Finish all of third pass on concepts

concepts/crypto-exchange.md

@@ -5,24 +5,25 @@ Crypto exchanes are not regulated as [market makers](market-maker.md) or [broker
 
 Many crypto exchanges offer their own [stablecoin](stablecoin.md) whose reserves may be comingled with customer funds.
 
-See also [market manipulation](market-manipulation.md),  [economic cartel](cartel.md) and [recentralization](recentralization.md).
+Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory authorities. These include, but are not limited to:
-
-## Jurisdictions
-
-Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory authorities.
 
 * Seychelles
+* Malta
+* Jersey
+* Isle of Mann
 * The Bahamas
 * Cayman Islands
 * Singapore
 
-## References
+See also [bucket shop](bucket-shop.md), [market manipulation](market-manipulation.md),  [economic cartel](cartel.md), [recentralization](recentralization.md) and [platform risk](platform-risk.md).
 
-* Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
+## References
-* White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
-* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
-* 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. White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
-* Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
-* Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
+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.
-* Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
+1. Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
-* Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.
+1. Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
+1. Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
+1. Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.

concepts/ficticious-commodity.md

@@ -1 +1,20 @@
 # Fictitious commodities
+A *fictitious commodity* or *pseudo-commodity* is a product is traded like a commodity but has no [use value](use-value.md) and its demand curve is not generated by any external economic processes. It is a [non-economic](non-economic.md) product which is generated either through [enclosure](enclosure.md), [artificial demand](artificial-demand.md) or as part of a [greater fool](greater-fool-theory.md) scheme or bubble.
+
+Structurally similar to a [financial asset](financial-asset.md), but unlike a financial asset it renders no contractual claims on [income cashflows](income-cashflows.md) and thus has zero [fundamental value](fundamental-value.md).
+
+Examples of fictitious commodities include:
+
+* Many [crypto assets](cryptoasset.md)
+* [NFTs](nft.md)
+* Name-A-Star Registries
+* [Indulgences](https://en.wikipedia.org/wiki/Indulgence)
+
+See also [Tinkerbell effect](tinkerbell-effect.md), [bubble](bubble.md) and [market mania](market-mania.md).
+
+## References
+* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+* Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
+* Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
+* Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.

concepts/financial-asset.md

@@ -1,7 +1,7 @@
 # Financial Asset
 A financial asset is a non-physical asset whose value is derived from a contractual claims on [income cashflows](income-cashflows.md), an underlying [currency](currency.md) or [commodity](commodity.md), or risk transfer between counterparties.
 
-Financial assets definitionally have no [use value](use-value.md).  However a financial asset with must have either income or an underlying that generates its [fundamental-value](fundamental-value.md). 
+Financial assets definitionally have no [use value](use-value.md).  However a financial asset with must have either income or an underlying that generates its [fundamental value](fundamental-value.md). 
 
 See also [ficticious commodity](ficticious-commodity.md).
 

concepts/nft.md

@@ -42,7 +42,7 @@ NFTs have been critizied as having a payout structure similar to a [pyramid sche
 ## Comparables
 NFTs have been compared to metaphors and other schemes in which narrative-driven [ficticious commodites](ficticious-commodity.md) are also sold based on the [Tinkerbell effect](tinkerbell-effect.md).
 
-* A purchasable recipe with no physical good or rights attached.
+* A purchasable receipt with no physical good or rights attached.
 * Name-A-Star Registries
 * [Indulgences](https://en.wikipedia.org/wiki/Indulgence)
 

concepts/price-risk.md

@@ -1 +1,13 @@
 # Price Risk
+Price risk is the risk of a decline in the value of an [asset](asset), due to external factors or market conditions, during a period in which a financial contract is active. The risk of the asset declining must be factored into the contract's payment terms to hedge the risk of the asset.
+
+[Crypto assets](cryptoasset.md) are subject to extreme volatility and thus have extreme price risk, which makes them unsuitable as a [medium of exchange](money.md) or for denominating contracts in.
+
+## References
+1. Liaw, K. Thomas. 2021. ‘Trading and Regulation of Cryptocurrencies, Stablecoins and Other Cryptoassets’.
+1. Maia, Guilherme, and João Vieira dos Santos. 2021. ‘MiCA and DeFi (“Proposal for a Regulation on Market in Crypto-Assets” and ’Decentralised Finance’)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3875355.
+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. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
+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.

concepts/sanctions-enforcement.md

@@ -1 +1,11 @@
 # Sanctions Enforcement
+In financial regulation sanctions are penalties or enforcement levied against individuals or companies which forbid entities within a jurisdiction from engaging in contracts or new financial transactions with the sanctioned entity. Sanctions are a form of statecraft that allow nation states to exercise their controls over foreign nationals and individuals in the interests of advancing the foreign policy of the state.
+
+Crypto assets are a means of evading sanctions enforcement by permitting [illicit financing](illicit-financing.md) through [regulatory arbitrage](regulatory-arbitrage.md).
+
+See also [money laundering](money-laundering.md), [KYC](kyc.md), and [illicit financing](illicit-financing.md).
+
+## References
+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.

concepts/survivorship-bias.md

@@ -1 +1,10 @@
 # Survivorship Bias
+In finance *survivorship bias* is a logical error of over analysing people or investments that have been artificially selected by a selection process and overlooking the broader space of entities that do not, typically because of their lack of visibility. 
+
+This is typically common in investing where select wins on specific investments are over analysed and broader losses are ignored.
+
+For example a basket of tech stocks picked randomly during the height of the dotcom bubble would have performed very poorly on the time scale of the next decade and most simply ceased to exist. However a select few stocks (Google, Amazon, etc) outperformed the market. It would therefore be a fallacy to assume that the average dotcom tech stock outperformed the market because most did not survive long enough to sample.
+
+See also [endowment effect](endowment-effect.md) and [bandwagon bias](bandwagon-bias.md).
+
+## References

guide/index.md

@@ -25,6 +25,7 @@ Understand the terminology used to describe crypto and web3.
 * [Greater fool theory](../concepts/greater-fool-theory.md)
 * [Zero-sum game](../concepts/zero-sum-game.md)
 * [Memecoins](../concepts/memecoin.md)
+* [Pre-mine](../concepts/pre-mine.md)
 * [Assets](/concepts/assets.md)
 * [Intrinsic value](../concepts/use-value.md)
 * [Store of value](../concepts/store-of-value.md)
@@ -33,7 +34,9 @@ Understand the terminology used to describe crypto and web3.
 * [DeFi](../concepts/defi.md)
 * [DAO](/concepts/dao.md)
 * [Stablecoin](../concepts/stablecoin.md)
+* [Smart contract](../concepts/smart-contracts.md)
 * [Regulatory arbitrage](../concepts/regulatory-arbitrage.md)
+* [Predatory inclusion](../concepts/predatory-inclusion.md)
 * [United States Dollar](/concepts/dollar.md)
 * [Central bank digital currency](../concepts/cbdc.md)
 
@@ -237,3 +240,10 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Endowment effect](../concepts/endowment-effect.md)
 * [Predatory inclusion](../concepts/predatory-inclusion.md)
 * [Enclosure](../concepts/enclosure.md)
+
+**Meta**
+
+* [Value](../concepts/value.md)
+* [Risk](../concepts/risk.md)
+* [Regulation](../claims/regulation.md)
+* [Market manipulation](../concepts/market-manipulation.md)

meta/concepts-todo.md

@@ -65,7 +65,7 @@ Second Pass
 - [x] [systemic-risk](../concepts/systemic-risk.md)
 - [ ] [yield-farming](../concepts/yield-farming.md)
 - [x] [stablecoin](../concepts/stablecoin.md)
-- [ ] [capital-formation](../concepts/capital-formation.md)
+- [x] [capital-formation](../concepts/capital-formation.md)
 - [x] [commercial-paper](../concepts/commercial-paper.md)
 - [x] [reserve-currency](../concepts/reserve-currency.md)
 - [x] [pseudonymous](../concepts/pseudonymous.md)
@@ -84,9 +84,9 @@ Third pass
 - [ ] [enclosure](../concepts/enclosure.md)
 - [ ] [ficticious-commodity](../concepts/ficticious-commodity.md)
 - [x] [market-mania](../concepts/market-mania.md)
-- [ ] [price-risk](../concepts/price-risk.md)
+- [x] [price-risk](../concepts/price-risk.md)
-- [ ] [sanctions-enforcement](../concepts/sanctions-enforcement.md)
+- [x] [sanctions-enforcement](../concepts/sanctions-enforcement.md)
-- [ ] [survivorship-bias](../concepts/survivorship-bias.md)
+- [x] [survivorship-bias](../concepts/survivorship-bias.md)
 - [x] [bucket-shop](../concepts/bucket-shop.md)
 - [x] [front-running](../concepts/front-running.md)
 
@@ -99,3 +99,12 @@ Ideologies
 - [x] [keynsian-economics](../concepts/keynsian-economics.md)
 - [x] [technolibertarianism](../concepts/technolibertarianism.md)
 - [x] [technosolutionism](../concepts/technosolutionism.md)
+
+Fourth Pass
+
+- [ ] [liquidity-pool](../concepts/liquidity-pool.md)
+- [ ] [cds](../concepts/cds.md)
+- [ ] [cross-bridges](../concepts/cross-bridges.md)
+- [ ] [staking](../concepts/staking.md)
+- [ ] [technopopulism](../concepts/technopopulism.md)
+- [ ] [yield-farming](../concepts/yield-farming.md)