Describe capital formation

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.
 

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.

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.
 

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)

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.

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).
 

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

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.

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

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’.

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).
+See also [bank run](bank-run.md) and [mutualization](mutualization.md).
+
+## References

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.
 

concepts/front-running.md

@@ -1 +1,9 @@
-# Front running
+# 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.

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
 

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.

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).
 

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).
 

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

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.

concepts/mlm.md

@@ -1,2 +1,18 @@
 # Multi-level Marketing Scheme
-Is a form of [pyramid-scheme](pyramid-scheme.md).
+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)

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

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.

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/.

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).

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.

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
 

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)

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)

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
 

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)

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)
 
 ***
 

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)
 
 ***
 

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.
 

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