a distortion of language to signify belonging
 1. Golumbia, David. 2018. ‘Zealots of the Blockchain: The True Believers of the Bitcoin Cult’. The Baffler, no. 38: 102–11.
 1. Lee, Seung Cheol. 2020. ‘Magical Capitalism, Gambler Subjects: South Korea’s Bitcoin Investment Frenzy’. Cultural Studies 0 (0): 1–24. https://doi.org/10.1080/09502386.2020.1788620.
 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
-1. Samman, Amin, and Stefano Sgambati. n.d. ‘Financial Eschatology and the Libidinal Economy of Leverage’. Theory, Culture & Society (Forthcoming). https://doi.org/10.1177/02632764211070805.
-
-
-## References
-* [@olson_line_2022]
-* [@golumbia_bitcoin_2015]
+1. Samman, Amin, and Stefano Sgambati. n.d. ‘Financial Eschatology and the Libidinal Economy of Leverage’. Theory, Culture & Society (Forthcoming). https://doi.org/10.1177/02632764211070805.

claims/why-invest.md

@@ -3,7 +3,7 @@ As has been consistently noted [2,3,8] throughout historical [market manias](../
 
 > A [bubble](../concepts/bubble.md) starts when any group of stocks, in this case those associated with the excitement of the Internet, begin to rise. The updraft encourages [more people](../concepts/bandwagon-bias.md) to buy the stocks, which causes more TV and print coverage, which causes even more people to buy, which creates big profits for early Internet stockholders. The successful investors tell you at cocktail parties how easy it is to get rich, which causes the stocks to rise further, which pulls in larger and larger groups of investors. But the whole mechanism is a kind of [Ponzi scheme](../concepts/ponzi-scheme.md) where more and more credulous investors must be found to buy the stock from the earlier investors. Eventually, one runs out of [greater fools](../concepts/greater-fool-theory.md)
 
-This coupled with the [weird subculture](weird-culture.md) of crypto assets and a [narrative economics](../concepts/narrative-economics.md) of belonging to a [high control group](../concepts/high-control-group.md) with the promises of [easy money](../concepts/ponzi-scheme.md) is a psychologically enticing proposition for a large demographic. The synthesis of the market mania and the narrative appeal of the culture and its political [imaginarires](../concepts/narrative-economics.md) appears to be the main driver of the crypto bubble.
+This coupled with the [weird subculture](weird-culture.md) of crypto assets and a [narrative economics](../concepts/narrative-economics.md) of belonging to a [high control group](../concepts/high-control-group.md) with the promises of [easy money](../concepts/ponzi-scheme.md) is a psychologically enticing proposition for a large demographic. The synthesis of the market mania and the narrative appeal of the culture and its political [imaginaries](narrative-economics.md) appears to be the main driver of the crypto bubble.
 
 There is also a strong sample bias in self-reported winnings of crypto assets. With partipants who make outsized returns [gambling](../concepts/gambling.md) on the [bubble](../concepts/bubble.md) are more likely to report this returns compared to the vast majority of those who lost money as guaranteed by the [negative-sum](../concepts/zero-sum-game.md) dynamics of gambling on [crypto assets](../concepts/cryptoasset.md).
 

concepts/aml.md

@@ -1,4 +1,17 @@
 # Anti Money Laundering 
  [Money laundering](money-laundering.md) is a criminal activity in which the provenance of money associated with a crime are obscured by passing the funds through legitimate businesses to obscure their origin.
 
-Crypto assets are used as a vehicle for money laundering.
+Crypto assets are used as a vehicle for money laundering.
+
+See also [illicit financing](illicit-financing.md), [KYC](kyc.md) and [sanctions enforcement](sanctions-enforcement.md).
+
+## References
+1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+1. Buttigieg, Christopher P., Christos Efthymiopoulos, Abigail Attard, and Samantha Cuyle. 2019. ‘Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State’. Law and Financial Markets Review 13 (4): 211–27. https://doi.org/10.1080/17521440.2019.1663996.
+1. Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
+1. Feinstein, Brian D., and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. SSRN Electronic Journal 7 (1): 48–99. https://doi.org/10.2139/ssrn.3649475.
+1. Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
+1. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
+1. Miscione, Gianluca, and Donncha Kavanagh. 2015. ‘Bitcoin and the Blockchain: A Coup d’Etat in Digital Heterotopia?’ SSRN Electronic Journal, no. 2006: 1–27. https://doi.org/10.2139/ssrn.2624922.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+1. Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.

concepts/artificial-scarcity.md

@@ -7,4 +7,18 @@ Financial instruments like bonds, stocks and derivatives are not artificially sc
 
 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.
 
-## References
+## References
+1. Mims, Christopher. n.d. ‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
+1. Anonymous. n.d. ‘Why NFTs Are Bad: The Long Version’. Accessed 21 March 2022. https://antsstyle.medium.com/why-nfts-are-bad-the-long-version-2c16dae145e2.
+1. Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
+1. Çağlayan Aksoy, Pınar, and Zehra Özkan Üner. 2021. ‘NFTs and Copyright: Challenges and Opportunities’. Journal of Intellectual Property Law & Practice 16 (10): 1115–26. https://doi.org/10.1093/jiplp/jpab104.
+1. Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
+1. Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
+1. Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
+1. Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
+1. Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
+1. Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
+1. Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
+1. Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
+1. Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
+1. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.

concepts/austrian-economics.md

@@ -1,9 +1,7 @@
 # Austrian Economics
 A heterodox school of economics that attempts to reason about human behaviour from first principles and deductive reasoning instead of quantitative analysis. Popular in the early 20th century but largely rejected by the modern academy. 
 
-This school of thought has seen a resurgence in relation to [crypto assets](../cryptoasset.md).
-
-Often resonates with advocacy for the [gold standard](../gold-standard.md) and [libertarianism](libertarianism.md).
+This school of thought has seen a resurgence in relation to [crypto assets](../cryptoasset.md). These ideas often resonates with advocacy for the [gold standard](../gold-standard.md) and [libertarianism](libertarianism.md).
 
 Prominent Thinkers in the Austrian tradition are:
 
@@ -12,7 +10,9 @@ Prominent Thinkers in the Austrian tradition are:
 * Friedrich Hayek
 * Saifedean Ammous
 
-## References
+Austrian economics is now widely regarded as a heterodox or crank school of economics in light of recent scholarship. See [Criticism of Austrian Economics](https://en.wikipedia.org/wiki/Austrian_School#Criticism).
 
-* Friedrich, Carl J. "The Road to Serfdom." (1945): 575-579.
-* [@ammous_bitcoin_2018]
+## References
+1. Krugman, Paul. "The hangover theory." Slate. December 3 (1998).
+1. Krugman, Paul (7 April 2010). "The Conscience of a Liberal: Martin And The Austrians". The New York Times. Archived from the original on 23 September 2011. 
+1. Friedrich, Carl J. "The Road to Serfdom." (1945): 575-579.

concepts/bank-run.md

@@ -3,4 +3,5 @@ In financial regulation, a bank run is the sudden withdrawal of [deposits](depos
 
 Bank runs where a common occurrence in United States in the market crash of 1929 and during the 1930s. Regulation and federal policy [deposit insurance](deposit-insurance.md) entirely eliminated this phenomenon in subsequent decades.
 
-## References
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.

concepts/bank.md

@@ -5,4 +5,7 @@ A bank has [deposit insurance](deposit-insurance.md) backed by a [central bank](
 
 Banks are required to perform [KYC](kyc.md), [CTF](ctf.md), [AML](aml.md) checks on financial transactions and account holders.
 
-## References
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.

concepts/bearer-instrument.md

@@ -3,4 +3,7 @@ A bearer instrument is a financial product in which ownership is not account-bas
 
 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).
+Unhosted crypto [wallets](wallet.md) are bearer instruments for whoever holds their associated [private key](private-key.md).
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.

concepts/bond.md

@@ -1,2 +1,7 @@
 # Bond
-A bond is a [security](security.md) financial product that represents a promise by a borrower to pay a lender their principal and periodic interest (called a *coupon*) on a loan. 
+A bond is a [security](security.md) financial product that represents a promise by a borrower to pay a lender their principal and periodic interest (called a *coupon*) on a loan. 
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.

concepts/bretton-woods.md

@@ -1,4 +1,8 @@
 # Bretton Woods
 The *Bretton Woods system* is the international monetary convention by the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example an an international and negotiated order intended to establish a means of doing international monetary relations among independent states. The Bretton wood system was based on the [gold standard](gold-standard.md) and establish the [dollar](dollar.md) as a the international [reserve-currency](reserve-currency.md).
 
-In 1971 the United States terminated convertibility of the US dollar to [gold](gold.md), removing the United States from the gold standard and transitioned to a pure *fiat money* system. This ended the Bretton Woods system. 
+In 1971 the United States terminated convertibility of the US dollar to [gold](gold.md), removing the United States from the gold standard and transitioned to a pure *fiat money* system. This ended the Bretton Woods system. 
+
+## References
+1. Steil, Benn. The Battle of Bretton Woods. Princeton University Press, 2013.
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.

concepts/broker.md

@@ -5,4 +5,11 @@ Crypto exchanges are not regulated as brokers, but instead as [money services bu
 
 See also [market maker](market-maker.md) and [regulation](regulation.md).
 
-## References
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x)or Designed?’ In Building Decentralized Trust, 21–33. x. https://doi.org/10.1007/978-3-030-54414-0_2.
+1. Inozemtsev, Maxim I. 2021. ‘Legal Regulation of Crypto-Asset Markets in the EU in the Post-COVID Period’. In Post-COVID Economic Revival, Volume I, 315–26. Springer. https://link.springer.com/chapter/10.1007/978-3-030-83561-3_22.
+1. Lee, Joseph. 2022. Crypto-Finance, Law and Regulation: Governing an Emerging Ecosystem. Routledge. https://www.routledge.com/Crypto-Finance-Law-and-Regulation-Governing-an-Emerging-Ecosystem/Lee/p/book/9780367086619.
+1. Walch, Angela. 2015. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
+1. Zetzsche, Dirk A., Filippo Annunziata, Douglas W. Arner, and Ross P. Buckley. 2021. ‘The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy’. Capital Markets Law Journal 16 (2): 203–25. https://doi.org/10.1093/cmlj/kmab005.
+1. Zwitter, Andrej, and Jilles Hazenberg. 2020. ‘Decentralized Network Governance: Blockchain Technology and the Future of Regulation’. Frontiers in Blockchain 3. https://www.frontiersin.org/article/10.3389/fbloc.2020.00012.

concepts/bucket-shop.md

@@ -5,4 +5,5 @@ Bucket shops were made in illegal in the United States in 1922. Bucket shops are
 
 See also [crypto exchange](crypto-exchange.md).
 
-## References
+## References
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.

concepts/cartel.md

@@ -1,4 +1,15 @@
 # Cartel
 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).
+
+## References
+1. Akerlof, George A. "The market for “lemons”: Quality uncertainty and the market mechanism." In Uncertainty in economics, pp. 235-251. Academic Press, 1978.
+* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
+1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
+1. *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
+1. Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
+1. Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.

concepts/cd.md

@@ -3,4 +3,7 @@ A certificate of deposit or CD is a type of [financial asset](financial-asset.md
 
 See also [deposit](deposit.md), [assets](assets.md), and [financial asset](financial-asset.md).
 
-## References
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.

concepts/cds.md

@@ -3,4 +3,5 @@ Credit default swaps are a type of [derivative](derivative.md) contract with und
 
 See also [regulatory-capture](regulatory-capture.md) and [derivative](derivative.md).
 
-## References
+## References
+1. Ball, Laurence M. The Fed and Lehman Brothers: setting the record straight on a financial disaster. Cambridge University Press, 2018.

concepts/collateralization.md

@@ -1,2 +1,3 @@
 # Collateralization
 
+## References

concepts/commodity.md

@@ -9,4 +9,6 @@ Examples of commodities include:
 * Aluminium
 
 ## References
-1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.

concepts/counterparty-risk.md

@@ -2,3 +2,4 @@
 In financial risk analysis, *counterparty risk* is the probability that the one party to an a legal contract, investment, transaction, or credit agreement will not fulfil the terms of the deal and may default on the contractual obligations.
 
 ## References
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.

concepts/currency-peg.md

@@ -1,2 +1,6 @@
 # Currency Peg
-A [currency](currency.md) peg is a policy in which an asset is set to a specific fixed exchange rate for its currency with a foreign currency or basket of currencies.
+A [currency](currency.md) peg is a policy in which an asset is set to a specific fixed exchange rate for its currency with a foreign currency or basket of currencies.
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.

concepts/deposit-insurance.md

@@ -3,4 +3,5 @@ Insurance a bank holds against its [deposit](deposit.md) to protect depositors f
 
 See also [bank run](bank-run.md) and [mutualization](mutualization.md).
 
-## References
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.

concepts/deposit.md

@@ -1,2 +1,5 @@
 # Deposit
-Money that held on behalf of a client of a [bank](bank.md).
+Money that held on behalf of a client of a [bank](bank.md).
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.

concepts/derivative.md

@@ -15,6 +15,7 @@ Examples of derivatives products:
 * [Credit Default Swaps](cds.md)
 
 ## References
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
 1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
 1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
 1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.

concepts/distribution-problem.md

@@ -1,4 +1,19 @@
 # Distribution Problem
 The *distribution problem* refers to a set of hypothetical solutions to achieve a equitable (or other property) of distribution in the bootstrapping of a [private-money](private-money.md). Effectively how to distribute the [currency](currency.md) to early adopters to achieve some end.
 
-An alleged solution to this problem comes attached to a presuppositional claim about what *equity* would be defined as, which is a political rather than economic claim.
+An alleged solution to this problem comes attached to a presuppositional claim about what *equity* would be defined as, which is a political rather than economic claim.
+
+See also [decentralization](decentralization.md) and [recentralization](recentralization.md).
+
+## References
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. 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.
+1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
+1. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
+1. Babu, Asvatha. 2020. ‘Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482.
+1. Bodó, Balázs, Jaya Klara Brekke, and Jaap Henk Hoepman. 2021. ‘Decentralisation: A Multidisciplinary Perspective’. Internet Policy Review 10 (2): 0–21. https://doi.org/10.14763/2021.2.1563.
+1. Garrod, J. Z. 2016. ‘The Real World of the Decentralized Autonomous Society’. TripleC 14 (1): 62–77. https://doi.org/10.31269/triplec.v14i1.692.
+1. Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.

concepts/exit-scam.md

@@ -4,3 +4,6 @@ An *exit scam* or *rugpull* is a type of fraud in which the operators of crypto
 The anonomous nature of many [defi](defi.md) projects means these types of fraud are frequent and difficult to trace or prosecute by law enforcment.
 
 See also [securities law](security.md) and [KYC requirements](kyc.md).
+
+## References
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.

concepts/madness-crowds.md

@@ -3,7 +3,7 @@ The term *madness of crowds* is a concept concerning the extreme and abberant co
 
  > Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
 
- The term has since been adopted to describe mass irrationality in markets derived from [bandwagon-bias](bandwagon-bias.md), profit seeking and trend following behaviour gone badly at scale.
+ The term has since been adopted to describe mass irrationality in markets derived from [bandwagon bias](bandwagon-bias.md), profit seeking and trend following behaviour gone badly at scale.
  
 ## References
 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.

concepts/platform-risk.md

@@ -8,4 +8,5 @@ Unregulated [crypto exchanges](crypto-exchange.md) are subject to extreme [platf
 1. Cumming, Douglas J., Sofia Johan, and Anshum Pant. 2019. ‘Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty’. Journal of Risk and Financial Management 12 (3): 126. https://doi.org/10.3390/jrfm12030126.
 1. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
 1. Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
-1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.

concepts/present-value.md

@@ -1,7 +1,7 @@
 # Present Value
 In quantitative finance, the present value of a [financial asset](financial-asset.md) is the expected [income](income-cashflows.md) stream determined as of the date of valuation. 
 
-See also [terminal value](terminal-value.md).
+See also [terminal value](terminal-value.md) and [valuation model](valuation-model.md).
 
 ## References
 1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.

concepts/rtgs.md

@@ -1,2 +1,5 @@
 # Real Time Gross Settlement
 Real time gross settlements (RTGS) systems are a type of database technology that domestic settlement and clearing systems are based on. RTGS systems are responsible for batching financial transactions between [bank](bank.md) or other financial institutions and netting out transactions between parties so that payments can be settled on a periodic or real-time basis.
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.

concepts/sound-money.md

@@ -1,6 +1,8 @@
 # Sound Money
 An [Austrian economics](austrian-economics.md) philosophy that an idealized [currency](currency.md) should be backed by a finite unchanging supply and fixed supply of a [commodity](commodity.md), or more recently a [cryptoasset](cryptoasset.md).
 
+Sound money is an antiquated ideology that, along with the [gold standard](gold-standard.md), is rejected in modern economic thought.
+
 See [gold standard](gold-standard.md) and [libertarianism](libertarianism.md).
 
 ## References

concepts/stablecoin.md

@@ -1,5 +1,5 @@
 # Stablecoin
-A crypto asset that is pegged ([currLency-peg](currLency-peg.md)) to a real world [currency](currency.md) such as the dollar or euro. Stablecoins may be issued on multiple [blockchain](blockchain.md).
+A crypto asset that is pegged (see [currLency peg](currLency-peg.md)) to a real world [currency](currency.md) such as the dollar or euro. Stablecoins may be issued on multiple [blockchain](blockchain.md).
 
 Stablecoins may be [leverage](leverage.md) against their deposits where the total value in circulation does not equal the assets held on behalf of customers. Such stablecoins are known as *unbacked stablecoins*.
 

concepts/technopopulism.md

@@ -1,4 +1,5 @@
 # Techno-populism
+Techno-populism is a form of populism which is built around using information technology and appeals to technology as a means to advance its goals.
 
 ## References
 1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.

concepts/thought-terminating-cliches.md

@@ -1,8 +1,17 @@
 # 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. Thought terminating cliches are often tied to appeals to *epistemic vices*, which are ideologies or character traits that interfere with sharing, gaining, or retaining knowledge. These include:
+
+* Close-mindedness
+* Intellectual arrogance
+* Prejudice
+* Anti-intellectualism
+* Tribalism
+
+See also [bandwagon bias](bandwagon-bias.md), [high-control-group](high-control-group.md), [madness of crowds](madness-crowds.md)and [Tinkerbell effect](tinkerbell-effect.md).
 
 ## References
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
 1. Lowe, Scott. "Cultish: The Language of Fanaticism, by Amanda Montell." (2022): 151-152.
 1. Hoffer, Eric. "The True Believer (New York." Harper's (1952): 28.
+1. Battaly, Heather. "Varieties of epistemic vice." The ethics of belief (2014): 51-76.
 1. Festinger, Leon, Henry Riecken, and Stanley Schachter. When prophecy fails: A social and psychological study of a modern group that predicted the destruction of the world. Lulu Press, Inc, 2017.

concepts/valuation-model.md

@@ -1,2 +1,8 @@
 # Valuation Model
-A mathematical model to calculate the [fundamental value](fundamental-value.md) of a [security](security.md). The field of quantitative finance concerns itself with the pricing and optimal allocation of securities contracts in terms of their [income-cashflows](income-cashflows.md) and the risks associated with the assets.
+A mathematical model to calculate the [fundamental value](fundamental-value.md) of a [security](security.md). The field of quantitative finance concerns itself with the pricing and optimal allocation of securities contracts in terms of their [income cashflows](income-cashflows.md) and the risks associated with the assets.
+
+See also [fundamental value](fundamental-value.md) and [present value](present-value.md).
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.

meta/citations-todo.md

@@ -1,31 +1,31 @@
 # Citations Needed
 First pass
 
-- [ ] [aml](../concepts/aml.md)
+- [x] [aml](../concepts/aml.md)
 - [ ] [amm](../concepts/amm.md)
 - [ ] [artificial-demand](../concepts/artificial-demand.md)
-- [ ] [artificial-scarcity](../concepts/artificial-scarcity.md)
-- [ ] [austrian-economics](../concepts/austrian-economics.md)
+- [x] [artificial-scarcity](../concepts/artificial-scarcity.md)
+- [x] [austrian-economics](../concepts/austrian-economics.md)
 - [ ] [bandwagon-bias](../concepts/bandwagon-bias.md)
-- [ ] [bank](../concepts/bank.md)
-- [ ] [bank-run](../concepts/bank.md)
-- [ ] [bearer-instrument](../concepts/bearer-instrument.md)
-- [ ] [bond](../concepts/bond.md)
-- [ ] [bretton-woods](../concepts/bretton-woods.md)
-- [ ] [broker](../concepts/broker.md)
-- [ ] [bucket-shop](../concepts/bucket-shop.md)
-- [ ] [cartel](../concepts/cartel.md)
-- [ ] [cd](../concepts/cd.md)
-- [ ] [cds](../concepts/cds.md)
+- [x] [bank](../concepts/bank.md)
+- [x] [bank-run](../concepts/bank.md)
+- [x] [bearer-instrument](../concepts/bearer-instrument.md)
+- [x] [bond](../concepts/bond.md)
+- [x] [bretton-woods](../concepts/bretton-woods.md)
+- [x] [broker](../concepts/broker.md)
+- [x] [bucket-shop](../concepts/bucket-shop.md)
+- [x] [cartel](../concepts/cartel.md)
+- [x] [cd](../concepts/cd.md)
+- [x] [cds](../concepts/cds.md)
 - [ ] [collateralization](../concepts/collateralization.md)
-- [ ] [commodity](../concepts/commodity.md)
-- [ ] [counterparty-risk](../concepts/counterparty-risk.md)
-- [ ] [currency-peg](../concepts/currency-peg.md)
-- [ ] [deposit](../concepts/deposit.md)
-- [ ] [deposit-insurance](../concepts/deposit-insurance.md)
-- [ ] [derivative](../concepts/derivative.md)
+- [x] [commodity](../concepts/commodity.md)
+- [x] [counterparty-risk](../concepts/counterparty-risk.md)
+- [x] [currency-peg](../concepts/currency-peg.md)
+- [x] [deposit](../concepts/deposit.md)
+- [x] [deposit-insurance](../concepts/deposit-insurance.md)
+- [x] [derivative](../concepts/derivative.md)
 - [ ] [dex](../concepts/dex.md)
-- [ ] [distribution-problem](../concepts/distribution-problem.md)
+- [x] [distribution-problem](../concepts/distribution-problem.md)
 - [ ] [enclosure](../concepts/enclosure.md)
-- [ ] [exit-scam](../concepts/exit-scam.md)
-- [ ] [expected-return](../concepts/expected-return.md)
+- [x] [exit-scam](../concepts/exit-scam.md)
+- [x] [expected-return](../concepts/expected-return.md)

meta/concepts-todo.md

@@ -106,5 +106,5 @@ Fourth Pass
 - [x] [cds](../concepts/cds.md)
 - [x] [cross-bridges](../concepts/cross-bridges.md)
 - [x] [staking](../concepts/staking.md)
-- [ ] [technopopulism](../concepts/technopopulism.md)
+- [x] [technopopulism](../concepts/technopopulism.md)
 - [x] [yield-farming](../concepts/yield-farming.md)