Finish NFT concept
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# US Dollar
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The US dollar is the currency of the United States and acts as a [reserve currency](reserve-currency.md) for international commerce. The dollar is the canonical exemplar of *fiat money*. While fiat money has no backing, its efficacy as a currency is measured in terms of its monetary velocity and the amount of bank assets and private debt that is denominated in the currency. This is effectually a measure of its success for a currency's core purpose—to provide a stable and reliable means of exchange as a social-financial technology for enabling economic productivity. The financial historian Adam Tooze writes of the dollar:
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The US dollar is the currency of the United States and acts as a [reserve currency](reserve-currency.md) for international commerce. The dollar is the canonical exemplar of *fiat money*. While fiat money has no backing, its efficacy as a currency is measured in terms of its monetary velocity and the amount of [bank](bank.md) assets and private debt that is denominated in the currency. This is effectually a measure of its success for a currency's core purpose—to provide a stable and reliable means of exchange as a social-financial technology for enabling economic productivity. The financial historian Adam Tooze writes of the dollar:
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> Fiat money 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”
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> Fiat money 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.
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## Properties
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The dollar is a [currency](currency.md).
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The dollar is issued by a [central bank](central-banks.md).
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The dollar is not a [speculative](speculation.md) investment.
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The dollar is [inflationary](inflationary.md).
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The dollar has no [fundamental value](fundamental-value.md).
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The dollar has no [use value](use-value.md).
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The dollar has no [income-cashflows](income-cashflows.md).
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The dollar is not a [speculative](speculation.md) investment.
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The dollar has no [use value](use-value.md).
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The dollar has a [present value](present-value.md) of zero.
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The dollar has a [terminal value](terminal-value.md) of zero.
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@ -27,4 +27,11 @@ The dollar is a [non-productive](productive-asset.md) asset.
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The dollar is not a [security](security.md).
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## References
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* Tooze, A (2021), “Chartbook newsletter #15: Talking and reading about Bitcoin”, accessed online on 15 November 2021 : https://adamtooze.substack.com/p/chartbook-newsletter-15.
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* Tooze, A (2021), “Chartbook newsletter #15: Talking and reading about Bitcoin”, accessed online on 15 November 2021 : https://adamtooze.substack.com/p/chartbook-newsletter-15.
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* Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
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* 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/.
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* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
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* Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
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* Bazzani, Giacomo. 2020. ‘Money as a Tool for Collective Action’. Partecipazione e Conflitto 13 (1): 438–61. https://doi.org/10.1285/i20356609v13i1p438.
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* Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
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* *———. n.d. ‘The Case against Alternative Currencies’. Politics, Philosophy & Economics 0 (0): 1470594X211065784. https://doi.org/10.1177/1470594X211065784.
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Gold is a precious metal sometimes used as investment and historically as coinage for [currency](currency.md).
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## Properties
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Gold has [use value](use-value.md) in jewellery and electronics.
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Gold is a [speculative](speculation.md) investment.
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Gold has no [fundamental value](fundamental-value.md).
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Gold has [use value](use-value.md) in jewellery and electronics.
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Gold has no [income](income-cashflows.md).
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Gold has no [income-cashflows](income-cashflows.md).
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Gold is a [non-productive](productive-asset.md) investment.
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Gold is a [non-productive](productive-asset.md) investment.
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Trading gold is a [zero-sum game](zero-sum-game.md).
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## References
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* Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
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* Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
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# Non Fungible Token
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# Non Fungible Tokens
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A type of [smart contracts](smart-contracts.md) that associates a tradable [crypto asset](cryptoasset.md) with a unique piece of data, often a url to hosted image representing some abstract or perceived notion of ownership in [art](art.md) or [sign value](sign-value.md). Since the tokens have "unique" data associated with the token it is non-fungible unlike other crypto assets which aspire to be a fungible [private money](private-money.md).
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NFTs at their most basic conceptual core are a hyperlink or URL that is itself sold as a tradeable asset where the connection between the concepts of the URL and the [ficticious commodity](ficticious-commodity.md) is generated by the [Tinkerbell effect](tinkerbell-effect.md).
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NFTs at their most basic conceptual core are a hyperlink or URL to a *datum* that is itself sold as a tradeable asset where the connection between the concepts of the URL and the *datum* portrayed as a [ficticious commodity](ficticious-commodity.md) is generated by the [Tinkerbell effect](tinkerbell-effect.md).
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## Redefinition of Ownership
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NFTs have been critized as using an overloaded definition of the word *ownership* to supplant traditional philosophical and legal definitions of the term with an entirely new definition of "ownership" which is intrinscly linked to a specific [blockchain](blockchain.md) concept and not to the perception of the term in wider society. The new definition fractures the canonical notion of ownership from its components of "access" and "assignment" to portend that digital assets—which are infinitely reproducible—admit an entirely new (and incommensurate) definition under the in the presence of "universal access".
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In computer science terms, the NFT definition of "ownership" refers to the process by which an individual field in a [smart contract ](smart-contracts.md) references a [wallet](wallet.md) address on a specific [blockchain](blockchain.md) network.
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## Duplication
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NFTs have been critizied as having no way of guaranteeing uniqueness of the datum or hyperlink. Since multiple NFTs can be created that reference the same artwork there is n canonical guarantee of uniqueness that an NFT purchased is "authentic" and it remains unclear what "authentic" would mean regarding hyperlinks which are infinitely reproducible.
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Two smart contracts which reference the same piece of data or art are effectively identical to each other.
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## Plagiarism
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Given the duplication problem above, many artists have critized NFT sales that involve plagarized versions of art whereby a [pseudonymous](pseudonymous.md) party will "steal" or reference the work of another when deploying the [smart contract](smart-contracts.md) allowing the third party to potentially profit off the work of another with no attribution or royalties paid to the original artist.
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Plagaraism in NFT markets is rampant, largely uncontrolled, and with little to no recourse for those who are the victims of this form of intellectual property theft.
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## Multiple-chains
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The NFT definition of "ownership" has been critized as having no single source of truth since multiple [blockchain](blockchain.md) networks can be created and operated in parallel, and all of which can give rise to independent and potentially conflicting suppositions of ownership for the same piece of data. Given a conflict of this nature, there is no canonical way to say a priori which blockchain network represents the base reality. This presents an intractable logical contradiction at the heart of the definition of NFT redefinition of "ownership".
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## Link Rot
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NFTs have been critized for the fact that the hyperlinks to the data in the [smart contract](smart-contracts.md) do not point to blockchain-hosted data but instead to content served on the open internet on private servers. These servers are themselves are operated by third parties which may cease to exist or serve the content that the NFT points at. When the content goes down the hyperlink is said to *link rot* and the underlying data is no longer accesible by the alleged "owner" of the NFT and now the NFT effectively refers to nothing.
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## Tinkerbell Effect
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NFTs have been critizied as only having value derived from the [tinkerbell effect](tinkerbell-effect.md) attached to the supposition that much of the NFT culture resembles either a [pyramid scheme](pyramid-scheme.md) or [high-control group](high-control-group.md) which is coercive in maintaining a shared delusion amongst members of an in group who have a financial incentive to create a market [bubble](bubble.md).
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## Market Manipulation
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NFTs have been critized as having excessive amounts of [market manipulation](market-manipulation.md), and in particular large demonstrated cases of [wash trading](wash-trading.md) which are now expected and normalized in the market. The presence of these phenomenon makes it difficult to ascertain what (if any) of the [price formation](price-formation.md) is organic versus the work of a coordinated [cartel](cartel.md) attempting to create [asymmetric information](asymmetric-information.md) .
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## Bubble Claims
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NFTs have been critizied as being a [bubble](bubble.md).
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NFTs have been critizied as having a payout structure similar to a [pyramid scheme](pyramid-scheme.md) or [multilevel marketing scheme](mlm.md).
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NFTs have been critizied as being a [bubble](bubble.md).
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## Investment Properties
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NFTs have no [use value](use-value.md).
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NFTs have no [income cashflows](income-cashflows.md).
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## Duplication
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#todo
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## Plagiarism
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#todo
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## Multiple-chains
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#todo
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## Link Rot
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NFTs have been critized as having no relationship to the underlying artwork and being subject to link-rot.
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## Redefinition of Ownership
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#todo
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## Tinkerbell Effect
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#todo
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Trading NFTs is a [zero-sum game](zero-sum-game.md).
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## References
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* Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
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