From 5ebae006cc497aa8bba41bfa89d6940ba706c810 Mon Sep 17 00:00:00 2001 From: khalilcodes Date: Tue, 19 Jul 2022 02:57:44 +0400 Subject: [PATCH 01/13] [site/img][xs]: add thumbnail --- site/public/img/decentralization-monopolies-thumbnail.jpg | 3 +++ 1 file changed, 3 insertions(+) create mode 100644 site/public/img/decentralization-monopolies-thumbnail.jpg diff --git a/site/public/img/decentralization-monopolies-thumbnail.jpg b/site/public/img/decentralization-monopolies-thumbnail.jpg new file mode 100644 index 0000000..ec57fb8 --- /dev/null +++ b/site/public/img/decentralization-monopolies-thumbnail.jpg @@ -0,0 +1,3 @@ +version https://git-lfs.github.com/spec/v1 +oid sha256:5d8ddd3d4e30fbf3118de0c54838544ffe94d1256bff4170cd52f14c13a9463f +size 100517 From a30a281acf1daeb5ff1fdbfa503531d97af12a02 Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 08:09:29 +0100 Subject: [PATCH 02/13] create samer-hassan.md --- notes/samer-hassan.md | 13 +++++++++++++ 1 file changed, 13 insertions(+) create mode 100644 notes/samer-hassan.md diff --git a/notes/samer-hassan.md b/notes/samer-hassan.md new file mode 100644 index 0000000..ab89773 --- /dev/null +++ b/notes/samer-hassan.md @@ -0,0 +1,13 @@ +--- +title: Samer Hassan & Rufus Pollock on Decentralization, Platform Monopolies and Web3 +date: 2022-07-18 +created: 2022-07-18 +description: "In this episode of our Making Sense of Crypto and Web3 series, we talk with blockchain researcher and expert Samer Hassan. Samer is an academic at Harvard and Universidad Complutense de Madrid in Spain focused on decentralized collaboration. In this episode we talk about decentralization both pre and post blockchain, why platform monopolies like Facebook and Google are so ubiquitous and whether Web3 could help replace them with something fairer, freer and more participatory." +image: /img/decentralization-monopolies-thumbnail.jpg +youtube: https://youtu.be/aYrzK3_vEvU +podcast: https://anchor.fm/life-itself/episodes/Samer-Hassan--Rufus-Pollock-on-Decentralization--Platform-Monopolies-and-Web3-e1lcl38 +featured: false +aliases: notes/samer-hassan.md +--- + +*** From f5af18650a17de8c183a7212257ebe495885e5d0 Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:32:12 +0100 Subject: [PATCH 03/13] Change title to question --- claims/is-bitcoin-currency.md | 6 ++++-- 1 file changed, 4 insertions(+), 2 deletions(-) diff --git a/claims/is-bitcoin-currency.md b/claims/is-bitcoin-currency.md index 4bd241a..167bfa4 100644 --- a/claims/is-bitcoin-currency.md +++ b/claims/is-bitcoin-currency.md @@ -1,4 +1,6 @@ -# Bitcoin cannot function as a currency +# Is bitcoin a currency? +**Bitcoin cannot function as a currency.** + Unlike the namesake of "cryptocurrency" might imply, [bitcoin](../concepts/bitcoin.md) is not a [currency](../concepts/currency.md). It does not fulfil the economic definition of [money](../concepts/money.md). Instead bitcoin is best understood as a [speculative](../concepts/speculation.md) [cryptoasset](../concepts/cryptoasset.md) or [gambling](../concepts/gambling.md) product. Since bitcoin is not issued by a sovereign state or [central-banks](../concepts/central-banks.md) there is no central party to manage the [deflationary](../concepts/deflationary.md) spirals that occur in the [price-formation](../concepts/price-formation.md) of the asset. Therefore it is subject to wild and uncontrollable volatility that makes it unsuitable as a *means of exchange*. No amount of technology can fix the volatility problem as it is a function of the economic design of the asset and its fixed supply. This arises out of the political imaginaries of the [neo-metallism](../notes/neo-metallism.md) school and [Austrian economics](../concepts/austrian-economics.md) that informed the design of the bitcoin to resemble the historical [gold-standard](../concepts/gold-standard.md) and the conception of heterodox ideas of [sound money](../concepts/sound-money.md). @@ -27,4 +29,4 @@ Since bitcoin is [deflationary](../concepts/deflationary.md) it encourages hordi 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. Stinchcombe, Kai. 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. White, Molly. 2022a. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/. -1. ———. 2022b. ‘Cryptocurrency’s Robinhood Effect’. Molly White. 17 February 2022. https://blog.mollywhite.net/cryptocurrencys-robinhood-effect/. \ No newline at end of file +1. ———. 2022b. ‘Cryptocurrency’s Robinhood Effect’. Molly White. 17 February 2022. https://blog.mollywhite.net/cryptocurrencys-robinhood-effect/. From 21c30ecee3195d6f66accecb07cd335171922feb Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:34:08 +0100 Subject: [PATCH 04/13] Fixed title --- claims/is-threat-dollar.md | 8 +++++--- 1 file changed, 5 insertions(+), 3 deletions(-) diff --git a/claims/is-threat-dollar.md b/claims/is-threat-dollar.md index 21383c3..6a2f6cf 100644 --- a/claims/is-threat-dollar.md +++ b/claims/is-threat-dollar.md @@ -1,10 +1,12 @@ -# Bitcoin does not threaten the US dollar as reserve currency +# Does bitcoin threaten the US dollar as reserve currency? + +**Bitcoin does not threaten the US dollar as reserve currency** Crypto assets, such as bitcoin, do not threaten the US dollar as an international [reserve currency](../concepts/reserve-currency.md) currency because they [cannot function as a currency](is-bitcoin-currency.md). To quote financial historian Adam Tooze: > [The dollar] is backed by "nothing" other than the trifling matter of tens of trillions of dollars in private credit, the rule of law and the power of the state, itself inserted into a state system. In other words, the entire structure of global macrofinance. -Since bitcoin cannot be used to issue debt products, denominate contracts or scale to act as a medium of exchange for commerce it lacks *any* of the properties of [money](../concepts/money.md) that a reserve currency would have to fulfil. Bitcoin cannot upend the entire structure of global macrofinance any more than beanie babies or tulip bulbs could. +Since bitcoin cannot be used to issue debt products, denominate contracts or scale to act as a medium of exchange for commerce it lacks *any* of the properties of [money](../concepts/money.md) that a reserve currency would have to fulfil. Bitcoin cannot upend the entire structure of global macrofinance any more than tulip bulbs could. ## 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/. @@ -19,4 +21,4 @@ Since bitcoin cannot be used to issue debt products, denominate contracts or sca 1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21. 1. Olson, Dan. 2022. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g. 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. Stinchcombe, Kai. 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. \ No newline at end of file +1. Stinchcombe, Kai. 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. From 63434e641cbba51ef553d9076bf600a4ec570da3 Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:36:42 +0100 Subject: [PATCH 05/13] reference fix --- claims/is-type-of-asset.md | 3 +-- 1 file changed, 1 insertion(+), 2 deletions(-) diff --git a/claims/is-type-of-asset.md b/claims/is-type-of-asset.md index 5177e96..3ec7e65 100644 --- a/claims/is-type-of-asset.md +++ b/claims/is-type-of-asset.md @@ -25,7 +25,6 @@ While crypto assets are securities contracts, they are a pathological form of a ## References 1. Krugman, Paul. 2018. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30. -1. ———. 2013. ‘Bitcoin Is Evil’. Paul Krugman Blog (blog). 28 December 2013. https://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/. 1. ———. 2021a. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. 1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21. 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204. @@ -38,4 +37,4 @@ While crypto assets are securities contracts, they are a pathological form of a 1. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html. 1. ———. n.d. ‘The Case Against Crypto’. Accessed 17 February 2022. https://www.stephendiehl.com/blog/against-crypto.html. 1. Weisenthal, Joe. n.d. ‘Bitcoin Is a Faith-Based Asset’. Accessed 2 March 2022. https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal. -1. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874. \ No newline at end of file +1. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874. From 32b2ca048fbecb8ee61429d65afa3ebbe8b4fad4 Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:37:39 +0100 Subject: [PATCH 06/13] title update --- claims/is-valuation-model.md | 6 ++++-- 1 file changed, 4 insertions(+), 2 deletions(-) diff --git a/claims/is-valuation-model.md b/claims/is-valuation-model.md index bb93a3b..2344ac5 100644 --- a/claims/is-valuation-model.md +++ b/claims/is-valuation-model.md @@ -1,4 +1,6 @@ -# Crypto assets do not have a verifiable valuation model +# Do crypto assets have a verifiable valuation model? +**Crypto assets do not have a verifiable valuation model** + Crypto tokens have no reliable [valuation method](../concepts/valuation-model.md). It is not possible to develop a theoretical [value](../concepts/value.md) for a crypto token because there is no demand curve generated by a [use case](../concepts/use-value.md) or any [income or cashflows](../concepts/income-cashflows.md) associated with the [security](../concepts/security.md). Crypto tokens have a strictly zero [fundamental value](../concepts/fundamental-value.md) and a [present value](../concepts/present-value.md) of zero because they have zero income. Instead the price of a crypto asset swings about wildly depending on the whims of fluctuating demand, random sentiment and market mania of the larger crypto [bubble](../concepts/bubble.md). Crypto assets are a manifestation of the [greater fool theory](../concepts/greater-fool-theory.md) and the price of a crypto asset is defined simply by what people believe the next "fool" will pay for it. @@ -17,4 +19,4 @@ Other products in [bubble](../concepts/bubble.md) such as tulips or beanie babie 1. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html. 1. Krugman, Paul. 2018a. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30. 1. ———. 2021a. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. -1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21. \ No newline at end of file +1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21. From 91f4807a1f159c210749194cfdbc4334876b4309 Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:38:26 +0100 Subject: [PATCH 07/13] title edit --- claims/is-systemic-risk.md | 5 +++-- 1 file changed, 3 insertions(+), 2 deletions(-) diff --git a/claims/is-systemic-risk.md b/claims/is-systemic-risk.md index ed5f404..8cd184a 100644 --- a/claims/is-systemic-risk.md +++ b/claims/is-systemic-risk.md @@ -1,4 +1,5 @@ -# Crypto assets may pose systemic risk to the larger economy +# Do crypto assets pose systemic risk to the larger economy? +**Crypto assets may pose systemic risk to the larger economy.** Crypto assets do not currently pose a [systemic risk](../concepts/systemic-risk.md) to the United States economy, but may in the future if their growth is left unchecked. Allegedly the [paper wealth](paper-wealth.md) locked up into crypto tokens is allegedly only on the order of the $1 trillion which is inconsequential next to the amount of capital allocated in both the US equities and bond markets. Crypto is still a relatively tiny asset class and a sudden crash in the market, while devastating to individual retail investors, would likely not bring amount much damage to financial institutions or markets as a whole. @@ -8,4 +9,4 @@ In the event of a sudden crash retail investors and the public who have chosen t ## References 1. Nolan, Hamilton. n.d. ‘The Ticking Bomb of Crypto Fascism’. Accessed 21 March 2022. https://inthesetimes.com/article/the-ticking-bomb-of-crypto-fascism. -1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048. \ No newline at end of file +1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048. From f3e6f8d06bde5898dc8e09c22f4c615a83ed5e2d Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:39:03 +0100 Subject: [PATCH 08/13] title fix --- claims/is-digital-gold.md | 6 ++++-- 1 file changed, 4 insertions(+), 2 deletions(-) diff --git a/claims/is-digital-gold.md b/claims/is-digital-gold.md index 540e1c7..2584948 100644 --- a/claims/is-digital-gold.md +++ b/claims/is-digital-gold.md @@ -1,4 +1,6 @@ -# Bitcoin is not the basis for a new gold standard +# Is bitcoin the basis for a new gold standard? +Bitcoin is not the basis for a new gold standard + The neo-metallist claim is that bitcoin can operate as a new asset class which exhibits similar financial properties to [gold](../concepts/gold.md). The strong version of this claim asserts that a new [gold standard](../concepts/gold-standard.md) can be built on top of bitcoin and that this can form the basis for a market economy. These claims do not stand up to scrutiny as bitcoin has no consistent track record of being a reliable store of value, it's price movements are extremely volatile and thus is not a reliable place to store value on long time scales. Bitcoin's price behavior is uncorrelated with gold and is largely correlated with the broader stock market making it an unreliable safe haven in times of market volatility since it is directly exposed to the price action of the Nasdaq. @@ -14,4 +16,4 @@ Even if bitcoin could function as a new gold standard. The [gold-standard](../co 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. Selmi, R., Bouoiyour, J., & Wohar, M. E. (2022). “Digital Gold” and geopolitics. Research in International Business and Finance, 59, 101512. https://doi.org/10.1016/j.ribaf.2021.101512 1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31). -1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001 \ No newline at end of file +1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001 From c5100cd7290973ca90d8b479ece25a486839ae9a Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:39:59 +0100 Subject: [PATCH 09/13] title edit --- claims/is-bubble.md | 6 ++++-- 1 file changed, 4 insertions(+), 2 deletions(-) diff --git a/claims/is-bubble.md b/claims/is-bubble.md index cac0e81..8b73aa3 100644 --- a/claims/is-bubble.md +++ b/claims/is-bubble.md @@ -1,4 +1,6 @@ -# Crypto assets are a bubble +# Are crypto assets a bubble? +**Crypto assets are a bubble.** + Crypto assets have the characterstic price behaviour that resembles many other [bubbles](../concepts/bubble.md) and [market manias](../concepts/madness-crowds.md) throughout history. Bitcoin has been characterised as a [speculative](../concepts/speculation.md) bubble by eight winners of the Nobel Prize in economics. * Paul Krugman @@ -34,4 +36,4 @@ And several notable investors have also described it as a bubble: 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. Krugman, Paul. 2021. ‘The Brutal Truth About Bitcoin’. The New York Times 21. From b72b78da6e5fbcc32705ed6126c3f7a06b9aedd3 Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:42:18 +0100 Subject: [PATCH 10/13] title fix and subjective sentence removed --- claims/is-gambling.md | 8 +++++--- 1 file changed, 5 insertions(+), 3 deletions(-) diff --git a/claims/is-gambling.md b/claims/is-gambling.md index d1ae033..50b5a97 100644 --- a/claims/is-gambling.md +++ b/claims/is-gambling.md @@ -1,5 +1,7 @@ -# Crypto assets are a form of gambling -Purchasing crypto assets is a form of gambling. Crypto assets have no [income](../concepts/income-cashflows.md) and [use value](../concepts/use-value.md) and are [zero-sum games](../concepts/zero-sum-game.md) and thus have no [fundamental value](../concepts/fundamental-value.md). Trying to time the market of crypto assets is equivalent to games of chance and [gambling](../concepts/gambling.md) with a negative [expected return](../concepts/expected-return.md). This is strictly worse behaviour than participating in [price-formation](../concepts/price-formation.md) in the [stock](../concepts/stock.md) and [commodity](../concepts/commodity.md) markets. +# Are crypto assets a form of gambling? +**Crypto assets are a form of gambling** + +Crypto assets have no [income](../concepts/income-cashflows.md) and [use value](../concepts/use-value.md) and are [zero-sum games](../concepts/zero-sum-game.md) and thus have no [fundamental value](../concepts/fundamental-value.md). Trying to time the market of crypto assets is equivalent to games of chance and [gambling](../concepts/gambling.md) with a negative [expected return](../concepts/expected-return.md). Crypto assets are not gambling if one participates in a [cartel](../concepts/cartel.md) which does [pump and dump schemes](../concepts/pump-and-dump.md) or other forms of [market manipulation](../concepts/market-manipulation.md) which uses [asymmetric information](../concepts/asymmetric-information.md) to defraud other market participants. Pump and dump schemes result in a net wealth transfer from the larger [market](../concepts/market.md) to a small set of insiders. @@ -22,4 +24,4 @@ Crypto assets are not gambling if one participates in a [cartel](../concepts/car 1. ———. 2018b. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21. 1. ———. 2021. ‘The Brutal Truth About Bitcoin’. The New York Times 21. 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204. -1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4. \ No newline at end of file +1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4. From e660777054c4003b7e4af7b0083dbfcd7543d55e Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:43:47 +0100 Subject: [PATCH 11/13] title fix --- claims/is-private-money.md | 5 +++-- 1 file changed, 3 insertions(+), 2 deletions(-) diff --git a/claims/is-private-money.md b/claims/is-private-money.md index c179d77..ef24d9a 100644 --- a/claims/is-private-money.md +++ b/claims/is-private-money.md @@ -1,4 +1,5 @@ -# Private money is not desirable +# Is private money desirable? +**Private money is not desirable** The aspirations of some [cryptoasset](../concepts/cryptoasset.md) is to reinvent historical ideas of private money issuance, effectively shifting the control of an alleged currency from the democratically elected officials to the unaccountable individuals in the private sector. Unless one subscribes to extreme forms of [libertarianism](../concepts/libertarianism.md) or [anarchocapitalism](../concepts/anarchocapitalism.md) this is not a desirable state and the historical precedence on private money is one of repeated disasters compared to the normal issuance of money. @@ -22,4 +23,4 @@ Money exists as a platform to enable commerce and disparate competing currencies 1. North, Peter. 2007. Money and Liberation: The Micropolitics of Alternative Currency Movements. University of Minnesota Press. https://www.upress.umn.edu/book-division/books/money-and-liberation. 1. Pacione, Michael. 1997. ‘Local Exchange Trading Systems as a Response to the Globalisation of Capitalism’. Urban Studies 34 (8): 1179–99. https://doi.org/10.1080/0042098975583. 1. Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53. -1. Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499. \ No newline at end of file +1. Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499. From b882ae5bfe5d235ad0926a3805d5298ff583242e Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 14:44:43 +0100 Subject: [PATCH 12/13] title fix --- claims/is-predatory.md | 8 +++++--- 1 file changed, 5 insertions(+), 3 deletions(-) diff --git a/claims/is-predatory.md b/claims/is-predatory.md index b3645b8..31a4974 100644 --- a/claims/is-predatory.md +++ b/claims/is-predatory.md @@ -1,5 +1,7 @@ -# Crypto assets are predatory investments -Crypto assets are a form of predatory financial product. Crypto asset [market making](../concepts/market-maker.md) is subject to extreme forms of [market manipulation](../concepts/market-manipulation.md) not found in other regulated markets. The [price formation](../concepts/price-formation.md) of crypto assets is untethered to any [fundamental value](../concepts/fundamental-value.md) and instead depends purely on the [greater fool theory](../concepts/greater-fool-theory.md). +# Are crypto assets predatory investments? +Crypto assets are a form of predatory financial product. + +Crypto asset [market making](../concepts/market-maker.md) is subject to extreme forms of [market manipulation](../concepts/market-manipulation.md) not found in other regulated markets. The [price formation](../concepts/price-formation.md) of crypto assets is untethered to any [fundamental value](../concepts/fundamental-value.md) and instead depends purely on the [greater fool theory](../concepts/greater-fool-theory.md). The price setting by crypto exchanges and [order book](../concepts/order-book.md) design admits extreme forms of [asymmetric information](../concepts/asymmetric-information.md) which privileges an [economic cartel](../concepts/cartel.md) who can manipulate crypto assets to extract wealth from public from unfair market making. @@ -28,4 +30,4 @@ Crypto assets are thus a form of predatory finance with negative [expected-retur ———. 2018b. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21. 1. ———. 2021a. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. 1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21. -1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204. \ No newline at end of file +1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204. From 6d645d09c89f72ea3fa19030fa869a5eb1fb855e Mon Sep 17 00:00:00 2001 From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com> Date: Tue, 19 Jul 2022 16:04:32 +0100 Subject: [PATCH 13/13] true --- notes/samer-hassan.md | 10 +++++++++- 1 file changed, 9 insertions(+), 1 deletion(-) diff --git a/notes/samer-hassan.md b/notes/samer-hassan.md index ab89773..e0c497c 100644 --- a/notes/samer-hassan.md +++ b/notes/samer-hassan.md @@ -6,8 +6,16 @@ description: "In this episode of our Making Sense of Crypto and Web3 series, we image: /img/decentralization-monopolies-thumbnail.jpg youtube: https://youtu.be/aYrzK3_vEvU podcast: https://anchor.fm/life-itself/episodes/Samer-Hassan--Rufus-Pollock-on-Decentralization--Platform-Monopolies-and-Web3-e1lcl38 -featured: false +featured: true aliases: notes/samer-hassan.md --- *** + +# About + +Samer Hassan is an activist, researcher and teacher, Faculty Associate at Harvard University‘s Berkman Klein Center for Internet and Society, and Associate Professor (“Profesor Titular“) at the Universidad Complutense de Madrid in Spain. + +His focus is on decentralized collaboration and how to build free/open source privacy-aware decentralized systems (e.g. blockchain) that facilitate the sustainability of collaborative communities and social movements (from the Commons paradigm). + +He was awarded EU’s largest individual research grant, an ERC Grant of 1.5M€, to work on Blockchain-based Decentralized Autonomous Organizations (DAOs) for bootstrapping a new type of Collaborative Economy. You can find out more at http://p2pmodels.eu