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concepts/bubble.md

@@ -2,6 +2,8 @@
 
 An economic bubble is a phenomenon in markets created by herd mentality, whereby people hear stories of others who bought in early and made big profits, causing those who did not buy to feel a fear of missing out. This causes irrational pricing of the asset which proceeds until the mania subsides.
 
+Attempting to time the market on bubbles is a [zero-sum-game](zero-sum-game.md) and has a negative [expected-return](expected-return.md).
+
 ## Examples
 
 * South Sea Bubble
@@ -10,8 +12,11 @@ An economic bubble is a phenomenon in markets created by herd mentality, whereby
 * Tulip Mania
 * Dot-com Bubble
 * Japanese Real Estate Bubble
+* [Cryptoasset](cryptoasset.md) Bubble
 
 ## References
 
 * [@mackay_extraordinary_2012]
-* [@bernstein_delusions_2021]
+* [@bernstein_delusions_2021]
+* [@blanchard_bubbles_1982]
+* [@fry_negative_2016]

concepts/cartel.md

@@ -1,5 +1,5 @@
 # Cartel
 
-An economic cartel use a non-public agreement to restrict the supply or fix the price of an asset. A cartel is a formal type of [market-manipulation](concepts/market-manipulation.md). Cartels are considered to be against the public interest.
+An economic cartel use a non-public agreement to restrict the supply or fix the price of an asset. A cartel is a formal type of [market-manipulation](market-manipulation.md). Cartels are considered to be against the public interest.
 
-Crypto exchanges operators act as economic cartel which can distort price formation. See [stablecoin](concepts/stablecoin.md).
+Crypto exchanges operators act as economic cartel which can distort price formation. See [stablecoin](stablecoin.md).

concepts/cbdc.md

@@ -1,5 +1,5 @@
 # Central Bank Digital Currency
-A digital currency issued by a [central-banks](central-banks.md).
+A digital [currency](currency.md) issued by a [central-banks](central-banks.md).
 
 ## Examples
 

concepts/crypto-exchange.md

@@ -1,4 +1,4 @@
 # Crypto Exchanges
-A corporate entity that acts as an interemdiary between people to exchange currency for [crypto assets](cryptoasset.md)
+A corporate entity that acts as an intermediary between people to exchange [currency](currency.md) for [crypto assets](cryptoasset.md)
 
-See [market-manipulation](market-manipulation.md).
+See [market-manipulation](market-manipulation.md) and [economic cartel](cartel.md).

concepts/cryptoasset.md

@@ -4,12 +4,21 @@ A digital asset that is traded on a [blockchain](blockchain.md).
 
 Crypto assets have no [use-value](use-value.md), no [fundamental-value](fundamental-value.md), and no [income-cashflows](income-cashflows.md) and are a pure manifestation of the [greater-fool-theory](greater-fool-theory.md).
 
+## Examples
+
+* [bitcoin](bitcoin.md)
+* [ethereum](ethereum.md)
+* [dogecoin](dogecoin.md)
+
 ## Comparables
 
-* Zero-coupon perpetual bond
+Crypto assets have no direct correspondence in traditional markets, but have several pathological equivalences of traditional assets with absurd premises or terms. 
+
+* Zero-coupon perpetual [bond](bond.md)
 * Unspendable [currency](currency.md)
 * [equity](security.md) with no cash flows or dividends
 * [commodity](commodity.md) with no use value
-* Exchange traded pyramid schemes
+* Exchange traded [pyramid-scheme](pyramid-scheme.md)
 * [derivative](derivative.md) contract with no underlying
 * [libertarianism](ideologies/libertarianism.md) performance art
+* Self-organizing [ponzi-scheme](ponzi-scheme.md)

concepts/dogecoin.md

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+# Dogecoin
+
+A [[memecoin]] [cryptoasset](cryptoasset.md) based on a joke about the Shibu Inu variety of dogs. 
+
+Dogecoin is an example of a crypto asset with no political imaginaries, no [currency](currency.md) narrative, no pretension 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.
+
+Dogecoin is part of a larger class of nihilistic investments based around a collective dog money theme
+
+See [market-manipulation](market-manipulation.md).

concepts/ethereum.md

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+# Ethereum
+

concepts/gold-standard.md

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 # Gold Standard
 
-A monetary standard for a [currency](currency.md)  based on precious metals, espoused as [sound-money](sound-money.md) in [austrian-economics](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
 
-Very few mainstream economists believe the gold standard to be a good way to run a currency anymore. Historically there have been many problems over the now-standard fiat money system.
+Very few mainstream economists believe the gold standard to be a good way to run a currency. Historically there have been many problems over the now-standard fiat money system.
 
 * Unequal distribution of gold across Earth gives certain countries and groups unequal access to value detached from economic activity and based purely on geography.
 * Limits the amount of economic growth because supply is limited. 

concepts/greater-fool-theory.md

@@ -1,5 +1,5 @@
 # Greater Fool Theory
 
-The greater fool theory is a thesis in economics that market participants can sometimes profit from the purchase of overvalued assets ,  assets whose [market-value](market-value.md) drastically exceeding their [fundamental-value](fundamental-value.md) ,  if those assets can later be resold at an even higher price to another market participant who makes the same assumption and so on ad infinitum.
+The greater fool theory is a thesis in economics that market participants can sometimes profit from the purchase (i.e. [speculation](speculation.md)) of overvalued assets ,  assets whose [market-value](market-value.md) drastically exceeding their [fundamental-value](fundamental-value.md) ,  if those assets can later be resold at an even higher price to another market participant who makes the same assumption and so on ad infinitum.
 
 The greater fool theory presumes an infinite chain of fools in order for all participants to "make it" or profit from the [bubble](bubble.md).

concepts/high-control-group.md

@@ -1,2 +1,5 @@
 # High Control Group
 
+A social group or movement in which the members are strongly influenced by the suggestions of a group leader or group as a whole and in which dissent or reflection on the ideology are discouraged. Often incorporates a narrative about an ingroup and outgroup.
+
+This type of group will often adopt a disfigurement of language and [thought-terminating-cliches](thought-terminating-cliches.md) in order to communicate within the ingroup.s

concepts/market-maker.md

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+# Market Maker
+#todo 

concepts/market-manipulation.md

@@ -1,18 +1,25 @@
 # Market Manipulation
 
-## Insider Trading
+Manipulation of [price-formation](price-formation.md) and the natural operation of a [market](market.md). Can be performed by both [market makers](market-maker.md) and [cartels](cartel.md).
 
-## Painting the Tape
+## Insider Trading
+See [asymmetric-information](asymmetric-information.md).
 
 ## Wash Trading
+See [wash-trading](wash-trading.md).
 
 ## Pump and Dumps
+See [pump-and-dump](pump-and-dump.md).
 
 ## Order Tampering
 
-## Execution Tampering
+Altering of [order-book](order-book.md) to privilege the market maker or a [cartel](cartel.md) of insiders. 
 
 ## Halting
 
+Discretionary halting of the [market](market.md) in order to prevent price movement the [market-maker](market-maker.md) does not wish to occur.
+
 ## Redemption Manipulation
 
+Discretionary restriction of the sale of assets for [currency](currency.md).
+

concepts/market-value.md

@@ -1,3 +1,3 @@
 # Market Value
 
-The market value represents the value of an asset according to its price on a public market. It is the price an asset would get in the marketplace.
+The [market](market.md) value represents the value of an asset according to its price on a public market. It is the price an asset would get in the marketplace.

concepts/market.md

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+# Market
+A market is defined as the sum total of all the buyers and sellers with regards to the buying and selling of assets. The purpose of a market is to do price discovery to determine [market-value](market-value.md) of goods and services.

concepts/mining.md

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 # Mining
 The technical process of confirming transactions in a [blockchain](blockchain.md) using the proof of work [consensus-algorithm](consensus-algorithm.md). Mining is typically centralized by companies known as mining pools which pool physical compute resources in order to increase their probability of confirming blocks.
 
-Mining is an energy intensive process with a large environmental footprint.
+Mining is an energy intensive process with a large environmental footprint.
+
+## References
+* [@kufeoglu_bitcoin_2019]
+* [@de_vries_bitcoins_2018]
+* [@vries_bitcoins_2021]

concepts/moral-hazard.md

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 # Moral Hazard
 
-#todo 
+A situation in market behaviour in which participants are encouraged to take overly risky positions because their exposure is based purely on upside and are isolated from downside of the positions failing. 
+
+Often cited as a factor leading to the 2008 subprime mortgage crisis.
+
+## References
+* [@momtaz_entrepreneurial_2020]

concepts/narrative-economics.md

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+# Narrative Economics
+

concepts/order-book.md

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+# Order Book
+#todo s

concepts/ponzi-scheme.md

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 A type of investment fraud in which old investors are paid out from an influx of new investors. These type of schemes are ultimately unsustainable and are destined to collapse when outflows exceed inflows or the operators abscond with the funds.
 
 Economists often refer to [crypto asset](cryptoasset.md) as obscured Ponzi schemes.
-s
+
 ## References
 
 * [@krugman_bitcoin_2018]
-* [@hutchison_postmodern_2012]
+* [@hutchison_postmodern_2012]
+* [@bartoletti_dissecting_2020]

concepts/present-value.md

@@ -1,3 +1,3 @@
 # Present Value
 
-The value of an expected income stream determined as of the date of valuation. 
+The value of an expected [income](income-cashflows.md) stream determined as of the date of valuation. 

concepts/price-formation.md

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+# Price Formation
+Price formation is an information-gathering process which ensures that market participants know enough about the prices of the assets being traded in the market, so that they can make rational decisions about the buying and selling of goods and services.

concepts/pump-and-dump.md

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 # Pump and Dump Scheme
 
-A type of market manipulation based on [asymmetric-information](concepts/asymmetric-information.md) in which buying of an asset is coordinated by a set of insiders to temporarily artificially inflate the price and bring in more buyers which are used as exit liquidity for the insiders to "dump" their positions.
+A type of market manipulation based on [asymmetric-information](asymmetric-information.md) in which buying of an asset is coordinated by a set of insiders to temporarily artificially inflate the price and bring in more buyers which are used as exit liquidity for the insiders to "dump" their positions.
 
 Pump and dump schemes are illegal in most regulated markets such as public stock markets, but are rampant in crypto markets.
 
-Pump and dump schemes result in a net wealth transfer from the market at large to an economic [concepts/cartel](concepts/cartel.md).
+Pump and dump schemes result in a net wealth transfer from the market at large to an economic [cartel](cartel.md).

concepts/pyramid-scheme.md

@@ -1,3 +1,3 @@
 # Pyramid Scheme
 
-#todo 
+A pyramid scheme is a fraudulent investment based on recruiting an ever-increasing number of "investors" or [greater fools](greater-fool-theory.md) into the scheme. The initial promoters recruit investors, who in turn recruit more investors, and so on. 

concepts/regulatory-arbitrage.md

@@ -1 +1,2 @@
 # Regulatory Arbitrage
+The use of one region or jurisdictions laws to create financial products which abuse or break another jurisdictions laws using legal loopholes, [regulatory-capture](regulatory-capture.md), or outright scofflaw and criminal behaviour.f

concepts/sound-money.md

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+# Sound Money
+An Austrian economics philosophy that an idealized [currency](concepts/currency.md) should be backed by a finite unchanging supply and fixed supply of a [commodity](concepts/commodity.md). 
+
+See [gold-standard](concepts/gold-standard.md).

concepts/speculation.md

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 # Speculation
 
-Speculation is the taking of a position on an asset with the hope that it will become more valuable on a short time horizon. Speculators often care little for the [fundamental-value](fundamental-value.md) of the asset and instead focus purely on short-term price movements, sentiment and momentum.
+Speculation is the taking of a position on an asset with the hope that it will become more valuable on a short time horizon. Speculation plays a part in [price-formation](price-formation.md).
+
+Some peculators may care little for the [fundamental-value](fundamental-value.md) of the asset and instead focus purely on short-term price movements, public sentiment and momentum. 

concepts/stablecoin.md

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 # Stablecoin
 A crypto asset that is pegged ([currLency-peg](currLency-peg.md)) to a real world [currency](currency.md) such as the dollar or euro. Stablecoins may be issued on multiple [blockchain](blockchain.md).
 
+Stablecoins may be [leverage](leverage.md) against their deposits where the total value in circulation does not equal the assets held on behalf of customers. Such stablecoins are known as *unbacked stablecoins*.

concepts/stock.md

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 A type of [security](concepts/security.md) which grants buyers access to [income-cashflows](concepts/income-cashflows.md) in a common economic enterprise.
 
-Stocks are valued by the market as a combination of three factors which inform price formation:
+Stocks are valued by the [market](market.md) as a combination of three factors which inform price formation:
 
 1. Momentum
 2. Discounted future cash flows
-3. Public sentiment
+3. Public sentiment
+
+Stocks return [income-cashflows](income-cashflows.md) generated by the enterprise to shareholders via three processes:
+
+1. Dividend payments
+2. Stock buybacks
+3. Mergers and Acquisitions

concepts/thought-terminating-cliches.md

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+# Thought Terminating Cliche
+
+A acronym or saying that is used within a [high-control-group](high-control-group.md) to quell dissent or discourage rational inquiry. 
+
+## Examples
+
+Within the crypto ideology there are several thought-terminating cliches.
+
+* "fud"
+* "bullish"
+* "to the moon"
+* "hodl"
+* "few understand"
+* "now do the dollar"
+* "everything is a ponzi"
+* "diamond hands"

concepts/valuation-model.md

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+# Valuation Model
+A mathematical model to calculate the [fundamental-value](fundamental-value.md) of a [security](security.md). 

concepts/wash-trading.md

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+# Wash Trading