Expand more quant finance concepts

claims/blockchain-tech.md

@@ -11,10 +11,10 @@ The technical purpose of blockchains is to create [censorship resistent](../conc
 1. ———. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
 1. Pollock, Rufus. 2016. ‘Reflections on the Blockchain · Rufus Pollock Online’. 2 July 2016. https://rufuspollock.com/2016/07/02/reflections-on-the-blockchain/.
 1. Orlowski, A. 2018. ‘Blockchain Study Finds 0.00% Success Rate and Vendors Don’t Call Back When Asked for Evidence’. The Register. https://www.theregister.com/2018/11/30/blockchain_study_finds_0_per_cent_success_rate/.
-1. Diehl, Stephen. 2021. ‘Blockchainism’. 11 December 2021. https://www.stephendiehl.com/blog/blockchainism.html.
 1. Manski, Sarah, and Michel Bauwens. 2020. ‘Reimagining New Socio-Technical Economics Through the Application of Distributed Ledger Technologies’. Frontiers in Blockchain 2 (January): 1–17. https://doi.org/10.3389/fbloc.2019.00029.
 1. Pardo-Guerra, Juan Pablo. 2019. Automating Finance. https://doi.org/10.1017/9781108677585.
 1. Rauchs, Michel, Apolline Blandin, Keith Bear, and Stephen B McKeon. 2019. ‘2nd Global Enterprise Blockchain Benchmarking Study’. http://ssrn.com/paper=3461765.
+1. Diehl, Stephen. 2021. ‘Blockchainism’. 11 December 2021. https://www.stephendiehl.com/blog/blockchainism.html.
 1. Diehl, Stephen. 2021a. ‘The Non-Innovation of Cryptocurrency’. 7 July 2021. https://www.stephendiehl.com/blog/non-innovation.html.
 ———. 2021b. ‘The Handwavy Technobabble Nothingburger’. 24 November 2021. https://www.stephendiehl.com/blog/nothing-burger.html.
 1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.

concepts/artificial-scarcity.md

@@ -5,4 +5,6 @@ Products like [crypto asset](cryptoasset.md), [NFTs](nft.md) and sometimes [art]
 
 Financial instruments like bonds, stocks and derivatives are not artificially scarce because of their underlying cashflows. Commodities are not artificially scarce because of their physicality and intrinsic value.
 
-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.
+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

concepts/bitcoin.md

@@ -29,6 +29,8 @@ Bitcoin has a negative [expected return](expected-return.md).
 
 Bitcoin is a [security](security.md).
 
+Bitcoin is [artificial scarce](artificial-scarcity.md).
+
 Bitcoin is allegedly a [sound money](sound-money.md) in the [Austrian economics](ideologies/austrian-economics.md) school of thought.
 
 Bitcoin is based on [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).

concepts/blockchain.md

@@ -1,7 +1,7 @@
 # Blockchain
 A blockchain is the technical underpinnings for [crypto assets](cryptoasset.md) such as [bitcoin](bitcoin.md) and [ethereum](ethereum.md).
 
-In computer science terms, a blockchain is a data structure that maintains a list of transactions that are authenticated using public key cryptography and linked using a hash function. A blockchain is a partial ordering of transaction event into windows of discrete time by which the transactions are programmatically committed to a shared history which is synchronized via a [consensus algorithm](consensus-algorithm.md).
+In computer science terms, a blockchain is an [immutable](immutability.md) data structure that maintains a list of transactions that are authenticated using public key cryptography and linked using a hash function. A blockchain is a partial ordering of transaction event into windows of discrete time by which the transactions are programmatically committed to a shared history which is synchronized via a [consensus algorithm](consensus-algorithm.md).
 
 The term has been overloaded extensively and other data structures and topologies have been described as blockchain regardless of their use. See [permissioned blockchain](permissioned-blockchain.md).
 

concepts/bond.md

@@ -1,3 +1,2 @@
 # 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. 

concepts/censorship-resistence.md

@@ -1,6 +1,8 @@
 # Censorship Resistance
 The claim or aspiration that a [decentralization](decentralization.md) network is resistant to the removal of content or transactions by an outside party or law enforcement. Censorship resistance is often touted as a feature of [blockchain](blockchain.md) and [crypto assets](cryptoasset.md).
 
+See also [recentralization](recentralization.md).
+
 ## References
 * 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.
 * Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.

concepts/consensus-algorithm.md

@@ -20,3 +20,7 @@ An algorithm where blocks in the blockchain are validated by a closed and fixed
 An algorithm where blocks in the blockchain are validated by the consumption of digital resources such as random access memory or disk space. The global sortition functions weighted based on the size and availability of these digital space resources.
 
 ## References
+1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
+1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.

concepts/currency.md

@@ -1,2 +1,7 @@
 # Currency
-A physical or digital representation of [money](money.md).
+A physical or digital representation of [money](money.md).
+
+## References
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+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. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.

concepts/financial-asset.md

@@ -8,4 +8,11 @@ See also [ficticious commodity](ficticious-commodity.md).
 ## Examples
 * [Stock](stock.md)
 * [Bond](bond.md)
-* [Credit default swap](cds.md)
+* [Credit default swap](cds.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/fundamental-value.md

@@ -1,4 +1,4 @@
 # 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.
+In quantative finance, the 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.
 
-See also [financial asset](financial-asset.md).
+See also [present value](present-value.md), [terminal value](terminal-value.md) and [financial asset](financial-asset.md).

concepts/greater-fool-theory.md

@@ -4,7 +4,6 @@ The greater fool theory is a thesis in economics that market participants can so
 The greater fool theory presumes an infinite chain of fools in order for all participants to profit or  "make it" or profit from the [bubble](bubble.md).
 
 ## 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.

concepts/ideologies/capitalism.md

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

concepts/market-maker.md

@@ -1,4 +1,4 @@
 # Market Maker
 A entity of business with performs the business of creating a market, connecting buyers and sellers to exchange goods and services. The trading of financial assets is a regulated activity and involves [price-formation](price-formation.md) and making of an [order book](order-book.md).
 
-See [crypto-exchange](crypto-exchange.md).
+See also [order book](order-book.md) and [crypto exchange](crypto-exchange.md).

concepts/market-value.md

@@ -1,3 +1,2 @@
 # Market Value
-
 The [market](market.md) 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.

concepts/meme-stock.md

@@ -1,6 +1,8 @@
 # Meme Stock
 The trading of a public [stock](stock.md) detached from its [fundamental value](fundamental-value.md) as pure [speculation](speculation.md). Timing a meme stock [bubble](bubble.md) is a [zero-sum game](zero-sum-game.md). 
 
+See also [financial nihilism](ideologies/financial-nihilism.md).
+
 ## Examples
 * Gamestop
 * AMC

concepts/memecoin.md

@@ -1,7 +1,7 @@
 # Memecoin
 A meme coin is a [cryptoasset](cryptoasset.md) which has no pretense of [fundamental value](fundamental-value.md) or [utility](use-value.md) but instead is a [greater fool](greater-fool-theory.md) investment based trend-following of an image or symbol in popular culture.
 
-See [dogecoin](dogecoin.md).
+See [dogecoin](dogecoin.md) and [financial nihilism](ideologies/financial-nihilism.md).
 
 ## References
 1. Warzel, Charlie. 2021. ‘The Absurdity Is the Point’. Substack newsletter. Galaxy Brain (blog). 11 May 2021. https://warzel.substack.com/p/the-absurdity-is-the-point.

concepts/mining.md

@@ -3,6 +3,8 @@ The technical process of confirming transactions in a [blockchain](blockchain.md
 
 Mining is an energy intensive process with a large environmental footprint.
 
+See also [environmental footprint of crypto](../claims/environmental-footprint.md).
+
 ## References
 1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
 1. Vries, Alex De. ‘Bitcoin’s Energy Consumption Is Underestimated : A Market Dynamics Approach’. Energy Research & Social Science 70, no. July (2020): 101721. https://doi.org/10.1016/j.erss.2020.101721.

concepts/non-economic.md

@@ -1,4 +1,4 @@
 # Non-economic
-The property of a process having no economic importance or implication, a closed loop in which there are in inflows or outflows of good or services.
+The property of a process having no economic importance or implication, a closed loop in which there are net zero inflows and outflows of good or services.
 
 See [ficticious commodity](ficticious-commodity.md) and [artificial scarcity](artificial-scarcity.md).

concepts/order-book.md

@@ -1,2 +1,12 @@
 # Order Book
-#todo s
+In finance and market making, an *order book*is the list of digital orders that a [market maker](market-maker.md) uses to record the interest of buyers and sellers in a particular [financial asset](financial-asset.md). The market maker uses a software algorithm known as a matching engine which orders are fulfilled and which matches bids with asks, in either a full or partial fill.
+
+The *bid–ask spread* is a measure of the difference between the prices quoted for an immediate sale (ask) and an immediate purchase (bid). The size of the bid–ask spread is a measure of the liquidity of the market for an [asset](assets.md) and of the size of the transaction cost. In exchange making between two assets  The bid-ask spread is measured a percentage in point or price interest point known as a *pip*, or unit of change in an exchange rate of the two assets. A *basis point* (*bp* or "bip") is a difference o) one hundredth of a percent or equivalently one percent of one percent or one ten thousandth 0.01% or or 0.0001.
+
+The *depth* of an order book is the the quantity of the [asset](asset) to be sold versus unit price. A deep market is one in which a large order is needed to move the price.
+
+The other property of an order book making is the *tick size* which refers to the minimum price increment at which trades may be made on the market.
+
+There are vast differences in design of different matching engines and ways of calculating the market maker spread to give rise to different dynamics of [price formation](price-formation.md) on a given exchange. Distortions of the order book and order matching can be used to do [market manipulation](market-manipulation.md).
+
+## References

concepts/permissioned-blockchain.md

@@ -1,4 +1,15 @@
 # Permissioned Blockchain
 A loose marketing term for alleged blockchain solutions that remove token incentives from the [consensus algorithm](consensus-algorithm.md). 
 
-Permissioned blockchains have been critized as being a rebranding of existing distributed databases or that they offer no advantages over traditional relational database solutions such as Microsoft SQL Server.
+Permissioned blockchains have been critized as being a rebranding of existing distributed databases or that they offer no advantages over traditional relational database solutions such as Microsoft SQL Server.
+
+## References
+1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
+1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Jeffries, Adrianne. 2018. ‘Blockchain Is Meaningless’. The Verge 7: 2018. https://www.theverge.com/2018/3/7/17091766/blockchain-bitcoin-ethereum-cryptocurrency-meaning.
+1. Stinchcombe, Kai. 2017. ‘Ten Years In, Nobody Has Come Up With a Use for Blockchain’. Hackernoon. 22 December 2017. https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100.
+1. Orlowski, A. 2018. ‘Blockchain Study Finds 0.00% Success Rate and Vendors Don’t Call Back When Asked for Evidence’. The Register. https://www.theregister.com/2018/11/30/blockchain_study_finds_0_per_cent_success_rate/.
+1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
+1. Diehl, Stephen. 2021. ‘Blockchainism’. 11 December 2021. https://www.stephendiehl.com/blog/blockchainism.html.
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
+1. White, Molly. 2022a. ‘Blockchain-Based Systems Are Not What They Say They Are’. Molly White (blog). 9 January 2022. https://blog.mollywhite.net/blockchains-are-not-what-they-say/.

concepts/present-value.md

@@ -1,2 +1,4 @@
 # Present Value
-The value of an expected [income](income-cashflows.md) stream determined as of the date of valuation. 
+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).

concepts/price-formation.md

@@ -1,2 +1,4 @@
 # Price Formation
-Price formation is an information-gathering process which ensures that market participants know enough about the prices of the [assets](assets.md) being traded in the [market](market.md), so that they can make rational decisions about the buying and selling of goods and services.
+Price formation is an information-gathering process which ensures that market participants know enough about the prices of the [assets](assets.md) being traded in the [market](market.md), so that they can make rational decisions about the buying and selling of goods and services.
+
+## References

concepts/private-key.md

@@ -1,2 +1,10 @@
 # Private Key
-A cryptographic key, essentially a large number, that within a given cryptosystem gives whoever posses it access the ability to generate a public key and address which is associated with a numerical quantity on a [blockchain](blockchain.md) known as a [wallet](wallet.md) and which imparts the capacity to transact in [cryptoasset](cryptoasset.md) associated with the public key's address. 
+A cryptographic key, essentially a large number, that within a given cryptosystem gives whoever posses it access the ability to generate a public key and address which is associated with a numerical quantity on a [blockchain](blockchain.md) known as a [wallet](wallet.md) and which imparts the capacity to transact in [cryptoasset](cryptoasset.md) associated with the public key's address. 
+
+## References
+1. Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
+1. White, Molly. 2022. ‘Anonymous Cryptocurrency Wallets Are Not So Simple’. Molly White (blog). 12 February 2022. https://blog.mollywhite.net/anonymous-crypto-wallets/.
+1. Bailey, Andrew M., Bradley Rettler, and Craig Warmke. 2021. ‘Philosophy, Politics, and Economics of Cryptocurrency II: The Moral Landscape of Monetary Design’. Philosophy Compass 16 (11): 1–15. https://doi.org/10.1111/phc3.12784.
+1. Harvey, John, and Ines Branco-Illodo. 2020. ‘Why Cryptocurrencies Want Privacy: A Review of Political Motivations and Branding Expressed in “Privacy Coin” Whitepapers’. Journal of Political Marketing 19 (1–2): 107–36. https://doi.org/10.1080/15377857.2019.1652223.
+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.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.

concepts/ransomware.md

@@ -1,2 +1,8 @@
 # Ransomware
-A form of crime involving hijacking of computer systems by which to demand ransoms to be paid to the attacker in the form of [crypto asset](cryptoasset.md).
+A form of crime involving hijacking of computer systems by which to demand ransoms to be paid to the attacker in the form of [crypto asset](cryptoasset.md).
+
+## References
+1. Al-rimy, Bander Ali Saleh, Mohd Aizaini Maarof, and Syed Zainudeen Mohd Shaid. 2018. ‘Ransomware Threat Success Factors, Taxonomy, and Countermeasures: A Survey and Research Directions’. Computers & Security 74: 144–66.
+1. Popper, Nathaniel. 2020. ‘Ransomware Attacks Grow, Crippling Cities and Businesses’. New York Times, February.
+1. Mehrotra, Kartikay. 2020. ‘UCSF Hack Shows Evolving Risks of Ransomware in the Covid Era’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/features/2020-08-19/ucsf-hack-shows-evolving-risks-of-ransomware-in-the-covid-era.
+1. Diehl, Stephen. 2021. ‘The Oncoming Ransomware Storm’. 11 May 2021. https://www.stephendiehl.com/blog/ransomware.html.

concepts/terminal-value.md

@@ -1,2 +1,4 @@
 # Terminal Value
+In quantitative finance, the terminal value of a [financial asset](financial-asset.md) is the [present value](present-value.md) of its [income](income-cashflows.md) at a future point in time (called the *horizon*) of all future cash flows can be estimated.
 
+See also [present value](present-value.md).

concepts/value.md

@@ -1,7 +1,7 @@
 # Value
-Value is a subjective concept which refers to the process by which humans measure the worth of physical goods, services or ideas in terms of a fitness function which assigns subjective or objective measure to the referent. 
+Value is a broad concept of ideas which refer to the process by which humans measure the worth of physical goods, services or ideas in terms of a fitness function which assigns subjective or objective measure to the referent. 
 
-There are many different types of value definitions, but is not exhaustive.
+There are many different types of value definitions that occur in different disciplines. This list is not exhaustive.
 
 * [Market value](market-value.md)
 * [Fundamental value](fundamental-value.md)

concepts/yield-farming.md

@@ -1,4 +1,5 @@
 # Yield Farming
-CDs
+
+See also [CDs](cd.md).
 
 ## References

guide/index.md

@@ -66,6 +66,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 * [Are crypto assets a form of predatory inclusion?](../claims/is-predatory.md)
 * [Is crypto a solution for the unbanked?](/claims/crypto-unbanked.md)
 * [Is crypto providing faster payment rails or better remittance services?](../claims/is-better-payments.md)
+* Are NFTs are good for artists?
 * [What is the narrative economics of crypto assets?](../claims/narrative-economics.md)
 * [Are crypto assets legal?](../claims/is-legal.md)
 * [Are crypto tokens a negative-sum investment?](/claims/negative-sum.md)
@@ -163,6 +164,8 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Reserve currency](../concepts/reserve-currency.md)
 * [Bretton Woods system](../concepts/bretton-woods.md)
 * [Wash trading](../concepts/wash-trading.md)
+* [Non-economic](../concepts/non-economic.md)
+* [Paper wealth](../concepts/paper-wealth.md)
 * [Liquidity pool](../concepts/liquidity-pool.md)
 * [Artificial demand](../concepts/artificial-demand.md)
 * [Financial asset](../concepts/financial-asset.md)

meta/concepts-todo.md

@@ -1,5 +1,4 @@
 # Conceps TODO
-
 First pass
 
 - [x] [keynsian-economics](../concepts/ideologies/keynsian-economics.md)
@@ -21,12 +20,12 @@ First pass
 - [x] [market-maker](../concepts/market-maker.md)
 - [x] [meme-stock](../concepts/meme-stock.md)
 - [x] [moral-hazard](../concepts/moral-hazard.md)
-- [ ] [order-book](../concepts/order-book.md)
+- [x] [order-book](../concepts/order-book.md)
 - [x] [public-goods-problem](../concepts/public-goods-problem.md)
 - [x] [regulatory-capture](../concepts/regulatory-capture.md)
 - [x] [regulatory-arbitrage](../concepts/regulatory-arbitrage.md)
 - [x] [shadow-bank](../concepts/shadow-bank.md)
-- [ ] [terminal-value](../concepts/terminal-value.md)
+- [x] [terminal-value](../concepts/terminal-value.md)
 - [x] [value](../concepts/value.md)
 - [x] [wash-trading](../concepts/wash-trading.md)
 - [x] [web3](../concepts/web3.md)
@@ -67,15 +66,30 @@ Second Pass
 - [ ] [yield-farming](../concepts/yield-farming.md)
 - [x] [stablecoin](../concepts/stablecoin.md)
 - [ ] [capital-formation](../concepts/capital-formation.md)
-- [ ] [commercial-paper](../concepts/commercial-paper.md)
+- [x] [commercial-paper](../concepts/commercial-paper.md)
 - [x] [reserve-currency](../concepts/reserve-currency.md)
 - [x] [pseudonymous](../concepts/pseudonymous.md)
 - [x] [bearer-instrument](../concepts/bearer-instrument.md)
 - [x] [memecoin](../concepts/memecoin.md)
 - [x] [paper-wealth](../concepts/paper-wealth.md)
-- [ ] [endowment-effect](../concepts/endowment-effect.md)
+- [x] [endowment-effect](../concepts/endowment-effect.md)
 - [x] [bandwagon-bias](../concepts/bandwagon-bias.md)
 
+Third pass
+
+- [ ] [artificial-demand](../concepts/artificial-demand.md)
+- [ ] [atomic-swap](../concepts/atomic-swap.md)
+- [ ] [bank-run](../concepts/bank-run.md)
+- [ ] [broker](../concepts/broker.md)
+- [ ] [capital-formation](../concepts/capital-formation.md)
+- [ ] [cds](../concepts/cds.md)
+- [ ] [enclosure](../concepts/enclosure.md)
+- [ ] [ficticious-commodity](../concepts/ficticious-commodity.md)
+- [ ] [market-mania](../concepts/market-mania.md)
+- [ ] [price-risk](../concepts/price-risk.md)
+- [ ] [sanctions-enforcement](../concepts/sanctions-enforcement.md)
+- [ ] [survivorship-bias](../concepts/survivorship-bias.md)
+
 Ideologies
 
 - [ ] [accelerationism](../concepts/ideologies/accelerationism.md)
@@ -84,4 +98,4 @@ Ideologies
 - [ ] [inevitablism](../concepts/ideologies/inevitablism.md)
 - [x] [keynsian-economics](../concepts/ideologies/keynsian-economics.md)
 - [x] [technolibertarianism](../concepts/ideologies/technolibertarianism.md)
-- [x] [technosolutionism](../concepts/ideologies/technosolutionism.md)
+- [x] [technosolutionism](../concepts/ideologies/technosolutionism.md)