Finish ESG investing
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# Is bitcoin compatible with ESG investing?
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Bitcoin is not compatible with ESG investing.
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ESG stands for Environmental, Social, and Governance. It is part of a larger global trend where investors are increasingly using non-financial factors as part of their analysis process to identify material risks and growth opportunities in their portfolios.
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Bitcoin is not compatible with ESG investing.
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**Environmental Problems**
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* [Environmental footprint of mining](environmental-footprint.md)
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**Sustainability Problems**
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* [Crypto is a market bubble](is-bubble.md)
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* [Predatory inclusion](is-predatory.md)
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* [Consumer protections](consumer-protections.md)
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* [Bitcoin is not a currency](is-bitcoin-currency.md)
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* [Private money is not sustainable](is-private-money.md)
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* [Crypto is not build a new financial system](is-new-financial-system.md)
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**Governance Problems**
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* [Regulatory arbitrage](../concepts/regulatory-arbitrage.md)
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* [Illicit financing](../concepts/illicit-financing.md)
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* [Money laundering](../concepts/money-laundering.md)
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* [Terrorism financing](../concepts/ctf.md)
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* [Pump and dump schemes](../concepts/pump-and-dump.md)
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* [Market manipulation](../concepts/market-manipulation.md)
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## References
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1. Gallersdörfer, Ulrich, Lena Klaaßen, and Christian Stoll. ‘Accounting for Carbon Emissions Caused by Cryptocurrency and Token Systems’, 2021. https://arxiv.org/abs/2111.06477.
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1. Goodkind, Andrew L., Benjamin A. Jones, and Robert P. Berrens. ‘Cryptodamages: Monetary Value Estimates of the Air Pollution and Human Health Impacts of Cryptocurrency Mining’. Energy Research and Social Science 59, no. March 2019 (2020): 101281. https://doi.org/10.1016/j.erss.2019.101281.
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1. Gallersdörfer, Ulrich, Lena Klaaßen, and Christian Stoll. ‘Accounting for Carbon Emissions Caused by Cryptocurrency and Token Systems’, 2021. https://arxiv.org/abs/2111.06477.
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1. Howson, Peter, and Alex de Vries. ‘Preying on the Poor? Opportunities and Challenges for Tackling the Social and Environmental Threats of Cryptocurrencies for Vulnerable and Low-Income Communities’. Energy Research and Social Science 84, no. xxxx (2022): 102394. https://doi.org/10.1016/j.erss.2021.102394.
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* Silverman, Jacob. n.d. ‘Crypto Is Making Everything Worse’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2022/03/cryptocurrency-bitcoin-speculative-asset-digitization-metaverse.
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1. Küfeoğlu, Sinan, and Mahmut Özkuran. ‘Bitcoin Mining: A Global Review of Energy and Power Demand’. Energy Research and Social Science 58 (2019): 101273. https://doi.org/10.1016/j.erss.2019.101273.
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1. Schinckus, Christophe. ‘The Good, the Bad and the Ugly: An Overview of the Sustainability of Blockchain Technology’. Energy Research and Social Science 69, no. May (2020): 101614. https://doi.org/10.1016/j.erss.2020.101614.
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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.
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1. Vries, Alex de. ‘Bitcoin’s Growing Energy Problem’. Joule 2, no. 5 (2018): 801–5. https://doi.org/10.1016/j.joule.2018.04.016.
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1. Vries, Alex de, and Christian Stoll. ‘Bitcoin’s Growing e-Waste Problem’. Resources, Conservation and Recycling 175, no. September (2021): 105901. https://doi.org/10.1016/j.resconrec.2021.105901.
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@ -74,15 +74,4 @@ Bitcoin is simply one of thousands of crypto assets which use PoW algorithm, inc
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1. Yapa, Charithri, Chamitha de Alwis, and Madhusanka Liyanage. ‘Can Blockchain Strengthen the Energy Internet?’ Network 1, no. 2 (2021): 95–115. https://doi.org/10.3390/network1020007.
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1. Yildizbasi, Abdullah. ‘Blockchain and Renewable Energy: Integration Challenges in Circular Economy Era’. Renewable Energy 176 (2021): 183–97. https://doi.org/10.1016/j.renene.2021.05.053.
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1. Zannini, Alice. ‘Blockchain Technology as the Digital Enabler to Scale up Renewable Energy Communities and Cooperatives in Spain’, 2020.
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1. Zhu, Shuai, Malin Song, Ming Kim Lim, Jianlin Wang, and Jiajia Zhao. ‘The Development of Energy Blockchain and Its Implications for China’s Energy Sector’. Resources Policy 66 (2020): 101595. https://doi.org/10.1016/j.resourpol.2020.101595.
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## References
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* [@de_vries_bitcoins_2018]
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* [@vries_bitcoins_2021]
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* [@de_vries_renewable_2019]
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* [@de_vries_bitcoins_2020]
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* [@badea_economic_2021]
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* [@mora_bitcoin_2018]
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* [@gallersdorfer_energy_2020]
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* [@goodkind_cryptodamages_2020]
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* [@diehl_crypto_2021]
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1. Zhu, Shuai, Malin Song, Ming Kim Lim, Jianlin Wang, and Jiajia Zhao. ‘The Development of Energy Blockchain and Its Implications for China’s Energy Sector’. Resources Policy 66 (2020): 101595. https://doi.org/10.1016/j.resourpol.2020.101595.
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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.
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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.
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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.
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1. Computerphile. 2018. Why Bitcoin Is Not Cash - Computerphile. https://www.youtube.com/watch?v=p9HH_dFcoLc.
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1. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html.
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1. ———. n.d. ‘The Case Against Crypto’. Accessed 17 February 2022. https://www.stephendiehl.com/blog/against-crypto.html.
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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.
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## References
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* [@diehl_intellectual_2021]
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* [@taleb_bitcoin_2021]
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* [@iansiti_truth_2017]
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* [@silverman_crypto_2021]
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* [@krugman_bitcoin_2018]
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* [@weisenthal_bitcoin_nodate]
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* [@fletcher_currency_2013]
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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.
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@ -8,10 +8,4 @@ This is a belief system held by some who participate in [meme stock](../meme-sto
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1. Gerard, David. n.d. ‘Confused About Dogecoin? Here’s How It (Doesn’t) Work.’ Foreign Policy (blog). Accessed 3 March 2022. https://foreignpolicy.com/2021/02/11/dogecoin-how-does-it-work-elon-musk-cryptocurrency/.
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1. Glongloff, Mark. n.d. ‘Bitcoin, GameStop Are More Cults Than Investments’. Bloomberg. Accessed 2 March 2022. https://www.bloomberg.com/opinion/articles/2021-03-02/bitcoin-btc-gamestop-gme-are-more-cults-than-investments.
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1. Klarin, Anton. 2020. ‘The Decade-Long Cryptocurrencies and the Blockchain Rollercoaster: Mapping the Intellectual Structure and Charting Future Directions’. Research in International Business and Finance 51 (March). https://doi.org/10.1016/j.ribaf.2019.101067.
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1. 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.
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## References
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* [@warzel_absurdity_2021]
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* [@weisenthal_bitcoin_nodate]
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* [@olson_problem_2022]
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* [@diehl_gamestop_2021]
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1. 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.
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# Keynsian Economics
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# Keynesian Economics
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Keynesianism refers to a school of economic thought advanced by the British economist John Maynard Keynes in the early 20th century. In his 1936 work *The General Theory of Employment, Interest and Money* outlined a set of macroeconomic theories and models of how aggregate demand which have strongly explanatory power for modelling economic output and inflation. Keynes's work together with the post-war neoclassic school, pioneered by Kenneth Arrow and others, gave rise to what is the mainline branch of modern economics that that focuses on quantitative and empirical models to explain [market](../market.md) phenomenon.
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A definition feature of Keynsian thought is that in the presence of market shocks and business cycles, economies do not naturally stabilize themselves very quickly and thus require active intervention that boosts short-term demand in the economy. Keynsians argue that wages and employment are slower to respond to the needs of the market and require [central banks](../central-banks.md) and governmental intervention to smooth over economic turbulence and mitigate recessions. This school of thought largely influences the modern fiscal interventionist policies of central banks like the Federal Reserve and the European Central Bank in their policies in the post [Bretton Woods](../bretton-woods.md) era.
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A defining feature of Keynsian thought is that in the presence of market shocks and business cycles, economies do not naturally stabilize themselves very quickly and thus require active intervention that boosts short-term demand in the economy. Keynsians argue that wages and employment are slower to respond to the needs of the market and require [central banks](../central-banks.md) and governmental intervention to smooth over economic turbulence and mitigate recessions. This school of thought largely influences the modern fiscal interventionist policies of central banks like the Federal Reserve and the European Central Bank in their policies in the post [Bretton Woods](../bretton-woods.md) era.
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## References
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* Blinder, Alan S. 2018. ‘Keynesian Economics’. Econlib. 5 February 2018. https://www.econlib.org/library/Enc/KeynesianEconomics.html.
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Pre-mines are most often distributed to venture capital firms.
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Pre-mines have been criticised as an obscured form of [pump-and-dump](pump-and-dump.md) scheme.
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Pre-mines have been criticised as an obscured form of [pump and dump](pump-and-dump.md) scheme.
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## References
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* Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
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* Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
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* Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
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* Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
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* Kharif, Olga. 2018. ‘Half of ICOs Die Within Four Months After Token Sales Finalized’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/articles/2018-07-09/half-of-icos-die-within-four-months-after-token-sales-finalized.
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Pump and dump schemes are illegal in most regulated markets such as public stock markets, but are rampant in crypto markets.
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Pump and dump schemes result in a net wealth transfer from the market at large to an economic [cartel](cartel.md).
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Pump and dump schemes result in a net wealth transfer from the market at large to an economic [cartel](cartel.md).
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## References
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* Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
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* Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
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* Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
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* *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
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* Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
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* Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
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* Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
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* Diehl, Stephen. 2021. ‘Et Tu, Signal?’ 7 April 2021. https://www.stephendiehl.com/blog/signal.html.
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* Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.
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# Tinkerbell Effect
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# Tinkerbell Effect
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The Tinkerbell effect is an expression in psychology and finance to describe things that are thought to exist only because people believe in them. Effectively a shared collective delusion at a critical scale.
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See also [high-control group](high-control-group.md), [NFT](nft.md), [bandwagon-bias](bandwagon-bias.md) and [endowment-effect](endowment-effect.md).
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* [Money](/concepts/money.md)
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* [NFT](../concepts/nft.md)
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* [Private money](../concepts/private-money.md)
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* [Deflationary asset](../concepts/deflationary.md)
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* [Sound money](../concepts/sound-money.md)
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* [Ponzi scheme](../concepts/ponzi-scheme.md)
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* [Deflationary asset](../concepts/deflationary.md)
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* [Pump and dumps](../concepts/pump-and-dump.md)
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* [Wash trading](../concepts/wash-trading.md)
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* [Crypto exchanges](/concepts/crypto-exchange.md)
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* [Greater fool theory](../concepts/greater-fool-theory.md)
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* [Memecoins](../concepts/memecoin.md)
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