diff --git a/concepts/accelerationism.md b/concepts/accelerationism.md index dfb80aa..2d23b7f 100644 --- a/concepts/accelerationism.md +++ b/concepts/accelerationism.md @@ -1,7 +1,7 @@ # 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. diff --git a/concepts/bubble.md b/concepts/bubble.md index 271a19e..cb6170d 100644 --- a/concepts/bubble.md +++ b/concepts/bubble.md @@ -16,17 +16,17 @@ See ["madness of crowds"](madness-crowds.md), [market mania](market-mania.md) an ## 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. \ No newline at end of file +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. \ No newline at end of file diff --git a/concepts/collateralization.md b/concepts/collateralization.md new file mode 100644 index 0000000..89bc812 --- /dev/null +++ b/concepts/collateralization.md @@ -0,0 +1,2 @@ +# Collateralization + diff --git a/concepts/defi.md b/concepts/defi.md index a50cd5e..66f1767 100644 --- a/concepts/defi.md +++ b/concepts/defi.md @@ -1,5 +1,5 @@ # 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). diff --git a/concepts/market-mania.md b/concepts/market-mania.md index d23fc98..6c67f11 100644 --- a/concepts/market-mania.md +++ b/concepts/market-mania.md @@ -1,14 +1,14 @@ # 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. \ No newline at end of file +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/. \ No newline at end of file diff --git a/guide/index.md b/guide/index.md index 43e2899..d1c024f 100644 --- a/guide/index.md +++ b/guide/index.md @@ -1,9 +1,5 @@ # 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)