Link to remittance article

claims/is-raise-company.md

@@ -1,5 +1,4 @@
 # Can I do a crowdfunded equity raise for my company?
-
 Raising money for a common venture is a [regulated](../concepts/regulation.md) as a [security](../concepts/security.md) sale in the United States. Raising money under a SAFT or selling tokens as a proxy for equity may run afoul of the Securities Act.
 
 This was evidenced by the [ICO](../concepts/ico.md) bubble of 2017 which resulted in a net ban on initial coin offerings for illegal fundraising activities.
@@ -15,5 +14,4 @@ See also [ICO](../concepts/ico.md), [regulatory arbitrage](../concepts/regulator
 1. Walch, Angela. 2019a. ‘In Code (Rs) We Trust: Software Developers as Fiduciaries in Public Blockchains’.
 1. ———. 2019b. ‘Software Developers as Fiduciaries in Public Blockchains’. Regulating Blockchain. Techno-Social and Legal Challenges, Ed. by Philipp Hacker, Ioannis Lianos, Georgios Dimitropoulos & Stefan Eich, Oxford University Press, 2019. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3203198.
 1. Cumming, Douglas J., Sofia Johan, and Anshum Pant. 2019. ‘Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty’. Journal of Risk and Financial Management 12 (3): 126. https://doi.org/10.3390/jrfm12030126.
-1. Davis, Mark and DavisBruce. 2021. Crowdfunding and the Democratization of Finance. Policy Press. https://bristoluniversitypress.co.uk/crowdfunding-and-the-democratization-of-finance.
-1. Kelly, Jemima. 2019. ‘The ICO Whose Team Members Are Literally Cartoon Characters’. Financial Times. Financial Times. https://www.ft.com/content/57805b32-0bbe-34cb-940c-66cdd1aec5e2.
+1. Davis, Mark and DavisBruce. 2021. Crowdfunding and the Democratization of Finance. Policy Press. https://bristoluniversitypress.co.uk/crowdfunding-and-the-democratization-of-finance.

claims/well-defined.md

@@ -1,11 +1,12 @@
 # Web3 is not well-defined
 Web3 does not have any universally agreed upon definition.
 
-Web3 has been accused of becoming an intellectual nexus for many internet "thought leaders" to pontificate about grand visions of technical and financial reconfiguration largely detached from any concrete plans or implementations of these ideas. This may give rise to a [bubble](bubble.md) in the sale of [security](../concepts/security.md) tokens detached from any progress on building real companies or technologies and may even disincentivize productivity in favour of pure [speculation](../concepts/speculation.md) on [ficticious commodites](../concepts/ficticious-commodity.md).
+Web3 has been [criticised](https://www.stephendiehl.com/blog/web3-bullshit.html) as being an intentionally ambiguous buzzword.
+
+Web3 has also been accused of becoming an intellectual nexus for many internet "thought leaders" to pontificate about grand visions of technical and financial reconfiguration largely detached from any concrete plans or implementations of these ideas. This may give rise to a [bubble](bubble.md) in the sale of [security](../concepts/security.md) tokens detached from any progress on building real companies or technologies and may even disincentivize productivity in favour of pure [speculation](../concepts/speculation.md) on [ficticious commodites](../concepts/ficticious-commodity.md).
 
 Web3 has also been described as a means of doing [regulatory arbitrage](regulatory-arbitrage.md) on [securites](security.md) offerings to enrich venture capital firms using the broader public as exit [liquidity](../concepts/liquidity.md).
 
-Web3 has been [criticised](https://www.stephendiehl.com/blog/web3-bullshit.html) as being an intentionally ambiguous buzzword.
 
 ## References
 1. Morozov, Evgeny. 2022. ‘Web3: A Map in Search of Territory’. The Crypto Syllabus. 13 January 2022. https://the-crypto-syllabus.com/web3-a-map-in-search-of-territory/.

concepts/externalities.md

@@ -2,20 +2,21 @@
 The problems with crypto assets fall into several categories.
 
 ## Environmental
-1. [Crypto investments that use PoW have an absurd environmental footprint.](../claims/environmental-footprint.md)
+1. [Crypto investments that use proof of work have an absurd environmental footprint.](../claims/environmental-footprint.md)
 2. Crypto investments waste energy that is better spent on more productive enterprises. 
 
 ## Legal
 1. [Crypto investments violate securities laws](../claims/is-legal.md)
 2. Crypto assets are largely used to circumvent laws around [illicit financing](illicit-financing.md) and [money laundering](money-laundering.md).
+3. The history of [private money](private-money.md) indicates these projects lead to vast conflicts of interests and potential enormous frauds.
 
 ## Financial Risk
 1. [Crypto investments expose the public to undue risk](../claims/is-systemic-risk.md).
 2. It is an enormous opportunity cost the directs capital towards unproductive enterprises and scams rather than into growing other businesses.
-3. The structure of it as an invesstment is [negative-sum](zero-sum-game.md). Most investors are guaranteed tot lose money.
+3. The structure of it as an investments is [negative-sum](zero-sum-game.md). Most investors are guaranteed tot lose money.
 4. It is most likely a [bubble](bubble.md).
 
 ## Social Problems
-1. [It encourages gambling](../claims/is-gambling.md)
-2. Coins that use PoS are plutocratic, result in centralization and consolidation.
-3. It financializes things, especially abstract things, which should not be financailized.
+1. [Crypto investments encourage gambling](../claims/is-gambling.md)
+2. Coins that use [proof of stake](proof-of-stake.md) are plutocratic, result in centralization and consolidation.
+3. Crypto assets like [NFT](nft.md) [financialize](../claims/is-hyperfinancialization.md) things, especially abstract things, which should not be financailized.

guide/index.md

@@ -40,8 +40,8 @@ Understand the terminology used to describe crypto and web3.
 * [Predatory inclusion](../concepts/predatory-inclusion.md)
 * [United States Dollar](/concepts/dollar.md)
 * [Central bank digital currency](../concepts/cbdc.md)
-* [Proof of work](../concepts/proof-of-work.md)
-* [Proof of stake](../concepts/proof-of-stake.md)
+* [Proof of Work](../concepts/proof-of-work.md)
+* [Proof of Stake](../concepts/proof-of-stake.md)
 
 ***
 
@@ -190,4 +190,5 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Value](../concepts/value.md)
 * [Risk](../concepts/risk.md)
 * [Regulation](../concepts/regulation.md)
-* [Market manipulation](../concepts/market-manipulation.md)
+* [Market manipulation](../concepts/market-manipulation.md)
+* [Externalities](../concepts/externalities.md)

meta/claims-todo.md

@@ -22,7 +22,7 @@
 - [x] [is-opportunity-cost](../claims/is-opportunity-cost.md)
 - [x] [is-private-money](../claims/is-private-money.md)
 - [ ] [is-public-goods](../claims/is-public-goods.md)
-- [ ] [is-raise-company](../claims/is-raise-company.md)
+- [x] [is-raise-company](../claims/is-raise-company.md)
 - [ ] [is-raise-nonprofit](../claims/is-raise-nonprofit.md)
 - [x] [new-internet](../claims/new-internet.md)
 - [x] [transnational-payment](../claims/transnational-payment.md)

notes/fintech-incrementalism-and-responsible-innovation.md

@@ -109,6 +109,7 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
       * We still have to convert to and from the local currency on both legs of the payment. This has a non-zero cost.
       * Currency A -> Currency B -> Currency C is a very indirect way of doing cross-border payments as compared to a two-hop transaction. 
       * Some entity has to eat the price risk while the transfer in-flight. There’s no free lunch here. **Introducing a third hypervoliate intermediary step just adds more risk and makes this more expensive**.
+	  * [Does Bitcoin/Blockchain make sense for international money transfers?](https://www.saveonsend.com/bitcoin-blockchain-money-transfer/)
       * Race to the bottom with services like TransferWise.
   * Crypto as a payment system is uniformly worse than almost any other service that exists. 
     * [Price risk](../concepts/price-risk.md) given the volatility of the asset is a non-starter for commerce.

notes/neo-metallism.md

@@ -5,7 +5,6 @@ In episode #1 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 <iframe width="560" height="315" src="https://www.youtube.com/embed/_o7pRFLzJHY" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
 
-
 * Youtube: https://www.youtube.com/embed/_o7pRFLzJHY
 * Podcast: https://anchor.fm/life-itself/episodes/Stephen-Diehl-on-Web3--Bitcoin--Neometalism-e1f5rca
 * Wiki topic:  [digital-gold](../claims/digital-gold.md)