From d6b5c6856eeb0f0f23f6d10514d9264784fbc4ce Mon Sep 17 00:00:00 2001 From: sdiehl Date: Wed, 23 Mar 2022 13:39:02 +0000 Subject: [PATCH] Tidy up citations and links --- claims/is-better-payments.md | 2 +- claims/is-legal.md | 5 ++--- claims/is-opportunity-cost.md | 2 +- claims/valuation-model.md | 2 +- claims/what-type-of-asset.md | 4 ++-- concepts/bucket-shop.md | 8 +++++++- concepts/regulatory-arbitrage.md | 2 +- concepts/speculation.md | 20 ++++++++++---------- concepts/store-of-value.md | 2 +- 9 files changed, 26 insertions(+), 21 deletions(-) diff --git a/claims/is-better-payments.md b/claims/is-better-payments.md index 5b93de6..15d7250 100644 --- a/claims/is-better-payments.md +++ b/claims/is-better-payments.md @@ -1,7 +1,6 @@ # Is crypto providing faster payment rails or better remittance services? ## References -1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. 1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html. 1. 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. 1. Amato, Massimo, and Luca Fantacci. 2020. A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies. Bocconi University Press. https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx. @@ -11,6 +10,7 @@ 1. ———. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. 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. 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. 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. 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/. 1. ———. 2022b. ‘Anonymous Cryptocurrency Wallets Are Not So Simple’. Molly White (blog). 12 February 2022. https://blog.mollywhite.net/anonymous-crypto-wallets/. diff --git a/claims/is-legal.md b/claims/is-legal.md index 9268b8c..a0a7af7 100644 --- a/claims/is-legal.md +++ b/claims/is-legal.md @@ -2,10 +2,9 @@ Crypto assets are unlicensed [security](../concepts/security.md) contracts for unregulated [speculative](../concepts/speculation.md) investments. The legality of this depends on jurisdiction. ## References -1. Bindseil, Ulrich, Patrick Papsdorf, and Jü rgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. -1. Diehl, Stephen. 2021a. ‘The Political Case for a Blanket Cryptocurrency Ban’. 30 March 2021. https://www.stephendiehl.com/blog/banbitcoin.html. -———. 2021b. ‘How to Destroy Bitcoin’. 13 July 2021. https://www.stephendiehl.com/blog/destroy-bitcoin.html. +1. 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. 1. ‘Guidance on Cryptoassets’. 2019. Financial Conduct Authority. https://www.fca.org.uk/publication/consultation/cp19-03.pdf#page=11. +1. Diehl, Stephen. 2021a. ‘The Political Case for a Blanket Cryptocurrency Ban’. 30 March 2021. https://www.stephendiehl.com/blog/banbitcoin.html. 1. Hacker, Philipp, and Chris Thomale. 2018. ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’. European Company and Financial Law Review 15 (4): 645–96. 1. Huang, Sherena Sheng. 2021. ‘Crypto Assets Regulation in the UK: An Assessment of the Regulatory Effectiveness and Consistency’. Journal of Financial Regulation and Compliance. 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. diff --git a/claims/is-opportunity-cost.md b/claims/is-opportunity-cost.md index 8fb4b98..eada168 100644 --- a/claims/is-opportunity-cost.md +++ b/claims/is-opportunity-cost.md @@ -1,6 +1,6 @@ # Is crypto providing faster payment rails or better remittance services? ## References -1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. +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. Amato, Massimo, and Luca Fantacci. 2020. A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies. Bocconi University Press. https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx. 1. Coeckelbergh, Mark. 2015. Money Machines: Electronic Financial Technologies, Distancing and Responsibility in Global Finance. Routledge. https://doi.org/10.1177/0094306116671949n. diff --git a/claims/valuation-model.md b/claims/valuation-model.md index f494bb4..b56dca6 100644 --- a/claims/valuation-model.md +++ b/claims/valuation-model.md @@ -9,7 +9,7 @@ Other products in [bubble](../concepts/bubble.md) such as tulips or beanie babie ## References 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204. -1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. +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. 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. 1. Stolfi, Jorge. n.d. ‘Bitcoin Is a Ponzi’. Accessed 19 March 2022. https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html. 1. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html. diff --git a/claims/what-type-of-asset.md b/claims/what-type-of-asset.md index 062de95..c2a1565 100644 --- a/claims/what-type-of-asset.md +++ b/claims/what-type-of-asset.md @@ -31,10 +31,10 @@ While crypto assets are securities contracts, they are a pathological form of a 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204. 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. 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. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://web.archive.org/web/20220107084533/https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf. +1. 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. 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. Computerphile. 2018. Why Bitcoin Is Not Cash - Computerphile. https://www.youtube.com/watch?v=p9HH_dFcoLc. 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. +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 diff --git a/concepts/bucket-shop.md b/concepts/bucket-shop.md index a1bc93a..5bf3291 100644 --- a/concepts/bucket-shop.md +++ b/concepts/bucket-shop.md @@ -1,2 +1,8 @@ # Bucket Shop -See also [crypto exchange](crypto-exchange.md). \ No newline at end of file +A *bucket shop* is a type of fraudulent unregulated business which offers a [broker-like](broker.md) service for speculating on purely fictional positions in an [asset](asset) or currency using the funds of unwitting investors. The defining features of this type of fraud is there is no actual transfer or delivery of the underlying [assets](assets.md) allegedly being dealt in. + +Bucket shops were made in illegal in the United States in 1922. Bucket shops are often cited as a major contributing factor to the market crash of 1929 leading the Great Depression. + +See also [crypto exchange](crypto-exchange.md). + +## References \ No newline at end of file diff --git a/concepts/regulatory-arbitrage.md b/concepts/regulatory-arbitrage.md index 3f7c60e..a89f79c 100644 --- a/concepts/regulatory-arbitrage.md +++ b/concepts/regulatory-arbitrage.md @@ -7,7 +7,7 @@ Tax avoidance is a form of [regulatory arbitrage](regulatory-arbitrage.md). ## References 1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98. -1. Bindseil, Ulrich, Patrick Papsdorf, and Jü rgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. +1. 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. 1. Brummer, Chris. 2019. Cryptoassets: Legal, Regulatory, and Monetary Perspectives. Oxford University Press. 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. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387. diff --git a/concepts/speculation.md b/concepts/speculation.md index 1091f70..6f6898c 100644 --- a/concepts/speculation.md +++ b/concepts/speculation.md @@ -4,14 +4,14 @@ Speculation is the taking of a position on an asset with the hope that it will b Some speculators may care little for the [fundamental value](fundamental-value.md) of the asset and instead focus purely on short-term price movements, public sentiment and momentum. ## References -* Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’. -* Komporozos-Athanasiou, Aris. 2022. Speculative Communities: Living with Uncertainty in a Financialized World. University of Chicago Press. https://press.uchicago.edu/ucp/books/book/chicago/S/bo125281793.html. -* Faria, Inês. 2021. ‘When Tales of Money Fail: The Importance of Price, Trust, and Sociality for Cryptocurrency Users’. Journal of Cultural Economy 0 (0): 1–12. https://doi.org/10.1080/17530350.2021.1974070. -* Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. -* Daian, Philip, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. 2019. ‘Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges’. ArXiv Preprint ArXiv:1904.05234. -* Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press. -* 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. -* Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster. -* 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. -* Feher, M. 2018. Rated Agency: Investee Politics in a Speculative Age. Princeton University Press. https://www.zonebooks.org/books/132-rated-agency-investee-politics-in-a-speculative-age. +1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’. +1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster. +1. Komporozos-Athanasiou, Aris. 2022. Speculative Communities: Living with Uncertainty in a Financialized World. University of Chicago Press. https://press.uchicago.edu/ucp/books/book/chicago/S/bo125281793.html. +1. Faria, Inês. 2021. ‘When Tales of Money Fail: The Importance of Price, Trust, and Sociality for Cryptocurrency Users’. Journal of Cultural Economy 0 (0): 1–12. https://doi.org/10.1080/17530350.2021.1974070. +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. Daian, Philip, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. 2019. ‘Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges’. ArXiv Preprint ArXiv:1904.05234. +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. 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. Feher, M. 2018. Rated Agency: Investee Politics in a Speculative Age. Princeton University Press. https://www.zonebooks.org/books/132-rated-agency-investee-politics-in-a-speculative-age. * Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755. \ No newline at end of file diff --git a/concepts/store-of-value.md b/concepts/store-of-value.md index 23a73d7..91e4580 100644 --- a/concepts/store-of-value.md +++ b/concepts/store-of-value.md @@ -5,5 +5,5 @@ A store of value should have a low-variance in its [market value](../concepts/ma ## References 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204. -1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31). +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. 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