diff --git a/claims/is-bitcoin-currency.md b/claims/is-bitcoin-currency.md index c4f913a..44a23e3 100644 --- a/claims/is-bitcoin-currency.md +++ b/claims/is-bitcoin-currency.md @@ -1,7 +1,7 @@ # 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/ideologies/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). +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). As evidenced by real world context there are very few businesses that are willing to transact in bitcoin because of the price volatility. Companies that attempt to do this, such as Tesla, effectively issue an [option](../concepts/derivative.md) in which the goods or services payed are quoted at a strike price and if the transaction is reversed or goods returned the amount will be returned to the customer in a different currency at the strike price. This terms commerce into a [security](../concepts/security.md) transaction and is a taxable event. diff --git a/claims/narrative-economics.md b/claims/narrative-economics.md index 6d95520..93f8d0c 100644 --- a/claims/narrative-economics.md +++ b/claims/narrative-economics.md @@ -5,23 +5,23 @@ The economist Robert J. Shiller defines [narrative economics](../concepts/narrat The phenomenon of [cryptoasset](../concepts/cryptoasset.md) and their [bubble](../concepts/bubble.md) nature is largely driven by narratives, which may differ drastically between projects. These narratives speak to different human needs and beliefs that touch upon ideas as vast as culture, [value](../concepts/value.md), money, art, law, identity and politics. -Bitcoin has a [narrative economics](../claims/narrative-economics.md) based on [libertarianism](ideologies/libertarianism.md), [regulatory arbitrage](regulatory-arbitrage.md) and aspirations of [private money](private-money.md). +Bitcoin has a [narrative economics](../claims/narrative-economics.md) based on [libertarianism](../concepts/libertarianism.md), [regulatory arbitrage](regulatory-arbitrage.md) and aspirations of [private money](private-money.md). -Ethereum has a [narrative economics](../claims/narrative-economics.md) based on [technosolutionism](ideologies/technosolutionism.md), [libertarianism](ideologies/libertarianism.md), [regulatory arbitrage](regulatory-arbitrage.md) and aspirations of [private money](private-money.md). +Ethereum has a [narrative economics](../claims/narrative-economics.md) based on [technosolutionism](../concepts/technosolutionism.md), [libertarianism](../concepts/libertarianism.md), [regulatory arbitrage](regulatory-arbitrage.md) and aspirations of [private money](private-money.md). -Dogecoin is an example of a crypto asset with no political imaginaries, no [currency](currency.md) narrative, no pretense of [use value](use-value.md), no [fundamental value](fundamental-value.md), and no narrative economics whatsoever. it is a pure manifestation of the [greater fool theory](greater-fool-theory.md) with an investment thesis rooted purely in [financial nihilism](ideologies/financial-nihilism.md). +Dogecoin is an example of a crypto asset with no political imaginaries, no [currency](currency.md) narrative, no pretense of [use value](use-value.md), no [fundamental value](fundamental-value.md), and no narrative economics whatsoever. it is a pure manifestation of the [greater fool theory](greater-fool-theory.md) with an investment thesis rooted purely in [financial nihilism](../concepts/financial-nihilism.md). ## Narrative Claims * Cypherpunk * Anarchism -* [Libertarianism](../concepts/ideologies/libertarianism.md) -* [Cryptoanarchism](../concepts/ideologies/cryptoanarchism.md) -* [Financial Nihilism](../concepts/ideologies/financial-nihilism.md) -* [Post State Technocracy](../concepts/ideologies/post-state-technocracy.md) +* [Libertarianism](../concepts/libertarianism.md) +* [Cryptoanarchism](../concepts/cryptoanarchism.md) +* [Financial Nihilism](../concepts/financial-nihilism.md) +* [Post State Technocracy](../concepts/post-state-technocracy.md) * [Technolibertarianism](../concepts/idelogies/technolibertarianism.md) -* [Technosolutionism](../concepts/ideologies/technosolutionism.md) -* [Technocollectivism](../concepts/ideologies/techno-collectivism.md) -* [Accelerationism](../concepts/ideologies/accelerationism.md) +* [Technosolutionism](../concepts/technosolutionism.md) +* [Technocollectivism](../concepts/techno-collectivism.md) +* [Accelerationism](../concepts/accelerationism.md) ## References 1. Shiller, Robert J. 2017. ‘Narrative Economics’. American Economic Review 107 (4): 967–1004. diff --git a/claims/weird-culture.md b/claims/weird-culture.md index 7d10f33..d755ab8 100644 --- a/claims/weird-culture.md +++ b/claims/weird-culture.md @@ -1,7 +1,7 @@ # Crypto has a weird subculture The crypto subculture is an example of a self-organizing [high control group](../concepts/high-control-group.md) whose existence organically creates a market mania, [bubble](../concepts/bubble.md) and [narrative economics](../concepts/narrative-economics.md) that entices the public to invest in the asset class or join the group and its subculture. -Since the asset class is [non-productive](../concepts/productive-asset.md) and [negative-sum](negative-sum.md) the crypto scheme entirely depends on attracting new investor inflows based on narratives of "money for nothing" and "easy wealth" that clash with traditional readings of [economics](../concepts/ideologies/keynsian-economics.md). These schemes may also depend on [technosolutionism](../concepts/ideologies/technosolutionism.md) or [libertarianism](../concepts/ideologies/libertarianism.md) to justify bringing more [greater fools](../concepts/greater-fool-theory.md) into the scheme. +Since the asset class is [non-productive](../concepts/productive-asset.md) and [negative-sum](negative-sum.md) the crypto scheme entirely depends on attracting new investor inflows based on narratives of "money for nothing" and "easy wealth" that clash with traditional readings of [economics](../concepts/keynsian-economics.md). These schemes may also depend on [technosolutionism](../concepts/technosolutionism.md) or [libertarianism](../concepts/libertarianism.md) to justify bringing more [greater fools](../concepts/greater-fool-theory.md) into the scheme. Crypto culture depends heavily on a distortion of language to signify belonging to an ingroup and leans heavily on [thought terminating cliches](../concepts/thought-terminating-cliches.md) to quell dissent and rational discourse. Within the crypto [subculture](../claims/weird-culture.md) there are several thought-terminating cliches. diff --git a/claims/what-type-of-asset.md b/claims/what-type-of-asset.md index c2a1565..9ecedfa 100644 --- a/claims/what-type-of-asset.md +++ b/claims/what-type-of-asset.md @@ -18,7 +18,7 @@ While crypto assets are securities contracts, they are a pathological form of a * [Equity](security.md) with no cashflows or dividends * Exchange traded [pyramid scheme](pyramid-scheme.md) * [Derivative](derivative.md) contract with no underlying -* [Libertarian](ideologies/libertarianism.md) performance [art](art.md) +* [Libertarian](../concepts/libertarianism.md) performance [art](art.md) * Self-organizing [Ponzi scheme](ponzi-scheme.md) * Tulip [bubble](../concepts/bubble.md) * [Indulgences](https://en.wikipedia.org/wiki/Indulgence) diff --git a/concepts/ideologies/accelerationism.md b/concepts/accelerationism.md similarity index 100% rename from concepts/ideologies/accelerationism.md rename to concepts/accelerationism.md diff --git a/concepts/ideologies/anarchocapitalism.md b/concepts/anarchocapitalism.md similarity index 100% rename from concepts/ideologies/anarchocapitalism.md rename to concepts/anarchocapitalism.md diff --git a/concepts/asymmetric-information.md b/concepts/asymmetric-information.md index 6291036..d05e6de 100644 --- a/concepts/asymmetric-information.md +++ b/concepts/asymmetric-information.md @@ -1,5 +1,7 @@ # Asymmetric Information Information asymmetry is a condition in [price formation](price-formation.md) and economics transactions where one party has more or better information than the other. This asymmetry creates an imbalance of power in transactions. This can lead to [moral hazard](moral-hazard.md) or entire [markets](market.md) to be inefficient. +See also [broker](broker.md), [front running](front-running.md) and [market manipulation](market-manipulation.md). + ## References 1. Akerlof, George A. "The market for “lemons”: Quality uncertainty and the market mechanism." In Uncertainty in economics, pp. 235-251. Academic Press, 1978. \ No newline at end of file diff --git a/concepts/ideologies/austrian-economics.md b/concepts/austrian-economics.md similarity index 100% rename from concepts/ideologies/austrian-economics.md rename to concepts/austrian-economics.md diff --git a/concepts/bitcoin.md b/concepts/bitcoin.md index d11af26..1b38b91 100644 --- a/concepts/bitcoin.md +++ b/concepts/bitcoin.md @@ -31,7 +31,7 @@ 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 allegedly a [sound money](sound-money.md) in the [Austrian economics](austrian-economics.md) school of thought. Bitcoin is based on [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md). diff --git a/concepts/broker.md b/concepts/broker.md index b0feab0..231bcfb 100644 --- a/concepts/broker.md +++ b/concepts/broker.md @@ -1 +1,8 @@ # Broker +In financial regulation, a broker is a company that acts as an intermediary between individual investors and a [securities](security.md) exchange or [market maker](market-maker.md). + +Crypto exchanges are not regulated as brokers, but instead as [money services businesses](money-services-business.md). + +See also [market maker](market-maker.md) and [regulation](../claims/regulation.md). + +## References \ No newline at end of file diff --git a/concepts/capital-formation.md b/concepts/capital-formation.md index 97c8629..16fad2c 100644 --- a/concepts/capital-formation.md +++ b/concepts/capital-formation.md @@ -1 +1,7 @@ # Capital Formation +A term in macroeconomics to refer to the transfer of savings to [productive](productive-asset.md) endeavours of setting up of financial institutions, private enterprises, fiscal measures, lending activites, development of capital markets, and the development of secondary markets for [financial assets](financial-asset.md). Efficient capital formation is the end goal of [capitalism](capitalism.md) and is a property that developed economies have. + +## References +1. Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012. +1. Fama, Eugene F. "Efficient capital markets: A review of theory and empirical work." The journal of Finance 25, no. 2 (1970): 383-417. +1. Fama, Eugene F., and Kenneth R. French. "Size, value, and momentum in international stock returns." Journal of financial economics 105, no. 3 (2012): 457-472. \ No newline at end of file diff --git a/concepts/ideologies/capitalism.md b/concepts/capitalism.md similarity index 100% rename from concepts/ideologies/capitalism.md rename to concepts/capitalism.md diff --git a/concepts/cd.md b/concepts/cd.md index 80f7316..9a5ef2b 100644 --- a/concepts/cd.md +++ b/concepts/cd.md @@ -1 +1,6 @@ # Certificate Deposit +A certificate of deposit or CD is a type of [financial asset](financial-asset.md) known as a time deposit. CDs are a type of debt instrument over a fixed term (often specified in years) and usually priced at a fixed interest rate. The issuer of a CD to be held until maturity, at which time they can be withdrawn and interest paid. + +See also [deposit](deposit.md), [assets](assets.md), and [financial asset](financial-asset.md). + +## References \ No newline at end of file diff --git a/concepts/ideologies/cryptoanarchism.md b/concepts/cryptoanarchism.md similarity index 96% rename from concepts/ideologies/cryptoanarchism.md rename to concepts/cryptoanarchism.md index e82604d..daa15dc 100644 --- a/concepts/ideologies/cryptoanarchism.md +++ b/concepts/cryptoanarchism.md @@ -9,7 +9,7 @@ The idea revolves around the politics that individuals are self-sovereign and th The ideas behind [bitcoin](../bitcoin.md) can be traced to another seminal work *The Crypto Anarchist Manifesto*. -See also [anarchocapitalism](anarchocapitalism.md), [libertarianism](libertarianism.md) and [post-state technocracy](../../notes/post-state-technocracy.md). +See also [anarchocapitalism](../anarchocapitalism.md), [libertarianism](libertarianism.md) and [post-state technocracy](../../notes/post-state-technocracy.md). ## References * May, Tim. 1994. ‘Cyphernomicon’. diff --git a/concepts/deposit-insurance.md b/concepts/deposit-insurance.md index dc7814e..0d60c0a 100644 --- a/concepts/deposit-insurance.md +++ b/concepts/deposit-insurance.md @@ -1,4 +1,6 @@ # Deposit Insurance Insurance a bank holds against its [deposit](deposit.md) to protect depositors from losses by insolvent banks. Instead of being mutualized deposits are backed by a [central banks](central-banks.md). -See also [bank run](bank-run.md). \ No newline at end of file +See also [bank run](bank-run.md) and [mutualization](mutualization.md). + +## References \ No newline at end of file diff --git a/concepts/ideologies/financial-nihilism.md b/concepts/financial-nihilism.md similarity index 92% rename from concepts/ideologies/financial-nihilism.md rename to concepts/financial-nihilism.md index 387b733..2545ed2 100644 --- a/concepts/ideologies/financial-nihilism.md +++ b/concepts/financial-nihilism.md @@ -1,5 +1,5 @@ # Financial Nihilism -A philosophy on investing and markets in which [value](../value.md) does not exist or is inherently unknowable. The claims of this ideology stems from an underlying belief that [markets](../market.md) have no purpose and cannot or does not exist to do [price formation](../price-formation.md) on [assets](../assets.md) because of a belief that [capitalism](capitalism.md) does not work. +A philosophy on investing and markets in which [value](../value.md) does not exist or is inherently unknowable. The claims of this ideology stems from an underlying belief that [markets](../market.md) have no purpose and cannot or does not exist to do [price formation](../price-formation.md) on [assets](../assets.md) because of a belief that [capitalism](../capitalism.md) does not work. This is a belief system held by some who participate in [meme stock](../meme-stock.md) and [meme coin](../memecoin.md) projects. diff --git a/concepts/front-running.md b/concepts/front-running.md index 6d81b5c..36beffc 100644 --- a/concepts/front-running.md +++ b/concepts/front-running.md @@ -1 +1,9 @@ -# Front running \ No newline at end of file +# Front running +The practice in malicious [market making](market-maker.md) of dealing on advance [asymmetric information](asymmetric-information.md) provided by their brokers and investment analysts before their clients have been given the information. + +Front running is illegal in the United States when trading [securities](security.md). + +See also [broker](broker.md), [asymmetric information](asymmetric-information.md), [market manipulation](market-manipulation.md) and [price-formation](price formation.md). + +## References +1. Akerlof, George A. "The market for “lemons”: Quality uncertainty and the market mechanism." In Uncertainty in economics, pp. 235-251. Academic Press, 1978. \ No newline at end of file diff --git a/concepts/gold-standard.md b/concepts/gold-standard.md index b2f7bca..9e0d617 100644 --- a/concepts/gold-standard.md +++ b/concepts/gold-standard.md @@ -1,5 +1,5 @@ # Gold Standard -A monetary standard for a [currency](currency.md) based on precious metal [commodities](commodity.md), espoused as [sound money](sound-money.md) in [Austrian economics](ideologies/austrian-economics.md). +A monetary standard for a [currency](currency.md) based on precious metal [commodities](commodity.md), espoused as [sound money](sound-money.md) in [Austrian economics](austrian-economics.md). ## Criticisms diff --git a/concepts/ideologies/inevitablism.md b/concepts/inevitablism.md similarity index 100% rename from concepts/ideologies/inevitablism.md rename to concepts/inevitablism.md diff --git a/concepts/ideologies/keynsian-economics.md b/concepts/keynsian-economics.md similarity index 100% rename from concepts/ideologies/keynsian-economics.md rename to concepts/keynsian-economics.md diff --git a/concepts/ideologies/libertarianism.md b/concepts/libertarianism.md similarity index 95% rename from concepts/ideologies/libertarianism.md rename to concepts/libertarianism.md index d319df4..378943c 100644 --- a/concepts/ideologies/libertarianism.md +++ b/concepts/libertarianism.md @@ -3,7 +3,7 @@ A political ideology that aims to minimize the role of government in the lives o Libertarians generally believe in a minimal nation state whose role exists to provide for public defense, the rule of law, and to enforce civil contract law. -See also [technosolutionism](technosolutionism.md), [cryptoanarchism](cryptoanarchism.md) and [post-state technocracy](../../notes/post-state-technocracy.md). +See also [technosolutionism](technosolutionism.md), [cryptoanarchism](../cryptoanarchism.md) and [post-state technocracy](../../notes/post-state-technocracy.md). ## References * Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8. diff --git a/concepts/ideologies/market-fundamentalism.md b/concepts/market-fundamentalism.md similarity index 87% rename from concepts/ideologies/market-fundamentalism.md rename to concepts/market-fundamentalism.md index 28f4ac9..e8349ee 100644 --- a/concepts/ideologies/market-fundamentalism.md +++ b/concepts/market-fundamentalism.md @@ -1,5 +1,5 @@ # Market Fundamentalism -The belief that [market](../market.md) are inevitable and desirable feature of [capitalism](capitalism.md) and that efficient and transparent [market making](../market-maker.md) enables capital formation and general public prosperity. +The belief that [market](../market.md) are inevitable and desirable feature of [capitalism](../capitalism.md) and that efficient and transparent [market making](../market-maker.md) enables capital formation and general public prosperity. Often coincides with the belief that [market manipulation](../market-manipulation.md), [asymmetric information](../asymmetric-information.md), and [cartels](../cartel.md) in markets is undesirable because these phenomenon destroy trust in markets and inhibit [price formation](../price-formation.md). diff --git a/concepts/ideologies/marxism.md b/concepts/marxism.md similarity index 84% rename from concepts/ideologies/marxism.md rename to concepts/marxism.md index 0e2d847..62862e1 100644 --- a/concepts/ideologies/marxism.md +++ b/concepts/marxism.md @@ -1,5 +1,5 @@ # Marxism -A political ideology rooted in the ideas of Karl Marx which asserts the inherent intellectual contradictions at the heart of [capitalism](capitalism.md) and [market](../market.md). Marx defines a heterodox reading of [value](../value.md) based on philosophy and history and attempts to derive a new system in which [price-formation](../price-formation.md) can occur without the existing superstructure of capitalism. +A political ideology rooted in the ideas of Karl Marx which asserts the inherent intellectual contradictions at the heart of [capitalism](../capitalism.md) and [market](../market.md). Marx defines a heterodox reading of [value](../value.md) based on philosophy and history and attempts to derive a new system in which [price-formation](../price-formation.md) can occur without the existing superstructure of capitalism. See also [[commodity fetishism]] and [sign value](../sign-value.md). diff --git a/concepts/meme-stock.md b/concepts/meme-stock.md index 98c9a69..18c55c4 100644 --- a/concepts/meme-stock.md +++ b/concepts/meme-stock.md @@ -1,7 +1,7 @@ # 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). +See also [financial nihilism](financial-nihilism.md). ## Examples * Gamestop diff --git a/concepts/memecoin.md b/concepts/memecoin.md index 3108b76..146c569 100644 --- a/concepts/memecoin.md +++ b/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) and [financial nihilism](ideologies/financial-nihilism.md). +See [dogecoin](dogecoin.md) and [financial nihilism](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. diff --git a/concepts/mlm.md b/concepts/mlm.md index a68a3bf..ddc7811 100644 --- a/concepts/mlm.md +++ b/concepts/mlm.md @@ -1,2 +1,18 @@ # Multi-level Marketing Scheme -Is a form of [pyramid-scheme](pyramid-scheme.md). \ No newline at end of file +A multilevel marketing scheme is a type of [pyramid scheme](pyramid-scheme.md) where participants are recruited into a "direct selling" program in which requires participants to purchase a fixed quantity of a product and sell it directly on a peer to peer basis to their friends and family. Participants are also typically disproportionately rewarded from recruiting other participants into the scheme who themselves must purchase products from the company, thus creating the requirement for an infinite chain of [greater fools](greater-fool-theory.md) that must enter into the scheme in order for participants to recoup their loses. + +Because of [regulatory capture](regulatory-capture.md) some MLM schemes are legal in the United States, although others have been shut down as illeal pyramid schemes. MLM schemes are largely perceived as being a form of predatory investing that preys on financially disadvantaged and marginalised groups who have been [shut out](predatory-inclusion.md) of other opportunities. + +See also [Pyramid scheme](pyramid-scheme.md), [Ponzi scheme](ponzi-scheme.md), and [zero-sum game](zero-sum-game.md). + +## References +1. Krugman, Paul. 2018. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30. https://www.seattletimes.com/opinion/bitcoin-is-basically-a-ponzi-scheme/. +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. Sohale Andrus Mortazvi. n.d. ‘Cryptocurrency Is a Giant Ponzi Scheme’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2022/01/cryptocurrency-scam-blockchain-bitcoin-economy-decentralization. +1. ‘Why Bitcoin Is Worse than a Madoff-Style Ponzi Scheme | Financial Times’. n.d. Accessed 20 March 2022. https://www.ft.com/content/83a14261-598d-4601-87fc-5dde528b33d0. +1. ‘Bitcoin Pyramid Schemes Wreak Havoc on Brazil’s “New Egypt”’. 2022. AP NEWS. 22 January 2022. https://apnews.com/article/cryptocurrency-technology-business-brazil-bitcoin-2dc801e5e3aa477ce7983d84dc8a64bb. +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. Bartoletti, Massimo, Salvatore Carta, Tiziana Cimoli, and Roberto Saia. 2020. ‘Dissecting Ponzi Schemes on Ethereum: Identification, Analysis, and Impact’. Future Generation Computer Systems 102: 259–77. +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. Moore, Tyler, Jie Han, and Richard Clayton. 2012. ‘The Postmodern Ponzi Scheme: Empirical Analysis of High-Yield Investment Programs’. In Financial Cryptography and Data Security, edited by Angelos D. Keromytis, 7397:41–56. Lecture Notes in Computer Science. Berlin, Heidelberg: Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-32946-3_4. +1. [Investor.gov Ponzi Scheme](https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme) \ No newline at end of file diff --git a/concepts/mutualization.md b/concepts/mutualization.md index ed70d84..e159462 100644 --- a/concepts/mutualization.md +++ b/concepts/mutualization.md @@ -1 +1,6 @@ # Mutualization +In finance, the *mutualization* of risk is the process of dividing up exposure to potential risk or financial losses among many or all shareholders in a financial structure. + +See also [deposit insurance](deposit-insurance.md) and [bank run](bank-run.md). + +## References \ No newline at end of file diff --git a/concepts/ideologies/post-state-technocracy.md b/concepts/post-state-technocracy.md similarity index 98% rename from concepts/ideologies/post-state-technocracy.md rename to concepts/post-state-technocracy.md index e553b6f..3746f0c 100644 --- a/concepts/ideologies/post-state-technocracy.md +++ b/concepts/post-state-technocracy.md @@ -1,7 +1,7 @@ # Post-state Technocracy The political ideology that [blockchain](../blockchain.md) and [cryptoasset](../cryptoasset.md) are a tool to dismantle nation states and install a form of anarchism in which governance and institutions are replaced with technology and a new global transnational plutocracy of those holding crypto assets. -See also [technosolutionism](technosolutionism.md), [cryptoanarchism](cryptoanarchism.md) and [libertarianism](libertarianism.md). +See also [technosolutionism](technosolutionism.md), [cryptoanarchism](../cryptoanarchism.md) and [libertarianism](../libertarianism.md). ## References * Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98. diff --git a/concepts/sound-money.md b/concepts/sound-money.md index 3b022e8..573d813 100644 --- a/concepts/sound-money.md +++ b/concepts/sound-money.md @@ -1,7 +1,7 @@ # Sound Money -An [Austrian economics](ideologies/austrian-economics.md) philosophy that an idealized [currency](currency.md) should be backed by a finite unchanging supply and fixed supply of a [commodity](commodity.md), or more recently a [cryptoasset](cryptoasset.md). +An [Austrian economics](austrian-economics.md) philosophy that an idealized [currency](currency.md) should be backed by a finite unchanging supply and fixed supply of a [commodity](commodity.md), or more recently a [cryptoasset](cryptoasset.md). -See [gold standard](gold-standard.md) and [libertarianism](ideologies/libertarianism.md). +See [gold standard](gold-standard.md) and [libertarianism](libertarianism.md). ## References * Doctorow, Cory. 2022. ‘Money Is Power’. 3 February 2022. https://pluralistic.net/2022/02/03/liquidation-preference/. diff --git a/concepts/ideologies/techno-collectivism.md b/concepts/techno-collectivism.md similarity index 100% rename from concepts/ideologies/techno-collectivism.md rename to concepts/techno-collectivism.md diff --git a/concepts/techno-obscurantism.md b/concepts/techno-obscurantism.md index 23beebf..149d1a3 100644 --- a/concepts/techno-obscurantism.md +++ b/concepts/techno-obscurantism.md @@ -1,4 +1,4 @@ # Techno-obscurantism -The use of deliberately obtuse or confusing technical jargon as a means to promote investment scams. Often used in projects that promote [ICO](ico.md) tokens or proposed [technosolutionism](ideologies/technosolutionism.md) projects +The use of deliberately obtuse or confusing technical jargon as a means to promote investment scams. Often used in projects that promote [ICO](ico.md) tokens or proposed [technosolutionism](technosolutionism.md) projects See [ICO](ico.md). \ No newline at end of file diff --git a/concepts/ideologies/technolibertarianism.md b/concepts/technolibertarianism.md similarity index 86% rename from concepts/ideologies/technolibertarianism.md rename to concepts/technolibertarianism.md index a8b2a64..da2d36b 100644 --- a/concepts/ideologies/technolibertarianism.md +++ b/concepts/technolibertarianism.md @@ -1,10 +1,10 @@ # Technolibertarianism - Technolibertarianism is an extension of [libertarianism](libertarianism.md) with the belief that technology is a liberatory force to ensure civil liberties, encourage the operation of free markets without government intervention and avoid over-regulation. + Technolibertarianism is an extension of [libertarianism](../libertarianism.md) with the belief that technology is a liberatory force to ensure civil liberties, encourage the operation of free markets without government intervention and avoid over-regulation. Technolibertarianism is particularly aligned with the use of cryptography, [cryptoasset](../cryptoasset.md) and [censorship-resistence](../censorship-resistence.md) tools to protect against what they see as government overreach into the financial lives of citizens. The ideology is predicated on a distrust of institutions and command-and-control structures, and a preference for technical solutions with philosophical appeals to [decentralization](../decentralization.md). -See also [cryptoanarchism](cryptoanarchism.md), [libertarianism](libertarianism.md), and [post-state-technocracy](../../notes/post-state-technocracy.md). +See also [cryptoanarchism](../cryptoanarchism.md), [libertarianism](../libertarianism.md), and [post-state-technocracy](../../notes/post-state-technocracy.md). ## References * Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8. diff --git a/concepts/ideologies/technosolutionism.md b/concepts/technosolutionism.md similarity index 96% rename from concepts/ideologies/technosolutionism.md rename to concepts/technosolutionism.md index caf3369..3dea1b9 100644 --- a/concepts/ideologies/technosolutionism.md +++ b/concepts/technosolutionism.md @@ -1,7 +1,7 @@ # Technosolutionism Technosolutionism is belief and broader ideology that every social, political and access problem has a solution based in development of new technology. -See also [technocollectivism](techno-collectivism.md). +See also [technocollectivism](../techno-collectivism.md). ## References diff --git a/guide/index.md b/guide/index.md index 3c3077f..43e2899 100644 --- a/guide/index.md +++ b/guide/index.md @@ -124,18 +124,18 @@ Understand crypto and "web3" in terms of recent news events and interviews and e Explore crypto and "web3" in terms of different perspectives on politics and economics. -* [Market Fundamentalism](../concepts/ideologies/market-fundamentalism.md) -* [Financial Nihilism](../concepts/ideologies/financial-nihilism.md) -* [Austrian Economics](../concepts/ideologies/austrian-economics.md) -* [Post State Technocracy](../concepts/ideologies/post-state-technocracy.md) -* [Libertarianism](../concepts/ideologies/libertarianism.md) -* [Technolibertarianism](../concepts/ideologies/technolibertarianism.md) -* [Cryptoanarchism](../concepts/ideologies/cryptoanarchism.md) -* [Anarchocapitalism](../concepts/ideologies/anarchocapitalism.md) -* [Keynsian Economics](../concepts/ideologies/keynsian-economics.md) -* [Technosolutionism](../concepts/ideologies/technosolutionism.md) -* [Technocollectivism](../concepts/ideologies/techno-collectivism.md) -* [Accelerationism](../concepts/ideologies/accelerationism.md) +* [Market Fundamentalism](../concepts/market-fundamentalism.md) +* [Financial Nihilism](../concepts/financial-nihilism.md) +* [Austrian Economics](../concepts/austrian-economics.md) +* [Post State Technocracy](../concepts/post-state-technocracy.md) +* [Libertarianism](../concepts/libertarianism.md) +* [Technolibertarianism](../concepts/technolibertarianism.md) +* [Cryptoanarchism](../concepts/cryptoanarchism.md) +* [Anarchocapitalism](../concepts/anarchocapitalism.md) +* [Keynsian Economics](../concepts/keynsian-economics.md) +* [Technosolutionism](../concepts/technosolutionism.md) +* [Technocollectivism](../concepts/techno-collectivism.md) +* [Accelerationism](../concepts/accelerationism.md) *** @@ -148,6 +148,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla * [Artificial scarcity](/concepts/artificial-scarcity.md) * [Asymmetric information](/concepts/asymmetric-information.md) * [Central banks](/concepts/central-banks.md) +* [Capital formation](../concepts/capital-formation.md) * [Currency](/concepts/currency.md) * [Currency peg](/concepts/currency-peg.md) * [Free rider problem](/concepts/free-rider-problem.md) diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md index 0efa64f..9453225 100644 --- a/meta/concepts-todo.md +++ b/meta/concepts-todo.md @@ -1,14 +1,14 @@ # Conceps TODO First pass -- [x] [keynsian-economics](../concepts/ideologies/keynsian-economics.md) -- [x] [libertarianism](../concepts/ideologies/libertarianism.md) +- [x] [keynsian-economics](../concepts/keynsian-economics.md) +- [x] [libertarianism](../concepts/libertarianism.md) - [x] [market-fundamentalism](../notes/market-fundamentalism.md) -- [x] [marxism](../concepts/ideologies/marxism.md) -- [x] [post-state-technocracy](../concepts/ideologies/post-state-technocracy.md) -- [x] [techno-collectivism](../concepts/ideologies/techno-collectivism.md) -- [x] [technolibertarianism](../concepts/ideologies/technolibertarianism.md) -- [x] [technosolutionism](../concepts/ideologies/technosolutionism.md) +- [x] [marxism](../concepts/marxism.md) +- [x] [post-state-technocracy](../concepts/post-state-technocracy.md) +- [x] [techno-collectivism](../concepts/techno-collectivism.md) +- [x] [technolibertarianism](../concepts/technolibertarianism.md) +- [x] [technosolutionism](../concepts/technosolutionism.md) - [x] [aml](../concepts/aml.md) - [x] [censorship-resistence](../concepts/censorship-resistence.md) - [x] [defi](../concepts/defi.md) @@ -37,8 +37,8 @@ Second Pass - [x] [artificial-scarcity](../concepts/artificial-scarcity.md) - [x] [assets](../concepts/assets.md) - [x] [bretton-woods](../concepts/bretton-woods.md) -- [ ] [broker](../concepts/broker.md) -- [ ] [cd](../concepts/cd.md) +- [x] [broker](../concepts/broker.md) +- [x] [cd](../concepts/cd.md) - [x] [commodity](../concepts/commodity.md) - [ ] [counterparty-risk](../concepts/counterparty-risk.md) - [ ] [cross-bridges](../concepts/cross-bridges.md) @@ -51,15 +51,15 @@ Second Pass - [x] [illicit-financing](../concepts/illicit-financing.md) - [x] [mixer](../concepts/mixer.md) - [x] [mining](../concepts/mining.md) -- [ ] [money-services-business](../concepts/money-services-business.md) -- [ ] [mutualization](../concepts/mutualization.md) +- [x] [money-services-business](../concepts/money-services-business.md) +- [x] [mutualization](../concepts/mutualization.md) - [x] [narrative-economics](../concepts/narrative-economics.md) -- [ ] [order-book](../concepts/order-book.md) +- [x] [order-book](../concepts/order-book.md) - [ ] [platform-risk](../concepts/platform-risk.md) - [ ] [capital-formation](../concepts/capital-formation.md) - [x] [private-key](../concepts/private-key.md) -- [ ] [pyramid-scheme](../concepts/pyramid-scheme.md) -- [ ] [mlm](../concepts/mlm.md) +- [x] [pyramid-scheme](../concepts/pyramid-scheme.md) +- [x] [mlm](../concepts/mlm.md) - [ ] [rtgs](../concepts/rtgs.md) - [ ] [staking](../concepts/staking.md) - [x] [systemic-risk](../concepts/systemic-risk.md) @@ -80,24 +80,24 @@ 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) +- [x] [broker](../concepts/broker.md) +- [x] [capital-formation](../concepts/capital-formation.md) +- [x] [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) -- [ ] [bucket-shop](../concepts/bucket-shop.md) +- [x] [bucket-shop](../concepts/bucket-shop.md) - [ ] [front-running](../concepts/front-running.md) Ideologies -- [ ] [accelerationism](../concepts/ideologies/accelerationism.md) -- [ ] [capitalism](../concepts/ideologies/capitalism.md) -- [x] [cryptoanarchism](../concepts/ideologies/cryptoanarchism.md) -- [ ] [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) +- [ ] [accelerationism](../concepts/accelerationism.md) +- [ ] [capitalism](../concepts/capitalism.md) +- [x] [cryptoanarchism](../concepts/cryptoanarchism.md) +- [ ] [inevitablism](../concepts/inevitablism.md) +- [x] [keynsian-economics](../concepts/keynsian-economics.md) +- [x] [technolibertarianism](../concepts/technolibertarianism.md) +- [x] [technosolutionism](../concepts/technosolutionism.md) diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md index 67cb846..f9bf127 100644 --- a/notes/market-fundamentalism.md +++ b/notes/market-fundamentalism.md @@ -6,7 +6,7 @@ https://www.youtube.com/watch?v=K5JtPTyc0y0 ## Topic -[market-fundamentalism](../concepts/ideologies/market-fundamentalism.md) +[market-fundamentalism](../concepts/market-fundamentalism.md) ## Summary diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md index 298c260..bd59924 100644 --- a/notes/neo-metallism.md +++ b/notes/neo-metallism.md @@ -59,7 +59,7 @@ Bernanke, Ben S., and Harold James. "The gold standard, deflation, and financial ## Concepts Covered * [gold-standard](../concepts/gold-standard.md) -* [austrian-economics](../concepts/ideologies/austrian-economics.md) +* [austrian-economics](../concepts/austrian-economics.md) * [bitcoin](../concepts/bitcoin.md) * [bubble](../concepts/bubble.md) * [commodity](../concepts/commodity.md) diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md index 09c484a..3e4b1b4 100644 --- a/notes/post-state-technocracy.md +++ b/notes/post-state-technocracy.md @@ -5,7 +5,7 @@ In episode #4 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S * Youtube: https://www.youtube.com/watch?v=gZ0iCJkM3PU * Podcast: https://anchor.fm/life-itself/episodes/On-Web3-and-Post-State-Technocracy-with-Stephen-Diehl--Rufus-Pollock-e1g4cpe -* Wiki Topic: [Post-state technocracy](../concepts/ideologies/post-state-technocracy.md) +* Wiki Topic: [Post-state technocracy](../concepts/post-state-technocracy.md) *** @@ -140,14 +140,14 @@ In episode #4 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S ## Concepts Covered * [post-state-technocracy](post-state-technocracy.md) -* [cryptoanarchism](../concepts/ideologies/cryptoanarchism.md) -* [technosolutionism](../concepts/ideologies/technosolutionism.md) +* [cryptoanarchism](../concepts/cryptoanarchism.md) +* [technosolutionism](../concepts/technosolutionism.md) * [public-goods-problem](../concepts/public-goods-problem.md) * [narrative-economics](../concepts/narrative-economics.md) * [public-goods-problem](../concepts/public-goods-problem.md) * [free-rider-problem](../concepts/free-rider-problem.md) * [private-money](../concepts/private-money.md) -* [anarchocapitalism](../concepts/ideologies/anarchocapitalism.md) +* [anarchocapitalism](../concepts/anarchocapitalism.md) *** diff --git a/notes/recent-events.md b/notes/recent-events.md index 98a1952..7e4dc77 100644 --- a/notes/recent-events.md +++ b/notes/recent-events.md @@ -44,7 +44,7 @@ March 4, 2022 https://www.ft.com/content/879ae372-bb3b-4aa1-a264-ce32304a77d9 -See: [web3](../concepts/web3.md) | [speculation](../concepts/speculation.md) | [technolibertarianism](../concepts/ideologies/technolibertarianism.md) +See: [web3](../concepts/web3.md) | [speculation](../concepts/speculation.md) | [technolibertarianism](../concepts/technolibertarianism.md) *** diff --git a/site/content/about.md b/site/content/about.md index 136b40f..5819813 100644 --- a/site/content/about.md +++ b/site/content/about.md @@ -14,7 +14,7 @@ We will be steel-manning the key claims made by proponents of web3 through consc **Web3 & crypto has become a massive phenomenon** with very big claims made about its actual and potential impact. Claims that go far beyond traditional technology boosterism (better, faster) to claims for radical transformation (and improvement) of our economic and social systems – for example, web3 is revolutionary for X where X is everything from [money](../../concepts/money.md) and the economy to governance to funding [public goods](../../concepts/public-goods-problem.md) like (open) software, carbon removal etc. -**Controversial and polarizing**: At the same time, there is an exceptional level of disagreement about these claims, even on basic points or definitions. The topic is highly controversial and even polarizing, with strong pro and anti camps. For example, within tech it is one of the most controversial topics we have ever seen and, significantly, disagreement cuts across classic ideological lines -- there are pro/anti [libertarian](../../concepts/ideologies/libertarianism.md) as well as pro/anti [socialists](../../concepts/ideologies/marxism.md). +**Controversial and polarizing**: At the same time, there is an exceptional level of disagreement about these claims, even on basic points or definitions. The topic is highly controversial and even polarizing, with strong pro and anti camps. For example, within tech it is one of the most controversial topics we have ever seen and, significantly, disagreement cuts across classic ideological lines -- there are pro/anti [libertarian](../../concepts/libertarianism.md) as well as pro/anti [socialists](../../concepts/marxism.md). **Evaluation and sensemaking are hard**: Finally, and relatedly, this topic exists at the confluence of several major areas of thought: computer science, economics, political economy, law. These topics are a) complex b) largely synthetic not analytic. As a result, few people have enough time and/or expertise to really delve into them sufficiently, especially those who would normally play a major role in our collective sensemaking such as journalists. In short, this is a topic that is difficult to grok/analyse and do collective sensemaking for. diff --git a/site/content/test.md b/site/content/test.md index 1c6ed40..a884184 100644 --- a/site/content/test.md +++ b/site/content/test.md @@ -1,5 +1,4 @@ # Test page for video embed links in markdown - This youtube link (https://www.youtube.com/embed/K5JtPTyc0y0) surrounded by newlines in markdown would display as follows: https://www.youtube.com/embed/K5JtPTyc0y0