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Description of market manias

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concepts/accelerationism.md
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# Accelerationism
Accelerationism is reactionary belief system that proposes that processes like capitalist growth and technological change should be drastically intensified or "accelerated" as a mechanism to effect radical social change.
The notion coincides with crypto advocacy as some believe that an acceleration to a variant of [hypercapitalism](capitalism.md) with no regulation, caveat emptor investments, and extreme financialization of all aspects of human life as a means to accelerate the collapse of capitalism itself or to build a new financial system like a phoenix from the ashes of the old one.
The notion coincides with crypto advocacy as some believe that an acceleration to a variant of [capitalism](capitalism.md) with no regulation, caveat emptor investments, and extreme financialization of all aspects of human life as a means to accelerate the collapse of capitalism itself or to build a new financial system like a phoenix from the ashes of the old one.
## References
1. 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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concepts/bubble.md
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## References
* Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
* Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
* Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
* Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
* Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
1. Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
1. Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
1. 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.
1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
1. Shri T Rabi Sankar. n.d. ‘Cryptocurrencies – An Assessment’. Reserve Bank of India. Accessed 2 March 2022. https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1196.
* Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
* Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
* Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
* Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
* Zetzsche, Dirk A, Ross P Buckley, Douglas W Arner, and Linus Föhr. 2017. ‘The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators’. University of Luxembourg Law Working Paper, no. 11: 17–83.
1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
1. Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
1. Zetzsche, Dirk A, Ross P Buckley, Douglas W Arner, and Linus Föhr. 2017. ‘The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators’. University of Luxembourg Law Working Paper, no. 11: 17–83.

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# Collateralization

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# Decentralized Finance (DeFi)
Defi is a broad category of [smart-contracts](smart-contracts.md) which loosely correspond to digital contracts running on a [blockchain](blockchain.md) which allow users to create collateralized loans out of [stablecoin](stablecoin.md) and which have side payouts in so-called "[governance tokens](governance-token.md)".
Defi is a broad category of [smart contracts](smart-contracts.md) which loosely correspond to digital investment schemes running on a [blockchain](blockchain.md) which allow users to create over-collateralized loans out of [stablecoin](stablecoin.md) and which have side payouts in so-called "[governance tokens](governance-token.md)".
DeFi generally refers to a collection of services which offer lending products offered by non-banks and which exist outside the regulatory perimeter as a form [regulatory arbitrage](regulatory-arbitrage.md) and to fund margin trading activities to [speculaate](speculation.md) on [crypto assets](cryptoasset.md).

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# Market Mania
An event in markets characterised by extremely aberrant [price formation](price-formation.md) across multiple assets in a [market](market.md). May be caused by events such as [bubbles](bubble.md), [speculative manias](speculation.md), [market manipulation](market-manipulation.md) or market shocks.
The expansion of crypto tokens is [is widely](../claims/is-bubble.md) perceived to be a market mania.
## References
1. Shaffer, Daniel S. 2010. Profiting in Economic Storms: A Historic Guide to Surviving Depression, Deflation, Hyperinflation, and Market Bubbles. John Wiley & Sons.
1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
1. Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
1. Baur, Dirk G., and Thomas Dimpfl. 2021. ‘The Volatility of Bitcoin and Its Role as a Medium of Exchange and a Store of Value’. Empirical Economics 61 (5): 2663–83. https://doi.org/10.1007/s00181-020-01990-5.
1. Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
1. Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
1. Krugman, Paul. 2021. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.

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# Introduction
## What This Is
This initiative is an exploration of the ideations of crypto and "web3" and its constituent technologies, aspirations and economics. The concept of [web3](/concepts/web3.md) is a fuzzy term that can be hard to make sense of. This initiative aims to address the misunderstandings and shed a light on basic macroeconomics and technology, especially for those tasked with doing sense-making for the public. Our [methodology](/guide/method.md) set outs our aim to create a balanced and moderate perspective that incorporates ideas from economics, political economy and computer science.
This page serves as a root from which all other topics branch and can be explored.
## Key Concepts
@ -172,6 +168,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
* [Bucket shop](../concepts/bucket-shop.md)
* [Artificial demand](../concepts/artificial-demand.md)
* [Financial asset](../concepts/financial-asset.md)
* [Market mania](../concepts/market-mania.md)
* [Unbanked](../concepts/unbanked.md)
* [Assets](../concepts/assets.md)
* [Real estate](../concepts/real-estate.md)