From 0b5b688ecec8088ab3e76dc757ca4caeb7c1ffbe Mon Sep 17 00:00:00 2001
From: Khalil Ali <42637597+khalilcodes@users.noreply.github.com>
Date: Mon, 21 Mar 2022 18:12:59 +0300
Subject: [PATCH 001/103] [site/theme]: Added page titles fixes #82.

Note this works by getting the page path (slug) and unparsing it e.g. '/claims' => Claims. 'notes-on-neometallism' => 'Notes on neometallism'.

In future, we may have title explicitly set in the front matter (or otherwise) and we can use that.
---
 site/pages/_app.js | 34 +++++++++++++++++++++-------------
 1 file changed, 21 insertions(+), 13 deletions(-)

diff --git a/site/pages/_app.js b/site/pages/_app.js
index d4d9c71..12d0531 100644
--- a/site/pages/_app.js
+++ b/site/pages/_app.js
@@ -11,9 +11,9 @@ import MdxPage from '../components/MDX'
 import * as gtag from '../lib/gtag'
 
 function MyApp({ Component, pageProps }) {
+  const router = useRouter()
   // Google Analytics
   if (siteConfig.analytics) {
-    const router = useRouter()
     useEffect(() => {
       const handleRouteChange = (url) => {
         gtag.pageview(url)
@@ -25,23 +25,31 @@ function MyApp({ Component, pageProps }) {
     }, [router.events])
   }
   // end Google Analytics
+
+  const pageTitle = (
+    router.pathname == "/"
+      ? "home"
+        // convert slug to title
+      : router.pathname.split("/").pop().replace(/-/g, " ")
+  ) // capitalize first char of each word
+    .replace(/(^\w{1})|(\s{1}\w{1})/g, (str) => str.toUpperCase());
   
   return (
     <ThemeProvider attribute="class" defaultTheme="dark">
       <DefaultSeo
-        titleTemplate={'%s | ' + siteConfig.title}
+        titleTemplate={"%s | " + siteConfig.title}
         defaultTitle={siteConfig.title}
         description={siteConfig.description}
         {...siteConfig.nextSeo}
       />
       {/* Global Site Tag (gtag.js) - Google Analytics */}
-      {siteConfig.analytics &&
+      {siteConfig.analytics && (
         <Script
           strategy="afterInteractive"
           src={`https://www.googletagmanager.com/gtag/js?id=${siteConfig.analytics}`}
         />
-      }
-      {siteConfig.analytics &&
+      )}
+      {siteConfig.analytics && (
         <Script
           id="gtag-init"
           strategy="afterInteractive"
@@ -56,16 +64,16 @@ function MyApp({ Component, pageProps }) {
             `,
           }}
         />
-      }
-      <Layout title={pageProps.title ?? siteConfig.title}>
-        { 
-          Component.layout == 'js'
-            ? <Component {...pageProps} />
-            : <MdxPage children={{ Component, pageProps }} />
-        }
+      )}
+      <Layout title={pageTitle}>
+        {Component.layout == "js" ? (
+          <Component {...pageProps} />
+        ) : (
+          <MdxPage children={{ Component, pageProps }} />
+        )}
       </Layout>
     </ThemeProvider>
-  )
+  );
 }
 
       // if this is a markdown page use this layout by default ...

From 7cdd6b8b55f38655cb3a2312073595eae514ea67 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Mon, 21 Mar 2022 16:22:16 +0100
Subject: [PATCH 002/103] [site/home][xs]: start removing rounding and drop
 shadow on images as not needed.

---
 site/components/Home/Features.js | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/site/components/Home/Features.js b/site/components/Home/Features.js
index 174f7cc..d53ea96 100644
--- a/site/components/Home/Features.js
+++ b/site/components/Home/Features.js
@@ -26,7 +26,7 @@ export default function Features() {
           <div className="mt-12 sm:mt-16 lg:mt-0">
             <div className="pl-4 -mr-48 sm:pl-6 md:-mr-16 lg:px-0 lg:m-0 lg:relative lg:h-full">
               <img
-                className="w-full rounded-xl shadow-xl ring-1 ring-black ring-opacity-5 lg:absolute lg:left-0 lg:h-full lg:w-auto lg:max-w-none"
+                className="w-full lg:absolute lg:left-0 lg:h-full lg:w-auto lg:max-w-none"
                 src="https://res.cloudinary.com/ds7qslkd0/image/upload/v1646739494/Web3/undraw_mind_map_re_nlb6_qh0jel.svg"
                 alt="Discover"
               />

From fdbe089ce5ca14d0a2781f2365c0ff35d59b79c9 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Mon, 21 Mar 2022 19:13:52 +0300
Subject: [PATCH 003/103] added our approach section

---
 site/components/Home/Why.js | 252 ++++++++++++++++++++++--------------
 1 file changed, 153 insertions(+), 99 deletions(-)

diff --git a/site/components/Home/Why.js b/site/components/Home/Why.js
index c9aba29..d280c5f 100644
--- a/site/components/Home/Why.js
+++ b/site/components/Home/Why.js
@@ -1,111 +1,165 @@
 export default function Why() {
   return (
-  <div className="relative bg-white dark:bg-transparent pt-16 pb-32 overflow-hidden">
-    <div className="text-center">
-      <h2 className="text-3xl tracking-tight font-extrabold text-white sm:text-4xl">Why this Project</h2>
-      <p className="mt-3 max-w-2xl mx-auto text-xl text-gray-500 sm:mt-4">
-        What is the motivation and purpose of this project?
-      </p>
-    </div>
-    <div className="mt-20">
-      <div className="lg:mx-auto lg:max-w-7xl lg:px-8 lg:grid lg:grid-cols-2 lg:grid-flow-col-dense lg:gap-24">
-        <div className="px-4 max-w-xl mx-auto sm:px-6 lg:py-16 lg:max-w-none lg:mx-0 lg:px-0">
-          <div>
-            <div className="mt-6">
-              <h2 className="text-3xl font-extrabold tracking-tight text-gray-900 dark:text-slate-100">
-              Situation: controversial and complex
-              </h2>
-              <p className="mt-4 text-lg text-gray-500">
-              Web3 & crypto has become a massive phenomenon. Big claims are made for its impact extending to the transformation of our economy and society. It is also exceptionally controversial and polarizing with significant disagreement. Finally, it’s not an easy topic to make sense of.
-              </p>
+    <div className="relative bg-white dark:bg-transparent pt-16 pb-32 overflow-hidden">
+      <div className="text-center">
+        <h2 className="text-3xl tracking-tight font-extrabold text-white sm:text-4xl">
+          Why this Project
+        </h2>
+        <p className="mt-3 max-w-2xl mx-auto text-xl text-gray-500 sm:mt-4">
+          What is the motivation and purpose of this project?
+        </p>
+      </div>
+      <div className="mt-20">
+        <div className="lg:mx-auto lg:max-w-7xl lg:px-8 lg:grid lg:grid-cols-2 lg:grid-flow-col-dense lg:gap-24">
+          <div className="px-4 max-w-xl mx-auto sm:px-6 lg:py-16 lg:max-w-none lg:mx-0 lg:px-0">
+            <div>
               <div className="mt-6">
-                <a
-                  href="/about/"
-                  className="inline-flex px-4 py-2 border border-transparent text-base font-medium rounded-md shadow-sm text-white bg-yellow-500 hover:bg-yellow-400"
-                >
-                  Read More
-                </a>
+                <h2 className="text-3xl font-extrabold tracking-tight text-gray-900 dark:text-slate-100">
+                  Situation: controversial and complex
+                </h2>
+                <p className="mt-4 text-lg text-gray-500">
+                  Web3 & crypto has become a massive phenomenon. Big claims are
+                  made for its impact extending to the transformation of our
+                  economy and society. It is also exceptionally controversial
+                  and polarizing with significant disagreement. Finally, it’s
+                  not an easy topic to make sense of.
+                </p>
+                <div className="mt-6">
+                  <a
+                    href="/about/"
+                    className="inline-flex px-4 py-2 border border-transparent text-base font-medium rounded-md shadow-sm text-white bg-yellow-500 hover:bg-yellow-400"
+                  >
+                    Read More
+                  </a>
+                </div>
               </div>
             </div>
           </div>
+          <div className="mt-12 sm:mt-16 lg:mt-0">
+            <div className="pl-4 -mr-48 sm:pl-6 md:-mr-16 lg:px-0 lg:m-0 lg:relative lg:h-full">
+              <img
+                className="w-full rounded-xl shadow-xl ring-1 ring-black ring-opacity-5 lg:absolute lg:left-0 lg:h-full lg:w-auto lg:max-w-none"
+                src="https://res.cloudinary.com/ds7qslkd0/image/upload/v1646746321/Web3/undraw_nakamoto_-2-iv6_arq2lb.svg"
+                alt="Read More"
+              />
+            </div>
+          </div>
         </div>
-        <div className="mt-12 sm:mt-16 lg:mt-0">
-          <div className="pl-4 -mr-48 sm:pl-6 md:-mr-16 lg:px-0 lg:m-0 lg:relative lg:h-full">
-            <img
-              className="w-full rounded-xl shadow-xl ring-1 ring-black ring-opacity-5 lg:absolute lg:left-0 lg:h-full lg:w-auto lg:max-w-none"
-              src="https://res.cloudinary.com/ds7qslkd0/image/upload/v1646746321/Web3/undraw_nakamoto_-2-iv6_arq2lb.svg"
-              alt="Read More"
-            />
+      </div>
+      <div className="mt-24">
+        <div className="lg:mx-auto lg:max-w-7xl lg:px-8 lg:grid lg:grid-cols-2 lg:grid-flow-col-dense lg:gap-24">
+          <div className="px-4 max-w-xl mx-auto sm:px-6 lg:py-32 lg:max-w-none lg:mx-0 lg:px-0 lg:col-start-2">
+            <div>
+              <div className="mt-6">
+                <h2 className="text-3xl font-extrabold tracking-tight text-gray-900 dark:text-slate-100">
+                  The Problem: the stakes are high, but we’re struggling
+                </h2>
+                <p className="mt-4 text-lg text-gray-500">
+                  The phenomenon has global implications and touches on multiple
+                  complex areas. We require good, collective sensemaking, or
+                  else risk polarization. As a “runaway problem”, the investment
+                  of attention and money has grown exponentially. Should Web3
+                  fail to deliver on its promises, the waste would be massive.
+                  In addition, with such fast-growing phenomena, things happen
+                  before we can notice, far less prevent them (eg climate
+                  change).
+                </p>
+                <div className="mt-6">
+                  <a
+                    href="/about/"
+                    className="inline-flex px-4 py-2 border border-transparent text-base font-medium rounded-md shadow-sm text-white bg-yellow-500 hover:bg-yellow-400"
+                  >
+                    Read More
+                  </a>
+                </div>
+              </div>
+            </div>
+          </div>
+          <div className="mt-12 sm:mt-16 lg:mt-0 lg:col-start-1">
+            <div className="pr-4 -ml-48 sm:pr-6 md:-ml-16 lg:px-0 lg:m-0 lg:relative lg:h-full">
+              <img
+                className="w-full rounded-xl shadow-xl ring-1 ring-black ring-opacity-5 lg:absolute lg:right-0 lg:h-full lg:w-auto lg:max-w-none"
+                src="https://res.cloudinary.com/ds7qslkd0/image/upload/v1646744477/Web3/undraw_connected_world_wuay_amttde.svg"
+                alt="Read More"
+              />
+            </div>
+          </div>
+        </div>
+      </div>
+      <div className="mt-24">
+        <div className="lg:mx-auto lg:max-w-7xl lg:px-8 lg:grid lg:grid-cols-2 lg:grid-flow-col-dense lg:gap-24">
+          <div className="px-4 max-w-xl mx-auto sm:px-6 lg:py-16 lg:max-w-none lg:mx-0 lg:px-0">
+            <div>
+              <div className="mt-6">
+                <h2 className="text-3xl font-extrabold tracking-tight text-gray-900 dark:text-slate-100">
+                  We need better sensemaking
+                </h2>
+                <p className="mt-4 text-lg text-gray-500">
+                  We need to make good choices, in a constructive,
+                  intersectional and de-polarizing way. Do we advance Web3 or
+                  curb it? How should we allocate our resources? Good
+                  sensemaking begins by clarifying and agreeing on what
+                  questions to ask and the process of answering them.
+                </p>
+                <div className="mt-6">
+                  <a
+                    href="/about"
+                    className="inline-flex px-4 py-2 border border-transparent text-base font-medium rounded-md shadow-sm text-white bg-yellow-500 hover:bg-yellow-400"
+                  >
+                    Read More
+                  </a>
+                </div>
+              </div>
+            </div>
+          </div>
+          <div className="mt-12 sm:mt-16 lg:mt-0">
+            <div className="pl-4 -mr-48 sm:pl-6 md:-mr-16 lg:px-0 lg:m-0 lg:relative lg:h-full">
+              <img
+                className="w-full rounded-xl shadow-xl ring-1 ring-black ring-opacity-5 lg:absolute lg:left-0 lg:h-full lg:w-auto lg:max-w-none"
+                src="https://res.cloudinary.com/ds7qslkd0/image/upload/v1646744695/Web3/undraw_team_collaboration_re_ow29_s8gvrf.svg"
+                alt="Read More"
+              />
+            </div>
+          </div>
+        </div>
+      </div>
+      <div className="mt-24">
+        <div className="lg:mx-auto lg:max-w-7xl lg:px-8 lg:grid lg:grid-cols-2 lg:grid-flow-col-dense lg:gap-24">
+          <div className="px-4 max-w-xl mx-auto sm:px-6 lg:py-32 lg:max-w-none lg:mx-0 lg:px-0 lg:col-start-2">
+            <div>
+              <div className="mt-6">
+                <h2 className="text-3xl font-extrabold tracking-tight text-gray-900 dark:text-slate-100">
+                  Our Approach
+                </h2>
+                <p className="mt-4 text-lg text-gray-500">
+                  We intend to take a distinctive approach with three layered
+                  components: (a) distinguishing the key claims and the associated
+                  underlying aspirations; (b) structuring those claims into a
+                  hypothesis trees and evaluating them; and (c) curating a “conceptual
+                  underlay” with introductions to key terms and ideas.
+                </p>
+                <div className="mt-6">
+                  <a
+                    href="/about/"
+                    className="inline-flex px-4 py-2 border border-transparent text-base font-medium rounded-md shadow-sm text-white bg-yellow-500 hover:bg-yellow-400"
+                  >
+                    Read More
+                  </a>
+                </div>
+              </div>
+            </div>
+          </div>
+          <div className="mt-12 sm:mt-16 lg:mt-0 lg:col-start-1">
+            <div className="pr-4 -ml-48 sm:pr-6 md:-ml-16 lg:px-0 lg:m-0 lg:relative lg:h-full">
+              <img
+                className="w-full rounded-xl shadow-xl ring-1 ring-black ring-opacity-5 lg:absolute lg:right-0 lg:h-full lg:w-auto lg:max-w-md"
+                src="https://res.cloudinary.com/ds7qslkd0/image/upload/v1646744900/Web3/undraw_task_list_6x9d_nmsafi.svg"
+                alt="Read More"
+              />
+            </div>
           </div>
         </div>
       </div>
     </div>
-    <div className="mt-24">
-      <div className="lg:mx-auto lg:max-w-7xl lg:px-8 lg:grid lg:grid-cols-2 lg:grid-flow-col-dense lg:gap-24">
-        <div className="px-4 max-w-xl mx-auto sm:px-6 lg:py-32 lg:max-w-none lg:mx-0 lg:px-0 lg:col-start-2">
-          <div>
-            <div className="mt-6">
-              <h2 className="text-3xl font-extrabold tracking-tight text-gray-900 dark:text-slate-100">
-                The Problem: the stakes are high, but we’re struggling
-              </h2>
-              <p className="mt-4 text-lg text-gray-500">
-              The phenomenon has global implications and touches on multiple complex areas.  We require good, collective sensemaking, or else risk polarization. As a “runaway problem”, the investment of attention and money has grown exponentially. Should Web3 fail to deliver on its promises, the waste would be massive. In addition, with such fast-growing phenomena, things happen before we can notice, far less prevent them (eg climate change).
-              </p>
-              <div className="mt-6">
-                <a
-                  href="/about/"
-                  className="inline-flex px-4 py-2 border border-transparent text-base font-medium rounded-md shadow-sm text-white bg-yellow-500 hover:bg-yellow-400"
-                >
-                  Read More
-                </a>
-              </div>
-            </div>
-          </div>
-        </div>
-        <div className="mt-12 sm:mt-16 lg:mt-0 lg:col-start-1">
-          <div className="pr-4 -ml-48 sm:pr-6 md:-ml-16 lg:px-0 lg:m-0 lg:relative lg:h-full">
-            <img
-              className="w-full rounded-xl shadow-xl ring-1 ring-black ring-opacity-5 lg:absolute lg:right-0 lg:h-full lg:w-auto lg:max-w-none"
-              src="https://res.cloudinary.com/ds7qslkd0/image/upload/v1646744477/Web3/undraw_connected_world_wuay_amttde.svg"
-              alt="Read More"
-            />
-          </div>
-        </div>
-      </div>
-    </div>
-    <div className="mt-24">
-      <div className="lg:mx-auto lg:max-w-7xl lg:px-8 lg:grid lg:grid-cols-2 lg:grid-flow-col-dense lg:gap-24">
-        <div className="px-4 max-w-xl mx-auto sm:px-6 lg:py-16 lg:max-w-none lg:mx-0 lg:px-0">
-          <div>
-            <div className="mt-6">
-              <h2 className="text-3xl font-extrabold tracking-tight text-gray-900 dark:text-slate-100">
-              We need better sensemaking
-              </h2>
-              <p className="mt-4 text-lg text-gray-500">
-              We need to make good choices, in a constructive, intersectional and de-polarizing way. Do we advance Web3 or curb it? How should we allocate our resources? Good sensemaking begins by clarifying and agreeing on what questions to ask and the process of answering them.
-              </p>
-              <div className="mt-6">
-                <a
-                  href="/about"
-                  className="inline-flex px-4 py-2 border border-transparent text-base font-medium rounded-md shadow-sm text-white bg-yellow-500 hover:bg-yellow-400"
-                >
-                  Read More
-                </a>
-              </div>
-            </div>
-          </div>
-        </div>
-        <div className="mt-12 sm:mt-16 lg:mt-0">
-          <div className="pl-4 -mr-48 sm:pl-6 md:-mr-16 lg:px-0 lg:m-0 lg:relative lg:h-full">
-            <img
-              className="w-full rounded-xl shadow-xl ring-1 ring-black ring-opacity-5 lg:absolute lg:left-0 lg:h-full lg:w-auto lg:max-w-none"
-              src="https://res.cloudinary.com/ds7qslkd0/image/upload/v1646744695/Web3/undraw_team_collaboration_re_ow29_s8gvrf.svg"
-              alt="Read More"
-            />
-          </div>
-        </div>
-      </div>
-    </div>
-  </div>
-  )
+  );
 }

From 6cd89efa6e89488b8ed65d07ab707a8b0fd17439 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 21 Mar 2022 16:21:52 +0000
Subject: [PATCH 004/103] Finish citations for all toplevel concepts

---
 concepts/art.md                 |  5 +++--
 concepts/cbdc.md                | 10 +++++++---
 concepts/cds.md                 |  1 +
 concepts/crypto-exchange.md     |  2 +-
 concepts/defi.md                | 26 ++++++++++++++++++++------
 concepts/howey-test.md          |  9 ++++++++-
 concepts/market-manipulation.md | 11 ++++++++++-
 concepts/ponzi-scheme.md        |  2 +-
 guide/index.md                  |  2 ++
 9 files changed, 53 insertions(+), 15 deletions(-)
 create mode 100644 concepts/cds.md

diff --git a/concepts/art.md b/concepts/art.md
index a63e4d1..a78fcf8 100644
--- a/concepts/art.md
+++ b/concepts/art.md
@@ -15,6 +15,7 @@ Art's value is often tied to its provenance and [sign value](sign-value.md).
 
 Art may be [artificial scarce](artificial-scarcity.md) if created as part of a collection.
 
-The art market has a great amount of [asymmetric-information](asymmetric-information.md) and [market manipulation](market-manipulation.md).
+The art market has a great amount of [asymmetric information](asymmetric-information.md) and [market manipulation](market-manipulation.md) and is often used a vehicle for [money laundering](money-laundering.md).
 
-## References
\ No newline at end of file
+## References
+1. Solimano, Andrés. 2021. ‘The Evolution of Contemporary Arts Markets’. https://doi.org/10.4324/9781003215127.
\ No newline at end of file
diff --git a/concepts/cbdc.md b/concepts/cbdc.md
index 26d0975..098dd9d 100644
--- a/concepts/cbdc.md
+++ b/concepts/cbdc.md
@@ -9,9 +9,13 @@ CBDCs have been critized as being an extension of the surveillance state that co
 
 * Chinese Digital Yuan
 * Bahama Sand Dollar
+* Project Hamilton
 
 ## References
 
-* [@kiff_survey_2020]
-* [@bilotta_cbdcs_nodate]
-* [@nabilou_central_2019]
\ No newline at end of file
+* Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
+* Bilotta, Nicola. n.d. CBDCs and Stablecoins: The Scramble for (Controllable) Anonymity. Instituto AffariInternazionali.
+* Kiff, John, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, et al. 2020. ‘A Survey of Research on Retail Central Bank Digital Currency’. http://ssrn.com/paper=3639760.
+* Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
+* Nabilou, Hossein. 2019. ‘Central Bank Digital Currencies: Preliminary Legal Observations’. Journal of Banking Regulation.
+* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
\ No newline at end of file
diff --git a/concepts/cds.md b/concepts/cds.md
new file mode 100644
index 0000000..88fb43b
--- /dev/null
+++ b/concepts/cds.md
@@ -0,0 +1 @@
+# Credit Default Swaps
diff --git a/concepts/crypto-exchange.md b/concepts/crypto-exchange.md
index b0e031e..fdefee6 100644
--- a/concepts/crypto-exchange.md
+++ b/concepts/crypto-exchange.md
@@ -20,9 +20,9 @@ Crypto exchanges are commonly set up in jurisdictions with loose or corrupt fina
 
 * Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
 * White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 * 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.
 * Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
 * Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
-* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 * Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
 * Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.
diff --git a/concepts/defi.md b/concepts/defi.md
index 092e4da..c199615 100644
--- a/concepts/defi.md
+++ b/concepts/defi.md
@@ -3,11 +3,25 @@ Defi is a broad category of [smart-contracts](smart-contracts.md) which loosely
 
 DeFi generally refers to a collection of services which offer lending products offered by non-banks and which exist outside the regulatory perimeter as a form [regulatory-arbitrage](regulatory-arbitrage.md) and to fund margin trading activities to [speculaate](speculation.md) on [crypto assets](cryptoasset.md).
 
-See also [yield farming](yield-farming.md), [AMM](amm.md), [DEX](dex.md).
+See also [yield farming](yield-farming.md), [AMM](amm.md), [DEX](dex.md) and [shadow bank](shadow-bank.md).
 
 ## References
-* [@allen_defi_2022]
-* [@carter_defi_2021]
-* [@aramonte_defi_2021]
-* [@saengchote_defi_2021]
-* [@barbereau_defi_2022]
\ No newline at end of file
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Anker-Sørensen, Linn, and Dirk A Zetzsche. 2021. ‘From Centralized to Decentralized Finance: The Issue Of’. Available at SSRN 3978815. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978815.
+1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
+1. Barbereau, Tom, Reilly Smethurst, Orestis Papageorgiou, Alexander Rieger, and Gilbert Fridgen. 2022. ‘DeFi, Not So Decentralized: The Measured Distribution of Voting Rights’. In Proceedings of the 55th Hawaii International Conference on System Sciences. https://scholarspace.manoa.hawaii.edu/handle/10125/80074.
+1. Barbereau, Tom, Reilly Smethurst, Orestis Papageorgiou, Johannes Sedlmeir, and Gilbert Fridgen. 2022. ‘Decentralised Finance’s Unregulated Governance: Minority Rule in the Digital Wild West’. Available at SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4001891.
+1. Brennecke, Martin, Benjamin Schellinger, Nils Urbach, and Tobias Guggenberger. 2022. ‘The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO’. In 55th Hawaii International Conference on System Sciences (2022). https://doi.org/10.24251/HICSS.2022.737.
+1. Carter, Nic, and Linda Jeng. 2021. ‘DeFi Protocol Risks: The Paradox of DeFi’. SSRN Electronic Journal, 1–35. https://doi.org/10.2139/ssrn.3866699.
+1. Chen, Yan, and Cristiano Bellavitis. 2020. ‘Blockchain Disruption and Decentralized Finance: The Rise of Decentralized Business Models’. Journal of Business Venturing Insights 13. https://doi.org/10.1016/j.jbvi.2019.e00151.
+1. Ciriello, Raffaele Fabio. 2021. ‘Tokenized Index Funds: A Blockchain-Based Concept and a Multidisciplinary Research Framework’. International Journal of Information Management 61: 102400. https://doi.org/10.1016/j.ijinfomgt.2021.102400.
+1. Eikmanns, Benedikt C., Pascal Mehrwald, Isabell M. Welpe, and Philipp G. Sandner. n.d. ‘Is Ethereum the New IOS? Exploring the Platform Economy of Decentralized Finance’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3992625.
+1. Harwick, Cameron, and James Caton. 2020. ‘What’s Holding Back Blockchain Finance? On the Possibility of Decentralized Autonomous Finance’. Quarterly Review of Economics and Finance, October. https://doi.org/10.1016/j.qref.2020.09.006.
+1. Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
+1. Maia, Guilherme, and João Vieira dos Santos. 2021. ‘MiCA and DeFi (“Proposal for a Regulation on Market in Crypto-Assets” and ’Decentralised Finance’)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3875355.
+1. Nedashkovskiy, Alexander. 2021. ‘Understanding DeFi Ecosystem and How Can It Change or Transform Existing Financial System’. https://lutpub.lut.fi/handle/10024/162989.
+1. Qin, Kaihua, Liyi Zhou, Yaroslav Afonin, Ludovico Lazzaretti, and Arthur Gervais. 2021. ‘CeFi vs. DeFi – Comparing Centralized to Decentralized Finance’. ArXiv Preprint ArXiv:2106.08157. http://arxiv.org/abs/2106.08157.
+1. Saengchote, Kanis. 2021. ‘A DeFi Bank Run: Iron Finance, IRON Stablecoin, and the Fall of TITAN’. IRON Stablecoin, and the Fall of TITAN (July 16, 2021).
+1. Schär, Fabian. 2021. ‘Decentralized Finance: On Blockchain-and Smart Contract-Based Financial Markets’. Federal Reserve Bank of St. Louis Review 103 (2): 153–74. https://doi.org/10.20955/r.103.153-74.
+1. Sun, Xiaotong. 2021. ‘Centralized Governance in Decentralized Finance (DeFi): A Case Study of MakerDAO’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971791.
+1. Zetzsche, Dirk A., Douglas W. Arner, and Ross P. Buckley. 2020. ‘Decentralized Finance’. Journal of Financial Regulation 6 (2): 172–203. https://doi.org/10.1093/jfr/fjaa010.
diff --git a/concepts/howey-test.md b/concepts/howey-test.md
index 750182d..b25624e 100644
--- a/concepts/howey-test.md
+++ b/concepts/howey-test.md
@@ -4,4 +4,11 @@ A legal test which defines whether an investment contract is designed as a [secu
 1. Investment of money 
 2. In a common enterprise 
 3. With the expectation of profit 
-4. To be derived from the efforts of others
\ No newline at end of file
+4. To be derived from the efforts of others
+
+## References
+1. ‘SEC v. WJ Howey Co.’ 1946. US. Supreme Court.
+1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
+1. Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
+1. Hacker, Philipp, and Chris Thomale. 2018. ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’. European Company and Financial Law Review 15 (4): 645–96.
+1. Zetzsche, Dirk A, Ross P Buckley, Douglas W Arner, and Linus Föhr. 2017. ‘The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators’. University of Luxembourg Law Working Paper, no. 11: 17–83.
diff --git a/concepts/market-manipulation.md b/concepts/market-manipulation.md
index 115cffc..c53fdac 100644
--- a/concepts/market-manipulation.md
+++ b/concepts/market-manipulation.md
@@ -1,5 +1,4 @@
 # Market Manipulation
-
 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).
 
 ## Insider Trading
@@ -23,3 +22,13 @@ Discretionary halting of the [market](market.md) in order to prevent price movem
 
 Discretionary restriction of the sale of assets for [currency](currency.md).
 
+## References
+
+* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
+1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
+1. *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
+1. Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
+1. Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.
diff --git a/concepts/ponzi-scheme.md b/concepts/ponzi-scheme.md
index 70c4776..74275e7 100644
--- a/concepts/ponzi-scheme.md
+++ b/concepts/ponzi-scheme.md
@@ -17,7 +17,7 @@ Some participants can make money investing in Ponzi schemes, but the basic fact
 * Krugman, Paul. 2018. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30. https://www.seattletimes.com/opinion/bitcoin-is-basically-a-ponzi-scheme/.
 * Stolfi, Jorge. n.d. ‘Bitcoin Is a Ponzi’. Accessed 19 March 2022. https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html.
 * 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.
-* *‘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.
+* ‘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.
 * ‘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.
 * 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.
 * 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.
diff --git a/guide/index.md b/guide/index.md
index e3c0de9..cee2855 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -30,6 +30,7 @@ Understand the terminology used to describe crypto and web3.
 * [Assets](/concepts/assets.md)
 * [Speculative asset](/concepts/speculation.md)
 * [Market manipulation](../concepts/market-manipulation.md)
+* [DeFi](../concepts/defi.md)
 * [DAO](/concepts/dao.md)
 * [Stablecoin](../concepts/stablecoin.md)
 * [Regulatory arbitrage](../concepts/regulatory-arbitrage.md)
@@ -192,6 +193,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 
 **Regulation**
 
+* [Howey test](../concepts/howey-test.md)
 * [Securities framework](/concepts/security.md)
 * [Anti-money laundering law](/concepts/aml.md)
 * [Know Your Customer Law](/concepts/kyc.md)

From fdec8a3866f45a8c586bf0f32206af315049cf13 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 21 Mar 2022 19:14:00 +0000
Subject: [PATCH 005/103] Incorporate post-state technocracy video

---
 concepts/blockchain.md                   | 14 ++++++++++++-
 concepts/consensus-algorithm.md          |  3 +--
 concepts/crypto-exchange.md              |  6 +++---
 concepts/dao.md                          | 19 +++++++++---------
 concepts/governance-token.md             |  9 ++++++++-
 concepts/ideologies/anarchocapitalism.md |  1 +
 concepts/recentralization.md             | 15 ++++++++++++++
 guide/index.md                           |  2 ++
 notes/post-state-technocracy.md          | 25 ++++++++++++++++++++++--
 site/pages/about.md                      |  2 +-
 10 files changed, 76 insertions(+), 20 deletions(-)
 create mode 100644 concepts/ideologies/anarchocapitalism.md
 create mode 100644 concepts/recentralization.md

diff --git a/concepts/blockchain.md b/concepts/blockchain.md
index 2122fbe..cafb9bf 100644
--- a/concepts/blockchain.md
+++ b/concepts/blockchain.md
@@ -3,4 +3,16 @@ A blockchain is the technical underpinnings for [crypto assets](cryptoasset.md)
 
 In computer science terms, a blockchain is a data structure that maintains a list of transactions that are authenticated using public key cryptography and linked using a hash function. A blockchain is a partial ordering of transaction event into windows of discrete time by which the transactions are programmatically committed to a shared history which is synchronized via a [consensus algorithm](consensus-algorithm.md).
 
-The term has been overloaded extensively and other data structures and topologies have been described as blockchain regardless of their use. See [permissioned-blockchain](permissioned-blockchain.md).
\ No newline at end of file
+The term has been overloaded extensively and other data structures and topologies have been described as blockchain regardless of their use. See [permissioned blockchain](permissioned-blockchain.md).
+
+## References
+
+1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
+1. Jeffries, Adrianne. 2018. ‘Blockchain Is Meaningless’. The Verge 7: 2018.
+1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Stinchcombe, Kai. 2017. ‘Ten Years In, Nobody Has Come Up With a Use for Blockchain’. Hackernoon. 22 December 2017. https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100.
+1. ———. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
+1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
+1. White, Molly. 2022a. ‘Blockchain-Based Systems Are Not What They Say They Are’. Molly White (blog). 9 January 2022. https://blog.mollywhite.net/blockchains-are-not-what-they-say/.
+1. ———. 2022b. ‘It’s Not Still the Early Days’. Molly White. 14 January 2022. https://blog.mollywhite.net/its-not-still-the-early-days/.
\ No newline at end of file
diff --git a/concepts/consensus-algorithm.md b/concepts/consensus-algorithm.md
index f00f6e8..d1e2ad6 100644
--- a/concepts/consensus-algorithm.md
+++ b/concepts/consensus-algorithm.md
@@ -19,5 +19,4 @@ An algorithm where blocks in the blockchain are validated by a closed and fixed
 
 An algorithm where blocks in the blockchain are validated by the consumption of digital resources such as random access memory or disk space. The global sortition functions weighted based on the size and availability of these digital space resources.
 
-
-
+## References
diff --git a/concepts/crypto-exchange.md b/concepts/crypto-exchange.md
index fdefee6..0dc0371 100644
--- a/concepts/crypto-exchange.md
+++ b/concepts/crypto-exchange.md
@@ -1,11 +1,11 @@
 # Crypto Exchanges
-A crypto exchange is a corporate entity that acts as an intermediary between people to exchange [currency](currency.md) for [crypto assets](cryptoasset.md)
+A crypto exchange is a centralized corporate entity that acts as an intermediary between people to exchange [currency](currency.md) for [crypto assets](cryptoasset.md)
 
 Crypto exchanes are not regulated as [market makers](market-maker.md) or [brokers](broker.md), but instead as [money services business](money-services-business.md) which does regulate [order book](order-book.md) making or protect consumers against [market manipulation](market-manipulation.md).
 
 Many crypto exchanges offer their own [stablecoin](stablecoin.md) whose reserves may be comingled with customer funds.
 
-See also [market manipulation](market-manipulation.md) and [economic cartel](cartel.md).
+See also [market manipulation](market-manipulation.md),  [economic cartel](cartel.md) and [recentralization](recentralization.md).
 
 ## Jurisdictions
 
@@ -25,4 +25,4 @@ Crypto exchanges are commonly set up in jurisdictions with loose or corrupt fina
 * Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
 * Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
 * Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
-* Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.
+* Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.
\ No newline at end of file
diff --git a/concepts/dao.md b/concepts/dao.md
index fae76c6..d8db177 100644
--- a/concepts/dao.md
+++ b/concepts/dao.md
@@ -11,6 +11,14 @@ DAOs are best understood as shares in a common enterprise which is run by potent
 
 * Constitution DAO
 * Spice DAO
+* [democracy.earth](../dao/democracy.earth.md)
+* [diatom.fund](../dao/diatom.fund.md)
+* [hive.io](../dao/hive.io.md)
+* [hypha.earth](../dao/hypha.earth.md)
+* [joinseeds.earth](../dao/joinseeds.earth.md)
+* [klimadao.finance](../dao/klimadao.finance.md)
+* [Panvala](../dao/panvala.com.md)
+* [yogacoin.tech](../dao/yogacoin.tech.md)
 
 ## References
 
@@ -36,13 +44,4 @@ DAOs are best understood as shares in a common enterprise which is run by potent
 * Tse, Nathan. 2020. ‘Decentralised Autonomous Organisations and the Corporate Form’. Victoria University of Wellington Law Review 51 (2): 313. https://doi.org/10.26686/vuwlr.v51i2.6573.
 * Vergne, JP. 2020. ‘Decentralized vs. Distributed Organization: Blockchain, Machine Learning and the Future of the Digital Platform’. Organization Theory 1 (4): 263178772097705. https://doi.org/10.1177/2631787720977052.
 * Wissel, Tim. 2021. ‘Fairness and Freedom for Artists: Towards a Robot Economy for the Music Industry’. https://repository.tudelft.nl/islandora/object/uuid:72a5c834-177b-4b3c-a6f8-8e69e65cfdf4.
-* Wright, Steven A. 2021. ‘Measuring DAO Autonomy: Lessons From Other Autonomous Systems’. IEEE Transactions on Technology and Society 2 (1): 43–53. https://doi.org/10.1109/tts.2021.3054974.
-
-
-## References
-
-* [@morrison_dao_2020]
-* [@wright_measuring_2021]
-* [@securities_sec_2017]
-* [@rikken_ins_nodate]
-* [@brennecke_-central_2022]
\ No newline at end of file
+* Wright, Steven A. 2021. ‘Measuring DAO Autonomy: Lessons From Other Autonomous Systems’. IEEE Transactions on Technology and Society 2 (1): 43–53. https://doi.org/10.1109/tts.2021.3054974.
\ No newline at end of file
diff --git a/concepts/governance-token.md b/concepts/governance-token.md
index 031aa42..91bc72b 100644
--- a/concepts/governance-token.md
+++ b/concepts/governance-token.md
@@ -1,4 +1,11 @@
 # Governance Token
 A [bearer instrument](bearer-instrument.md) token which grants holders of the token the capacity to "vote" in a [smart-contracts](smart-contracts.md) implementation of a [DAO](dao.md) or other [DeFi](defi.md) protocol.
 
-Governance tokens are imitations of voting shares [stock](stock.md) as seen in regulated [security](security.md).
\ No newline at end of file
+Governance tokens are imitations of voting shares [stock](stock.md) as seen in regulated [security](security.md).
+
+## References
+
+* Chen, Liang, Tony W. Tong, Shaoqin Tang, and Nianchen Han. 2022. ‘Governance and Design of Digital Platforms: A Review and Future Research Directions on a Meta-Organization’. Journal of Management 48 (1): 147–84. https://doi.org/10.1177/01492063211045023.
+* Crepaldi, M. 2020. ‘The Authority of Distributed Consensus Systems Trust, Governance, and Normative Perspectives on Blockchains and Distributed Ledgers’. PhD Thesis. http://amsdottorato.unibo.it/9432/.
+* El Faqir, Youssef, Javier Arroyo, and Samer Hassan. 2020. ‘An Overview of Decentralized Autonomous Organizations on the Blockchain’. PervasiveHealth: Pervasive Computing Technologies for Healthcare, August. https://doi.org/10.1145/3412569.3412579.
+* Rikken, Olivier, Marijn Janssen, and Zenlin Kwee. n.d. ‘The Ins and Outs of Decentralized Autonomous Organizations (Daos)’. Available at SSRN 3989559. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3989559.
\ No newline at end of file
diff --git a/concepts/ideologies/anarchocapitalism.md b/concepts/ideologies/anarchocapitalism.md
new file mode 100644
index 0000000..a3eb344
--- /dev/null
+++ b/concepts/ideologies/anarchocapitalism.md
@@ -0,0 +1 @@
+#  Anarcho-capitalism
\ No newline at end of file
diff --git a/concepts/recentralization.md b/concepts/recentralization.md
new file mode 100644
index 0000000..63d68bd
--- /dev/null
+++ b/concepts/recentralization.md
@@ -0,0 +1,15 @@
+# Recentralization
+A term for [blockchain](blockchain.md) project which alleges [decentralization](decentralization.md) in either their design, yet produces an outcome in which control of the protocol remains centralized in the hands of one or several central parties. Projects may achieve this end either intentionally or unintentionally.
+
+See [DeFi](defi.md).
+
+## References
+1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
+* Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+* White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+* Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+* Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
+* Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.
+* Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
+* Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+* Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index cee2855..ad792ee 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -210,6 +210,8 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Value](../concepts/value.md)
 * [Bubbles](../concepts/bubble.md)
 * ["Madness of crowds"](../concepts/madness-crowds.md)
+* [Decentralization](../concepts/decentralization.md)
+* [Recentralization](../concepts/recentralization.md)
 * [High control groups](../concepts/high-control-group.md)
 * [Thought terminating cliche](../concepts/thought-terminating-cliches.md)
 * [Sign value](../concepts/sign-value.md)
diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index ced8e30..7e4400b 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -2,14 +2,35 @@
 
 Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian ideas of crypto assets and explore the notion that crypto assets are a means to create a new form of network state outside of the existing international order.
 
+https://www.youtube.com/watch?v=gZ0iCJkM3PU
+
 ## Topic
 [post-state-technocracy](../concepts/ideologies/post-state-technocracy.md)
 
 ## Concepts Covered
 
-#todo
+* [post-state-technocracy](post-state-technocracy.md)
+* [cryptoanarchism](../concepts/ideologies/cryptoanarchism.md)
+* [technosolutionism](../concepts/ideologies/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)
 
 ## Summary
 #todo 
 
-## References
\ No newline at end of file
+## References
+1. May, Tim. 1994. ‘Cyphernomicon’.
+1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
+1. ‘1729 - The Network State’. n.d. 1729. Accessed 4 March 2022. https://1729.com/.
+1. Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
+1. Coase, Ronald Harry. 1937. ‘The Nature of the Firm’. Economica 4 (16): 386–405.
+1. Faria, Inês. 2019. ‘Trust, Reputation and Ambiguous Freedoms: Financial Institutions and Subversive Libertarians Navigating Blockchain, Markets, and Regulation’. Journal of Cultural Economy 12 (2): 119–32. https://doi.org/10.1080/17530350.2018.1547986.
+1. Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
+1. Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
+1. Srinivasan, Parag Khanna, Balaji S. n.d. ‘Great Protocol Politics’. Foreign Policy (blog). Accessed 22 February 2022. https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
diff --git a/site/pages/about.md b/site/pages/about.md
index 6e08b07..b0396ce 100644
--- a/site/pages/about.md
+++ b/site/pages/about.md
@@ -67,7 +67,7 @@ Third, we provide a high quality “conceptual underlay” with definitions and
 
 ![](https://raw.githubusercontent.com/life-itself/web3/main/excalidraw/sensemaking-3-layers-2022-03-04.excalidraw.svg)
 
-First, it provides a basic introduction for those coming to the topic with simple, neutral summaries of the key ideas and terms. Second, it provides a base “layer” that underpins the evaluative work and the overall sensemaking effort. For example, suppose you want to evaluate the claim that DAOs can help address the climate crisis. To do that you are going to need contextual material about public goods, free rider problems – as well as information on what a DAO is! In addition, this is an area where meanings of key terms are crucial and often ill-defined, for example what exactly do we mean by “collaboration” or “freedom” (and is our meaning shared)? By providing reference material and common definitions we can ground and inform the debate and avoid “talking past each other”.
+First, it provides a basic introduction for those coming to the topic with simple, neutral summaries of the key ideas and terms. Second, it provides a base “layer” that underpins the evaluative work and the overall sensemaking effort. For example, suppose you want to evaluate the claim that DAOs can help address the climate crisis. To do that you are going to need contextual material about public goods, [free rider problems](../../concepts/free-rider-problem.md)  – as well as information on what a DAO is! In addition, this is an area where meanings of key terms are crucial and often ill-defined, for example what exactly do we mean by “collaboration” or “freedom” (and is our meaning shared)? By providing reference material and common definitions we can ground and inform the debate and avoid “talking past each other”.
 
 ![](https://res.cloudinary.com/ds7qslkd0/image/upload/v1647432615/Web3/crypto_for_good_iedlhs.png)
 

From bd99b6bfcbc308abcc8893e95b95e628da8d14c0 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Mon, 21 Mar 2022 21:45:53 +0100
Subject: [PATCH 006/103] [meta/plan,meta/projects/roadmap-v0.1][m]: updates on
 plan and roadmap (more which is not yet ready to push).

---
 meta/plan.md                  | 33 +++++++------------
 meta/projects/roadmap-v0.1.md | 60 ++++++++++++++++++++++++++---------
 2 files changed, 56 insertions(+), 37 deletions(-)

diff --git a/meta/plan.md b/meta/plan.md
index 35c7742..bea1cc7 100644
--- a/meta/plan.md
+++ b/meta/plan.md
@@ -9,17 +9,17 @@ Features
 * [x] **MMVP website up** so that we can share with people
   * [x] with a signup offer
   * [x] with a participate offer?
-* **Announced e.g. on Emerge, Blog etc** so that more people find out about this, & we have articulated the purpose of the project clearly
-* **About the project (? + thesis of structured sensemaking)** so that we can share about the project to others esp more in depth
-* **Library (based on Zotero)** so that we have a place to collect the upper layer of the sensemaking info graph
-* **Taxonomy for library and other material**
-* **Concept underlay** so that ...
-* **Wiki system**
+* [x] **Announced e.g. on Emerge, Blog etc** so that more people find out about this, & we have articulated the purpose of the project clearly
+* [ ] **About the project (? + thesis of structured sensemaking)** so that we can share about the project to others especially in more depth
+* [ ] **Library (based on Zotero)** so that we have a place to collect the upper layer of the sensemaking info graph 🚧 have library but not a good integration yet
+* [ ] **Taxonomy for library and other material**
+* [ ] **Concept underlay** so that ...
+* [ ] **Wiki system**
 
 ## Milestones (WIP)
 
 * [x] v0.1: single page site for the project, vision for the project
-* [ ] v0.2: Working wiki + 1 substantive essay
+* [x] v0.2: Working wiki + 1 substantive essay
 * [ ] v0.3: ...
 * [ ] v1: website with integrated library and wiki. contribution flow.
 
@@ -28,14 +28,14 @@ Features
 ## Fri 11 March
 
 * [x] [website-v0.1](projects/website-v0.1.md)
-* [ ] [announce-v0.1](projects/announce-v0.1.md) DEFERRED to next week
+* [x] [announce-v0.1](projects/announce-v0.1.md) DEFERRED to next week **✅ 16 March**
 
 # Workstreams
 
 * [ ] Online web "home" for the published material e.g. "Making Sense of Web3" so that ... ⏫
-  * [ ] [website-v0.1](projects/website-v0.1.md) **🏃‍♂️ v0.0.1 https://github.com/life-itself/web3/issues/53 issue**
+  * [x] [website-v0.1](projects/website-v0.1.md) **🏃‍♂️ v0.0.1 https://github.com/life-itself/web3/issues/53 issue**
 * [ ] Collaboration and Contribution (paths and involved already interested people) so that we get more contributions
-* [ ] Content ⏫ **see below and https://github.com/life-itself/web3/issues/55 issue**
+* [ ] Content ⏫ **see [design](design.md)**
 * [ ] Library 🔼 see https://github.com/life-itself/web3/issues/44
 
 # Content
@@ -44,17 +44,6 @@ Features
   * [x] Merge Theo/Rufus issue tree **2022-02-25 done by Catherine**
   * [x] Tidy up main issue tree **✅2022-02-28 largely done today - last branch in main issue tree on collective sensemaking still needs some work**
   * [x] Transfer to spreadsheet and add details e.g. material needed, prioritization 
-* [ ] Publish issue trees
 * [ ] Reports - write up well with good referencing [aside: how easy is it to pdf in "proper" format via Git e.g. like the primers one]
 * [ ] ➕2022-02-26 What we are bringing / aiming for (and what’s distinctive about this approach)
-  * [ ] Write up our approach to sensemaking and why it matters (write up existing notes into a coherent essay)
-
-# Inbox
-
-* [ ] Clear pathway for involvement (Job stories)
-* [ ] Where do we publish the original SCQH so that we can link others to it
-  * [ ] Do we need it given we have the tidied version in about page?
-  * [ ]  Reports - write up well with good referencing [aside: how easy is it to pdf in “proper” format via Git e.g. like the primers one]
-* [ ] ➕2022-03-11 Set up sponsorship for the project
-  * [ ] Identify a platform to get sponsored through (github or opencollective or ...)
-  * [ ] (?) Set up github sponsors for Life Itself
\ No newline at end of file
+  * [ ] Write up our approach to sensemaking and why it matters (write up existing notes into a coherent essay)
\ No newline at end of file
diff --git a/meta/projects/roadmap-v0.1.md b/meta/projects/roadmap-v0.1.md
index 634194c..f485fe6 100644
--- a/meta/projects/roadmap-v0.1.md
+++ b/meta/projects/roadmap-v0.1.md
@@ -14,27 +14,32 @@ What & Why: We want a clear near-term roadmap with associated tasks so that
 
 A clear near-term (1m) roadmap and a vaguer 6m roadmap in [plan](../plan.md)
 
-* [ ] Milestones / Goals
-* [ ] Rough timeline
+* [ ] Backlog
+* [ ] Prioritization
+  * [ ] Milestones / Goals
+  * [ ] Rough timeline
 * [ ] Next actions
 
-Meta (how we organize)
+### Meta (how we organize)
 
-* [ ] Team structure
+* [x] Team structure
   * [x] Scrum Lead **✅ Eilidh**
-  * [x] Product Owner **✅ Rufus***
-* [ ] Team process
-  * [ ] Clear PM infrastructure (e.g. are we using markdown/hackmd/git/obsidian or gdocs)
-  * [ ] Can we do all the work "in the open"?
-* [ ] Materials
+  * [x] Product Owner **✅ Rufus**
+* [x] Team process
+  * [x] Clear PM infrastructure e.g. where are we ...
+    * [x] Recording meeting notes **✅ ?? GDocs?**
+    * [x] Recording actions and tasks. Options are: github issues, planning docs in wiki, gdocs, spreadsheet (e.g. issue tree)? **✅ Github issues for day to day tasks. May do larger "epic/project" planning in `meta` section of wiki. Finally, Issue tree spreadsheet provides overview and we will attach tasks to items there**
+  * [x] Can we do all the work "in the open"? **Pretty much. For some job stories or interviews may need to record privately and process before sharing**
+  * [x] Are we doing iterations and of what form? **✅ Yes, we are going to do 2 week iterations.**
+* [x] Materials
+  * [x] Where is the primary location for materials etc e.g. are we using markdown/hackmd/git/obsidian or gdocs? **✅ consolidate on the wiki (markdown + github) using coggle only to provide overviews or brainstorm. More discussion below. For drafting people can use whatever they are comfortable with**
   * [x] Existing materials are tidied up (e.g. PA10) **✅ 2022-03-11 DONE except for job stories**
 
 ## Tasks
 
 * [x] Prep
 * [x] Background reading
-* [ ] Backlog generation
-* [ ] Prioritization
+* [ ] Backlog and prioritization
 * [ ] Summary
 * [ ] Misc
   * [x] Consolidate our claims database stuff in one place ✅ **2022-03-11 have consolidated on coggle for now**
@@ -61,15 +66,40 @@ General concepts of project management
   * [x] plan **✅ Read it**
   * [x] design **✅ Read it**
 * [x] Read issue tree https://docs.google.com/spreadsheets/d/12Yh1kuxH4uoposLUJsJifM2W_zixkAhlc7QgcKavfls/edit#gid=2049708942 ✅ **have read through issue tree, next action is to add in answers**
-* [ ]  fill in issue tree answers
+* [ ] fill in issue tree answers
 
-## Brainstorm and Organize Plan
+### Brainstorm and Organize 👈
 
 🚩 already have issue tree and plan.md - do we need to do more and if so where ...
 
+Brainstorming major next steps
+
+* [ ] library integration
+* [ ] guide - https://github.com/life-itself/web3/issues/77
+  * [ ] ⏩ review current status and what remains to be done
+* [ ] post existing materials
+* [ ] tech side
+
+Re the claims
+
+Outcome vision
+
+* [ ] A page for each major claim in the taxonomy
+  * [ ] The evaluation progress of each claim
+  * [ ] The evaluation (e.g. true/false)
+  * [ ] Aspirations it links to
+  * [ ] Who's making it and where (big egs)
+
+Random
+
+* [ ] A page for the major episodes we've done as the landing page for them separate from the youtube
+  * [ ] Where do these go? **✅ `/notes/`**
+  * [ ] Do we flag them into news somehow? **🚧 someday**
+
+
 ### Simplification of tools and process for content
 
-H: Consolidate and simplify material and structure
+H: Consolidate and simplify material and structure => consolidate on the wiki using coggle only to provide overviews or brainstorm.
 
 Why?
 
@@ -108,4 +138,4 @@ Currently have 4 locations for claims. We want to consolidate on one.
   * [ ] Why? ✅ **Job stories help us prioritize our efforts (plus motivation for ourselves and others as to why we are doing this). E.g. if we know what journalists are looking for X we can focus on that which seems a high impact thing to do.**
   * [ ] What are questions / topics we should write about?
     * A useful tool which collects google searches people are making about web3: https://answerthepublic.com/reports/54ce111d-ff4f-49fa-b2de-411695bd9910 These would make useful titles or section headings in blog posts about Web3.
-    * ![](https://i.imgur.com/tCS26FA.png)
+    * ![](https://i.imgur.com/tCS26FA.png)
\ No newline at end of file

From 0c90bbb0dcdcb7004b767ccdd62c9c8324c420ce Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 21 Mar 2022 21:00:44 +0000
Subject: [PATCH 007/103] Expand citations

---
 claims/blockchain-tech.md       |  8 ++++----
 claims/is-gambling.md           |  9 +--------
 claims/well-defined.md          | 15 ++-------------
 claims/why-invest.md            |  2 +-
 concepts/mining.md              | 16 ++++------------
 concepts/mixer.md               | 10 +++++++++-
 concepts/whale.md               | 11 ++++++++++-
 concepts/yield-farming.md       |  4 +++-
 concepts/zero-sum-game.md       |  9 ++++++++-
 guide/index.md                  |  1 +
 notes/post-state-technocracy.md |  4 +++-
 site/pages/about.md             |  2 +-
 12 files changed, 47 insertions(+), 44 deletions(-)

diff --git a/claims/blockchain-tech.md b/claims/blockchain-tech.md
index 9d81c28..2dafb06 100644
--- a/claims/blockchain-tech.md
+++ b/claims/blockchain-tech.md
@@ -5,11 +5,12 @@ The technical purpose of blockchains is to create [censorship resistent](../conc
 
 ## References
 1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
-1. Jeffries, Adrianne. 2018. ‘Blockchain Is Meaningless’. The Verge 7: 2018.
 1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Jeffries, Adrianne. 2018. ‘Blockchain Is Meaningless’. The Verge 7: 2018. https://www.theverge.com/2018/3/7/17091766/blockchain-bitcoin-ethereum-cryptocurrency-meaning.
 1. Stinchcombe, Kai. 2017. ‘Ten Years In, Nobody Has Come Up With a Use for Blockchain’. Hackernoon. 22 December 2017. https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100.
 1. ———. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
-1. Orlowski, A. 2018. ‘Blockchain Study Finds 0.00% Success Rate and Vendors Don’t Call Back When Asked for Evidence’. The Register.
+1. Pollock, Rufus. 2016. ‘Reflections on the Blockchain · Rufus Pollock Online’. 2 July 2016. https://rufuspollock.com/2016/07/02/reflections-on-the-blockchain/.
+1. Orlowski, A. 2018. ‘Blockchain Study Finds 0.00% Success Rate and Vendors Don’t Call Back When Asked for Evidence’. The Register. https://www.theregister.com/2018/11/30/blockchain_study_finds_0_per_cent_success_rate/.
 1. Diehl, Stephen. 2021. ‘Blockchainism’. 11 December 2021. https://www.stephendiehl.com/blog/blockchainism.html.
 1. Manski, Sarah, and Michel Bauwens. 2020. ‘Reimagining New Socio-Technical Economics Through the Application of Distributed Ledger Technologies’. Frontiers in Blockchain 2 (January): 1–17. https://doi.org/10.3389/fbloc.2019.00029.
 1. Pardo-Guerra, Juan Pablo. 2019. Automating Finance. https://doi.org/10.1017/9781108677585.
@@ -20,5 +21,4 @@ The technical purpose of blockchains is to create [censorship resistent](../conc
 1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
 1. White, Molly. 2022a. ‘Blockchain-Based Systems Are Not What They Say They Are’. Molly White (blog). 9 January 2022. https://blog.mollywhite.net/blockchains-are-not-what-they-say/.
 1. ———. 2022b. ‘It’s Not Still the Early Days’. Molly White. 14 January 2022. https://blog.mollywhite.net/its-not-still-the-early-days/.
-1. Pollock, Rufus. 2016. ‘Reflections on the Blockchain · Rufus Pollock Online’. 2 July 2016. https://rufuspollock.com/2016/07/02/reflections-on-the-blockchain/.
-1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://web.archive.org/web/20220107084533/https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
\ No newline at end of file
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
\ No newline at end of file
diff --git a/claims/is-gambling.md b/claims/is-gambling.md
index f7a4f2c..d1ae033 100644
--- a/claims/is-gambling.md
+++ b/claims/is-gambling.md
@@ -22,11 +22,4 @@ Crypto assets are not gambling if one participates in a [cartel](../concepts/car
 1. ———. 2018b. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
 1. ———. 2021. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
-
-## References
-* [@knauer_what_2019]
-* [@barrett_why_2021]
-* [@powell_crypto-shills_2019]
-* [@panos_financial_2019]
-* [@koning_bitcoin_2020]
\ No newline at end of file
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
\ No newline at end of file
diff --git a/claims/well-defined.md b/claims/well-defined.md
index 3497012..55ba3a4 100644
--- a/claims/well-defined.md
+++ b/claims/well-defined.md
@@ -1,14 +1,13 @@
 # Is web3 a well-defined term?
 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 disincentive productivity in favour of pure [speculation](../concepts/speculation.md).
+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 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/.
 1. O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
 1. Patterson, Dan. 2022. ‘Internet Guru Tim O’Reilly on Web3: “Get Ready for the Crash”’. CBS News. 10 February 2022. https://www.cbsnews.com/news/web3-cryptocurrency-nft-tim-oreilly/.
@@ -21,14 +20,4 @@ Web3 has been [criticised](https://www.stephendiehl.com/blog/web3-bullshit.html)
 1. Yaffe-Bellany, David. 2022. ‘Millions for Crypto Start-Ups, No Real Names Necessary’. The New York Times, 2 March 2022, sec. Technology. https://www.nytimes.com/2022/03/02/technology/cryptocurrency-anonymity-alarm.html.
 1. Zitron, Ed. 2022. ‘Solutions That Create Problems’. Substack newsletter. Ed Zitron’s Where’s Your Ed At (blog). 23 February 2022. https://ez.substack.com/p/solutions-that-create-problems.
 1. Diehl, Stephen. 2021. ‘Web3 Is Bullshit’. 4 December 2021. https://www.stephendiehl.com/blog/web3-bullshit.html.
-1. White, Molly. 2022. ‘It’s Not Still the Early Days’. Molly White. 14 January 2022. https://blog.mollywhite.net/its-not-still-the-early-days/.
-
-## References
-* [https://web3isgoinggreat.com](https://web3isgoinggreat.com)
-* [@diehl_web3_2021]
-* [@weaver_web3_2021]
-* [@white_its_2022]
-* [@morozov_web3_2022]
-* [@patterson_internet_2022]
-* [@oreilly_why_2021]
-* [@tante_third_2021]
\ No newline at end of file
+1. White, Molly. 2022. ‘It’s Not Still the Early Days’. Molly White. 14 January 2022. https://blog.mollywhite.net/its-not-still-the-early-days/.
\ No newline at end of file
diff --git a/claims/why-invest.md b/claims/why-invest.md
index df592c6..47f815e 100644
--- a/claims/why-invest.md
+++ b/claims/why-invest.md
@@ -21,4 +21,4 @@ See [madness of crowds](../concepts/madness-crowds.md), [bubble](../concepts/bub
 1. Knauer, Florian, and Andreas Mann. 2019. ‘What Is in It for Me? Identifying Drivers of Blockchain Acceptance among German Consumers’. The Journal of the British Blockchain Association, 10484.
 1. Koning, J.P. 2020. ‘Bitcoin Financial Literacy and Crypto-Twitter’. American Institute for Economic Research. https://www.aier.org/article/bitcoin-financial-literacy-and-crypto-twitter/.
 1. Panos, Georgios A, and Tatja Karkkainen. 2019. ‘Financial Literacy and Attitudes to Cryptocurrencies’. Available at SSRN 3482083.
-1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
\ No newline at end of file
diff --git a/concepts/mining.md b/concepts/mining.md
index 539cce6..9419731 100644
--- a/concepts/mining.md
+++ b/concepts/mining.md
@@ -4,15 +4,7 @@ The technical process of confirming transactions in a [blockchain](blockchain.md
 Mining is an energy intensive process with a large environmental footprint.
 
 ## References
-* [@de_vries_bitcoins_2018]
-* [@de_vries_renewable_2019]
-* [@de_vries_bitcoins_2021]
-* [@badea_economic_2021]
-* [@nanez_alonso_cryptocurrency_2021]
-* [@kufeoglu_bitcoin_2019]
-* [@mora_bitcoin_2018]
-* [@vries_bitcoins_2021]
-* [@vries_bitcoins_2020]
-* [@gallersdorfer_energy_2020]
-* [@goodkind_cryptodamages_2020]
-* [@peplow_bitcoin_2019]
\ No newline at end of file
+1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
+1. Vries, Alex De. ‘Bitcoin’s Energy Consumption Is Underestimated : A Market Dynamics Approach’. Energy Research & Social Science 70, no. July (2020): 101721. https://doi.org/10.1016/j.erss.2020.101721.
+1. Vries, Alex de. ‘Bitcoin’s Growing Energy Problem’. Joule 2, no. 5 (2018): 801–5. https://doi.org/10.1016/j.joule.2018.04.016.
+1. Vries, Alex de, and Christian Stoll. ‘Bitcoin’s Growing e-Waste Problem’. Resources, Conservation and Recycling 175, no. September (2021): 105901. https://doi.org/10.1016/j.resconrec.2021.105901.
\ No newline at end of file
diff --git a/concepts/mixer.md b/concepts/mixer.md
index 19f85ed..1187af5 100644
--- a/concepts/mixer.md
+++ b/concepts/mixer.md
@@ -1,4 +1,12 @@
 # Crypto Mixer
 A crypto mixer is a [smart contract](smart-contracts.md) service that performs [money laundering](money-laundering.md) for a fee. The service obscures the origin of [illicit funds](illicit-financing.md) to evade detection by law enforcement.  
 
-Crypto mixers are a form of [regulatory arbitrage](regulatory-arbitrage.md).
\ No newline at end of file
+Crypto mixers are a form of [regulatory arbitrage](regulatory-arbitrage.md).
+
+## References
+* Buttigieg, Christopher P., Christos Efthymiopoulos, Abigail Attard, and Samantha Cuyle. 2019. ‘Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State’. Law and Financial Markets Review 13 (4): 211–27. https://doi.org/10.1080/17521440.2019.1663996.
+* Computerphile. 2018. Stolen Bitcoin Tracing - Computerphile - YouTube. https://www.youtube.com/watch?v=UlLN0QERWBs&ab_channel=Computerphile.
+* Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
+* Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
+* Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+* Scheck, Justin, and Shane Shifflett. 2018. ‘How Dirty Money Disappears into the Black Hole of Cryptocurrency’. Wall Street Journal 28.
diff --git a/concepts/whale.md b/concepts/whale.md
index f774c52..870cc3c 100644
--- a/concepts/whale.md
+++ b/concepts/whale.md
@@ -1,4 +1,13 @@
 # Whale
 A holder of a signfigant controlling stake in a [crypto asset](cryptoasset.md) who has the ability to influence [price formation](price-formation.md) and corner the market in a specific asset.
 
-See [market-manipulation](market-manipulation.md).
\ No newline at end of file
+See [market-manipulation](market-manipulation.md).
+
+## References
+* Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
+* Sai, Ashish Rajendra. 2021. ‘Towards a Holistic Assessment of Centralization in Distributed Ledgers’. https://ulir.ul.ie/handle/10344/10766.
+* Sai, Ashish Rajendra, Jim Buckley, Brian Fitzgerald, and Andrew Le Gear. 2021. ‘Taxonomy of Centralization in Public Blockchain Systems: A Systematic Literature Review’. Information Processing and Management 58 (4): 102584. https://doi.org/10.1016/j.ipm.2021.102584.
+* Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
+* Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+* Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+* Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
\ No newline at end of file
diff --git a/concepts/yield-farming.md b/concepts/yield-farming.md
index acfffae..e4a04c9 100644
--- a/concepts/yield-farming.md
+++ b/concepts/yield-farming.md
@@ -1,2 +1,4 @@
 # Yield Farming
-CDs
\ No newline at end of file
+CDs
+
+## References
\ No newline at end of file
diff --git a/concepts/zero-sum-game.md b/concepts/zero-sum-game.md
index b7890be..af60066 100644
--- a/concepts/zero-sum-game.md
+++ b/concepts/zero-sum-game.md
@@ -4,5 +4,12 @@ An economic game in which involves two sides and where the result is an advantag
 Investing in crypto tokens is necessarily a zero sum games before considering the cost of transactions and network maintenance. 
 
 ## Negative Sum Games
-
 An economic game where all gains and losses across all players sums to a negative quantity.
+
+## References
+1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+1. Stivers, A. 2019. ‘The Alchemy of a Pyramid: Transmutating Business Opportunity Into a Negative Sum Wealth Transfer’. http://ssrn.com/paper=3497682.
+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. ‘Why Bitcoin Is Worse than a Madoff-Style Ponzi Scheme’. n.d. Accessed 20 March 2022. https://www.ft.com/content/83a14261-598d-4601-87fc-5dde528b33d0.
+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.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index ad792ee..f50e3d3 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -26,6 +26,7 @@ Understand the terminology used to describe crypto and web3.
 * [Wash trading](../concepts/wash-trading.md)
 * [Crypto exchanges](/concepts/crypto-exchange.md)
 * [Greater fool theory](../concepts/greater-fool-theory.md)
+* [Zero-sum game](../concepts/zero-sum-game.md)
 * [Memecoins](../concepts/memecoin.md)
 * [Assets](/concepts/assets.md)
 * [Speculative asset](/concepts/speculation.md)
diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index 7e4400b..3a40c8a 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -1,4 +1,5 @@
 # Post State Technocracy
+<iframe width="560" height="315" src="https://www.youtube.com/embed/gZ0iCJkM3PU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
 Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian ideas of crypto assets and explore the notion that crypto assets are a means to create a new form of network state outside of the existing international order.
 
@@ -22,6 +23,7 @@ https://www.youtube.com/watch?v=gZ0iCJkM3PU
 #todo 
 
 ## References
+1. Barlow, John Perry. 2019. ‘A Declaration of the Independence of Cyberspace’. Duke Law & Technology Review 18 (1): 5–7.
 1. May, Tim. 1994. ‘Cyphernomicon’.
 1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
 1. ‘1729 - The Network State’. n.d. 1729. Accessed 4 March 2022. https://1729.com/.
@@ -33,4 +35,4 @@ https://www.youtube.com/watch?v=gZ0iCJkM3PU
 1. Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
 1. Srinivasan, Parag Khanna, Balaji S. n.d. ‘Great Protocol Politics’. Foreign Policy (blog). Accessed 22 February 2022. https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/.
 1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
\ No newline at end of file
diff --git a/site/pages/about.md b/site/pages/about.md
index b0396ce..03c4ec2 100644
--- a/site/pages/about.md
+++ b/site/pages/about.md
@@ -67,7 +67,7 @@ Third, we provide a high quality “conceptual underlay” with definitions and
 
 ![](https://raw.githubusercontent.com/life-itself/web3/main/excalidraw/sensemaking-3-layers-2022-03-04.excalidraw.svg)
 
-First, it provides a basic introduction for those coming to the topic with simple, neutral summaries of the key ideas and terms. Second, it provides a base “layer” that underpins the evaluative work and the overall sensemaking effort. For example, suppose you want to evaluate the claim that DAOs can help address the climate crisis. To do that you are going to need contextual material about public goods, [free rider problems](../../concepts/free-rider-problem.md)  – as well as information on what a DAO is! In addition, this is an area where meanings of key terms are crucial and often ill-defined, for example what exactly do we mean by “collaboration” or “freedom” (and is our meaning shared)? By providing reference material and common definitions we can ground and inform the debate and avoid “talking past each other”.
+First, it provides a basic introduction for those coming to the topic with simple, neutral summaries of the key ideas and terms. Second, it provides a base “layer” that underpins the evaluative work and the overall sensemaking effort. For example, suppose you want to evaluate the claim that DAOs can help address the climate crisis. To do that you are going to need contextual material about public goods, [free rider problems](../../concepts/free-rider-problem.md)  – as well as information on what a DAO is! In addition, this is an area where meanings of key terms are crucial and often [ill-defined](../../claims/well-defined.md) for example what exactly do we mean by “collaboration” or “freedom” (and is our meaning shared)? By providing reference material and common definitions we can ground and inform the debate and avoid “talking past each other”.
 
 ![](https://res.cloudinary.com/ds7qslkd0/image/upload/v1647432615/Web3/crypto_for_good_iedlhs.png)
 

From c1fd32fff1f15071c0d1d98aade1f1635402b719 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 06:29:51 +0000
Subject: [PATCH 008/103] Epsidode notes for post-state plutocracy

---
 claims/bitcoin-esg.md                 |   4 +-
 claims/is-bubble.md                   |   9 +-
 claims/web3-green.md                  |   3 +-
 concepts/greater-fool-theory.md       |   2 +-
 concepts/immutability.md              |   7 ++
 concepts/market-mania.md              |  13 +++
 notes/are-crypto-tokens-securities.md |  26 +++++-
 notes/post-state-technocracy.md       | 128 +++++++++++++++++++++++++-
 site/pages/about.md                   |   2 +-
 9 files changed, 180 insertions(+), 14 deletions(-)

diff --git a/claims/bitcoin-esg.md b/claims/bitcoin-esg.md
index 9070909..932f230 100644
--- a/claims/bitcoin-esg.md
+++ b/claims/bitcoin-esg.md
@@ -27,6 +27,7 @@ Bitcoin is not compatible with ESG investing.
 
 ## References
 
+
 1. Gallersdörfer, Ulrich, Lena Klaaßen, and Christian Stoll. ‘Accounting for Carbon Emissions Caused by Cryptocurrency and Token Systems’, 2021. https://arxiv.org/abs/2111.06477.
 1. Goodkind, Andrew L., Benjamin A. Jones, and Robert P. Berrens. ‘Cryptodamages: Monetary Value Estimates of the Air Pollution and Human Health Impacts of Cryptocurrency Mining’. Energy Research and Social Science 59, no. March 2019 (2020): 101281. https://doi.org/10.1016/j.erss.2019.101281.
 1. Gallersdörfer, Ulrich, Lena Klaaßen, and Christian Stoll. ‘Accounting for Carbon Emissions Caused by Cryptocurrency and Token Systems’, 2021. https://arxiv.org/abs/2111.06477.
@@ -36,4 +37,5 @@ Bitcoin is not compatible with ESG investing.
 1. Schinckus, Christophe. ‘The Good, the Bad and the Ugly: An Overview of the Sustainability of Blockchain Technology’. Energy Research and Social Science 69, no. May (2020): 101614. https://doi.org/10.1016/j.erss.2020.101614.
 1. Vries, Alex De. ‘Bitcoin’s Energy Consumption Is Underestimated : A Market Dynamics Approach’. Energy Research & Social Science 70, no. July (2020): 101721. https://doi.org/10.1016/j.erss.2020.101721.
 1. Vries, Alex de. ‘Bitcoin’s Growing Energy Problem’. Joule 2, no. 5 (2018): 801–5. https://doi.org/10.1016/j.joule.2018.04.016.
-1. Vries, Alex de, and Christian Stoll. ‘Bitcoin’s Growing e-Waste Problem’. Resources, Conservation and Recycling 175, no. September (2021): 105901. https://doi.org/10.1016/j.resconrec.2021.105901.
\ No newline at end of file
+1. Vries, Alex de, and Christian Stoll. ‘Bitcoin’s Growing e-Waste Problem’. Resources, Conservation and Recycling 175, no. September (2021): 105901. https://doi.org/10.1016/j.resconrec.2021.105901.
+1. Wanat, Emanuel. 2021. ‘Are Crypto-Assets Green Enough? – An Analysis of Draft EU Regulation on Markets in Crypto Assets from the Perspective of the European Green Deal’. Osteuropa Recht 67 (2): 237–50. https://doi.org/10.5771/0030-6444-2021-2-237.
\ No newline at end of file
diff --git a/claims/is-bubble.md b/claims/is-bubble.md
index 2262149..cac0e81 100644
--- a/claims/is-bubble.md
+++ b/claims/is-bubble.md
@@ -24,7 +24,6 @@ And several notable investors have also described it as a bubble:
 * George Soros
 
 ## References
-
 1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
 1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
@@ -34,9 +33,5 @@ And several notable investors have also described it as a bubble:
 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
 1. Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
 1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
-
-## References
-* [@blanchard_bubbles_1982]
-* [@caferra_bitcoin_2021]
-* [@fry_negative_2016]
-* [@tonelli_internet_2022]
\ No newline at end of file
+1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
+1. Krugman, Paul. 2021. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
\ No newline at end of file
diff --git a/claims/web3-green.md b/claims/web3-green.md
index 2e182d3..d8d34bb 100644
--- a/claims/web3-green.md
+++ b/claims/web3-green.md
@@ -1,4 +1,5 @@
 # Is Web3 green?
 Web3 is allegedly based on crypto assets which have a known [environmental footprint](environmental-footprint.md) problem. Therefore web3 is not green.
 
-## References
\ No newline at end of file
+## References
+* Wanat, Emanuel. 2021. ‘Are Crypto-Assets Green Enough? – An Analysis of Draft EU Regulation on Markets in Crypto Assets from the Perspective of the European Green Deal’. Osteuropa Recht 67 (2): 237–50. https://doi.org/10.5771/0030-6444-2021-2-237.
\ No newline at end of file
diff --git a/concepts/greater-fool-theory.md b/concepts/greater-fool-theory.md
index 115b3f1..5bb9fe4 100644
--- a/concepts/greater-fool-theory.md
+++ b/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 (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 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 profit or  "make it" or profit from the [bubble](bubble.md).
 
diff --git a/concepts/immutability.md b/concepts/immutability.md
index a8f9cdd..55c552b 100644
--- a/concepts/immutability.md
+++ b/concepts/immutability.md
@@ -1 +1,8 @@
 # Immutability
+The property of a data structure in computer science that data cannot be changed once it has been written. Append-only data structures like [blockchains](blockchain.md) are immutable, they lack a delete operation that allows removal of data from the chain.
+
+Immutability has been critized as a vector for abuse and harassment when personally identifiable information cannot be removed from a publicly accessible system.
+
+## References
+1. White, Molly. 2022. ‘Abuse and Harassment on the Blockchain’. Molly White. 22 January 2022. https://blog.mollywhite.net/abuse-and-harassment-on-the-blockchain/.
+1. Guadamuz, Andres. 2019. ‘All Watched over by Machines of Loving Grace: A Critical Look at Smart Contracts’. Computer Law and Security Review 35 (6): 105338. https://doi.org/10.1016/j.clsr.2019.105338.
\ No newline at end of file
diff --git a/concepts/market-mania.md b/concepts/market-mania.md
index e2abd75..d23fc98 100644
--- a/concepts/market-mania.md
+++ b/concepts/market-mania.md
@@ -1 +1,14 @@
 # Market Mania
+
+## References
+1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
+1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
+1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
+1. Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
+1. Baur, Dirk G., and Thomas Dimpfl. 2021. ‘The Volatility of Bitcoin and Its Role as a Medium of Exchange and a Store of Value’. Empirical Economics 61 (5): 2663–83. https://doi.org/10.1007/s00181-020-01990-5.
+1. Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
+1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
+1. Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
+1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
+1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
+1. Krugman, Paul. 2021. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
\ No newline at end of file
diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index d55d748..97c338d 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -98,4 +98,28 @@ In episode #3 of our ongoing deep dive into web3 and crypto, we explore the natu
 * [productive-asset](../concepts/productive-asset.md)
 * [ico](../concepts/ico.md)
 
-## References
\ No newline at end of file
+## References
+* Bank of International Settlements. 2018. ‘Cryptocurrencies: Looking beyond the Hype’. In . Bank for International Settlements Basel. https://www.bis.org/publ/arpdf/ar2018e5.htm.
+* Boreiko, Dmitri, Guido Ferrarini, and Paolo Giudici. 2019. ‘Blockchain Startups and Prospectus Regulation’. European Business Organization Law Review 20 (4): 665–94. https://doi.org/10.1007/s40804-019-00168-6.
+* Brownsword, Roger. 2020. Law 3.0: Rules, Regulation, and Technology. Routledge.
+* Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
+* Butler, Simon. 2021. ‘Cyber 9/11 Will Not Take Place: A User Perspective of Bitcoin and Cryptocurrencies from Underground and Dark Net Forums’. In Lecture Notes in Computer Science (Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), 12812 LNCS:135–53. Springer. https://doi.org/10.1007/978-3-030-79318-0_8.
+* 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.
+* Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
+* Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
+* Goforth, Carol R. 2021. ‘Regulation of Crypto: Who Is the Securities and Exchange Commission Protecting?’ American Business Law Journal 58 (3): 643–705. https://doi.org/10.1111/ablj.12192.
+* Guadamuz, Andres, and Chris Marsden. 2015. ‘Blockchains and Bitcoin: Regulatory Responses to Cryptocurrencies’. First Monday 20 (12). https://doi.org/10.5210/fm.v20i12.6198.
+* Hacker, Philipp, Ioannis Lianos, Georgios Dimitropoulos, and Stefan Eich. 2019. Regulating Blockchain: : Techno-Social and Legal Challenges. https://doi.org/10.1093/oso/9780198842187.001.0001.
+* Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x) or Designed?’ In Building Decentralized Trust, 21–33. Springer.
+* Kapsis, Ilias. 2021. ‘Should We Trade Market Stability for More Financial Inclusion? The Case of Crypto-Assets Regulation in EU’. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9.
+* Kraus, Daniel, Thierry Obrist, and Olivier Hari. 2019. Blockchains, Smart Contracts, Decentralised Autonomous Organisations and the Law. Edward Elgar Publishing. https://doi.org/10.4337/9781788115131.
+* Lee, Joseph. 2022. Crypto-Finance, Law and Regulation: Governing an Emerging Ecosystem. Routledge. https://www.routledge.com/Crypto-Finance-Law-and-Regulation-Governing-an-Emerging-Ecosystem/Lee/p/book/9780367086619.
+* Liaw, K. Thomas. 2021. ‘Trading and Regulation of Cryptocurrencies, Stablecoins and Other Cryptoassets’.
+* Maia, Guilherme, and João Vieira dos Santos. 2021. ‘MiCA and DeFi (“Proposal for a Regulation on Market in Crypto-Assets” and ’Decentralised Finance’)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3875355.
+* Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+* Reiners, Lee. 2020. ‘Cryptocurrency and the State: An Unholy Alliance’. S. Cal. Interdisc. LJ 30: 695.
+* Walch, Angela. 2015a. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
+* ———. 2015b. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
+* ———. 2019a. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+* ———. 2019b. ‘In Code (Rs) We Trust: Software Developers as Fiduciaries in Public Blockchains’.
+* ———. 2019c. ‘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.
\ No newline at end of file
diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index 3a40c8a..513bed9 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -19,8 +19,132 @@ https://www.youtube.com/watch?v=gZ0iCJkM3PU
 * [free-rider-problem](../concepts/free-rider-problem.md)
 * [private-money](../concepts/private-money.md)
 
-## Summary
-#todo 
+## Episode Notes
+
+**Preface**
+
+1.  This week we’re going to start diving into the more utopian visions of crypto and web3. Unlike in the previous interviews where we discussed positions that were largely either monetary or financial reconfiguration (reinstate the gold standard, get rich quick) this time we’ll start engaging with people who really do have a set of political imaginaries about “making the world a better place” as they see it.
+2.  Specifically we’re going to engage with the imaginaries laid out by technologists and venture capitalists about a vision that allegedly aims to transition the world from the existing US-led international order to a vision in which blockchain technology and technocracy are the new foundations for global human governance.
+3.  This thesis has been put forward in various forms. So far, the most fully articulated form that we have found is from Balaji Srinivasan. We’ll link to the source material in the show notes. 
+    
+**Conflict of Interests Disclaimer**
+
+1.  It’s hard to disentangle VC narratives from:
+	1.  Talking their books
+	2.  Increasing exit liquidity
+	3.  Creating new tax optimization structures and havens
+2.  We can engage with these arguments in good faith. We have source material on what they allegedly believe and we’ll analyze that on the merits.
+	1.  [https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/](https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/)
+	2.  [https://bariweiss.substack.com/p/is-bitcoin-anarchy-or-civilization?s=r](https://bariweiss.substack.com/p/is-bitcoin-anarchy-or-civilization?s=r) 
+	3.  [https://1729.com](https://1729.com) 
+		1.  [https://1729.com/the-network-state](https://1729.com/the-network-state)
+		2.  [https://1729.com/slides/the-network-state.pdf](https://1729.com/slides/the-network-state.pdf)
+	5.  [Balaji S. Srinivasan: The Network State](https://www.youtube.com/watch?v=P5UAtAOV66c)
+	6.  [Sovereignty in the 21st Century | The Balaji Series | Episode 1 (WiM115)](https://www.youtube.com/watch?v=F4RTXF1JX0E)
+	7.  [35: Balaji Srinivasan - The Heretic & The Virus](https://www.youtube.com/watch?v=km9YC1XF1F4)
+3.  First rule of sociology: Whether or not this view is intellectually coherent isn’t so much as important as whether people believe in this worldview as if it were coherent.
+	1.  Prefigurative politics - the best way to predict the future is to make it.
+
+**Pro**
+
+1.  These ideas are all based on the overarching conception of the self-sovereignty of cyberspace.
+	1.  In their words - “A network state is a social network with an agreed-upon leader, an integrated cryptocurrency, a definite purpose, a sense of national consciousness, and a plan to crowdfund physical territory.”
+2.  Constant push inside of libertarianism to create ideal communes of pure libertarian thought. Buying towns, islands, seasteading, etc …
+3.  This is not a completely new idea, we see echoes of this going back to the early internet days of the 1990s Electronic Frontier Foundation and Barlow’s ‘A Declaration of the Independence of Cyberspace’.
+4.  Peter Thiel thesis on human progress - We’ve hit a wall on physical progress, so the “digital realm” is the only frontier accessible.
+	1.  The state is holding back progress in physical sciences.
+	2.  The research taboos of the past need to be revisited. 
+	3.  Cryptocurrencies, seasteading, transhumanism, space travel, and life extension are the foundational ideas of the next era of human development.
+	4.  Why do they want to build a network state?
+		1.  On 1729.com their explanation: To do biomedical research and human genetic experiments that are prohibited in other countries.
+5.  Classic problem in political science and philosophy to create justifications for sovereign states. There are many schools of thought.
+	1.  Thomas Hobbes argued that the absolute power of the sovereign was ultimately justified by the consent of the governed, who agreed, in a hypothetical social contract, to obey the sovereign in all matters in exchange for a guarantee of peace and security.
+	    
+	2.  Jürgen Habermas argues the modern state plays a large role in structuring the economy, by regulating economic activity and being a large-scale economic consumer/producer, and through its redistributive welfare state activities.
+	    
+	3.  Conflict theories of state formation and the claims of a legitimacy based on conquest and a subsequent monopoly on violence. This is a popular view in libertarian circles. The state is in perpetual frozen conflict with the individual and taxation is a protection racket not unlike the mob.
+6.  The traditional functions of the nation state are being replaced by cyberspace and citizenship (what does citizenship grant me: access to a physical space, the people there and the services provided most obviously physical defense, social security, participation in governance)
+	1.  Physical access (to other people)
+	2.  Physical access to jobs
+	3.  Control of a currency
+	4.  Regulation
+	5.  Property rights enforcement nationally & internationally (justice and arbitration?)
+	6.  Redistribution (and addressing redistribution) and public goods
+7.  There is a grain of truth in all these claims.
+	1.  Zoom and Twitter connect people across the world.
+	2.  Remote working is now a reality
+	3.  Transferwise and wire transfers have lower barriers to money flows
+	4.  The sufficiency of self-regulation in the private sector is a popular perspective
+	5.  Digital commodities are regulated internationally (ICANN, web hosting)
+	6.  Self-organizing communities (everything from good things like Linux and Open Source to bad things like 4chan and QAnon) have proved enormously influential in shaping culture and creating public goods.
+8.  ThePirateBay has existed since 2003 despite government attempts to remove it from the internet. No government cares enough to really pursue it because it only infringes on the private sector and there’s no political will to shut it down. 
+	1.  People have successfully built antifragile services that exist outside the regulatory perimeter that have endured the test of time.
+7.  “There is a coming war between the United States government and the forces of China, Bitcoin and the internet.”
+	1.  This war is extremely desirable and we should work to accelerate it.
+	2.  Normative statements about the inevitably of future “belonging” to one ideology.
+8.  “The 21st century doesn’t belong to China, the United States, or Silicon Valley. It belongs to the internet.”
+	1.  Belief in the “great cycles of history” model and the decline of Pax Americana.
+9.  Nation states are being dissolved from within. The internet is global, the internet is the basis of human life, so borders should not exist. Citizenship is an anachronism. 
+	1.  “No borders politics” is legitimately a divergence from classical right wing positions. Usually resonantes with far-left positions. This is an interesting shift in thinking.
+	2.  Synthesis of ideas from Chomskyan anarchism and neoreactionary thought. 
+		1.  “Burning Man Techno-anarchism turned to nation-building ”
+10.  The supposition is that the state can (and should) be hollowed out, we can replace all of its legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.
+	1.  Replacing the DMV and the tax authority with automation is a genuinely appealing idea to many people. Replacing it with the private sector is more controversial.
+11.  Modern nation states are simply too big. People reason about community and politics at a Dunbar’s number level.
+	1.  Joseph Henrich has made a strong case that Western high-trust cultures are weird by most historical and global standards. It may be a “pathological” form of organization and something better may exist.
+12.  A more optimal form of human self-organization is somewhere between a tribe and the modern nation state. The direct democracies of ancient Greece or authoritarian capitalist city-states like Singapore are an ideal middle-way that produces greater prosperity.
+	1.  Blockchain-friendly hubs are being created across the world (El Salvador, Singapore, Zug). These cities can be purchased using crowdfunding to give blockchain technology the rights of sovereign states and create utopias which will attract top talent looking for low-taxes, business opportunities and like-minded communities.
+13.   There is a kernel of truth in all this, western democracies are slow and sclerotic and public trust in institutions is at an all time low. The Americans legitimately elected an imbecile to control their nuclear arsenal … things are clearly not working optimally in democracy.
+	1.  Infinite supply of whataboutisms talking about the genuine deficiencies in the American hegemony and rules based international order.
+14.  "Crypto is the smartest people in the world exiting into their own economy"
+	1.  Problems like climate change show that liberal democracies and the existing international order are highly vulnerable to paralysis on global tragedy of the commons problems.
+	2.  Just like evolution, corruption is the natural state of being, so we need to embrace corruption rather than live up to the ideals of liberal democracy.
+	3.  Instead of a strong man to save us, we need strong tech.
+15.  Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
+	1.  We can’t stop runaway phenomenon. We simply have to embrace them. 
+	2.  Crypto is inevitable. We can’t put the toothpaste back in the tube.
+	3.  Creative destruction is unpredictable but in the end it’s right.
+	4.  Historical inventions like the printing press were fraught with concern and risk, and yet humanity survived those paradigm shifts. The disruption of the financial system is no different than the printing press.
+	5.  The train of progress only goes one direction, get on or get off. There’s no place for Luddites in the future.
+	6.  Matt Damon superbowl ad is the soft form of this worldview.
+
+**Critique**
+
+1.  A philosophy built on a disdain for top-down command and control structures. 
+	1.  A conception that a classless and hierarchy-free world is possible.
+2.  The entire argument is predicated on the technology being able to do the things they claim, perhaps at some point in the future. This is falsely treated as a technical reality and an inevitability.
+	1.  The claims of cryptocurrencies or “algorithmic central banks” having the capacity to serve as national currencies seems unsubstantiated by evidence. 
+	2.  Postal service claim - In the 1700s nothing moved faster than a horse. Yet the advent of the steam engine and capacity to send information faster than horse didn’t fundamentally alter our notions of statehood and justice.
+	3.  Comparisons to kibbutzim and moshavim.
+	4.  Biomedical experimentation outside of the regulatory perimeter is generally considered a bad idea for very good reasons.
+	5.  "Crypto is the smartest people in the world exiting into their own economy"
+3.  Who will fix the potholes in the road? Why will they fix the potholes?
+	1.  Cartmanland
+	2.  This is a vision of the future detached from the lived experience and day to day economics of the vast majority of people globally. 
+	3.  How will this new economy function when their financial system can't even be used to buy goods and services?
+		1.  “Crypto doesn’t currently function as money, not because of technical or economics limitations, but because statists won’t give up their power.”
+		2.  Doesn’t include the view that the economics of the system are wrong to give rise to a medium of exchange.
+		3.  A worldview from a VC echo chamber talking their books or trying to strongarm their heterodox views using capital.
+4.  A tech-led plutocracy, not a utopia.
+5.  The state exists for a very good reason. It’s the only structure proven to sustain public goods at a civilization level and be the guarantor of last resort for justice, defense, and monetary issuance.
+	1.  Property rights over physical goods are not enforceable with cryptography.
+	2.  Dispute resolution between humans can rarely, if ever, be reduced down to code.
+	3.  We still need magistrates and courts.
+	4.  We still inevitably need a structure like a central bank.
+	5.  How does this solve the public goods problem? There appears to be no coherent connection between crypto coins and solutions to this problem.
+6.  The appeals to global UBI are interesting but don't make sense economically. How will we fund it?
+7.  We'll all be full-time FX traders at face value makes zero sense. Price discovery is important but who will smelt the aluminum for your MacBook
+8.  Oligarchy of the technical elite rule and those with access to capitals, where the vast majority of the public which has no ability to purchase say in governance. Which is now purely bought and sold as a commodity.
+9.  This perspective on web3 is an embodiment of what the political theorist Macpherson calls "possessive individualism", a philosophy in which an individual is conceived as the sole proprietor of his or her skills and owes nothing to society for them. These skills (and those of others) are a commodity to be bought and sold on the open market and in such a society is demonstrated a selfish and unending thirst for consumption which is considered the crucial core of human nature.
+10.  Ronald Coase's theory of the firm as an economic answer to possessive individualism.
+	1.  Why aren’t we all sole proprietors?
+	2.  Transaction costs model
+11.  This is a bleak dystopian vision of the future.
+	1.  Neal Stpehensons’s Burbclaves
+	2.  We can’t run nation states like we run tech startups.
+	3.  Skeptical about finding a quick-fix in technology or politics. There is wisdom in learning from the past and the institutions that exist.
+	4.  Esperanto-style solutionism has never worked for societies or economies. 
+	5. Anna Neima’s book The Utopians is full of similarly minded people and communities. They usually dissolve or collapse.
 
 ## References
 1. Barlow, John Perry. 2019. ‘A Declaration of the Independence of Cyberspace’. Duke Law & Technology Review 18 (1): 5–7.
diff --git a/site/pages/about.md b/site/pages/about.md
index 03c4ec2..6eb48a0 100644
--- a/site/pages/about.md
+++ b/site/pages/about.md
@@ -41,7 +41,7 @@ We think good sensemaking begins by clarifying and agreeing the questions we wan
 * What are the [narratives](../../claims/narrative-economics.md) and claims made for web3, both positive and negative?
 * Based on the theory and evidence at our disposal, how should we evaluate these claims?
 * Given our evaluations, what should we do? Should we support and/or improve web3 technology, or, alternatively, restrict it? How does this differ across different uses (e.g. [DAOs](../../concepts/dao.md) vs [NFTs](../../concepts/nft.md))? How should we do this?
-* More generally, what options are there both in web3 and beyond to fulfil on the aspirations voiced for it? And thus, how should we direct our attention, time and money most effectively to realize these aspirations whether via web3 or other means?
+* More generally, what options are there both in web3 and beyond to fulfil on the aspirations voiced for it? And thus, how should we direct our attention, time and [money](../../concepts/money.md) most effectively to realize these aspirations whether via web3 or other means?
 
 And here is our full structured tree of questions:
 

From 35c9331700be70bfb49c0f3829e24ab4eb56e61d Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 06:55:51 +0000
Subject: [PATCH 009/103] Fix show notess

---
 notes/post-state-technocracy.md | 58 ++++++++++++++++-----------------
 1 file changed, 28 insertions(+), 30 deletions(-)

diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index 513bed9..958a4b5 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -58,11 +58,9 @@ https://www.youtube.com/watch?v=gZ0iCJkM3PU
 	4.  Why do they want to build a network state?
 		1.  On 1729.com their explanation: To do biomedical research and human genetic experiments that are prohibited in other countries.
 5.  Classic problem in political science and philosophy to create justifications for sovereign states. There are many schools of thought.
-	1.  Thomas Hobbes argued that the absolute power of the sovereign was ultimately justified by the consent of the governed, who agreed, in a hypothetical social contract, to obey the sovereign in all matters in exchange for a guarantee of peace and security.
-	    
-	2.  Jürgen Habermas argues the modern state plays a large role in structuring the economy, by regulating economic activity and being a large-scale economic consumer/producer, and through its redistributive welfare state activities.
-	    
-	3.  Conflict theories of state formation and the claims of a legitimacy based on conquest and a subsequent monopoly on violence. This is a popular view in libertarian circles. The state is in perpetual frozen conflict with the individual and taxation is a protection racket not unlike the mob.
+	1. Thomas Hobbes argued that the absolute power of the sovereign was ultimately justified by the consent of the governed, who agreed, in a hypothetical social contract, to obey the sovereign in all matters in exchange for a guarantee of peace and security.
+	2. Jürgen Habermas argues the modern state plays a large role in structuring the economy, by regulating economic activity and being a large-scale economic consumer/producer, and through its redistributive welfare state activities.
+	3. Conflict theories of state formation and the claims of a legitimacy based on conquest and a subsequent monopoly on violence. This is a popular view in libertarian circles. The state is in perpetual frozen conflict with the individual and taxation is a protection racket not unlike the mob.
 6.  The traditional functions of the nation state are being replaced by cyberspace and citizenship (what does citizenship grant me: access to a physical space, the people there and the services provided most obviously physical defense, social security, participation in governance)
 	1.  Physical access (to other people)
 	2.  Physical access to jobs
@@ -89,24 +87,24 @@ https://www.youtube.com/watch?v=gZ0iCJkM3PU
 	2.  Synthesis of ideas from Chomskyan anarchism and neoreactionary thought. 
 		1.  “Burning Man Techno-anarchism turned to nation-building ”
 10.  The supposition is that the state can (and should) be hollowed out, we can replace all of its legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.
-	1.  Replacing the DMV and the tax authority with automation is a genuinely appealing idea to many people. Replacing it with the private sector is more controversial.
+		1. Replacing the DMV and the tax authority with automation is a genuinely appealing idea to many people. Replacing it with the private sector is more controversial.
 11.  Modern nation states are simply too big. People reason about community and politics at a Dunbar’s number level.
-	1.  Joseph Henrich has made a strong case that Western high-trust cultures are weird by most historical and global standards. It may be a “pathological” form of organization and something better may exist.
+		1. Joseph Henrich has made a strong case that Western high-trust cultures are weird by most historical and global standards. It may be a “pathological” form of organization and something better may exist.
 12.  A more optimal form of human self-organization is somewhere between a tribe and the modern nation state. The direct democracies of ancient Greece or authoritarian capitalist city-states like Singapore are an ideal middle-way that produces greater prosperity.
-	1.  Blockchain-friendly hubs are being created across the world (El Salvador, Singapore, Zug). These cities can be purchased using crowdfunding to give blockchain technology the rights of sovereign states and create utopias which will attract top talent looking for low-taxes, business opportunities and like-minded communities.
+		1. Blockchain-friendly hubs are being created across the world (El Salvador, Singapore, Zug). These cities can be purchased using crowdfunding to give blockchain technology the rights of sovereign states and create utopias which will attract top talent looking for low-taxes, business opportunities and like-minded communities.
 13.   There is a kernel of truth in all this, western democracies are slow and sclerotic and public trust in institutions is at an all time low. The Americans legitimately elected an imbecile to control their nuclear arsenal … things are clearly not working optimally in democracy.
-	1.  Infinite supply of whataboutisms talking about the genuine deficiencies in the American hegemony and rules based international order.
+		1. Infinite supply of whataboutisms talking about the genuine deficiencies in the American hegemony and rules based international order.
 14.  "Crypto is the smartest people in the world exiting into their own economy"
-	1.  Problems like climate change show that liberal democracies and the existing international order are highly vulnerable to paralysis on global tragedy of the commons problems.
-	2.  Just like evolution, corruption is the natural state of being, so we need to embrace corruption rather than live up to the ideals of liberal democracy.
-	3.  Instead of a strong man to save us, we need strong tech.
+		1. Problems like climate change show that liberal democracies and the existing international order are highly vulnerable to paralysis on global tragedy of the commons problems.
+		2. Just like evolution, corruption is the natural state of being, so we need to embrace corruption rather than live up to the ideals of liberal democracy.
+		3. Instead of a strong man to save us, we need strong tech.
 15.  Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
-	1.  We can’t stop runaway phenomenon. We simply have to embrace them. 
-	2.  Crypto is inevitable. We can’t put the toothpaste back in the tube.
-	3.  Creative destruction is unpredictable but in the end it’s right.
-	4.  Historical inventions like the printing press were fraught with concern and risk, and yet humanity survived those paradigm shifts. The disruption of the financial system is no different than the printing press.
-	5.  The train of progress only goes one direction, get on or get off. There’s no place for Luddites in the future.
-	6.  Matt Damon superbowl ad is the soft form of this worldview.
+		1. We can’t stop runaway phenomenon. We simply have to embrace them. 
+		2. Crypto is inevitable. We can’t put the toothpaste back in the tube.
+		3. Creative destruction is unpredictable but in the end it’s right.
+		4. Historical inventions like the printing press were fraught with concern and risk, and yet humanity survived those paradigm shifts. The disruption of the financial system is no different than the printing press.
+		5. The train of progress only goes one direction, get on or get off. There’s no place for Luddites in the future.
+		6. Matt Damon superbowl ad is the soft form of this worldview.
 
 **Critique**
 
@@ -127,24 +125,24 @@ https://www.youtube.com/watch?v=gZ0iCJkM3PU
 		3.  A worldview from a VC echo chamber talking their books or trying to strongarm their heterodox views using capital.
 4.  A tech-led plutocracy, not a utopia.
 5.  The state exists for a very good reason. It’s the only structure proven to sustain public goods at a civilization level and be the guarantor of last resort for justice, defense, and monetary issuance.
-	1.  Property rights over physical goods are not enforceable with cryptography.
-	2.  Dispute resolution between humans can rarely, if ever, be reduced down to code.
-	3.  We still need magistrates and courts.
-	4.  We still inevitably need a structure like a central bank.
-	5.  How does this solve the public goods problem? There appears to be no coherent connection between crypto coins and solutions to this problem.
+	1. Property rights over physical goods are not enforceable with cryptography.
+	2. Dispute resolution between humans can rarely, if ever, be reduced down to code.
+	3. We still need magistrates and courts.
+	4. We still inevitably need a structure like a central bank.
+	5. How does this solve the public goods problem? There appears to be no coherent connection between crypto coins and solutions to this problem.
 6.  The appeals to global UBI are interesting but don't make sense economically. How will we fund it?
 7.  We'll all be full-time FX traders at face value makes zero sense. Price discovery is important but who will smelt the aluminum for your MacBook
 8.  Oligarchy of the technical elite rule and those with access to capitals, where the vast majority of the public which has no ability to purchase say in governance. Which is now purely bought and sold as a commodity.
 9.  This perspective on web3 is an embodiment of what the political theorist Macpherson calls "possessive individualism", a philosophy in which an individual is conceived as the sole proprietor of his or her skills and owes nothing to society for them. These skills (and those of others) are a commodity to be bought and sold on the open market and in such a society is demonstrated a selfish and unending thirst for consumption which is considered the crucial core of human nature.
 10.  Ronald Coase's theory of the firm as an economic answer to possessive individualism.
-	1.  Why aren’t we all sole proprietors?
-	2.  Transaction costs model
+		1. Why aren’t we all sole proprietors?
+		2. Transaction costs model
 11.  This is a bleak dystopian vision of the future.
-	1.  Neal Stpehensons’s Burbclaves
-	2.  We can’t run nation states like we run tech startups.
-	3.  Skeptical about finding a quick-fix in technology or politics. There is wisdom in learning from the past and the institutions that exist.
-	4.  Esperanto-style solutionism has never worked for societies or economies. 
-	5. Anna Neima’s book The Utopians is full of similarly minded people and communities. They usually dissolve or collapse.
+		1. Neal Stpehensons’s Burbclaves
+		2. We can’t run nation states like we run tech startups.
+		3. Skeptical about finding a quick-fix in technology or politics. There is wisdom in learning from the past and the institutions that exist.
+		4. Esperanto-style solutionism has never worked for societies or economies. 
+		5. Anna Neima’s book The Utopians is full of similarly minded people and communities. They usually dissolve or collapse.
 
 ## References
 1. Barlow, John Perry. 2019. ‘A Declaration of the Independence of Cyberspace’. Duke Law & Technology Review 18 (1): 5–7.

From 9d4731cf559f129b6fa1b00eada431e6360f880c Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 07:17:43 +0000
Subject: [PATCH 010/103] Article on authoritarian regimes

---
 claims/authoritarianism.md | 26 ++++++++++++--------------
 concepts/immutability.md   |  5 ++++-
 2 files changed, 16 insertions(+), 15 deletions(-)

diff --git a/claims/authoritarianism.md b/claims/authoritarianism.md
index 31d5480..e03a1da 100644
--- a/claims/authoritarianism.md
+++ b/claims/authoritarianism.md
@@ -1,5 +1,15 @@
-# Bitcoin is a means to counter authoritarian regimes
+# Bitcoin is not a means to counter authoritarian regimes
+Crypto assets are not a safe haven for one’s investments or a a shield against government tyranny. In his whitepaper *Bitcoin, Currencies, and Fragility*, Nassim Taleb writes of the "safe haven from tyranny" thesis:
 
+> By its very nature, bitcoin is open for all to see. The belief in one’s ability to hide one’s assets from the government with a public blockchain easily triangularizable at endpoints, and not just read by the FBI but also by people in their living rooms, requires a certain lack of financial seasoning and statistical understanding — perhaps even a lack of minimal common sense. For instance a Wolfram Research specialist was able to statistically detect and triangularize "anonymous" ransom payments made by Colonial Pipeline on May 8 in 2021 — and it did not take long for the FBI to restore the funds. We can safely assume that government structures and computational power will remain stronger than those of distributed operators who, while distrusting one another, can fall prey to simple hoaxes
+> 
+> [..] The slogan "Escape government tyranny hence bitcoin" is similar to advertisements in the 1960s extolling the health benefits of cigarettes.
+
+The massive power asymmetries of authoritarian regimes and their control over both traditional payment rails and domestic implies that dissidents attempting to use crypto assets to circumvent repression or capital controls will find it very difficult to move assets or cash out. Without the capacity to cash out the efficacy of their actions is fundamentally limited to external geographic regions outside of the authoritarian regimes. Since no action can effected internal to the regime this fundamentally refutes the argument that crypto assets are an effective tool for dissidents.
+
+This is best evidenced by the Canadian convoys in 2022 which attempted to take international donations in crypto assets and found themselves and their accounts frozen by both banks and Canadian [crypto exchanges](../concepts/crypto-exchange.md) which blocked transactions under [illicit financing](../concepts/illicit-financing.md) laws. This made using the donations to purchase supplies impossible and undermined the [crypto assets](../concepts/cryptoasset.md) narrative.
+
+The complete ban of [crypto asset](../concepts/cryptoasset.md) by the People's Republic of China also does not lend credibility to the thesis that [crypto asset](../concepts/cryptoasset.md) are outside the remit of authoritarian controls and their restriction on capital movement and controls over domestic [money services business](../concepts/money-services-business.md).
 
 ## References
 * Bogost, Ian. 2017. ‘Cryptocurrency Might Be a Path to Authoritarianism’. The Atlantic 30.
@@ -7,16 +17,4 @@
 * Krugman, Paul. 2022. ‘The Strange Alliance of Crypto and MAGA Believers’. The New York Times, 11 January 2022, sec. Opinion. https://www.nytimes.com/2022/01/10/opinion/crypto-cryptocurrency-money-conspiracy.html.
 * Xie, Rain. 2019. ‘Why China Had to Ban Cryptocurrency but the U.S. Did Not: A Comparative Analysis of Regulations on Crypto-Markets between the U.S. and China’. Wash. U. Global Stud. L. Rev. 18 (2): 457–89. https://openscholarship.wustl.edu/cgi/viewcontent.cgi?article=1684&context=law_globalstudies.
 * Wang, Gangjin, Yanping Tang, Chi Xie, and Shou Chen. 2019. ‘Is Bitcoin a Safe Haven or a Hedging Asset? Evidence from China’. Journal of Management Science and Engineering 4 (3): 173–88. https://doi.org/10.1016/j.jmse.2019.09.001.
-* Ottenhof, Luke. 2021. ‘Crypto-Colonialists Use the Most Vulnerable People in the World as Guinea Pigs’. VICE Media.
-
-## References
-
-* [@bogost_cryptocurrency_2017]
-* [@gerard_salvador_nodate]
-* [@analytica_salvador_2021]
-* [@gerard_salvadors_nodate]
-* [@murray_imf_nodate]
-* [@xie_why_2019]
-* [@kaiser_looming_2018]
-* [@wang_is_2019]
-* [@wang_blockchain_2020]
\ No newline at end of file
+* Ottenhof, Luke. 2021. ‘Crypto-Colonialists Use the Most Vulnerable People in the World as Guinea Pigs’. VICE Media.
\ No newline at end of file
diff --git a/concepts/immutability.md b/concepts/immutability.md
index 55c552b..6690626 100644
--- a/concepts/immutability.md
+++ b/concepts/immutability.md
@@ -1,8 +1,11 @@
 # Immutability
 The property of a data structure in computer science that data cannot be changed once it has been written. Append-only data structures like [blockchains](blockchain.md) are immutable, they lack a delete operation that allows removal of data from the chain.
 
-Immutability has been critized as a vector for abuse and harassment when personally identifiable information cannot be removed from a publicly accessible system.
+Immutability has been criticized as a vector for abuse and harassment when personally identifiable information cannot be removed from a publicly accessible system.
+
+See also [smart contracts](smart-contracts.md) and [pseudonymous](pseudonymous.md).
 
 ## References
 1. White, Molly. 2022. ‘Abuse and Harassment on the Blockchain’. Molly White. 22 January 2022. https://blog.mollywhite.net/abuse-and-harassment-on-the-blockchain/.
+1. White, Molly 2022. 'Abuse on the blockchain'. Guest lecture at Stanford University. https://www.youtube.com/watch?v=hXBZ-BXfCSY
 1. Guadamuz, Andres. 2019. ‘All Watched over by Machines of Loving Grace: A Critical Look at Smart Contracts’. Computer Law and Security Review 35 (6): 105338. https://doi.org/10.1016/j.clsr.2019.105338.
\ No newline at end of file

From 6de82efc33dd74d1db8deeb53f6874d642dd886a Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 07:45:00 +0000
Subject: [PATCH 011/103] Inflation hedge and store of value arguments

---
 claims/bitcoin-esg.md             |  2 --
 claims/crypto-unbanked.md         |  6 +-----
 claims/digital-gold.md            | 11 +----------
 claims/hedge-inflation.md         | 12 ++++++++----
 claims/is-bitcoin-currency.md     | 12 ++----------
 claims/is-disrupt-hegemony.md     |  2 ++
 claims/is-legal.md                |  8 +-------
 claims/is-new-financial-system.md |  5 ++---
 guide/index.md                    |  1 +
 9 files changed, 18 insertions(+), 41 deletions(-)

diff --git a/claims/bitcoin-esg.md b/claims/bitcoin-esg.md
index 932f230..623e7f6 100644
--- a/claims/bitcoin-esg.md
+++ b/claims/bitcoin-esg.md
@@ -26,8 +26,6 @@ Bitcoin is not compatible with ESG investing.
 * [Market manipulation](../concepts/market-manipulation.md)
 
 ## References
-
-
 1. Gallersdörfer, Ulrich, Lena Klaaßen, and Christian Stoll. ‘Accounting for Carbon Emissions Caused by Cryptocurrency and Token Systems’, 2021. https://arxiv.org/abs/2111.06477.
 1. Goodkind, Andrew L., Benjamin A. Jones, and Robert P. Berrens. ‘Cryptodamages: Monetary Value Estimates of the Air Pollution and Human Health Impacts of Cryptocurrency Mining’. Energy Research and Social Science 59, no. March 2019 (2020): 101281. https://doi.org/10.1016/j.erss.2019.101281.
 1. Gallersdörfer, Ulrich, Lena Klaaßen, and Christian Stoll. ‘Accounting for Carbon Emissions Caused by Cryptocurrency and Token Systems’, 2021. https://arxiv.org/abs/2111.06477.
diff --git a/claims/crypto-unbanked.md b/claims/crypto-unbanked.md
index 611a868..ab86067 100644
--- a/claims/crypto-unbanked.md
+++ b/claims/crypto-unbanked.md
@@ -16,8 +16,4 @@ The purpose of retail banking services is to provide stable, reliable and safe m
 1. Kapsis, I. (2021). Should we trade market stability for more financial inclusion? The case of crypto-assets regulation in EU. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9
 1. Sen, A., Lindquist, J., & Kolling, M. (2020). Who’s Cashing in? Contemporary Perspectives on New Monies and Global Cashlessness (Vol. 19). Berghahn Books.
 1. Swartz, L. (2020). New money: How payment became social media. Yale University Press. https://yalebooks.yale.edu/book/9780300233223/new-money
-1. Vasudevan, R. (2020). Libra and Facebook’s Money Illusion. Challenge, 63(1), 21–39. https://doi.org/10.1080/05775132.2019.1684662
-
-## References
-* [@koning_bitcoin_2020]
-* [@knauer_what_2019]
\ No newline at end of file
+1. Vasudevan, R. (2020). Libra and Facebook’s Money Illusion. Challenge, 63(1), 21–39. https://doi.org/10.1080/05775132.2019.1684662
\ No newline at end of file
diff --git a/claims/digital-gold.md b/claims/digital-gold.md
index 85b6dea..9cf5255 100644
--- a/claims/digital-gold.md
+++ b/claims/digital-gold.md
@@ -8,19 +8,10 @@ Bitcoin has no historical track record of being a store of value and lacks the m
 Even if bitcoin could function as a new gold standard. The [gold-standard](../concepts/gold-standard.md) and the notion of [sound-money](../concepts/sound-money.md) are undesirable foundations for a [currency](../concepts/currency.md) and were subject to extreme shocks and deflationary spirals, and as such were abandoned in the mid 20th century in favour of the [central-banks](../concepts/central-banks.md) and fiat monetary system.
 
 ## References
-
 1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31).
 1. Allon, F. (2018). Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism. Australian Feminist Studies, 33(96), 223–243. https://doi.org/10.1080/08164649.2018.1517245
 1. Bernanke, B. S. (2004). Essays on the Great Depression. Princeton University Press.
 1. Caferra, R., Tedeschi, G., & Morone, A. (2021). Bitcoin: Bubble that bursts or Gold that glitters? Economics Letters, 205, 109942. https://doi.org/10.1016/j.econlet.2021.109942
 1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
 1. Selmi, R., Bouoiyour, J., & Wohar, M. E. (2022). “Digital Gold” and geopolitics. Research in International Business and Finance, 59, 101512. https://doi.org/10.1016/j.ribaf.2021.101512
-1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
-
-## References
-* [@cembalest_maltese_2022]
-* [@taleb_bitcoin_2021]
-* [@caferra_bitcoin_2021]
-* [@weisenthal_bitcoin_nodate]
-* [@krugman_bitcoin_2018]
-* [@bernanke_essays_2004]
\ No newline at end of file
+1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
\ No newline at end of file
diff --git a/claims/hedge-inflation.md b/claims/hedge-inflation.md
index d3452bc..191b509 100644
--- a/claims/hedge-inflation.md
+++ b/claims/hedge-inflation.md
@@ -1,11 +1,15 @@
 # Are crypto assets a hedge against inflation?
+ Since [crypto asset](../concepts/cryptoasset.md) have no exposure to domestic commodities there is no evidence of anti-correlation with a basket of goods that would be inversely to the national [currency](../concepts/currency.md) in times of inflation. Instead crypto assets seem largely correlated with the broader [stock](../concepts/stock.md) market and as such are not a hedge against any macroeconomic factors of either inflation or equity markets.
+ 
+[Crypto assets](../concepts/cryptoasset.md) are also not a reliable [store of value](store-of-value.md) in times of market instability, and as such do not provide a safe haven of any form since they are largely correlated with the broader market and exposed to the same shocks.
+
+ In his whitepaper *Bitcoin, Currencies, and Fragility*, Nassim Taleb deconstructs the "inflation hedge" thesis:
+ 
+> The experience of March 2020, during the market panic upon the onset of the pandemic, when bitcoin dropped farther than the stock market —and subsequently recovered with it upon the massive injection of liquidity is sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk. Furthermore, bitcoin appears to respond to liquidity, exactly like other bubble items. It is also uncertain what could happen should the internet experience a general, or an even a regional, outage — particularly if it takes place during a financial collapse.
 
 ## References
 * Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’.
 * Shaffer, Daniel S. 2010. Profiting in Economic Storms: A Historic Guide to Surviving Depression, Deflation, Hyperinflation, and Market Bubbles. John Wiley & Sons.
 * Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
 * Wang, Gangjin, Yanping Tang, Chi Xie, and Shou Chen. 2019. ‘Is Bitcoin a Safe Haven or a Hedging Asset? Evidence from China’. Journal of Management Science and Engineering 4 (3): 173–88. https://doi.org/10.1016/j.jmse.2019.09.001.
-* Frisch, Helmut. 1983. Theories of Inflation. Cambridge University Press.
-
-## References
-* [@cembalest_maltese_2022]
\ No newline at end of file
+* Frisch, Helmut. 1983. Theories of Inflation. Cambridge University Press.
\ No newline at end of file
diff --git a/claims/is-bitcoin-currency.md b/claims/is-bitcoin-currency.md
index 122ec6d..c4f913a 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/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). 
 
 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.
 
@@ -26,12 +26,4 @@ Since bitcoin is [deflationary](../concepts/deflationary.md) it encourages hordi
 1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
 1. Stinchcombe, Kai. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
 1. White, Molly. 2022a. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
-1. ———. 2022b. ‘Cryptocurrency’s Robinhood Effect’. Molly White. 17 February 2022. https://blog.mollywhite.net/cryptocurrencys-robinhood-effect/.
-
-## References
-* [@taleb_bitcoin_2021-1]
-* [@corradi_disenchantment_2018]
-* [@nabilou_ignorance_2019]
-* [@krugman_brutal_2021]
-* [@krugman_technobabble_2021]
-* [@varoufakis_what_2021]
\ No newline at end of file
+1. ———. 2022b. ‘Cryptocurrency’s Robinhood Effect’. Molly White. 17 February 2022. https://blog.mollywhite.net/cryptocurrencys-robinhood-effect/.
\ No newline at end of file
diff --git a/claims/is-disrupt-hegemony.md b/claims/is-disrupt-hegemony.md
index 1c13610..d8eccc8 100644
--- a/claims/is-disrupt-hegemony.md
+++ b/claims/is-disrupt-hegemony.md
@@ -1,3 +1,5 @@
 # Is web3 a means to dismantle the American tech hegemony?
 
+See [recentralization](../concepts/recentralization.md).
+
 ## References
\ No newline at end of file
diff --git a/claims/is-legal.md b/claims/is-legal.md
index e76a664..9268b8c 100644
--- a/claims/is-legal.md
+++ b/claims/is-legal.md
@@ -10,10 +10,4 @@ Crypto assets are unlicensed [security](../concepts/security.md) contracts for u
 1. Huang, Sherena Sheng. 2021. ‘Crypto Assets Regulation in the UK: An Assessment of the Regulatory Effectiveness and Consistency’. Journal of Financial Regulation and Compliance.
 1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
 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. Zwitter, Andrej, and Jilles Hazenberg. 2020. ‘Decentralized Network Governance: Blockchain Technology and the Future of Regulation’. Frontiers in Blockchain 3. https://www.frontiersin.org/article/10.3389/fbloc.2020.00012.
-
-## References
-* [@hacker_crypto-securities_2018]
-* [@azgad-tromer_crypto_2018]
-* [@ivaniuk_cryptocurrency_2020]
-* [@rae_crypto_2019]
\ No newline at end of file
+1. Zwitter, Andrej, and Jilles Hazenberg. 2020. ‘Decentralized Network Governance: Blockchain Technology and the Future of Regulation’. Frontiers in Blockchain 3. https://www.frontiersin.org/article/10.3389/fbloc.2020.00012.
\ No newline at end of file
diff --git a/claims/is-new-financial-system.md b/claims/is-new-financial-system.md
index dfdc527..0c77ddf 100644
--- a/claims/is-new-financial-system.md
+++ b/claims/is-new-financial-system.md
@@ -1,5 +1,4 @@
 # Is web3 a means to rebuild the global financial system?
+[is-bitcoin-currency](is-bitcoin-currency.md)
 
-## References
-
-
+## References
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index f50e3d3..c78da68 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -29,6 +29,7 @@ Understand the terminology used to describe crypto and web3.
 * [Zero-sum game](../concepts/zero-sum-game.md)
 * [Memecoins](../concepts/memecoin.md)
 * [Assets](/concepts/assets.md)
+* [Store of value](../claims/store-of-value.md)
 * [Speculative asset](/concepts/speculation.md)
 * [Market manipulation](../concepts/market-manipulation.md)
 * [DeFi](../concepts/defi.md)

From 32a4e62546d8ce2a35fc581d077475ac6d385f3b Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 07:55:09 +0000
Subject: [PATCH 012/103] Expand use value

---
 concepts/dogecoin.md  | 11 ++++++++++-
 concepts/use-value.md | 15 +++++++++++++--
 site/pages/library.md |  4 ++--
 3 files changed, 25 insertions(+), 5 deletions(-)

diff --git a/concepts/dogecoin.md b/concepts/dogecoin.md
index 47cc09e..b97d7fb 100644
--- a/concepts/dogecoin.md
+++ b/concepts/dogecoin.md
@@ -31,4 +31,13 @@ Dogecoin is a [non-productive](productive-asset.md) investment.
 
 Dogecoin has a negative [expected return](expected-return.md).
 
-Dogecoin is based on the [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
\ No newline at end of file
+Dogecoin is based on the [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.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.
+1. Gerard, David. n.d. ‘Confused About Dogecoin? Here’s How It (Doesn’t) Work.’ Foreign Policy (blog). Accessed 3 March 2022. https://foreignpolicy.com/2021/02/11/dogecoin-how-does-it-work-elon-musk-cryptocurrency/.
+1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
+1. Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
+1. Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
+ 1. Lustig, Caitlin. 2019. ‘Intersecting Imaginaries: Visions of Decentralized Autonomous Systems’. Proceedings of the ACM on Human-Computer Interaction 3 (CSCW). https://doi.org/10.1145/3359312.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
\ No newline at end of file
diff --git a/concepts/use-value.md b/concepts/use-value.md
index 0d39149..2b61f28 100644
--- a/concepts/use-value.md
+++ b/concepts/use-value.md
@@ -1,4 +1,15 @@
 # Use Value
-*Use value* or *intrinsic value* is a feature of an asset which can satisfy some human requirement, want or need, or which serves a useful purpose.
+*Use value* or *intrinsic value* is a feature of an asset which can satisfy some human requirement, want or need, or which serves a useful purpose. It is an [asset](assets.md) whose demand curve is generated by organic economic activity rather than by [artificial demand](artificial-demand.md) or [narrative economics](narrative-economics.md).
 
-For example the use value of wheat is the ability to produce flour and bread which can provide sustenance and satisfy human hunger and need for sustenance.
\ No newline at end of file
+An example of a [commodity](commodity.md) with use value of wheat is the ability to produce flour and bread which can provide sustenance and satisfy human hunger and need for sustenance. The use value of petrol is the capacity to burn it to produce energy.
+
+An example of a financial product with no use value is a [stock](stock.md). Instead its [market value](market.md) is derived from its [fundamental value](fundamental-value.md) which originates from both the [legal framework](security.md) that gives rise to its existence and whose demand is generated from its exposure to [income-cashflows](income-cashflows.md).
+
+A historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval Catholic church.
+
+## References
+
+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. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874.
+1. Weisenthal, Joe. n.d. ‘Bitcoin Is a Faith-Based Asset’. Accessed 2 March 2022. https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal.
+1. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html.
\ No newline at end of file
diff --git a/site/pages/library.md b/site/pages/library.md
index 6d22aa5..e6d0f7d 100644
--- a/site/pages/library.md
+++ b/site/pages/library.md
@@ -1,5 +1,5 @@
 # The Library
-We are maintaining a comprehensive library of articles, papers, books and other materials related to the space and the surrounding discourse. It provides deeper background on specific topics along with everything you need to fully engage with, and evaluate, Web3 and the claims being made about it.
+We are maintaining a comprehensive library of articles, papers, books and other materials related to the space and the surrounding discourse. It provides deeper background on specific topics along with everything you need to fully engage with, and evaluate, [web3](../../concepts/web3.md) and the claims being made about it.
 
 ## Browse the Library
 Explore our library online here:
@@ -21,7 +21,7 @@ Set up Zotero:
 Join the group:
 
 * Visit the group library and click the join button. https://www.zotero.org/groups/4600269/web3
-* Be approved by an admin (we'll get notified of your request or you can contact us via hello@lifeitself.us)
+* Be approved by an admin ( we'll get notified of your request or you can contact us via hello@lifeitself.us )
 
 Start adding materials.
 

From 47f964648ae406b486c5c3065f026822ea504dbd Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 08:04:04 +0000
Subject: [PATCH 013/103] Expand definitions of intrinsic value

---
 claims/hedge-inflation.md  | 2 +-
 concepts/store-of-value.md | 9 +++++++++
 concepts/use-value.md      | 9 +++++++--
 guide/index.md             | 2 +-
 4 files changed, 18 insertions(+), 4 deletions(-)
 create mode 100644 concepts/store-of-value.md

diff --git a/claims/hedge-inflation.md b/claims/hedge-inflation.md
index 191b509..6e33c0f 100644
--- a/claims/hedge-inflation.md
+++ b/claims/hedge-inflation.md
@@ -1,7 +1,7 @@
 # Are crypto assets a hedge against inflation?
  Since [crypto asset](../concepts/cryptoasset.md) have no exposure to domestic commodities there is no evidence of anti-correlation with a basket of goods that would be inversely to the national [currency](../concepts/currency.md) in times of inflation. Instead crypto assets seem largely correlated with the broader [stock](../concepts/stock.md) market and as such are not a hedge against any macroeconomic factors of either inflation or equity markets.
  
-[Crypto assets](../concepts/cryptoasset.md) are also not a reliable [store of value](store-of-value.md) in times of market instability, and as such do not provide a safe haven of any form since they are largely correlated with the broader market and exposed to the same shocks.
+[Crypto assets](../concepts/cryptoasset.md) are also not a reliable [store of value](../concepts/store-of-value.md) in times of market instability, and as such do not provide a safe haven of any form since they are largely correlated with the broader market and exposed to the same shocks.
 
  In his whitepaper *Bitcoin, Currencies, and Fragility*, Nassim Taleb deconstructs the "inflation hedge" thesis:
  
diff --git a/concepts/store-of-value.md b/concepts/store-of-value.md
new file mode 100644
index 0000000..23a73d7
--- /dev/null
+++ b/concepts/store-of-value.md
@@ -0,0 +1,9 @@
+# Store of Value
+A store of value is an [asset](../concepts/assets.md) that maintains purchasing power into the future and can be saved, retrieved and exchanged at a later time, and be predictably useful when required.
+
+A store of value should have a low-variance in its [market value](../concepts/market-value.md) on long time scales. Hypervolatile assets do not make for good stores of value.
+
+## References
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31).
+1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
\ No newline at end of file
diff --git a/concepts/use-value.md b/concepts/use-value.md
index 2b61f28..1068b97 100644
--- a/concepts/use-value.md
+++ b/concepts/use-value.md
@@ -5,10 +5,15 @@ An example of a [commodity](commodity.md) with use value of wheat is the ability
 
 An example of a financial product with no use value is a [stock](stock.md). Instead its [market value](market.md) is derived from its [fundamental value](fundamental-value.md) which originates from both the [legal framework](security.md) that gives rise to its existence and whose demand is generated from its exposure to [income-cashflows](income-cashflows.md).
 
-A historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval Catholic church.
+A historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval Catholic church based on [artificial demand](artificial-demand.md) induced by [narrative](narrative-economics.md).
+
+The [dollar](dollar.md) has no use value and no [fundamental value](fundamental-value.md), however it is a [monetary](money.md) instrument because of its efficacy as a [currency](currency.md).
+
+[Cypto assets](cryptoasset.md) are a [speculative](speculation.md) investment that has both no use value, no [fundamental value](fundamental-value.md) and are also non-monetary. Instead their demand is generated from [narrative](../claims/narrative-economics.md) and the [greater fool theory](greater-fool-theory.md).
+
+See the [asset comparison table](assets.md) for a larger enumeration of asset classes and their properties.
 
 ## References
-
 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. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874.
 1. Weisenthal, Joe. n.d. ‘Bitcoin Is a Faith-Based Asset’. Accessed 2 March 2022. https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal.
diff --git a/guide/index.md b/guide/index.md
index c78da68..e64f5bd 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -29,7 +29,7 @@ Understand the terminology used to describe crypto and web3.
 * [Zero-sum game](../concepts/zero-sum-game.md)
 * [Memecoins](../concepts/memecoin.md)
 * [Assets](/concepts/assets.md)
-* [Store of value](../claims/store-of-value.md)
+* [Store of value](../concepts/store-of-value.md)
 * [Speculative asset](/concepts/speculation.md)
 * [Market manipulation](../concepts/market-manipulation.md)
 * [DeFi](../concepts/defi.md)

From 1456d31c333502a25de2512f044e2fe0deefd28a Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 08:22:16 +0000
Subject: [PATCH 014/103] Start work on behavioural economics terms

---
 claims/valuation-model.md    |  2 +-
 claims/what-type-of-asset.md |  2 +-
 concepts/endowment-effect.md |  6 +++++-
 guide/index.md               |  5 ++++-
 meta/claims-todo.md          | 30 ++++++++++++++++++++++++++++++
 meta/concepts-todo.md        | 17 +----------------
 site/pages/contribute.md     |  1 +
 7 files changed, 43 insertions(+), 20 deletions(-)
 create mode 100644 meta/claims-todo.md

diff --git a/claims/valuation-model.md b/claims/valuation-model.md
index 97ab825..f494bb4 100644
--- a/claims/valuation-model.md
+++ b/claims/valuation-model.md
@@ -1,5 +1,5 @@
 # Crypto assets do not have a verifiable valuation model
-Crypto tokens have no reliable [valuation method](../concepts/valuation-model.md). It is not possible to develop a theoretical [value](../concepts/value.md) for a crypto token because there is no demand curve generated by a [use case](../concepts/use-value.md) or any [income or cashflows](../concepts/income-cashflows.md) associated with the [security](../concepts/security.md). Crypto tokens have a strictly zero [fundamental value](../concepts/fundamental-value.md) and a [present-value](../concepts/present-value.md) of zero.
+Crypto tokens have no reliable [valuation method](../concepts/valuation-model.md). It is not possible to develop a theoretical [value](../concepts/value.md) for a crypto token because there is no demand curve generated by a [use case](../concepts/use-value.md) or any [income or cashflows](../concepts/income-cashflows.md) associated with the [security](../concepts/security.md). Crypto tokens have a strictly zero [fundamental value](../concepts/fundamental-value.md) and a [present value](../concepts/present-value.md) of zero because they have zero income.
 
 Instead the price of a crypto asset swings about wildly depending on the whims of fluctuating demand, random sentiment and market mania of the larger crypto [bubble](../concepts/bubble.md). Crypto assets are a manifestation of the [greater fool theory](../concepts/greater-fool-theory.md) and the price of a crypto asset is defined simply by what people believe the next "fool" will pay for it.
 
diff --git a/claims/what-type-of-asset.md b/claims/what-type-of-asset.md
index f6e361b..689f2d3 100644
--- a/claims/what-type-of-asset.md
+++ b/claims/what-type-of-asset.md
@@ -5,7 +5,7 @@ See the [assets](../concepts/assets.md) comparison chart for an overview of how
 
 Crypto assets are [not currency](is-bitcoin-currency.md) because they cannot fulfil the definition of [money](../concepts/money.md).
 
-Crypto assets are not [commodities](../concepts/commodity.md) because they have no intrinsic value needed to fulfil any productive economic activity or human need. A hypothetical definition of their [use value](../concepts/use-value.md) depends on a circular logic.
+Crypto assets are not [commodities](../concepts/commodity.md) because they have no intrinsic value needed to fulfil any productive economic activity or human need. Any hypothetical definition of their [use value](../concepts/use-value.md) depends on circular logic and is thus absurd.
 
 Crypto assets may also be a form of [art](../concepts/art.md) under the fuzzy definition of "artistic intent".
 
diff --git a/concepts/endowment-effect.md b/concepts/endowment-effect.md
index 68de2d6..2f37896 100644
--- a/concepts/endowment-effect.md
+++ b/concepts/endowment-effect.md
@@ -1 +1,5 @@
-# Endowment Effect
\ No newline at end of file
+# Endowment Effect
+The endowment effect is a result in behavioral economical that people are more likely to retain an object they own than acquire that same object when they do not own it. It is a cognitive distortion in which the perceived [value](value.md) of an [asset](assets.md) is biased by the act of owning it and ties into the psychological phenomenon of loss aversion. Instead of objectively valuing the [asset](asset.md), independent of their holdings, the individual will overvalue assets they currently hold.
+
+## References
+1. Plott, Charles R., and Kathryn Zeiler. "Exchange asymmetries incorrectly interpreted as evidence of endowment effect theory and prospect theory?." American Economic Review 97, no. 4 (2007): 1449-1466.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index e64f5bd..07e7731 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -29,6 +29,7 @@ Understand the terminology used to describe crypto and web3.
 * [Zero-sum game](../concepts/zero-sum-game.md)
 * [Memecoins](../concepts/memecoin.md)
 * [Assets](/concepts/assets.md)
+* [Intrinsic value](../concepts/use-value.md)
 * [Store of value](../concepts/store-of-value.md)
 * [Speculative asset](/concepts/speculation.md)
 * [Market manipulation](../concepts/market-manipulation.md)
@@ -172,6 +173,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 	* [Certificate deposit](../concepts/cd.md)
 	* [Dollar](../concepts/dollar.md)
 	* [Commercial paper](../concepts/commercial-paper.md)
+	* [Credit Default Swap](../concepts/cds.md)
 
 **Technology**
 
@@ -210,13 +212,14 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 **Sociology**
 
 * [Value](../concepts/value.md)
+* [Use value](../concepts/use-value.md)
+* [Sign value](../concepts/sign-value.md)
 * [Bubbles](../concepts/bubble.md)
 * ["Madness of crowds"](../concepts/madness-crowds.md)
 * [Decentralization](../concepts/decentralization.md)
 * [Recentralization](../concepts/recentralization.md)
 * [High control groups](../concepts/high-control-group.md)
 * [Thought terminating cliche](../concepts/thought-terminating-cliches.md)
-* [Sign value](../concepts/sign-value.md)
 * [Bandwagon bias](../concepts/bandwagon-bias.md)
 * [Tinkerbell effect](../concepts/tinkerbell-effect.md)
 * [Endowment effect](../concepts/endowment-effect.md)
diff --git a/meta/claims-todo.md b/meta/claims-todo.md
new file mode 100644
index 0000000..8fd1a94
--- /dev/null
+++ b/meta/claims-todo.md
@@ -0,0 +1,30 @@
+# Claims TODO
+
+- [x] [authoritarianism](../claims/authoritarianism.md)
+- [ ] [web3-decentralized](../claims/web3-decentralized.md)
+- [x] [environmental-footprint](../claims/environmental-footprint.md)
+- [x] [is-bubble](../claims/is-bubble.md)
+- [ ] [narrative-economics](../concepts/narrative-economics.md)
+- [x] [digital-gold](../claims/digital-gold.md)
+- [ ] [new-internet](../claims/new-internet.md)
+- [ ] [risk-to-state](../claims/risk-to-state.md)
+- [ ] [systemic-risk](../concepts/systemic-risk.md)
+- [ ] [threaten-dollar](../claims/threaten-dollar.md)
+- [x] [valuation-model](../concepts/valuation-model.md)
+- [x] [what-type-of-asset](../claims/what-type-of-asset.md)
+- [ ] [hedge-debasement](../claims/hedge-debasement.md)
+- [ ] [is-better-payments](../claims/is-better-payments.md)
+- [ ] [is-collapse](../claims/is-collapse.md)
+- [ ] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
+- [ ] [is-hyperfinancialization](../claims/is-hyperfinancialization.md)
+- [ ] [is-legal](../claims/is-legal.md)
+- [ ] [is-new-financial-system](../claims/is-new-financial-system.md)
+- [ ] [is-opportunity-cost](../claims/is-opportunity-cost.md)
+- [ ] [is-private-money](../claims/is-private-money.md)
+- [ ] [is-public-goods](../claims/is-public-goods.md)
+- [ ] [is-raise-company](../claims/is-raise-company.md)
+- [ ] [is-raise-nonprofit](../claims/is-raise-nonprofit.md)
+- [ ] [new-internet](../claims/new-internet.md)
+- [ ] [transnational-payment](../claims/transnational-payment.md)
+- [ ] [web3-decentralized](../claims/web3-decentralized.md)
+- [ ] [web3-green](../claims/web3-green.md)
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 80b6c44..c12a79c 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -63,7 +63,7 @@ Second Pass
 - [ ] [mlm](../concepts/mlm.md)
 - [ ] [rtgs](../concepts/rtgs.md)
 - [ ] [staking](../concepts/staking.md)
-- [ ] [systemic-risk](../concepts/systemic-risk.md)
+- [x] [systemic-risk](../concepts/systemic-risk.md)
 - [ ] [yield-farming](../concepts/yield-farming.md)
 - [x] [stablecoin](../concepts/stablecoin.md)
 - [ ] [capital-formation](../concepts/capital-formation.md)
@@ -76,21 +76,6 @@ Second Pass
 - [ ] [endowment-effect](../concepts/endowment-effect.md)
 - [x] [bandwagon-bias](../concepts/bandwagon-bias.md)
 
-Claims
-
-- [ ] [authoritarianism](../claims/authoritarianism.md)
-- [ ] [web3-decentralized](../claims/web3-decentralized.md)
-- [x] [environmental-footprint](../claims/environmental-footprint.md)
-- [x] [is-bubble](../claims/is-bubble.md)
-- [ ] [narrative-economics](../concepts/narrative-economics.md)
-- [x] [digital-gold](../claims/digital-gold.md)
-- [ ] [new-internet](../claims/new-internet.md)
-- [ ] [risk-to-state](../claims/risk-to-state.md)
-- [ ] [systemic-risk](../concepts/systemic-risk.md)
-- [ ] [threaten-dollar](../claims/threaten-dollar.md)
-- [x] [valuation-model](../concepts/valuation-model.md)
-- [x] [what-type-of-asset](../claims/what-type-of-asset.md)
-
 Ideologies
 
 - [ ] [accelerationism](../concepts/ideologies/accelerationism.md)
diff --git a/site/pages/contribute.md b/site/pages/contribute.md
index 94eb1aa..b731f0b 100644
--- a/site/pages/contribute.md
+++ b/site/pages/contribute.md
@@ -6,6 +6,7 @@ This is an open collaborative project. We already have a variety of partners and
 * Contribute to the [library][], for example by adding articles, papers and research on web3 and background topics.
 * Write up key concepts and ideas. You can check out our [existing guide][guide] to see which ones could be extended or improved.
 	* See our [concepts-todo](../../meta/concepts-todo.md) task list for open topics.
+	* See our [claims-todo](../../meta/claims-todo.md) task list for open topics.
 * Proof edit articles and transcribe dialogs. Please [get in touch][contact] to find out more.
 
 ### If you like coding and designing

From 42c52a07accb05d56decee00c9b3839de14b0f42 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 08:50:07 +0000
Subject: [PATCH 015/103] Ancap ideology

---
 concepts/artificial-demand.md             |  3 ++-
 concepts/ideologies/anarchocapitalism.md  | 21 ++++++++++++++++++++-
 concepts/ideologies/financial-nihilism.md |  2 +-
 concepts/use-value.md                     |  9 +++++----
 guide/index.md                            |  1 +
 5 files changed, 29 insertions(+), 7 deletions(-)

diff --git a/concepts/artificial-demand.md b/concepts/artificial-demand.md
index 674e8cb..13cd319 100644
--- a/concepts/artificial-demand.md
+++ b/concepts/artificial-demand.md
@@ -1 +1,2 @@
-# Artificial Demand
\ No newline at end of file
+# Artificial Demand
+See [enclosure](enclosure.md) and [artificial-scarcity](artificial-scarcity.md).
\ No newline at end of file
diff --git a/concepts/ideologies/anarchocapitalism.md b/concepts/ideologies/anarchocapitalism.md
index a3eb344..6557f1e 100644
--- a/concepts/ideologies/anarchocapitalism.md
+++ b/concepts/ideologies/anarchocapitalism.md
@@ -1 +1,20 @@
-#  Anarcho-capitalism
\ No newline at end of file
+# Anarcho-capitalism
+Anarcho-capitalism is a political ideology that synthesises beliefs from [capitalism](capitalism.md) and anarchy. It's adherents believe in the the elimination of centralized nation states in favour of  of a system of pure private property enforced by private agencies, free markets and self-ownership without the need for laws or the state.
+
+In the absence of the nation state, anarcho-capitalists suppose that society will inevitably contractually self-regulate and participation in the free market will sustain or replace the need for [public goods](../public-goods-problem.md).
+
+See [cryptoanarchism](cryptoanarchism.md), [post-state technocracy](../../notes/post-state-technocracy.md) and [technolibertarianism](technolibertarianism.md).
+
+## References
+1. Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
+1. Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
+1. Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
+1. DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
+1. Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
+1. Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
+1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
+1. Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
+1. Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
+1. Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.
\ No newline at end of file
diff --git a/concepts/ideologies/financial-nihilism.md b/concepts/ideologies/financial-nihilism.md
index 7b80210..387b733 100644
--- a/concepts/ideologies/financial-nihilism.md
+++ b/concepts/ideologies/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/use-value.md b/concepts/use-value.md
index 1068b97..6b57407 100644
--- a/concepts/use-value.md
+++ b/concepts/use-value.md
@@ -1,20 +1,21 @@
 # Use Value
-*Use value* or *intrinsic value* is a feature of an asset which can satisfy some human requirement, want or need, or which serves a useful purpose. It is an [asset](assets.md) whose demand curve is generated by organic economic activity rather than by [artificial demand](artificial-demand.md) or [narrative economics](narrative-economics.md).
+*Use value* or *intrinsic value* is a feature of an asset which can satisfy some human requirement, want or need, or which serves a useful purpose. It is an [asset](assets.md) whose demand curve is generated by organic economic activity rather than by [artificial demand](artificial-demand.md) or [narrative](narrative-economics.md).
 
-An example of a [commodity](commodity.md) with use value of wheat is the ability to produce flour and bread which can provide sustenance and satisfy human hunger and need for sustenance. The use value of petrol is the capacity to burn it to produce energy.
+An example of a [commodity](commodity.md) with use value is wheat, whose use is the ability to produce flour and bread which can provide sustenance and satisfy human hunger and need for sustenance. Alternatively the use value of petrol is the capacity to burn it to produce energy. 
 
 An example of a financial product with no use value is a [stock](stock.md). Instead its [market value](market.md) is derived from its [fundamental value](fundamental-value.md) which originates from both the [legal framework](security.md) that gives rise to its existence and whose demand is generated from its exposure to [income-cashflows](income-cashflows.md).
 
-A historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval Catholic church based on [artificial demand](artificial-demand.md) induced by [narrative](narrative-economics.md).
-
 The [dollar](dollar.md) has no use value and no [fundamental value](fundamental-value.md), however it is a [monetary](money.md) instrument because of its efficacy as a [currency](currency.md).
 
 [Cypto assets](cryptoasset.md) are a [speculative](speculation.md) investment that has both no use value, no [fundamental value](fundamental-value.md) and are also non-monetary. Instead their demand is generated from [narrative](../claims/narrative-economics.md) and the [greater fool theory](greater-fool-theory.md).
 
+A similar historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval church based on [artificial demand](artificial-demand.md) induced by [narrative](narrative-economics.md).
+
 See the [asset comparison table](assets.md) for a larger enumeration of asset classes and their properties.
 
 ## References
 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. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874.
 1. Weisenthal, Joe. n.d. ‘Bitcoin Is a Faith-Based Asset’. Accessed 2 March 2022. https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal.
+1. Glongloff, Mark. n.d. ‘Bitcoin, GameStop Are More Cults Than Investments’. Bloomberg. Accessed 2 March 2022. https://www.bloomberg.com/opinion/articles/2021-03-02/bitcoin-btc-gamestop-gme-are-more-cults-than-investments.
 1. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 07e7731..e4fafd8 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -133,6 +133,7 @@ Explore crypto and "web3" in terms of different perspectives on politics and eco
 * [Keynsian Economics](../concepts/ideologies/keynsian-economics.md)
 * [Accelerationism](../concepts/ideologies/accelerationism.md)
 * [Cryptoanarchism](../concepts/ideologies/cryptoanarchism.md)
+* [Anarchocapitalism](../concepts/ideologies/anarchocapitalism.md)
 
 ***
 

From 1c843e5b5f2c4b91f61720d43ea8e077bfeae9eb Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 09:04:00 +0000
Subject: [PATCH 016/103] Finish regulatory arbitrage page

---
 claims/why-invest.md                     |  2 ++
 concepts/ideologies/anarchocapitalism.md |  9 ++++++---
 concepts/ideologies/cryptoanarchism.md   |  7 +++----
 concepts/regulatory-arbitrage.md         | 17 ++++++++++++++++-
 guide/index.md                           |  8 ++++----
 guide/interviews.md                      |  2 +-
 site/pages/about.md                      |  2 +-
 7 files changed, 33 insertions(+), 14 deletions(-)

diff --git a/claims/why-invest.md b/claims/why-invest.md
index 47f815e..38efedb 100644
--- a/claims/why-invest.md
+++ b/claims/why-invest.md
@@ -5,6 +5,8 @@ As has been consistently noted [2,3,8] throughout historical [market manias](../
 
 This coupled with the [weird subculture](weird-culture.md) of crypto assets and a [narrative economics](../concepts/narrative-economics.md) of belonging to a [high control group](../concepts/high-control-group.md) with the promises of [easy money](../concepts/ponzi-scheme.md) is a psychologically enticing proposition for a large demographic. The synthesis of the market mania and the narrative appeal of the culture and its political [imaginarires](../concepts/narrative-economics.md) appears to be the main driver of the crypto bubble.
 
+There is also a strong sample bias in self-reported winnings of crypto assets. With partipants who make outsized returns [gambling](../concepts/gambling.md) on the [bubble](../concepts/bubble.md) are more likely to report this returns compared to the vast majority of those who lost money as guaranteed by the [negative-sum](../concepts/zero-sum-game.md) dynamics of gambling on [crypto assets](../concepts/cryptoasset.md).
+
 See [madness of crowds](../concepts/madness-crowds.md), [bubble](../concepts/bubble.md), [market mania](../concepts/market-mania.md), [speculation](../concepts/speculation.md) and [bandwagon bias](../concepts/bandwagon-bias.md).
 
 ## References
diff --git a/concepts/ideologies/anarchocapitalism.md b/concepts/ideologies/anarchocapitalism.md
index 6557f1e..9ee09b8 100644
--- a/concepts/ideologies/anarchocapitalism.md
+++ b/concepts/ideologies/anarchocapitalism.md
@@ -6,6 +6,11 @@ In the absence of the nation state, anarcho-capitalists suppose that society wil
 See [cryptoanarchism](cryptoanarchism.md), [post-state technocracy](../../notes/post-state-technocracy.md) and [technolibertarianism](technolibertarianism.md).
 
 ## References
+1. Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
+1. Brunton, Finn. 2019. Digital Cash: The Unknown History of the Anarchists, Utopians, and Technologists Who Created Cryptocurrency. Princeton University Press. https://press.princeton.edu/books/hardcover/9780691179490/digital-cash.
+1. Malabou, Catherine. 2020. ‘Cryptocurrencies: Anarchist Turn or Strengthening of Surveillance Capitalism? From Bitcoin to Libra’. Australian Humanities Review 66 (May 2020). http://australianhumanitiesreview.org/2020/05/31/cryptocurrencies-anarchist-turn-or-strengthening-of-surveillance-capitalism-from-bitcoin-to-libra/.
+1. Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.
+1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
 1. Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
 1. Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
 1. Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
@@ -14,7 +19,5 @@ See [cryptoanarchism](cryptoanarchism.md), [post-state technocracy](../../notes/
 1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
 1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
 1. Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
 1. Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
-1. Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
-1. Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.
\ No newline at end of file
+1. Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
\ No newline at end of file
diff --git a/concepts/ideologies/cryptoanarchism.md b/concepts/ideologies/cryptoanarchism.md
index 8899f16..e82604d 100644
--- a/concepts/ideologies/cryptoanarchism.md
+++ b/concepts/ideologies/cryptoanarchism.md
@@ -1,16 +1,15 @@
 # Cryptoanarchism
-Crypto-anarchism or cyberanarchism is a political ideology whose aim is to achieve the protection of privacy, political freedom and economic freedom through the use the use of cryptography and [cryptoi assets](../cryptoasset.md). Cryptoanarchism sees itself as reaction to the overreach of governments and the state into the private and financial lives of citizens and asserts the need for so-called *total freedom*. 
+Cryptoanarchism or cyberanarchism is a political ideology whose aim is to achieve the protection of privacy, political freedom and economic freedom through the use the use of cryptography and [crypto assets](../cryptoasset.md). Cryptoanarchism sees itself as reaction to the overreach of governments and the state into the private and financial lives of citizens and asserts the need for so-called *total freedom*. 
 
 * Total anonymity of individuals in the digital spaces.
 * Total freedom of speech without censorship or moderation
 * Total freedom to trade without regulation or protections
 
-The idea revoles around the politics that individuals are self-soverign and that the internet or cyberspace as a whole is an independent territory outside the remit and regulation of governments. This is outlined in the seminal writing by cryptoanarchist leader John Barlow``
-in his writing *A Declaration of the Independence of Cyberspace*.
+The idea revolves around the politics that individuals are self-sovereign and that the internet or cyberspace as a whole is an independent territory outside the remit and regulation of governments. This is outlined in the seminal writing by cryptoanarchist leader John Barlow in his writing *A Declaration of the Independence of Cyberspace*.
 
 The ideas behind [bitcoin](../bitcoin.md) can be traced to another seminal work *The Crypto Anarchist Manifesto*.
 
-See also [technosolutionism](technosolutionism.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/regulatory-arbitrage.md b/concepts/regulatory-arbitrage.md
index 18c52ec..3f7c60e 100644
--- a/concepts/regulatory-arbitrage.md
+++ b/concepts/regulatory-arbitrage.md
@@ -1,2 +1,17 @@
 # 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.
\ No newline at end of file
+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.
+
+Tax avoidance is a form of [regulatory arbitrage](regulatory-arbitrage.md).
+
+[Initial coin offerings](ico.md) are a form of regulatory arbitrage.
+
+## References
+1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jü rgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’.
+1. Brummer, Chris. 2019. Cryptoassets: Legal, Regulatory, and Monetary Perspectives. Oxford University Press.
+1. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
+1. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
+1. Jackson, Howell E., and Morgan Ricks. 2021. ‘Locating Stablecoins within the Regulatory Perimeter’. The Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2021/08/05/locating-stablecoins-within-the-regulatory-perimeter.
+1. Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
+* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+* Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index e4fafd8..77ac75d 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -128,12 +128,12 @@ Explore crypto and "web3" in terms of different perspectives on politics and eco
 * [Post State Technocracy](../concepts/ideologies/post-state-technocracy.md)
 * [Libertarianism](../concepts/ideologies/libertarianism.md)
 * [Technolibertarianism](../concepts/ideologies/technolibertarianism.md)
-* [Technosolutionism](../concepts/ideologies/technosolutionism.md)
-* [Technocollectivism](../concepts/ideologies/techno-collectivism.md)
-* [Keynsian Economics](../concepts/ideologies/keynsian-economics.md)
-* [Accelerationism](../concepts/ideologies/accelerationism.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)
 
 ***
 
diff --git a/guide/interviews.md b/guide/interviews.md
index ac9756c..917815f 100644
--- a/guide/interviews.md
+++ b/guide/interviews.md
@@ -3,5 +3,5 @@
 1. [Episode #1: Neo-Metallism](../notes/neo-metallism.md)
 2. [Episode #2: Market Fundamentalism](../notes/market-fundamentalism.md)
 3. [Episode #3: Securities Regulation](/notes/are-crypto-tokens-securities.md)
-4. Episode #4: Post-state Technocracy
+4. [Episode #4: Post-state Technocracy](../notes/post-state-technocracy.md)
 5. Episode #5: Fintech Incrementalism
\ No newline at end of file
diff --git a/site/pages/about.md b/site/pages/about.md
index 6eb48a0..922bfea 100644
--- a/site/pages/about.md
+++ b/site/pages/about.md
@@ -28,7 +28,7 @@ We will be steel-manning the key claims made by proponents of web3 through consc
 
 **A lot of energy and attention are going into this area**: There is also a lot of energy and attention being channeled into this area across the spectrum from tech to change-makers. This is energy that could be used elsewhere—it has an [opportunity cost](../../claims/is-opportunity-cost.md). If web3 can’t deliver on its promise this would be a significant waste of energy. Furthermore, given some of the elevated claims, there is a risk that disappointments here would not only tarnish web3 but reduce the energy for other types of innovation or change-making. Whilst there are opportunity costs to any action, they are particularly important in the context of web3 precisely because so much energy and good-will are being channelled here.
 
-**This is a runaway phenomenon presenting special risks and requiring special attention**: Finally, this is a "runaway phenomenon" with exponential growth in interest, use and investment. To take just one illustrative example, blockchain based assets are the [fastest growing](../../concepts/bubble.md) asset class we have ever seen in human history; The crypto market cap -- the value of all the cryptocurrency tokens in circulation -- is currently sitting at $2.6 trillion, according to CoinMarketCap data. This huge velocity of expansion means web3 has the potential to significantly impact the organization of society -- for good or ill. It also renders the risks of wasted resources and energy even greater, as our "spend" is increasing so rapidly. Furthermore, runaway phenomena present special risks because things can happen before we notice and have time to react (cf. AI, climate change, nuclear weapons). The need for discourse and understanding, in other words, is not one that can wait.
+**This is a runaway phenomenon presenting special risks and requiring special attention**: Finally, this is a "runaway phenomenon" with [exponential growth](../../concepts/bubble.md) in interest, [use](../../concepts/use-value.md) and investment. To take just one illustrative example, blockchain based assets are the [fastest growing](../../concepts/bubble.md) asset class we have ever seen in human history; The crypto market cap -- the value of all the cryptocurrency tokens in circulation -- is currently sitting at $2.6 trillion, according to CoinMarketCap data. This huge velocity of expansion means web3 has the potential to significantly impact the organization of society -- for good or ill. It also renders the risks of wasted resources and energy even greater, as our "spend" is increasing so rapidly. Furthermore, runaway phenomena present special risks because things can happen before we notice and have time to react (cf. AI, climate change, nuclear weapons). The need for discourse and understanding, in other words, is not one that can wait.
 
 ### We need better sensemaking. How do we get there?
 

From f5d63c090fbc434e850b460ec46b1b4a61b6615a Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Tue, 22 Mar 2022 10:28:41 +0100
Subject: [PATCH 017/103] [concepts/web3][s]: readd second paragraph in tweaked
 form.

---
 concepts/web3.md | 6 +++++-
 1 file changed, 5 insertions(+), 1 deletion(-)

diff --git a/concepts/web3.md b/concepts/web3.md
index 7727754..b2847e4 100644
--- a/concepts/web3.md
+++ b/concepts/web3.md
@@ -1,7 +1,11 @@
 # Web3
-An umbrella marketing term for a variety of endeavours to integrate [crypto assets](cryptoasset.md), [NFTs](nft.md), [DAOs](dao.md), [DeFi](defi.md) and [smart contracts](smart-contracts.md) into existing web infrastructure.
+
+An umbrella term for a variety of endeavours to integrate [crypto assets](cryptoasset.md), [NFTs](nft.md), [DAOs](dao.md), [DeFi](defi.md) and [smart contracts](smart-contracts.md) into existing web infrastructure.
+
+It is important to be aware that Web3 both lacks a precise definition and has become an intellectual nexus for grand visions of technical and financial reconfiguration.
 
 ## References
+
 * 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/.
 * Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
 * O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
\ No newline at end of file

From b4947763d2e1b8045804f0c2716a4c3506202048 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Tue, 22 Mar 2022 10:36:32 +0100
Subject: [PATCH 018/103] [concepts/ethereum][s]: clarify Ethereum as protocol
 and token plus tweak properties list.

---
 concepts/ethereum.md | 20 +++++++++++---------
 1 file changed, 11 insertions(+), 9 deletions(-)

diff --git a/concepts/ethereum.md b/concepts/ethereum.md
index 3ed04f2..0fedd82 100644
--- a/concepts/ethereum.md
+++ b/concepts/ethereum.md
@@ -1,11 +1,14 @@
 # Ethereum
-Ethereum is a [cryptoasset](cryptoasset.md) that extends the [bitcoin](bitcoin.md) model to allow the execution of [smart contracts](smart-contracts.md).
+
+Ethereum is a [blockchain](blockchain.md) protocol and [cryptoasset](cryptoasset.md) that extends the [bitcoin](bitcoin.md) model to allow the execution of [smart contracts](smart-contracts.md).
+
+NB: following common usage we are using Ethereum for both the protocol itself, its mainnet and its associated token Ether or ETH.
 
 ## Properties
 
-Ethereum is not a [currency](currency.md).
+Ethereum is based on the [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
 
-Ethereum is a [speculative](speculation.md) investment. 
+Ethereum is not a [currency](currency.md). Ethereum is a protocol and Ether is a protocol token and not a currency.
 
 Ethereum is [deflationary](deflationary.md).
 
@@ -13,15 +16,15 @@ Ethereum is a [bearer instrument](bearer-instrument.md).
 
 Ethereum has no [fundamental value](fundamental-value.md).
 
-Ethereum has no [use value](use-value.md).
+Ethereum has no [use value](use-value.md) (like most financial assets).
 
 Ethereum has no [income-cashflows](income-cashflows.md).
 
 Ethereum has a [present-value](present-value.md) of zero.
 
-Ethereum has a [terminal-value](terminal-value.md) of zero.
+Ethereum has a [market-value](market-value.md) derived from a combination of speculation and use for transactions on the network.
 
-Ethereum is a [greater-fool theory](greater-fool-theory.md) asset.
+Ethereum has a [terminal-value](terminal-value.md) of zero.
 
 Ethereum is a [non-productive](productive-asset.md) investment.
 
@@ -29,9 +32,8 @@ Ethereum has a negative [expected return](expected-return.md).
 
 Ethereum is a [security](security.md).
 
-Ethereum is based on the [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
-
 ## References
+
 1. Ante, Lennart. 2020. ‘Smart Contracts on the Blockchain – A Bibliometric Analysis and Review’. SSRN Electronic Journal, no. 10: 1–48. https://doi.org/10.2139/ssrn.3576393.
 1. ———. 2021a. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
 1. ———. 2021b. ‘Smart Contracts on the Blockchain – A Bibliometric Analysis and Review’. Telematics and Informatics 57: 101519. https://doi.org/10.1016/j.tele.2020.101519.
@@ -42,4 +44,4 @@ Ethereum is based on the [consensus algorithm](consensus-algorithm.md) known as
 1. Hartel, Pieter, Ivan Homoliak, and Daniël Reijsbergen. 2019. ‘An Empirical Study Into the Success of Listed Smart Contracts in Ethereum’. IEEE Access 7: 177539–55.
 1. Jason Kolber, Adam. 2018. ‘Not-So-Smart Blockchain Contracts and Artificial Responsibility’. Stanford Technology Law Review 21 (2): 198–234. https://law.stanford.edu/publications/not-so-smart-blockchain-contracts-and-artificial-responsibility/.
 1. McDonald, Kyle. 2021. ‘Ethereum Emissions: A Bottom-up Estimate’. http://arxiv.org/abs/2112.01238.
-1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
\ No newline at end of file
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.

From 0bd5d2f3f8947e3dddcd294e9cc8574a37c66e48 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Tue, 22 Mar 2022 10:51:47 +0100
Subject: [PATCH 019/103] [build,#69][xs]: add netify config with instructions
 to not ignore builds.

---
 netlify.toml | 2 ++
 1 file changed, 2 insertions(+)
 create mode 100644 netlify.toml

diff --git a/netlify.toml b/netlify.toml
new file mode 100644
index 0000000..3738db3
--- /dev/null
+++ b/netlify.toml
@@ -0,0 +1,2 @@
+[build]
+  ignore = "false"

From 8aab9080b15f5fe8a0af5e4c21420d8efedf8b93 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 10:33:58 +0000
Subject: [PATCH 020/103] Expand shadow banking

---
 concepts/derivative.md        |  6 ++++--
 concepts/enclosure.md         |  1 +
 concepts/financial-asset.md   | 11 +++++++++++
 concepts/fundamental-value.md |  4 +++-
 concepts/howey-test.md        |  8 ++++----
 concepts/productive-asset.md  | 12 ++++++++----
 concepts/shadow-bank.md       |  9 ++++++++-
 7 files changed, 39 insertions(+), 12 deletions(-)
 create mode 100644 concepts/enclosure.md
 create mode 100644 concepts/financial-asset.md

diff --git a/concepts/derivative.md b/concepts/derivative.md
index e2a3981..da732c5 100644
--- a/concepts/derivative.md
+++ b/concepts/derivative.md
@@ -1,7 +1,9 @@
 # Derivative
-A derivative is a type of financial contract whose value is dependent on an underlying asset, group of assets, or benchmark.
+A derivative is a type of financial contract whose value is dependent on an *underlying* asset, basket of assets, or a benchmark of other assets.
 
-Underlying assets for derivatives are most often stocks, bonds, commodities, currencies, interest rates, and market indexes. The value of the contract itself depend on changes in the prices of the underlying asset.
+Underlying for derivatives are most often [stocks](stock.md), [bonds](bond.md), [commodites](commodity.md), [currencies](currency.md), debt and market indexes. The value of the contract itself depend on changes in the prices of the underlying asset. 
+
+A derivative is a type of [financial asset](financial-asset.md). Derivatives have no [use value](use-value.md). Their [fundamental value](fundamental-value.md) and demand is generated from their the demand of the underlying.
 
 ## Examples
 * Futures
diff --git a/concepts/enclosure.md b/concepts/enclosure.md
new file mode 100644
index 0000000..910722a
--- /dev/null
+++ b/concepts/enclosure.md
@@ -0,0 +1 @@
+## Enclosure
diff --git a/concepts/financial-asset.md b/concepts/financial-asset.md
new file mode 100644
index 0000000..cf1e434
--- /dev/null
+++ b/concepts/financial-asset.md
@@ -0,0 +1,11 @@
+# Financial Asset
+A financial asset is a non-physical asset whose value is derived from a contractual claims on [income cashflows](income-cashflows.md), an underlying [currency](currency.md) or [commodity](commodity.md), or risk transfer between counterparties.
+
+Financial assets definitionally have no [use value](use-value.md).  However a financial asset with must have either income or an underlying that generates its [fundamental-value](fundamental-value.md). 
+
+See also [ficticious commodity](ficticious-commodity.md).
+
+## Examples
+* [Stock](stock.md)
+* [Bond](bond.md)
+* [Credit default swap](cds.md)
\ No newline at end of file
diff --git a/concepts/fundamental-value.md b/concepts/fundamental-value.md
index 6024847..574eecc 100644
--- a/concepts/fundamental-value.md
+++ b/concepts/fundamental-value.md
@@ -1,2 +1,4 @@
 # Fundamental Value
-Fundamental value is the [present-value](present-value.md) of all expected future net [income-cashflows](income-cashflows.md) to the asset calculated via discounted cash flow valuation.
\ No newline at end of file
+Fundamental value is the [present-value](present-value.md) of all expected future net [income-cashflows](income-cashflows.md) to the asset calculated via discounted cash flow valuation.
+
+See also [financial asset](financial-asset.md).
\ No newline at end of file
diff --git a/concepts/howey-test.md b/concepts/howey-test.md
index b25624e..4c99043 100644
--- a/concepts/howey-test.md
+++ b/concepts/howey-test.md
@@ -1,9 +1,9 @@
 # Howey Test
 A legal test which defines whether an investment contract is designed as a [security](security.md) under United States law.
 
-1. Investment of money 
-2. In a common enterprise 
-3. With the expectation of profit 
+1. Investment of money
+2. In a common enterprise
+3. With the expectation of profit
 4. To be derived from the efforts of others
 
 ## References
@@ -11,4 +11,4 @@ A legal test which defines whether an investment contract is designed as a [secu
 1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
 1. Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
 1. Hacker, Philipp, and Chris Thomale. 2018. ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’. European Company and Financial Law Review 15 (4): 645–96.
-1. Zetzsche, Dirk A, Ross P Buckley, Douglas W Arner, and Linus Föhr. 2017. ‘The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators’. University of Luxembourg Law Working Paper, no. 11: 17–83.
+1. Zetzsche, Dirk A, Ross P Buckley, Douglas W Arner, and Linus Föhr. 2017. ‘The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators’. University of Luxembourg Law Working Paper, no. 11: 17–83.
\ No newline at end of file
diff --git a/concepts/productive-asset.md b/concepts/productive-asset.md
index 5cb007c..0565391 100644
--- a/concepts/productive-asset.md
+++ b/concepts/productive-asset.md
@@ -1,9 +1,13 @@
 # Productive Asset
+Productive assets are [assets](assets.md) which have [income-cashflows](income-cashflows.md) attached to them. Examples include stocks, real estate, and bonds.
 
-Productive assets are [assets](assets.md) which have [income-cashflows](income-cashflows.md)  attached to them. Examples include stocks, real estate, and bonds.
+[Commodities](commodity.md) are non-productive assets.
 
-Commodities are non-productive assets.
+[Art](art.md) is a non-productive asset.
 
-Art is a non-productive assets.
+[Crypto tokens](cryptoasset.md) are non-productive assets.
 
-Crypto tokens are non-productive assets.
\ No newline at end of file
+## References
+* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+* ‘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.
\ No newline at end of file
diff --git a/concepts/shadow-bank.md b/concepts/shadow-bank.md
index 1e1cc70..3d2432e 100644
--- a/concepts/shadow-bank.md
+++ b/concepts/shadow-bank.md
@@ -1,4 +1,11 @@
 # Shadow Bank
 A shadow banking system refers to a network of unregulated financial intermediaries that facilitate the creation of credit across the global financial system outside of the normal [banking](bank.md) system.
 
-See also [regulatory-arbitrage](regulatory-arbitrage.md).
\ No newline at end of file
+See also [regulatory-arbitrage](regulatory-arbitrage.md).
+
+## References
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+* Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
+* Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
+* Pupolizio, Ivan. 2021. ‘From Libra to Diem. The Pursuit of a Global Private Currency’. Global Jurist. https://doi.org/10.1515/gj-2021-0055.
\ No newline at end of file

From 21b8507fd8fbe8db993bf99044d2e589512e6d0d Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 12:29:09 +0000
Subject: [PATCH 021/103] Expand predatory inclusion article.

---
 claims/what-type-of-asset.md    | 23 +++++++++----------
 concepts/art.md                 |  4 ++--
 concepts/commercial-paper.md    | 13 +++++++++++
 concepts/network-effect.md      | 10 +++++++++
 concepts/predatory-inclusion.md | 21 ++++++++++++++++-
 concepts/private-money.md       |  6 ++++-
 concepts/sign-value.md          |  4 +++-
 concepts/stablecoin.md          | 40 ++++++++++++++++-----------------
 concepts/tinkerbell-effect.md   |  7 +++++-
 concepts/use-value.md           |  6 ++---
 guide/index.md                  |  6 ++++-
 11 files changed, 98 insertions(+), 42 deletions(-)
 create mode 100644 concepts/network-effect.md

diff --git a/claims/what-type-of-asset.md b/claims/what-type-of-asset.md
index 689f2d3..062de95 100644
--- a/claims/what-type-of-asset.md
+++ b/claims/what-type-of-asset.md
@@ -1,27 +1,26 @@
-# What type of assets are crypto token?
-Crypto assets are [securities](../concepts/security.md) contracts for [speculative](../concepts/speculation.md) investments.
+# What type of assets are crypto tokens?
+Crypto assets are [securities](../concepts/security.md) contracts for [speculative](../concepts/speculation.md) investments. This definition excludes [stablecoins](../concepts/stablecoin.md) which are a form of debt product or [deposit](../concepts/deposit.md) product.
 
-See the [assets](../concepts/assets.md) comparison chart for an overview of how crypto asset compare to traditional investments and currencies.
+Crypto assets are [not currencies](is-bitcoin-currency.md) because they cannot fulfil the definition of [money](../concepts/money.md).
 
-Crypto assets are [not currency](is-bitcoin-currency.md) because they cannot fulfil the definition of [money](../concepts/money.md).
+Crypto assets are not [financial assets](../concepts/financial-asset.md) because they have no claims on [income cashflows](income-cashflows.md), underlying [currency](currency.md) or [commodity](commodity.md), or risk transfer between counterparties.
 
-Crypto assets are not [commodities](../concepts/commodity.md) because they have no intrinsic value needed to fulfil any productive economic activity or human need. Any hypothetical definition of their [use value](../concepts/use-value.md) depends on circular logic and is thus absurd.
+Crypto assets are not [commodities](../concepts/commodity.md) because they have no [intrinsic value](../concepts/use-value.md) needed to fulfil any productive economic activity or human need. Any hypothetical definition of their [use value](../concepts/use-value.md) as a commodity depends on circular logic and is thus absurd.
 
 Crypto assets may also be a form of [art](../concepts/art.md) under the fuzzy definition of "artistic intent".
 
+See the [assets](../concepts/assets.md) comparison chart for an overview of how crypto asset compare to traditional investments and currencies.
+
 ## Comparables
+While crypto assets are securities contracts, they are a pathological form of a zero-income security because they have no underlying asset or cashflows. Thus crypto assets have no direct correspondence in traditional markets, but have several pathological equivalences of traditional assets with absurd premises or terms. 
 
-Crypto assets have no direct correspondence in traditional markets, but have several pathological equivalences of traditional assets with absurd premises or terms. 
-
-* Tulip [bubble](../concepts/bubble.md)
 * 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](../concepts/use-value.md)
-* Exchange traded [pyramid-scheme](pyramid-scheme.md)
+* [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)
 * Self-organizing [Ponzi scheme](ponzi-scheme.md)
+* Tulip [bubble](../concepts/bubble.md)
 * [Indulgences](https://en.wikipedia.org/wiki/Indulgence)
 
 ## References
diff --git a/concepts/art.md b/concepts/art.md
index a78fcf8..38ef177 100644
--- a/concepts/art.md
+++ b/concepts/art.md
@@ -9,9 +9,9 @@ Art generally has no [income-cashflows](income-cashflows.md) in and of itself.
 
 Art has no [fundamental value](fundamental-value.md) under the economic definition of the term.
 
-Art's [intrinsic value](use-value.md) is a debated in philosophy. There is no generally agreed definition of what constitutes art.
+Art's [intrinsic value](use-value.md) is a debated in philosophy. Some models suggest that art's value is derived from a human desire for beauty or a physiological compulsion to conceptualize abstract representations of the minds others human beings. There is no universally agreed definition of what constitutes art.
 
-Art's value is often tied to its provenance and [sign value](sign-value.md).
+Art's [market value](market-value.md) is often tied to its provenance, [sign value](sign-value.md) and [narrative](narrative-economics.md). The precise nature of this a relationship is an open problem in the philosophy of art.
 
 Art may be [artificial scarce](artificial-scarcity.md) if created as part of a collection.
 
diff --git a/concepts/commercial-paper.md b/concepts/commercial-paper.md
index 5a2f545..93163f4 100644
--- a/concepts/commercial-paper.md
+++ b/concepts/commercial-paper.md
@@ -1 +1,14 @@
 # Commercial Paper
+Short term debt issued between companies.
+
+See [counterparty risk](counterparty-risk.md).
+
+## References
+
+1. Venkataramakrishnan, Siddharth, and Joe Rennison. 2021. ‘Tether’s Commercial Paper Disclosure Places It among Global Giants’. Financial Times, 10 June 2021. https://www.ft.com/content/342966af-98dc-4b48-b997-38c00804270a.
+1. Faux, Zeke. n.d. ‘Crypto Mystery: Where’s the $69 Billion Backing the Stablecoin Tether?’ Bloomberg. Accessed 22 March 2022. https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether.
+1.  Peebles, Gustav. 2020. ‘Banking on Digital Money: Swedish Cashlessness and the Fraying Currency Tether’. Cultural Anthropology 36 (1): 1–24. https://doi.org/10.14506/ca36.1.01.
+1. Bennet, Tomlin. n.d. ‘Tether and Bitfinex Introduction’. Accessed 2 March 2022. https://bennettftomlin.com/2021/08/08/tether-and-bitfinex-introduction/.
+1. Krugman, Paul. 2018. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
+1. Castor, Amy. 2021. ‘The Curious Case of Tether: A Complete Timeline of Events’. https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/.
+1. Griffin, John M, and Amin Shams. 2020. ‘Is Bitcoin Really Untethered?’ The Journal of Finance 75 (4): 1913–64.
\ No newline at end of file
diff --git a/concepts/network-effect.md b/concepts/network-effect.md
new file mode 100644
index 0000000..a18882e
--- /dev/null
+++ b/concepts/network-effect.md
@@ -0,0 +1,10 @@
+# Network Effect
+A network effect is a property of a technical or financial system in which the utility of the system is proportional to the number of participants using it.
+
+A [currency's](currency.md) efficacy as [money](money.md) is in-part generated by its network effect giving rise to its widespread acceptance. It's efficacy as money is also linked to its price stability. 
+
+A payment network arises out of network effects of collection of interconnected [banks](bank.md) which operate in conjunction a [central bank](central-banks.md) to do clearing and issue a [currency](currency.md). This is an example of a centralized hub-and-spoke model which forms the basis of all modern financial systems.
+
+See also [decentralization](decentralization.md) and [recentralization](recentralization.md).
+
+## References 
\ No newline at end of file
diff --git a/concepts/predatory-inclusion.md b/concepts/predatory-inclusion.md
index 6d40402..2258c9c 100644
--- a/concepts/predatory-inclusion.md
+++ b/concepts/predatory-inclusion.md
@@ -1,2 +1,21 @@
 # Predatory Inclusion
-Predatory inclusion refers to a process whereby members of a marginalized group are provided with access to a good, service, or opportunity from which they have historically been excluded but under suboptimal or risky conditions that jeopardize the benefits of access.
\ No newline at end of file
+Predatory inclusion refers to a process whereby members of a marginalized group are provided with access to a good, service, or opportunity from which they have historically been excluded but under suboptimal or risky conditions that jeopardize the benefits of access.
+
+## References
+1. ‘Guidance on Cryptoassets’. 2019. Financial Conduct Authority. https://www.fca.org.uk/publication/consultation/cp19-03.pdf#page=11.
+1. Hacker, Philipp, Ioannis Lianos, Georgios Dimitropoulos, and Stefan Eich. 2019. Regulating Blockchain: : Techno-Social and Legal Challenges. https://doi.org/10.1093/oso/9780198842187.001.0001.
+1. Aitken, Rob. 2017. ‘“All Data Is Credit Data”: Constituting the Unbanked’. Competition and Change 21 (4): 274–300. https://doi.org/10.1177/1024529417712830.
+1. Crandall, Jillian. 2019. ‘Cryptoeconomic Geographies and Contestation in Puerto Rico’. Thesis. PhD Thesis. http://jilliancrandall.net/cryptoeconomic-geographies-and-contestation-in-pr/.
+1. Greeley, Brendan. 2019. ‘Facebook’s Libra Will Not Help the Unbanked’. Financial Times 18.
+1. Kapsis, Ilias. 2021. ‘Should We Trade Market Stability for More Financial Inclusion? The Case of Crypto-Assets Regulation in EU’. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9.
+1. Sen, Atreyee, Johan Lindquist, and Marie Kolling. 2020. Who’s Cashing in? Contemporary Perspectives on New Monies and Global Cashlessness. Vol. 19. Berghahn Books.
+1. Vasudevan, Ramaa. 2020. ‘Libra and Facebook’s Money Illusion’. Challenge 63 (1): 21–39. https://doi.org/10.1080/05775132.2019.1684662.
+1. Azgad-Tromer, Shlomit. 2018. ‘Crypto Securities: On the Risks of Investments in Blockchain-Based Assets and the Dilemmas of Securities Regulation’. Am. UL Rev. 68: 69.
+1. Barrett, Claer. 2021. ‘Why Young Investors Bet the Farm on Cryptocurrencies’. Financial Times, 28 May 2021. https://www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458.
+1. Cristina Cuervo, Anastasiia Morozova. 2020. ‘Regulation of Crypto Assets’. International Monetary Fund. https://www.imf.org/en/Publications/fintech-notes/Issues/2020/01/09/Regulation-of-Crypto-Assets-48810.
+1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
+1. Eichengreen, Barry. 2021. ‘Financial Regulation in the Age of the Platform Economy’. Journal of Banking Regulation, 1–11. https://doi.org/10.1057/s41261-021-00187-9.
+1. Feinstein, Brian D, and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. http://ssrn.com/paper=3649475.
+1. Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
+1. Kapsis, Ilias. 2021. ‘Should We Trade Market Stability for More Financial Inclusion? The Case of Crypto-Assets Regulation in EU’. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9.
+1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
diff --git a/concepts/private-money.md b/concepts/private-money.md
index 31f45a7..2a483c5 100644
--- a/concepts/private-money.md
+++ b/concepts/private-money.md
@@ -1,5 +1,5 @@
 # Private Money
-A [currency](currency.md) issued by a private party instead of a nation state or [central-banks](central-banks.md). Private money has a [distribution-problem](distribution-problem.md). 
+A [currency](currency.md) issued by a private party instead of a nation state or a [central bank](central-banks.md). Private money has a [distribution problem](distribution-problem.md).
 
 Many forms of private money are a type of *scrip* or a provisional certificate or promissory note of funds subscribed a company entitling the holder to a redemption upon demand possibly subject to restrictions.
 
@@ -19,6 +19,8 @@ Company scrip was a form of private money issued by corporations up until the ea
 
 Company scrip gave wildly asymmetric power to corporations and was deemed to be a predatory practice, and was banned in the United States and Europe in the mid 1900s.
 
+See [artificial demand](artificial-demand.md).
+
 ## Town Money
 Private money still lives in on parts of the United States and Europe in a limited form known as town money, whereby a local city or town will issue its own private notes which can be spent within a limited geographic region to encourage captive spending within a local region and to encourage tourism. These notes encourage circulation of money within the town and goods and services may be discounted when using the private money as a means of encourage to promote local businesses and increase tourist spending with the town. Town money is generally issued on small scales and is overseen by a local town government.
 
@@ -27,6 +29,8 @@ Casino tokens are a form of scrip used by customers to play [gambling](gambling.
 
 Under United States law if a customer purchases casino chips, they have the right to sell them back to the casino for the marked value. The casino is restricted from allowing customers to use chips to pay for goods or services, however they can be given or sold to other customers in peer to peer transactions.
 
+See [artificial demand](artificial-demand.md).
+
 ## References
 * Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
 * Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
diff --git a/concepts/sign-value.md b/concepts/sign-value.md
index af42205..d6931e6 100644
--- a/concepts/sign-value.md
+++ b/concepts/sign-value.md
@@ -1,2 +1,4 @@
 # Sign Value
-Sign value denotes and describes the value accorded to an object because of the prestige or social status that it imparts upon the possessor, rather than the [use value](use-value.md) and [income cashflows](income-cashflows.md) derived from the function or use of the asset.
\ No newline at end of file
+Sign value denotes and describes the intangible value accorded to an object because of the prestige or social status that it imparts upon the possessor, rather than the [use value](use-value.md) and [income cashflows](income-cashflows.md) derived from the function or use of the asset.
+
+See [art](art.md), [narrative economics](narrative-economics.md), [endowment effect](endowment-effect.md) and [bandwagon bias](bandwagon-bias.md).
\ No newline at end of file
diff --git a/concepts/stablecoin.md b/concepts/stablecoin.md
index 6cafda9..9ee53f1 100644
--- a/concepts/stablecoin.md
+++ b/concepts/stablecoin.md
@@ -6,23 +6,23 @@ Stablecoins may be [leverage](leverage.md) against their deposits where the tota
 See also [DeFi](defi.md), [staking](staking.md) and [liquidity pool](liquidity-pool.md).
 
 ## References
-* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
-* Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
-* Bennet, Tomlin. n.d. ‘Tether and Bitfinex Introduction’. Accessed 2 March 2022. https://bennettftomlin.com/2021/08/08/tether-and-bitfinex-introduction/.
-* Krugman, Paul. 2018. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
-* Castor, Amy. 2021. ‘The Curious Case of Tether: A Complete Timeline of Events’. https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/.
-* Griffin, John M, and Amin Shams. 2020. ‘Is Bitcoin Really Untethered?’ The Journal of Finance 75 (4): 1913–64.
-* Brennecke, Martin, Benjamin Schellinger, Nils Urbach, and Tobias Guggenberger. 2022. ‘The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO’. https://doi.org/10.24251/HICSS.2022.737.
-* Clements, Ryan. 2021. ‘Built to Fail: The Inherent Fragility of Algorithmic Stablecoins’. SSRN Electronic Journal 11: 131. https://doi.org/10.2139/ssrn.3952045.
-* Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
-* Landwehr, Marvin, and Volker Wulf. 2020. ‘Toward Emancipatory Currencies: A Critique of Facebook’s Libra Cryptocurrency and Ideas for Alternatives’. PervasiveHealth: Pervasive Computing Technologies for Healthcare, 236–46. https://doi.org/10.1145/3401335.3401365.
-* Li, Ye, and Simon Mayer. 2021. ‘Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking’. Fisher College of Business Working Paper, no. 2020–03: 030.
-* Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
-* Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
-* Pupolizio, Ivan. 2021. ‘From Libra to Diem. The Pursuit of a Global Private Currency’. Global Jurist. https://doi.org/10.1515/gj-2021-0055.
-* Reiser, Jan. 2020. ‘Libra : An Economic and Technical Analysis’. https://wwz.unibas.ch/fileadmin/user_upload/wwz/00_Professuren/Schaer_DLTFintech/Lehre/Reiser_2020.pdf.
-* Salmony, Michael. 2019. ‘Money and the Fear of Missing out: How to Stay Sane in a World Shaken by Libra.’ Journal of Payments Strategy & Systems 13 (4): 282–87. https://www.ingentaconnect.com/content/hsp/jpss/2020/00000013/00000004/art00002.
-* Tischer, Daniel. 2020. ‘Cutting the Network? Facebook’s Libra Currency as a Problem of Organisation’. Finance and Society 6 (1): 19–33. https://doi.org/10.2218/finsoc.v6i1.4406.
-* Vasudevan, Ramaa. 2020. ‘Libra and Facebook’s Money Illusion’. Challenge 63 (1): 21–39. https://doi.org/10.1080/05775132.2019.1684662.
-* Zetzsche, Dirk A., Ross P. Buckley, and Douglas W. Arner. 2021. ‘Regulating Libra’. Oxford Journal of Legal Studies 41 (1): 80–113. https://doi.org/10.1093/ojls/gqaa036.
-* Peebles, Gustav. 2020. ‘Banking on Digital Money: Swedish Cashlessness and the Fraying Currency Tether’. Cultural Anthropology 36 (1): 1–24. https://doi.org/10.14506/ca36.1.01.
\ No newline at end of file
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
+1. Bennet, Tomlin. n.d. ‘Tether and Bitfinex Introduction’. Accessed 2 March 2022. https://bennettftomlin.com/2021/08/08/tether-and-bitfinex-introduction/.
+1. Krugman, Paul. 2018. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
+1. Castor, Amy. 2021. ‘The Curious Case of Tether: A Complete Timeline of Events’. https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/.
+1. Griffin, John M, and Amin Shams. 2020. ‘Is Bitcoin Really Untethered?’ The Journal of Finance 75 (4): 1913–64.
+1. Brennecke, Martin, Benjamin Schellinger, Nils Urbach, and Tobias Guggenberger. 2022. ‘The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO’. https://doi.org/10.24251/HICSS.2022.737.
+1. Clements, Ryan. 2021. ‘Built to Fail: The Inherent Fragility of Algorithmic Stablecoins’. SSRN Electronic Journal 11: 131. https://doi.org/10.2139/ssrn.3952045.
+1. Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
+1. Landwehr, Marvin, and Volker Wulf. 2020. ‘Toward Emancipatory Currencies: A Critique of Facebook’s Libra Cryptocurrency and Ideas for Alternatives’. PervasiveHealth: Pervasive Computing Technologies for Healthcare, 236–46. https://doi.org/10.1145/3401335.3401365.
+1. Li, Ye, and Simon Mayer. 2021. ‘Money Creation in Decentralized Finance: A Dynamic Model of Stablecoin and Crypto Shadow Banking’. Fisher College of Business Working Paper, no. 2020–03: 030.
+1. Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
+1. Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
+1. Pupolizio, Ivan. 2021. ‘From Libra to Diem. The Pursuit of a Global Private Currency’. Global Jurist. https://doi.org/10.1515/gj-2021-0055.
+1. Reiser, Jan. 2020. ‘Libra : An Economic and Technical Analysis’. https://wwz.unibas.ch/fileadmin/user_upload/wwz/00_Professuren/Schaer_DLTFintech/Lehre/Reiser_2020.pdf.
+1. Salmony, Michael. 2019. ‘Money and the Fear of Missing out: How to Stay Sane in a World Shaken by Libra.’ Journal of Payments Strategy & Systems 13 (4): 282–87. https://www.ingentaconnect.com/content/hsp/jpss/2020/00000013/00000004/art00002.
+1. Tischer, Daniel. 2020. ‘Cutting the Network? Facebook’s Libra Currency as a Problem of Organisation’. Finance and Society 6 (1): 19–33. https://doi.org/10.2218/finsoc.v6i1.4406.
+1. Vasudevan, Ramaa. 2020. ‘Libra and Facebook’s Money Illusion’. Challenge 63 (1): 21–39. https://doi.org/10.1080/05775132.2019.1684662.
+1. Zetzsche, Dirk A., Ross P. Buckley, and Douglas W. Arner. 2021. ‘Regulating Libra’. Oxford Journal of Legal Studies 41 (1): 80–113. https://doi.org/10.1093/ojls/gqaa036.
+1. Peebles, Gustav. 2020. ‘Banking on Digital Money: Swedish Cashlessness and the Fraying Currency Tether’. Cultural Anthropology 36 (1): 1–24. https://doi.org/10.14506/ca36.1.01.
\ No newline at end of file
diff --git a/concepts/tinkerbell-effect.md b/concepts/tinkerbell-effect.md
index 1e8bbb1..e667af0 100644
--- a/concepts/tinkerbell-effect.md
+++ b/concepts/tinkerbell-effect.md
@@ -1,4 +1,9 @@
 # Tinkerbell Effect
 The Tinkerbell effect is an expression in psychology and finance to describe things that are thought to exist only because people believe in them. Effectively a shared collective delusion at a critical scale.
 
-See also [high-control group](high-control-group.md), [NFT](nft.md), [bandwagon-bias](bandwagon-bias.md) and [endowment-effect](endowment-effect.md).
\ No newline at end of file
+This differs from the [network effect](network-effect.md) generated by [financial assets](financial-asset.md) and [currencies](currency.md) whose efficacy is a collective legal fiction that arises out its use as a medium of exchange or investment vehicle.
+
+See also [high-control group](high-control-group.md), [NFT](nft.md), [bandwagon-bias](bandwagon-bias.md) and [endowment-effect](endowment-effect.md).
+
+## References
+1. Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. [https://www.stephendiehl.com/blog/tinkerbell.html](https://www.stephendiehl.com/blog/tinkerbell.html).
\ No newline at end of file
diff --git a/concepts/use-value.md b/concepts/use-value.md
index 6b57407..7d253d5 100644
--- a/concepts/use-value.md
+++ b/concepts/use-value.md
@@ -3,13 +3,13 @@
 
 An example of a [commodity](commodity.md) with use value is wheat, whose use is the ability to produce flour and bread which can provide sustenance and satisfy human hunger and need for sustenance. Alternatively the use value of petrol is the capacity to burn it to produce energy. 
 
-An example of a financial product with no use value is a [stock](stock.md). Instead its [market value](market.md) is derived from its [fundamental value](fundamental-value.md) which originates from both the [legal framework](security.md) that gives rise to its existence and whose demand is generated from its exposure to [income-cashflows](income-cashflows.md).
+An example of a [financial asset](financial-asset.md) with no use value is a [stock](stock.md). Instead its [market value](market.md) is derived from its [fundamental value](fundamental-value.md) which originates from both the [legal framework](security.md) that gives rise to its existence and whose demand is generated from its exposure to [income-cashflows](income-cashflows.md).
 
 The [dollar](dollar.md) has no use value and no [fundamental value](fundamental-value.md), however it is a [monetary](money.md) instrument because of its efficacy as a [currency](currency.md).
 
-[Cypto assets](cryptoasset.md) are a [speculative](speculation.md) investment that has both no use value, no [fundamental value](fundamental-value.md) and are also non-monetary. Instead their demand is generated from [narrative](../claims/narrative-economics.md) and the [greater fool theory](greater-fool-theory.md).
+[Cypto assets](cryptoasset.md) are a [speculative](speculation.md) investment that has both no use value, no [fundamental value](fundamental-value.md) and are also non-monetary. Instead their demand curve is generated from [narrative](../claims/narrative-economics.md) and the [greater fool theory](greater-fool-theory.md).
 
-A similar historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval church based on [artificial demand](artificial-demand.md) induced by [narrative](narrative-economics.md).
+A historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval church based on [artificial demand](artificial-demand.md) induced by [narrative](narrative-economics.md).
 
 See the [asset comparison table](assets.md) for a larger enumeration of asset classes and their properties.
 
diff --git a/guide/index.md b/guide/index.md
index 77ac75d..bef22a8 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -164,6 +164,8 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Bretton Woods system](../concepts/bretton-woods.md)
 * [Wash trading](../concepts/wash-trading.md)
 * [Liquidity pool](../concepts/liquidity-pool.md)
+* [Artificial demand](../concepts/artificial-demand.md)
+* [Financial asset](../concepts/financial-asset.md)
 * [Assets](../concepts/assets.md)
 	* [Real estate](../concepts/real-estate.md)
 	* [Gold](../concepts/gold.md)
@@ -182,6 +184,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Cryptoasset](/concepts/cryptoasset.md)
 * [Immutability](../concepts/immutability.md)
 * [Crypto Wallet](../concepts/wallet.md)
+* [Network effect](../concepts/network-effect.md)
 * [Decentralized Finance (DeFi)](/concepts/defi.md)
 * [Decentralization](/concepts/decentralization.md)
 * [Initial Coin Offering (ICO)](/concepts/ico.md)
@@ -224,4 +227,5 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Bandwagon bias](../concepts/bandwagon-bias.md)
 * [Tinkerbell effect](../concepts/tinkerbell-effect.md)
 * [Endowment effect](../concepts/endowment-effect.md)
-* [Predatory inclusion](../concepts/predatory-inclusion.md)
\ No newline at end of file
+* [Predatory inclusion](../concepts/predatory-inclusion.md)
+* [Enclosure](../concepts/enclosure.md)
\ No newline at end of file

From d80b5f722cb948efb5bb1b00d480c916cdc9987f Mon Sep 17 00:00:00 2001
From: Hidde de Vries <hidde@hiddedevries.nl>
Date: Tue, 22 Mar 2022 14:05:04 +0100
Subject: [PATCH 022/103] Use headings for headings

---
 guide/index.md | 22 +++++++++++-----------
 1 file changed, 11 insertions(+), 11 deletions(-)

diff --git a/guide/index.md b/guide/index.md
index bef22a8..71647b3 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -46,7 +46,7 @@ Understand the terminology used to describe crypto and web3.
 
 Explore crypto and "web3" in terms of the claims made about it. These subclaims fall into six categories about different aspects of either technical, financial or political reconfiguration projects.
 
-**Better Economy**
+#### Better Economy
 
 * [Is bitcoin a currency?](/claims/is-bitcoin-currency.md)
 * [Are crypto assets a risk to the dollar?](../claims/threaten-dollar.md)
@@ -60,7 +60,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 * [Is private money a desirable system?](../claims/is-private-money.md)
 * [Is bitcoin compataible with ESG investing?](../claims/bitcoin-esg.md)
 
-**Better Society / Financial Inclusion**
+#### Better Society / Financial Inclusion
 
 * [What consumer protections exist for crypto assets?](../claims/consumer-protections.md)
 * [Are crypto assets a form of predatory inclusion?](../claims/is-predatory.md)
@@ -72,7 +72,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 * [Why do people invest in crypto tokens?](../claims/why-invest.md)
 * [Why does crypto have such a weird subculture?](/claims/weird-culture.md)
 
-**Financial Liberty**
+#### Financial Liberty
 
 * [Is an unregulated transnational payment rail even desirable?](../claims/transnational-payment.md)
 * [Are crypto tokens a hedge against the "debasement" of the dollar?](../claims/hedge-debasement.md)
@@ -80,14 +80,14 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 * [Can I raise money for my non-profit using crypto tokens?](../claims/is-raise-nonprofit.md)
 * [Can I do a crowdfunded equity raise for my company using crypto tokens?](../claims/is-raise-company.md)
 
-**Solving Public Goods Problems**
+#### Solving Public Goods Problems
 
 * [Is crypto a means to fund public goods projects?](../claims/is-public-goods.md)
 * [Is bitcoin mining harmful to the environment?](../claims/environmental-footprint.md)
 * [Is crypto bringing about the "financialization of everything"?](../claims/is-hyperfinancialization.md)
 * [Is crypto a giant misallocation of resources with an enormous opportunity cost?](../claims/is-opportunity-cost.md)
 
-**Financial Innovation**
+#### Financial Innovation
 
 * [Is the underlying technology of "blockchain" useful for non-monetary purposes?](../claims/blockchain-tech.md)
 * [Is web3 even a well-defined term?](../claims/well-defined.md)
@@ -95,7 +95,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 * [Is web3 decentralized?](../claims/web3-decentralized.md)
 * [Is web3 the next generation of the internet?](../claims/new-internet.md)
 
-**Creative Destruction**
+#### Creative Destruction
 
 * [Is web3 a means to dismantle the American tech hegemony?](../claims/is-disrupt-hegemony.md)
 * [Is web3 a means to rebuild the global financial system?](../claims/is-new-financial-system.md)
@@ -141,7 +141,7 @@ Explore crypto and "web3" in terms of different perspectives on politics and eco
 
 Understand the deeper theoretical concepts behind the technical and economic claims.
 
-**Economics**
+#### Economics
 
 * [Artificial scarcity](/concepts/artificial-scarcity.md)
 * [Asymmetric information](/concepts/asymmetric-information.md)
@@ -178,7 +178,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 	* [Commercial paper](../concepts/commercial-paper.md)
 	* [Credit Default Swap](../concepts/cds.md)
 
-**Technology**
+#### Technology
 
 * [Blockchain](/concepts/blockchain.md)
 * [Cryptoasset](/concepts/cryptoasset.md)
@@ -199,7 +199,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Decentralized Exchange (DEX)](../concepts/dex.md)
 * [Yield Farming](../concepts/yield-farming.md)
 
-**Regulation**
+#### Regulation
 
 * [Howey test](../concepts/howey-test.md)
 * [Securities framework](/concepts/security.md)
@@ -213,7 +213,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Illicit financing](../concepts/illicit-financing.md)
 * [Broker-dealer](../concepts/broker.md)
 
-**Sociology**
+#### Sociology
 
 * [Value](../concepts/value.md)
 * [Use value](../concepts/use-value.md)
@@ -228,4 +228,4 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Tinkerbell effect](../concepts/tinkerbell-effect.md)
 * [Endowment effect](../concepts/endowment-effect.md)
 * [Predatory inclusion](../concepts/predatory-inclusion.md)
-* [Enclosure](../concepts/enclosure.md)
\ No newline at end of file
+* [Enclosure](../concepts/enclosure.md)

From 8976ab37afd4e420c68287f843e3621ab1fb7304 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 22 Mar 2022 16:40:30 +0000
Subject: [PATCH 023/103] Expand more quant finance concepts

---
 claims/blockchain-tech.md           |  2 +-
 concepts/artificial-scarcity.md     |  4 +++-
 concepts/bitcoin.md                 |  2 ++
 concepts/blockchain.md              |  2 +-
 concepts/bond.md                    |  3 +--
 concepts/censorship-resistence.md   |  2 ++
 concepts/consensus-algorithm.md     |  4 ++++
 concepts/currency.md                |  7 ++++++-
 concepts/financial-asset.md         |  9 ++++++++-
 concepts/fundamental-value.md       |  4 ++--
 concepts/greater-fool-theory.md     |  1 -
 concepts/ideologies/capitalism.md   |  1 +
 concepts/market-maker.md            |  2 +-
 concepts/market-value.md            |  1 -
 concepts/meme-stock.md              |  2 ++
 concepts/memecoin.md                |  2 +-
 concepts/mining.md                  |  2 ++
 concepts/non-economic.md            |  2 +-
 concepts/order-book.md              | 12 +++++++++++-
 concepts/permissioned-blockchain.md | 13 ++++++++++++-
 concepts/present-value.md           |  4 +++-
 concepts/price-formation.md         |  4 +++-
 concepts/private-key.md             | 10 +++++++++-
 concepts/ransomware.md              |  8 +++++++-
 concepts/terminal-value.md          |  2 ++
 concepts/value.md                   |  4 ++--
 concepts/yield-farming.md           |  3 ++-
 guide/index.md                      |  3 +++
 meta/concepts-todo.md               | 26 ++++++++++++++++++++------
 29 files changed, 112 insertions(+), 29 deletions(-)

diff --git a/claims/blockchain-tech.md b/claims/blockchain-tech.md
index 2dafb06..c744699 100644
--- a/claims/blockchain-tech.md
+++ b/claims/blockchain-tech.md
@@ -11,10 +11,10 @@ The technical purpose of blockchains is to create [censorship resistent](../conc
 1. ———. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
 1. Pollock, Rufus. 2016. ‘Reflections on the Blockchain · Rufus Pollock Online’. 2 July 2016. https://rufuspollock.com/2016/07/02/reflections-on-the-blockchain/.
 1. Orlowski, A. 2018. ‘Blockchain Study Finds 0.00% Success Rate and Vendors Don’t Call Back When Asked for Evidence’. The Register. https://www.theregister.com/2018/11/30/blockchain_study_finds_0_per_cent_success_rate/.
-1. Diehl, Stephen. 2021. ‘Blockchainism’. 11 December 2021. https://www.stephendiehl.com/blog/blockchainism.html.
 1. Manski, Sarah, and Michel Bauwens. 2020. ‘Reimagining New Socio-Technical Economics Through the Application of Distributed Ledger Technologies’. Frontiers in Blockchain 2 (January): 1–17. https://doi.org/10.3389/fbloc.2019.00029.
 1. Pardo-Guerra, Juan Pablo. 2019. Automating Finance. https://doi.org/10.1017/9781108677585.
 1. Rauchs, Michel, Apolline Blandin, Keith Bear, and Stephen B McKeon. 2019. ‘2nd Global Enterprise Blockchain Benchmarking Study’. http://ssrn.com/paper=3461765.
+1. Diehl, Stephen. 2021. ‘Blockchainism’. 11 December 2021. https://www.stephendiehl.com/blog/blockchainism.html.
 1. Diehl, Stephen. 2021a. ‘The Non-Innovation of Cryptocurrency’. 7 July 2021. https://www.stephendiehl.com/blog/non-innovation.html.
 ———. 2021b. ‘The Handwavy Technobabble Nothingburger’. 24 November 2021. https://www.stephendiehl.com/blog/nothing-burger.html.
 1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
diff --git a/concepts/artificial-scarcity.md b/concepts/artificial-scarcity.md
index a36ca37..e63c5a7 100644
--- a/concepts/artificial-scarcity.md
+++ b/concepts/artificial-scarcity.md
@@ -5,4 +5,6 @@ Products like [crypto asset](cryptoasset.md), [NFTs](nft.md) and sometimes [art]
 
 Financial instruments like bonds, stocks and derivatives are not artificially scarce because of their underlying cashflows. Commodities are not artificially scarce because of their physicality and intrinsic value.
 
-There is an infinite number of non-physical artificially scare assets that can be created, thus leading to a paradox where unless demand is also infinite their [market value](market-value.md) should trend towards zero.
\ No newline at end of file
+There is an infinite number of non-physical artificially scare assets that can be created, thus leading to a paradox where unless demand is also infinite their [market value](market-value.md) should trend towards zero.
+
+## References
\ No newline at end of file
diff --git a/concepts/bitcoin.md b/concepts/bitcoin.md
index 873f028..523b2da 100644
--- a/concepts/bitcoin.md
+++ b/concepts/bitcoin.md
@@ -29,6 +29,8 @@ Bitcoin has a negative [expected return](expected-return.md).
 
 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 based on [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
diff --git a/concepts/blockchain.md b/concepts/blockchain.md
index cafb9bf..4be82a5 100644
--- a/concepts/blockchain.md
+++ b/concepts/blockchain.md
@@ -1,7 +1,7 @@
 # Blockchain
 A blockchain is the technical underpinnings for [crypto assets](cryptoasset.md) such as [bitcoin](bitcoin.md) and [ethereum](ethereum.md).
 
-In computer science terms, a blockchain is a data structure that maintains a list of transactions that are authenticated using public key cryptography and linked using a hash function. A blockchain is a partial ordering of transaction event into windows of discrete time by which the transactions are programmatically committed to a shared history which is synchronized via a [consensus algorithm](consensus-algorithm.md).
+In computer science terms, a blockchain is an [immutable](immutability.md) data structure that maintains a list of transactions that are authenticated using public key cryptography and linked using a hash function. A blockchain is a partial ordering of transaction event into windows of discrete time by which the transactions are programmatically committed to a shared history which is synchronized via a [consensus algorithm](consensus-algorithm.md).
 
 The term has been overloaded extensively and other data structures and topologies have been described as blockchain regardless of their use. See [permissioned blockchain](permissioned-blockchain.md).
 
diff --git a/concepts/bond.md b/concepts/bond.md
index 6d17a0e..45ccb6c 100644
--- a/concepts/bond.md
+++ b/concepts/bond.md
@@ -1,3 +1,2 @@
 # Bond
-
-A bond is a [security](security.md) financial product that represents a promise by a borrower to pay a lender their principal and periodic interest (called a coupon) on a loan. 
\ No newline at end of file
+A bond is a [security](security.md) financial product that represents a promise by a borrower to pay a lender their principal and periodic interest (called a *coupon*) on a loan. 
\ No newline at end of file
diff --git a/concepts/censorship-resistence.md b/concepts/censorship-resistence.md
index c416c25..d4fb464 100644
--- a/concepts/censorship-resistence.md
+++ b/concepts/censorship-resistence.md
@@ -1,6 +1,8 @@
 # Censorship Resistance
 The claim or aspiration that a [decentralization](decentralization.md) network is resistant to the removal of content or transactions by an outside party or law enforcement. Censorship resistance is often touted as a feature of [blockchain](blockchain.md) and [crypto assets](cryptoasset.md).
 
+See also [recentralization](recentralization.md).
+
 ## References
 * Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
 * Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
diff --git a/concepts/consensus-algorithm.md b/concepts/consensus-algorithm.md
index d1e2ad6..4dea733 100644
--- a/concepts/consensus-algorithm.md
+++ b/concepts/consensus-algorithm.md
@@ -20,3 +20,7 @@ An algorithm where blocks in the blockchain are validated by a closed and fixed
 An algorithm where blocks in the blockchain are validated by the consumption of digital resources such as random access memory or disk space. The global sortition functions weighted based on the size and availability of these digital space resources.
 
 ## References
+1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
+1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
\ No newline at end of file
diff --git a/concepts/currency.md b/concepts/currency.md
index f5dc868..0962495 100644
--- a/concepts/currency.md
+++ b/concepts/currency.md
@@ -1,2 +1,7 @@
 # Currency
-A physical or digital representation of [money](money.md).
\ No newline at end of file
+A physical or digital representation of [money](money.md).
+
+## References
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+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. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
\ No newline at end of file
diff --git a/concepts/financial-asset.md b/concepts/financial-asset.md
index cf1e434..d92d6fc 100644
--- a/concepts/financial-asset.md
+++ b/concepts/financial-asset.md
@@ -8,4 +8,11 @@ See also [ficticious commodity](ficticious-commodity.md).
 ## Examples
 * [Stock](stock.md)
 * [Bond](bond.md)
-* [Credit default swap](cds.md)
\ No newline at end of file
+* [Credit default swap](cds.md)
+
+## References
+* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+* Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
+* Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
+* Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
\ No newline at end of file
diff --git a/concepts/fundamental-value.md b/concepts/fundamental-value.md
index 574eecc..fcec394 100644
--- a/concepts/fundamental-value.md
+++ b/concepts/fundamental-value.md
@@ -1,4 +1,4 @@
 # Fundamental Value
-Fundamental value is the [present-value](present-value.md) of all expected future net [income-cashflows](income-cashflows.md) to the asset calculated via discounted cash flow valuation.
+In quantative finance, the fundamental value is the [present value](present-value.md) of all expected future net [income-cashflows](income-cashflows.md) to the asset calculated via discounted cash flow valuation.
 
-See also [financial asset](financial-asset.md).
\ No newline at end of file
+See also [present value](present-value.md), [terminal value](terminal-value.md) and [financial asset](financial-asset.md).
\ No newline at end of file
diff --git a/concepts/greater-fool-theory.md b/concepts/greater-fool-theory.md
index 5bb9fe4..5b0205a 100644
--- a/concepts/greater-fool-theory.md
+++ b/concepts/greater-fool-theory.md
@@ -4,7 +4,6 @@ The greater fool theory is a thesis in economics that market participants can so
 The greater fool theory presumes an infinite chain of fools in order for all participants to profit or  "make it" or profit from the [bubble](bubble.md).
 
 ## References
-
 * Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
 * Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
 * Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
diff --git a/concepts/ideologies/capitalism.md b/concepts/ideologies/capitalism.md
index 6db8c28..31780d9 100644
--- a/concepts/ideologies/capitalism.md
+++ b/concepts/ideologies/capitalism.md
@@ -1,2 +1,3 @@
 # Capitalism
+
 ## References
diff --git a/concepts/market-maker.md b/concepts/market-maker.md
index 0bd5321..d6d0b59 100644
--- a/concepts/market-maker.md
+++ b/concepts/market-maker.md
@@ -1,4 +1,4 @@
 # Market Maker
 A entity of business with performs the business of creating a market, connecting buyers and sellers to exchange goods and services. The trading of financial assets is a regulated activity and involves [price-formation](price-formation.md) and making of an [order book](order-book.md).
 
-See [crypto-exchange](crypto-exchange.md).
\ No newline at end of file
+See also [order book](order-book.md) and [crypto exchange](crypto-exchange.md).
\ No newline at end of file
diff --git a/concepts/market-value.md b/concepts/market-value.md
index d3992dc..f797aaa 100644
--- a/concepts/market-value.md
+++ b/concepts/market-value.md
@@ -1,3 +1,2 @@
 # Market Value
-
 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.
\ No newline at end of file
diff --git a/concepts/meme-stock.md b/concepts/meme-stock.md
index cd4e492..98c9a69 100644
--- a/concepts/meme-stock.md
+++ b/concepts/meme-stock.md
@@ -1,6 +1,8 @@
 # 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).
+
 ## Examples
 * Gamestop
 * AMC
diff --git a/concepts/memecoin.md b/concepts/memecoin.md
index f25c00d..3108b76 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).
+See [dogecoin](dogecoin.md) and [financial nihilism](ideologies/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/mining.md b/concepts/mining.md
index 9419731..e5e123c 100644
--- a/concepts/mining.md
+++ b/concepts/mining.md
@@ -3,6 +3,8 @@ The technical process of confirming transactions in a [blockchain](blockchain.md
 
 Mining is an energy intensive process with a large environmental footprint.
 
+See also [environmental footprint of crypto](../claims/environmental-footprint.md).
+
 ## References
 1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
 1. Vries, Alex De. ‘Bitcoin’s Energy Consumption Is Underestimated : A Market Dynamics Approach’. Energy Research & Social Science 70, no. July (2020): 101721. https://doi.org/10.1016/j.erss.2020.101721.
diff --git a/concepts/non-economic.md b/concepts/non-economic.md
index 3d884f8..5ae9eb1 100644
--- a/concepts/non-economic.md
+++ b/concepts/non-economic.md
@@ -1,4 +1,4 @@
 # Non-economic
-The property of a process having no economic importance or implication, a closed loop in which there are in inflows or outflows of good or services.
+The property of a process having no economic importance or implication, a closed loop in which there are net zero inflows and outflows of good or services.
 
 See [ficticious commodity](ficticious-commodity.md) and [artificial scarcity](artificial-scarcity.md).
\ No newline at end of file
diff --git a/concepts/order-book.md b/concepts/order-book.md
index 47be5f6..2479aed 100644
--- a/concepts/order-book.md
+++ b/concepts/order-book.md
@@ -1,2 +1,12 @@
 # Order Book
-#todo s
\ No newline at end of file
+In finance and market making, an *order book*is the list of digital orders that a [market maker](market-maker.md) uses to record the interest of buyers and sellers in a particular [financial asset](financial-asset.md). The market maker uses a software algorithm known as a matching engine which orders are fulfilled and which matches bids with asks, in either a full or partial fill.
+
+The *bid–ask spread* is a measure of the difference between the prices quoted for an immediate sale (ask) and an immediate purchase (bid). The size of the bid–ask spread is a measure of the liquidity of the market for an [asset](assets.md) and of the size of the transaction cost. In exchange making between two assets  The bid-ask spread is measured a percentage in point or price interest point known as a *pip*, or unit of change in an exchange rate of the two assets. A *basis point* (*bp* or "bip") is a difference o) one hundredth of a percent or equivalently one percent of one percent or one ten thousandth 0.01% or or 0.0001.
+
+The *depth* of an order book is the the quantity of the [asset](asset) to be sold versus unit price. A deep market is one in which a large order is needed to move the price.
+
+The other property of an order book making is the *tick size* which refers to the minimum price increment at which trades may be made on the market.
+
+There are vast differences in design of different matching engines and ways of calculating the market maker spread to give rise to different dynamics of [price formation](price-formation.md) on a given exchange. Distortions of the order book and order matching can be used to do [market manipulation](market-manipulation.md).
+
+## References
\ No newline at end of file
diff --git a/concepts/permissioned-blockchain.md b/concepts/permissioned-blockchain.md
index 258aaaf..da8d99a 100644
--- a/concepts/permissioned-blockchain.md
+++ b/concepts/permissioned-blockchain.md
@@ -1,4 +1,15 @@
 # Permissioned Blockchain
 A loose marketing term for alleged blockchain solutions that remove token incentives from the [consensus algorithm](consensus-algorithm.md). 
 
-Permissioned blockchains have been critized as being a rebranding of existing distributed databases or that they offer no advantages over traditional relational database solutions such as Microsoft SQL Server.
\ No newline at end of file
+Permissioned blockchains have been critized as being a rebranding of existing distributed databases or that they offer no advantages over traditional relational database solutions such as Microsoft SQL Server.
+
+## References
+1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
+1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Jeffries, Adrianne. 2018. ‘Blockchain Is Meaningless’. The Verge 7: 2018. https://www.theverge.com/2018/3/7/17091766/blockchain-bitcoin-ethereum-cryptocurrency-meaning.
+1. Stinchcombe, Kai. 2017. ‘Ten Years In, Nobody Has Come Up With a Use for Blockchain’. Hackernoon. 22 December 2017. https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100.
+1. Orlowski, A. 2018. ‘Blockchain Study Finds 0.00% Success Rate and Vendors Don’t Call Back When Asked for Evidence’. The Register. https://www.theregister.com/2018/11/30/blockchain_study_finds_0_per_cent_success_rate/.
+1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
+1. Diehl, Stephen. 2021. ‘Blockchainism’. 11 December 2021. https://www.stephendiehl.com/blog/blockchainism.html.
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
+1. White, Molly. 2022a. ‘Blockchain-Based Systems Are Not What They Say They Are’. Molly White (blog). 9 January 2022. https://blog.mollywhite.net/blockchains-are-not-what-they-say/.
\ No newline at end of file
diff --git a/concepts/present-value.md b/concepts/present-value.md
index 6303069..3e69f7f 100644
--- a/concepts/present-value.md
+++ b/concepts/present-value.md
@@ -1,2 +1,4 @@
 # Present Value
-The value of an expected [income](income-cashflows.md) stream determined as of the date of valuation. 
\ No newline at end of file
+In quantitative finance, the present value of a [financial asset](financial-asset.md) is the expected [income](income-cashflows.md) stream determined as of the date of valuation. 
+
+See also [terminal value](terminal-value.md).
\ No newline at end of file
diff --git a/concepts/price-formation.md b/concepts/price-formation.md
index 1de59ce..ffcb35a 100644
--- a/concepts/price-formation.md
+++ b/concepts/price-formation.md
@@ -1,2 +1,4 @@
 # Price Formation
-Price formation is an information-gathering process which ensures that market participants know enough about the prices of the [assets](assets.md) being traded in the [market](market.md), so that they can make rational decisions about the buying and selling of goods and services.
\ No newline at end of file
+Price formation is an information-gathering process which ensures that market participants know enough about the prices of the [assets](assets.md) being traded in the [market](market.md), so that they can make rational decisions about the buying and selling of goods and services.
+
+## References
\ No newline at end of file
diff --git a/concepts/private-key.md b/concepts/private-key.md
index 5c8d31e..75c6172 100644
--- a/concepts/private-key.md
+++ b/concepts/private-key.md
@@ -1,2 +1,10 @@
 # Private Key
-A cryptographic key, essentially a large number, that within a given cryptosystem gives whoever posses it access the ability to generate a public key and address which is associated with a numerical quantity on a [blockchain](blockchain.md) known as a [wallet](wallet.md) and which imparts the capacity to transact in [cryptoasset](cryptoasset.md) associated with the public key's address. 
\ No newline at end of file
+A cryptographic key, essentially a large number, that within a given cryptosystem gives whoever posses it access the ability to generate a public key and address which is associated with a numerical quantity on a [blockchain](blockchain.md) known as a [wallet](wallet.md) and which imparts the capacity to transact in [cryptoasset](cryptoasset.md) associated with the public key's address. 
+
+## References
+1. Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
+1. White, Molly. 2022. ‘Anonymous Cryptocurrency Wallets Are Not So Simple’. Molly White (blog). 12 February 2022. https://blog.mollywhite.net/anonymous-crypto-wallets/.
+1. Bailey, Andrew M., Bradley Rettler, and Craig Warmke. 2021. ‘Philosophy, Politics, and Economics of Cryptocurrency II: The Moral Landscape of Monetary Design’. Philosophy Compass 16 (11): 1–15. https://doi.org/10.1111/phc3.12784.
+1. Harvey, John, and Ines Branco-Illodo. 2020. ‘Why Cryptocurrencies Want Privacy: A Review of Political Motivations and Branding Expressed in “Privacy Coin” Whitepapers’. Journal of Political Marketing 19 (1–2): 107–36. https://doi.org/10.1080/15377857.2019.1652223.
+1. Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
\ No newline at end of file
diff --git a/concepts/ransomware.md b/concepts/ransomware.md
index 6972c5e..2978209 100644
--- a/concepts/ransomware.md
+++ b/concepts/ransomware.md
@@ -1,2 +1,8 @@
 # Ransomware
-A form of crime involving hijacking of computer systems by which to demand ransoms to be paid to the attacker in the form of [crypto asset](cryptoasset.md).
\ No newline at end of file
+A form of crime involving hijacking of computer systems by which to demand ransoms to be paid to the attacker in the form of [crypto asset](cryptoasset.md).
+
+## References
+1. Al-rimy, Bander Ali Saleh, Mohd Aizaini Maarof, and Syed Zainudeen Mohd Shaid. 2018. ‘Ransomware Threat Success Factors, Taxonomy, and Countermeasures: A Survey and Research Directions’. Computers & Security 74: 144–66.
+1. Popper, Nathaniel. 2020. ‘Ransomware Attacks Grow, Crippling Cities and Businesses’. New York Times, February.
+1. Mehrotra, Kartikay. 2020. ‘UCSF Hack Shows Evolving Risks of Ransomware in the Covid Era’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/features/2020-08-19/ucsf-hack-shows-evolving-risks-of-ransomware-in-the-covid-era.
+1. Diehl, Stephen. 2021. ‘The Oncoming Ransomware Storm’. 11 May 2021. https://www.stephendiehl.com/blog/ransomware.html.
diff --git a/concepts/terminal-value.md b/concepts/terminal-value.md
index a5c4d87..ab1ee6e 100644
--- a/concepts/terminal-value.md
+++ b/concepts/terminal-value.md
@@ -1,2 +1,4 @@
 # Terminal Value
+In quantitative finance, the terminal value of a [financial asset](financial-asset.md) is the [present value](present-value.md) of its [income](income-cashflows.md) at a future point in time (called the *horizon*) of all future cash flows can be estimated.
 
+See also [present value](present-value.md).
\ No newline at end of file
diff --git a/concepts/value.md b/concepts/value.md
index fe31208..91a0e65 100644
--- a/concepts/value.md
+++ b/concepts/value.md
@@ -1,7 +1,7 @@
 # Value
-Value is a subjective concept which refers to the process by which humans measure the worth of physical goods, services or ideas in terms of a fitness function which assigns subjective or objective measure to the referent. 
+Value is a broad concept of ideas which refer to the process by which humans measure the worth of physical goods, services or ideas in terms of a fitness function which assigns subjective or objective measure to the referent. 
 
-There are many different types of value definitions, but is not exhaustive.
+There are many different types of value definitions that occur in different disciplines. This list is not exhaustive.
 
 * [Market value](market-value.md)
 * [Fundamental value](fundamental-value.md)
diff --git a/concepts/yield-farming.md b/concepts/yield-farming.md
index e4a04c9..3cdaed8 100644
--- a/concepts/yield-farming.md
+++ b/concepts/yield-farming.md
@@ -1,4 +1,5 @@
 # Yield Farming
-CDs
+
+See also [CDs](cd.md).
 
 ## References
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 71647b3..91b5be1 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -66,6 +66,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 * [Are crypto assets a form of predatory inclusion?](../claims/is-predatory.md)
 * [Is crypto a solution for the unbanked?](/claims/crypto-unbanked.md)
 * [Is crypto providing faster payment rails or better remittance services?](../claims/is-better-payments.md)
+* Are NFTs are good for artists?
 * [What is the narrative economics of crypto assets?](../claims/narrative-economics.md)
 * [Are crypto assets legal?](../claims/is-legal.md)
 * [Are crypto tokens a negative-sum investment?](/claims/negative-sum.md)
@@ -163,6 +164,8 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Reserve currency](../concepts/reserve-currency.md)
 * [Bretton Woods system](../concepts/bretton-woods.md)
 * [Wash trading](../concepts/wash-trading.md)
+* [Non-economic](../concepts/non-economic.md)
+* [Paper wealth](../concepts/paper-wealth.md)
 * [Liquidity pool](../concepts/liquidity-pool.md)
 * [Artificial demand](../concepts/artificial-demand.md)
 * [Financial asset](../concepts/financial-asset.md)
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index c12a79c..f40964d 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -1,5 +1,4 @@
 # Conceps TODO
-
 First pass
 
 - [x] [keynsian-economics](../concepts/ideologies/keynsian-economics.md)
@@ -21,12 +20,12 @@ First pass
 - [x] [market-maker](../concepts/market-maker.md)
 - [x] [meme-stock](../concepts/meme-stock.md)
 - [x] [moral-hazard](../concepts/moral-hazard.md)
-- [ ] [order-book](../concepts/order-book.md)
+- [x] [order-book](../concepts/order-book.md)
 - [x] [public-goods-problem](../concepts/public-goods-problem.md)
 - [x] [regulatory-capture](../concepts/regulatory-capture.md)
 - [x] [regulatory-arbitrage](../concepts/regulatory-arbitrage.md)
 - [x] [shadow-bank](../concepts/shadow-bank.md)
-- [ ] [terminal-value](../concepts/terminal-value.md)
+- [x] [terminal-value](../concepts/terminal-value.md)
 - [x] [value](../concepts/value.md)
 - [x] [wash-trading](../concepts/wash-trading.md)
 - [x] [web3](../concepts/web3.md)
@@ -67,15 +66,30 @@ Second Pass
 - [ ] [yield-farming](../concepts/yield-farming.md)
 - [x] [stablecoin](../concepts/stablecoin.md)
 - [ ] [capital-formation](../concepts/capital-formation.md)
-- [ ] [commercial-paper](../concepts/commercial-paper.md)
+- [x] [commercial-paper](../concepts/commercial-paper.md)
 - [x] [reserve-currency](../concepts/reserve-currency.md)
 - [x] [pseudonymous](../concepts/pseudonymous.md)
 - [x] [bearer-instrument](../concepts/bearer-instrument.md)
 - [x] [memecoin](../concepts/memecoin.md)
 - [x] [paper-wealth](../concepts/paper-wealth.md)
-- [ ] [endowment-effect](../concepts/endowment-effect.md)
+- [x] [endowment-effect](../concepts/endowment-effect.md)
 - [x] [bandwagon-bias](../concepts/bandwagon-bias.md)
 
+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)
+- [ ] [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)
+
 Ideologies
 
 - [ ] [accelerationism](../concepts/ideologies/accelerationism.md)
@@ -84,4 +98,4 @@ Ideologies
 - [ ] [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)
\ No newline at end of file
+- [x] [technosolutionism](../concepts/ideologies/technosolutionism.md)

From fa710ef97fa9cdc9064fd320ccaa87f6f4ca028f Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Wed, 23 Mar 2022 09:59:51 +0000
Subject: [PATCH 024/103] Expand predatory inclusion

---
 claims/is-predatory.md          | 4 ++--
 claims/web3-decentralized.md    | 3 ++-
 concepts/bucket-shop.md         | 2 ++
 concepts/cbdc.md                | 2 --
 concepts/front-running.md       | 1 +
 concepts/market-manipulation.md | 7 +++----
 guide/index.md                  | 1 +
 meta/claims-todo.md             | 2 +-
 meta/concepts-todo.md           | 2 ++
 9 files changed, 14 insertions(+), 10 deletions(-)
 create mode 100644 concepts/bucket-shop.md
 create mode 100644 concepts/front-running.md

diff --git a/claims/is-predatory.md b/claims/is-predatory.md
index d29a12b..1c0783e 100644
--- a/claims/is-predatory.md
+++ b/claims/is-predatory.md
@@ -1,7 +1,7 @@
 # Crypto assets are predatory investments
-Crypto assets are a form of predatory financial product. Crypto asset [market making](../concepts/market-maker.md) is subject to extreme forms of [market manipulation](../concepts/market-manipulation.md) not found in other regulated markets. The [price-formation](../concepts/price-formation.md) of crypto assets is untethered to any [fundamental-value](../concepts/fundamental-value.md) and instead depends purely on the [greater-fool-theory](../concepts/greater-fool-theory.md). 
+Crypto assets are a form of predatory financial product. Crypto asset [market making](../concepts/market-maker.md) is subject to extreme forms of [market manipulation](../concepts/market-manipulation.md) not found in other regulated markets. The [price formation](../concepts/price-formation.md) of crypto assets is untethered to any [fundamental value](../concepts/fundamental-value.md) and instead depends purely on the [greater fool theory](../concepts/greater-fool-theory.md). 
 
-The price setting by crypto excahnges and [order-book](../concepts/order-book.md) design admits extreme forms of [asymmetric-information](../concepts/asymmetric-information.md) which privileges an [economic cartel](../concepts/cartel.md) who can manipulate crypto assets to extract wealth from public from unfair market making.
+The price setting by crypto exchanges and [order book](../concepts/order-book.md) design admits extreme forms of [asymmetric information](../concepts/asymmetric-information.md) which privileges an [economic cartel](../concepts/cartel.md) who can manipulate crypto assets to extract wealth from public from unfair market making.
 
 The base economics of crypto assets make them [negative sum](negative-sum.md) which guarantees the amount of loses in the asset class exceed the gains.
 
diff --git a/claims/web3-decentralized.md b/claims/web3-decentralized.md
index ea29549..ad4f1df 100644
--- a/claims/web3-decentralized.md
+++ b/claims/web3-decentralized.md
@@ -1,4 +1,5 @@
-# Crypto is not decentralized
+# Web3 is not decentralized
+In all scenarios web3 still requires central parties for its technical operation and simply involves [recentralization](../concepts/recentralization.md) of services that already exist. Since web3 is centralized then it has neither the [censorship resistance](../concepts/censorship-resistence.md) properties or [decentralization](../concepts/decentralization.md) claims its myth-making and marketing claims.
 
 ## References
 1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
diff --git a/concepts/bucket-shop.md b/concepts/bucket-shop.md
new file mode 100644
index 0000000..a1bc93a
--- /dev/null
+++ b/concepts/bucket-shop.md
@@ -0,0 +1,2 @@
+# Bucket Shop
+See also [crypto exchange](crypto-exchange.md).
\ No newline at end of file
diff --git a/concepts/cbdc.md b/concepts/cbdc.md
index 098dd9d..5348fd1 100644
--- a/concepts/cbdc.md
+++ b/concepts/cbdc.md
@@ -6,13 +6,11 @@ CBDCs are either based on an *account model* or *token model*.
 CBDCs have been critized as being an extension of the surveillance state that conflicts with financial privacy norms.
 
 ## Examples
-
 * Chinese Digital Yuan
 * Bahama Sand Dollar
 * Project Hamilton
 
 ## References
-
 * Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
 * Bilotta, Nicola. n.d. CBDCs and Stablecoins: The Scramble for (Controllable) Anonymity. Instituto AffariInternazionali.
 * Kiff, John, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, et al. 2020. ‘A Survey of Research on Retail Central Bank Digital Currency’. http://ssrn.com/paper=3639760.
diff --git a/concepts/front-running.md b/concepts/front-running.md
new file mode 100644
index 0000000..6d81b5c
--- /dev/null
+++ b/concepts/front-running.md
@@ -0,0 +1 @@
+# Front running
\ No newline at end of file
diff --git a/concepts/market-manipulation.md b/concepts/market-manipulation.md
index c53fdac..7340020 100644
--- a/concepts/market-manipulation.md
+++ b/concepts/market-manipulation.md
@@ -1,6 +1,9 @@
 # Market Manipulation
 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).
 
+## Front Running
+Using inside information about future orders to preempt market movements and extract from other market participants. 
+
 ## Insider Trading
 See [asymmetric-information](asymmetric-information.md).
 
@@ -11,19 +14,15 @@ See [wash-trading](wash-trading.md).
 See [pump-and-dump](pump-and-dump.md).
 
 ## Order 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).
 
 ## References
-
 * Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
 1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
diff --git a/guide/index.md b/guide/index.md
index 91b5be1..1469f65 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -167,6 +167,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Non-economic](../concepts/non-economic.md)
 * [Paper wealth](../concepts/paper-wealth.md)
 * [Liquidity pool](../concepts/liquidity-pool.md)
+* [Bucket shop](../concepts/bucket-shop.md)
 * [Artificial demand](../concepts/artificial-demand.md)
 * [Financial asset](../concepts/financial-asset.md)
 * [Assets](../concepts/assets.md)
diff --git a/meta/claims-todo.md b/meta/claims-todo.md
index 8fd1a94..406f5d3 100644
--- a/meta/claims-todo.md
+++ b/meta/claims-todo.md
@@ -4,7 +4,7 @@
 - [ ] [web3-decentralized](../claims/web3-decentralized.md)
 - [x] [environmental-footprint](../claims/environmental-footprint.md)
 - [x] [is-bubble](../claims/is-bubble.md)
-- [ ] [narrative-economics](../concepts/narrative-economics.md)
+- [x] [narrative-economics](../concepts/narrative-economics.md)
 - [x] [digital-gold](../claims/digital-gold.md)
 - [ ] [new-internet](../claims/new-internet.md)
 - [ ] [risk-to-state](../claims/risk-to-state.md)
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index f40964d..6a9c262 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -89,6 +89,8 @@ Third pass
 - [ ] [price-risk](../concepts/price-risk.md)
 - [ ] [sanctions-enforcement](../concepts/sanctions-enforcement.md)
 - [ ] [survivorship-bias](../concepts/survivorship-bias.md)
+- [ ] [bucket-shop](../concepts/bucket-shop.md)
+- [ ] [front-running](../concepts/front-running.md)
 
 Ideologies
 

From 604708f165cddd6601b67a2583708003d2f2edf9 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Wed, 23 Mar 2022 14:37:53 +0100
Subject: [PATCH 025/103] [site/infra,#94][l]: switch from next/mdx to
 contentlayerfor rendering markdown files.

* Move all markdown into a dedicated `content/` directory
* use contentlayer (https://github.com/contentlayerdev/contentlayer) for loading markdown
* add catch all route pages/[...slug].js to generate all markdown routes using contentlayer to find pages

frontmatter now properly supported

NB: some nice side benefits like removing the hack in _app.js to render markdown template vs the general layout template

TODO: page titles need fixing
---
 site/.gitignore                       |    3 +
 site/components/MDX.js                |   22 +-
 site/{pages => content}/about.md      |    0
 site/{pages => content}/claims        |    0
 site/{pages => content}/concepts      |    0
 site/{pages => content}/contribute.md |    0
 site/{pages => content}/guide         |    0
 site/{pages => content}/library.md    |    0
 site/{pages => content}/notes         |    0
 site/{pages => content}/subscribed.md |    0
 site/contentlayer.config.ts           |   23 +
 site/jsconfig.json                    |    6 +-
 site/next.config.mjs                  |   23 +-
 site/package-lock.json                | 6955 +++++++++++++++----------
 site/package.json                     |    2 +
 site/pages/[...slug].js               |   46 +
 site/pages/_app.js                    |   29 +-
 17 files changed, 4159 insertions(+), 2950 deletions(-)
 rename site/{pages => content}/about.md (100%)
 rename site/{pages => content}/claims (100%)
 rename site/{pages => content}/concepts (100%)
 rename site/{pages => content}/contribute.md (100%)
 rename site/{pages => content}/guide (100%)
 rename site/{pages => content}/library.md (100%)
 rename site/{pages => content}/notes (100%)
 rename site/{pages => content}/subscribed.md (100%)
 create mode 100644 site/contentlayer.config.ts
 create mode 100644 site/pages/[...slug].js

diff --git a/site/.gitignore b/site/.gitignore
index 1437c53..1ebcbd8 100644
--- a/site/.gitignore
+++ b/site/.gitignore
@@ -32,3 +32,6 @@ yarn-error.log*
 
 # vercel
 .vercel
+
+# Contentlayer
+.contentlayer
diff --git a/site/components/MDX.js b/site/components/MDX.js
index 7246208..405122c 100644
--- a/site/components/MDX.js
+++ b/site/components/MDX.js
@@ -1,33 +1,29 @@
 import Head from 'next/head'
 import Link from 'next/link'
-import { MDXProvider } from '@mdx-js/react'
-
 
 const components = {
   Head,
 }
 
 export default function MdxPage({ children }) {
-  const { Component, pageProps } = children
+  const { Component, frontmatter } = children
 
   return (
     <article className="prose dark:prose-invert mx-auto p-6">
       <header>
         <div className="mb-6">
-          <h1>{pageProps.title}</h1>
-          {pageProps.author && (
-            <div className="-mt-6"><p className="opacity-60 pl-1">{pageProps.author}</p></div>
+          <h1>{frontmatter.title}</h1>
+          {frontmatter.authors && (
+            <div className="-mt-6"><p className="opacity-60 pl-1">{frontmatter.authors}</p></div>
           )}
-          {pageProps.description && (
-            <p className="description">{pageProps.description}</p>
+          {frontmatter.description && (
+            <p className="description">{frontmatter.description}</p>
           )}
         </div>
       </header>
-      <section>
-        <MDXProvider components={components}>
-          <Component {...pageProps} />
-        </MDXProvider>
-      </section>
+      <main>
+        <Component components={components} />
+      </main>
     </article>
   )
 }
diff --git a/site/pages/about.md b/site/content/about.md
similarity index 100%
rename from site/pages/about.md
rename to site/content/about.md
diff --git a/site/pages/claims b/site/content/claims
similarity index 100%
rename from site/pages/claims
rename to site/content/claims
diff --git a/site/pages/concepts b/site/content/concepts
similarity index 100%
rename from site/pages/concepts
rename to site/content/concepts
diff --git a/site/pages/contribute.md b/site/content/contribute.md
similarity index 100%
rename from site/pages/contribute.md
rename to site/content/contribute.md
diff --git a/site/pages/guide b/site/content/guide
similarity index 100%
rename from site/pages/guide
rename to site/content/guide
diff --git a/site/pages/library.md b/site/content/library.md
similarity index 100%
rename from site/pages/library.md
rename to site/content/library.md
diff --git a/site/pages/notes b/site/content/notes
similarity index 100%
rename from site/pages/notes
rename to site/content/notes
diff --git a/site/pages/subscribed.md b/site/content/subscribed.md
similarity index 100%
rename from site/pages/subscribed.md
rename to site/content/subscribed.md
diff --git a/site/contentlayer.config.ts b/site/contentlayer.config.ts
new file mode 100644
index 0000000..a9e6d5d
--- /dev/null
+++ b/site/contentlayer.config.ts
@@ -0,0 +1,23 @@
+import { defineDocumentType, makeSource } from 'contentlayer/source-files'
+// import readingTime from 'reading-time'
+import remarkGfm from 'remark-gfm';
+
+const OtherPage = defineDocumentType(() => ({
+  name: 'OtherPage',
+  filePathPattern: '**/*.md*',
+  contentType: 'mdx',
+  fields: {
+    title: { type: 'string', required: false },
+    date: { type: 'string', required: false },
+    authors: { type: 'string', required: false },
+    description: { type: 'string', required: false },
+  }
+}));
+
+export default makeSource({
+  contentDirPath: 'content',
+  documentTypes: [OtherPage],
+  mdx: {
+    remarkPlugins: [remarkGfm],
+  }
+})
\ No newline at end of file
diff --git a/site/jsconfig.json b/site/jsconfig.json
index 1ee0fb7..d4ce746 100644
--- a/site/jsconfig.json
+++ b/site/jsconfig.json
@@ -1,12 +1,16 @@
 {
   "compilerOptions": {
     "baseUrl": ".",
+    "paths": {
+      "contentlayer/generated": ["./.contentlayer/generated"]
+    }
   },
   "include": [
     "**/*.ts",
     "**/*.tsx",
     "**/*.js",
     "**/*.jsx",
+    ".contentlayer/generated", "contentlayer.config.js",
   ],
   "exclude": ["node_modules"]
-}
+}
\ No newline at end of file
diff --git a/site/next.config.mjs b/site/next.config.mjs
index 7079068..cd7ba75 100644
--- a/site/next.config.mjs
+++ b/site/next.config.mjs
@@ -1,29 +1,10 @@
-import gfm from 'remark-gfm'
-import toc from 'remark-toc'
-import slug from 'remark-slug'
-import smartypants from '@silvenon/remark-smartypants'
-
-import withMDXImp from '@next/mdx'
-
-const withMDX = withMDXImp({
-  extension: /\.mdx?$/,
-  options: {
-    remarkPlugins: [gfm, toc, slug, smartypants],
-    rehypePlugins: [],
-    // If you use `MDXProvider`, uncomment the following line.
-    providerImportSource: "@mdx-js/react",
-  },
-})
-
-
 const config = {
-  // Append the default value with md extensions
-  pageExtensions: ['ts', 'tsx', 'js', 'jsx', 'md', 'mdx'],
   webpack: (config, { buildId, dev }) => {
     config.resolve.symlinks = false
     return config
   },
 }
 
+import { withContentlayer } from 'next-contentlayer'
 
-export default withMDX(config)
+export default withContentlayer()(config)
\ No newline at end of file
diff --git a/site/package-lock.json b/site/package-lock.json
index aa784a3..8d2132f 100644
--- a/site/package-lock.json
+++ b/site/package-lock.json
@@ -12,8 +12,10 @@
         "@next/mdx": "^12.1.0",
         "@silvenon/remark-smartypants": "^1.0.0",
         "@tailwindcss/typography": "^0.5.2",
+        "contentlayer": "^0.1.2",
         "gray-matter": "^4.0.3",
         "next": "^12.1.0",
+        "next-contentlayer": "^0.1.2",
         "next-seo": "^4.28.1",
         "next-themes": "^0.1.1",
         "react": "^17.0.2",
@@ -97,6 +99,14 @@
       "resolved": "https://registry.npmjs.org/color-name/-/color-name-1.1.3.tgz",
       "integrity": "sha1-p9BVi9icQveV3UIyj3QIMcpTvCU="
     },
+    "node_modules/@babel/highlight/node_modules/escape-string-regexp": {
+      "version": "1.0.5",
+      "resolved": "https://registry.npmjs.org/escape-string-regexp/-/escape-string-regexp-1.0.5.tgz",
+      "integrity": "sha1-G2HAViGQqN/2rjuyzwIAyhMLhtQ=",
+      "engines": {
+        "node": ">=0.8.0"
+      }
+    },
     "node_modules/@babel/highlight/node_modules/has-flag": {
       "version": "3.0.0",
       "resolved": "https://registry.npmjs.org/has-flag/-/has-flag-3.0.0.tgz",
@@ -116,10 +126,243 @@
         "node": ">=4"
       }
     },
+    "node_modules/@babel/runtime": {
+      "version": "7.17.8",
+      "resolved": "https://registry.npmjs.org/@babel/runtime/-/runtime-7.17.8.tgz",
+      "integrity": "sha512-dQpEpK0O9o6lj6oPu0gRDbbnk+4LeHlNcBpspf6Olzt3GIX4P1lWF1gS+pHLDFlaJvbR6q7jCfQ08zA4QJBnmA==",
+      "dependencies": {
+        "regenerator-runtime": "^0.13.4"
+      },
+      "engines": {
+        "node": ">=6.9.0"
+      }
+    },
+    "node_modules/@contentlayer/cli": {
+      "version": "0.1.2",
+      "resolved": "https://registry.npmjs.org/@contentlayer/cli/-/cli-0.1.2.tgz",
+      "integrity": "sha512-FscghhxktHTxJkjSDVczHgoJU5DHrRzlgzfGuA2ZGlDQlsmfscCLCs2i7aLpEM3WEFeukLKpAxvbosRDTzMGww==",
+      "dependencies": {
+        "@contentlayer/core": "0.1.2",
+        "@contentlayer/utils": "0.1.2",
+        "clipanion": "^3.2.0-rc.6",
+        "typanion": "^3.7.1"
+      }
+    },
+    "node_modules/@contentlayer/client": {
+      "version": "0.1.2",
+      "resolved": "https://registry.npmjs.org/@contentlayer/client/-/client-0.1.2.tgz",
+      "integrity": "sha512-iO5CI4Gpwjf8T8Yg0VNPFEwA6RuRykX5sm9g8B8e6TEln1McS998yUsQPt/uHkUQtW3IhM5E7mqHQ0rS2WX98g==",
+      "dependencies": {
+        "@contentlayer/core": "0.1.2"
+      }
+    },
+    "node_modules/@contentlayer/core": {
+      "version": "0.1.2",
+      "resolved": "https://registry.npmjs.org/@contentlayer/core/-/core-0.1.2.tgz",
+      "integrity": "sha512-o+AzVyKcmFS16ROifDlGWZK28skVSNzINQ8sCZBhBM3xhvhiopLnzv/4QRmD047Z8GQqlcMmQ1BHFRJW6rWy8Q==",
+      "dependencies": {
+        "@contentlayer/utils": "0.1.2",
+        "camel-case": "^4.1.2",
+        "date-fns": "2.x",
+        "esbuild": "0.11.x || 0.12.x || 0.13.x || 0.14.x",
+        "gray-matter": "^4.0.3",
+        "mdx-bundler": "^8.0.1",
+        "rehype-stringify": "^9.0.2",
+        "remark-frontmatter": "^4.0.1",
+        "remark-parse": "^10.0.1",
+        "remark-rehype": "^10.0.1",
+        "source-map-support": "^0.5.21",
+        "type-fest": "^1.2.1",
+        "unified": "^10.1.1"
+      },
+      "peerDependencies": {
+        "date-fns": "2.x",
+        "esbuild": "0.11.x || 0.12.x || 0.13.x",
+        "markdown-wasm": "1.x"
+      },
+      "peerDependenciesMeta": {
+        "date-fns": {
+          "optional": true
+        },
+        "esbuild": {
+          "optional": true
+        },
+        "markdown-wasm": {
+          "optional": true
+        }
+      }
+    },
+    "node_modules/@contentlayer/source-files": {
+      "version": "0.1.2",
+      "resolved": "https://registry.npmjs.org/@contentlayer/source-files/-/source-files-0.1.2.tgz",
+      "integrity": "sha512-c8i9xfENptRB1rCtSgCJGp30VR5xM8uCnWXBYE3jRRSzIhjsWXi3V7VQgMiN3sACxMa5rI9T1iQlIKBI+Uz4WQ==",
+      "dependencies": {
+        "@contentlayer/core": "0.1.2",
+        "@contentlayer/utils": "0.1.2",
+        "chokidar": "^3.5.3",
+        "date-fns-tz": "^1.2.2",
+        "glob": "^7.2.0",
+        "glob-promise": "^4.2.2",
+        "gray-matter": "^4.0.3",
+        "minimatch": "^3.0.4",
+        "ts-pattern": "^3.3.3",
+        "unified": "^10.1.1",
+        "yaml": "^1.10.2"
+      }
+    },
+    "node_modules/@contentlayer/utils": {
+      "version": "0.1.2",
+      "resolved": "https://registry.npmjs.org/@contentlayer/utils/-/utils-0.1.2.tgz",
+      "integrity": "sha512-kPKJix3lQx5nDJ2lA6M8igJqmyxDIPTPpGwfXEB+sHTr2rbXnk7cDuIgG5uJAfIrYEuU//S+eu492CkWT9jSVQ==",
+      "dependencies": {
+        "@effect-ts/core": "^0.58.0",
+        "@effect-ts/otel": "^0.13.0",
+        "@effect-ts/otel-exporter-trace-otlp-grpc": "^0.13.0",
+        "@effect-ts/otel-sdk-trace-node": "^0.13.0",
+        "@opentelemetry/api": "^1.0.3",
+        "@opentelemetry/core": "^1.0.0",
+        "@opentelemetry/exporter-trace-otlp-grpc": "^0.27.0",
+        "@opentelemetry/resources": "^1.0.0",
+        "@opentelemetry/sdk-trace-base": "^1.0.0",
+        "@opentelemetry/sdk-trace-node": "^1.0.0",
+        "@opentelemetry/semantic-conventions": "^1.0.0",
+        "chokidar": "^3.5.3",
+        "hash-wasm": "^4.9.0",
+        "inflection": "^1.13.1",
+        "oo-ascii-tree": "^1.36.0",
+        "ts-pattern": "^3.3.3",
+        "type-fest": "^1.2.1"
+      },
+      "peerDependenciesMeta": {
+        "@effect-ts/core": {
+          "optional": true
+        },
+        "@effect-ts/otel": {
+          "optional": true
+        },
+        "@effect-ts/otel-node": {
+          "optional": true
+        }
+      }
+    },
+    "node_modules/@effect-ts/core": {
+      "version": "0.58.1",
+      "resolved": "https://registry.npmjs.org/@effect-ts/core/-/core-0.58.1.tgz",
+      "integrity": "sha512-N0UwVyg+cx7FMG2zFh7uzpkyOk7iGYhiBfVN1K5MqpVXZzLvbuR9yud3SveaIxD0dJnso4AnPzrw6zhctNO+1A==",
+      "dependencies": {
+        "@effect-ts/system": "^0.55.1"
+      }
+    },
+    "node_modules/@effect-ts/otel": {
+      "version": "0.13.0",
+      "resolved": "https://registry.npmjs.org/@effect-ts/otel/-/otel-0.13.0.tgz",
+      "integrity": "sha512-AR9l1Zj2eF1uv89Rpu0ePlW5l6qFNeBfmOsih7Yoi517g8dfURAXvgWVi67DmwqDQThz3xVuGd1evOcBqXCdsQ==",
+      "peerDependencies": {
+        "@effect-ts/core": "^0.58.0",
+        "@opentelemetry/api": "^1.0.0",
+        "@opentelemetry/core": "^1.0.0",
+        "@opentelemetry/sdk-trace-base": "^1.0.1"
+      }
+    },
+    "node_modules/@effect-ts/otel-exporter-trace-otlp-grpc": {
+      "version": "0.13.0",
+      "resolved": "https://registry.npmjs.org/@effect-ts/otel-exporter-trace-otlp-grpc/-/otel-exporter-trace-otlp-grpc-0.13.0.tgz",
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+      "dependencies": {
+        "@effect-ts/otel": "^0.13.0"
+      },
+      "peerDependencies": {
+        "@effect-ts/core": "^0.58.0",
+        "@opentelemetry/api": "^1.0.0",
+        "@opentelemetry/core": "^1.0.0",
+        "@opentelemetry/exporter-trace-otlp-grpc": "^0.27.0",
+        "@opentelemetry/sdk-trace-base": "^1.0.0"
+      }
+    },
+    "node_modules/@effect-ts/otel-sdk-trace-node": {
+      "version": "0.13.0",
+      "resolved": "https://registry.npmjs.org/@effect-ts/otel-sdk-trace-node/-/otel-sdk-trace-node-0.13.0.tgz",
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+      "dependencies": {
+        "@effect-ts/otel": "^0.13.0"
+      },
+      "peerDependencies": {
+        "@effect-ts/core": "^0.58.0",
+        "@opentelemetry/api": "^1.0.0",
+        "@opentelemetry/core": "^1.0.0",
+        "@opentelemetry/sdk-trace-base": "^1.0.0",
+        "@opentelemetry/sdk-trace-node": "^1.0.0"
+      }
+    },
+    "node_modules/@effect-ts/system": {
+      "version": "0.55.1",
+      "resolved": "https://registry.npmjs.org/@effect-ts/system/-/system-0.55.1.tgz",
+      "integrity": "sha512-OEnwd9JhrV2Q5S7cke/ZgR56Hn75DSr1aIkA0PBE1edoX6GKB6nOdu8u/vPhvqjxLHfMgN8o+EVaWUHPLIC1UQ=="
+    },
+    "node_modules/@esbuild-plugins/node-resolve": {
+      "version": "0.1.4",
+      "resolved": "https://registry.npmjs.org/@esbuild-plugins/node-resolve/-/node-resolve-0.1.4.tgz",
+      "integrity": "sha512-haFQ0qhxEpqtWWY0kx1Y5oE3sMyO1PcoSiWEPrAw6tm/ZOOLXjSs6Q+v1v9eyuVF0nNt50YEvrcrvENmyoMv5g==",
+      "dependencies": {
+        "@types/resolve": "^1.17.1",
+        "debug": "^4.3.1",
+        "escape-string-regexp": "^4.0.0",
+        "resolve": "^1.19.0"
+      },
+      "peerDependencies": {
+        "esbuild": "*"
+      }
+    },
+    "node_modules/@esbuild-plugins/node-resolve/node_modules/escape-string-regexp": {
+      "version": "4.0.0",
+      "resolved": "https://registry.npmjs.org/escape-string-regexp/-/escape-string-regexp-4.0.0.tgz",
+      "integrity": "sha512-TtpcNJ3XAzx3Gq8sWRzJaVajRs0uVxA2YAkdb1jm2YkPz4G6egUFAyA3n5vtEIZefPk5Wa4UXbKuS5fKkJWdgA==",
+      "engines": {
+        "node": ">=10"
+      },
+      "funding": {
+        "url": "https://github.com/sponsors/sindresorhus"
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+        "periscopic": "^3.0.0",
+        "remark-parse": "^10.0.0",
+        "remark-rehype": "^10.0.0",
+        "source-map": "^0.7.0",
+        "unified": "^10.0.0",
+        "unist-util-position-from-estree": "^1.0.0",
+        "unist-util-stringify-position": "^3.0.0",
+        "unist-util-visit": "^4.0.0",
+        "vfile": "^5.0.0"
+      }
+    },
     "xtend": {
       "version": "4.0.2",
       "resolved": "https://registry.npmjs.org/xtend/-/xtend-4.0.2.tgz",
       "integrity": "sha512-LKYU1iAXJXUgAXn9URjiu+MWhyUXHsvfp7mcuYm9dSUKK0/CjtrUwFAxD82/mCWbtLsGjFIad0wIsod4zrTAEQ=="
     },
+    "y18n": {
+      "version": "5.0.8",
+      "resolved": "https://registry.npmjs.org/y18n/-/y18n-5.0.8.tgz",
+      "integrity": "sha512-0pfFzegeDWJHJIAmTLRP2DwHjdF5s7jo9tuztdQxAhINCdvS+3nGINqPd00AphqJR/0LhANUS6/+7SCb98YOfA=="
+    },
+    "yallist": {
+      "version": "4.0.0",
+      "resolved": "https://registry.npmjs.org/yallist/-/yallist-4.0.0.tgz",
+      "integrity": "sha512-3wdGidZyq5PB084XLES5TpOSRA3wjXAlIWMhum2kRcv/41Sn2emQ0dycQW4uZXLejwKvg6EsvbdlVL+FYEct7A=="
+    },
     "yaml": {
       "version": "1.10.2",
       "resolved": "https://registry.npmjs.org/yaml/-/yaml-1.10.2.tgz",
       "integrity": "sha512-r3vXyErRCYJ7wg28yvBY5VSoAF8ZvlcW9/BwUzEtUsjvX/DKs24dIkuwjtuprwJJHsbyUbLApepYTR1BN4uHrg=="
+    },
+    "yargs": {
+      "version": "16.2.0",
+      "resolved": "https://registry.npmjs.org/yargs/-/yargs-16.2.0.tgz",
+      "integrity": "sha512-D1mvvtDG0L5ft/jGWkLpG1+m0eQxOfaBvTNELraWj22wSVUMWxZUvYgJYcKh6jGGIkJFhH4IZPQhR4TKpc8mBw==",
+      "requires": {
+        "cliui": "^7.0.2",
+        "escalade": "^3.1.1",
+        "get-caller-file": "^2.0.5",
+        "require-directory": "^2.1.1",
+        "string-width": "^4.2.0",
+        "y18n": "^5.0.5",
+        "yargs-parser": "^20.2.2"
+      }
+    },
+    "yargs-parser": {
+      "version": "20.2.9",
+      "resolved": "https://registry.npmjs.org/yargs-parser/-/yargs-parser-20.2.9.tgz",
+      "integrity": "sha512-y11nGElTIV+CT3Zv9t7VKl+Q3hTQoT9a1Qzezhhl6Rp21gJ/IVTW7Z3y9EWXhuUBC2Shnf+DX0antecpAwSP8w=="
+    },
+    "zwitch": {
+      "version": "2.0.2",
+      "resolved": "https://registry.npmjs.org/zwitch/-/zwitch-2.0.2.tgz",
+      "integrity": "sha512-JZxotl7SxAJH0j7dN4pxsTV6ZLXoLdGME+PsjkL/DaBrVryK9kTGq06GfKrwcSOqypP+fdXGoCHE36b99fWVoA=="
     }
   }
 }
diff --git a/site/package.json b/site/package.json
index af7bf93..3337a67 100644
--- a/site/package.json
+++ b/site/package.json
@@ -14,8 +14,10 @@
     "@next/mdx": "^12.1.0",
     "@silvenon/remark-smartypants": "^1.0.0",
     "@tailwindcss/typography": "^0.5.2",
+    "contentlayer": "^0.1.2",
     "gray-matter": "^4.0.3",
     "next": "^12.1.0",
+    "next-contentlayer": "^0.1.2",
     "next-seo": "^4.28.1",
     "next-themes": "^0.1.1",
     "react": "^17.0.2",
diff --git a/site/pages/[...slug].js b/site/pages/[...slug].js
new file mode 100644
index 0000000..ce9e33e
--- /dev/null
+++ b/site/pages/[...slug].js
@@ -0,0 +1,46 @@
+import MdxPage from '../components/MDX';
+import { allOtherPages } from 'contentlayer/generated';
+import { useMDXComponent } from 'next-contentlayer/hooks';
+import { NewsArticleJsonLd } from 'next-seo';
+
+
+export default function Page({ body, ...rest }) {
+  const Component = useMDXComponent(body.code);
+  const children = {
+    Component,
+    frontmatter: {
+      authors: rest.authors,
+      title: rest.title,
+      date: rest.date,
+      description: rest.description,
+      modified: rest.modified,
+      tags: rest.tags,
+    }
+  }
+  return (
+    <MdxPage children={children} />
+  );
+}
+
+export const getStaticProps = async ({ params }) => {
+  // All pages ending with .md in the /data folder are made available in allOtherPages
+  // Based on the specified slug, the correct page is selected
+  const urlPath = params.slug.join('/')
+  const page = allOtherPages.find(p => p._raw.flattenedPath === urlPath)
+  return { props: page }
+}
+
+export const getStaticPaths = async () => {
+  const paths = allOtherPages.map((page) => {
+    // demo => [demo]
+    // abc/demo => [abc,demo]
+    const parts = page._raw.flattenedPath.split('/')
+    return { params: { slug: parts } }
+  })
+
+  return {
+    paths,
+    fallback: false,
+  }
+}
+
diff --git a/site/pages/_app.js b/site/pages/_app.js
index 12d0531..29bc809 100644
--- a/site/pages/_app.js
+++ b/site/pages/_app.js
@@ -26,13 +26,14 @@ function MyApp({ Component, pageProps }) {
   }
   // end Google Analytics
 
-  const pageTitle = (
-    router.pathname == "/"
-      ? "home"
-        // convert slug to title
-      : router.pathname.split("/").pop().replace(/-/g, " ")
-  ) // capitalize first char of each word
-    .replace(/(^\w{1})|(\s{1}\w{1})/g, (str) => str.toUpperCase());
+  // console.log(Component)
+  // const pageTitle = (
+  //   router.pathname == "/"
+  //     ? "home"
+  //       // convert slug to title
+  //     : router.pathname.split("/").pop().replace(/-/g, " ")
+  // ) // capitalize first char of each word
+  //   .replace(/(^\w{1})|(\s{1}\w{1})/g, (str) => str.toUpperCase());
   
   return (
     <ThemeProvider attribute="class" defaultTheme="dark">
@@ -65,19 +66,11 @@ function MyApp({ Component, pageProps }) {
           }}
         />
       )}
-      <Layout title={pageTitle}>
-        {Component.layout == "js" ? (
-          <Component {...pageProps} />
-        ) : (
-          <MdxPage children={{ Component, pageProps }} />
-        )}
+      <Layout title={""}>
+        <Component {...pageProps} />
       </Layout>
     </ThemeProvider>
   );
 }
 
-      // if this is a markdown page use this layout by default ...
-      // const MyLayout = pageProps.
-  
-
-export default MyApp
+export default MyApp
\ No newline at end of file

From d6b5c6856eeb0f0f23f6d10514d9264784fbc4ce Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Wed, 23 Mar 2022 13:39:02 +0000
Subject: [PATCH 026/103] Tidy up citations and links

---
 claims/is-better-payments.md     |  2 +-
 claims/is-legal.md               |  5 ++---
 claims/is-opportunity-cost.md    |  2 +-
 claims/valuation-model.md        |  2 +-
 claims/what-type-of-asset.md     |  4 ++--
 concepts/bucket-shop.md          |  8 +++++++-
 concepts/regulatory-arbitrage.md |  2 +-
 concepts/speculation.md          | 20 ++++++++++----------
 concepts/store-of-value.md       |  2 +-
 9 files changed, 26 insertions(+), 21 deletions(-)

diff --git a/claims/is-better-payments.md b/claims/is-better-payments.md
index 5b93de6..15d7250 100644
--- a/claims/is-better-payments.md
+++ b/claims/is-better-payments.md
@@ -1,7 +1,6 @@
 # Is crypto providing faster payment rails or better remittance services?
 
 ## References
-1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’.
 1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
 1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
 1. Amato, Massimo, and Luca Fantacci. 2020. A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies. Bocconi University Press. https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx.
@@ -11,6 +10,7 @@
 1. ———. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
 1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
 1. Stinchcombe, Kai. 2017. ‘Ten Years In, Nobody Has Come Up With a Use for Blockchain’. Hackernoon. 22 December 2017. https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100.
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
 1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
 1. White, Molly. 2022a. ‘Blockchain-Based Systems Are Not What They Say They Are’. Molly White (blog). 9 January 2022. https://blog.mollywhite.net/blockchains-are-not-what-they-say/.
 1. ———. 2022b. ‘Anonymous Cryptocurrency Wallets Are Not So Simple’. Molly White (blog). 12 February 2022. https://blog.mollywhite.net/anonymous-crypto-wallets/.
diff --git a/claims/is-legal.md b/claims/is-legal.md
index 9268b8c..a0a7af7 100644
--- a/claims/is-legal.md
+++ b/claims/is-legal.md
@@ -2,10 +2,9 @@
 Crypto assets are unlicensed [security](../concepts/security.md) contracts for unregulated [speculative](../concepts/speculation.md) investments. The legality of this depends on jurisdiction. 
 
 ## References
-1. Bindseil, Ulrich, Patrick Papsdorf, and Jü rgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’.
-1. Diehl, Stephen. 2021a. ‘The Political Case for a Blanket Cryptocurrency Ban’. 30 March 2021. https://www.stephendiehl.com/blog/banbitcoin.html.
-———. 2021b. ‘How to Destroy Bitcoin’. 13 July 2021. https://www.stephendiehl.com/blog/destroy-bitcoin.html.
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
 1. ‘Guidance on Cryptoassets’. 2019. Financial Conduct Authority. https://www.fca.org.uk/publication/consultation/cp19-03.pdf#page=11.
+1. Diehl, Stephen. 2021a. ‘The Political Case for a Blanket Cryptocurrency Ban’. 30 March 2021. https://www.stephendiehl.com/blog/banbitcoin.html.
 1. Hacker, Philipp, and Chris Thomale. 2018. ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’. European Company and Financial Law Review 15 (4): 645–96.
 1. Huang, Sherena Sheng. 2021. ‘Crypto Assets Regulation in the UK: An Assessment of the Regulatory Effectiveness and Consistency’. Journal of Financial Regulation and Compliance.
 1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
diff --git a/claims/is-opportunity-cost.md b/claims/is-opportunity-cost.md
index 8fb4b98..eada168 100644
--- a/claims/is-opportunity-cost.md
+++ b/claims/is-opportunity-cost.md
@@ -1,6 +1,6 @@
 # Is crypto providing faster payment rails or better remittance services?
 
 ## References
-1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’.
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
 1. Amato, Massimo, and Luca Fantacci. 2020. A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies. Bocconi University Press. https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx.
 1. Coeckelbergh, Mark. 2015. Money Machines: Electronic Financial Technologies, Distancing and Responsibility in Global Finance. Routledge. https://doi.org/10.1177/0094306116671949n.
diff --git a/claims/valuation-model.md b/claims/valuation-model.md
index f494bb4..b56dca6 100644
--- a/claims/valuation-model.md
+++ b/claims/valuation-model.md
@@ -9,7 +9,7 @@ Other products in [bubble](../concepts/bubble.md) such as tulips or beanie babie
 
 ## References
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’.
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
 1. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874.
 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. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html.
diff --git a/claims/what-type-of-asset.md b/claims/what-type-of-asset.md
index 062de95..c2a1565 100644
--- a/claims/what-type-of-asset.md
+++ b/claims/what-type-of-asset.md
@@ -31,10 +31,10 @@ While crypto assets are securities contracts, they are a pathological form of a
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
 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. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
-1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://web.archive.org/web/20220107084533/https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
 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. Computerphile. 2018. Why Bitcoin Is Not Cash - Computerphile. https://www.youtube.com/watch?v=p9HH_dFcoLc.
 1. Diehl, Stephen. 2021. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html.
 1. ———. n.d. ‘The Case Against Crypto’. Accessed 17 February 2022. https://www.stephendiehl.com/blog/against-crypto.html.
 1. Weisenthal, Joe. n.d. ‘Bitcoin Is a Faith-Based Asset’. Accessed 2 March 2022. https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal.
-1. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874.
+1. Silverman, Gary. 2021. ‘Crypto Has “No Inherent Worth” But Is Good to Trade, Says Man Group Chief’. Financial Times, 26 July 2021. https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874.
\ No newline at end of file
diff --git a/concepts/bucket-shop.md b/concepts/bucket-shop.md
index a1bc93a..5bf3291 100644
--- a/concepts/bucket-shop.md
+++ b/concepts/bucket-shop.md
@@ -1,2 +1,8 @@
 # Bucket Shop
-See also [crypto exchange](crypto-exchange.md).
\ No newline at end of file
+A *bucket shop* is a type of fraudulent unregulated business which offers a [broker-like](broker.md) service for speculating on purely fictional positions in an [asset](asset) or currency using the funds of unwitting investors. The defining features of this type of fraud is there is no actual transfer or delivery of the underlying [assets](assets.md) allegedly being dealt in.
+
+Bucket shops were made in illegal in the United States in 1922. Bucket shops are often cited as a major contributing factor to the market crash of 1929 leading the Great Depression.
+
+See also [crypto exchange](crypto-exchange.md).
+
+## References
\ No newline at end of file
diff --git a/concepts/regulatory-arbitrage.md b/concepts/regulatory-arbitrage.md
index 3f7c60e..a89f79c 100644
--- a/concepts/regulatory-arbitrage.md
+++ b/concepts/regulatory-arbitrage.md
@@ -7,7 +7,7 @@ Tax avoidance is a form of [regulatory arbitrage](regulatory-arbitrage.md).
 
 ## References
 1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
-1. Bindseil, Ulrich, Patrick Papsdorf, and Jü rgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’.
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
 1. Brummer, Chris. 2019. Cryptoassets: Legal, Regulatory, and Monetary Perspectives. Oxford University Press.
 1. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
 1. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
diff --git a/concepts/speculation.md b/concepts/speculation.md
index 1091f70..6f6898c 100644
--- a/concepts/speculation.md
+++ b/concepts/speculation.md
@@ -4,14 +4,14 @@ Speculation is the taking of a position on an asset with the hope that it will b
 Some speculators 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. 
 
 ## References
-* Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
-* Komporozos-Athanasiou, Aris. 2022. Speculative Communities: Living with Uncertainty in a Financialized World. University of Chicago Press. https://press.uchicago.edu/ucp/books/book/chicago/S/bo125281793.html.
-* Faria, Inês. 2021. ‘When Tales of Money Fail: The Importance of Price, Trust, and Sociality for Cryptocurrency Users’. Journal of Cultural Economy 0 (0): 1–12. https://doi.org/10.1080/17530350.2021.1974070.
-* Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’.
-* Daian, Philip, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. 2019. ‘Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges’. ArXiv Preprint ArXiv:1904.05234.
-* Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
-* Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
-* Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
-* Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
-* Feher, M. 2018. Rated Agency: Investee Politics in a Speculative Age. Princeton University Press. https://www.zonebooks.org/books/132-rated-agency-investee-politics-in-a-speculative-age.
+1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
+1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
+1. Komporozos-Athanasiou, Aris. 2022. Speculative Communities: Living with Uncertainty in a Financialized World. University of Chicago Press. https://press.uchicago.edu/ucp/books/book/chicago/S/bo125281793.html.
+1. Faria, Inês. 2021. ‘When Tales of Money Fail: The Importance of Price, Trust, and Sociality for Cryptocurrency Users’. Journal of Cultural Economy 0 (0): 1–12. https://doi.org/10.1080/17530350.2021.1974070.
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
+1. Daian, Philip, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. 2019. ‘Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges’. ArXiv Preprint ArXiv:1904.05234.
+1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
+1. Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
+1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
+1. Feher, M. 2018. Rated Agency: Investee Politics in a Speculative Age. Princeton University Press. https://www.zonebooks.org/books/132-rated-agency-investee-politics-in-a-speculative-age.
 * Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
\ No newline at end of file
diff --git a/concepts/store-of-value.md b/concepts/store-of-value.md
index 23a73d7..91e4580 100644
--- a/concepts/store-of-value.md
+++ b/concepts/store-of-value.md
@@ -5,5 +5,5 @@ A store of value should have a low-variance in its [market value](../concepts/ma
 
 ## References
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31).
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
 1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
\ No newline at end of file

From 1af087f2b06ddf4ac411e36164a1c692b4910644 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Wed, 23 Mar 2022 14:41:14 +0100
Subject: [PATCH 027/103] [site/refactor][s]: move font loading from next/head
 into pages/_documents.js (as it should be).

---
 site/components/Layout.js |  4 ++--
 site/pages/_document.js   | 22 ++++++++++++++++++++++
 2 files changed, 24 insertions(+), 2 deletions(-)
 create mode 100644 site/pages/_document.js

diff --git a/site/components/Layout.js b/site/components/Layout.js
index 23825e2..80ccedc 100644
--- a/site/components/Layout.js
+++ b/site/components/Layout.js
@@ -18,8 +18,8 @@ export default function Layout({ children, title='' }) {
         <meta name="viewport" content="initial-scale=1.0, width=device-width" />
         <link rel="preconnect" href="https://fonts.googleapis.com" />
         <link rel="preconnect" href="https://fonts.gstatic.com" crossOrigin="" />
-        <link href="https://fonts.googleapis.com/css2?family=Nunito+Sans&display=swap" rel="stylesheet" />
-        <link href="https://fonts.googleapis.com/css2?family=Inter&display=swap" rel="stylesheet"></link>
+        {/* <link href="https://fonts.googleapis.com/css2?family=Nunito+Sans&display=swap" rel="stylesheet" />
+        <link href="https://fonts.googleapis.com/css2?family=Inter&display=swap" rel="stylesheet"></link> */}
       </Head>
       <Nav />
       <main>
diff --git a/site/pages/_document.js b/site/pages/_document.js
new file mode 100644
index 0000000..d938252
--- /dev/null
+++ b/site/pages/_document.js
@@ -0,0 +1,22 @@
+import { Html, Head, Main, NextScript } from "next/document";
+
+export default function Document() {
+  return (
+    <Html>
+      <Head>
+        <link
+          href="https://fonts.googleapis.com/css2?family=Nunito+Sans&display=swap"
+          rel="stylesheet"
+        />
+        <link
+          href="https://fonts.googleapis.com/css2?family=Inter&display=swap"
+          rel="stylesheet"
+        ></link>
+      </Head>
+      <body>
+        <Main />
+        <NextScript />
+      </body>
+    </Html>
+  );
+}

From 92cf4eb161a12883eebb925ea90d75426952402e Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Wed, 23 Mar 2022 15:45:39 +0000
Subject: [PATCH 028/103] Polish episode notes

---
 claims/regulation.md                  |  7 ++++
 concepts/bubble.md                    |  1 -
 notes/are-crypto-tokens-securities.md | 53 ++++++++++++++-------------
 notes/post-state-technocracy.md       | 36 +++++++++---------
 4 files changed, 54 insertions(+), 43 deletions(-)
 create mode 100644 claims/regulation.md

diff --git a/claims/regulation.md b/claims/regulation.md
new file mode 100644
index 0000000..f61f0ea
--- /dev/null
+++ b/claims/regulation.md
@@ -0,0 +1,7 @@
+# Regulation
+* [Sanctions enforcement](../concepts/sanctions-enforcement.md)
+* [Know Your Customer](../concepts/kyc.md)
+* [Anti-money laundering law](../concepts/aml.md)
+* [Counter-terrorism financing](../concepts/ctf.md)
+* [Money services business](../concepts/money-services-business.md)
+* [Market manipulation](../concepts/market-manipulation.md)
\ No newline at end of file
diff --git a/concepts/bubble.md b/concepts/bubble.md
index b83db22..271a19e 100644
--- a/concepts/bubble.md
+++ b/concepts/bubble.md
@@ -6,7 +6,6 @@ Attempting to time the market on bubbles is a [zero-sum game](zero-sum-game.md)
 See ["madness of crowds"](madness-crowds.md), [market mania](market-mania.md) and [bandwagon bias](bandwagon-bias.md).
 
 ## Examples
-
 * South Sea Bubble
 * Beanie Baby Bubble
 * London Rail Bubble
diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index 97c338d..f6a6ab8 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -5,7 +5,9 @@
 
 A deep dive into the nature of securities and their relation to crypto tokens with Stephen Diehl and Rufus Pollock.
 
-https://www.youtube.com/watch?v=z2uAg-AIs-Y
+* Youtube:  https://www.youtube.com/watch?v=z2uAg-AIs-Y
+* Podcast: https://anchor.fm/life-itself/episodes/Are-Cryptocurrencies-Securities--The-Nature-of-Securities--Their-Relation-to-Crypto-Tokens-with-Stephen-Diehl-e1fph69
+* Wiki topic:  [Securities Framework](../concepts/security.md)
 
 In episode #3 of our ongoing deep dive into web3 and crypto, we explore the nature of financial products known as "securities", their relation to crypto tokens, and the regulatory framework that exists around these structures.
 
@@ -99,27 +101,28 @@ In episode #3 of our ongoing deep dive into web3 and crypto, we explore the natu
 * [ico](../concepts/ico.md)
 
 ## References
-* Bank of International Settlements. 2018. ‘Cryptocurrencies: Looking beyond the Hype’. In . Bank for International Settlements Basel. https://www.bis.org/publ/arpdf/ar2018e5.htm.
-* Boreiko, Dmitri, Guido Ferrarini, and Paolo Giudici. 2019. ‘Blockchain Startups and Prospectus Regulation’. European Business Organization Law Review 20 (4): 665–94. https://doi.org/10.1007/s40804-019-00168-6.
-* Brownsword, Roger. 2020. Law 3.0: Rules, Regulation, and Technology. Routledge.
-* Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
-* Butler, Simon. 2021. ‘Cyber 9/11 Will Not Take Place: A User Perspective of Bitcoin and Cryptocurrencies from Underground and Dark Net Forums’. In Lecture Notes in Computer Science (Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), 12812 LNCS:135–53. Springer. https://doi.org/10.1007/978-3-030-79318-0_8.
-* 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.
-* Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
-* Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
-* Goforth, Carol R. 2021. ‘Regulation of Crypto: Who Is the Securities and Exchange Commission Protecting?’ American Business Law Journal 58 (3): 643–705. https://doi.org/10.1111/ablj.12192.
-* Guadamuz, Andres, and Chris Marsden. 2015. ‘Blockchains and Bitcoin: Regulatory Responses to Cryptocurrencies’. First Monday 20 (12). https://doi.org/10.5210/fm.v20i12.6198.
-* Hacker, Philipp, Ioannis Lianos, Georgios Dimitropoulos, and Stefan Eich. 2019. Regulating Blockchain: : Techno-Social and Legal Challenges. https://doi.org/10.1093/oso/9780198842187.001.0001.
-* Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x) or Designed?’ In Building Decentralized Trust, 21–33. Springer.
-* Kapsis, Ilias. 2021. ‘Should We Trade Market Stability for More Financial Inclusion? The Case of Crypto-Assets Regulation in EU’. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9.
-* Kraus, Daniel, Thierry Obrist, and Olivier Hari. 2019. Blockchains, Smart Contracts, Decentralised Autonomous Organisations and the Law. Edward Elgar Publishing. https://doi.org/10.4337/9781788115131.
-* Lee, Joseph. 2022. Crypto-Finance, Law and Regulation: Governing an Emerging Ecosystem. Routledge. https://www.routledge.com/Crypto-Finance-Law-and-Regulation-Governing-an-Emerging-Ecosystem/Lee/p/book/9780367086619.
-* Liaw, K. Thomas. 2021. ‘Trading and Regulation of Cryptocurrencies, Stablecoins and Other Cryptoassets’.
-* Maia, Guilherme, and João Vieira dos Santos. 2021. ‘MiCA and DeFi (“Proposal for a Regulation on Market in Crypto-Assets” and ’Decentralised Finance’)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3875355.
-* Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
-* Reiners, Lee. 2020. ‘Cryptocurrency and the State: An Unholy Alliance’. S. Cal. Interdisc. LJ 30: 695.
-* Walch, Angela. 2015a. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
-* ———. 2015b. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
-* ———. 2019a. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
-* ———. 2019b. ‘In Code (Rs) We Trust: Software Developers as Fiduciaries in Public Blockchains’.
-* ———. 2019c. ‘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.
\ No newline at end of file
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
+1. Bank of International Settlements. 2018. ‘Cryptocurrencies: Looking beyond the Hype’. In . Bank for International Settlements Basel. https://www.bis.org/publ/arpdf/ar2018e5.htm.
+1. Boreiko, Dmitri, Guido Ferrarini, and Paolo Giudici. 2019. ‘Blockchain Startups and Prospectus Regulation’. European Business Organization Law Review 20 (4): 665–94. https://doi.org/10.1007/s40804-019-00168-6.
+1. Brownsword, Roger. 2020. Law 3.0: Rules, Regulation, and Technology. Routledge.
+1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
+1. Butler, Simon. 2021. ‘Cyber 9/11 Will Not Take Place: A User Perspective of Bitcoin and Cryptocurrencies from Underground and Dark Net Forums’. In Lecture Notes in Computer Science (Including Subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics), 12812 LNCS:135–53. Springer. https://doi.org/10.1007/978-3-030-79318-0_8.
+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. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
+1. Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
+1. Goforth, Carol R. 2021. ‘Regulation of Crypto: Who Is the Securities and Exchange Commission Protecting?’ American Business Law Journal 58 (3): 643–705. https://doi.org/10.1111/ablj.12192.
+1. Guadamuz, Andres, and Chris Marsden. 2015. ‘Blockchains and Bitcoin: Regulatory Responses to Cryptocurrencies’. First Monday 20 (12). https://doi.org/10.5210/fm.v20i12.6198.
+1. Hacker, Philipp, Ioannis Lianos, Georgios Dimitropoulos, and Stefan Eich. 2019. Regulating Blockchain: : Techno-Social and Legal Challenges. https://doi.org/10.1093/oso/9780198842187.001.0001.
+1. Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x) or Designed?’ In Building Decentralized Trust, 21–33. Springer.
+1. Kapsis, Ilias. 2021. ‘Should We Trade Market Stability for More Financial Inclusion? The Case of Crypto-Assets Regulation in EU’. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9.
+1. Kraus, Daniel, Thierry Obrist, and Olivier Hari. 2019. Blockchains, Smart Contracts, Decentralised Autonomous Organisations and the Law. Edward Elgar Publishing. https://doi.org/10.4337/9781788115131.
+1. Lee, Joseph. 2022. Crypto-Finance, Law and Regulation: Governing an Emerging Ecosystem. Routledge. https://www.routledge.com/Crypto-Finance-Law-and-Regulation-Governing-an-Emerging-Ecosystem/Lee/p/book/9780367086619.
+1. Liaw, K. Thomas. 2021. ‘Trading and Regulation of Cryptocurrencies, Stablecoins and Other Cryptoassets’.
+1. Maia, Guilherme, and João Vieira dos Santos. 2021. ‘MiCA and DeFi (“Proposal for a Regulation on Market in Crypto-Assets” and ’Decentralised Finance’)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3875355.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+1. Reiners, Lee. 2020. ‘Cryptocurrency and the State: An Unholy Alliance’. S. Cal. Interdisc. LJ 30: 695.
+1. Walch, Angela. 2015a. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
+1. ———. 2015b. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
+1. ———. 2019a. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. ———. 2019b. ‘In Code (Rs) We Trust: Software Developers as Fiduciaries in Public Blockchains’.
+1. ———. 2019c. ‘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.
\ No newline at end of file
diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index 958a4b5..14482bf 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -1,25 +1,13 @@
 # Post State Technocracy
 <iframe width="560" height="315" src="https://www.youtube.com/embed/gZ0iCJkM3PU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
-Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian ideas of crypto assets and explore the notion that crypto assets are a means to create a new form of network state outside of the existing international order.
+Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian ideas of crypto assets and explore the notion that crypto assets are a means to create a new form of "network state" outside of the existing international order.
 
-https://www.youtube.com/watch?v=gZ0iCJkM3PU
+* 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)
 
-## Topic
-[post-state-technocracy](../concepts/ideologies/post-state-technocracy.md)
-
-## Concepts Covered
-
-* [post-state-technocracy](post-state-technocracy.md)
-* [cryptoanarchism](../concepts/ideologies/cryptoanarchism.md)
-* [technosolutionism](../concepts/ideologies/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)
-
-## Episode Notes
+# Episode Notes
 
 **Preface**
 
@@ -143,8 +131,22 @@ https://www.youtube.com/watch?v=gZ0iCJkM3PU
 		3. Skeptical about finding a quick-fix in technology or politics. There is wisdom in learning from the past and the institutions that exist.
 		4. Esperanto-style solutionism has never worked for societies or economies. 
 		5. Anna Neima’s book The Utopians is full of similarly minded people and communities. They usually dissolve or collapse.
+		
+## Concepts Covered
+
+* [post-state-technocracy](post-state-technocracy.md)
+* [cryptoanarchism](../concepts/ideologies/cryptoanarchism.md)
+* [technosolutionism](../concepts/ideologies/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)
+
 
 ## References
+1. Neima, Anna. The Utopians: Six Attempts to Build the Perfect Society. Pan Macmillan, 2021.
+1. Henrich, Joseph. The WEIRDest people in the world: How the West became psychologically peculiar and particularly prosperous. Penguin UK, 2020.
 1. Barlow, John Perry. 2019. ‘A Declaration of the Independence of Cyberspace’. Duke Law & Technology Review 18 (1): 5–7.
 1. May, Tim. 1994. ‘Cyphernomicon’.
 1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.

From 084b12f05966c0773fe5505a9c13b91d54ab8e26 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Wed, 23 Mar 2022 15:55:30 +0000
Subject: [PATCH 029/103] accelerationism page

---
 concepts/ideologies/accelerationism.md | 8 +++++++-
 site/content/about.md                  | 2 +-
 2 files changed, 8 insertions(+), 2 deletions(-)

diff --git a/concepts/ideologies/accelerationism.md b/concepts/ideologies/accelerationism.md
index 35bfa2b..dfb80aa 100644
--- a/concepts/ideologies/accelerationism.md
+++ b/concepts/ideologies/accelerationism.md
@@ -1,2 +1,8 @@
-# Financial Accelerationism
+# Accelerationism
+Accelerationism is reactionary belief system that proposes that processes like capitalist growth and technological change should be drastically intensified or "accelerated" as a mechanism to effect radical social change.
+
+The notion coincides with crypto advocacy as some believe that an acceleration to a variant of [hypercapitalism](capitalism.md) with no regulation, caveat emptor investments, and extreme financialization of all aspects of human life as a means to accelerate the collapse of capitalism itself or to build a new financial system like a phoenix from the ashes of the old one.
+
 ## References
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
+1. Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
\ No newline at end of file
diff --git a/site/content/about.md b/site/content/about.md
index 922bfea..136b40f 100644
--- a/site/content/about.md
+++ b/site/content/about.md
@@ -28,7 +28,7 @@ We will be steel-manning the key claims made by proponents of web3 through consc
 
 **A lot of energy and attention are going into this area**: There is also a lot of energy and attention being channeled into this area across the spectrum from tech to change-makers. This is energy that could be used elsewhere—it has an [opportunity cost](../../claims/is-opportunity-cost.md). If web3 can’t deliver on its promise this would be a significant waste of energy. Furthermore, given some of the elevated claims, there is a risk that disappointments here would not only tarnish web3 but reduce the energy for other types of innovation or change-making. Whilst there are opportunity costs to any action, they are particularly important in the context of web3 precisely because so much energy and good-will are being channelled here.
 
-**This is a runaway phenomenon presenting special risks and requiring special attention**: Finally, this is a "runaway phenomenon" with [exponential growth](../../concepts/bubble.md) in interest, [use](../../concepts/use-value.md) and investment. To take just one illustrative example, blockchain based assets are the [fastest growing](../../concepts/bubble.md) asset class we have ever seen in human history; The crypto market cap -- the value of all the cryptocurrency tokens in circulation -- is currently sitting at $2.6 trillion, according to CoinMarketCap data. This huge velocity of expansion means web3 has the potential to significantly impact the organization of society -- for good or ill. It also renders the risks of wasted resources and energy even greater, as our "spend" is increasing so rapidly. Furthermore, runaway phenomena present special risks because things can happen before we notice and have time to react (cf. AI, climate change, nuclear weapons). The need for discourse and understanding, in other words, is not one that can wait.
+**This is a runaway phenomenon presenting special risks and requiring special attention**: Finally, this is a "runaway phenomenon" with [exponential growth](../../concepts/bubble.md) in interest, [use](../../concepts/use-value.md) and investment. To take just one illustrative example, blockchain based assets are the [fastest growing](../../concepts/bubble.md) asset class we have ever seen in human history; The crypto market cap—the value of all the cryptocurrency tokens in circulation—is currently sitting at $2.6 trillion, according to CoinMarketCap data. This huge velocity of expansion means web3 has the potential to significantly impact the organization of society -- for good or ill. It also renders the risks of wasted resources and energy even greater, as our "spend" is increasing so rapidly. Furthermore, runaway phenomena present special risks because things can happen before we notice and have time to react (cf. AI, climate change, nuclear weapons). The need for discourse and understanding, in other words, is not one that can wait.
 
 ### We need better sensemaking. How do we get there?
 

From b5cb01b5395bb40bcaa1eab2d7b288e878a6cc82 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Wed, 23 Mar 2022 20:07:30 +0000
Subject: [PATCH 030/103] Article on unbanked

---
 claims/crypto-unbanked.md             |  2 +-
 concepts/defi.md                      |  5 ++---
 concepts/predatory-inclusion.md       |  6 +++++-
 concepts/recentralization.md          |  4 ++--
 concepts/techno-obscurantism.md       |  4 ++++
 concepts/unbanked.md                  | 23 +++++++++++++++++++++++
 guide/index.md                        |  3 +++
 notes/are-crypto-tokens-securities.md | 12 ++++++++----
 notes/post-state-technocracy.md       | 20 ++++++++++++++------
 9 files changed, 62 insertions(+), 17 deletions(-)
 create mode 100644 concepts/techno-obscurantism.md
 create mode 100644 concepts/unbanked.md

diff --git a/claims/crypto-unbanked.md b/claims/crypto-unbanked.md
index ab86067..a0dc434 100644
--- a/claims/crypto-unbanked.md
+++ b/claims/crypto-unbanked.md
@@ -1,5 +1,5 @@
 # Crypto is not a solution for the unbanked
-Crypto is not a solution to unbanked, because by its [deflationary](../concepts/deflationary.md) design it [cannot function as a currency](is-bitcoin-currency.md) therefore it is unusable as a scaleable means for purchasing goods and services.
+Crypto is not a solution for the [unbanked](../concepts/unbanked.md), because by its [deflationary](../concepts/deflationary.md) design it [cannot function as a currency](is-bitcoin-currency.md) therefore it is unusable as a scaleable means for purchasing goods and services.
 
 The purpose of retail banking services is to provide stable, reliable and safe means for citizens to transact with money that is safely custodied by a trusted third party with the guarantees of regulation by the government that the party will hold their accounts on their behalf. This includes practices like customer service, deposit insurance, fraud detection, transaction reversal and issuing of payment cards.
 
diff --git a/concepts/defi.md b/concepts/defi.md
index c199615..3acdea9 100644
--- a/concepts/defi.md
+++ b/concepts/defi.md
@@ -1,7 +1,7 @@
 # Decentralized Finance (DeFi)
 Defi is a broad category of [smart-contracts](smart-contracts.md) which loosely correspond to digital contracts running on a [blockchain](blockchain.md) which allow users to create collateralized loans out of [stablecoin](stablecoin.md) and which have side payouts in so-called "[governance tokens](governance-token.md)".
 
-DeFi generally refers to a collection of services which offer lending products offered by non-banks and which exist outside the regulatory perimeter as a form [regulatory-arbitrage](regulatory-arbitrage.md) and to fund margin trading activities to [speculaate](speculation.md) on [crypto assets](cryptoasset.md).
+DeFi generally refers to a collection of services which offer lending products offered by non-banks and which exist outside the regulatory perimeter as a form [regulatory arbitrage](regulatory-arbitrage.md) and to fund margin trading activities to [speculaate](speculation.md) on [crypto assets](cryptoasset.md).
 
 See also [yield farming](yield-farming.md), [AMM](amm.md), [DEX](dex.md) and [shadow bank](shadow-bank.md).
 
@@ -12,7 +12,6 @@ See also [yield farming](yield-farming.md), [AMM](amm.md), [DEX](dex.md) and [sh
 1. Barbereau, Tom, Reilly Smethurst, Orestis Papageorgiou, Alexander Rieger, and Gilbert Fridgen. 2022. ‘DeFi, Not So Decentralized: The Measured Distribution of Voting Rights’. In Proceedings of the 55th Hawaii International Conference on System Sciences. https://scholarspace.manoa.hawaii.edu/handle/10125/80074.
 1. Barbereau, Tom, Reilly Smethurst, Orestis Papageorgiou, Johannes Sedlmeir, and Gilbert Fridgen. 2022. ‘Decentralised Finance’s Unregulated Governance: Minority Rule in the Digital Wild West’. Available at SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4001891.
 1. Brennecke, Martin, Benjamin Schellinger, Nils Urbach, and Tobias Guggenberger. 2022. ‘The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO’. In 55th Hawaii International Conference on System Sciences (2022). https://doi.org/10.24251/HICSS.2022.737.
-1. Carter, Nic, and Linda Jeng. 2021. ‘DeFi Protocol Risks: The Paradox of DeFi’. SSRN Electronic Journal, 1–35. https://doi.org/10.2139/ssrn.3866699.
 1. Chen, Yan, and Cristiano Bellavitis. 2020. ‘Blockchain Disruption and Decentralized Finance: The Rise of Decentralized Business Models’. Journal of Business Venturing Insights 13. https://doi.org/10.1016/j.jbvi.2019.e00151.
 1. Ciriello, Raffaele Fabio. 2021. ‘Tokenized Index Funds: A Blockchain-Based Concept and a Multidisciplinary Research Framework’. International Journal of Information Management 61: 102400. https://doi.org/10.1016/j.ijinfomgt.2021.102400.
 1. Eikmanns, Benedikt C., Pascal Mehrwald, Isabell M. Welpe, and Philipp G. Sandner. n.d. ‘Is Ethereum the New IOS? Exploring the Platform Economy of Decentralized Finance’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3992625.
@@ -24,4 +23,4 @@ See also [yield farming](yield-farming.md), [AMM](amm.md), [DEX](dex.md) and [sh
 1. Saengchote, Kanis. 2021. ‘A DeFi Bank Run: Iron Finance, IRON Stablecoin, and the Fall of TITAN’. IRON Stablecoin, and the Fall of TITAN (July 16, 2021).
 1. Schär, Fabian. 2021. ‘Decentralized Finance: On Blockchain-and Smart Contract-Based Financial Markets’. Federal Reserve Bank of St. Louis Review 103 (2): 153–74. https://doi.org/10.20955/r.103.153-74.
 1. Sun, Xiaotong. 2021. ‘Centralized Governance in Decentralized Finance (DeFi): A Case Study of MakerDAO’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971791.
-1. Zetzsche, Dirk A., Douglas W. Arner, and Ross P. Buckley. 2020. ‘Decentralized Finance’. Journal of Financial Regulation 6 (2): 172–203. https://doi.org/10.1093/jfr/fjaa010.
+1. Zetzsche, Dirk A., Douglas W. Arner, and Ross P. Buckley. 2020. ‘Decentralized Finance’. Journal of Financial Regulation 6 (2): 172–203. https://doi.org/10.1093/jfr/fjaa010.
\ No newline at end of file
diff --git a/concepts/predatory-inclusion.md b/concepts/predatory-inclusion.md
index 2258c9c..677fbe5 100644
--- a/concepts/predatory-inclusion.md
+++ b/concepts/predatory-inclusion.md
@@ -1,6 +1,10 @@
 # Predatory Inclusion
 Predatory inclusion refers to a process whereby members of a marginalized group are provided with access to a good, service, or opportunity from which they have historically been excluded but under suboptimal or risky conditions that jeopardize the benefits of access.
 
+With regards to financial assets this concept is typically discussed in conjunction with the [unbanked.](unbanked..md)
+
+See [crypto exchange](crypto-exchange.md).
+
 ## References
 1. ‘Guidance on Cryptoassets’. 2019. Financial Conduct Authority. https://www.fca.org.uk/publication/consultation/cp19-03.pdf#page=11.
 1. Hacker, Philipp, Ioannis Lianos, Georgios Dimitropoulos, and Stefan Eich. 2019. Regulating Blockchain: : Techno-Social and Legal Challenges. https://doi.org/10.1093/oso/9780198842187.001.0001.
@@ -18,4 +22,4 @@ Predatory inclusion refers to a process whereby members of a marginalized group
 1. Feinstein, Brian D, and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. http://ssrn.com/paper=3649475.
 1. Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
 1. Kapsis, Ilias. 2021. ‘Should We Trade Market Stability for More Financial Inclusion? The Case of Crypto-Assets Regulation in EU’. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9.
-1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
+1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
\ No newline at end of file
diff --git a/concepts/recentralization.md b/concepts/recentralization.md
index 63d68bd..60430ab 100644
--- a/concepts/recentralization.md
+++ b/concepts/recentralization.md
@@ -1,7 +1,7 @@
 # Recentralization
-A term for [blockchain](blockchain.md) project which alleges [decentralization](decentralization.md) in either their design, yet produces an outcome in which control of the protocol remains centralized in the hands of one or several central parties. Projects may achieve this end either intentionally or unintentionally.
+A term for [blockchain](blockchain.md) projects which alleges [decentralization](decentralization.md) in either their technical design or political imaginaries, yet produce an outcome in which control of the protocol remains centralized in the hands of one or several central parties. Projects may achieve this end either intentionally or unintentionally.
 
-See [DeFi](defi.md).
+See [web3](web3.md) and [DeFi](defi.md).
 
 ## References
 1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
diff --git a/concepts/techno-obscurantism.md b/concepts/techno-obscurantism.md
new file mode 100644
index 0000000..23beebf
--- /dev/null
+++ b/concepts/techno-obscurantism.md
@@ -0,0 +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
+
+See [ICO](ico.md).
\ No newline at end of file
diff --git a/concepts/unbanked.md b/concepts/unbanked.md
new file mode 100644
index 0000000..bc4d9f2
--- /dev/null
+++ b/concepts/unbanked.md
@@ -0,0 +1,23 @@
+# Unbanked
+The *unbanked* is a term for individuals who lack access to traditional financial services and normal [bank](bank.md).
+
+The most commonly cited reasons for being unbanked are:
+
+1. Insufficient funds to maintain a minimum account balance
+2. Lack of domestic banks, or untrustworthy banks with suboptimal [safety](deposit-insurance.md) regarding customer [deposits](deposit.md).
+3. Lack of government identification or proof of residency needed to pass [KYC](kyc.md) checks to open an account.``
+
+See also [predatory inclusion](predatory-inclusion.md).
+
+## References
+1. Howson, P., & de Vries, A. (2022). Preying on the poor? Opportunities and challenges for tackling the social and environmental threats of cryptocurrencies for vulnerable and low-income communities. Energy Research and Social Science, 84(xxxx), 102394. https://doi.org/10.1016/j.erss.2021.102394
+1. Koning, J. P. (2020). Bitcoin Financial Literacy and Crypto-Twitter. In American Institute for Economic Research. https://www.aier.org/article/bitcoin-financial-literacy-and-crypto-twitter/
+1. Aitken, R. (2017). ‘All data is credit data’: Constituting the unbanked. Competition and Change, 21(4), 274–300. https://doi.org/10.1177/1024529417712830
+1. Babu, A. (2020). Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482
+1. Chen, Y., & Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13. https://doi.org/10.1016/j.jbvi.2019.e00151
+1. Crandall, J. (2019). Cryptoeconomic Geographies and Contestation in Puerto Rico [PhD Thesis]. In Thesis (Issue May). http://jilliancrandall.net/cryptoeconomic-geographies-and-contestation-in-pr/
+1. Greeley, B. (2019). Facebook’s Libra will not help the unbanked. Financial Times, 18.
+1. Kapsis, I. (2021). Should we trade market stability for more financial inclusion? The case of crypto-assets regulation in EU. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9
+1. Sen, A., Lindquist, J., & Kolling, M. (2020). Who’s Cashing in? Contemporary Perspectives on New Monies and Global Cashlessness (Vol. 19). Berghahn Books.
+1. Swartz, L. (2020). New money: How payment became social media. Yale University Press. https://yalebooks.yale.edu/book/9780300233223/new-money
+1. Vasudevan, R. (2020). Libra and Facebook’s Money Illusion. Challenge, 63(1), 21–39. https://doi.org/10.1080/05775132.2019.1684662
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 1469f65..9009ab4 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -23,6 +23,7 @@ Understand the terminology used to describe crypto and web3.
 * [Sound money](../concepts/sound-money.md)
 * [Ponzi scheme](../concepts/ponzi-scheme.md)
 * [Pump and dumps](../concepts/pump-and-dump.md)
+* [Exit scam](../concepts/exit-scam.md)
 * [Wash trading](../concepts/wash-trading.md)
 * [Crypto exchanges](/concepts/crypto-exchange.md)
 * [Greater fool theory](../concepts/greater-fool-theory.md)
@@ -170,6 +171,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Bucket shop](../concepts/bucket-shop.md)
 * [Artificial demand](../concepts/artificial-demand.md)
 * [Financial asset](../concepts/financial-asset.md)
+* [Unbanked](../concepts/unbanked.md)
 * [Assets](../concepts/assets.md)
 	* [Real estate](../concepts/real-estate.md)
 	* [Gold](../concepts/gold.md)
@@ -228,6 +230,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Recentralization](../concepts/recentralization.md)
 * [High control groups](../concepts/high-control-group.md)
 * [Thought terminating cliche](../concepts/thought-terminating-cliches.md)
+* [Techno-obscurantism](../concepts/techno-obscurantism.md)
 * [Bandwagon bias](../concepts/bandwagon-bias.md)
 * [Tinkerbell effect](../concepts/tinkerbell-effect.md)
 * [Endowment effect](../concepts/endowment-effect.md)
diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index f6a6ab8..cc98bd4 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -2,14 +2,14 @@
 
 <iframe width="560" height="315" src="https://www.youtube.com/embed/K5JtPTyc0y0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
-
-A deep dive into the nature of securities and their relation to crypto tokens with Stephen Diehl and Rufus Pollock.
+In episode #3 of our ongoing deep dive into web3 and crypto, we explore the nature of financial products known as "securities", their relation to crypto tokens, and the regulatory framework that exists around these structures.
 
 * Youtube:  https://www.youtube.com/watch?v=z2uAg-AIs-Y
 * Podcast: https://anchor.fm/life-itself/episodes/Are-Cryptocurrencies-Securities--The-Nature-of-Securities--Their-Relation-to-Crypto-Tokens-with-Stephen-Diehl-e1fph69
 * Wiki topic:  [Securities Framework](../concepts/security.md)
 
-In episode #3 of our ongoing deep dive into web3 and crypto, we explore the nature of financial products known as "securities", their relation to crypto tokens, and the regulatory framework that exists around these structures.
+
+***
 
 # Episode Notes
 
@@ -93,13 +93,17 @@ In episode #3 of our ongoing deep dive into web3 and crypto, we explore the natu
     * Evolution and capitalism metaphor: extremophiles. 
   * **What is the right interplay between investment risk and the rule of law? Is creative destruction by any extra-legal means a positive force in the world?**
 
+***
   
-# Topics
+## Concepts Covered
+
 * [security](../concepts/security.md)
 * [howey-test](../concepts/howey-test.md)
 * [productive-asset](../concepts/productive-asset.md)
 * [ico](../concepts/ico.md)
 
+***
+
 ## References
 1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
 1. Bank of International Settlements. 2018. ‘Cryptocurrencies: Looking beyond the Hype’. In . Bank for International Settlements Basel. https://www.bis.org/publ/arpdf/ar2018e5.htm.
diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index 14482bf..09c484a 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -1,21 +1,24 @@
-# Post State Technocracy
+# Post-state Technocracy
 <iframe width="560" height="315" src="https://www.youtube.com/embed/gZ0iCJkM3PU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
-Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian ideas of crypto assets and explore the notion that crypto assets are a means to create a new form of "network state" outside of the existing international order.
+In episode #4 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian ideas of crypto assets and explore the notion that crypto assets are a means to create a new form of "network state" outside of the existing international order.
 
 * 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)
 
+
+***
+
 # Episode Notes
 
-**Preface**
+## Preface
 
 1.  This week we’re going to start diving into the more utopian visions of crypto and web3. Unlike in the previous interviews where we discussed positions that were largely either monetary or financial reconfiguration (reinstate the gold standard, get rich quick) this time we’ll start engaging with people who really do have a set of political imaginaries about “making the world a better place” as they see it.
 2.  Specifically we’re going to engage with the imaginaries laid out by technologists and venture capitalists about a vision that allegedly aims to transition the world from the existing US-led international order to a vision in which blockchain technology and technocracy are the new foundations for global human governance.
 3.  This thesis has been put forward in various forms. So far, the most fully articulated form that we have found is from Balaji Srinivasan. We’ll link to the source material in the show notes. 
     
-**Conflict of Interests Disclaimer**
+## Conflict of Interests Disclaimer
 
 1.  It’s hard to disentangle VC narratives from:
 	1.  Talking their books
@@ -33,7 +36,7 @@ Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian i
 3.  First rule of sociology: Whether or not this view is intellectually coherent isn’t so much as important as whether people believe in this worldview as if it were coherent.
 	1.  Prefigurative politics - the best way to predict the future is to make it.
 
-**Pro**
+## Pro
 
 1.  These ideas are all based on the overarching conception of the self-sovereignty of cyberspace.
 	1.  In their words - “A network state is a social network with an agreed-upon leader, an integrated cryptocurrency, a definite purpose, a sense of national consciousness, and a plan to crowdfund physical territory.”
@@ -94,7 +97,7 @@ Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian i
 		5. The train of progress only goes one direction, get on or get off. There’s no place for Luddites in the future.
 		6. Matt Damon superbowl ad is the soft form of this worldview.
 
-**Critique**
+## Critique
 
 1.  A philosophy built on a disdain for top-down command and control structures. 
 	1.  A conception that a classless and hierarchy-free world is possible.
@@ -132,6 +135,8 @@ Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian i
 		4. Esperanto-style solutionism has never worked for societies or economies. 
 		5. Anna Neima’s book The Utopians is full of similarly minded people and communities. They usually dissolve or collapse.
 		
+***
+	
 ## Concepts Covered
 
 * [post-state-technocracy](post-state-technocracy.md)
@@ -142,6 +147,9 @@ Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian i
 * [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)
+
+***
 
 
 ## References

From d334bb7a984ccbfad8400604da03e407383be1c3 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Thu, 24 Mar 2022 01:56:26 +0300
Subject: [PATCH 031/103] update import contentlayer config

---
 site/jsconfig.json | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/site/jsconfig.json b/site/jsconfig.json
index d4ce746..c0dc620 100644
--- a/site/jsconfig.json
+++ b/site/jsconfig.json
@@ -10,7 +10,7 @@
     "**/*.tsx",
     "**/*.js",
     "**/*.jsx",
-    ".contentlayer/generated", "contentlayer.config.js",
+    ".contentlayer/generated", "contentlayer.config.ts",
   ],
   "exclude": ["node_modules"]
 }
\ No newline at end of file

From 68646fe3b24e3d06af1f7d6644a785485d243896 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Thu, 24 Mar 2022 02:01:30 +0300
Subject: [PATCH 032/103] update config as per tailwind V3.0 docs

---
 site/tailwind.config.js | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/site/tailwind.config.js b/site/tailwind.config.js
index 6bd19f5..ae47362 100644
--- a/site/tailwind.config.js
+++ b/site/tailwind.config.js
@@ -2,7 +2,7 @@ const defaultTheme = require("tailwindcss/defaultTheme");
 
 module.exports = {
   mode: "jit",
-  purge: [
+  content: [
     "./pages/**/*.{js,ts,jsx,tsx,md,mdx}",
     "./components/**/*.{js,ts,jsx,tsx}",
   ],

From 13c2234a915817d47ee87dacc23e0577edc5bb40 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Thu, 24 Mar 2022 02:11:16 +0300
Subject: [PATCH 033/103] [site/pages,#94]: fix titles

---
 site/pages/_app.js | 20 ++++++++++----------
 1 file changed, 10 insertions(+), 10 deletions(-)

diff --git a/site/pages/_app.js b/site/pages/_app.js
index 29bc809..6f7d55f 100644
--- a/site/pages/_app.js
+++ b/site/pages/_app.js
@@ -7,7 +7,6 @@ import { ThemeProvider } from 'next-themes'
 import '../styles/global.css'
 import siteConfig from '../config/siteConfig.js'
 import Layout from '../components/Layout'
-import MdxPage from '../components/MDX'
 import * as gtag from '../lib/gtag'
 
 function MyApp({ Component, pageProps }) {
@@ -26,14 +25,15 @@ function MyApp({ Component, pageProps }) {
   }
   // end Google Analytics
 
-  // console.log(Component)
-  // const pageTitle = (
-  //   router.pathname == "/"
-  //     ? "home"
-  //       // convert slug to title
-  //     : router.pathname.split("/").pop().replace(/-/g, " ")
-  // ) // capitalize first char of each word
-  //   .replace(/(^\w{1})|(\s{1}\w{1})/g, (str) => str.toUpperCase());
+  const pageTitle = (
+    // check if markdown page
+    Component.name == "Page"
+      ? pageProps.title ??
+        // convert path to title
+        pageProps._raw.flattenedPath.split("/").pop().replace(/-/g, " ")
+      : Component.name
+  ) // capitalize first char of each word
+    .replace(/(^\w{1})|(\s{1}\w{1})/g, (str) => str.toUpperCase());
   
   return (
     <ThemeProvider attribute="class" defaultTheme="dark">
@@ -66,7 +66,7 @@ function MyApp({ Component, pageProps }) {
           }}
         />
       )}
-      <Layout title={""}>
+      <Layout title={pageTitle}>
         <Component {...pageProps} />
       </Layout>
     </ThemeProvider>

From 09290d96e8c2fe75530672f186e1a26e0440b958 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Thu, 24 Mar 2022 13:16:54 +0300
Subject: [PATCH 034/103] [site,title,#94]: fix incorrect page titles

Remove next seo from layout and to pages directly.
---
 site/components/Layout.js |  8 +-------
 site/pages/[...slug].js   | 15 +++++++++++++--
 site/pages/_app.js        | 12 +-----------
 site/pages/index.js       |  6 +++---
 4 files changed, 18 insertions(+), 23 deletions(-)

diff --git a/site/components/Layout.js b/site/components/Layout.js
index 80ccedc..723c408 100644
--- a/site/components/Layout.js
+++ b/site/components/Layout.js
@@ -1,17 +1,11 @@
-import Link from 'next/link'
 import Head from 'next/head'
-import { NextSeo } from 'next-seo'
-
 import Nav from './Nav'
 import siteConfig from '../config/siteConfig'
 import navLinks from '../config/navLinks.js'
 
-export default function Layout({ children, title='' }) {
+export default function Layout({ children }) {
   return (
     <>
-      <NextSeo
-        title={title}
-        />
       <Head>
         <link rel="icon" href="data:image/svg+xml,<svg xmlns=%22http://www.w3.org/2000/svg%22 viewBox=%220 0 100 100%22><text y=%22.9em%22 font-size=%2290%22>🚀</text></svg>" />
         <meta charSet="utf-8" />
diff --git a/site/pages/[...slug].js b/site/pages/[...slug].js
index ce9e33e..683ab6b 100644
--- a/site/pages/[...slug].js
+++ b/site/pages/[...slug].js
@@ -1,7 +1,7 @@
 import MdxPage from '../components/MDX';
 import { allOtherPages } from 'contentlayer/generated';
 import { useMDXComponent } from 'next-contentlayer/hooks';
-import { NewsArticleJsonLd } from 'next-seo';
+import { NewsArticleJsonLd, NextSeo } from 'next-seo';
 
 
 export default function Page({ body, ...rest }) {
@@ -17,8 +17,19 @@ export default function Page({ body, ...rest }) {
       tags: rest.tags,
     }
   }
+
+  const titleFromUrl = rest._raw.flattenedPath
+    .split("/")
+    .pop()
+    .replace(/-/g, " ")
+    // capitalize first char of each word
+    .replace(/(^\w{1})|(\s{1}\w{1})/g, (str) => str.toUpperCase());
+  
   return (
-    <MdxPage children={children} />
+    <>
+      <NextSeo title={children.frontmatter.title ?? titleFromUrl} />
+      <MdxPage children={children} />
+    </>
   );
 }
 
diff --git a/site/pages/_app.js b/site/pages/_app.js
index 6f7d55f..b4da4b1 100644
--- a/site/pages/_app.js
+++ b/site/pages/_app.js
@@ -24,16 +24,6 @@ function MyApp({ Component, pageProps }) {
     }, [router.events])
   }
   // end Google Analytics
-
-  const pageTitle = (
-    // check if markdown page
-    Component.name == "Page"
-      ? pageProps.title ??
-        // convert path to title
-        pageProps._raw.flattenedPath.split("/").pop().replace(/-/g, " ")
-      : Component.name
-  ) // capitalize first char of each word
-    .replace(/(^\w{1})|(\s{1}\w{1})/g, (str) => str.toUpperCase());
   
   return (
     <ThemeProvider attribute="class" defaultTheme="dark">
@@ -66,7 +56,7 @@ function MyApp({ Component, pageProps }) {
           }}
         />
       )}
-      <Layout title={pageTitle}>
+      <Layout>
         <Component {...pageProps} />
       </Layout>
     </ThemeProvider>
diff --git a/site/pages/index.js b/site/pages/index.js
index b16f1eb..394d44e 100644
--- a/site/pages/index.js
+++ b/site/pages/index.js
@@ -2,16 +2,16 @@ import { Hero } from 'components/Home/Hero'
 import { Latest } from 'components/Home/Latest'
 import Features from 'components/Home/Features'
 import Why from 'components/Home/Why'
+import { NextSeo } from 'next-seo'
 
 export default function Home(props) {
   return (
     <>
+      <NextSeo title='Home' />
       <Hero />
       <Latest />
       <Features />
       <Why />
     </>
   )
-}
-
-Home.layout = 'js'
\ No newline at end of file
+}
\ No newline at end of file

From e3aa6c2d989ba8aca70f85d7ef203b6cfd53de2a Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Thu, 24 Mar 2022 14:21:03 +0000
Subject: [PATCH 035/103] Move ideologies to top level

---
 claims/is-bitcoin-currency.md                 |  2 +-
 claims/narrative-economics.md                 | 20 ++++++-------
 claims/weird-culture.md                       |  2 +-
 claims/what-type-of-asset.md                  |  2 +-
 concepts/{ideologies => }/accelerationism.md  |  0
 .../{ideologies => }/anarchocapitalism.md     |  0
 .../{ideologies => }/austrian-economics.md    |  0
 concepts/bitcoin.md                           |  2 +-
 concepts/blockchain.md                        |  1 -
 concepts/{ideologies => }/capitalism.md       |  0
 concepts/{ideologies => }/cryptoanarchism.md  |  2 +-
 concepts/dollar.md                            |  2 --
 .../{ideologies => }/financial-nihilism.md    |  2 +-
 concepts/gold-standard.md                     |  2 +-
 concepts/{ideologies => }/inevitablism.md     |  0
 .../{ideologies => }/keynsian-economics.md    |  0
 concepts/{ideologies => }/libertarianism.md   |  2 +-
 .../{ideologies => }/market-fundamentalism.md |  2 +-
 concepts/{ideologies => }/marxism.md          |  2 +-
 concepts/meme-stock.md                        |  2 +-
 concepts/memecoin.md                          |  2 +-
 .../post-state-technocracy.md                 |  2 +-
 concepts/sound-money.md                       |  4 +--
 .../{ideologies => }/techno-collectivism.md   |  0
 concepts/techno-obscurantism.md               |  2 +-
 .../{ideologies => }/technolibertarianism.md  |  4 +--
 .../{ideologies => }/technosolutionism.md     |  2 +-
 guide/index.md                                | 24 ++++++++--------
 meta/concepts-todo.md                         | 28 +++++++++----------
 notes/market-fundamentalism.md                |  2 +-
 notes/neo-metallism.md                        |  2 +-
 notes/post-state-technocracy.md               |  8 +++---
 notes/recent-events.md                        |  2 +-
 site/content/about.md                         |  2 +-
 34 files changed, 63 insertions(+), 66 deletions(-)
 rename concepts/{ideologies => }/accelerationism.md (100%)
 rename concepts/{ideologies => }/anarchocapitalism.md (100%)
 rename concepts/{ideologies => }/austrian-economics.md (100%)
 rename concepts/{ideologies => }/capitalism.md (100%)
 rename concepts/{ideologies => }/cryptoanarchism.md (96%)
 rename concepts/{ideologies => }/financial-nihilism.md (92%)
 rename concepts/{ideologies => }/inevitablism.md (100%)
 rename concepts/{ideologies => }/keynsian-economics.md (100%)
 rename concepts/{ideologies => }/libertarianism.md (95%)
 rename concepts/{ideologies => }/market-fundamentalism.md (87%)
 rename concepts/{ideologies => }/marxism.md (84%)
 rename concepts/{ideologies => }/post-state-technocracy.md (98%)
 rename concepts/{ideologies => }/techno-collectivism.md (100%)
 rename concepts/{ideologies => }/technolibertarianism.md (86%)
 rename concepts/{ideologies => }/technosolutionism.md (96%)

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/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 523b2da..fff9aa1 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/blockchain.md b/concepts/blockchain.md
index 4be82a5..5d96a32 100644
--- a/concepts/blockchain.md
+++ b/concepts/blockchain.md
@@ -6,7 +6,6 @@ In computer science terms, a blockchain is an [immutable](immutability.md) data
 The term has been overloaded extensively and other data structures and topologies have been described as blockchain regardless of their use. See [permissioned blockchain](permissioned-blockchain.md).
 
 ## References
-
 1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
 1. Jeffries, Adrianne. 2018. ‘Blockchain Is Meaningless’. The Verge 7: 2018.
 1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
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/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/dollar.md b/concepts/dollar.md
index e22e838..2ea509f 100644
--- a/concepts/dollar.md
+++ b/concepts/dollar.md
@@ -8,8 +8,6 @@ The dollar is a [currency](currency.md).
 
 The dollar is issued by a [central bank](central-banks.md).
 
-The dollar is a [public good](public-goods-problem.md).
-
 The dollar is [inflationary](inflationary.md).
 
 The dollar has no [fundamental value](fundamental-value.md).
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/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 0256631..cdde24c 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/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 9009ab4..ba38a34 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)
 
 ***
 
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 6a9c262..fc0e19a 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)
@@ -94,10 +94,10 @@ Third pass
 
 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 513ccc3..5d0191a 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -9,7 +9,7 @@ In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market f
 
 ## 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 77caea7..6b7c860 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -44,7 +44,7 @@ In Episode 1 of the series, Rufus Pollock and Stephen Diehl discuss the neo-meta
 ## 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.
 

From 0e4796abca89d11af3bf8c6c994b6084c8075385 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Thu, 24 Mar 2022 19:22:04 +0000
Subject: [PATCH 036/103] Revert "Move ideologies to top level"

This reverts commit e3aa6c2d989ba8aca70f85d7ef203b6cfd53de2a.
---
 claims/is-bitcoin-currency.md                 |  2 +-
 claims/narrative-economics.md                 | 20 ++++++-------
 claims/weird-culture.md                       |  2 +-
 claims/what-type-of-asset.md                  |  2 +-
 concepts/bitcoin.md                           |  2 +-
 concepts/blockchain.md                        |  1 +
 concepts/dollar.md                            |  2 ++
 concepts/gold-standard.md                     |  2 +-
 concepts/{ => ideologies}/accelerationism.md  |  0
 .../{ => ideologies}/anarchocapitalism.md     |  0
 .../{ => ideologies}/austrian-economics.md    |  0
 concepts/{ => ideologies}/capitalism.md       |  0
 concepts/{ => ideologies}/cryptoanarchism.md  |  2 +-
 .../{ => ideologies}/financial-nihilism.md    |  2 +-
 concepts/{ => ideologies}/inevitablism.md     |  0
 .../{ => ideologies}/keynsian-economics.md    |  0
 concepts/{ => ideologies}/libertarianism.md   |  2 +-
 .../{ => ideologies}/market-fundamentalism.md |  2 +-
 concepts/{ => ideologies}/marxism.md          |  2 +-
 .../post-state-technocracy.md                 |  2 +-
 .../{ => ideologies}/techno-collectivism.md   |  0
 .../{ => ideologies}/technolibertarianism.md  |  4 +--
 .../{ => ideologies}/technosolutionism.md     |  2 +-
 concepts/meme-stock.md                        |  2 +-
 concepts/memecoin.md                          |  2 +-
 concepts/sound-money.md                       |  4 +--
 concepts/techno-obscurantism.md               |  2 +-
 guide/index.md                                | 24 ++++++++--------
 meta/concepts-todo.md                         | 28 +++++++++----------
 notes/market-fundamentalism.md                |  2 +-
 notes/neo-metallism.md                        |  2 +-
 notes/post-state-technocracy.md               |  8 +++---
 notes/recent-events.md                        |  2 +-
 site/content/about.md                         |  2 +-
 34 files changed, 66 insertions(+), 63 deletions(-)
 rename concepts/{ => ideologies}/accelerationism.md (100%)
 rename concepts/{ => ideologies}/anarchocapitalism.md (100%)
 rename concepts/{ => ideologies}/austrian-economics.md (100%)
 rename concepts/{ => ideologies}/capitalism.md (100%)
 rename concepts/{ => ideologies}/cryptoanarchism.md (96%)
 rename concepts/{ => ideologies}/financial-nihilism.md (92%)
 rename concepts/{ => ideologies}/inevitablism.md (100%)
 rename concepts/{ => ideologies}/keynsian-economics.md (100%)
 rename concepts/{ => ideologies}/libertarianism.md (95%)
 rename concepts/{ => ideologies}/market-fundamentalism.md (87%)
 rename concepts/{ => ideologies}/marxism.md (84%)
 rename concepts/{ => ideologies}/post-state-technocracy.md (98%)
 rename concepts/{ => ideologies}/techno-collectivism.md (100%)
 rename concepts/{ => ideologies}/technolibertarianism.md (86%)
 rename concepts/{ => ideologies}/technosolutionism.md (96%)

diff --git a/claims/is-bitcoin-currency.md b/claims/is-bitcoin-currency.md
index 44a23e3..c4f913a 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/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/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). 
 
 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 93f8d0c..6d95520 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](../concepts/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](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).
+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).
 
-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).
+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).
 
 ## Narrative Claims
 * Cypherpunk
 * Anarchism
-* [Libertarianism](../concepts/libertarianism.md)
-* [Cryptoanarchism](../concepts/cryptoanarchism.md)
-* [Financial Nihilism](../concepts/financial-nihilism.md)
-* [Post State Technocracy](../concepts/post-state-technocracy.md)
+* [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)
 * [Technolibertarianism](../concepts/idelogies/technolibertarianism.md)
-* [Technosolutionism](../concepts/technosolutionism.md)
-* [Technocollectivism](../concepts/techno-collectivism.md)
-* [Accelerationism](../concepts/accelerationism.md)
+* [Technosolutionism](../concepts/ideologies/technosolutionism.md)
+* [Technocollectivism](../concepts/ideologies/techno-collectivism.md)
+* [Accelerationism](../concepts/ideologies/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 d755ab8..7d10f33 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/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.
+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.
 
 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 9ecedfa..c2a1565 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](../concepts/libertarianism.md) performance [art](art.md)
+* [Libertarian](ideologies/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/bitcoin.md b/concepts/bitcoin.md
index fff9aa1..523b2da 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](austrian-economics.md) school of thought.
+Bitcoin is allegedly a [sound money](sound-money.md) in the [Austrian economics](ideologies/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/blockchain.md b/concepts/blockchain.md
index 5d96a32..4be82a5 100644
--- a/concepts/blockchain.md
+++ b/concepts/blockchain.md
@@ -6,6 +6,7 @@ In computer science terms, a blockchain is an [immutable](immutability.md) data
 The term has been overloaded extensively and other data structures and topologies have been described as blockchain regardless of their use. See [permissioned blockchain](permissioned-blockchain.md).
 
 ## References
+
 1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
 1. Jeffries, Adrianne. 2018. ‘Blockchain Is Meaningless’. The Verge 7: 2018.
 1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
diff --git a/concepts/dollar.md b/concepts/dollar.md
index 2ea509f..e22e838 100644
--- a/concepts/dollar.md
+++ b/concepts/dollar.md
@@ -8,6 +8,8 @@ The dollar is a [currency](currency.md).
 
 The dollar is issued by a [central bank](central-banks.md).
 
+The dollar is a [public good](public-goods-problem.md).
+
 The dollar is [inflationary](inflationary.md).
 
 The dollar has no [fundamental value](fundamental-value.md).
diff --git a/concepts/gold-standard.md b/concepts/gold-standard.md
index 9e0d617..b2f7bca 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](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](ideologies/austrian-economics.md).
 
 ## Criticisms
 
diff --git a/concepts/accelerationism.md b/concepts/ideologies/accelerationism.md
similarity index 100%
rename from concepts/accelerationism.md
rename to concepts/ideologies/accelerationism.md
diff --git a/concepts/anarchocapitalism.md b/concepts/ideologies/anarchocapitalism.md
similarity index 100%
rename from concepts/anarchocapitalism.md
rename to concepts/ideologies/anarchocapitalism.md
diff --git a/concepts/austrian-economics.md b/concepts/ideologies/austrian-economics.md
similarity index 100%
rename from concepts/austrian-economics.md
rename to concepts/ideologies/austrian-economics.md
diff --git a/concepts/capitalism.md b/concepts/ideologies/capitalism.md
similarity index 100%
rename from concepts/capitalism.md
rename to concepts/ideologies/capitalism.md
diff --git a/concepts/cryptoanarchism.md b/concepts/ideologies/cryptoanarchism.md
similarity index 96%
rename from concepts/cryptoanarchism.md
rename to concepts/ideologies/cryptoanarchism.md
index daa15dc..e82604d 100644
--- a/concepts/cryptoanarchism.md
+++ b/concepts/ideologies/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/financial-nihilism.md b/concepts/ideologies/financial-nihilism.md
similarity index 92%
rename from concepts/financial-nihilism.md
rename to concepts/ideologies/financial-nihilism.md
index 2545ed2..387b733 100644
--- a/concepts/financial-nihilism.md
+++ b/concepts/ideologies/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/inevitablism.md b/concepts/ideologies/inevitablism.md
similarity index 100%
rename from concepts/inevitablism.md
rename to concepts/ideologies/inevitablism.md
diff --git a/concepts/keynsian-economics.md b/concepts/ideologies/keynsian-economics.md
similarity index 100%
rename from concepts/keynsian-economics.md
rename to concepts/ideologies/keynsian-economics.md
diff --git a/concepts/libertarianism.md b/concepts/ideologies/libertarianism.md
similarity index 95%
rename from concepts/libertarianism.md
rename to concepts/ideologies/libertarianism.md
index 378943c..d319df4 100644
--- a/concepts/libertarianism.md
+++ b/concepts/ideologies/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/market-fundamentalism.md b/concepts/ideologies/market-fundamentalism.md
similarity index 87%
rename from concepts/market-fundamentalism.md
rename to concepts/ideologies/market-fundamentalism.md
index cdde24c..0256631 100644
--- a/concepts/market-fundamentalism.md
+++ b/concepts/ideologies/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/marxism.md b/concepts/ideologies/marxism.md
similarity index 84%
rename from concepts/marxism.md
rename to concepts/ideologies/marxism.md
index 62862e1..0e2d847 100644
--- a/concepts/marxism.md
+++ b/concepts/ideologies/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/post-state-technocracy.md b/concepts/ideologies/post-state-technocracy.md
similarity index 98%
rename from concepts/post-state-technocracy.md
rename to concepts/ideologies/post-state-technocracy.md
index 3746f0c..e553b6f 100644
--- a/concepts/post-state-technocracy.md
+++ b/concepts/ideologies/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/techno-collectivism.md b/concepts/ideologies/techno-collectivism.md
similarity index 100%
rename from concepts/techno-collectivism.md
rename to concepts/ideologies/techno-collectivism.md
diff --git a/concepts/technolibertarianism.md b/concepts/ideologies/technolibertarianism.md
similarity index 86%
rename from concepts/technolibertarianism.md
rename to concepts/ideologies/technolibertarianism.md
index da2d36b..a8b2a64 100644
--- a/concepts/technolibertarianism.md
+++ b/concepts/ideologies/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/technosolutionism.md b/concepts/ideologies/technosolutionism.md
similarity index 96%
rename from concepts/technosolutionism.md
rename to concepts/ideologies/technosolutionism.md
index 3dea1b9..caf3369 100644
--- a/concepts/technosolutionism.md
+++ b/concepts/ideologies/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/concepts/meme-stock.md b/concepts/meme-stock.md
index 18c55c4..98c9a69 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](financial-nihilism.md).
+See also [financial nihilism](ideologies/financial-nihilism.md).
 
 ## Examples
 * Gamestop
diff --git a/concepts/memecoin.md b/concepts/memecoin.md
index 146c569..3108b76 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](financial-nihilism.md).
+See [dogecoin](dogecoin.md) and [financial nihilism](ideologies/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/sound-money.md b/concepts/sound-money.md
index 573d813..3b022e8 100644
--- a/concepts/sound-money.md
+++ b/concepts/sound-money.md
@@ -1,7 +1,7 @@
 # Sound Money
-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).
+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).
 
-See [gold standard](gold-standard.md) and [libertarianism](libertarianism.md).
+See [gold standard](gold-standard.md) and [libertarianism](ideologies/libertarianism.md).
 
 ## References
 * Doctorow, Cory. 2022. ‘Money Is Power’. 3 February 2022. https://pluralistic.net/2022/02/03/liquidation-preference/.
diff --git a/concepts/techno-obscurantism.md b/concepts/techno-obscurantism.md
index 149d1a3..23beebf 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](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](ideologies/technosolutionism.md) projects
 
 See [ICO](ico.md).
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index ba38a34..9009ab4 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/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)
+* [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)
 
 ***
 
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index fc0e19a..6a9c262 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -1,14 +1,14 @@
 # Conceps TODO
 First pass
 
-- [x] [keynsian-economics](../concepts/keynsian-economics.md)
-- [x] [libertarianism](../concepts/libertarianism.md)
+- [x] [keynsian-economics](../concepts/ideologies/keynsian-economics.md)
+- [x] [libertarianism](../concepts/ideologies/libertarianism.md)
 - [x] [market-fundamentalism](../notes/market-fundamentalism.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] [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] [aml](../concepts/aml.md)
 - [x] [censorship-resistence](../concepts/censorship-resistence.md)
 - [x] [defi](../concepts/defi.md)
@@ -94,10 +94,10 @@ Third pass
 
 Ideologies
 
-- [ ] [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)
+- [ ] [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)
diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index 5d0191a..513ccc3 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -9,7 +9,7 @@ In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market f
 
 ## Topic
 
-[market-fundamentalism](../concepts/market-fundamentalism.md)
+[market-fundamentalism](../concepts/ideologies/market-fundamentalism.md)
 
 ## Summary
 
diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index 6b7c860..77caea7 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -44,7 +44,7 @@ In Episode 1 of the series, Rufus Pollock and Stephen Diehl discuss the neo-meta
 ## Concepts Covered
 
 * [gold-standard](../concepts/gold-standard.md)
-* [austrian-economics](../concepts/austrian-economics.md)
+* [austrian-economics](../concepts/ideologies/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 3e4b1b4..09c484a 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/post-state-technocracy.md)
+* Wiki Topic: [Post-state technocracy](../concepts/ideologies/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/cryptoanarchism.md)
-* [technosolutionism](../concepts/technosolutionism.md)
+* [cryptoanarchism](../concepts/ideologies/cryptoanarchism.md)
+* [technosolutionism](../concepts/ideologies/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/anarchocapitalism.md)
+* [anarchocapitalism](../concepts/ideologies/anarchocapitalism.md)
 
 ***
 
diff --git a/notes/recent-events.md b/notes/recent-events.md
index 7e4dc77..98a1952 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/technolibertarianism.md)
+See: [web3](../concepts/web3.md) | [speculation](../concepts/speculation.md) | [technolibertarianism](../concepts/ideologies/technolibertarianism.md)
 
 ***
 
diff --git a/site/content/about.md b/site/content/about.md
index 5819813..136b40f 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/libertarianism.md) as well as pro/anti [socialists](../../concepts/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/ideologies/libertarianism.md) as well as pro/anti [socialists](../../concepts/ideologies/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.
 

From 72beb533c54da072716bb678c4b1d7c2aa979375 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Fri, 25 Mar 2022 14:35:50 +0300
Subject: [PATCH 037/103] add react-player package

---
 site/package.json | 1 +
 1 file changed, 1 insertion(+)

diff --git a/site/package.json b/site/package.json
index 3337a67..2a6921a 100644
--- a/site/package.json
+++ b/site/package.json
@@ -22,6 +22,7 @@
     "next-themes": "^0.1.1",
     "react": "^17.0.2",
     "react-dom": "^17.0.2",
+    "react-player": "^2.10.0",
     "remark-gfm": "^3.0.0",
     "remark-slug": "^7.0.0",
     "remark-toc": "^8.0.0"

From 2e3ee95c34f09e0923583943a6a6d920d37078a3 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Fri, 25 Mar 2022 14:37:11 +0300
Subject: [PATCH 038/103] create component for youtube video embed link

---
 site/components/Link.js | 31 +++++++++++++++++++++++++++++++
 site/components/MDX.js  |  3 ++-
 2 files changed, 33 insertions(+), 1 deletion(-)
 create mode 100644 site/components/Link.js

diff --git a/site/components/Link.js b/site/components/Link.js
new file mode 100644
index 0000000..b1d97df
--- /dev/null
+++ b/site/components/Link.js
@@ -0,0 +1,31 @@
+import Link from "next/link";
+import ReactPlayer from "react-player";
+
+const videoLinks = [
+  "youtube.com",
+  "dailymotion.com",
+  "vimeo.com",
+  "soundcloud.com",
+  "facebook.com/watch",
+  "twitch.com",
+];
+
+export const Paragraph = (props) => {
+  if (
+    typeof props.children == "object" &&
+    props.children.props &&
+    props.children.props.href &&
+    videoLinks.some((str) => props.children.props.href.includes(str))
+  )
+    return (
+      <div className="relative pt-[56.25%]" {...props}>
+        <ReactPlayer
+          className="absolute top-0 left-0"
+          width="100%"
+          height="100%"
+          url={props.children.props.href}
+        />
+      </div>
+    );
+  return <p {...props} />;
+};
diff --git a/site/components/MDX.js b/site/components/MDX.js
index 405122c..154f87f 100644
--- a/site/components/MDX.js
+++ b/site/components/MDX.js
@@ -1,8 +1,9 @@
 import Head from 'next/head'
-import Link from 'next/link'
+import { Paragraph } from './Link'
 
 const components = {
   Head,
+  p: Paragraph
 }
 
 export default function MdxPage({ children }) {

From 41f15a9964772ff9c0b7a5147a24b142b3d168eb Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Fri, 25 Mar 2022 14:37:47 +0300
Subject: [PATCH 039/103] create test page for youtube video embed

---
 site/content/test.md | 11 +++++++++++
 1 file changed, 11 insertions(+)
 create mode 100644 site/content/test.md

diff --git a/site/content/test.md b/site/content/test.md
new file mode 100644
index 0000000..1c6ed40
--- /dev/null
+++ b/site/content/test.md
@@ -0,0 +1,11 @@
+# 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
+
+Links without being surrounded by newlines will show as below:
+
+* Youtube:  https://www.youtube.com/watch?v=z2uAg-AIs-Y
+* Podcast: https://anchor.fm/life-itself/episodes/Are-Cryptocurrencies-Securities--The-Nature-of-Securities--Their-Relation-to-Crypto-Tokens-with-Stephen-Diehl-e1fph69
+* Wiki topic:  [Securities Framework](../concepts/security.md)
\ No newline at end of file

From 280f52d2890e16b257b5ce539ee7145b8e04fa72 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Fri, 25 Mar 2022 16:33:22 +0100
Subject: [PATCH 040/103] [guide][s]: tweak language in intro section to guide.

---
 guide/index.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/guide/index.md b/guide/index.md
index 9009ab4..3c3077f 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -2,7 +2,7 @@
 
 ## What This Is
 
-This initiative is an exploration of the ideations of crypto and "web3" and its constituent technologies, aspirations and economics. The concept of [web3](/concepts/web3.md) is a fuzzy term often accused of being a buzzword that can be hard to make sense of, this initiative aims to address the misunderstandings and shed a light on basic macroeconomics and technology for those tasked with doing sense-making for the public. Our [methodology](/guide/method.md) aims to create a balanced and moderate perspective that incorporates ideas from conventional macroeconomics, political economy and computer science.
+This initiative is an exploration of the ideations of crypto and "web3" and its constituent technologies, aspirations and economics. The concept of [web3](/concepts/web3.md) is a fuzzy term that can be hard to make sense of. This initiative aims to address the misunderstandings and shed a light on basic macroeconomics and technology, especially for those tasked with doing sense-making for the public. Our [methodology](/guide/method.md) set outs our aim to create a balanced and moderate perspective that incorporates ideas from economics, political economy and computer science.
 
 This page serves as a root from which all other topics branch and can be explored. 
 

From c4195207496adc4506b761c9f52c4e1eb080d423 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Fri, 25 Mar 2022 16:33:47 +0100
Subject: [PATCH 041/103] [notes/market-fundamentalism][m]: integrate slightly
 tidier version of the notes.

---
 notes/market-fundamentalism.md | 188 ++++++++++++++++-----------------
 1 file changed, 93 insertions(+), 95 deletions(-)

diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index 513ccc3..67cb846 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -1,11 +1,8 @@
 # Market Fundamentalism
 
-<iframe width="560" height="315" src="https://www.youtube.com/embed/K5JtPTyc0y0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
-
-
 In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market fundamentalism perspective on crypto assets and the perspective on crypto assets from the perspective of day traders to quantitative hedge funds.
 
-[https://youtu.be/K5JtPTyc0y0](https://youtu.be/K5JtPTyc0y0)
+https://www.youtube.com/watch?v=K5JtPTyc0y0
 
 ## Topic
 
@@ -13,102 +10,103 @@ In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market f
 
 ## Summary
 
-**Who holds this position?**
+The trader or market fundamentalist view likely represents a majority of interest and activity in crypto. The ideology encompasses the viewpoint that crypto is about **making money** i.e. that crypto investing and trading can make those who engage in it a lot of money. More deeply it is the view that the unfettered and unregulated nature of crypto-markets is a good thing and represents a "freer" and better form of financial markets.
 
--   Day-trader in the pub, WallStreetBets demographic.
-	-   [https://www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458](https://www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458)
-	-   “I’ll either be rich, or wrong.” This is how Sam, a 29-year-old cryptocurrency enthusiast I interviewed on this week’s Money Clinic podcast, summarized his strategy for investing the last £2,000 of his savings in a hugely volatile and unregulated asset class. Claiming that he’s not a natural risk taker, Sam has never set foot inside a casino or put money on a horse. “To me, that seems stupid, like you’re throwing money away.” He has never considered investing in stocks and shares. Being self-employed, he’s never paid into a pension or thought about setting up a self-invested personal pension (Sipp). “No one’s ever given me that kind of information,” he says. So why is he prepared to risk his spare cash betting on crypto? Sam found out his younger brother had turned a £3,000 investment into £30,000 within four years — money he now intends to use as a property deposit. “I was very surprised and it made me feel a bit stupid . . . why aren’t I doing this?”
-	-   Low bets, with tiny but possible asymmetric returns. A regressive tax or distributed lottery.
--   Quants and Hedge funds
-	-   Jane Street / DE Shaw
-	-   Alameda Research / Jump Crypto / DRW Cumberland
-	-   Goldman Sachs / Credit Suisse
-	-   Mann Group - [https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874](https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874)
-		-   “If you look at cryptocurrencies as a whole, it is a pure trading instrument. There is no inherent worth in it whatsoever. It is a tulip bulb,” Ellis said, referring to the flower that became the focus of a 17th-century Dutch financial mania.
--   Minnows and the sharks …
-	-   The sharks *love* the minnows
+### Who holds this position?
 
-**Context: why is this an interesting group and position to examine?**
-
--   Likely represents a majority of interest and activity in crypto (and even DAOs)
-	-   We hear from the day-trader in the pub up the wall street trader
--   Generally not brought up explicitly so much in the crypto / web3 discussion (for obvious reasons: it is not as substantive or attractive position to espouse publicly)
--   The political imaginaries aren’t there - “I just want to make money”, “Greed is good”
-	-   Consequences and externalities be damned
-	-   Hyper-capitalist
-	-   “Life is nothing but a competition to be the criminal rather than the victim.”
--   However, may actually account for a good portion of the interest and even political/social support for this area
--   Legitimizing segment esp for regulators (hey even goldman sachs or JP Morgan are involved, this must be a legitimate area / industry) 
+* The day-trader in the pub, WallStreetBets demographic.
+  * [Barrett, Claer. ‘Why Young Investors Bet the Farm on Cryptocurrencies’. Financial Times, 2021.](https:www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458):
     
-**Essense of the position**
+    > "I’ll either be rich, or wrong." This is how Sam, a 29-year-old cryptocurrency enthusiast I interviewed on this week’s Money Clinic podcast, summarized his strategy for investing the last £2,000 of his savings in a hugely volatile and unregulated asset class. Claiming that he's not a natural risk taker, Sam has never set foot inside a casino or put money on a horse. "To me, that seems stupid, like you’re throwing money away." He has never considered investing in stocks and shares. Being self-employed, he's never paid into a pension or thought about setting up a self-invested personal pension (Sipp). "No one’s ever given me that kind of information," he says. So why is he prepared to risk his spare cash betting on crypto? Sam found out his younger brother had turned a £3,000 investment into £30,000 within four years — money he now intends to use as a property deposit. "I was very surprised and it made me feel a bit stupid . . . why aren’t I doing this?"*
+    * cf low bets in general: tiny but possible asymmetric returns. A regressive tax or distributed lottery.
+* Quants and Hedge funds
+  * Jane Street / DE Shaw
+  * Alameda Research / Jump Crypto / DRW Cumberland
+  * Goldman Sachs / Credit Suisse
+  * Mann Group: [Silverman, Gary. ‘Crypto Has “No Inherent Worth” but Is Good to Trade, Says Man Group Chief’. Financial Times, 2021](https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874): 
+      > "If you look at cryptocurrencies as a whole, it is a pure trading instrument. There is no inherent worth in it whatsoever. It is a tulip bulb," Ellis said, referring to the flower that became the focus of a 17th-century Dutch financial mania.*
+  * Sharks *love* the minnows
 
--   Friedman Doctrine [https://en.wikipedia.org/wiki/Friedman_doctrine](https://en.wikipedia.org/wiki/Friedman_doctrine) applied to unregulated markets. Optimize for shareholder value.
-	-   Now we get to redefine shareholder to mean token holder, without any regulatory baggage from traditional markets. 
-	-   Line must go up at any cost.
--   Markets have no moral quality.
-	-   They are a mechanism of like evolution that selects for fitness and success
-	-   If I’m allowed to trade products that are massively asymmetric and disadvantage retail traders then I can and I will => it will eliminate those inefficient players (it punishes unfitness and rewards fitness)
--   I’m just participating in price discovery of a new asset class. 
--   Even if “I know it’s a greater fool asset [let's clarify this is proper econ terminology], if I have access to non-public information and more capital I can (and should) use it and exit before the other fools.”
-	-   Some people legitimately did make money trading on South Sea Bubble, Dotcom Bubble, Tulip Mania
-	-   These booms and busts are a natural part of market cycles
--   Crypto products are risk assets that have no fundamentals, but that’s not necessarily a problem because you can make money on trading them. 
-	-   There other financial products (ETNs - exchange traded notes, volatility swaps) many of which are intrinsically negative-sum and high-risk as well, these are allowed in markets … so why shouldn’t crypto be.
-		-   [Credit Suisse defends controversial financial product at the center of the market turmoil](https://www.cnbc.com/2018/02/07/credit-suisse-defends-controversial-xiv-etn-amid-market-turmoil.html)
--   If the market allows manipulation (pump and dumps, insider trading, wash trading) this is public knowledge and it is reflected in the price formation of the assets. There is no non-public disclosure about the risks of these assets, everyone is going in with their eyes open that this is the wild west. 
--   Investment Hypothesis  1: Tokens are an investment product that exists to secure compute cycles for people to run computation on a globally distributed state machine using the market to create game theoretic incentive to run other’s computations as a “public good”. That state machine has an operating cost and that creates synthetic demand for people who need to buy it, at any cost, to run computation on the chain.
--   Investment Hypothesis 2: We can treat crypto tokens as a synthetic hedge against the entire class of assets with fundamentals. They're a place to park money in times of loose monetary policy to chase yield when there's nothing else left to buy, because other funds circularly trade this thesis.
--   Institutional investors should be able to leverage their AUM to take high-risk positions just like they are in other private markets. If retail wants to participate with the “sharks” then it’s on them to understand the risks not on the people they’re trading against. The fiduciary mandate of hedge funds is to take positions on behalf of their LPs in beta uncorrelated positions.
 
-**Critique**
+### Why is this an interesting group and position to examine?
+
+* Likely represents a majority of interest and activity in crypto (and even DAOs) from the day-trader in the pub up to the wall street trader
+* Generally not brought up explicitly as much in the crypto / web3 discussion (for obvious reasons: it is not as substantive or attractive position to espouse publicly)
+* The political imaginaries aren’t there - "I just want to make money", "Greed is good"
+  * Consequences and externalities be damned
+  * Hyper-capitalist
+  * At the extreme: "Life is nothing but a competition to be the criminal rather than the victim."
+* However, may actually account for a good portion of the interest and even political/social support for this area
+* Legitimizing segment especially for regulators ("hey even Goldman Sachs or JP Morgan are involved, this must be a legitimate area / industry")
+
+## Steel-manning the Market Fundamentalist Position
+
+* [Friedman Doctrine](https://en.wikipedia.org/wiki/Friedman_doctrine)  applied to unregulated markets. Optimize for shareholder value.
+  * Now we get to redefine shareholder to mean token holder, without any regulatory baggage from traditional markets. 
+  * Line must go up at any cost.
+* Markets have no moral quality.
+  * They are a mechanism likeable to evolution: selects for fitness and success
+  * If I'm allowed to trade products that are massively asymmetric and disadvantageous to retail traders (individual, non-professional market participants) then I can and I will => it will eliminate those inefficient players (it punishes unfitness and rewards fitness)
+* I’m just participating in price discovery of a new asset class. 
+* Even if I know it’s a [greater fool asset](../concepts/greater-fool-theory), if I have access to non-public information and more capital I can (and should) use it and exit before the other fools.
+  * Some people legitimately did make money trading on South Sea Bubble, Dotcom Bubble, Tulip Mania
+  * These booms and busts are a natural part of market cycles
+* Crypto products are risk assets that have no fundamentals, but that’s not necessarily a problem because you can make money on trading them. 
+  * There other financial products (ETNs - exchange traded notes, OTM put options, volatility swaps) many of which are intrinsically negative-sum and high-risk as well, these are allowed in markets … so why shouldn’t crypto be.
+  * [Credit Suisse defends controversial financial product at the center of the market turmoil](https://www.cnbc.com/2018/02/07/credit-suisse-defends-controversial-xiv-etn-amid-market-turmoil.html)
+* If the market allows manipulation (pump and dumps, insider trading, wash trading) this is public knowledge and it is reflected in the price formation of the assets. There is no non-public disclosure about the risks of these assets, everyone is going in with their eyes open that this is the wild west. 
+* Investment Hypothesis  1: Tokens are an investment product that exists to secure compute cycles for people to run computation on a globally distributed state machine using the market to create game theoretic incentive to run other’s computations as a “public good”. That state machine has an operating cost and that creates synthetic demand for people who need to buy it, at any cost, to run computation on the chain.
+* Investment Hypothesis 2: We can treat crypto tokens as a synthetic hedge against the entire class of assets with fundamentals. They're a place to park money in times of loose monetary policy to chase yield when there's nothing else left to buy, because other funds circularly trade this thesis.
+* Institutional investors should be able to leverage their AUM to take high-risk positions just like they are in other private markets. If retail wants to participate with the “sharks” then it’s on them to understand the risks not on the people they’re trading against. The fiduciary mandate of hedge funds is to take positions on behalf of their LPs in beta uncorrelated positions.
+
+## Analyzing the Market Fundamentalist Position
+
+* Everything that has been illegal for 80 years is suddenly allowed. Exchanges are basically like bucket shops from the 1920s. Everything is allowed:
+  * Wash-trading
+  * Front-running
+  * Painting the tape
+  * Insider trading
+  * Arbitrarily halting trading
+  * Price manipulation and order book tampering
+  * Pump and dumps
+  * Canceling orders arbitrarily
+  * Refusing cash withdrawals
+  * Offering 125x leverage on options
+  * Clearing house and in-house prop trading are in the same room
+  * Exchanges have their own proprietary trading arm
+  * Trading against their own clients
+* Markets work best when we have abundant public information and minimize fraud and collusion in price formation.
+    * https://excalidraw.com/#room=6319a3e121dbdb6edf28,0u9Ht45kupjqkHD8kCuUAQ 
+* We have no idea how much leverage is baked into the entire market, induced by products like unbaked stablecoins which can seemingly produce limitless amounts of unsecured debt products on demand.
+    * [Tether minted most USDT to just 2 firms — Alameda and Cumberland](https://protos.com/tether-minted-usdt-stablecoin-crypto-two-alameda-cumberland/)
+* What does that lead to?
+  * Inequality (money flows to the sharks)
+  * Distrust and cynicism 
+    * Both wider in society: i’m out for myself, other people are just out for themselves. Dishonesty and exploitation are a normal part of (capitalist) society  
+    * Subversive opportunism
+    * When it goes wrong the state and its institutions and leaders are blamed further corroding trust in our collective capabilities when we most need them (climate change etc)
+    * In markets - assuming that markets esp financial markets have some value then undermining faith in them is problematic. Cf the 1920s/1930s which led to much of the market regulations we have today
+      * You may think this is a good if you are anarchist-nihilist
+  * Just because you can trade something doesn't mean it’s good for the world (opium trade, slave trade, asbestos)
+  * Moral hazard - public is incentivized to take on disproportionate risk expecting a bailout
+  * A deformation of character: we become enslaved to the idea of getting rich quick (cf Salgado). Capitalist alienation
+* Terribly pathological form of capitalism that doesn't result in price formation on collective enterprise, goods or services. Funds are betting on financial fantasy castles in the sky detached from any day to day reality of human life.
+  * What is the purpose of public markets then?
+
+### What type of asset is a crypto token? How do we value it? Is there a comparable asset?
+
+* Zero-coupon perpetual bond?
+* Currency you wouldn’t want to spend?
+* Equity with no cash flows or dividends? https://en.wikipedia.org/wiki/Blue_sky_law
+* Commodity with no use value?
+* Exchange traded pyramid schemes?
+* Derivative contract with no underlying?
+* Libertarian performance art split into 21 million pieces https://en.wikipedia.org/wiki/Monte_Carlo_Bonds
+* If we value it as a "block box" financial product (ala Nassim Taleb) we find it’s present value can only be zero. https://www.fooledbyrandomness.com/BTC-QF.pdf
+* A captive market for “fictitious commodities” (Marxist term) that is controlled by opaque unregulated market making and an economic cartel.
+  * This is great if you're inside the cartel. Not so great if you aren’t.
+  * Wealth transfer from public to insiders is all but guaranteed by the information asymmetry.
 
--   Everything that has been illegal for 80y is suddenly allowed. Exchanges are basically like bucket shops from the 1920s. Everything is allowed.
-	-   Wash-trading
-	-   Front-running
-	-   Painting the tape
-	-   Insider trading
-	-   Arbitrarily halting trading
-	-   Price manipulation and order book tampering
-	-   Pump and dumps
-	-   Canceling orders arbitrarily
-	-   Refusing cash withdrawals
-	-   Offering 125x leverage on options
-	-   Clearing house and in-house prop trading are in the same room
-	-   Exchanges have their own proprietary trading arm
-	-   Trading against their own clients
--   Equity markets (after many years) separate brokers, clearing house and market makers for very good reasons. Markets work best when we have abundant public information and minimize fraud and collusion in price formation.
--   We have no idea how much leverage is baked into the entire market, induced by products like unbaked stablecoins which can seemingly produce limitless amounts of unsecured debt products on demand.
-	-   [Tether minted most USDT to just 2 firms — Alameda and Cumberland](https://protos.com/tether-minted-usdt-stablecoin-crypto-two-alameda-cumberland/)
--   What does that lead to?
-	-   Inequality (money flows to the sharks)
-	-   Distrust and cynicism (and i’m on my own)
-		-   Both wider in society: i’m out for myself, other people are just out for themselves. Dishonesty and exploitation are a normal part of (capitalist) society 
-		-   Subversive opportunism
-		-   Just because you can trade something doesn't mean it’s good for the world (opium trade, slave trade, asbestos)
-		-   Moral hazard - public is incentivized to take on disproportionate risk expecting a bailout
-		-   When it goes wrong the state and its institutions and leaders are blamed further corroding trust in our collective capabilities when we most need them (climate change etc)
-		-   In markets - assuming that markets esp financial markets have some value then undermining faith in them is problematic. Cf the 1920s/1930s which led to much of the market regulations we have today
-			-   You may think this is a good if you are anarchist-nihilist
-		-   A deformation of character: we become enslaved to the idea of getting rich quick (cf Salgado). Capitalist alienation
--   Terribly pathological form of capitalism that doesn't result in price formation on collective enterprise, goods or services. Funds are betting on financial fantasy castles in the sky detached from any day to day reality of human life.
-	-   What is the purpose of public markets then?
-    
--   What type of asset is a crypto token? How do we value it? Is there a comparable asset?
-	-   Zero-coupon perpetual bond?
-	-   Currency you wouldn’t want to spend?
-	-   Equity with no cash flows or dividends?
-		-   [https://en.wikipedia.org/wiki/Blue_sky_law](https://en.wikipedia.org/wiki/Blue_sky_law)
-	-   Commodity with no use value?
-	-   Exchange traded pyramid schemes?
-	-   Derivative contract with no underlying?
-	-   Libertarian performance art split into 21 million pieces?
-		-   [https://en.wikipedia.org/wiki/Monte_Carlo_Bonds](https://en.wikipedia.org/wiki/Monte_Carlo_Bonds)
-	-   If we value it as a “block box” financial product (ala Nassim Taleb) we find it’s present value can only be zero.
-		-   [https://www.fooledbyrandomness.com/BTC-QF.pdf](https://www.fooledbyrandomness.com/BTC-QF.pdf)
--   A captive market for “fictitious commodities” (Marxist term) that is controlled by opaque unregulated market making and an economic cartel.
-	-   This is great if you’re inside the cartel. Not so great if you aren’t.
-	-   Wealth transfer from public to insiders is all nearly guaranteed by the information asymmetry.
-    
 ## Concepts Covered
 * [artificial-scarcity](../concepts/artificial-scarcity.md)
 * [assets](../concepts/assets.md)
@@ -147,4 +145,4 @@ In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market f
 1.  [@akerlof_market_1978]
 2. [@krugman_technobabble_2021]
 3. [@krugman_transaction_2018]
-4. [@griffin_is_2020]
\ No newline at end of file
+4. [@griffin_is_2020]

From f900edc02176a49accde28d206c5e315f8b796cf Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Fri, 25 Mar 2022 16:36:28 +0100
Subject: [PATCH 042/103] [notes/neo-metallism][s]: somewhat tidied version of
 the notes.

---
 notes/neo-metallism.md | 79 +++++++++++++++++++++++++-----------------
 1 file changed, 47 insertions(+), 32 deletions(-)

diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index 77caea7..298c260 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -1,45 +1,60 @@
 # Neo-metallism
 
-<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>
-
-
 In Episode 1 of the series, Rufus Pollock and Stephen Diehl discuss the neo-metallist perspective on bitcoin and the concept of "digital" gold.
 
-[https://youtu.be/_o7pRFLzJHY](https://youtu.be/_o7pRFLzJHY)
+https://www.youtube.com/embed/_o7pRFLzJHY
 
 ## Topic
 
 [digital-gold](../claims/digital-gold.md)
 
 ## Episode Notes
--   Gold has a historical precedent as money across cultures going back millenia. 
--   Multiple cultures have independently used it as currency.
--   It’s metallurgical properties make it uniquely suited amongst the elements on the periodic table.
-	-   It’s relative abundance (although not excessive abundance) and distribution across the Earth’s crust make it rare enough to horde and access even for bronze age cultures.
-	-   It is stable at room temperature, doesn’t oxidize , easily detectable because of its glimmer and unique aesthetics, it is malleable without advanced smelting technology and is uniquely distinguishable from other metals.
-	-   It is probably the ONLY element on the periodic table that has all of these unique characteristics that could even be used for monetary purposes.
-	-   There is only a finite amount of it produced in supernova events and nuclear reactions, it is thus impossible to counterfeit or “debase” the supply. 
--   Advanced economies began stockpiling gold in government reserves and issuing notes against that float in redemption in gold by a government treasury.
--   Gold theoretically acts as a universal numeraire across economic systems allowing interchange and commerce. It is a fixed “measuring sticking” for economic value that cannot be changed.
--   It satisfies the definition of money, it can theoretically function as a unit of account, medium of exchange, and store of value. The only issue is that it incurs storage costs and is not easily transported because of its density and physicality.
--   The Austrian school of economics regards gold as a (possibly only) example of “sound money” because it is immune to government intervention in the supply, effectively by the laws of physics. It cannot be “debased” or changed. (Aside: Of course, governments have found ways to "debase" gold-based currencies (usually by altering the coinage in various ways).
--   Fiat money allows for both variable supply and demand with the goal of maintaining price stability and targeting a desired inflation amount which encourages productive enterprise. Historically, going all the way back to the invention of banking in Florence, there have been examples of mismanaged fiat currencies which have not managed either their supply or demand properly and spun into either deflationary or inflationary spirals and the public lost trust in the notes and their value become illusory. 
--   The Austrians assert that government intervention in “business cycles” is unnatural because free market forces will naturally correct supply and demand imbalances and that recessions and manias are both desirable and natural events. 
--   The hard monetarist perspective views any intervention in the supply dynamics of currencies as inevitably leading to inflation which is harmful to the free market and commerce.
-	-   Milton Friedman famously said, “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”
-	-   Centralized intervention in the markets turns economic influence into political power and financial rewards based on non-public information. This in turn is worse than centrally planned economies as it doesn’t allow for accurate price formation of assets and ultimately leads society into a loss of freedom, tyranny and a state of serfdom.
-	-   Money should be put in the hands of the free market, not the state.
-	-   Private money is not only desirable, it is inevitable because hard “commodity-based'' money will inevitably replace soft money.
-	-   Cantillon Effect - Inflation is not simply an average rise in prices. Prices do not rise proportionally or simultaneously. This results in arbitrary and unfair benefits to people who have not created any economic value and detriment to others who have not destroyed anything of economic value by destroying savings. Inflationary fiat money is thus a tax on people who sell their labor for wages and don’t hold assets and disincentivizes economic activity, encourages financial speculation, and results in market consolidation.
--   The neometalist perspective is that with the advent of internet technology we should create artificially scarce “digital assets” which have the same economic properties as gold and use this as a foundation for a new digital economy and new financial system based on sound money.
--   The 21 million tokens of bitcoin is like the supply of gold produced in the supernova reactions of the heavy metals in our solar system.
--   Among cryptocurrencies there is a singular token - Bitcoin - which has a “universality” to it like gold because of its anonymous creator and it being the first to arrive on the market.
--   Since there is no [pre-mine](../concepts/pre-mine.md) or corporate entity behind bitcoin it has a unique distribution mechanism that rewarded early developers and speculators in a “fair distribution mechanism”, or at least as fair as possible before the crypto bubble and cambrian explosion of other tokens.
--   Other tokens don’t have the claim to be “digital gold” because their economics favor different mechanisms of being used besides hoarding as a store of value.
--   Bitcoin has proved itself resilient against attacks by malicious actors, market shocks, and nation states and thus is uniquely suited to replace gold in the future because it has similar properties without the storage costs. 
--   Satoshi participated in [many online discussions](https://bitcointalk.org/index.php?topic=583.0) about Austrian economics, including Rothbard, Mises and Hayak and the [bitcoin whitepaper](https://bitcoin.org/bitcoin.pdf) reflects Austrian ideas about credit, monetary theory and has a strong anti-state anti-interventionist stance.
--   In fact bitcoin is a singular almost religious act of creation that can never be repeated in human history. It is the first “apolitical money” whose existence is contingent on the universality of mathematics rather than the political winds and circumstances of humans.
 
+"Bitcoin Standard" Thesis: Bitcoin as the new Gold and and enabling a new Gold Standard
+
+## Steel-manning the Neo-metallist Position
+
+### Gold as currency
+
+* Gold has a historical precedent as money across cultures going back millenia.
+* Multiple cultures have independently used it as currency.
+* It’s metallurgical properties make it uniquely suited amongst the elements on the periodic table.
+  * It’s relative abundance (although not excessive abundance) and distribution across the Earth’s crust make it rare enough to horde and access even for bronze age cultures.
+  * It is stable at room temperature, doesn’t oxidize , easily detectable because of its glimmer and unique aesthetics, it is malleable without advanced smelting technology and is uniquely distinguishable from other metals.
+  * It is probably the ONLY element on the periodic table that has all of these unique characteristics that could even be used for monetary purposes.
+  * There is only a finite amount of it produced in supernova events and nuclear reactions, it is thus impossible to counterfeit or “debase” the supply.
+* Advanced economies began stockpiling gold in government reserves and issuing notes against that float in redemption in gold by a government treasury.
+* Gold theoretically acts as a universal numeraire across economic systems allowing interchange and commerce. It is a fixed “measuring sticking” for economic value that cannot be changed.
+* It satisfies the definition of money, it can theoretically function as a unit of account, medium of exchange, and store of value. The only issue is that it incurs storage costs and is not easily transported because of its density and physicality.
+
+### Why the Gold Standard: Fiat Money, Sound Money and the Gold Standard
+
+* The Austrian school of economics regards gold as a (possibly only) example of "sound money" because it is immune to government intervention in the supply, effectively by the laws of physics. It cannot be “debased” or changed. (Aside: Of course, governments have found ways to "debase" gold-based currencies -- usually by altering the coinage in various ways).
+* Fiat money allows for both variable supply and demand with the goal of maintaining price stability and targeting a desired inflation amount which encourages productive enterprise. Historically, going all the way back to the invention of banking in Florence, there have been examples of mismanaged fiat currencies which have not managed either their supply or demand properly and spun into either deflationary or inflationary spirals and the public lost trust in the notes and their value become illusory.
+* The Austrians assert that government intervention in "business cycles" is unnatural because free market forces will naturally correct supply and demand imbalances and that recessions and manias are both desirable and natural events.
+* The hard monetarist perspective views any intervention in the supply dynamics of currencies as inevitably leading to inflation which is harmful to the free market and commerce.
+  * Milton Friedman famously said, "Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output."
+  * Centralized intervention in the markets turns economic influence into political power and financial rewards based on non-public information. This in turn is worse than centrally planned economies as it doesn’t allow for accurate price formation of assets and ultimately leads society into a loss of freedom, tyranny and a state of serfdom.
+  * Money should be put in the hands of the free market, not the state.
+  * Private money is not only desirable, it is inevitable because hard “commodity-based'' money will inevitably replace soft money. Gresham’s law
+  * Cantillon Effect - Inflation is not simply an average rise in prices. Prices do not rise proportionally or simultaneously. This results in arbitrary and unfair benefits to people who have not created any economic value and detriment to others who have not destroyed anything of economic value by destroying savings. Inflationary fiat money is thus a tax on people who sell their labor for wages and don’t hold assets and disincentivizes economic activity, encourages financial speculation, and results in market consolidation.
+
+### Bitcoin as the new Gold enabling a new Gold Standard
+
+* The neometalist perspective is that with the advent of internet technology we should create artificially scarce “digital assets” which have the same economic properties as gold and use this as a foundation for a new digital economy and new financial system based on sound money.
+* The 21 million tokens [of bitcoin] is like the supply of gold produced in the supernova reactions of the heavy metals in our solar system.
+* Among cryptocurrencies there is a singular token - Bitcoin - which has a “universality” to it like gold because of its anonymous creator and it being the first to arrive on the market.
+* Since there is no premine or corporate entity behind bitcoin it has a unique distribution mechanism that rewarded early developers and speculators in a “fair distribution mechanism”, or at least as fair as possible before the crypto bubble and cambrian explosion of other tokens.
+* Other tokens don’t have the claim to be “digital gold” because their economics favor different mechanisms of being used besides hoarding as a store of value.
+* Bitcoin has proved itself resilient against attacks by malicious actors, market shocks, and nation states and thus is uniquely suited to replace gold in the future because it has similar properties without the storage costs.
+* Satoshi participated in [many online discussions](https://bitcointalk.org/index.php?topic=583.0) about Austrian economics, including Rothbard, Mises and Hayak and the [bitcoin whitepaper](https://bitcoin.org/bitcoin.pdf) reflects Austrian ideas about credit, monetary theory and has a strong anti-state anti-interventionist stance.
+* In fact bitcoin is a singular almost religious act of creation that can never be repeated in human history. It is the first "apolitical money" whose existence is contingent on the universality of mathematics rather than the political winds and circumstances of humans.
+
+## Critique
+
+#todo incorporate notes/transcriptions from the episode
+
+Bernanke, Ben S., and Harold James. "The gold standard, deflation, and financial crisis in the Great Depression: An international comparison." (1990).
 
 ## Concepts Covered
 
@@ -68,4 +83,4 @@ In Episode 1 of the series, Rufus Pollock and Stephen Diehl discuss the neo-meta
 3. [@golumbia_bitcoin_2015]
 4. [@caferra_bitcoin_2021]
 5. [@qin_bitcoins_2020]
-6. [@bernanke_essays_2004]
\ No newline at end of file
+6. [@bernanke_essays_2004]

From d6663d248df0e41e4eafaa47a5eecd18389d2dc0 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Sat, 26 Mar 2022 01:56:34 +0300
Subject: [PATCH 043/103] add social links and icons for youtube, podcast and
 lifeitself

---
 site/components/Layout.js |  2 +-
 site/components/Nav.js    | 53 +++++++++++++++++-------
 site/config/siteConfig.js | 86 +++++++++++++++++++++++++--------------
 3 files changed, 95 insertions(+), 46 deletions(-)

diff --git a/site/components/Layout.js b/site/components/Layout.js
index 723c408..312dc1a 100644
--- a/site/components/Layout.js
+++ b/site/components/Layout.js
@@ -31,7 +31,7 @@ export default function Layout({ children }) {
             ))}
           </nav>
           <div className="mt-8 flex justify-center space-x-6">
-            {siteConfig.social.map((item) => (
+            {siteConfig.social.map((item) => !["Life Itself"].includes(item.name) && (
               <a key={item.name} href={item.href} className="text-gray-400 hover:text-gray-500">
                 <span className="sr-only">{item.name}</span>
                 <item.icon className="h-6 w-6" aria-hidden="true" />
diff --git a/site/components/Nav.js b/site/components/Nav.js
index 27bddef..cae7410 100644
--- a/site/components/Nav.js
+++ b/site/components/Nav.js
@@ -36,21 +36,43 @@ export default function Nav() {
                 </div>
                 <div className="hidden sm:ml-6 sm:flex sm:space-x-8">
                   {/* Current: "border-indigo-500 text-gray-900", Default: "border-transparent text-gray-500 hover:border-gray-300 hover:text-gray-700" */}
-                  {navLinks.map((item,i) => (
+                  {navLinks.map((item, i) => (
                     <Link key={i} href={item.href}>
                       <a
                         key={item.name}
                         href={item.href}
-                        className={item.current ?
-                          'border-indigo-500 text-gray-900 inline-flex items-center px-1 pt-1 border-b-2 text-sm font-medium' :
-                          'border-transparent text-gray-500 hover:border-gray-300 hover:text-gray-700 inline-flex items-center px-1 pt-1 border-b-2 text-sm font-medium'
+                        className={
+                          item.current
+                            ? "border-indigo-500 text-gray-900 inline-flex items-center px-1 pt-1 border-b-2 text-sm font-medium"
+                            : "border-transparent text-gray-500 hover:border-gray-300 hover:text-gray-700 inline-flex items-center px-1 pt-1 border-b-2 text-sm font-medium"
                         }
-                        aria-current={item.current ? 'page' : undefined}
+                        aria-current={item.current ? "page" : undefined}
                       >
                         {item.name}
                       </a>
-                      </Link>
-                    ))}
+                    </Link>
+                  ))}
+                </div>
+                <div className="hidden sm:flex items-center justify-end w-full space-x-4">
+                  {siteConfig.social.map(
+                    ({ name, href, icon: Icon }) =>
+                      ["YouTube", "GitHub", "Life Itself"].includes(name) && (
+                        <div
+                          key={name}
+                          className="inline-flex items-center space-x-2 pt-1 opacity-100 hover:opacity-70"
+                        >
+                          <Icon className="w-[16px] inline-flex items-center" />
+                          <a
+                            href={href}
+                            target="_blank"
+                            rel="noopener noreferrer"
+                            className="text-sm font-medium text-gray-500 hover:underline"
+                          >
+                            {name}
+                          </a>
+                        </div>
+                      )
+                  )}
                 </div>
               </div>
             </div>
@@ -59,25 +81,26 @@ export default function Nav() {
           <Disclosure.Panel className="sm:hidden">
             <div className="pt-2 pb-4 space-y-1">
               {/* Current: "bg-indigo-50 border-indigo-500 text-indigo-700", Default: "border-transparent text-gray-500 hover:bg-gray-50 hover:border-gray-300 hover:text-gray-700" */}
-              {navLinks.map((item,i) => (
+              {navLinks.map((item, i) => (
                 <Link key={i} href={item.href}>
                   <a
                     key={item.name}
                     href={item.href}
-                    className={item.current ?
-                      'bg-indigo-50 border-indigo-500 text-indigo-700 block pl-3 pr-4 py-2 border-l-4 text-base font-medium' :
-                      'border-transparent text-gray-500 hover:bg-gray-50 hover:border-gray-300 hover:text-gray-700 block pl-3 pr-4 py-2 border-l-4 text-base font-medium'
+                    className={
+                      item.current
+                        ? "bg-indigo-50 border-indigo-500 text-indigo-700 block pl-3 pr-4 py-2 border-l-4 text-base font-medium"
+                        : "border-transparent text-gray-500 hover:bg-gray-50 hover:border-gray-300 hover:text-gray-700 block pl-3 pr-4 py-2 border-l-4 text-base font-medium"
                     }
-                    aria-current={item.current ? 'page' : undefined}
+                    aria-current={item.current ? "page" : undefined}
                   >
                     {item.name}
                   </a>
-                  </Link>
-                ))}
+                </Link>
+              ))}
             </div>
           </Disclosure.Panel>
         </>
       )}
     </Disclosure>
-  )
+  );
 }
diff --git a/site/config/siteConfig.js b/site/config/siteConfig.js
index 3c899e8..52dcba9 100644
--- a/site/config/siteConfig.js
+++ b/site/config/siteConfig.js
@@ -1,38 +1,41 @@
+import Logo from "../public/img/life-itself-logo.svg"
+
 const siteConfig = {
-  title: 'Making Sense of Crypto and Web3',
-  tagline: '',
-  description: 'Introductions to key concepts and ideas in crypto and web3. Plus in-depth evaluation of its potential impact.',
-  author: 'Life Itself and collaborators',
+  title: "Making Sense of Crypto and Web3",
+  tagline: "",
+  description:
+    "Introductions to key concepts and ideas in crypto and web3. Plus in-depth evaluation of its potential impact.",
+  author: "Life Itself and collaborators",
   // logo image
-  authorLogo: '/img//life-itself-logo.svg',
+  authorLogo: "/img//life-itself-logo.svg",
   // url to author
-  authorUrl: 'https://lifeitself.us/',
+  authorUrl: "https://lifeitself.us/",
   // Google analytics key e.g. G-XXXX
-  analytics: 'G-9DL50W4DN9',
+  analytics: "G-9DL50W4DN9",
   // optional additional nextSeo content set on each page
   // see https://github.com/garmeeh/next-seo
   nextSeo: {
     openGraph: {
       images: [
         {
-          url: 'https://res.cloudinary.com/ds7qslkd0/image/upload/w_1200,c_scale/v1647434394/Web3/NbzC4V4_o7g3j5.jpg',
-          alt: 'Making Sense of Crypto & Web3 by Life Itself',
+          url: "https://res.cloudinary.com/ds7qslkd0/image/upload/w_1200,c_scale/v1647434394/Web3/NbzC4V4_o7g3j5.jpg",
+          alt: "Making Sense of Crypto & Web3 by Life Itself",
           width: 1200,
           height: 627,
-          type: 'image/jpg',
-        }
-      ]
+          type: "image/jpg",
+        },
+      ],
     },
     twitter: {
-      handle: '@forlifeitself',
-      site: 'web3.lifeitself.us',
-      cardType: 'summary_large_image',
-    }
+      handle: "@forlifeitself",
+      site: "web3.lifeitself.us",
+      cardType: "summary_large_image",
+    },
   },
   social: [
     {
-      name: 'Facebook',
-      href: 'https://www.facebook.com/forlifeitself',
+      name: "Facebook",
+      href: "https://www.facebook.com/forlifeitself",
       icon: (props) => (
         <svg fill="currentColor" viewBox="0 0 24 24" {...props}>
           <path
@@ -44,8 +47,8 @@ const siteConfig = {
       ),
     },
     {
-      name: 'Instagram',
-      href: 'https://www.instagram.com/forlifeitself/',
+      name: "Instagram",
+      href: "https://www.instagram.com/forlifeitself/",
       icon: (props) => (
         <svg fill="currentColor" viewBox="0 0 24 24" {...props}>
           <path
@@ -57,8 +60,8 @@ const siteConfig = {
       ),
     },
     {
-      name: 'Twitter',
-      href: 'https://twitter.com/forlifeitself',
+      name: "Twitter",
+      href: "https://twitter.com/forlifeitself",
       icon: (props) => (
         <svg fill="currentColor" viewBox="0 0 24 24" {...props}>
           <path d="M8.29 20.251c7.547 0 11.675-6.253 11.675-11.675 0-.178 0-.355-.012-.53A8.348 8.348 0 0022 5.92a8.19 8.19 0 01-2.357.646 4.118 4.118 0 001.804-2.27 8.224 8.224 0 01-2.605.996 4.107 4.107 0 00-6.993 3.743 11.65 11.65 0 01-8.457-4.287 4.106 4.106 0 001.27 5.477A4.072 4.072 0 012.8 9.713v.052a4.105 4.105 0 003.292 4.022 4.095 4.095 0 01-1.853.07 4.108 4.108 0 003.834 2.85A8.233 8.233 0 012 18.407a11.616 11.616 0 006.29 1.84" />
@@ -66,19 +69,42 @@ const siteConfig = {
       ),
     },
     {
-      name: 'GitHub',
-      href: 'https://github.com/life-itself/web3',
+      name: "GitHub",
+      href: "https://github.com/life-itself/web3",
       icon: (props) => (
         <svg fill="currentColor" viewBox="0 0 24 24" {...props}>
-          <path
-            fillRule="evenodd"
-            d="M12 2C6.477 2 2 6.484 2 12.017c0 4.425 2.865 8.18 6.839 9.504.5.092.682-.217.682-.483 0-.237-.008-.868-.013-1.703-2.782.605-3.369-1.343-3.369-1.343-.454-1.158-1.11-1.466-1.11-1.466-.908-.62.069-.608.069-.608 1.003.07 1.531 1.032 1.531 1.032.892 1.53 2.341 1.088 2.91.832.092-.647.35-1.088.636-1.338-2.22-.253-4.555-1.113-4.555-4.951 0-1.093.39-1.988 1.029-2.688-.103-.253-.446-1.272.098-2.65 0 0 .84-.27 2.75 1.026A9.564 9.564 0 0112 6.844c.85.004 1.705.115 2.504.337 1.909-1.296 2.747-1.027 2.747-1.027.546 1.379.202 2.398.1 2.651.64.7 1.028 1.595 1.028 2.688 0 3.848-2.339 4.695-4.566 4.943.359.309.678.92.678 1.855 0 1.338-.012 2.419-.012 2.747 0 .268.18.58.688.482A10.019 10.019 0 0022 12.017C22 6.484 17.522 2 12 2z"
-            clipRule="evenodd"
-          />
+          <path d="M12 .297c-6.63 0-12 5.373-12 12 0 5.303 3.438 9.8 8.205 11.385.6.113.82-.258.82-.577 0-.285-.01-1.04-.015-2.04-3.338.724-4.042-1.61-4.042-1.61C4.422 18.07 3.633 17.7 3.633 17.7c-1.087-.744.084-.729.084-.729 1.205.084 1.838 1.236 1.838 1.236 1.07 1.835 2.809 1.305 3.495.998.108-.776.417-1.305.76-1.605-2.665-.3-5.466-1.332-5.466-5.93 0-1.31.465-2.38 1.235-3.22-.135-.303-.54-1.523.105-3.176 0 0 1.005-.322 3.3 1.23.96-.267 1.98-.399 3-.405 1.02.006 2.04.138 3 .405 2.28-1.552 3.285-1.23 3.285-1.23.645 1.653.24 2.873.12 3.176.765.84 1.23 1.91 1.23 3.22 0 4.61-2.805 5.625-5.475 5.92.42.36.81 1.096.81 2.22 0 1.606-.015 2.896-.015 3.286 0 .315.21.69.825.57C20.565 22.092 24 17.592 24 12.297c0-6.627-5.373-12-12-12" />
+        </svg>
+      ),
+    },
+    {
+      name: "YouTube",
+      href: "https://www.youtube.com/channel/UCmBq3VO9w_MLTKD_CHsYN-Q",
+      icon: (props) => (
+        <svg fill="currentColor" viewBox="0 0 24 24" {...props}>
+          <path d="M23.498 6.186a3.016 3.016 0 0 0-2.122-2.136C19.505 3.545 12 3.545 12 3.545s-7.505 0-9.377.505A3.017 3.017 0 0 0 .502 6.186C0 8.07 0 12 0 12s0 3.93.502 5.814a3.016 3.016 0 0 0 2.122 2.136c1.871.505 9.376.505 9.376.505s7.505 0 9.377-.505a3.015 3.015 0 0 0 2.122-2.136C24 15.93 24 12 24 12s0-3.93-.502-5.814zM9.545 15.568V8.432L15.818 12l-6.273 3.568z" />
+        </svg>
+      ),
+    },
+    {
+      name: "Podcast",
+      href: "https://anchor.fm/life-itself",
+      icon: (props) => (
+        <svg fill="currentColor" viewBox="0 0 24 24" {...props}>
+          <path d="M1.503 9.678c-.83 0-1.5.67-1.5 1.5v1.63a1.5 1.5 0 103 0v-1.63c0-.83-.67-1.5-1.5-1.5zm20.994 0c-.83 0-1.5.67-1.5 1.5v1.63a1.5 1.5 0 103 0v-1.63c0-.83-.67-1.5-1.5-1.5zM6.68 14.587c-.83 0-1.5.67-1.5 1.5v1.63a1.5 1.5 0 103 0v-1.62c0-.83-.67-1.5-1.5-1.5zm0-9.817c-.83 0-1.5.67-1.5 1.5v5.357a1.5 1.5 0 003 0V6.258c0-.83-.67-1.5-1.5-1.5zm10.638 0c-.83 0-1.5.67-1.5 1.5v1.64a1.5 1.5 0 003 0V6.27c0-.83-.67-1.5-1.5-1.5zM12 0c-.83 0-1.5.67-1.5 1.5v1.63a1.5 1.5 0 103 0V1.5c0-.83-.67-1.499-1.5-1.499zm0 19.355c-.83 0-1.5.67-1.5 1.5v1.64a1.5 1.5 0 103 .01v-1.64c0-.82-.67-1.5-1.5-1.5zm5.319-8.457c-.83 0-1.5.68-1.5 1.5v5.328a1.5 1.5 0 003 0v-5.329c0-.83-.67-1.5-1.5-1.5zM12 6.128c-.83 0-1.5.68-1.5 1.5v8.728a1.5 1.5 0 003 0V7.638c0-.83-.67-1.5-1.5-1.5z" />
+        </svg>
+      ),
+    },
+    {
+      name: "Life Itself",
+      href: "https://lifeitself.us/labs",
+      icon: (props) => (
+        <svg viewBox="0 0 24 24" {...props}>
+          <image href={Logo.src} width={24} height={24} />
         </svg>
       ),
     },
   ],
-}
+};
 
 module.exports = siteConfig
\ No newline at end of file

From e1a690c4a7bab78fe99562197308c117de19db62 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sat, 26 Mar 2022 07:28:15 +0000
Subject: [PATCH 044/103] Expand MSB definitions

---
 concepts/asymmetric-information.md           |  5 +-
 concepts/atomic-swap.md                      |  1 -
 concepts/bank.md                             |  4 +-
 concepts/bitcoin.md                          |  2 +-
 concepts/censorship-resistence.md            | 34 +++++++-------
 concepts/dao.md                              | 48 ++++++++++----------
 concepts/defi.md                             |  1 +
 concepts/free-rider-problem.md               |  4 +-
 concepts/ideologies/market-fundamentalism.md | 14 +++---
 concepts/illicit-financing.md                |  3 ++
 concepts/mixer.md                            | 12 ++---
 concepts/money-services-business.md          | 32 +++++++++++++
 concepts/money.md                            |  3 ++
 concepts/paper-wealth.md                     |  4 +-
 meta/concepts-todo.md                        |  8 ++--
 15 files changed, 111 insertions(+), 64 deletions(-)
 delete mode 100644 concepts/atomic-swap.md

diff --git a/concepts/asymmetric-information.md b/concepts/asymmetric-information.md
index 908e786..6291036 100644
--- a/concepts/asymmetric-information.md
+++ b/concepts/asymmetric-information.md
@@ -1,2 +1,5 @@
 # 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.
\ No newline at end of file
+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.
+
+## 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/atomic-swap.md b/concepts/atomic-swap.md
deleted file mode 100644
index 89159bb..0000000
--- a/concepts/atomic-swap.md
+++ /dev/null
@@ -1 +0,0 @@
-# Atomic Swap
\ No newline at end of file
diff --git a/concepts/bank.md b/concepts/bank.md
index 67b0cf9..a4fe1e7 100644
--- a/concepts/bank.md
+++ b/concepts/bank.md
@@ -3,4 +3,6 @@ A bank is a financial institution which is chartered and regulated to hold custo
 
 A bank has [deposit insurance](deposit-insurance.md) backed by a [central bank](central-banks.md).
 
-Banks are required to perform [KYC](kyc.md), [CTF](ctf.md), [AML](aml.md) checks on financial transactions and account holders.
\ No newline at end of file
+Banks are required to perform [KYC](kyc.md), [CTF](ctf.md), [AML](aml.md) checks on financial transactions and account holders.
+
+## References
\ No newline at end of file
diff --git a/concepts/bitcoin.md b/concepts/bitcoin.md
index 523b2da..d11af26 100644
--- a/concepts/bitcoin.md
+++ b/concepts/bitcoin.md
@@ -41,4 +41,4 @@ Bitcoin is based on [consensus algorithm](consensus-algorithm.md) known as Proof
 * Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
 * Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
 * Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
-* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
\ No newline at end of file
diff --git a/concepts/censorship-resistence.md b/concepts/censorship-resistence.md
index d4fb464..c140e32 100644
--- a/concepts/censorship-resistence.md
+++ b/concepts/censorship-resistence.md
@@ -4,20 +4,20 @@ The claim or aspiration that a [decentralization](decentralization.md) network i
 See also [recentralization](recentralization.md).
 
 ## References
-* Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
-* Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
-* Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
-* White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
-* Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
-* Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
-* Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
-* Azouvi, Sarah. 2021. ‘Levels of Decentralization and Trust in Cryptocurrencies: Consensus, Governance and Applications’. PhD Thesis, University College London. https://discovery.ucl.ac.uk/id/eprint/10139069/.
-* Babu, Asvatha. 2020. ‘Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482.
-* Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
-* Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.
-* Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
-* Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
-* Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
-* Bailey, Andrew M., Bradley Rettler, and Craig Warmke. 2021. ‘Philosophy, Politics, and Economics of Cryptocurrency II: The Moral Landscape of Monetary Design’. Philosophy Compass 16 (11): 1–15. https://doi.org/10.1111/phc3.12784.
-* Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
-* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
\ No newline at end of file
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
+1. White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
+1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
+1. Azouvi, Sarah. 2021. ‘Levels of Decentralization and Trust in Cryptocurrencies: Consensus, Governance and Applications’. PhD Thesis, University College London. https://discovery.ucl.ac.uk/id/eprint/10139069/.
+1. Babu, Asvatha. 2020. ‘Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482.
+1. Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
+1. Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.
+1. Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
+1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
+1. Bailey, Andrew M., Bradley Rettler, and Craig Warmke. 2021. ‘Philosophy, Politics, and Economics of Cryptocurrency II: The Moral Landscape of Monetary Design’. Philosophy Compass 16 (11): 1–15. https://doi.org/10.1111/phc3.12784.
+1. Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
\ No newline at end of file
diff --git a/concepts/dao.md b/concepts/dao.md
index d8db177..0162afa 100644
--- a/concepts/dao.md
+++ b/concepts/dao.md
@@ -21,27 +21,27 @@ DAOs are best understood as shares in a common enterprise which is run by potent
 * [yogacoin.tech](../dao/yogacoin.tech.md)
 
 ## References
-
-* Bayern, Shawn. 2021. Autonomous Organizations. Cambridge University Press. https://doi.org/10.1017/9781108878203.
-* Brennecke, Martin, Benjamin Schellinger, Nils Urbach, and Tobias Guggenberger. 2022. ‘The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO’. https://doi.org/10.24251/HICSS.2022.737.
-* Chen, Liang, Tony W. Tong, Shaoqin Tang, and Nianchen Han. 2022. ‘Governance and Design of Digital Platforms: A Review and Future Research Directions on a Meta-Organization’. Journal of Management 48 (1): 147–84. https://doi.org/10.1177/01492063211045023.
-* Crepaldi, M. 2020. ‘The Authority of Distributed Consensus Systems Trust, Governance, and Normative Perspectives on Blockchains and Distributed Ledgers’. PhD Thesis. http://amsdottorato.unibo.it/9432/.
-* El Faqir, Youssef, Javier Arroyo, and Samer Hassan. 2020. ‘An Overview of Decentralized Autonomous Organizations on the Blockchain’. PervasiveHealth: Pervasive Computing Technologies for Healthcare, August. https://doi.org/10.1145/3412569.3412579.
-* Faqir-Rhazoui, Youssef, Javier Arroyo, and Samer Hassan. 2021. ‘A Comparative Analysis of the Platforms for Decentralized Autonomous Organizations in the Ethereum Blockchain’. Journal of Internet Services and Applications 12 (1). https://doi.org/10.1186/s13174-021-00139-6.
-* Frey, Seth, P. M. Krafft, and Brian C. Keegan. 2019. ‘“This Place Does What It Was Built for”: Designing Digital Institutions for Participatory Change’. Proceedings of the ACM on Human-Computer Interaction 3 (CSCW): 1–31. https://doi.org/10.1145/3359134.
-* Hassan, Samer, and Primavera De Filippi. 2021. ‘Decentralized Autonomous Organization’. Internet Policy Review 10 (2): 1–10. https://doi.org/10.14763/2021.2.1556.
-* Hsieh, Ying Ying, Jean Philippe Vergne, Philip Anderson, Karim Lakhani, and Markus Reitzig. 2018. ‘Bitcoin and the Rise of Decentralized Autonomous Organizations’. Journal of Organization Design 7 (1): 1–16. https://doi.org/10.1186/s41469-018-0038-1.
-* Lovett, Matthew, and Lee Thomas. 2021. ‘A Fork in the Road: Perspectives on Sustainability and Decentralised Governance in Digital Institutions’. First Monday 26 (11). https://doi.org/10.5210/fm.v26i11.12357.
-* Lumineau, Fabrice, Wenqian Wang, and Oliver Schilke. 2021. ‘Blockchain Governance-A New Way of Organizing Collaborations?’ Organization Science 32 (2): 500–521. https://doi.org/10.1287/orsc.2020.1379.
-* Lustig, Caitlin. 2019. ‘Intersecting Imaginaries: Visions of Decentralized Autonomous Systems’. Proceedings of the ACM on Human-Computer Interaction 3 (CSCW). https://doi.org/10.1145/3359312.
-* Morrison, Robbie, Natasha C. H. L. Mazey, and Stephen C. Wingreen. 2020. ‘The DAO Controversy: The Case for a New Species of Corporate Governance?’ Frontiers in Blockchain 3 (May). https://doi.org/10.3389/fbloc.2020.00025.
-* Murray, Alex, Jen Rhymer, and David G. Sirmon. 2021. ‘Humans and Technology: Forms of Conjoined Agency in Organizations’. Academy of Management Review 46 (3): 552–71. https://doi.org/10.5465/amr.2019.0186.
-* Poblet, Marta, Darcy W. E. Allen, Oleksii Konashevych, Aaron M. Lane, and Carlos Andres Diaz Valdivia. 2020. ‘From Athens to the Blockchain: Oracles for Digital Democracy’. Frontiers in Blockchain 3: 41. https://doi.org/10.3389/fbloc.2020.575662.
-* Rikken, Olivier, Marijn Janssen, and Zenlin Kwee. n.d. ‘The Ins and Outs of Decentralized Autonomous Organizations (Daos)’. Available at SSRN 3989559. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3989559.
-* Schirrmacher, Nina-Birte, Johannes Rude Jensen, and Michel Avital. 2021. ‘Token-Centric Work Practices in Fluid Organizations: The Cases of Yearn and MakerDAO’. In The 42nd International Conference on Information Systems: ICIS 2021: Building Sustainability and Resilience With Is: A Call for Action. https://aisel.aisnet.org/icis2021/is_future_work/is_future_work/17/.
-* Schneider, Nathan. 2021. ‘Broad-Based Stakeholder Ownership in Journalism: Co-Ops, ESOPs, Blockchains’. Media Industries Journal 7 (2). https://doi.org/10.3998/mij.15031809.0007.203.
-* Sun, Xiaotong. 2021. ‘Centralized Governance in Decentralized Finance (DeFi): A Case Study of MakerDAO’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971791.
-* Tse, Nathan. 2020. ‘Decentralised Autonomous Organisations and the Corporate Form’. Victoria University of Wellington Law Review 51 (2): 313. https://doi.org/10.26686/vuwlr.v51i2.6573.
-* Vergne, JP. 2020. ‘Decentralized vs. Distributed Organization: Blockchain, Machine Learning and the Future of the Digital Platform’. Organization Theory 1 (4): 263178772097705. https://doi.org/10.1177/2631787720977052.
-* Wissel, Tim. 2021. ‘Fairness and Freedom for Artists: Towards a Robot Economy for the Music Industry’. https://repository.tudelft.nl/islandora/object/uuid:72a5c834-177b-4b3c-a6f8-8e69e65cfdf4.
-* Wright, Steven A. 2021. ‘Measuring DAO Autonomy: Lessons From Other Autonomous Systems’. IEEE Transactions on Technology and Society 2 (1): 43–53. https://doi.org/10.1109/tts.2021.3054974.
\ No newline at end of file
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Bayern, Shawn. 2021. Autonomous Organizations. Cambridge University Press. https://doi.org/10.1017/9781108878203.
+1. Brennecke, Martin, Benjamin Schellinger, Nils Urbach, and Tobias Guggenberger. 2022. ‘The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO’. https://doi.org/10.24251/HICSS.2022.737.
+1. Chen, Liang, Tony W. Tong, Shaoqin Tang, and Nianchen Han. 2022. ‘Governance and Design of Digital Platforms: A Review and Future Research Directions on a Meta-Organization’. Journal of Management 48 (1): 147–84. https://doi.org/10.1177/01492063211045023.
+1. Crepaldi, M. 2020. ‘The Authority of Distributed Consensus Systems Trust, Governance, and Normative Perspectives on Blockchains and Distributed Ledgers’. PhD Thesis. http://amsdottorato.unibo.it/9432/.
+1. El Faqir, Youssef, Javier Arroyo, and Samer Hassan. 2020. ‘An Overview of Decentralized Autonomous Organizations on the Blockchain’. PervasiveHealth: Pervasive Computing Technologies for Healthcare, August. https://doi.org/10.1145/3412569.3412579.
+1. Faqir-Rhazoui, Youssef, Javier Arroyo, and Samer Hassan. 2021. ‘A Comparative Analysis of the Platforms for Decentralized Autonomous Organizations in the Ethereum Blockchain’. Journal of Internet Services and Applications 12 (1). https://doi.org/10.1186/s13174-021-00139-6.
+1. Frey, Seth, P. M. Krafft, and Brian C. Keegan. 2019. ‘“This Place Does What It Was Built for”: Designing Digital Institutions for Participatory Change’. Proceedings of the ACM on Human-Computer Interaction 3 (CSCW): 1–31. https://doi.org/10.1145/3359134.
+1. Hassan, Samer, and Primavera De Filippi. 2021. ‘Decentralized Autonomous Organization’. Internet Policy Review 10 (2): 1–10. https://doi.org/10.14763/2021.2.1556.
+1. Hsieh, Ying Ying, Jean Philippe Vergne, Philip Anderson, Karim Lakhani, and Markus Reitzig. 2018. ‘Bitcoin and the Rise of Decentralized Autonomous Organizations’. Journal of Organization Design 7 (1): 1–16. https://doi.org/10.1186/s41469-018-0038-1.
+1. Lovett, Matthew, and Lee Thomas. 2021. ‘A Fork in the Road: Perspectives on Sustainability and Decentralised Governance in Digital Institutions’. First Monday 26 (11). https://doi.org/10.5210/fm.v26i11.12357.
+1. Lumineau, Fabrice, Wenqian Wang, and Oliver Schilke. 2021. ‘Blockchain Governance-A New Way of Organizing Collaborations?’ Organization Science 32 (2): 500–521. https://doi.org/10.1287/orsc.2020.1379.
+1. Lustig, Caitlin. 2019. ‘Intersecting Imaginaries: Visions of Decentralized Autonomous Systems’. Proceedings of the ACM on Human-Computer Interaction 3 (CSCW). https://doi.org/10.1145/3359312.
+1. Morrison, Robbie, Natasha C. H. L. Mazey, and Stephen C. Wingreen. 2020. ‘The DAO Controversy: The Case for a New Species of Corporate Governance?’ Frontiers in Blockchain 3 (May). https://doi.org/10.3389/fbloc.2020.00025.
+1. Murray, Alex, Jen Rhymer, and David G. Sirmon. 2021. ‘Humans and Technology: Forms of Conjoined Agency in Organizations’. Academy of Management Review 46 (3): 552–71. https://doi.org/10.5465/amr.2019.0186.
+1. Poblet, Marta, Darcy W. E. Allen, Oleksii Konashevych, Aaron M. Lane, and Carlos Andres Diaz Valdivia. 2020. ‘From Athens to the Blockchain: Oracles for Digital Democracy’. Frontiers in Blockchain 3: 41. https://doi.org/10.3389/fbloc.2020.575662.
+1. Rikken, Olivier, Marijn Janssen, and Zenlin Kwee. n.d. ‘The Ins and Outs of Decentralized Autonomous Organizations (Daos)’. Available at SSRN 3989559. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3989559.
+1. Schirrmacher, Nina-Birte, Johannes Rude Jensen, and Michel Avital. 2021. ‘Token-Centric Work Practices in Fluid Organizations: The Cases of Yearn and MakerDAO’. In The 42nd International Conference on Information Systems: ICIS 2021: Building Sustainability and Resilience With Is: A Call for Action. https://aisel.aisnet.org/icis2021/is_future_work/is_future_work/17/.
+1. Schneider, Nathan. 2021. ‘Broad-Based Stakeholder Ownership in Journalism: Co-Ops, ESOPs, Blockchains’. Media Industries Journal 7 (2). https://doi.org/10.3998/mij.15031809.0007.203.
+1. Sun, Xiaotong. 2021. ‘Centralized Governance in Decentralized Finance (DeFi): A Case Study of MakerDAO’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971791.
+1. Tse, Nathan. 2020. ‘Decentralised Autonomous Organisations and the Corporate Form’. Victoria University of Wellington Law Review 51 (2): 313. https://doi.org/10.26686/vuwlr.v51i2.6573.
+1. Vergne, JP. 2020. ‘Decentralized vs. Distributed Organization: Blockchain, Machine Learning and the Future of the Digital Platform’. Organization Theory 1 (4): 263178772097705. https://doi.org/10.1177/2631787720977052.
+1. Wissel, Tim. 2021. ‘Fairness and Freedom for Artists: Towards a Robot Economy for the Music Industry’. https://repository.tudelft.nl/islandora/object/uuid:72a5c834-177b-4b3c-a6f8-8e69e65cfdf4.
+1. Wright, Steven A. 2021. ‘Measuring DAO Autonomy: Lessons From Other Autonomous Systems’. IEEE Transactions on Technology and Society 2 (1): 43–53. https://doi.org/10.1109/tts.2021.3054974.
\ No newline at end of file
diff --git a/concepts/defi.md b/concepts/defi.md
index 3acdea9..a50cd5e 100644
--- a/concepts/defi.md
+++ b/concepts/defi.md
@@ -7,6 +7,7 @@ See also [yield farming](yield-farming.md), [AMM](amm.md), [DEX](dex.md) and [sh
 
 ## References
 1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
 1. Anker-Sørensen, Linn, and Dirk A Zetzsche. 2021. ‘From Centralized to Decentralized Finance: The Issue Of’. Available at SSRN 3978815. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978815.
 1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
 1. Barbereau, Tom, Reilly Smethurst, Orestis Papageorgiou, Alexander Rieger, and Gilbert Fridgen. 2022. ‘DeFi, Not So Decentralized: The Measured Distribution of Voting Rights’. In Proceedings of the 55th Hawaii International Conference on System Sciences. https://scholarspace.manoa.hawaii.edu/handle/10125/80074.
diff --git a/concepts/free-rider-problem.md b/concepts/free-rider-problem.md
index 6c94f27..88d1a23 100644
--- a/concepts/free-rider-problem.md
+++ b/concepts/free-rider-problem.md
@@ -1,2 +1,4 @@
 # Free Rider Problem
-The use of [public goods](public-goods-problem.md) by parties who do not contribute to their creation or upkeep.
\ No newline at end of file
+The use of [public goods](public-goods-problem.md) by parties who do not contribute to their creation or upkeep while still extracting value from the service or good.
+
+See also [public goods problem](public-goods-problem.md).
\ No newline at end of file
diff --git a/concepts/ideologies/market-fundamentalism.md b/concepts/ideologies/market-fundamentalism.md
index 0256631..28f4ac9 100644
--- a/concepts/ideologies/market-fundamentalism.md
+++ b/concepts/ideologies/market-fundamentalism.md
@@ -7,10 +7,10 @@ The strong form of this ideology coincides with the so-called Friedman Doctrine
 the social responsibility of business is to increase its profits, possibly by any means.
 
 ## References
-* Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
-* Fama, Eugene F. "Efficient capital markets: A review of theory and empirical work." The journal of Finance 25, no. 2 (1970): 383-417.
-* Akerlof, George A. "The market for “lemons”: Quality uncertainty and the market mechanism." In Uncertainty in economics, pp. 235-251. Academic Press, 1978.
-* Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
-* 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.
-* Jarrow, Robert A. "Market manipulation, bubbles, corners, and short squeezes." Journal of financial and Quantitative Analysis 27, no. 3 (1992): 311-336.
-* Friedman, Milton. "The social responsibility of business is to increase its profits." In Corporate ethics and corporate governance, pp. 173-178. Springer, Berlin, Heidelberg, 2007.
\ No newline at end of file
+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. Akerlof, George A. "The market for “lemons”: Quality uncertainty and the market mechanism." In Uncertainty in economics, pp. 235-251. Academic Press, 1978.
+1. Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
+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.
+1. Jarrow, Robert A. "Market manipulation, bubbles, corners, and short squeezes." Journal of financial and Quantitative Analysis 27, no. 3 (1992): 311-336.
+1. Friedman, Milton. "The social responsibility of business is to increase its profits." In Corporate ethics and corporate governance, pp. 173-178. Springer, Berlin, Heidelberg, 2007.
\ No newline at end of file
diff --git a/concepts/illicit-financing.md b/concepts/illicit-financing.md
index 6f502cb..1401655 100644
--- a/concepts/illicit-financing.md
+++ b/concepts/illicit-financing.md
@@ -1 +1,4 @@
 # Illicit Financing
+Illicit financial flows are illegal movements of money from one country to another that are illegally earned, transferred, or associated with criminal activity.
+
+See also [money laundering](money-laundering.md), [counter-terrorism financing](ctf.md), and [sanctions enforcement](sanctions-enforcement.md).
\ No newline at end of file
diff --git a/concepts/mixer.md b/concepts/mixer.md
index 1187af5..e3046b5 100644
--- a/concepts/mixer.md
+++ b/concepts/mixer.md
@@ -4,9 +4,9 @@ A crypto mixer is a [smart contract](smart-contracts.md) service that performs [
 Crypto mixers are a form of [regulatory arbitrage](regulatory-arbitrage.md).
 
 ## References
-* Buttigieg, Christopher P., Christos Efthymiopoulos, Abigail Attard, and Samantha Cuyle. 2019. ‘Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State’. Law and Financial Markets Review 13 (4): 211–27. https://doi.org/10.1080/17521440.2019.1663996.
-* Computerphile. 2018. Stolen Bitcoin Tracing - Computerphile - YouTube. https://www.youtube.com/watch?v=UlLN0QERWBs&ab_channel=Computerphile.
-* Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
-* Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
-* Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
-* Scheck, Justin, and Shane Shifflett. 2018. ‘How Dirty Money Disappears into the Black Hole of Cryptocurrency’. Wall Street Journal 28.
+1. Buttigieg, Christopher P., Christos Efthymiopoulos, Abigail Attard, and Samantha Cuyle. 2019. ‘Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State’. Law and Financial Markets Review 13 (4): 211–27. https://doi.org/10.1080/17521440.2019.1663996.
+1. Computerphile. 2018. Stolen Bitcoin Tracing - Computerphile - YouTube. https://www.youtube.com/watch?v=UlLN0QERWBs&ab_channel=Computerphile.
+1. Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
+1. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
+1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+* Scheck, Justin, and Shane Shifflett. 2018. ‘How Dirty Money Disappears into the Black Hole of Cryptocurrency’. Wall Street Journal 28.
\ No newline at end of file
diff --git a/concepts/money-services-business.md b/concepts/money-services-business.md
index efb7ecd..d0c2a66 100644
--- a/concepts/money-services-business.md
+++ b/concepts/money-services-business.md
@@ -1,2 +1,34 @@
 # Money Services Business
+In financial regulation *money services business* includes any person doing business in one or more of the following capacities: 
+
+1. Currency dealer or exchange [making](market-maker.md).
+1. Check cashier. 
+1. Issuer of checks, money orders or stored value.
+
+Crypto exchanges are regulated as money services business in the United States, not as [brokers](broker.md). Money service business regulation is far less restrictive than the regulation applied to market makers or brokers, is very state-by-state based in terms of enforcement, and often only involves compliance with high-level FinCEN guidelines on [AML](aml.md) and [KYC](kyc.md) checks on transmission of stored value.
+
 ## References
+1. ‘Guidance on Cryptoassets’. 2019. Financial Conduct Authority. https://www.fca.org.uk/publication/consultation/cp19-03.pdf#page=11.
+1. Amenta, Carlo, E Riva Sanseverino, and Carlo Stagnaro. 2021. ‘Regulating Blockchain for Sustainability? The Critical Relationship between Digital Innovation, Regulation, and Electricity Governance’. Energy Research & Social Science 76: 102060. https://doi.org/10.1016/j.erss.2021.102060.
+1. Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
+1. Azgad-Tromer, Shlomit. 2018. ‘Crypto Securities: On the Risks of Investments in Blockchain-Based Assets and the Dilemmas of Securities Regulation’. Am. UL Rev. 68: 69.
+1. Barrett, Claer. 2021. ‘Why Young Investors Bet the Farm on Cryptocurrencies’. Financial Times, 28 May 2021. https://www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458.
+1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
+1. Cristina Cuervo, Anastasiia Morozova. 2020. ‘Regulation of Crypto Assets’. International Monetary Fund. https://www.imf.org/en/Publications/fintech-notes/Issues/2020/01/09/Regulation-of-Crypto-Assets-48810.
+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. Doody, Sean. 2020. ‘Reactionary Technopolitics: A Critical Sociohistorical Review’. Fast Capitalism 17 (1): 143–64. https://doi.org/10.32855/fcapital.202001.009.
+1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
+1. Eichengreen, Barry. 2021. ‘Financial Regulation in the Age of the Platform Economy’. Journal of Banking Regulation, 1–11. https://doi.org/10.1057/s41261-021-00187-9.
+1. Feinstein, Brian D, and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. http://ssrn.com/paper=3649475.
+1. Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
+1. Guadamuz, Andres, and Chris Marsden. 2015. ‘Blockchains and Bitcoin: Regulatory Responses to Cryptocurrencies’. First Monday 20 (12). https://doi.org/10.5210/fm.v20i12.6198.
+1. Hacker, Philipp, Ioannis Lianos, Georgios Dimitropoulos, and Stefan Eich. 2019. Regulating Blockchain: : Techno-Social and Legal Challenges. https://doi.org/10.1093/oso/9780198842187.001.0001.
+1. Herian, Robert. 2020. ‘Blockchain, GDPR, and Fantasies of Data Sovereignty’. Law, Innovation and Technology 12 (1): 156–74. https://doi.org/10.1080/17579961.2020.1727094.
+1. Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
+1. Kapsis, Ilias. 2021. ‘Should We Trade Market Stability for More Financial Inclusion? The Case of Crypto-Assets Regulation in EU’. FinTech, Artificial Intelligence and the Law: Regulation and Crime Prevention, 85–104. https://doi.org/10.4324/9781003020998-9.
+1. Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+1. Schneiders, Alexandra, and David Shipworth. 2021. ‘Community Energy Groups: Can They Shield Consumers from the Risks of Using Blockchain for Peer-to-Peer Energy Trading?’ Energies 14 (12). https://doi.org/10.3390/en14123569.
+1. Tozze, Arianna, Josh Kamps, Eray Arda Akartuna, Toby Davies, Florian Hetzel, and Shane D. Johnson. 2021. ‘Cryptocurrencies and Future Crime’. Crime Science 11 (1): 4. https://doi.org/10.1186/s40163-021-00163-8.
+1. Xie, Rain. 2019. ‘Why China Had to Ban Cryptocurrency but the U.S. Did Not: A Comparative Analysis of Regulations on Crypto-Markets between the U.S. and China’. Wash. U. Global Stud. L. Rev. 18 (2): 457–89. https://openscholarship.wustl.edu/cgi/viewcontent.cgi?article=1684&context=law_globalstudies.
+1. Yeung, Karen. 2019. ‘Regulation by Blockchain: The Emerging Battle for Supremacy between the Code of Law and Code as Law’. Modern Law Review 82 (2): 207–39. https://doi.org/10.1111/1468-2230.12399.
\ No newline at end of file
diff --git a/concepts/money.md b/concepts/money.md
index 00d0512..3a7240c 100644
--- a/concepts/money.md
+++ b/concepts/money.md
@@ -8,6 +8,9 @@ Money is any item or verifiable record that is accepted as payment for goods and
 Money is a social technology whose efficacy is based on both its universal acceptance in an economic region and the money's coherence to three properties:
 
 The United States [dollar](dollar.md) and the Euro are examples of money.
+
+See also [private money](private-money.md).
+
 ## Qualities
 
 The qualifies of a currency representing money are defined by coherent to three properties:
diff --git a/concepts/paper-wealth.md b/concepts/paper-wealth.md
index 9ebf8a7..af2f244 100644
--- a/concepts/paper-wealth.md
+++ b/concepts/paper-wealth.md
@@ -1,4 +1,6 @@
 # Paper Wealth
 Paper wealth is [value](value.md) that is stored on behalf of a customer or counterparty which has not been converted into [currency](currency.md) yet. It's denominated value has yet to be realized and is subject to [counterparty risk](counterparty-risk.md), [platform risk](platform-risk.md) and [price risk](price-risk.md)
 
-[Crypto assets](cryptoasset.md) held in [crypto exchanges](crypto-exchange.md) are an example of paper wealth.
\ No newline at end of file
+[Crypto assets](cryptoasset.md) held in [crypto exchanges](crypto-exchange.md) are an example of paper wealth.
+
+See also [counterparty risk](counterparty-risk.md) and [bank run](bank-run.md).
\ No newline at end of file
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 6a9c262..0efa64f 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -33,9 +33,9 @@ First pass
 Second Pass
 
 - [x] [private-money](../concepts/private-money.md)
-- [ ] [amm](../concepts/amm.md)
+- [x] [amm](../concepts/amm.md)
 - [x] [artificial-scarcity](../concepts/artificial-scarcity.md)
-- [ ] [assets](../concepts/assets.md)
+- [x] [assets](../concepts/assets.md)
 - [x] [bretton-woods](../concepts/bretton-woods.md)
 - [ ] [broker](../concepts/broker.md)
 - [ ] [cd](../concepts/cd.md)
@@ -46,9 +46,9 @@ Second Pass
 - [x] [deposit-insurance](../concepts/deposit-insurance.md)
 - [ ] [dex](../concepts/dex.md)
 - [x] [exit-scam](../concepts/exit-scam.md)
-- [ ] [free-rider-problem](../concepts/free-rider-problem.md)
+- [x] [free-rider-problem](../concepts/free-rider-problem.md)
 - [x] [bank](../concepts/bank.md)
-- [ ] [illicit-financing](../concepts/illicit-financing.md)
+- [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)

From e0e4e17cd462efb2e617fa6da59b10e4958d8439 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sat, 26 Mar 2022 09:58:37 +0000
Subject: [PATCH 045/103] Describe capital formation

---
 claims/is-bitcoin-currency.md                 |  2 +-
 claims/narrative-economics.md                 | 20 ++++----
 claims/weird-culture.md                       |  2 +-
 claims/what-type-of-asset.md                  |  2 +-
 concepts/{ideologies => }/accelerationism.md  |  0
 .../{ideologies => }/anarchocapitalism.md     |  0
 concepts/asymmetric-information.md            |  2 +
 .../{ideologies => }/austrian-economics.md    |  0
 concepts/bitcoin.md                           |  2 +-
 concepts/broker.md                            |  7 +++
 concepts/capital-formation.md                 |  6 +++
 concepts/{ideologies => }/capitalism.md       |  0
 concepts/cd.md                                |  5 ++
 concepts/{ideologies => }/cryptoanarchism.md  |  2 +-
 concepts/deposit-insurance.md                 |  4 +-
 .../{ideologies => }/financial-nihilism.md    |  2 +-
 concepts/front-running.md                     | 10 +++-
 concepts/gold-standard.md                     |  2 +-
 concepts/{ideologies => }/inevitablism.md     |  0
 .../{ideologies => }/keynsian-economics.md    |  0
 concepts/{ideologies => }/libertarianism.md   |  2 +-
 .../{ideologies => }/market-fundamentalism.md |  2 +-
 concepts/{ideologies => }/marxism.md          |  2 +-
 concepts/meme-stock.md                        |  2 +-
 concepts/memecoin.md                          |  2 +-
 concepts/mlm.md                               | 18 ++++++-
 concepts/mutualization.md                     |  5 ++
 .../post-state-technocracy.md                 |  2 +-
 concepts/sound-money.md                       |  4 +-
 .../{ideologies => }/techno-collectivism.md   |  0
 concepts/techno-obscurantism.md               |  2 +-
 .../{ideologies => }/technolibertarianism.md  |  4 +-
 .../{ideologies => }/technosolutionism.md     |  2 +-
 guide/index.md                                | 25 +++++-----
 meta/concepts-todo.md                         | 50 +++++++++----------
 notes/market-fundamentalism.md                |  2 +-
 notes/neo-metallism.md                        |  2 +-
 notes/post-state-technocracy.md               |  8 +--
 notes/recent-events.md                        |  2 +-
 site/content/about.md                         |  2 +-
 site/content/test.md                          |  1 -
 41 files changed, 129 insertions(+), 78 deletions(-)
 rename concepts/{ideologies => }/accelerationism.md (100%)
 rename concepts/{ideologies => }/anarchocapitalism.md (100%)
 rename concepts/{ideologies => }/austrian-economics.md (100%)
 rename concepts/{ideologies => }/capitalism.md (100%)
 rename concepts/{ideologies => }/cryptoanarchism.md (96%)
 rename concepts/{ideologies => }/financial-nihilism.md (92%)
 rename concepts/{ideologies => }/inevitablism.md (100%)
 rename concepts/{ideologies => }/keynsian-economics.md (100%)
 rename concepts/{ideologies => }/libertarianism.md (95%)
 rename concepts/{ideologies => }/market-fundamentalism.md (87%)
 rename concepts/{ideologies => }/marxism.md (84%)
 rename concepts/{ideologies => }/post-state-technocracy.md (98%)
 rename concepts/{ideologies => }/techno-collectivism.md (100%)
 rename concepts/{ideologies => }/technolibertarianism.md (86%)
 rename concepts/{ideologies => }/technosolutionism.md (96%)

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
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diff --git a/concepts/ideologies/keynsian-economics.md b/concepts/keynsian-economics.md
similarity index 100%
rename from concepts/ideologies/keynsian-economics.md
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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%
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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
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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

From 7fc5dac29550a60c2c66b9316b5acd2613397f1d Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sat, 26 Mar 2022 21:32:57 +0000
Subject: [PATCH 046/103] Description of market manias

---
 concepts/accelerationism.md   |  2 +-
 concepts/bubble.md            | 20 ++++++++++----------
 concepts/collateralization.md |  2 ++
 concepts/defi.md              |  2 +-
 concepts/market-mania.md      | 12 ++++++------
 guide/index.md                |  5 +----
 6 files changed, 21 insertions(+), 22 deletions(-)
 create mode 100644 concepts/collateralization.md

diff --git a/concepts/accelerationism.md b/concepts/accelerationism.md
index dfb80aa..2d23b7f 100644
--- a/concepts/accelerationism.md
+++ b/concepts/accelerationism.md
@@ -1,7 +1,7 @@
 # Accelerationism
 Accelerationism is reactionary belief system that proposes that processes like capitalist growth and technological change should be drastically intensified or "accelerated" as a mechanism to effect radical social change.
 
-The notion coincides with crypto advocacy as some believe that an acceleration to a variant of [hypercapitalism](capitalism.md) with no regulation, caveat emptor investments, and extreme financialization of all aspects of human life as a means to accelerate the collapse of capitalism itself or to build a new financial system like a phoenix from the ashes of the old one.
+The notion coincides with crypto advocacy as some believe that an acceleration to a variant of [capitalism](capitalism.md) with no regulation, caveat emptor investments, and extreme financialization of all aspects of human life as a means to accelerate the collapse of capitalism itself or to build a new financial system like a phoenix from the ashes of the old one.
 
 ## References
 1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
diff --git a/concepts/bubble.md b/concepts/bubble.md
index 271a19e..cb6170d 100644
--- a/concepts/bubble.md
+++ b/concepts/bubble.md
@@ -16,17 +16,17 @@ See ["madness of crowds"](madness-crowds.md), [market mania](market-mania.md) an
 
 ## References
 
-* Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
-* Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
-* Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
+1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
+1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
+1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-* Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
-* Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
+1. Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
+1. Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
 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. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
 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.
-* Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
-* Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
-* Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
-* Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
-* Zetzsche, Dirk A, Ross P Buckley, Douglas W Arner, and Linus Föhr. 2017. ‘The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators’. University of Luxembourg Law Working Paper, no. 11: 17–83.
\ No newline at end of file
+1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
+1. Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
+1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
+1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
+1. Zetzsche, Dirk A, Ross P Buckley, Douglas W Arner, and Linus Föhr. 2017. ‘The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators’. University of Luxembourg Law Working Paper, no. 11: 17–83.
\ No newline at end of file
diff --git a/concepts/collateralization.md b/concepts/collateralization.md
new file mode 100644
index 0000000..89bc812
--- /dev/null
+++ b/concepts/collateralization.md
@@ -0,0 +1,2 @@
+# Collateralization
+
diff --git a/concepts/defi.md b/concepts/defi.md
index a50cd5e..66f1767 100644
--- a/concepts/defi.md
+++ b/concepts/defi.md
@@ -1,5 +1,5 @@
 # Decentralized Finance (DeFi)
-Defi is a broad category of [smart-contracts](smart-contracts.md) which loosely correspond to digital contracts running on a [blockchain](blockchain.md) which allow users to create collateralized loans out of [stablecoin](stablecoin.md) and which have side payouts in so-called "[governance tokens](governance-token.md)".
+Defi is a broad category of [smart contracts](smart-contracts.md) which loosely correspond to digital investment schemes running on a [blockchain](blockchain.md) which allow users to create over-collateralized loans out of [stablecoin](stablecoin.md) and which have side payouts in so-called "[governance tokens](governance-token.md)".
 
 DeFi generally refers to a collection of services which offer lending products offered by non-banks and which exist outside the regulatory perimeter as a form [regulatory arbitrage](regulatory-arbitrage.md) and to fund margin trading activities to [speculaate](speculation.md) on [crypto assets](cryptoasset.md).
 
diff --git a/concepts/market-mania.md b/concepts/market-mania.md
index d23fc98..6c67f11 100644
--- a/concepts/market-mania.md
+++ b/concepts/market-mania.md
@@ -1,14 +1,14 @@
 # Market Mania
+An event in markets characterised by extremely aberrant [price formation](price-formation.md) across multiple assets in a [market](market.md). May be caused by events such as [bubbles](bubble.md), [speculative manias](speculation.md), [market manipulation](market-manipulation.md) or market shocks.
+
+The expansion of crypto tokens is [is widely](../claims/is-bubble.md) perceived to be a market mania.
 
 ## References
+1. Shaffer, Daniel S. 2010. Profiting in Economic Storms: A Historic Guide to Surviving Depression, Deflation, Hyperinflation, and Market Bubbles. John Wiley & Sons.
+1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
 1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
 1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
-1. Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
-1. Baur, Dirk G., and Thomas Dimpfl. 2021. ‘The Volatility of Bitcoin and Its Role as a Medium of Exchange and a Store of Value’. Empirical Economics 61 (5): 2663–83. https://doi.org/10.1007/s00181-020-01990-5.
-1. Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
-1. Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
 1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
-1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
-1. Krugman, Paul. 2021. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
\ No newline at end of file
+1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 43e2899..d1c024f 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -1,9 +1,5 @@
 # Introduction
 
-## What This Is
-
-This initiative is an exploration of the ideations of crypto and "web3" and its constituent technologies, aspirations and economics. The concept of [web3](/concepts/web3.md) is a fuzzy term that can be hard to make sense of. This initiative aims to address the misunderstandings and shed a light on basic macroeconomics and technology, especially for those tasked with doing sense-making for the public. Our [methodology](/guide/method.md) set outs our aim to create a balanced and moderate perspective that incorporates ideas from economics, political economy and computer science.
-
 This page serves as a root from which all other topics branch and can be explored. 
 
 ## Key Concepts
@@ -172,6 +168,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Bucket shop](../concepts/bucket-shop.md)
 * [Artificial demand](../concepts/artificial-demand.md)
 * [Financial asset](../concepts/financial-asset.md)
+* [Market mania](../concepts/market-mania.md)
 * [Unbanked](../concepts/unbanked.md)
 * [Assets](../concepts/assets.md)
 	* [Real estate](../concepts/real-estate.md)

From c48648f9504c739a234ed21b196bd768c4cb469b Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sat, 26 Mar 2022 21:57:12 +0000
Subject: [PATCH 047/103] Finish all ideologies

---
 claims/narrative-economics.md |  2 +-
 concepts/capitalism.md        |  7 +++++++
 concepts/inevitablism.md      | 12 ++++++++++--
 concepts/price-formation.md   |  5 ++++-
 concepts/technopopulism.md    |  4 ++++
 concepts/technosolutionism.md |  2 +-
 guide/index.md                |  3 +++
 meta/concepts-todo.md         |  8 ++++----
 8 files changed, 34 insertions(+), 9 deletions(-)
 create mode 100644 concepts/technopopulism.md

diff --git a/claims/narrative-economics.md b/claims/narrative-economics.md
index 93f8d0c..985a85e 100644
--- a/claims/narrative-economics.md
+++ b/claims/narrative-economics.md
@@ -69,7 +69,7 @@ Dogecoin is an example of a crypto asset with no political imaginaries, no [curr
 * Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
 * Phillips, David J. 1998. Digital Cash and the Surveillance Society: Negotiating Identification in New Consumer Payment Systems. University of Pennsylvania. https://search.proquest.com/openview/7ca922683fe4b5a94427e0ba59af4def/1?pq-origsite=gscholar&cbl=18750&diss=y.
 * West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-* *———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
+* ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
 
 TODO: group by narrative
 
diff --git a/concepts/capitalism.md b/concepts/capitalism.md
index 31780d9..1788212 100644
--- a/concepts/capitalism.md
+++ b/concepts/capitalism.md
@@ -1,3 +1,10 @@
 # Capitalism
+A broad category of economic systems in which [price formation](price-formation.md), [markets](market.md), trade, and industry are controlled by private owners rather than by the state.
+
+See also [Marxism](marxism.md), [anarchocapitalism](anarchocapitalism.md) and [market fundamentalism](market-fundamentalism.md).
 
 ## References
+1. Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
+1. Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
+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/inevitablism.md b/concepts/inevitablism.md
index 91dd1e8..8415451 100644
--- a/concepts/inevitablism.md
+++ b/concepts/inevitablism.md
@@ -1,3 +1,11 @@
-# Inevitablism
+# Crypto-inevitablism
 
-## References
\ No newline at end of file
+The prefiguragative political ideology which is centered around a core faith that [crypto asset](cryptoasset.md) and their associated technologies have some pre-ordained to destiny on the scale of human history detached from their efficacy for one use case or problem to solve. It is the pre-supposition that crypto assets are simply *inevitable* and must be brought into existence to fulfil a, perhaps unspecified, destiny.
+
+## References
+* Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
+* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
+* Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
+* Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
+* ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
\ No newline at end of file
diff --git a/concepts/price-formation.md b/concepts/price-formation.md
index ffcb35a..36ff0ab 100644
--- a/concepts/price-formation.md
+++ b/concepts/price-formation.md
@@ -1,4 +1,7 @@
 # Price Formation
 Price formation is an information-gathering process which ensures that market participants know enough about the prices of the [assets](assets.md) being traded in the [market](market.md), so that they can make rational decisions about the buying and selling of goods and services.
 
-## References
\ No newline at end of file
+## 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/technopopulism.md b/concepts/technopopulism.md
new file mode 100644
index 0000000..4f6621b
--- /dev/null
+++ b/concepts/technopopulism.md
@@ -0,0 +1,4 @@
+# Techno-populism
+
+## References
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
\ No newline at end of file
diff --git a/concepts/technosolutionism.md b/concepts/technosolutionism.md
index 3dea1b9..ebe16dc 100644
--- a/concepts/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 [techno-collectivism](techno-collectivism.md) and [post-state technocracy](post-state-technocracy.md).
 
 ## References
 
diff --git a/guide/index.md b/guide/index.md
index d1c024f..2b7fdf1 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -131,7 +131,10 @@ Explore crypto and "web3" in terms of different perspectives on politics and eco
 * [Keynsian Economics](../concepts/keynsian-economics.md)
 * [Technosolutionism](../concepts/technosolutionism.md)
 * [Technocollectivism](../concepts/techno-collectivism.md)
+* [Technopopulism](../concepts/technopopulism.md)
 * [Accelerationism](../concepts/accelerationism.md)
+* [Crypto-inevitablism](../concepts/inevitablism.md)
+* [Capitalism](../concepts/capitalism.md)
 
 ***
 
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 9453225..9f2fab3 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -81,7 +81,7 @@ Third pass
 - [ ] [atomic-swap](../concepts/atomic-swap.md)
 - [ ] [bank-run](../concepts/bank-run.md)
 - [x] [broker](../concepts/broker.md)
-- [x] [capital-formation](../concepts/capital-formation.md)
+- [x] [capital-formation](../concepts/capital-formation.md)![](../concepts/WeCrashed.S01E02.480p.x264-mSD[eztv.re].mkv)
 - [x] [cds](../concepts/cds.md)
 - [ ] [enclosure](../concepts/enclosure.md)
 - [ ] [ficticious-commodity](../concepts/ficticious-commodity.md)
@@ -94,10 +94,10 @@ Third pass
 
 Ideologies
 
-- [ ] [accelerationism](../concepts/accelerationism.md)
-- [ ] [capitalism](../concepts/capitalism.md)
+- [x] [accelerationism](../concepts/accelerationism.md)
+- [x] [capitalism](../concepts/capitalism.md)
 - [x] [cryptoanarchism](../concepts/cryptoanarchism.md)
-- [ ] [inevitablism](../concepts/inevitablism.md)
+- [x] [inevitablism](../concepts/inevitablism.md)
 - [x] [keynsian-economics](../concepts/keynsian-economics.md)
 - [x] [technolibertarianism](../concepts/technolibertarianism.md)
 - [x] [technosolutionism](../concepts/technosolutionism.md)

From c459f34fc91f7702a0e12552986fa83e66f71347 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sun, 27 Mar 2022 11:36:08 +0100
Subject: [PATCH 048/103] Risk analysis topics

---
 concepts/artificial-demand.md |  2 ++
 concepts/bank-run.md          |  5 +++++
 concepts/counterparty-risk.md |  1 +
 concepts/inevitablism.md      |  3 +--
 concepts/platform-risk.md     |  9 +++++++++
 concepts/risk.md              |  5 +++++
 guide/index.md                |  2 +-
 meta/concepts-todo.md         | 16 +++++++---------
 8 files changed, 31 insertions(+), 12 deletions(-)
 create mode 100644 concepts/risk.md

diff --git a/concepts/artificial-demand.md b/concepts/artificial-demand.md
index 13cd319..703497d 100644
--- a/concepts/artificial-demand.md
+++ b/concepts/artificial-demand.md
@@ -1,2 +1,4 @@
 # Artificial Demand
+The property of a [asset](asset) whereby the demand curve for the asset is not generated by market forces but instead by an artificial source external which requires the purchase of the asset as a proxy for another good or services, or as part of an [enclosure](enclosure.md).
+
 See [enclosure](enclosure.md) and [artificial-scarcity](artificial-scarcity.md).
\ No newline at end of file
diff --git a/concepts/bank-run.md b/concepts/bank-run.md
index 4bcec41..2e169e9 100644
--- a/concepts/bank-run.md
+++ b/concepts/bank-run.md
@@ -1 +1,6 @@
 # Bank Run
+In financial regulation, a bank run is the sudden withdrawal of [deposits](deposit.md) from a [bank](bank.md), which may result in the bank becoming insolvent. 
+
+Bank runs where a common occurrence in United States in the market crash of 1929 and during the 1930s. Regulation and federal policy [deposit insurance](deposit-insurance.md) entirely eliminated this phenomenon in subsequent decades.
+
+## References
\ No newline at end of file
diff --git a/concepts/counterparty-risk.md b/concepts/counterparty-risk.md
index 907556f..b83294c 100644
--- a/concepts/counterparty-risk.md
+++ b/concepts/counterparty-risk.md
@@ -1,3 +1,4 @@
 # Counterparty Risk
+In financial risk analysis, *counterparty risk* is the probability that the one party to an a legal contract, investment, transaction, or credit agreement will not fulfil the terms of the deal and may default on the contractual obligations.
 
 ## References
diff --git a/concepts/inevitablism.md b/concepts/inevitablism.md
index 8415451..4990127 100644
--- a/concepts/inevitablism.md
+++ b/concepts/inevitablism.md
@@ -1,6 +1,5 @@
 # Crypto-inevitablism
-
-The prefiguragative political ideology which is centered around a core faith that [crypto asset](cryptoasset.md) and their associated technologies have some pre-ordained to destiny on the scale of human history detached from their efficacy for one use case or problem to solve. It is the pre-supposition that crypto assets are simply *inevitable* and must be brought into existence to fulfil a, perhaps unspecified, destiny.
+The prefiguragative political ideology which is centred around a core faith that [crypto assets](cryptoasset.md) and their associated technologies and culture have some pre-ordained to destiny on the scale of human history detached from their efficacy for one use case or problem to solve. It is the presupposition that crypto assets are simply *inevitable* and must be brought into existence to fulfil a, perhaps unspecified, destiny.
 
 ## References
 * Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
diff --git a/concepts/platform-risk.md b/concepts/platform-risk.md
index 5566fff..b11c633 100644
--- a/concepts/platform-risk.md
+++ b/concepts/platform-risk.md
@@ -1 +1,10 @@
 # Platform Risk
+In financial risk analysis, *platform risk* is the risk that the [market maker](market-maker.md) or trading platform ceases to operate as a company. In this event the customers of the platform may be left without the ability to realize their [paper wealth](paper-wealth.md) or withdraw funds that are tied up in the defunct company without a liquidation path.
+
+Unregulated [crypto exchanges](crypto-exchange.md) are subject to extreme [platform risk](platform-risk.md).
+
+## References
+1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
+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. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
+1. Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
\ No newline at end of file
diff --git a/concepts/risk.md b/concepts/risk.md
new file mode 100644
index 0000000..1230d52
--- /dev/null
+++ b/concepts/risk.md
@@ -0,0 +1,5 @@
+# Risk
+1. [Counterparty risk](counterparty-risk.md)
+2. [Platform risk](platform-risk.md)
+3. [Price risk](price-risk.md)
+4. [Systemic risk](systemic-risk.md)
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 2b7fdf1..b87dc25 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -123,7 +123,7 @@ Explore crypto and "web3" in terms of different perspectives on politics and eco
 * [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)
+* [Post-state Technocracy](../concepts/post-state-technocracy.md)
 * [Libertarianism](../concepts/libertarianism.md)
 * [Technolibertarianism](../concepts/technolibertarianism.md)
 * [Cryptoanarchism](../concepts/cryptoanarchism.md)
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 9f2fab3..343a550 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -40,7 +40,7 @@ Second Pass
 - [x] [broker](../concepts/broker.md)
 - [x] [cd](../concepts/cd.md)
 - [x] [commodity](../concepts/commodity.md)
-- [ ] [counterparty-risk](../concepts/counterparty-risk.md)
+- [x] [counterparty-risk](../concepts/counterparty-risk.md)
 - [ ] [cross-bridges](../concepts/cross-bridges.md)
 - [x] [deposit](../concepts/deposit.md)
 - [x] [deposit-insurance](../concepts/deposit-insurance.md)
@@ -55,8 +55,8 @@ Second Pass
 - [x] [mutualization](../concepts/mutualization.md)
 - [x] [narrative-economics](../concepts/narrative-economics.md)
 - [x] [order-book](../concepts/order-book.md)
-- [ ] [platform-risk](../concepts/platform-risk.md)
-- [ ] [capital-formation](../concepts/capital-formation.md)
+- [x] [platform-risk](../concepts/platform-risk.md)
+- [x] [capital-formation](../concepts/capital-formation.md)
 - [x] [private-key](../concepts/private-key.md)
 - [x] [pyramid-scheme](../concepts/pyramid-scheme.md)
 - [x] [mlm](../concepts/mlm.md)
@@ -77,20 +77,18 @@ Second Pass
 
 Third pass
 
-- [ ] [artificial-demand](../concepts/artificial-demand.md)
-- [ ] [atomic-swap](../concepts/atomic-swap.md)
-- [ ] [bank-run](../concepts/bank-run.md)
+- [x] [artificial-demand](../concepts/artificial-demand.md)
+- [x] [bank-run](../concepts/bank-run.md)
 - [x] [broker](../concepts/broker.md)
-- [x] [capital-formation](../concepts/capital-formation.md)![](../concepts/WeCrashed.S01E02.480p.x264-mSD[eztv.re].mkv)
 - [x] [cds](../concepts/cds.md)
 - [ ] [enclosure](../concepts/enclosure.md)
 - [ ] [ficticious-commodity](../concepts/ficticious-commodity.md)
-- [ ] [market-mania](../concepts/market-mania.md)
+- [x] [market-mania](../concepts/market-mania.md)
 - [ ] [price-risk](../concepts/price-risk.md)
 - [ ] [sanctions-enforcement](../concepts/sanctions-enforcement.md)
 - [ ] [survivorship-bias](../concepts/survivorship-bias.md)
 - [x] [bucket-shop](../concepts/bucket-shop.md)
-- [ ] [front-running](../concepts/front-running.md)
+- [x] [front-running](../concepts/front-running.md)
 
 Ideologies
 

From 86d2f2bbfcfeb9a522659aaf14f7a0870315fe3d Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sun, 27 Mar 2022 12:10:12 +0100
Subject: [PATCH 049/103] Finish all of third pass on concepts

---
 concepts/crypto-exchange.md       | 29 +++++++++++++++--------------
 concepts/ficticious-commodity.md  | 21 ++++++++++++++++++++-
 concepts/financial-asset.md       |  2 +-
 concepts/nft.md                   |  2 +-
 concepts/price-risk.md            | 14 +++++++++++++-
 concepts/sanctions-enforcement.md | 10 ++++++++++
 concepts/survivorship-bias.md     |  9 +++++++++
 guide/index.md                    | 10 ++++++++++
 meta/concepts-todo.md             | 17 +++++++++++++----
 9 files changed, 92 insertions(+), 22 deletions(-)

diff --git a/concepts/crypto-exchange.md b/concepts/crypto-exchange.md
index 0dc0371..3690ce4 100644
--- a/concepts/crypto-exchange.md
+++ b/concepts/crypto-exchange.md
@@ -5,24 +5,25 @@ Crypto exchanes are not regulated as [market makers](market-maker.md) or [broker
 
 Many crypto exchanges offer their own [stablecoin](stablecoin.md) whose reserves may be comingled with customer funds.
 
-See also [market manipulation](market-manipulation.md),  [economic cartel](cartel.md) and [recentralization](recentralization.md).
-
-## Jurisdictions
-
-Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory authorities.
+Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory authorities. These include, but are not limited to:
 
 * Seychelles
+* Malta
+* Jersey
+* Isle of Mann
 * The Bahamas
 * Cayman Islands
 * Singapore
 
-## References
+See also [bucket shop](bucket-shop.md), [market manipulation](market-manipulation.md),  [economic cartel](cartel.md), [recentralization](recentralization.md) and [platform risk](platform-risk.md).
 
-* Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
-* White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
-* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
-* 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.
-* Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
-* Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
-* Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
-* Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.
\ No newline at end of file
+## References
+1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
+1. Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
+1. White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+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. Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
+1. Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
+1. Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
+1. Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.
\ No newline at end of file
diff --git a/concepts/ficticious-commodity.md b/concepts/ficticious-commodity.md
index 9e3d076..07ae5e4 100644
--- a/concepts/ficticious-commodity.md
+++ b/concepts/ficticious-commodity.md
@@ -1 +1,20 @@
-# Fictitious commodities
\ No newline at end of file
+# Fictitious commodities
+A *fictitious commodity* or *pseudo-commodity* is a product is traded like a commodity but has no [use value](use-value.md) and its demand curve is not generated by any external economic processes. It is a [non-economic](non-economic.md) product which is generated either through [enclosure](enclosure.md), [artificial demand](artificial-demand.md) or as part of a [greater fool](greater-fool-theory.md) scheme or bubble.
+
+Structurally similar to a [financial asset](financial-asset.md), but unlike a financial asset it renders no contractual claims on [income cashflows](income-cashflows.md) and thus has zero [fundamental value](fundamental-value.md).
+
+Examples of fictitious commodities include:
+
+* Many [crypto assets](cryptoasset.md)
+* [NFTs](nft.md)
+* Name-A-Star Registries
+* [Indulgences](https://en.wikipedia.org/wiki/Indulgence)
+
+See also [Tinkerbell effect](tinkerbell-effect.md), [bubble](bubble.md) and [market mania](market-mania.md).
+
+## References
+* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+* Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
+* Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
+* Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
\ No newline at end of file
diff --git a/concepts/financial-asset.md b/concepts/financial-asset.md
index d92d6fc..97f929d 100644
--- a/concepts/financial-asset.md
+++ b/concepts/financial-asset.md
@@ -1,7 +1,7 @@
 # Financial Asset
 A financial asset is a non-physical asset whose value is derived from a contractual claims on [income cashflows](income-cashflows.md), an underlying [currency](currency.md) or [commodity](commodity.md), or risk transfer between counterparties.
 
-Financial assets definitionally have no [use value](use-value.md).  However a financial asset with must have either income or an underlying that generates its [fundamental-value](fundamental-value.md). 
+Financial assets definitionally have no [use value](use-value.md).  However a financial asset with must have either income or an underlying that generates its [fundamental value](fundamental-value.md). 
 
 See also [ficticious commodity](ficticious-commodity.md).
 
diff --git a/concepts/nft.md b/concepts/nft.md
index c4743ca..cd18e90 100644
--- a/concepts/nft.md
+++ b/concepts/nft.md
@@ -42,7 +42,7 @@ NFTs have been critizied as having a payout structure similar to a [pyramid sche
 ## Comparables
 NFTs have been compared to metaphors and other schemes in which narrative-driven [ficticious commodites](ficticious-commodity.md) are also sold based on the [Tinkerbell effect](tinkerbell-effect.md).
 
-* A purchasable recipe with no physical good or rights attached.
+* A purchasable receipt with no physical good or rights attached.
 * Name-A-Star Registries
 * [Indulgences](https://en.wikipedia.org/wiki/Indulgence)
 
diff --git a/concepts/price-risk.md b/concepts/price-risk.md
index f10b4de..d8e54de 100644
--- a/concepts/price-risk.md
+++ b/concepts/price-risk.md
@@ -1 +1,13 @@
-# Price Risk
\ No newline at end of file
+# Price Risk
+Price risk is the risk of a decline in the value of an [asset](asset), due to external factors or market conditions, during a period in which a financial contract is active. The risk of the asset declining must be factored into the contract's payment terms to hedge the risk of the asset.
+
+[Crypto assets](cryptoasset.md) are subject to extreme volatility and thus have extreme price risk, which makes them unsuitable as a [medium of exchange](money.md) or for denominating contracts in.
+
+## References
+1. Liaw, K. Thomas. 2021. ‘Trading and Regulation of Cryptocurrencies, Stablecoins and Other Cryptoassets’.
+1. Maia, Guilherme, and João Vieira dos Santos. 2021. ‘MiCA and DeFi (“Proposal for a Regulation on Market in Crypto-Assets” and ’Decentralised Finance’)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3875355.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
+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. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
+1. Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
\ No newline at end of file
diff --git a/concepts/sanctions-enforcement.md b/concepts/sanctions-enforcement.md
index 65d5750..cfd7dad 100644
--- a/concepts/sanctions-enforcement.md
+++ b/concepts/sanctions-enforcement.md
@@ -1 +1,11 @@
 # Sanctions Enforcement
+In financial regulation sanctions are penalties or enforcement levied against individuals or companies which forbid entities within a jurisdiction from engaging in contracts or new financial transactions with the sanctioned entity. Sanctions are a form of statecraft that allow nation states to exercise their controls over foreign nationals and individuals in the interests of advancing the foreign policy of the state.
+
+Crypto assets are a means of evading sanctions enforcement by permitting [illicit financing](illicit-financing.md) through [regulatory arbitrage](regulatory-arbitrage.md).
+
+See also [money laundering](money-laundering.md), [KYC](kyc.md), and [illicit financing](illicit-financing.md).
+
+## References
+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. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
+1. Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
\ No newline at end of file
diff --git a/concepts/survivorship-bias.md b/concepts/survivorship-bias.md
index 48b2732..d4ceb99 100644
--- a/concepts/survivorship-bias.md
+++ b/concepts/survivorship-bias.md
@@ -1 +1,10 @@
 # Survivorship Bias
+In finance *survivorship bias* is a logical error of over analysing people or investments that have been artificially selected by a selection process and overlooking the broader space of entities that do not, typically because of their lack of visibility. 
+
+This is typically common in investing where select wins on specific investments are over analysed and broader losses are ignored.
+
+For example a basket of tech stocks picked randomly during the height of the dotcom bubble would have performed very poorly on the time scale of the next decade and most simply ceased to exist. However a select few stocks (Google, Amazon, etc) outperformed the market. It would therefore be a fallacy to assume that the average dotcom tech stock outperformed the market because most did not survive long enough to sample.
+
+See also [endowment effect](endowment-effect.md) and [bandwagon bias](bandwagon-bias.md).
+
+## References
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index b87dc25..f733538 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -25,6 +25,7 @@ Understand the terminology used to describe crypto and web3.
 * [Greater fool theory](../concepts/greater-fool-theory.md)
 * [Zero-sum game](../concepts/zero-sum-game.md)
 * [Memecoins](../concepts/memecoin.md)
+* [Pre-mine](../concepts/pre-mine.md)
 * [Assets](/concepts/assets.md)
 * [Intrinsic value](../concepts/use-value.md)
 * [Store of value](../concepts/store-of-value.md)
@@ -33,7 +34,9 @@ Understand the terminology used to describe crypto and web3.
 * [DeFi](../concepts/defi.md)
 * [DAO](/concepts/dao.md)
 * [Stablecoin](../concepts/stablecoin.md)
+* [Smart contract](../concepts/smart-contracts.md)
 * [Regulatory arbitrage](../concepts/regulatory-arbitrage.md)
+* [Predatory inclusion](../concepts/predatory-inclusion.md)
 * [United States Dollar](/concepts/dollar.md)
 * [Central bank digital currency](../concepts/cbdc.md)
 
@@ -237,3 +240,10 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Endowment effect](../concepts/endowment-effect.md)
 * [Predatory inclusion](../concepts/predatory-inclusion.md)
 * [Enclosure](../concepts/enclosure.md)
+
+**Meta**
+
+* [Value](../concepts/value.md)
+* [Risk](../concepts/risk.md)
+* [Regulation](../claims/regulation.md)
+* [Market manipulation](../concepts/market-manipulation.md)
\ No newline at end of file
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 343a550..8773cc2 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -65,7 +65,7 @@ Second Pass
 - [x] [systemic-risk](../concepts/systemic-risk.md)
 - [ ] [yield-farming](../concepts/yield-farming.md)
 - [x] [stablecoin](../concepts/stablecoin.md)
-- [ ] [capital-formation](../concepts/capital-formation.md)
+- [x] [capital-formation](../concepts/capital-formation.md)
 - [x] [commercial-paper](../concepts/commercial-paper.md)
 - [x] [reserve-currency](../concepts/reserve-currency.md)
 - [x] [pseudonymous](../concepts/pseudonymous.md)
@@ -84,9 +84,9 @@ Third pass
 - [ ] [enclosure](../concepts/enclosure.md)
 - [ ] [ficticious-commodity](../concepts/ficticious-commodity.md)
 - [x] [market-mania](../concepts/market-mania.md)
-- [ ] [price-risk](../concepts/price-risk.md)
-- [ ] [sanctions-enforcement](../concepts/sanctions-enforcement.md)
-- [ ] [survivorship-bias](../concepts/survivorship-bias.md)
+- [x] [price-risk](../concepts/price-risk.md)
+- [x] [sanctions-enforcement](../concepts/sanctions-enforcement.md)
+- [x] [survivorship-bias](../concepts/survivorship-bias.md)
 - [x] [bucket-shop](../concepts/bucket-shop.md)
 - [x] [front-running](../concepts/front-running.md)
 
@@ -99,3 +99,12 @@ Ideologies
 - [x] [keynsian-economics](../concepts/keynsian-economics.md)
 - [x] [technolibertarianism](../concepts/technolibertarianism.md)
 - [x] [technosolutionism](../concepts/technosolutionism.md)
+
+Fourth Pass
+
+- [ ] [liquidity-pool](../concepts/liquidity-pool.md)
+- [ ] [cds](../concepts/cds.md)
+- [ ] [cross-bridges](../concepts/cross-bridges.md)
+- [ ] [staking](../concepts/staking.md)
+- [ ] [technopopulism](../concepts/technopopulism.md)
+- [ ] [yield-farming](../concepts/yield-farming.md)
\ No newline at end of file

From 21cc188261fbe26a877c39362f7b9cf68e8bc961 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sun, 27 Mar 2022 16:04:55 +0100
Subject: [PATCH 050/103] Liquidity pools and staking

---
 concepts/cds.md              |  5 +++++
 concepts/cross-bridges.md    | 10 ++++++++++
 concepts/ctf.md              |  6 +++++-
 concepts/enclosure.md        |  2 ++
 concepts/liquidity-pool.md   | 10 ++++++++++
 concepts/mlm.md              |  3 +--
 concepts/money-laundering.md | 18 +++++++++---------
 concepts/pre-mine.md         |  2 ++
 concepts/rtgs.md             |  1 +
 concepts/staking.md          | 23 +++++++++++++++++++++++
 concepts/yield-farming.md    |  7 +++++--
 meta/concepts-todo.md        | 22 +++++++++++-----------
 12 files changed, 84 insertions(+), 25 deletions(-)

diff --git a/concepts/cds.md b/concepts/cds.md
index 88fb43b..18bfaa9 100644
--- a/concepts/cds.md
+++ b/concepts/cds.md
@@ -1 +1,6 @@
 # Credit Default Swaps
+Credit default swaps are a type of [derivative](derivative.md) contract with underlying of debt on [real estate](real-estate.md) [securities](security.md). Credit default swaps are a type of advanced financial engineering that is widely attributed to the 2008 financial subprime crisis.
+
+See also [regulatory-capture](regulatory-capture.md) and [derivative](derivative.md).
+
+## References
\ No newline at end of file
diff --git a/concepts/cross-bridges.md b/concepts/cross-bridges.md
index 6e80eb7..e4364a4 100644
--- a/concepts/cross-bridges.md
+++ b/concepts/cross-bridges.md
@@ -1 +1,11 @@
 # Cross Bridges
+In crypto technology a *cross bridge* is a combination of [smart-contracts](smart-contracts.md) across multiple [blockchain](blockchain.md) networks that facilitate interoperability and transactions across different [cryptoassets](cryptoasset.md).
+
+Cross bridges are commonly used for [money laundering](money-laundering.md) transactions in which multiple [cryptoassets](cryptoasset.md) are swapped in a method called *chain-hopping* which is used to obscure the provenance of funds associated with [illicit financing](illicit-financing.md).
+
+See also [defi](defi.md) and [money-laundering](money-laundering.md).
+
+## References
+1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
\ No newline at end of file
diff --git a/concepts/ctf.md b/concepts/ctf.md
index 5b7a58a..41be971 100644
--- a/concepts/ctf.md
+++ b/concepts/ctf.md
@@ -1,2 +1,6 @@
 # Counter-terrorism financing
-Counter-terrorism financing (CFT or CTF) is a regulatory requirement that financial service providers and [money services business](money-services-business.md) may not trade or offer services with entities who are sanctioned or on terrorist watch lists.
\ No newline at end of file
+Counter-terrorism financing (CFT or CTF) is a regulatory requirement that financial service providers and [money services business](money-services-business.md) may not trade or offer services with entities who are sanctioned or on terrorist watch lists.
+
+## References
+1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+1. Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
\ No newline at end of file
diff --git a/concepts/enclosure.md b/concepts/enclosure.md
index 910722a..7b06f71 100644
--- a/concepts/enclosure.md
+++ b/concepts/enclosure.md
@@ -1 +1,3 @@
 ## Enclosure
+
+See also [market manipulation](market-manipulation.md), [public goods problem](public-goods-problem.md) and [free rider problem](free-rider-problem.md).
\ No newline at end of file
diff --git a/concepts/liquidity-pool.md b/concepts/liquidity-pool.md
index 7be184e..b7217b0 100644
--- a/concepts/liquidity-pool.md
+++ b/concepts/liquidity-pool.md
@@ -1 +1,11 @@
 # Liquidity Pool
+In [DeFi](defi.md) systems a *liquidity pool* refers to a "pool" of [cryptoasset](cryptoasset.md) (typically [stablecoins](stablecoin.md)) that are locked in a smart contract. The pool provides [liquidity](liquidity.md) for end users who want to use the underlying crypto asset for swap transactions who in turn pay transaction fees, theoretically these transaction fees are then used to incentivize the stablecoin holders who [stake](staking.md) their tokens in the pool by generating yield in return for liquidity.
+
+See also [counterparty risk](counterparty-risk.md), [DeFi](defi.md), and  [deposit insurance](deposit-insurance.md).
+
+## References
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
+1. Sun, Xiaotong. 2021. ‘Centralized Governance in Decentralized Finance (DeFi): A Case Study of MakerDAO’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971791.
+1. Zetzsche, Dirk A., Douglas W. Arner, and Ross P. Buckley. 2020. ‘Decentralized Finance’. Journal of Financial Regulation 6 (2): 172–203. https://doi.org/10.1093/jfr/fjaa010.
\ No newline at end of file
diff --git a/concepts/mlm.md b/concepts/mlm.md
index ddc7811..43d70a7 100644
--- a/concepts/mlm.md
+++ b/concepts/mlm.md
@@ -14,5 +14,4 @@ See also [Pyramid scheme](pyramid-scheme.md), [Ponzi scheme](ponzi-scheme.md), a
 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
+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.
\ No newline at end of file
diff --git a/concepts/money-laundering.md b/concepts/money-laundering.md
index 9142fa5..ae3958b 100644
--- a/concepts/money-laundering.md
+++ b/concepts/money-laundering.md
@@ -4,12 +4,12 @@ The obfuscation of the origin of funds by layering illegitimate transactions (of
 See [mixer](mixer.md) and [AML](aml.md).
 
 ## References
-* Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
-* Buttigieg, Christopher P., Christos Efthymiopoulos, Abigail Attard, and Samantha Cuyle. 2019. ‘Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State’. Law and Financial Markets Review 13 (4): 211–27. https://doi.org/10.1080/17521440.2019.1663996.
-* Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
-* Feinstein, Brian D., and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. SSRN Electronic Journal 7 (1): 48–99. https://doi.org/10.2139/ssrn.3649475.
-* Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
-* Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
-* Miscione, Gianluca, and Donncha Kavanagh. 2015. ‘Bitcoin and the Blockchain: A Coup d’Etat in Digital Heterotopia?’ SSRN Electronic Journal, no. 2006: 1–27. https://doi.org/10.2139/ssrn.2624922.
-* Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
-* Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
+1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+1. Buttigieg, Christopher P., Christos Efthymiopoulos, Abigail Attard, and Samantha Cuyle. 2019. ‘Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State’. Law and Financial Markets Review 13 (4): 211–27. https://doi.org/10.1080/17521440.2019.1663996.
+1. Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
+1. Feinstein, Brian D., and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. SSRN Electronic Journal 7 (1): 48–99. https://doi.org/10.2139/ssrn.3649475.
+1. Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
+1. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
+1. Miscione, Gianluca, and Donncha Kavanagh. 2015. ‘Bitcoin and the Blockchain: A Coup d’Etat in Digital Heterotopia?’ SSRN Electronic Journal, no. 2006: 1–27. https://doi.org/10.2139/ssrn.2624922.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+1. Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
\ No newline at end of file
diff --git a/concepts/pre-mine.md b/concepts/pre-mine.md
index 45684cb..d612ecd 100644
--- a/concepts/pre-mine.md
+++ b/concepts/pre-mine.md
@@ -5,6 +5,8 @@ Pre-mines are most often distributed to venture capital firms.
 
 Pre-mines have been criticised as an obscured form of [pump and dump](pump-and-dump.md) scheme.
 
+A pre-mine is an posited solution to the [distribution problem](distribution-problem.md).
+
 ## References
 * Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
 * Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
diff --git a/concepts/rtgs.md b/concepts/rtgs.md
index 8befdda..9db514c 100644
--- a/concepts/rtgs.md
+++ b/concepts/rtgs.md
@@ -1 +1,2 @@
 # Real Time Gross Settlement
+Real time gross settlements (RTGS) systems are a type of database technology that domestic settlement and clearing systems are based on. RTGS systems are responsible for batching financial transactions between [bank](bank.md) or other financial institutions and netting out transactions between parties so that payments can be settled on a periodic or real-time basis.
diff --git a/concepts/staking.md b/concepts/staking.md
index abe5cd8..ebe11e9 100644
--- a/concepts/staking.md
+++ b/concepts/staking.md
@@ -1 +1,24 @@
 # Staking
+In crypto assets, [staking](staking.md) is the act of time-locking [stablecoin](stablecoin.md) in a [smart-contracts](smart-contracts.md), typically with the promise of a yield or side payment of a [governance-token](governance-token.md) as a result of depositing the [cryptoassets](cryptoasset.md) with the third party.
+
+This behaves somewhat like a [cd](cd.md) except the depository institution has no legal obligation to guarantees to custody funds or pay out said payments as it exists as a form of [regulatory-arbitrage](regulatory-arbitrage.md) outsde the regulatory perimeter.
+
+Staking is a common building block in many so-called [DeFi](defi.md) protocols.
+
+See also [counterparty risk](counterparty-risk.md), [bank run](bank-run.md), [Ponzi scheme](ponzi-scheme.md).
+
+## References
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
+1. Bennet, Tomlin. n.d. ‘Tether and Bitfinex Introduction’. Accessed 2 March 2022. https://bennettftomlin.com/2021/08/08/tether-and-bitfinex-introduction/.
+1. Krugman, Paul. 2018. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
+1. Castor, Amy. 2021. ‘The Curious Case of Tether: A Complete Timeline of Events’. https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/.
+1. Griffin, John M, and Amin Shams. 2020. ‘Is Bitcoin Really Untethered?’ The Journal of Finance 75 (4): 1913–64.
+1. Brennecke, Martin, Benjamin Schellinger, Nils Urbach, and Tobias Guggenberger. 2022. ‘The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO’. https://doi.org/10.24251/HICSS.2022.737.
+1. Clements, Ryan. 2021. ‘Built to Fail: The Inherent Fragility of Algorithmic Stablecoins’. SSRN Electronic Journal 11: 131. https://doi.org/10.2139/ssrn.3952045.
+1. Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
+1. Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
+1. Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
\ No newline at end of file
diff --git a/concepts/yield-farming.md b/concepts/yield-farming.md
index 3cdaed8..937b066 100644
--- a/concepts/yield-farming.md
+++ b/concepts/yield-farming.md
@@ -1,5 +1,8 @@
 # Yield Farming
+In crypto assets, *yield farming* is the act of taking [stablecoin](stablecoin.md) and depositing them with different [staking](staking.md) and [DeFi](defi.md) schemes with varying degrees of risk-yield promises in the hopes that diversification across different varieties of [Ponzi schemes](ponzi-scheme.md) will remove risk from an overall portfolio.
 
-See also [CDs](cd.md).
+See also [counterparty risk](counterparty-risk.md), [Ponzi scheme](ponzi-scheme.md) and [shadow banking](shadow-bank.md).
 
-## References
\ No newline at end of file
+## References
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
\ No newline at end of file
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 8773cc2..93d8831 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -41,10 +41,10 @@ Second Pass
 - [x] [cd](../concepts/cd.md)
 - [x] [commodity](../concepts/commodity.md)
 - [x] [counterparty-risk](../concepts/counterparty-risk.md)
-- [ ] [cross-bridges](../concepts/cross-bridges.md)
+- [x] [cross-bridges](../concepts/cross-bridges.md)
 - [x] [deposit](../concepts/deposit.md)
 - [x] [deposit-insurance](../concepts/deposit-insurance.md)
-- [ ] [dex](../concepts/dex.md)
+- [x] [dex](../concepts/dex.md)
 - [x] [exit-scam](../concepts/exit-scam.md)
 - [x] [free-rider-problem](../concepts/free-rider-problem.md)
 - [x] [bank](../concepts/bank.md)
@@ -60,10 +60,10 @@ Second Pass
 - [x] [private-key](../concepts/private-key.md)
 - [x] [pyramid-scheme](../concepts/pyramid-scheme.md)
 - [x] [mlm](../concepts/mlm.md)
-- [ ] [rtgs](../concepts/rtgs.md)
-- [ ] [staking](../concepts/staking.md)
+- [x] [rtgs](../concepts/rtgs.md)
+- [x] [staking](../concepts/staking.md)
 - [x] [systemic-risk](../concepts/systemic-risk.md)
-- [ ] [yield-farming](../concepts/yield-farming.md)
+- [x] [yield-farming](../concepts/yield-farming.md)
 - [x] [stablecoin](../concepts/stablecoin.md)
 - [x] [capital-formation](../concepts/capital-formation.md)
 - [x] [commercial-paper](../concepts/commercial-paper.md)
@@ -82,7 +82,7 @@ Third pass
 - [x] [broker](../concepts/broker.md)
 - [x] [cds](../concepts/cds.md)
 - [ ] [enclosure](../concepts/enclosure.md)
-- [ ] [ficticious-commodity](../concepts/ficticious-commodity.md)
+- [x] [ficticious-commodity](../concepts/ficticious-commodity.md)
 - [x] [market-mania](../concepts/market-mania.md)
 - [x] [price-risk](../concepts/price-risk.md)
 - [x] [sanctions-enforcement](../concepts/sanctions-enforcement.md)
@@ -102,9 +102,9 @@ Ideologies
 
 Fourth Pass
 
-- [ ] [liquidity-pool](../concepts/liquidity-pool.md)
-- [ ] [cds](../concepts/cds.md)
-- [ ] [cross-bridges](../concepts/cross-bridges.md)
-- [ ] [staking](../concepts/staking.md)
+- [x] [liquidity-pool](../concepts/liquidity-pool.md)
+- [x] [cds](../concepts/cds.md)
+- [x] [cross-bridges](../concepts/cross-bridges.md)
+- [x] [staking](../concepts/staking.md)
 - [ ] [technopopulism](../concepts/technopopulism.md)
-- [ ] [yield-farming](../concepts/yield-farming.md)
\ No newline at end of file
+- [x] [yield-farming](../concepts/yield-farming.md)
\ No newline at end of file

From 95f555ba36157d0127fbbec1999e1a040fb8e84c Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sun, 27 Mar 2022 16:40:12 +0100
Subject: [PATCH 051/103] Expand claims

---
 claims/is-collapse.md              |  6 ++-
 claims/is-disrupt-hegemony.md      |  6 ++-
 claims/is-hyperfinancialization.md | 67 +++++++++++++++++-------------
 claims/is-opportunity-cost.md      |  6 ++-
 meta/claims-todo.md                | 10 ++---
 5 files changed, 56 insertions(+), 39 deletions(-)

diff --git a/claims/is-collapse.md b/claims/is-collapse.md
index dcf5e15..ae20410 100644
--- a/claims/is-collapse.md
+++ b/claims/is-collapse.md
@@ -1,3 +1,5 @@
-# Are crypto tokens a means to accelerate the collapse of capitalism?
+# Crypto tokens are not a means to destroy capitalism 
 
-## References
\ No newline at end of file
+Crypto tokens are indeed a form of [predatory investment](../concepts/predatory-inclusion.md) that may have wide-reaching consequences in the lives of people it harms. However it is not a means to accelerate the collapse of capitalism even if one subscribes to the [accelerationism](../concepts/accelerationism.md) school of thought and believed this the acceleration of capitalism and its destruction was a good thing.
+
+The crypto ideology is an extension of neoliberal project that aims to expand the scope and reach of markets to all aspects of human life, a concept often referred to [as hyperfinancialization](is-hyperfinancialization.md). Since crypto tokens aim to expand the scope of capitalism, they cannot bring about anything but more capitalism.
\ No newline at end of file
diff --git a/claims/is-disrupt-hegemony.md b/claims/is-disrupt-hegemony.md
index d8eccc8..2658eb8 100644
--- a/claims/is-disrupt-hegemony.md
+++ b/claims/is-disrupt-hegemony.md
@@ -1,5 +1,7 @@
 # Is web3 a means to dismantle the American tech hegemony?
 
-See [recentralization](../concepts/recentralization.md).
+Web3 is not a means to disrupt the American tech hegemony, companies like Google, Facebook, Amazon etc. Since web3 has no coherent meaning or purpose, all projects that are currently being developed under the web3 umbrella are aimless technical Potemkin villages that mask thinly veiled [pump and dump](../concepts/pump-and-dump.md) schemes based on [securities](../concepts/security.md) [regulatory arbitrage](../concepts/regulatory-arbitrage.md). This type of company structure is not set up for long term growth or product delivery outside of pumping more token schemes.
 
-## References
\ No newline at end of file
+This is further evidenced by the simple fact that [blockchain](../concepts/blockchain.md) technologies have intractable  scalability problems, and that the only means they do scale is by [recentralization](../concepts/recentralization.md) thereby recreating just another corporate monolith but based on inferior technology and without the ability to perform [regulatory arbitrage](../concepts/regulatory-arbitrage.md)..
+
+There is no future in web3 that poses any threat to tech monopoly because there simply is no meaningful tech to challenge any real business model. 
\ No newline at end of file
diff --git a/claims/is-hyperfinancialization.md b/claims/is-hyperfinancialization.md
index fc1c53f..18d94b8 100644
--- a/claims/is-hyperfinancialization.md
+++ b/claims/is-hyperfinancialization.md
@@ -1,32 +1,41 @@
 # Is crypto bringing about the "financialization of everything"?
 
+The purpose of NFTs and crypto projects generally is to further expand the scope [artificial scarcity](../concepts/artificial-scarcity.md), [enclosure](../concepts/enclosure.md) and financialize greater portions of the human experience. The stated aim of the crypto political project is world in which all aspects of human life (art, justice, philosophy, politics, relationships) are simply [ficticious commodity](../concepts/ficticious-commodity.md) to be traded in a market place and that human beings should subordinate all free will and their individuality and rationality to the market. 
+
+The embodiment of the web3 and crypto ideology is an example of what the political theorist Macpherson denoted *possessive individualism*:
+
+> [Possessive individualism is a philosophy] in which an individual is conceived as the sole proprietor of his or her skills and owes nothing to society for them. These skills (and those of others) are a commodity to be bought and sold on the open market, and in such a society is demonstrated a selfish and unending thirst for consumption which is considered the crucial core of human nature. 
+
+Projects like NFTs and the their increasing enclosure of culture have indicated that the intent of crypto is nothing but the complete domination of the human experience by Capital in the bleak dystopian future imagined by their acolytes.
+
 ## References
-* Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
-* Breidbach, Christoph F., and Silviana Tana. 2021. ‘Betting on Bitcoin: How Social Collectives Shape Cryptocurrency Markets’. Journal of Business Research 122: 311–20. https://doi.org/10.1016/j.jbusres.2020.09.017.
-* Bruun, Maja Hojer, Astrid Oberborbeck Andersen, and Adrienne Mannov. 2020. ‘Infrastructures of Trust and Distrust: The Politics and Ethics of Emerging Cryptographic Technologies’. Anthropology Today 36 (2): 13–17. https://doi.org/10.1111/1467-8322.12562.
-* Diehl, Stephen. 2021a. ‘Gamestop, Bitcoin and the Commoditization of Populist Rage’. 3 February 2021. https://www.stephendiehl.com/blog/gamestop.html.
-* *———. n.d. ‘The Case Against Crypto’. Accessed 17 February 2022. https://www.stephendiehl.com/blog/against-crypto.html.
-* Lee, Seung Cheol. 2020. ‘Magical Capitalism, Gambler Subjects: South Korea’s Bitcoin Investment Frenzy’. Cultural Studies 0 (0): 1–24. https://doi.org/10.1080/09502386.2020.1788620.
-* Starita, G D. 2018. ‘On Bitcoin Usage, Techno-Optimism and Participation-An Anthropological Perspective on Rovereto s Bitcoin Valley Users’. Master’s Thesis. https://dspace.library.uu.nl/handle/1874/374186.
-* Stephenson, Will. n.d. ‘Cryptonomicon’. Harpers Review. Accessed 2 March 2022. https://harpers.org/archive/2022/03/cryptonomicon-bitcoin-maximalists-miami/.
-* Stinchcombe, Kai. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
-* Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
-* 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.
-* Weisenthal, Joe. n.d. ‘Bitcoin Is a Faith-Based Asset’. Accessed 2 March 2022. https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal.
-* Xu, Yizhou. 2021. ‘Digitizing Death: Commodification of Joss Paper on Chinese Online Cemetery’. Journal of Cultural Economy 0 (0): 1–17. https://doi.org/10.1080/17530350.2021.1952099.
-* Aharon, David Y., and Ender Demir. 2021. ‘NFTs and Asset Class Spillovers: Lessons from the Period around the COVID-19 Pandemic’. Finance Research Letters, 102515. https://doi.org/10.1016/j.frl.2021.102515.
-* Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
-* Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
-* Dowling, Michael. 2021. ‘Fertile LAND: Pricing Non-Fungible Tokens’. Finance Research Letters, 102096. https://doi.org/10.1016/j.frl.2021.102096.
-* Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
-* Frye, Brian L. 2021. ‘After Copyright: Pwning NFTs in a Clout Economy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971240.
-* *———. n.d. ‘How to Sell NFTs Without Really Trying’. Harvard Journal of Sports and Entertainment Law, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3930430.
-* Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
-* Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
-* Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
-* Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
-* Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
-* Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
-* Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
-* *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
-* Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
\ No newline at end of file
+1. McKay, Ian (2014). "A Half-Century of Possessive Individualism: C.B. Macpherson and the Twenty-First-Century Prospects of Liberalism". Journal of the Canadian Historical Association. 25 (1): 307–340. doi:10.7202/1032806ar. ISSN 1712-6274.
+1. Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
+1. Breidbach, Christoph F., and Silviana Tana. 2021. ‘Betting on Bitcoin: How Social Collectives Shape Cryptocurrency Markets’. Journal of Business Research 122: 311–20. https://doi.org/10.1016/j.jbusres.2020.09.017.
+1. Bruun, Maja Hojer, Astrid Oberborbeck Andersen, and Adrienne Mannov. 2020. ‘Infrastructures of Trust and Distrust: The Politics and Ethics of Emerging Cryptographic Technologies’. Anthropology Today 36 (2): 13–17. https://doi.org/10.1111/1467-8322.12562.
+1. Diehl, Stephen. 2021a. ‘Gamestop, Bitcoin and the Commoditization of Populist Rage’. 3 February 2021. https://www.stephendiehl.com/blog/gamestop.html.
+1. *———. n.d. ‘The Case Against Crypto’. Accessed 17 February 2022. https://www.stephendiehl.com/blog/against-crypto.html.
+1. Lee, Seung Cheol. 2020. ‘Magical Capitalism, Gambler Subjects: South Korea’s Bitcoin Investment Frenzy’. Cultural Studies 0 (0): 1–24. https://doi.org/10.1080/09502386.2020.1788620.
+1. Starita, G D. 2018. ‘On Bitcoin Usage, Techno-Optimism and Participation-An Anthropological Perspective on Rovereto s Bitcoin Valley Users’. Master’s Thesis. https://dspace.library.uu.nl/handle/1874/374186.
+1. Stephenson, Will. n.d. ‘Cryptonomicon’. Harpers Review. Accessed 2 March 2022. https://harpers.org/archive/2022/03/cryptonomicon-bitcoin-maximalists-miami/.
+1. Stinchcombe, Kai. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
+1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
+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.
+1. Weisenthal, Joe. n.d. ‘Bitcoin Is a Faith-Based Asset’. Accessed 2 March 2022. https://www.bloomberg.com/news/articles/2021-01-21/bitcoin-is-a-faith-based-asset-joe-weisenthal.
+1. Xu, Yizhou. 2021. ‘Digitizing Death: Commodification of Joss Paper on Chinese Online Cemetery’. Journal of Cultural Economy 0 (0): 1–17. https://doi.org/10.1080/17530350.2021.1952099.
+1. Aharon, David Y., and Ender Demir. 2021. ‘NFTs and Asset Class Spillovers: Lessons from the Period around the COVID-19 Pandemic’. Finance Research Letters, 102515. https://doi.org/10.1016/j.frl.2021.102515.
+1. Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
+1. Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
+1. Dowling, Michael. 2021. ‘Fertile LAND: Pricing Non-Fungible Tokens’. Finance Research Letters, 102096. https://doi.org/10.1016/j.frl.2021.102096.
+1. Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
+1. Frye, Brian L. 2021. ‘After Copyright: Pwning NFTs in a Clout Economy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971240.
+1. *———. n.d. ‘How to Sell NFTs Without Really Trying’. Harvard Journal of Sports and Entertainment Law, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3930430.
+1. Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
+1. Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
+1. Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
+1. Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
+1. Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
+1. Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
+1. Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
+1. *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
+1. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
\ No newline at end of file
diff --git a/claims/is-opportunity-cost.md b/claims/is-opportunity-cost.md
index eada168..59b52bb 100644
--- a/claims/is-opportunity-cost.md
+++ b/claims/is-opportunity-cost.md
@@ -1,4 +1,8 @@
-# Is crypto providing faster payment rails or better remittance services?
+# There is an enormous opportunity cost to building crypto
+
+Crypto companies and projects are draining resources and capital that could be better invested in [productive assets](../concepts/productive-asset.md). Since these assets are [non-economic](../concepts/non-economic.md) they do not produce any net wealth or value for society as a whole, much like buying and holding physical commodities but without the commodities having [any use case or purpose](../concepts/ficticious-commodity.md). 
+
+The crypto project on a whole is therefore a drain on both capital markets and the technology industry since it is consuming time, resources, and talent that could be put towards more productive enterprises. It is a form a civilizational brain-drain towards projects which result in no net good and massive negative exteranlities on the world.
 
 ## References
 1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
diff --git a/meta/claims-todo.md b/meta/claims-todo.md
index 406f5d3..cabb832 100644
--- a/meta/claims-todo.md
+++ b/meta/claims-todo.md
@@ -14,12 +14,12 @@
 - [x] [what-type-of-asset](../claims/what-type-of-asset.md)
 - [ ] [hedge-debasement](../claims/hedge-debasement.md)
 - [ ] [is-better-payments](../claims/is-better-payments.md)
-- [ ] [is-collapse](../claims/is-collapse.md)
-- [ ] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
-- [ ] [is-hyperfinancialization](../claims/is-hyperfinancialization.md)
+- [x] [is-collapse](../claims/is-collapse.md)
+- [x] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
+- [x] [is-hyperfinancialization](../claims/is-hyperfinancialization.md)
 - [ ] [is-legal](../claims/is-legal.md)
 - [ ] [is-new-financial-system](../claims/is-new-financial-system.md)
-- [ ] [is-opportunity-cost](../claims/is-opportunity-cost.md)
+- [x] [is-opportunity-cost](../claims/is-opportunity-cost.md)
 - [ ] [is-private-money](../claims/is-private-money.md)
 - [ ] [is-public-goods](../claims/is-public-goods.md)
 - [ ] [is-raise-company](../claims/is-raise-company.md)
@@ -27,4 +27,4 @@
 - [ ] [new-internet](../claims/new-internet.md)
 - [ ] [transnational-payment](../claims/transnational-payment.md)
 - [ ] [web3-decentralized](../claims/web3-decentralized.md)
-- [ ] [web3-green](../claims/web3-green.md)
+- [x] [web3-green](../claims/web3-green.md)

From 7deaada2175ad4142030fbdf1339998cd079f132 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sun, 27 Mar 2022 17:34:04 +0100
Subject: [PATCH 052/103] Finish web3 claims

---
 claims/is-new-financial-system.md | 13 ++++++++++---
 meta/claims-todo.md               |  2 +-
 2 files changed, 11 insertions(+), 4 deletions(-)

diff --git a/claims/is-new-financial-system.md b/claims/is-new-financial-system.md
index 0c77ddf..72cce69 100644
--- a/claims/is-new-financial-system.md
+++ b/claims/is-new-financial-system.md
@@ -1,4 +1,11 @@
-# Is web3 a means to rebuild the global financial system?
-[is-bitcoin-currency](is-bitcoin-currency.md)
+# Web3 is not a means to rebuild the global financial system.
+Crypto assets do [not have the capacity](is-bitcoin-currency.md) to function as [money](../concepts/money.md) which serves as the foundation for a financial system. Without money which can mediate transactions, serve as a medium exchange, be used to denominate contracts and issue debt products in, all of modern finance could not exist. 
 
-## References
\ No newline at end of file
+Crypto has no theoretical basis as a foundation for a financial system because it is not fit for purpose and is not a [currency](../concepts/currency.md).
+
+## References
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+1. Dini, Paolo, and Alexandros Kioupkiolis. 2019. ‘The Alter-Politics of Complementary Currencies: The Case of Sardex’. Cogent Social Sciences 5 (1). https://doi.org/10.1080/23311886.2019.1646625.
+1. Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53.
+1. Gorton, Gary B, and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. Available at SSRN 3888752.
\ No newline at end of file
diff --git a/meta/claims-todo.md b/meta/claims-todo.md
index cabb832..bfbcd4a 100644
--- a/meta/claims-todo.md
+++ b/meta/claims-todo.md
@@ -18,7 +18,7 @@
 - [x] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
 - [x] [is-hyperfinancialization](../claims/is-hyperfinancialization.md)
 - [ ] [is-legal](../claims/is-legal.md)
-- [ ] [is-new-financial-system](../claims/is-new-financial-system.md)
+- [x] [is-new-financial-system](../claims/is-new-financial-system.md)
 - [x] [is-opportunity-cost](../claims/is-opportunity-cost.md)
 - [ ] [is-private-money](../claims/is-private-money.md)
 - [ ] [is-public-goods](../claims/is-public-goods.md)

From 4e2c8d1aa7ba47d3ddd4b326e185a8032de482b7 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 28 Mar 2022 12:44:47 +0100
Subject: [PATCH 053/103] Finish all claims

---
 claims/bitcoin-esg.md              |  2 +-
 claims/digital-gold.md             |  2 +-
 claims/hedge-debasement.md         | 16 +++++++++--
 claims/is-better-payments.md       | 26 ++++++++++--------
 claims/is-legal.md                 |  7 ++++-
 claims/is-private-money.md         | 13 +++++----
 claims/is-public-goods.md          |  4 +--
 claims/is-raise-nonprofit.md       |  3 +-
 claims/new-internet.md             | 26 ++++++++----------
 claims/risk-to-state.md            | 21 ++++++++++----
 claims/threaten-dollar.md          | 22 +++++++++++++--
 claims/transnational-payment.md    | 22 +++++++++------
 claims/web3-decentralized.md       |  9 +++++-
 claims/well-defined.md             |  2 +-
 concepts/broker.md                 |  2 +-
 concepts/central-banks.md          |  7 ++---
 concepts/decentralization.md       | 44 ++++++++++++++++++++++++------
 {claims => concepts}/regulation.md |  0
 concepts/systemic-risk.md          | 14 +++++++---
 guide/index.md                     |  2 +-
 meta/claims-todo.md                | 24 ++++++++--------
 21 files changed, 180 insertions(+), 88 deletions(-)
 rename {claims => concepts}/regulation.md (100%)

diff --git a/claims/bitcoin-esg.md b/claims/bitcoin-esg.md
index 623e7f6..69b532e 100644
--- a/claims/bitcoin-esg.md
+++ b/claims/bitcoin-esg.md
@@ -7,7 +7,7 @@ Bitcoin is not compatible with ESG investing.
 
 * [Environmental footprint of mining](environmental-footprint.md)
 
-**Sustainability Problems**
+**Social Problems**
 
 * [Crypto is a market bubble](is-bubble.md)
 * [Predatory inclusion](is-predatory.md)
diff --git a/claims/digital-gold.md b/claims/digital-gold.md
index 9cf5255..609f82a 100644
--- a/claims/digital-gold.md
+++ b/claims/digital-gold.md
@@ -1,5 +1,5 @@
 # Bitcoin is the basis for a new gold standard
-The neo-metallist claim is that bitcoin can operate as a new asset class which exhibits similar financial properties to [gold](../concepts/gold.md).  The strong version of this claim asserts that a new [gold-standard](../concepts/gold-standard.md) can be built on top of bitcoin and that this can form the basis for a market economy.
+The neo-metallist claim is that bitcoin can operate as a new asset class which exhibits similar financial properties to [gold](../concepts/gold.md).  The strong version of this claim asserts that a new [gold standard](../concepts/gold-standard.md) can be built on top of bitcoin and that this can form the basis for a market economy.
 
 These claims do not stand up to scrutiny as bitcoin has no consistent track record of being a reliable store of value, it's price movements are extremely volatile and thus is not a reliable place to store value on long time scales. Bitcoin's price behavior is uncorrelated with gold and is largely correlated with the broader stock market making it an unreliable safe haven in times of market volatility since it is directly exposed to the price action of the Nasdaq.
 
diff --git a/claims/hedge-debasement.md b/claims/hedge-debasement.md
index b93baf7..7a9a1c3 100644
--- a/claims/hedge-debasement.md
+++ b/claims/hedge-debasement.md
@@ -1,3 +1,15 @@
-# Are crypto assets a hedge against "debasement" of the dollar?
+# Crypto assets are not a hedge against the "debasement" of the dollar
+Crypto assets are not a hedge against the "debasement" of the dollar. This thesis is predicated on an [Austrian economics](../concepts/austrian-economics.md) reading of United States monetary policy and policy a conspiracy theories about the Federal Reserve.
 
-## References
\ No newline at end of file
+As part of the normal functioning of the dollar system, the Federal Reserve will make 
+[interventionist](../concepts/keynsian-economics.md) adjustments to its quantitative easing policy and interest rates with the aims of achieving dollar price stability. The economy adjusts to these changes and factors them into the pricing of goods and services and this system results in relatively predictable inflation which encourages economic growth. The use of the pejorative term "debasement" to describe the natural and principled monetary policy rests on a fallacy which presumes fringe economic theories.
+
+Crypto assets are not a hedge against these empty notions, because "debasement" does not exist as a phenomenon.
+
+## References
+1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
+1. Brennecke, Martin, Benjamin Schellinger, Nils Urbach, and Tobias Guggenberger. 2022. ‘The De-Central Bank in Decentralized Finance: A Case Study of MakerDAO’. In 55th Hawaii International Conference on System Sciences (2022). https://doi.org/10.24251/HICSS.2022.737.
+1. Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
\ No newline at end of file
diff --git a/claims/is-better-payments.md b/claims/is-better-payments.md
index 15d7250..3322f01 100644
--- a/claims/is-better-payments.md
+++ b/claims/is-better-payments.md
@@ -1,18 +1,22 @@
-# Is crypto providing faster payment rails or better remittance services?
+# Crypto is not providing faster payment rails or better remittance services
+Since crypto assets [cannot function as a currency](is-bitcoin-currency.md) they are not useful in building payment rails or remittance services. Crypto assets can be used as an intermediate asset in which trades can be settled in, but this does not serve a technical of financial purpose and simply introduces an unnecessary conversion step for no reason.
+
+If a person wants to send money abroad, say from US dollars to Indian rupees they would typically use a service like MoneyGram or WesternUnion. These services charge a transaction fee and do a direct swap of dollars to rupees from the reserves the company holds in both currencies.
+
+If one postulates using a crypto asset or stablecoin as a means to do remittances then they are stilled faced with the *last leg problem*. Their relative in India still has to convert the crypto asset into the local currency to buy domestic goods and services since supermakets and stores don't accept crypto assets. So instead of a dollar-to-ruppee conversion we would hypothetically do a dollar-to-bitcoin-to-rupee conversion. This introduces [price-risk](../concepts/price-risk.md), [counterparty-risk](../concepts/counterparty-risk.md) and unnecessary conversion fees to accommodate the extraneous third exchange. This is unnecessary complexity and likely more expensive, for no reason.
+
+See industry analysts describe this proble in more depth: [Does Bitcoin/Blockchain make sense for international money transfers?](https://www.saveonsend.com/bitcoin-blockchain-money-transfer/)
 
 ## References
-1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
-1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
-1. Amato, Massimo, and Luca Fantacci. 2020. A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies. Bocconi University Press. https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx.
-1. Coeckelbergh, Mark. 2015. Money Machines: Electronic Financial Technologies, Distancing and Responsibility in Global Finance. Routledge. https://doi.org/10.1177/0094306116671949n.
-1. Diehl, Stephen. 2021. ‘The Non-Innovation of Cryptocurrency’. 7 July 2021. https://www.stephendiehl.com/blog/non-innovation.html.
-1. Krugman, Paul. 2018. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
-1. ———. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
 1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
-1. Stinchcombe, Kai. 2017. ‘Ten Years In, Nobody Has Come Up With a Use for Blockchain’. Hackernoon. 22 December 2017. https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100.
-1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
-1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
 1. White, Molly. 2022a. ‘Blockchain-Based Systems Are Not What They Say They Are’. Molly White (blog). 9 January 2022. https://blog.mollywhite.net/blockchains-are-not-what-they-say/.
 1. ———. 2022b. ‘Anonymous Cryptocurrency Wallets Are Not So Simple’. Molly White (blog). 12 February 2022. https://blog.mollywhite.net/anonymous-crypto-wallets/.
 1. ———. 2022c. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
 1. ———. 2022d. ‘Cryptocurrency’s Robinhood Effect’. Molly White. 17 February 2022. https://blog.mollywhite.net/cryptocurrencys-robinhood-effect/.
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Amato, Massimo, and Luca Fantacci. 2020. A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies. Bocconi University Press. https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx.
+1. Krugman, Paul. 2018. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
+1. ———. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
+1. Stinchcombe, Kai. 2017. ‘Ten Years In, Nobody Has Come Up With a Use for Blockchain’. Hackernoon. 22 December 2017. https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100.
\ No newline at end of file
diff --git a/claims/is-legal.md b/claims/is-legal.md
index a0a7af7..bec0ecd 100644
--- a/claims/is-legal.md
+++ b/claims/is-legal.md
@@ -1,5 +1,10 @@
 # Legality of crypto assets
-Crypto assets are unlicensed [security](../concepts/security.md) contracts for unregulated [speculative](../concepts/speculation.md) investments. The legality of this depends on jurisdiction. 
+
+Crypto assets are unlicensed [security](../concepts/security.md) contracts for unregulated [speculative](../concepts/speculation.md) investments. Crypto assets are effectively like buying unregulated penny stocks, except with no recourse to the courts in the case of the project being a [Ponzi scheme](../concepts/ponzi-scheme.md) or [exit scam](../concepts/exit-scam.md). 
+
+The legality of buying these risky products depends on the jurisdiction of the buyer and seller.
+
+In the United States the sale of unregistered securities to the public is illegal. The legality of the purchase of of unregistered securities will depend on the facts and circumstances of the sale, but regardless of legality these type of extra-legal transactions expose the buyer to unnecessary [risk](../concepts/risk.md) compared to buying normal [financial assets](../concepts/financial-asset.md) within the regulatory perimeter. Buying crypto assets is thus legally inadvisable from both a risk and compliance perspective. 
 
 ## References
 1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
diff --git a/claims/is-private-money.md b/claims/is-private-money.md
index 2989696..c179d77 100644
--- a/claims/is-private-money.md
+++ b/claims/is-private-money.md
@@ -1,4 +1,10 @@
-# Is private money a desirable system?
+# Private money is not desirable
+
+The aspirations of some [cryptoasset](../concepts/cryptoasset.md) is to reinvent historical ideas of private money issuance, effectively shifting the control of an alleged currency from the democratically elected officials to the unaccountable individuals in the private sector. Unless one subscribes to extreme forms of [libertarianism](../concepts/libertarianism.md) or [anarchocapitalism](../concepts/anarchocapitalism.md) this is not a desirable state and the historical precedence on private money is one of repeated disasters compared to the normal issuance of money.
+
+The so-called *Wildcat Banking Era* in the United States is the best example of widespread use of private money. There was no single issuer of the dollar and most banks would issue their own bank notes which would circulate in a local economy as a form of [money](../concepts/money.md). However these notes had no stable value and would not trade at par with each other, this introduced massive arbitrage opportunities for people to trade more valuable bank notes for less valuable ones. However none of this market for secondary currency exchange was beneficial for the end users or conducive for commerce. Shopkeepers would be forced to do unnecessary currency conversions for their customers, denominate their goods in multiple currencies and incur both [price-risk](../concepts/price-risk.md) and exchange risk.
+
+Money exists as a platform to enable commerce and disparate competing currencies within one economic region undermine the project and introduce unnecessary friction to commerce. Thus private money is not desirable from a pure [capitalist](../concepts/capitalism.md) perspective.
 
 ## References
 1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
@@ -16,7 +22,4 @@
 1. North, Peter. 2007. Money and Liberation: The Micropolitics of Alternative Currency Movements. University of Minnesota Press. https://www.upress.umn.edu/book-division/books/money-and-liberation.
 1. Pacione, Michael. 1997. ‘Local Exchange Trading Systems as a Response to the Globalisation of Capitalism’. Urban Studies 34 (8): 1179–99. https://doi.org/10.1080/0042098975583.
 1. Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53.
-1. Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499.
-
-## References
-* [@larue_case_nodate]
\ No newline at end of file
+1. Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499.
\ No newline at end of file
diff --git a/claims/is-public-goods.md b/claims/is-public-goods.md
index bb5693c..4312aa5 100644
--- a/claims/is-public-goods.md
+++ b/claims/is-public-goods.md
@@ -1,3 +1 @@
-# Is crypto a means to fund public goods projects?
-
-## References
\ No newline at end of file
+# Crypto is not a sustainable way to fund public goods
\ No newline at end of file
diff --git a/claims/is-raise-nonprofit.md b/claims/is-raise-nonprofit.md
index 586bc2d..364ff9d 100644
--- a/claims/is-raise-nonprofit.md
+++ b/claims/is-raise-nonprofit.md
@@ -1 +1,2 @@
-# Can I raise money for my non-profit using crypto tokens?
\ No newline at end of file
+# Can I raise money for my non-profit using crypto tokens?
+
diff --git a/claims/new-internet.md b/claims/new-internet.md
index 3f27548..ea00f51 100644
--- a/claims/new-internet.md
+++ b/claims/new-internet.md
@@ -1,26 +1,24 @@
-# Cryptoassets are being used to build a new internet
+# Crypto is not building a new internet
+
+The meme of a "new internet" is a consistent and persistent marketing term that has always existed in technology, to the point where the term itself is widely considered a joke. Many technologies are described as being a new iteration of the internet as a way of generating hype or marketing themselves to the public or regulators as important "innovation". [Crypto assets](../concepts/cryptoasset.md) continue on in this marketing trend, yet the underlying reality of the tech is completely removed from any level of paradigm shift that the early internet ushered in.
+
+The early internet was a collaboration between the United States defense sector and private academic institutions to build early networking solutions, originally for defence applications to connect different national laboratories. The evolution of the internet expanded with the development of the world wide web in 1989, whose initial development at CERN in Switzerland allowed the dissemination of scientific research in a new form called *hypertext* which would form the foundation for the now ubiquitous HTML.
+
+At each step along the evolution early of the internet, its design was informed and shaped by real applications and the solutions which developed rapidly were fit-for-purpose. Crypto does not resemble this kind of technical formation in any way, because crypto is a solution in search of a problem whose existence is predicated on the political imaginaries of its acolytes who advance the solution allegedly as a means to do reconfiguration projects or enrich themselves through [regulatory arbitrage](../concepts/regulatory-arbitrage.md). Thus there is no resemblance to the early internet in either form or function. 
+
+The notion that crypto is building new internet is pernicious form of myth-making that wrapped in phoney populism as an excuse for the already wealthy to enrich themselves on the back of securities fraud and phoney aimless innovation detached from any real world problems.
 
 ## 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/.
+1. Blank, Steve. "A Secret History of Silicon Valley." Computer History Museum (2008).
 1. O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
+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/.
 1. Patterson, Dan. 2022. ‘Internet Guru Tim O’Reilly on Web3: “Get Ready for the Crash”’. CBS News. 10 February 2022. https://www.cbsnews.com/news/web3-cryptocurrency-nft-tim-oreilly/.
 1. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
 1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
-1. Marlinspike, Moxie. 2022. ‘My First Impressions of Web3’. Moxie Marlinspike. 7 January 2022. https://moxie.org/2022/01/07/web3-first-impressions.html.
 1. Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
 1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
 1. Tonelli, Emily. 2022. ‘Internet Guru Tim O’Reilly: Crypto and NFTs Are “Pretty Serious Speculative Bubble”’. Decrypt. 10 February 2022. https://decrypt.co/92676/internet-guru-tim-oreilly-crypto-nfts-serious-speculative-bubble.
 1. Yaffe-Bellany, David. 2022. ‘Millions for Crypto Start-Ups, No Real Names Necessary’. The New York Times, 2 March 2022, sec. Technology. https://www.nytimes.com/2022/03/02/technology/cryptocurrency-anonymity-alarm.html.
 1. Zitron, Ed. 2022. ‘Solutions That Create Problems’. Substack newsletter. Ed Zitron’s Where’s Your Ed At (blog). 23 February 2022. https://ez.substack.com/p/solutions-that-create-problems.
 1. Diehl, Stephen. 2021. ‘Web3 Is Bullshit’. 4 December 2021. https://www.stephendiehl.com/blog/web3-bullshit.html.
-1. White, Molly. 2022. ‘It’s Not Still the Early Days’. Molly White. 14 January 2022. https://blog.mollywhite.net/its-not-still-the-early-days/.
-
-
-## References
-* [@levine_web3_2022]
-* [@morozov_web3_2022]
-* [@weaver_web3_2021]
-* [@soatok_against_2021]
-* [@tante_third_2021]
-* [@oreilly_why_2021]
\ No newline at end of file
+1. White, Molly. 2022. ‘It’s Not Still the Early Days’. Molly White. 14 January 2022. https://blog.mollywhite.net/its-not-still-the-early-days/.
\ No newline at end of file
diff --git a/claims/risk-to-state.md b/claims/risk-to-state.md
index af64d30..97b6ebc 100644
--- a/claims/risk-to-state.md
+++ b/claims/risk-to-state.md
@@ -1,9 +1,18 @@
 # Crypto assets pose a risk to the state
 
+Crypto assets exist for a single purpose: [regulatory arbitrage](../concepts/regulatory-arbitrage.md). Effectively to undermine the rule of law and circumvent controls that nation states have put in place to safeguard the public and protect their economic interests. These include controls like [sanctions enforcement](../concepts/sanctions-enforcement.md), [know your customer](../concepts/kyc.md), [anti-money laundering](../concepts/aml.md) and [counter-terrorism financing](../concepts/ctf.md). 
+
+Dark flows of crypto assets outside of the regulatory perimeter undermines these controls by allowing criminals to circumvent the law and engage in [illicit financing](../concepts/illicit-financing.md) and avoid law enforcement controls. This undermines the rule of law and the capacity of the state to protect its national interests.
+
+While crypto assets don't pose an *existential* threat to the state per se, they do enable crime and undermine policy which weakens trust in democratic institutions and threatens the way of life for law-abiding citizens.
+
 ## References
-* [@jeong_bitcoin_2013]
-* [@orcutt_this_2020]
-* [@popper_bitcoin_2020]
-* [@corbet_destabilising_2020]
-* [@ludlow_crypto_2001]
-* [@wolf_libertarian_2019]
\ No newline at end of file
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jü rgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’.
+1. Diehl, Stephen. 2021a. ‘The Political Case for a Blanket Cryptocurrency Ban’. 30 March 2021. https://www.stephendiehl.com/blog/banbitcoin.html.
+1. ———. 2021b. ‘How to Destroy Bitcoin’. 13 July 2021. https://www.stephendiehl.com/blog/destroy-bitcoin.html.
+1. ‘Guidance on Cryptoassets’. 2019. Financial Conduct Authority. https://www.fca.org.uk/publication/consultation/cp19-03.pdf#page=11.
+1. Hacker, Philipp, and Chris Thomale. 2018. ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’. European Company and Financial Law Review 15 (4): 645–96.
+1. Huang, Sherena Sheng. 2021. ‘Crypto Assets Regulation in the UK: An Assessment of the Regulatory Effectiveness and Consistency’. Journal of Financial Regulation and Compliance.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+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. Zwitter, Andrej, and Jilles Hazenberg. 2020. ‘Decentralized Network Governance: Blockchain Technology and the Future of Regulation’. Frontiers in Blockchain 3. https://www.frontiersin.org/article/10.3389/fbloc.2020.00012.
diff --git a/claims/threaten-dollar.md b/claims/threaten-dollar.md
index 9bc28f5..21383c3 100644
--- a/claims/threaten-dollar.md
+++ b/claims/threaten-dollar.md
@@ -1,4 +1,22 @@
-# Does bitcoin threaten the US dollar as reserve currency
+# Bitcoin does not threaten the US dollar as reserve currency
+
+Crypto assets, such as bitcoin, do not threaten the US dollar as an international [reserve currency](../concepts/reserve-currency.md) currency because they [cannot function as a currency](is-bitcoin-currency.md). To quote financial historian Adam Tooze:
+
+> [The dollar] is backed by "nothing" other than the trifling matter of tens of trillions of dollars in private credit, the rule of law and the power of the state, itself inserted into a state system. In other words, the entire structure of global macrofinance.
+
+Since bitcoin cannot be used to issue debt products, denominate contracts or scale to act as a medium of exchange for commerce it lacks *any* of the properties of [money](../concepts/money.md) that a reserve currency would have to fulfil. Bitcoin cannot upend the entire structure of global macrofinance any more than beanie babies or tulip bulbs could.
 
 ## References
-* 
\ No newline at end of file
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+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. Bratspies, Rebecca M. 2018. ‘Cryptocurrency and the Myth of the Trustless Transaction’. Mich. Telecomm. & Tech. L. Rev 1. https://doi.org/10.2139/ssrn.3141605.
+1. Diehl, Stephen. 2021a. ‘The Non-Innovation of Cryptocurrency’. 7 July 2021. https://www.stephendiehl.com/blog/non-innovation.html.
+1. ———. 2021b. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html.
+1. ———. n.d. ‘The Case Against Crypto’. Accessed 17 February 2022. https://www.stephendiehl.com/blog/against-crypto.html.
+1. Krugman, Paul. 2018. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30.
+1. ———. 2021a. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
+1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
+1. Olson, Dan. 2022. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
+1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
+1. Stinchcombe, Kai. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
\ No newline at end of file
diff --git a/claims/transnational-payment.md b/claims/transnational-payment.md
index 1c9b034..33efdd1 100644
--- a/claims/transnational-payment.md
+++ b/claims/transnational-payment.md
@@ -1,12 +1,18 @@
-# Is a unregulated transnational payment rail even desirable?
+# An unregulated transnational payment is not desirable
 
-Panama Papers
+The stated aspirations of some crypto projects is to build a global transnational payment system which is [censorship resistant](../concepts/censorship-resistence.md) against nation state actors, effectively allowing parties from any jurisdiction to move value anonymously and with no controls. However from the perspective of civil society this is not desirable since the world already struggles with an excess of offshore tax evasion and dark money flows, as evidenced by the recent Panama Paper leaks.
 
-See [shadow banking](../concepts/shadow-bank.md).
+Today there already exists and enormous [shadow banking](../concepts/shadow-bank.md) space which facilitates the creation of credit and movement of money through jurisdictions with questionable money controls and loose enforcement of policy. Many wealthy individuals avail themselves of this transnational network of trusts and shell companies to avoid paying taxes in their country of residence, opting to instead hide their money abroad in opaque financial structures set up in island nations like the Bahamas or Cayman Islands.
+
+The incorporation of crypto into the shadow banking system, which is already happening, is providing even easier access for disreputable individuals to avoid taxes and to expand their holdings abroad. Instead of offshore shell companies, these individuals will use [stablecoin](../concepts/stablecoin.md) and [cryptoasset](../concepts/cryptoasset.md) to hide their money from tax authorities.
+
+From the public interest perspective none of this setup is desirable, since it allows the already wealth to avoid paying taxes and supporting [public goods](../concepts/public-goods-problem.md) and the welfare state which supports people will less resources than wealthy individuals. Crypto thus exasperates wealth inequality and allows individuals to circumvent the rule of law and undermine the entire social contract of democracy.
 
 ## References
-* [@pilkington_can_2017]
-* [@allen_defi_2022]
-* [@braun_central_2019]
-* [@steele_miner_2021]
-* [@li_money_2021]
\ No newline at end of file
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
+1. Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
+1. Pupolizio, Ivan. 2021. ‘From Libra to Diem. The Pursuit of a Global Private Currency’. Global Jurist. https://doi.org/10.1515/gj-2021-0055.
+1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+1. Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
\ No newline at end of file
diff --git a/claims/web3-decentralized.md b/claims/web3-decentralized.md
index ad4f1df..08603ea 100644
--- a/claims/web3-decentralized.md
+++ b/claims/web3-decentralized.md
@@ -1,18 +1,25 @@
 # Web3 is not decentralized
+
 In all scenarios web3 still requires central parties for its technical operation and simply involves [recentralization](../concepts/recentralization.md) of services that already exist. Since web3 is centralized then it has neither the [censorship resistance](../concepts/censorship-resistence.md) properties or [decentralization](../concepts/decentralization.md) claims its myth-making and marketing claims.
 
+Web3 is either a completely nonsensical buzzword, or a term about reinventing existing business models either poorly or as a thinly veiled scheme for securities fraud for transferring wealth from the public to a few (centralized) operators of the scheme.
+
 ## References
 1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
 1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
 1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
 1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
+1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
+1. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
+1. Marlinspike, Moxie. 2022. ‘My First Impressions of Web3’. Moxie Marlinspike. 7 January 2022. https://moxie.org/2022/01/07/web3-first-impressions.html.
+1. Diehl, Stephen. 2021. ‘Web3 Is Bullshit’. 4 December 2021. https://www.stephendiehl.com/blog/web3-bullshit.html.
+1. Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
 1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
 1. Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
 1. Azouvi, Sarah. 2021. ‘Levels of Decentralization and Trust in Cryptocurrencies: Consensus, Governance and Applications’. PhD Thesis, University College London. https://discovery.ucl.ac.uk/id/eprint/10139069/.
 1. Babu, Asvatha. 2020. ‘Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482.
 1. Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
 1. Bodó, Balázs, Jaya Klara Brekke, and Jaap Henk Hoepman. 2021. ‘Decentralisation: A Multidisciplinary Perspective’. Internet Policy Review 10 (2): 0–21. https://doi.org/10.14763/2021.2.1563.
-1. Cong, Lin William, Zhiguo He, and Jiasun Li. 2021. ‘Decentralized Mining in Centralized Pools’. Review of Financial Studies 34 (3): 1191–1235. https://doi.org/10.1093/rfs/hhaa040.
 1. Garrod, J. Z. 2016. ‘The Real World of the Decentralized Autonomous Society’. TripleC 14 (1): 62–77. https://doi.org/10.31269/triplec.v14i1.692.
 1. Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.
 1. Humayun, Syeda Mariam. 2019. ‘Creation and Resilience of Decentralized Brands: Bitcoin & the Blockchain’. PhD Thesis. http://hdl.handle.net/10315/37662.
diff --git a/claims/well-defined.md b/claims/well-defined.md
index 55ba3a4..9088d85 100644
--- a/claims/well-defined.md
+++ b/claims/well-defined.md
@@ -1,4 +1,4 @@
-# Is web3 a well-defined term?
+# 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).
diff --git a/concepts/broker.md b/concepts/broker.md
index 231bcfb..ca91282 100644
--- a/concepts/broker.md
+++ b/concepts/broker.md
@@ -3,6 +3,6 @@ In financial regulation, a broker is a company that acts as an intermediary betw
 
 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).
+See also [market maker](market-maker.md) and [regulation](regulation.md).
 
 ## References
\ No newline at end of file
diff --git a/concepts/central-banks.md b/concepts/central-banks.md
index 410d759..1bf1505 100644
--- a/concepts/central-banks.md
+++ b/concepts/central-banks.md
@@ -3,12 +3,11 @@ A financial institution that manages the [currency](currency.md) and monetary su
 
 The mandate of central banks is often to control domestic employment and maintain price stability of a national currency.
 
-## Examples
+Examples of central banks include:
 
-* Federal Reserve
+* United States Federal Reserve
 * European Central Bank
 * Bank of England
 
 ## References
-
-* [@braun_central_2019]
\ No newline at end of file
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
\ No newline at end of file
diff --git a/concepts/decentralization.md b/concepts/decentralization.md
index db76c42..349d4c6 100644
--- a/concepts/decentralization.md
+++ b/concepts/decentralization.md
@@ -1,15 +1,41 @@
 # Decentralization
-A technical and marketing buzzword use amorphously to refer to an unclear set of aspirations about a technology or community.
+A technical and marketing buzzword use amorphously to refer to an unclear set of aspirations about a technology or community. Appeals to decentralization will often involve co-mingling with other loaded or misinterpreted words such as:
 
-In information technology it refers to a type of network topology in which a system has no single point of failure and whose workload or actions are performed in parallel by multiple computers which provide a shared service.
+* Immutable
+* Decentralized
+* Trustless
+* Secure
+* Tamper-proof
+* Disintermediated
+* Open/Transparent
+* Neutral
+* Direct transfers of value
 
-The internet is the canonical example of a decentralized network.
+Use of term decentralization is often falsely used interchangeably with "democratization", which has an orthogonal meaning.
 
-This term is often falsely used interchangeably with "democratization", which has an orthogonal meaning.
+In information technology it refers to a type of network topology in which a system has no single point of failure and whose workload or actions are performed in parallel by multiple computers which provide a shared service. The internet is the canonical example of a decentralized network.
 
 ## References
-
-* [@diehl_decentralized_2021]
-* [@schneider_decentralization_2019]
-* [@bodo_decentralisation_2021]
-* [@zhang_aesthetics_2019]
\ No newline at end of file
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
+1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
+1. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
+1. Diehl, Stephen. 2021. ‘Web3 Is Bullshit’. 4 December 2021. https://www.stephendiehl.com/blog/web3-bullshit.html.
+1. Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
+1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
+1. Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
+1. Azouvi, Sarah. 2021. ‘Levels of Decentralization and Trust in Cryptocurrencies: Consensus, Governance and Applications’. PhD Thesis, University College London. https://discovery.ucl.ac.uk/id/eprint/10139069/.
+1. Babu, Asvatha. 2020. ‘Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482.
+1. Bodó, Balázs, Jaya Klara Brekke, and Jaap Henk Hoepman. 2021. ‘Decentralisation: A Multidisciplinary Perspective’. Internet Policy Review 10 (2): 0–21. https://doi.org/10.14763/2021.2.1563.
+1. Garrod, J. Z. 2016. ‘The Real World of the Decentralized Autonomous Society’. TripleC 14 (1): 62–77. https://doi.org/10.31269/triplec.v14i1.692.
+1. Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.
+1. Humayun, Syeda Mariam. 2019. ‘Creation and Resilience of Decentralized Brands: Bitcoin & the Blockchain’. PhD Thesis. http://hdl.handle.net/10315/37662.
+1. Mannan, M. & Schneider, N. 2020. ‘Exit to Community: Strategies for Multi-Stakeholder Ownership in the Platform Economy’. Georgetown Law Technology Review 4 (1): 2017–19. https://georgetownlawtechreview.org/exit-to-community-strategies-for-multi-stakeholder-ownership-in-the-platform-economy/GLTR-05-2021/.
+1. Manski, Sarah, and Michel Bauwens. 2020. ‘Reimagining New Socio-Technical Economics Through the Application of Distributed Ledger Technologies’. Frontiers in Blockchain 2 (January): 1–17. https://doi.org/10.3389/fbloc.2019.00029.
+1. Rocas-Royo, Marc. 2021. ‘The Blockchain That Was Not: The Case of Four Cooperative Agroecological Supermarkets’. Frontiers in Blockchain 4 (April): 1–10. https://doi.org/10.3389/fbloc.2021.624810.
+1. Sai, Ashish Rajendra. 2021. ‘Towards a Holistic Assessment of Centralization in Distributed Ledgers’. https://ulir.ul.ie/handle/10344/10766.
+1. Sai, Ashish Rajendra, Jim Buckley, Brian Fitzgerald, and Andrew Le Gear. 2021. ‘Taxonomy of Centralization in Public Blockchain Systems: A Systematic Literature Review’. Information Processing and Management 58 (4): 102584. https://doi.org/10.1016/j.ipm.2021.102584.
+1. Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
\ No newline at end of file
diff --git a/claims/regulation.md b/concepts/regulation.md
similarity index 100%
rename from claims/regulation.md
rename to concepts/regulation.md
diff --git a/concepts/systemic-risk.md b/concepts/systemic-risk.md
index 275165f..2da8db4 100644
--- a/concepts/systemic-risk.md
+++ b/concepts/systemic-risk.md
@@ -1,6 +1,12 @@
-# Systemic Risk
-Systemic risk is the possibility that an event in a single asset  or company could trigger severe instability or collapse an entire industry or economy. 
+# Crypto could be a systemic risk in the future
 
-Assets considered to be a systemic risk are called "too big to fail".
+Systemic risk is the possibility that an event in a single asset or company could trigger severe instability or collapse an entire industry or economy.  Asset classes or companies are considered to be a systemic risk when they are "too big to fail". Systemic risk and was a major contributor to the subprime mortgage crisis crisis of 2008. 
 
-Systemic risk and was a major contributor to the subprime mortgage crisis crisis of 2008. 
\ No newline at end of file
+Crypto assets do not currently pose a systemic risk to the United States economy, but may in the future if their growth is left unchecked. Allegedly the [paper wealth](paper-wealth.md) locked up into crypto tokens is allegedly only on the order of the $1 trillion which is inconsequential next to the amount of capital allocated in both the US equities and bond markets. Crypto is still a relatively tiny asset class and a sudden crash in the market, while devastating to individual retail investors, would likely not bring amount much damage to financial institutions or markets as a whole. 
+
+Because of regulation and [risk](risk.md) aversion most banks and companies have very little exposure to the crypto market and will not put crypto assets directly on their balance sheet. This fundamentally limits the amount of damage a sudden crash in crypto assets could actually cause as most companies would simply not be within the financial "blast radius" were the market to go to zero overnight.
+
+In the event of a sudden crash retail investors and the public who have chosen to gamble on crypto assets would see all of their wealth disappear instantly, likely with no recourse or chance of a bailout. This would be a very socially socially corrosive event which would be financially devastating to the public and erode trust in institutions. This is real problem that crypto assets and their insane risk properties introduce.
+
+## References
+1. Nolan, Hamilton. n.d. ‘The Ticking Bomb of Crypto Fascism’. Accessed 21 March 2022. https://inthesetimes.com/article/the-ticking-bomb-of-crypto-fascism.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index f733538..7341a47 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -245,5 +245,5 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 
 * [Value](../concepts/value.md)
 * [Risk](../concepts/risk.md)
-* [Regulation](../claims/regulation.md)
+* [Regulation](../concepts/regulation.md)
 * [Market manipulation](../concepts/market-manipulation.md)
\ No newline at end of file
diff --git a/meta/claims-todo.md b/meta/claims-todo.md
index bfbcd4a..199b2eb 100644
--- a/meta/claims-todo.md
+++ b/meta/claims-todo.md
@@ -1,30 +1,30 @@
 # Claims TODO
 
 - [x] [authoritarianism](../claims/authoritarianism.md)
-- [ ] [web3-decentralized](../claims/web3-decentralized.md)
+- [x] [web3-decentralized](../claims/web3-decentralized.md)
 - [x] [environmental-footprint](../claims/environmental-footprint.md)
 - [x] [is-bubble](../claims/is-bubble.md)
 - [x] [narrative-economics](../concepts/narrative-economics.md)
 - [x] [digital-gold](../claims/digital-gold.md)
-- [ ] [new-internet](../claims/new-internet.md)
-- [ ] [risk-to-state](../claims/risk-to-state.md)
-- [ ] [systemic-risk](../concepts/systemic-risk.md)
-- [ ] [threaten-dollar](../claims/threaten-dollar.md)
+- [x] [new-internet](../claims/new-internet.md)
+- [x] [risk-to-state](../claims/risk-to-state.md)
+- [x] [systemic-risk](../concepts/systemic-risk.md)
+- [x] [threaten-dollar](../claims/threaten-dollar.md)
 - [x] [valuation-model](../concepts/valuation-model.md)
 - [x] [what-type-of-asset](../claims/what-type-of-asset.md)
-- [ ] [hedge-debasement](../claims/hedge-debasement.md)
-- [ ] [is-better-payments](../claims/is-better-payments.md)
+- [x] [hedge-debasement](../claims/hedge-debasement.md)
+- [x] [is-better-payments](../claims/is-better-payments.md)
 - [x] [is-collapse](../claims/is-collapse.md)
 - [x] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
 - [x] [is-hyperfinancialization](../claims/is-hyperfinancialization.md)
-- [ ] [is-legal](../claims/is-legal.md)
+- [x] [is-legal](../claims/is-legal.md)
 - [x] [is-new-financial-system](../claims/is-new-financial-system.md)
 - [x] [is-opportunity-cost](../claims/is-opportunity-cost.md)
-- [ ] [is-private-money](../claims/is-private-money.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)
 - [ ] [is-raise-nonprofit](../claims/is-raise-nonprofit.md)
-- [ ] [new-internet](../claims/new-internet.md)
-- [ ] [transnational-payment](../claims/transnational-payment.md)
-- [ ] [web3-decentralized](../claims/web3-decentralized.md)
+- [x] [new-internet](../claims/new-internet.md)
+- [x] [transnational-payment](../claims/transnational-payment.md)
+- [x] [web3-decentralized](../claims/web3-decentralized.md)
 - [x] [web3-green](../claims/web3-green.md)

From 8578886edf72602efa0baa93c2e52f1b95d71b39 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 28 Mar 2022 15:43:02 +0100
Subject: [PATCH 054/103] Fix systemic risk claim

---
 claims/is-systemic-risk.md | 11 +++++++++++
 claims/nfts-artists.md     |  2 ++
 claims/systemic-risk.md    |  5 -----
 concepts/systemic-risk.md  | 13 ++++++-------
 guide/index.md             |  4 ++--
 5 files changed, 21 insertions(+), 14 deletions(-)
 create mode 100644 claims/is-systemic-risk.md
 create mode 100644 claims/nfts-artists.md
 delete mode 100644 claims/systemic-risk.md

diff --git a/claims/is-systemic-risk.md b/claims/is-systemic-risk.md
new file mode 100644
index 0000000..ec25a16
--- /dev/null
+++ b/claims/is-systemic-risk.md
@@ -0,0 +1,11 @@
+# Crypto assets pose systemic risk to the larger economy
+
+Crypto assets do not currently pose a [systemic risk](../concepts/systemic-risk.md) to the United States economy, but may in the future if their growth is left unchecked. Allegedly the [paper wealth](paper-wealth.md) locked up into crypto tokens is allegedly only on the order of the $1 trillion which is inconsequential next to the amount of capital allocated in both the US equities and bond markets. Crypto is still a relatively tiny asset class and a sudden crash in the market, while devastating to individual retail investors, would likely not bring amount much damage to financial institutions or markets as a whole. 
+
+Because of regulation and [risk](risk.md) aversion most banks and companies have very little exposure to the crypto market and will not put crypto assets directly on their balance sheet. This fundamentally limits the amount of damage a sudden crash in crypto assets could actually cause as most companies would simply not be within the financial "blast radius" were the market to go to zero overnight.
+
+In the event of a sudden crash retail investors and the public who have chosen to gamble on crypto assets would see all of their wealth disappear instantly, likely with no recourse or chance of a bailout. This would be a very socially socially corrosive event which would be financially devastating to the public and erode trust in institutions. This is real problem that crypto assets and their insane risk properties introduce.
+
+## References
+1. Nolan, Hamilton. n.d. ‘The Ticking Bomb of Crypto Fascism’. Accessed 21 March 2022. https://inthesetimes.com/article/the-ticking-bomb-of-crypto-fascism.
+1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
\ No newline at end of file
diff --git a/claims/nfts-artists.md b/claims/nfts-artists.md
new file mode 100644
index 0000000..aeff1f0
--- /dev/null
+++ b/claims/nfts-artists.md
@@ -0,0 +1,2 @@
+# NFTs are a net good for artists
+The economic structure of NFTs is almost identical to that of [multilevel marketing schemes](../concepts/mlm.md). 
\ No newline at end of file
diff --git a/claims/systemic-risk.md b/claims/systemic-risk.md
deleted file mode 100644
index 8080035..0000000
--- a/claims/systemic-risk.md
+++ /dev/null
@@ -1,5 +0,0 @@
-# Crypto assets pose systemic risk to the larger economy
-
-## References
-* [@momtaz_entrepreneurial_2020]
-* [@zetzsche_ico_2017]
\ No newline at end of file
diff --git a/concepts/systemic-risk.md b/concepts/systemic-risk.md
index 2da8db4..f014e2b 100644
--- a/concepts/systemic-risk.md
+++ b/concepts/systemic-risk.md
@@ -1,12 +1,11 @@
-# Crypto could be a systemic risk in the future
+# Systemic Risk
 
 Systemic risk is the possibility that an event in a single asset or company could trigger severe instability or collapse an entire industry or economy.  Asset classes or companies are considered to be a systemic risk when they are "too big to fail". Systemic risk and was a major contributor to the subprime mortgage crisis crisis of 2008. 
 
-Crypto assets do not currently pose a systemic risk to the United States economy, but may in the future if their growth is left unchecked. Allegedly the [paper wealth](paper-wealth.md) locked up into crypto tokens is allegedly only on the order of the $1 trillion which is inconsequential next to the amount of capital allocated in both the US equities and bond markets. Crypto is still a relatively tiny asset class and a sudden crash in the market, while devastating to individual retail investors, would likely not bring amount much damage to financial institutions or markets as a whole. 
-
-Because of regulation and [risk](risk.md) aversion most banks and companies have very little exposure to the crypto market and will not put crypto assets directly on their balance sheet. This fundamentally limits the amount of damage a sudden crash in crypto assets could actually cause as most companies would simply not be within the financial "blast radius" were the market to go to zero overnight.
-
-In the event of a sudden crash retail investors and the public who have chosen to gamble on crypto assets would see all of their wealth disappear instantly, likely with no recourse or chance of a bailout. This would be a very socially socially corrosive event which would be financially devastating to the public and erode trust in institutions. This is real problem that crypto assets and their insane risk properties introduce.
 
 ## References
-1. Nolan, Hamilton. n.d. ‘The Ticking Bomb of Crypto Fascism’. Accessed 21 March 2022. https://inthesetimes.com/article/the-ticking-bomb-of-crypto-fascism.
\ No newline at end of file
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
+1. Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 7341a47..692e2b9 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -52,7 +52,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 * [Are crypto assets a risk to the dollar?](../claims/threaten-dollar.md)
 * [What type of asset is a crypto token?](/claims/what-type-of-asset.md)
 * [How do we value a crypto token?](/claims/valuation-model.md)
-* [Are crypto assets a systemic risk to the economy?](../claims/systemic-risk.md)
+* [Are crypto assets a systemic risk to the economy?](../claims/is-systemic-risk.md)
 * [Is bitcoin the basis for a new gold standard?](../claims/digital-gold.md)
 * [Are crypto assets a bubble?](../claims/is-bubble.md)
 * [Are crypto assets a form of gambling?](../claims/is-gambling.md)
@@ -66,7 +66,7 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 * [Are crypto assets a form of predatory inclusion?](../claims/is-predatory.md)
 * [Is crypto a solution for the unbanked?](/claims/crypto-unbanked.md)
 * [Is crypto providing faster payment rails or better remittance services?](../claims/is-better-payments.md)
-* Are NFTs are good for artists?
+* [Are NFTs are good for artists?](../claims/nfts-artists.md)
 * [What is the narrative economics of crypto assets?](../claims/narrative-economics.md)
 * [Are crypto assets legal?](../claims/is-legal.md)
 * [Are crypto tokens a negative-sum investment?](/claims/negative-sum.md)

From 2e7b568f2894c8db9497db1082a3a73d97a31c2c Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 28 Mar 2022 16:11:52 +0100
Subject: [PATCH 055/103] NFT claims article

---
 claims/digital-gold.md     |  2 +-
 claims/is-systemic-risk.md |  2 +-
 claims/nfts-artists.md     | 41 ++++++++++++++++++++++++++++++++++++--
 3 files changed, 41 insertions(+), 4 deletions(-)

diff --git a/claims/digital-gold.md b/claims/digital-gold.md
index 609f82a..f0b56c8 100644
--- a/claims/digital-gold.md
+++ b/claims/digital-gold.md
@@ -1,4 +1,4 @@
-# Bitcoin is the basis for a new gold standard
+# Bitcoin is not the basis for a new gold standard
 The neo-metallist claim is that bitcoin can operate as a new asset class which exhibits similar financial properties to [gold](../concepts/gold.md).  The strong version of this claim asserts that a new [gold standard](../concepts/gold-standard.md) can be built on top of bitcoin and that this can form the basis for a market economy.
 
 These claims do not stand up to scrutiny as bitcoin has no consistent track record of being a reliable store of value, it's price movements are extremely volatile and thus is not a reliable place to store value on long time scales. Bitcoin's price behavior is uncorrelated with gold and is largely correlated with the broader stock market making it an unreliable safe haven in times of market volatility since it is directly exposed to the price action of the Nasdaq.
diff --git a/claims/is-systemic-risk.md b/claims/is-systemic-risk.md
index ec25a16..ed5f404 100644
--- a/claims/is-systemic-risk.md
+++ b/claims/is-systemic-risk.md
@@ -1,4 +1,4 @@
-# Crypto assets pose systemic risk to the larger economy
+# Crypto assets may pose systemic risk to the larger economy
 
 Crypto assets do not currently pose a [systemic risk](../concepts/systemic-risk.md) to the United States economy, but may in the future if their growth is left unchecked. Allegedly the [paper wealth](paper-wealth.md) locked up into crypto tokens is allegedly only on the order of the $1 trillion which is inconsequential next to the amount of capital allocated in both the US equities and bond markets. Crypto is still a relatively tiny asset class and a sudden crash in the market, while devastating to individual retail investors, would likely not bring amount much damage to financial institutions or markets as a whole. 
 
diff --git a/claims/nfts-artists.md b/claims/nfts-artists.md
index aeff1f0..b9ec601 100644
--- a/claims/nfts-artists.md
+++ b/claims/nfts-artists.md
@@ -1,2 +1,39 @@
-# NFTs are a net good for artists
-The economic structure of NFTs is almost identical to that of [multilevel marketing schemes](../concepts/mlm.md). 
\ No newline at end of file
+# NFTs are not a net good for artists
+The economic structure of [NFTs](../concepts/nft.md) is almost identical to that of [multilevel marketing schemes](../concepts/mlm.md).  Both MLMs and NFTs share the same set of psychological tricks to create fear of missing out and false promises of financial windfalls to entice more victims into the scheme. Just like with MLM schemes, NFTs require an upfront buy-in cost in order to mint the NFT projects. These minting fees must be paid in a specific [cryptoasset](../concepts/cryptoasset.md) which creates [artificial-demand](../concepts/artificial-demand.md) for the token since artists are forced to buy the token at any price to buy into the scheme.
+
+Since the NFT market depends highly on [sign-value](../concepts/sign-value.md), hype, and promotion generation the returns on any one NFT projects are only a factor of their visibility and [market manipulation](../concepts/market-manipulation.md). Thus artist who will see higher returns are ones who outside of their NFT projects already have high visibility and are thus able to leverage their influence to create exit liquidity in their NFT scheme.
+
+Because digital tokens have no inherent value and are not backed by any other asset, hype is crypto's product and those with the most to lose are in the worst positions. NFTs are a form of [predatory-inclusion](../concepts/predatory-inclusion.md) that on average does not liberate artists. Instead most artiists will engage in the token sales at a loss, making almost nothing in return. The return and payout structure is similar to that of MLMs which depend on [asymmetric-information](../concepts/asymmetric-information.md) to incentiveize a small pool of individuals at the expensive a vast number of others who are victims of the scheme.
+
+On the whole, NFTs create more harm to than good like most [negative-sum](negative-sum.md) investment schemes.
+
+## References
+* Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
+* *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
+* Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
+* Aharon, David Y., and Ender Demir. 2021. ‘NFTs and Asset Class Spillovers: Lessons from the Period around the COVID-19 Pandemic’. Finance Research Letters, 102515. https://doi.org/10.1016/j.frl.2021.102515.
+* Ante, Lennart. 2021. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
+* Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
+* Çağlayan Aksoy, Pınar, and Zehra Özkan Üner. 2021. ‘NFTs and Copyright: Challenges and Opportunities’. Journal of Intellectual Property Law & Practice 16 (10): 1115–26. https://doi.org/10.1093/jiplp/jpab104.
+* Casale-Brunet, S., P. Ribeca, P. Doyle, and M. Mattavelli. 2021. ‘Networks of Ethereum Non-Fungible Tokens: A Graph-Based Analysis of the ERC-721 Ecosystem’. ArXiv Preprint ArXiv:2110.12545. http://arxiv.org/abs/2110.12545.
+* Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
+* Dowling, Michael. 2021. ‘Fertile LAND: Pricing Non-Fungible Tokens’. Finance Research Letters, 102096. https://doi.org/10.1016/j.frl.2021.102096.
+* Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
+* Frye, Brian L. 2021. ‘After Copyright: Pwning NFTs in a Clout Economy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971240.
+* *———. n.d. ‘How to Sell NFTs Without Really Trying’. Harvard Journal of Sports and Entertainment Law, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3930430.
+* Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
+* Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
+* Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
+* Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
+* Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
+* Mazur, Mieszko. 2021. Non-Fungible Tokens (NFT). The Analysis of Risk and Return. SSRN Electronic Journal. October. https://doi.org/10.2139/ssrn.3953535.
+* Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
+* Solimano, Andrés. 2021. ‘The Evolution of Contemporary Arts Markets’. https://doi.org/10.4324/9781003215127.
+* Tonelli, Emily. 2022. ‘Internet Guru Tim O’Reilly: Crypto and NFTs Are “Pretty Serious Speculative Bubble”’. Decrypt. 10 February 2022. https://decrypt.co/92676/internet-guru-tim-oreilly-crypto-nfts-serious-speculative-bubble.
+* Whitaker, Amy. 2021. Economics of Visual Art: Market Practice and Market Resistance. Cambridge University Press. https://doi.org/10.1017/9781108649919.
+
+## External References
+
+* [Web3 is Going Great](https://web3isgoinggreat.com)
+* [Line Goes Up - The Problem with NFTs](https://www.youtube.com/watch?v=YQ_xWvX1n9g)
+* [The NFTBay](https://thenftbay.org)
\ No newline at end of file

From 2e5c1c47c2b84f66928f9ffb762d951f79d77f35 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 28 Mar 2022 17:44:21 +0100
Subject: [PATCH 056/103] Citations todo list

---
 claims/hedge-inflation.md      | 10 +++++-----
 claims/nfts-artists.md         |  4 ++--
 concepts/austrian-economics.md |  2 +-
 concepts/cbdc.md               |  3 ++-
 concepts/commodity.md          |  8 ++++++--
 concepts/deflationary.md       |  1 +
 concepts/derivative.md         | 10 ++++++++--
 concepts/expected-return.md    |  6 +++++-
 concepts/financial-asset.md    | 12 +++++++-----
 concepts/fundamental-value.md  |  6 +++++-
 concepts/income-cashflows.md   |  5 ++++-
 concepts/inevitablism.md       |  2 +-
 concepts/inflationary.md       |  5 ++++-
 concepts/liquidity.md          |  6 +++++-
 concepts/market-value.md       |  5 ++++-
 concepts/non-economic.md       |  6 +++++-
 concepts/platform-risk.md      |  3 ++-
 concepts/present-value.md      |  6 +++++-
 concepts/productive-asset.md   |  6 ++++--
 concepts/risk.md               |  6 +++++-
 concepts/store-of-value.md     |  4 +++-
 concepts/survivorship-bias.md  |  4 +++-
 meta/citations-todo.md         | 31 +++++++++++++++++++++++++++++++
 23 files changed, 118 insertions(+), 33 deletions(-)
 create mode 100644 meta/citations-todo.md

diff --git a/claims/hedge-inflation.md b/claims/hedge-inflation.md
index 6e33c0f..b4810f0 100644
--- a/claims/hedge-inflation.md
+++ b/claims/hedge-inflation.md
@@ -8,8 +8,8 @@
 > The experience of March 2020, during the market panic upon the onset of the pandemic, when bitcoin dropped farther than the stock market —and subsequently recovered with it upon the massive injection of liquidity is sufficient evidence that it cannot remotely be used as a tail hedge against systemic risk. Furthermore, bitcoin appears to respond to liquidity, exactly like other bubble items. It is also uncertain what could happen should the internet experience a general, or an even a regional, outage — particularly if it takes place during a financial collapse.
 
 ## References
-* Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’.
-* Shaffer, Daniel S. 2010. Profiting in Economic Storms: A Historic Guide to Surviving Depression, Deflation, Hyperinflation, and Market Bubbles. John Wiley & Sons.
-* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-* Wang, Gangjin, Yanping Tang, Chi Xie, and Shou Chen. 2019. ‘Is Bitcoin a Safe Haven or a Hedging Asset? Evidence from China’. Journal of Management Science and Engineering 4 (3): 173–88. https://doi.org/10.1016/j.jmse.2019.09.001.
-* Frisch, Helmut. 1983. Theories of Inflation. Cambridge University Press.
\ No newline at end of file
+1. Shaffer, Daniel S. 2010. Profiting in Economic Storms: A Historic Guide to Surviving Depression, Deflation, Hyperinflation, and Market Bubbles. John Wiley & Sons.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+1. Wang, Gangjin, Yanping Tang, Chi Xie, and Shou Chen. 2019. ‘Is Bitcoin a Safe Haven or a Hedging Asset? Evidence from China’. Journal of Management Science and Engineering 4 (3): 173–88. https://doi.org/10.1016/j.jmse.2019.09.001.
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’.
+1. Frisch, Helmut. 1983. Theories of Inflation. Cambridge University Press.
\ No newline at end of file
diff --git a/claims/nfts-artists.md b/claims/nfts-artists.md
index b9ec601..9411058 100644
--- a/claims/nfts-artists.md
+++ b/claims/nfts-artists.md
@@ -1,9 +1,9 @@
 # NFTs are not a net good for artists
-The economic structure of [NFTs](../concepts/nft.md) is almost identical to that of [multilevel marketing schemes](../concepts/mlm.md).  Both MLMs and NFTs share the same set of psychological tricks to create fear of missing out and false promises of financial windfalls to entice more victims into the scheme. Just like with MLM schemes, NFTs require an upfront buy-in cost in order to mint the NFT projects. These minting fees must be paid in a specific [cryptoasset](../concepts/cryptoasset.md) which creates [artificial-demand](../concepts/artificial-demand.md) for the token since artists are forced to buy the token at any price to buy into the scheme.
+The economic structure of [NFTs](../concepts/nft.md) is almost identical to that of [multilevel marketing schemes](../concepts/mlm.md).  Both MLMs and NFTs share the same set of psychological tricks to create fear of missing out and false promises of financial windfalls to entice more victims into the scheme. Just like with MLM schemes, NFTs require an upfront buy-in cost in order to mint the NFT projects. These minting fees must be paid in a specific [cryptoasset](../concepts/cryptoasset.md) which creates [artificial demand](../concepts/artificial-demand.md) for the token since artists are forced to buy the token at any price to buy into the scheme.
 
 Since the NFT market depends highly on [sign-value](../concepts/sign-value.md), hype, and promotion generation the returns on any one NFT projects are only a factor of their visibility and [market manipulation](../concepts/market-manipulation.md). Thus artist who will see higher returns are ones who outside of their NFT projects already have high visibility and are thus able to leverage their influence to create exit liquidity in their NFT scheme.
 
-Because digital tokens have no inherent value and are not backed by any other asset, hype is crypto's product and those with the most to lose are in the worst positions. NFTs are a form of [predatory-inclusion](../concepts/predatory-inclusion.md) that on average does not liberate artists. Instead most artiists will engage in the token sales at a loss, making almost nothing in return. The return and payout structure is similar to that of MLMs which depend on [asymmetric-information](../concepts/asymmetric-information.md) to incentiveize a small pool of individuals at the expensive a vast number of others who are victims of the scheme.
+Because digital tokens have no inherent value and are not backed by any other asset, hype is crypto's product and those with the most to lose are in the worst positions. NFTs are a form of [predatory inclusion](../concepts/predatory-inclusion.md) that on average does not liberate artists. Instead most artiists will engage in the token sales at a loss, making almost nothing in return. The return and payout structure is similar to that of MLMs which depend on [asymmetric information](../concepts/asymmetric-information.md) to incentiveize a small pool of individuals at the expensive a vast number of others who are victims of the scheme.
 
 On the whole, NFTs create more harm to than good like most [negative-sum](negative-sum.md) investment schemes.
 
diff --git a/concepts/austrian-economics.md b/concepts/austrian-economics.md
index 1ea9bdf..820032f 100644
--- a/concepts/austrian-economics.md
+++ b/concepts/austrian-economics.md
@@ -5,7 +5,7 @@ This school of thought has seen a resurgence in relation to [crypto assets](../c
 
 Often resonates with advocacy for the [gold standard](../gold-standard.md) and [libertarianism](libertarianism.md).
 
-## Prominent Thinkers
+Prominent Thinkers in the Austrian tradition are:
 
 * Murry Rothbards
 * Ludwig von Mises
diff --git a/concepts/cbdc.md b/concepts/cbdc.md
index 5348fd1..aa60ae6 100644
--- a/concepts/cbdc.md
+++ b/concepts/cbdc.md
@@ -5,7 +5,8 @@ CBDCs are either based on an *account model* or *token model*.
 
 CBDCs have been critized as being an extension of the surveillance state that conflicts with financial privacy norms.
 
-## Examples
+Examples of pending or live CBDC projects by nation states:
+
 * Chinese Digital Yuan
 * Bahama Sand Dollar
 * Project Hamilton
diff --git a/concepts/commodity.md b/concepts/commodity.md
index f824b50..2c045dd 100644
--- a/concepts/commodity.md
+++ b/concepts/commodity.md
@@ -1,8 +1,12 @@
 # Commodity
 An asset that is used for its [use value](use-value.md) as an input to an economic process.
 
-## Examples
+Examples of commodities include:
+
 * Petroleum
 * Wheat
 * Pork
-* Aluminium
\ No newline at end of file
+* Aluminium
+
+## References
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/deflationary.md b/concepts/deflationary.md
index 12939d3..ed64626 100644
--- a/concepts/deflationary.md
+++ b/concepts/deflationary.md
@@ -8,5 +8,6 @@ A deflationary spiral is a situation in [market](market.md) where decreases in t
 See also [inflationary asset](inflationary.md).
 
 ## References
+1. Frisch, Helmut. 1983. Theories of Inflation. Cambridge University Press.
 1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
\ No newline at end of file
diff --git a/concepts/derivative.md b/concepts/derivative.md
index da732c5..21120b4 100644
--- a/concepts/derivative.md
+++ b/concepts/derivative.md
@@ -5,10 +5,16 @@ Underlying for derivatives are most often [stocks](stock.md), [bonds](bond.md),
 
 A derivative is a type of [financial asset](financial-asset.md). Derivatives have no [use value](use-value.md). Their [fundamental value](fundamental-value.md) and demand is generated from their the demand of the underlying.
 
-## Examples
+Examples of derivatives products:
+
 * Futures
 * Forwards
 * Swaps
 * Options
 * Interest Rate Swaps
-* [Credit Default Swaps](cds.md)
\ No newline at end of file
+* [Credit Default Swaps](cds.md)
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
\ No newline at end of file
diff --git a/concepts/expected-return.md b/concepts/expected-return.md
index 9c1a950..864e914 100644
--- a/concepts/expected-return.md
+++ b/concepts/expected-return.md
@@ -1,4 +1,8 @@
 # Expected Return
 Expected return (ER) is calculated by multiplying potential cashflow outcomes by the odds that they occur and then summing over the result.
 
-> ER = (return A x probability A) + (return B x probability B) + ...
\ No newline at end of file
+> ER = (return A x probability A) + (return B x probability B) + ...
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
diff --git a/concepts/financial-asset.md b/concepts/financial-asset.md
index 97f929d..fa40201 100644
--- a/concepts/financial-asset.md
+++ b/concepts/financial-asset.md
@@ -11,8 +11,10 @@ See also [ficticious commodity](ficticious-commodity.md).
 * [Credit default swap](cds.md)
 
 ## References
-* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
-* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-* Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
-* Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
-* Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
\ No newline at end of file
+1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+1. Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
+1. Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
\ No newline at end of file
diff --git a/concepts/fundamental-value.md b/concepts/fundamental-value.md
index fcec394..8aa206b 100644
--- a/concepts/fundamental-value.md
+++ b/concepts/fundamental-value.md
@@ -1,4 +1,8 @@
 # Fundamental Value
 In quantative finance, the fundamental value is the [present value](present-value.md) of all expected future net [income-cashflows](income-cashflows.md) to the asset calculated via discounted cash flow valuation.
 
-See also [present value](present-value.md), [terminal value](terminal-value.md) and [financial asset](financial-asset.md).
\ No newline at end of file
+See also [present value](present-value.md), [terminal value](terminal-value.md) and [financial asset](financial-asset.md).
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/income-cashflows.md b/concepts/income-cashflows.md
index 3da67b2..bbcc3b4 100644
--- a/concepts/income-cashflows.md
+++ b/concepts/income-cashflows.md
@@ -1,4 +1,7 @@
 # Income Cashflows
 Income associated with a financial asset is [money](money.md) that is generated by the terms of the contract. Such as the revenue a [stock](stock.md) company generates from its operations or the rent a piece of real estate can generate.
 
-The discounted cash flow model is a method in quantitative finance of valuing a security, project, company, or asset using the concepts of the time value of money.
\ No newline at end of file
+The discounted cash flow model is a method in quantitative finance of valuing a security, project, company, or asset using the concepts of the time value of money.
+
+## References
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/inevitablism.md b/concepts/inevitablism.md
index 4990127..1436b90 100644
--- a/concepts/inevitablism.md
+++ b/concepts/inevitablism.md
@@ -1,5 +1,5 @@
 # Crypto-inevitablism
-The prefiguragative political ideology which is centred around a core faith that [crypto assets](cryptoasset.md) and their associated technologies and culture have some pre-ordained to destiny on the scale of human history detached from their efficacy for one use case or problem to solve. It is the presupposition that crypto assets are simply *inevitable* and must be brought into existence to fulfil a, perhaps unspecified, destiny.
+The prefiguragative political ideology which is centred around a core faith that [crypto assets](cryptoasset.md) and their associated technologies and culture have some pre-ordained to destiny on the scale of human history detached from their efficacy for one use case or problem to solve. It is the presupposition that crypto assets are "here to stay", are even more so *inevitable*, and must be brought into existence to fulfil a, perhaps unspecified, destiny.
 
 ## References
 * Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
diff --git a/concepts/inflationary.md b/concepts/inflationary.md
index aafe599..c549a88 100644
--- a/concepts/inflationary.md
+++ b/concepts/inflationary.md
@@ -3,4 +3,7 @@ A inflationary asset is one in which the supply of the asset is increasing. It i
 
 The [dollar](dollar.md) is an example of an [asset](assets.md) which is inflationary due to the monetary policy of the [central-banks](central-banks.md).
 
-See also [deflationary asset](deflationary.md).
\ No newline at end of file
+See also [deflationary asset](deflationary.md).
+
+## References
+1. Frisch, Helmut. 1983. Theories of Inflation. Cambridge University Press.
\ No newline at end of file
diff --git a/concepts/liquidity.md b/concepts/liquidity.md
index 430aa1f..b6ef509 100644
--- a/concepts/liquidity.md
+++ b/concepts/liquidity.md
@@ -1,4 +1,8 @@
 # Liquidity
 Liquidity is the state of [assets](assets.md) being liquid, or the ability to easily turn the assets or investments into [currency](currency.md) by finding a buyer for the asset on a [[market.]]
 
-The inability to find a buyer for an asset makes the asset illiquid.
\ No newline at end of file
+The inability to find a buyer for an asset makes the asset illiquid.
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/market-value.md b/concepts/market-value.md
index f797aaa..eae4c76 100644
--- a/concepts/market-value.md
+++ b/concepts/market-value.md
@@ -1,2 +1,5 @@
 # Market Value
-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.
\ No newline at end of file
+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.
+
+## References
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/non-economic.md b/concepts/non-economic.md
index 5ae9eb1..2cb7429 100644
--- a/concepts/non-economic.md
+++ b/concepts/non-economic.md
@@ -1,4 +1,8 @@
 # Non-economic
 The property of a process having no economic importance or implication, a closed loop in which there are net zero inflows and outflows of good or services.
 
-See [ficticious commodity](ficticious-commodity.md) and [artificial scarcity](artificial-scarcity.md).
\ No newline at end of file
+See [ficticious commodity](ficticious-commodity.md) and [artificial scarcity](artificial-scarcity.md).
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/platform-risk.md b/concepts/platform-risk.md
index b11c633..1da46fc 100644
--- a/concepts/platform-risk.md
+++ b/concepts/platform-risk.md
@@ -7,4 +7,5 @@ Unregulated [crypto exchanges](crypto-exchange.md) are subject to extreme [platf
 1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
 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. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
-1. Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
\ No newline at end of file
+1. Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
\ No newline at end of file
diff --git a/concepts/present-value.md b/concepts/present-value.md
index 3e69f7f..d3e5ccc 100644
--- a/concepts/present-value.md
+++ b/concepts/present-value.md
@@ -1,4 +1,8 @@
 # Present Value
 In quantitative finance, the present value of a [financial asset](financial-asset.md) is the expected [income](income-cashflows.md) stream determined as of the date of valuation. 
 
-See also [terminal value](terminal-value.md).
\ No newline at end of file
+See also [terminal value](terminal-value.md).
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/productive-asset.md b/concepts/productive-asset.md
index 0565391..46320dd 100644
--- a/concepts/productive-asset.md
+++ b/concepts/productive-asset.md
@@ -8,6 +8,8 @@ Productive assets are [assets](assets.md) which have [income-cashflows](income-c
 [Crypto tokens](cryptoasset.md) are non-productive assets.
 
 ## References
-* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-* ‘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.
\ No newline at end of file
+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.
\ No newline at end of file
diff --git a/concepts/risk.md b/concepts/risk.md
index 1230d52..fc80ff8 100644
--- a/concepts/risk.md
+++ b/concepts/risk.md
@@ -2,4 +2,8 @@
 1. [Counterparty risk](counterparty-risk.md)
 2. [Platform risk](platform-risk.md)
 3. [Price risk](price-risk.md)
-4. [Systemic risk](systemic-risk.md)
\ No newline at end of file
+4. [Systemic risk](systemic-risk.md)
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/store-of-value.md b/concepts/store-of-value.md
index 91e4580..053e8cc 100644
--- a/concepts/store-of-value.md
+++ b/concepts/store-of-value.md
@@ -6,4 +6,6 @@ A store of value should have a low-variance in its [market value](../concepts/ma
 ## References
 1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
 1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
-1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
\ No newline at end of file
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
+1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
diff --git a/concepts/survivorship-bias.md b/concepts/survivorship-bias.md
index d4ceb99..41b6712 100644
--- a/concepts/survivorship-bias.md
+++ b/concepts/survivorship-bias.md
@@ -7,4 +7,6 @@ For example a basket of tech stocks picked randomly during the height of the dot
 
 See also [endowment effect](endowment-effect.md) and [bandwagon bias](bandwagon-bias.md).
 
-## References
\ No newline at end of file
+## References
+1. Shaffer, Daniel S. 2010. Profiting in Economic Storms: A Historic Guide to Surviving Depression, Deflation, Hyperinflation, and Market Bubbles. John Wiley & Sons.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
\ No newline at end of file
diff --git a/meta/citations-todo.md b/meta/citations-todo.md
new file mode 100644
index 0000000..c962580
--- /dev/null
+++ b/meta/citations-todo.md
@@ -0,0 +1,31 @@
+# Citations Needed
+First pass
+
+- [ ] [aml](../concepts/aml.md)
+- [ ] [amm](../concepts/amm.md)
+- [ ] [artificial-demand](../concepts/artificial-demand.md)
+- [ ] [artificial-scarcity](../concepts/artificial-scarcity.md)
+- [ ] [austrian-economics](../concepts/austrian-economics.md)
+- [ ] [bandwagon-bias](../concepts/bandwagon-bias.md)
+- [ ] [bank](../concepts/bank.md)
+- [ ] [bank-run](../concepts/bank.md)
+- [ ] [bearer-instrument](../concepts/bearer-instrument.md)
+- [ ] [bond](../concepts/bond.md)
+- [ ] [bretton-woods](../concepts/bretton-woods.md)
+- [ ] [broker](../concepts/broker.md)
+- [ ] [bucket-shop](../concepts/bucket-shop.md)
+- [ ] [cartel](../concepts/cartel.md)
+- [ ] [cd](../concepts/cd.md)
+- [ ] [cds](../concepts/cds.md)
+- [ ] [collateralization](../concepts/collateralization.md)
+- [ ] [commodity](../concepts/commodity.md)
+- [ ] [counterparty-risk](../concepts/counterparty-risk.md)
+- [ ] [currency-peg](../concepts/currency-peg.md)
+- [ ] [deposit](../concepts/deposit.md)
+- [ ] [deposit-insurance](../concepts/deposit-insurance.md)
+- [ ] [derivative](../concepts/derivative.md)
+- [ ] [dex](../concepts/dex.md)
+- [ ] [distribution-problem](../concepts/distribution-problem.md)
+- [ ] [enclosure](../concepts/enclosure.md)
+- [ ] [exit-scam](../concepts/exit-scam.md)
+- [ ] [expected-return](../concepts/expected-return.md)

From 18064f2e9d8237454a04052880672d8f1f0225b1 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 28 Mar 2022 19:47:57 +0100
Subject: [PATCH 057/103] Madness of crowds

---
 concepts/madness-crowds.md | 10 ++++++++++
 1 file changed, 10 insertions(+)

diff --git a/concepts/madness-crowds.md b/concepts/madness-crowds.md
index 18b8449..ccfaf5d 100644
--- a/concepts/madness-crowds.md
+++ b/concepts/madness-crowds.md
@@ -1 +1,11 @@
 # Madness of Crowds
+The term *madness of crowds* is a concept concerning the extreme and abberant conditions of group psychology in markets. The term was coined by Charles Mackay in 1841 in his book *Extraordinary Popular Delusions and the Madness of Crowds* which annaled the historical [market manias](market-mania.md) and [bubble](bubble.md) of the 17th and 18th centuries.
+
+ > Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
+
+ The term has since been adopted to describe mass irrationality in markets derived from [bandwagon-bias](bandwagon-bias.md), profit seeking and trend following behaviour gone badly at scale.
+ 
+## References
+1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
+1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
+1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
\ No newline at end of file

From 78898a5989c92fa064b7d0b584ce0253acc47b3a Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 29 Mar 2022 09:55:28 +0100
Subject: [PATCH 058/103] Expand citations

---
 claims/weird-culture.md                 |  8 ++---
 claims/why-invest.md                    |  2 +-
 concepts/aml.md                         | 15 ++++++++-
 concepts/artificial-scarcity.md         | 16 ++++++++-
 concepts/austrian-economics.md          | 12 +++----
 concepts/bank-run.md                    |  3 +-
 concepts/bank.md                        |  5 ++-
 concepts/bearer-instrument.md           |  5 ++-
 concepts/bond.md                        |  7 +++-
 concepts/bretton-woods.md               |  6 +++-
 concepts/broker.md                      |  9 ++++-
 concepts/bucket-shop.md                 |  3 +-
 concepts/cartel.md                      | 13 +++++++-
 concepts/cd.md                          |  5 ++-
 concepts/cds.md                         |  3 +-
 concepts/collateralization.md           |  1 +
 concepts/commodity.md                   |  4 ++-
 concepts/counterparty-risk.md           |  1 +
 concepts/currency-peg.md                |  6 +++-
 concepts/deposit-insurance.md           |  3 +-
 concepts/deposit.md                     |  5 ++-
 concepts/derivative.md                  |  1 +
 concepts/distribution-problem.md        | 17 +++++++++-
 concepts/exit-scam.md                   |  3 ++
 concepts/madness-crowds.md              |  2 +-
 concepts/platform-risk.md               |  3 +-
 concepts/present-value.md               |  2 +-
 concepts/rtgs.md                        |  3 ++
 concepts/sound-money.md                 |  2 ++
 concepts/stablecoin.md                  |  2 +-
 concepts/technopopulism.md              |  1 +
 concepts/thought-terminating-cliches.md | 11 ++++++-
 concepts/valuation-model.md             |  8 ++++-
 meta/citations-todo.md                  | 44 ++++++++++++-------------
 meta/concepts-todo.md                   |  2 +-
 35 files changed, 174 insertions(+), 59 deletions(-)

diff --git a/claims/weird-culture.md b/claims/weird-culture.md
index d755ab8..bd85a6a 100644
--- a/claims/weird-culture.md
+++ b/claims/weird-culture.md
@@ -30,6 +30,7 @@ Crypto culture depends heavily on a distortion of language to signify belonging
 1. Faria, I. (2021). The market, the regulator, and the government: Making a blockchain ecosystem in the Netherlands. Finance and Society, 7(1), 40–56. https://doi.org/10.2218/finsoc.v7i1.5590
 1. Faustino, S. (2019). How metaphors matter: An ethnography of blockchain-based re-descriptions of the world. Journal of Cultural Economy, 12(6), 478–490. https://doi.org/10.1080/17530350.2019.1629330
 1. Fletcher, J. (2013). Currency in Transition: An Ethnographic Inquiry of Bitcoin Adherents. https://stars.library.ucf.edu/etd/2748/
+1. Gerard, David. 2017. Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts. David Gerard.
 1. Gerard, D. (n.d.). Neo-Nazis Bet Big on Bitcoin (And Lost). Retrieved 3 March 2022, from https://foreignpolicy.com/2019/03/19/neo-nazis-banked-on-bitcoin-cryptocurrency-farright-christchurch/
 1. Glongloff, M. (n.d.). Bitcoin, GameStop Are More Cults Than Investments. Bloomberg. Retrieved 2 March 2022, from https://www.bloomberg.com/opinion/articles/2021-03-02/bitcoin-btc-gamestop-gme-are-more-cults-than-investments
 1. Golumbia, D. (2016). The Politics of Bitcoin: Software as Right-wing Extremism. University of Minnesota Press.
@@ -58,9 +59,4 @@ Crypto culture depends heavily on a distortion of language to signify belonging
 1. Golumbia, David. 2018. ‘Zealots of the Blockchain: The True Believers of the Bitcoin Cult’. The Baffler, no. 38: 102–11.
 1. Lee, Seung Cheol. 2020. ‘Magical Capitalism, Gambler Subjects: South Korea’s Bitcoin Investment Frenzy’. Cultural Studies 0 (0): 1–24. https://doi.org/10.1080/09502386.2020.1788620.
 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
-1. Samman, Amin, and Stefano Sgambati. n.d. ‘Financial Eschatology and the Libidinal Economy of Leverage’. Theory, Culture & Society (Forthcoming). https://doi.org/10.1177/02632764211070805.
-
-
-## References
-* [@olson_line_2022]
-* [@golumbia_bitcoin_2015]
\ No newline at end of file
+1. Samman, Amin, and Stefano Sgambati. n.d. ‘Financial Eschatology and the Libidinal Economy of Leverage’. Theory, Culture & Society (Forthcoming). https://doi.org/10.1177/02632764211070805.
\ No newline at end of file
diff --git a/claims/why-invest.md b/claims/why-invest.md
index 38efedb..933bcf3 100644
--- a/claims/why-invest.md
+++ b/claims/why-invest.md
@@ -3,7 +3,7 @@ As has been consistently noted [2,3,8] throughout historical [market manias](../
 
 > A [bubble](../concepts/bubble.md) starts when any group of stocks, in this case those associated with the excitement of the Internet, begin to rise. The updraft encourages [more people](../concepts/bandwagon-bias.md) to buy the stocks, which causes more TV and print coverage, which causes even more people to buy, which creates big profits for early Internet stockholders. The successful investors tell you at cocktail parties how easy it is to get rich, which causes the stocks to rise further, which pulls in larger and larger groups of investors. But the whole mechanism is a kind of [Ponzi scheme](../concepts/ponzi-scheme.md) where more and more credulous investors must be found to buy the stock from the earlier investors. Eventually, one runs out of [greater fools](../concepts/greater-fool-theory.md)
 
-This coupled with the [weird subculture](weird-culture.md) of crypto assets and a [narrative economics](../concepts/narrative-economics.md) of belonging to a [high control group](../concepts/high-control-group.md) with the promises of [easy money](../concepts/ponzi-scheme.md) is a psychologically enticing proposition for a large demographic. The synthesis of the market mania and the narrative appeal of the culture and its political [imaginarires](../concepts/narrative-economics.md) appears to be the main driver of the crypto bubble.
+This coupled with the [weird subculture](weird-culture.md) of crypto assets and a [narrative economics](../concepts/narrative-economics.md) of belonging to a [high control group](../concepts/high-control-group.md) with the promises of [easy money](../concepts/ponzi-scheme.md) is a psychologically enticing proposition for a large demographic. The synthesis of the market mania and the narrative appeal of the culture and its political [imaginaries](narrative-economics.md) appears to be the main driver of the crypto bubble.
 
 There is also a strong sample bias in self-reported winnings of crypto assets. With partipants who make outsized returns [gambling](../concepts/gambling.md) on the [bubble](../concepts/bubble.md) are more likely to report this returns compared to the vast majority of those who lost money as guaranteed by the [negative-sum](../concepts/zero-sum-game.md) dynamics of gambling on [crypto assets](../concepts/cryptoasset.md).
 
diff --git a/concepts/aml.md b/concepts/aml.md
index c440295..52df1eb 100644
--- a/concepts/aml.md
+++ b/concepts/aml.md
@@ -1,4 +1,17 @@
 # Anti Money Laundering 
  [Money laundering](money-laundering.md) is a criminal activity in which the provenance of money associated with a crime are obscured by passing the funds through legitimate businesses to obscure their origin.
 
-Crypto assets are used as a vehicle for money laundering.
\ No newline at end of file
+Crypto assets are used as a vehicle for money laundering.
+
+See also [illicit financing](illicit-financing.md), [KYC](kyc.md) and [sanctions enforcement](sanctions-enforcement.md).
+
+## References
+1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+1. Buttigieg, Christopher P., Christos Efthymiopoulos, Abigail Attard, and Samantha Cuyle. 2019. ‘Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State’. Law and Financial Markets Review 13 (4): 211–27. https://doi.org/10.1080/17521440.2019.1663996.
+1. Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
+1. Feinstein, Brian D., and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. SSRN Electronic Journal 7 (1): 48–99. https://doi.org/10.2139/ssrn.3649475.
+1. Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
+1. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
+1. Miscione, Gianluca, and Donncha Kavanagh. 2015. ‘Bitcoin and the Blockchain: A Coup d’Etat in Digital Heterotopia?’ SSRN Electronic Journal, no. 2006: 1–27. https://doi.org/10.2139/ssrn.2624922.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+1. Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
\ No newline at end of file
diff --git a/concepts/artificial-scarcity.md b/concepts/artificial-scarcity.md
index e63c5a7..a2b7ecb 100644
--- a/concepts/artificial-scarcity.md
+++ b/concepts/artificial-scarcity.md
@@ -7,4 +7,18 @@ Financial instruments like bonds, stocks and derivatives are not artificially sc
 
 There is an infinite number of non-physical artificially scare assets that can be created, thus leading to a paradox where unless demand is also infinite their [market value](market-value.md) should trend towards zero.
 
-## References
\ No newline at end of file
+## References
+1. Mims, Christopher. n.d. ‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
+1. Anonymous. n.d. ‘Why NFTs Are Bad: The Long Version’. Accessed 21 March 2022. https://antsstyle.medium.com/why-nfts-are-bad-the-long-version-2c16dae145e2.
+1. Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
+1. Çağlayan Aksoy, Pınar, and Zehra Özkan Üner. 2021. ‘NFTs and Copyright: Challenges and Opportunities’. Journal of Intellectual Property Law & Practice 16 (10): 1115–26. https://doi.org/10.1093/jiplp/jpab104.
+1. Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
+1. Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
+1. Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
+1. Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
+1. Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
+1. Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
+1. Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
+1. Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
+1. Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
+1. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
diff --git a/concepts/austrian-economics.md b/concepts/austrian-economics.md
index 820032f..297c237 100644
--- a/concepts/austrian-economics.md
+++ b/concepts/austrian-economics.md
@@ -1,9 +1,7 @@
 # Austrian Economics
 A heterodox school of economics that attempts to reason about human behaviour from first principles and deductive reasoning instead of quantitative analysis. Popular in the early 20th century but largely rejected by the modern academy. 
 
-This school of thought has seen a resurgence in relation to [crypto assets](../cryptoasset.md).
-
-Often resonates with advocacy for the [gold standard](../gold-standard.md) and [libertarianism](libertarianism.md).
+This school of thought has seen a resurgence in relation to [crypto assets](../cryptoasset.md). These ideas often resonates with advocacy for the [gold standard](../gold-standard.md) and [libertarianism](libertarianism.md).
 
 Prominent Thinkers in the Austrian tradition are:
 
@@ -12,7 +10,9 @@ Prominent Thinkers in the Austrian tradition are:
 * Friedrich Hayek
 * Saifedean Ammous
 
-## References
+Austrian economics is now widely regarded as a heterodox or crank school of economics in light of recent scholarship. See [Criticism of Austrian Economics](https://en.wikipedia.org/wiki/Austrian_School#Criticism).
 
-* Friedrich, Carl J. "The Road to Serfdom." (1945): 575-579.
-* [@ammous_bitcoin_2018]
\ No newline at end of file
+## References
+1. Krugman, Paul. "The hangover theory." Slate. December 3 (1998).
+1. Krugman, Paul (7 April 2010). "The Conscience of a Liberal: Martin And The Austrians". The New York Times. Archived from the original on 23 September 2011. 
+1. Friedrich, Carl J. "The Road to Serfdom." (1945): 575-579.
\ No newline at end of file
diff --git a/concepts/bank-run.md b/concepts/bank-run.md
index 2e169e9..dc82fec 100644
--- a/concepts/bank-run.md
+++ b/concepts/bank-run.md
@@ -3,4 +3,5 @@ In financial regulation, a bank run is the sudden withdrawal of [deposits](depos
 
 Bank runs where a common occurrence in United States in the market crash of 1929 and during the 1930s. Regulation and federal policy [deposit insurance](deposit-insurance.md) entirely eliminated this phenomenon in subsequent decades.
 
-## References
\ No newline at end of file
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
\ No newline at end of file
diff --git a/concepts/bank.md b/concepts/bank.md
index a4fe1e7..0ac14b4 100644
--- a/concepts/bank.md
+++ b/concepts/bank.md
@@ -5,4 +5,7 @@ A bank has [deposit insurance](deposit-insurance.md) backed by a [central bank](
 
 Banks are required to perform [KYC](kyc.md), [CTF](ctf.md), [AML](aml.md) checks on financial transactions and account holders.
 
-## References
\ No newline at end of file
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
\ No newline at end of file
diff --git a/concepts/bearer-instrument.md b/concepts/bearer-instrument.md
index 35c15c0..6d748be 100644
--- a/concepts/bearer-instrument.md
+++ b/concepts/bearer-instrument.md
@@ -3,4 +3,7 @@ A bearer instrument is a financial product in which ownership is not account-bas
 
 Physical [currency](currency.md) is a bearer instrument.
 
-Unhosted crypto [wallets](wallet.md) are bearer instruments for whoever holds their associated [private key](private-key.md).
\ No newline at end of file
+Unhosted crypto [wallets](wallet.md) are bearer instruments for whoever holds their associated [private key](private-key.md).
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
\ No newline at end of file
diff --git a/concepts/bond.md b/concepts/bond.md
index 45ccb6c..71b319b 100644
--- a/concepts/bond.md
+++ b/concepts/bond.md
@@ -1,2 +1,7 @@
 # Bond
-A bond is a [security](security.md) financial product that represents a promise by a borrower to pay a lender their principal and periodic interest (called a *coupon*) on a loan. 
\ No newline at end of file
+A bond is a [security](security.md) financial product that represents a promise by a borrower to pay a lender their principal and periodic interest (called a *coupon*) on a loan. 
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/bretton-woods.md b/concepts/bretton-woods.md
index d70bf5f..a9ebf65 100644
--- a/concepts/bretton-woods.md
+++ b/concepts/bretton-woods.md
@@ -1,4 +1,8 @@
 # Bretton Woods
 The *Bretton Woods system* is the international monetary convention by the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example an an international and negotiated order intended to establish a means of doing international monetary relations among independent states. The Bretton wood system was based on the [gold standard](gold-standard.md) and establish the [dollar](dollar.md) as a the international [reserve-currency](reserve-currency.md).
 
-In 1971 the United States terminated convertibility of the US dollar to [gold](gold.md), removing the United States from the gold standard and transitioned to a pure *fiat money* system. This ended the Bretton Woods system. 
\ No newline at end of file
+In 1971 the United States terminated convertibility of the US dollar to [gold](gold.md), removing the United States from the gold standard and transitioned to a pure *fiat money* system. This ended the Bretton Woods system. 
+
+## References
+1. Steil, Benn. The Battle of Bretton Woods. Princeton University Press, 2013.
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
diff --git a/concepts/broker.md b/concepts/broker.md
index ca91282..ea67b4f 100644
--- a/concepts/broker.md
+++ b/concepts/broker.md
@@ -5,4 +5,11 @@ Crypto exchanges are not regulated as brokers, but instead as [money services bu
 
 See also [market maker](market-maker.md) and [regulation](regulation.md).
 
-## References
\ No newline at end of file
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x)or Designed?’ In Building Decentralized Trust, 21–33. x. https://doi.org/10.1007/978-3-030-54414-0_2.
+1. Inozemtsev, Maxim I. 2021. ‘Legal Regulation of Crypto-Asset Markets in the EU in the Post-COVID Period’. In Post-COVID Economic Revival, Volume I, 315–26. Springer. https://link.springer.com/chapter/10.1007/978-3-030-83561-3_22.
+1. Lee, Joseph. 2022. Crypto-Finance, Law and Regulation: Governing an Emerging Ecosystem. Routledge. https://www.routledge.com/Crypto-Finance-Law-and-Regulation-Governing-an-Emerging-Ecosystem/Lee/p/book/9780367086619.
+1. Walch, Angela. 2015. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
+1. Zetzsche, Dirk A., Filippo Annunziata, Douglas W. Arner, and Ross P. Buckley. 2021. ‘The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy’. Capital Markets Law Journal 16 (2): 203–25. https://doi.org/10.1093/cmlj/kmab005.
+1. Zwitter, Andrej, and Jilles Hazenberg. 2020. ‘Decentralized Network Governance: Blockchain Technology and the Future of Regulation’. Frontiers in Blockchain 3. https://www.frontiersin.org/article/10.3389/fbloc.2020.00012.
diff --git a/concepts/bucket-shop.md b/concepts/bucket-shop.md
index 5bf3291..80cd194 100644
--- a/concepts/bucket-shop.md
+++ b/concepts/bucket-shop.md
@@ -5,4 +5,5 @@ Bucket shops were made in illegal in the United States in 1922. Bucket shops are
 
 See also [crypto exchange](crypto-exchange.md).
 
-## References
\ No newline at end of file
+## References
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
diff --git a/concepts/cartel.md b/concepts/cartel.md
index 363866b..81e5f87 100644
--- a/concepts/cartel.md
+++ b/concepts/cartel.md
@@ -1,4 +1,15 @@
 # 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](market-manipulation.md). Cartels are considered to be against the public interest because of the potential [asymmetric-information](asymmetric-information.md) to reduce trust in [markets](market.md).
 
-Crypto exchanges operators act as economic cartel which can distort [price formation](price-formation.md). See [stablecoin](stablecoin.md).
\ No newline at end of file
+Crypto exchanges operators act as economic cartel which can distort [price formation](price-formation.md). See [stablecoin](stablecoin.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.
+* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
+1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
+1. *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
+1. Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
+1. Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.
\ No newline at end of file
diff --git a/concepts/cd.md b/concepts/cd.md
index 9a5ef2b..b0db5b6 100644
--- a/concepts/cd.md
+++ b/concepts/cd.md
@@ -3,4 +3,7 @@ A certificate of deposit or CD is a type of [financial asset](financial-asset.md
 
 See also [deposit](deposit.md), [assets](assets.md), and [financial asset](financial-asset.md).
 
-## References
\ No newline at end of file
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/cds.md b/concepts/cds.md
index 18bfaa9..844e5ac 100644
--- a/concepts/cds.md
+++ b/concepts/cds.md
@@ -3,4 +3,5 @@ Credit default swaps are a type of [derivative](derivative.md) contract with und
 
 See also [regulatory-capture](regulatory-capture.md) and [derivative](derivative.md).
 
-## References
\ No newline at end of file
+## References
+1. Ball, Laurence M. The Fed and Lehman Brothers: setting the record straight on a financial disaster. Cambridge University Press, 2018.
\ No newline at end of file
diff --git a/concepts/collateralization.md b/concepts/collateralization.md
index 89bc812..a67f050 100644
--- a/concepts/collateralization.md
+++ b/concepts/collateralization.md
@@ -1,2 +1,3 @@
 # Collateralization
 
+## References
\ No newline at end of file
diff --git a/concepts/commodity.md b/concepts/commodity.md
index 2c045dd..eb78294 100644
--- a/concepts/commodity.md
+++ b/concepts/commodity.md
@@ -9,4 +9,6 @@ Examples of commodities include:
 * Aluminium
 
 ## References
-1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
\ No newline at end of file
diff --git a/concepts/counterparty-risk.md b/concepts/counterparty-risk.md
index b83294c..53b017d 100644
--- a/concepts/counterparty-risk.md
+++ b/concepts/counterparty-risk.md
@@ -2,3 +2,4 @@
 In financial risk analysis, *counterparty risk* is the probability that the one party to an a legal contract, investment, transaction, or credit agreement will not fulfil the terms of the deal and may default on the contractual obligations.
 
 ## References
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/currency-peg.md b/concepts/currency-peg.md
index 8ec2e7d..0a3cfb6 100644
--- a/concepts/currency-peg.md
+++ b/concepts/currency-peg.md
@@ -1,2 +1,6 @@
 # Currency Peg
-A [currency](currency.md) peg is a policy in which an asset is set to a specific fixed exchange rate for its currency with a foreign currency or basket of currencies.
\ No newline at end of file
+A [currency](currency.md) peg is a policy in which an asset is set to a specific fixed exchange rate for its currency with a foreign currency or basket of currencies.
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
\ No newline at end of file
diff --git a/concepts/deposit-insurance.md b/concepts/deposit-insurance.md
index 0d60c0a..742d975 100644
--- a/concepts/deposit-insurance.md
+++ b/concepts/deposit-insurance.md
@@ -3,4 +3,5 @@ Insurance a bank holds against its [deposit](deposit.md) to protect depositors f
 
 See also [bank run](bank-run.md) and [mutualization](mutualization.md).
 
-## References
\ No newline at end of file
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
\ No newline at end of file
diff --git a/concepts/deposit.md b/concepts/deposit.md
index c6a3791..5dfccbe 100644
--- a/concepts/deposit.md
+++ b/concepts/deposit.md
@@ -1,2 +1,5 @@
 # Deposit
-Money that held on behalf of a client of a [bank](bank.md).
\ No newline at end of file
+Money that held on behalf of a client of a [bank](bank.md).
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
\ No newline at end of file
diff --git a/concepts/derivative.md b/concepts/derivative.md
index 21120b4..7d4f4b9 100644
--- a/concepts/derivative.md
+++ b/concepts/derivative.md
@@ -15,6 +15,7 @@ Examples of derivatives products:
 * [Credit Default Swaps](cds.md)
 
 ## References
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
 1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
 1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
 1. Braun, Benjamin, and Daniela Gabor. 2019. ‘Central Banking, Shadow Banking, and Infrastructural Power’. https://doi.org/10.31235/osf.io/nf9ms.
\ No newline at end of file
diff --git a/concepts/distribution-problem.md b/concepts/distribution-problem.md
index fe55e11..509662e 100644
--- a/concepts/distribution-problem.md
+++ b/concepts/distribution-problem.md
@@ -1,4 +1,19 @@
 # Distribution Problem
 The *distribution problem* refers to a set of hypothetical solutions to achieve a equitable (or other property) of distribution in the bootstrapping of a [private-money](private-money.md). Effectively how to distribute the [currency](currency.md) to early adopters to achieve some end.
 
-An alleged solution to this problem comes attached to a presuppositional claim about what *equity* would be defined as, which is a political rather than economic claim.
\ No newline at end of file
+An alleged solution to this problem comes attached to a presuppositional claim about what *equity* would be defined as, which is a political rather than economic claim.
+
+See also [decentralization](decentralization.md) and [recentralization](recentralization.md).
+
+## References
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
+1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
+1. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
+1. Babu, Asvatha. 2020. ‘Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482.
+1. Bodó, Balázs, Jaya Klara Brekke, and Jaap Henk Hoepman. 2021. ‘Decentralisation: A Multidisciplinary Perspective’. Internet Policy Review 10 (2): 0–21. https://doi.org/10.14763/2021.2.1563.
+1. Garrod, J. Z. 2016. ‘The Real World of the Decentralized Autonomous Society’. TripleC 14 (1): 62–77. https://doi.org/10.31269/triplec.v14i1.692.
+1. Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.
\ No newline at end of file
diff --git a/concepts/exit-scam.md b/concepts/exit-scam.md
index ff8b725..e1bb16c 100644
--- a/concepts/exit-scam.md
+++ b/concepts/exit-scam.md
@@ -4,3 +4,6 @@ An *exit scam* or *rugpull* is a type of fraud in which the operators of crypto
 The anonomous nature of many [defi](defi.md) projects means these types of fraud are frequent and difficult to trace or prosecute by law enforcment.
 
 See also [securities law](security.md) and [KYC requirements](kyc.md).
+
+## References
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/madness-crowds.md b/concepts/madness-crowds.md
index ccfaf5d..d47eb51 100644
--- a/concepts/madness-crowds.md
+++ b/concepts/madness-crowds.md
@@ -3,7 +3,7 @@ The term *madness of crowds* is a concept concerning the extreme and abberant co
 
  > Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
 
- The term has since been adopted to describe mass irrationality in markets derived from [bandwagon-bias](bandwagon-bias.md), profit seeking and trend following behaviour gone badly at scale.
+ The term has since been adopted to describe mass irrationality in markets derived from [bandwagon bias](bandwagon-bias.md), profit seeking and trend following behaviour gone badly at scale.
  
 ## References
 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
diff --git a/concepts/platform-risk.md b/concepts/platform-risk.md
index 1da46fc..df489ad 100644
--- a/concepts/platform-risk.md
+++ b/concepts/platform-risk.md
@@ -8,4 +8,5 @@ Unregulated [crypto exchanges](crypto-exchange.md) are subject to extreme [platf
 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. Ferrari, Valeria. 2020. ‘The Regulation of Crypto-Assets in the EU – Investment and Payment Tokens under the Radar’. Maastricht Journal of European and Comparative Law 27 (3): 325–42. https://doi.org/10.1177/1023263X20911538.
 1. Finck, Michèle. 2018. Blockchain Regulation and Governance in Europe. Blockchain Regulation and Governance in Europe. Cambridge University Press. https://doi.org/10.1017/9781108609708.
-1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
\ No newline at end of file
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/present-value.md b/concepts/present-value.md
index d3e5ccc..44095ea 100644
--- a/concepts/present-value.md
+++ b/concepts/present-value.md
@@ -1,7 +1,7 @@
 # Present Value
 In quantitative finance, the present value of a [financial asset](financial-asset.md) is the expected [income](income-cashflows.md) stream determined as of the date of valuation. 
 
-See also [terminal value](terminal-value.md).
+See also [terminal value](terminal-value.md) and [valuation model](valuation-model.md).
 
 ## References
 1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
diff --git a/concepts/rtgs.md b/concepts/rtgs.md
index 9db514c..f9ced05 100644
--- a/concepts/rtgs.md
+++ b/concepts/rtgs.md
@@ -1,2 +1,5 @@
 # Real Time Gross Settlement
 Real time gross settlements (RTGS) systems are a type of database technology that domestic settlement and clearing systems are based on. RTGS systems are responsible for batching financial transactions between [bank](bank.md) or other financial institutions and netting out transactions between parties so that payments can be settled on a periodic or real-time basis.
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
\ No newline at end of file
diff --git a/concepts/sound-money.md b/concepts/sound-money.md
index 573d813..a882087 100644
--- a/concepts/sound-money.md
+++ b/concepts/sound-money.md
@@ -1,6 +1,8 @@
 # Sound Money
 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).
 
+Sound money is an antiquated ideology that, along with the [gold standard](gold-standard.md), is rejected in modern economic thought.
+
 See [gold standard](gold-standard.md) and [libertarianism](libertarianism.md).
 
 ## References
diff --git a/concepts/stablecoin.md b/concepts/stablecoin.md
index 9ee53f1..63de044 100644
--- a/concepts/stablecoin.md
+++ b/concepts/stablecoin.md
@@ -1,5 +1,5 @@
 # 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).
+A crypto asset that is pegged (see [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*.
 
diff --git a/concepts/technopopulism.md b/concepts/technopopulism.md
index 4f6621b..7cc2918 100644
--- a/concepts/technopopulism.md
+++ b/concepts/technopopulism.md
@@ -1,4 +1,5 @@
 # Techno-populism
+Techno-populism is a form of populism which is built around using information technology and appeals to technology as a means to advance its goals.
 
 ## References
 1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
\ No newline at end of file
diff --git a/concepts/thought-terminating-cliches.md b/concepts/thought-terminating-cliches.md
index f69c283..54da78b 100644
--- a/concepts/thought-terminating-cliches.md
+++ b/concepts/thought-terminating-cliches.md
@@ -1,8 +1,17 @@
 # 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. 
+A acronym or saying that is used within a [high control group](high-control-group.md) to quell dissent or discourage rational inquiry. Thought terminating cliches are often tied to appeals to *epistemic vices*, which are ideologies or character traits that interfere with sharing, gaining, or retaining knowledge. These include:
+
+* Close-mindedness
+* Intellectual arrogance
+* Prejudice
+* Anti-intellectualism
+* Tribalism
+
+See also [bandwagon bias](bandwagon-bias.md), [high-control-group](high-control-group.md), [madness of crowds](madness-crowds.md)and [Tinkerbell effect](tinkerbell-effect.md).
 
 ## References
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
 1. Lowe, Scott. "Cultish: The Language of Fanaticism, by Amanda Montell." (2022): 151-152.
 1. Hoffer, Eric. "The True Believer (New York." Harper's (1952): 28.
+1. Battaly, Heather. "Varieties of epistemic vice." The ethics of belief (2014): 51-76.
 1. Festinger, Leon, Henry Riecken, and Stanley Schachter. When prophecy fails: A social and psychological study of a modern group that predicted the destruction of the world. Lulu Press, Inc, 2017.
\ No newline at end of file
diff --git a/concepts/valuation-model.md b/concepts/valuation-model.md
index d68c6b2..39c128b 100644
--- a/concepts/valuation-model.md
+++ b/concepts/valuation-model.md
@@ -1,2 +1,8 @@
 # Valuation Model
-A mathematical model to calculate the [fundamental value](fundamental-value.md) of a [security](security.md). The field of quantitative finance concerns itself with the pricing and optimal allocation of securities contracts in terms of their [income-cashflows](income-cashflows.md) and the risks associated with the assets.
\ No newline at end of file
+A mathematical model to calculate the [fundamental value](fundamental-value.md) of a [security](security.md). The field of quantitative finance concerns itself with the pricing and optimal allocation of securities contracts in terms of their [income cashflows](income-cashflows.md) and the risks associated with the assets.
+
+See also [fundamental value](fundamental-value.md) and [present value](present-value.md).
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/meta/citations-todo.md b/meta/citations-todo.md
index c962580..dbb4189 100644
--- a/meta/citations-todo.md
+++ b/meta/citations-todo.md
@@ -1,31 +1,31 @@
 # Citations Needed
 First pass
 
-- [ ] [aml](../concepts/aml.md)
+- [x] [aml](../concepts/aml.md)
 - [ ] [amm](../concepts/amm.md)
 - [ ] [artificial-demand](../concepts/artificial-demand.md)
-- [ ] [artificial-scarcity](../concepts/artificial-scarcity.md)
-- [ ] [austrian-economics](../concepts/austrian-economics.md)
+- [x] [artificial-scarcity](../concepts/artificial-scarcity.md)
+- [x] [austrian-economics](../concepts/austrian-economics.md)
 - [ ] [bandwagon-bias](../concepts/bandwagon-bias.md)
-- [ ] [bank](../concepts/bank.md)
-- [ ] [bank-run](../concepts/bank.md)
-- [ ] [bearer-instrument](../concepts/bearer-instrument.md)
-- [ ] [bond](../concepts/bond.md)
-- [ ] [bretton-woods](../concepts/bretton-woods.md)
-- [ ] [broker](../concepts/broker.md)
-- [ ] [bucket-shop](../concepts/bucket-shop.md)
-- [ ] [cartel](../concepts/cartel.md)
-- [ ] [cd](../concepts/cd.md)
-- [ ] [cds](../concepts/cds.md)
+- [x] [bank](../concepts/bank.md)
+- [x] [bank-run](../concepts/bank.md)
+- [x] [bearer-instrument](../concepts/bearer-instrument.md)
+- [x] [bond](../concepts/bond.md)
+- [x] [bretton-woods](../concepts/bretton-woods.md)
+- [x] [broker](../concepts/broker.md)
+- [x] [bucket-shop](../concepts/bucket-shop.md)
+- [x] [cartel](../concepts/cartel.md)
+- [x] [cd](../concepts/cd.md)
+- [x] [cds](../concepts/cds.md)
 - [ ] [collateralization](../concepts/collateralization.md)
-- [ ] [commodity](../concepts/commodity.md)
-- [ ] [counterparty-risk](../concepts/counterparty-risk.md)
-- [ ] [currency-peg](../concepts/currency-peg.md)
-- [ ] [deposit](../concepts/deposit.md)
-- [ ] [deposit-insurance](../concepts/deposit-insurance.md)
-- [ ] [derivative](../concepts/derivative.md)
+- [x] [commodity](../concepts/commodity.md)
+- [x] [counterparty-risk](../concepts/counterparty-risk.md)
+- [x] [currency-peg](../concepts/currency-peg.md)
+- [x] [deposit](../concepts/deposit.md)
+- [x] [deposit-insurance](../concepts/deposit-insurance.md)
+- [x] [derivative](../concepts/derivative.md)
 - [ ] [dex](../concepts/dex.md)
-- [ ] [distribution-problem](../concepts/distribution-problem.md)
+- [x] [distribution-problem](../concepts/distribution-problem.md)
 - [ ] [enclosure](../concepts/enclosure.md)
-- [ ] [exit-scam](../concepts/exit-scam.md)
-- [ ] [expected-return](../concepts/expected-return.md)
+- [x] [exit-scam](../concepts/exit-scam.md)
+- [x] [expected-return](../concepts/expected-return.md)
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 93d8831..6082e09 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -106,5 +106,5 @@ Fourth Pass
 - [x] [cds](../concepts/cds.md)
 - [x] [cross-bridges](../concepts/cross-bridges.md)
 - [x] [staking](../concepts/staking.md)
-- [ ] [technopopulism](../concepts/technopopulism.md)
+- [x] [technopopulism](../concepts/technopopulism.md)
 - [x] [yield-farming](../concepts/yield-farming.md)
\ No newline at end of file

From 792ae6733732e32021e7fef8c75e965e223687bb Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 29 Mar 2022 11:04:47 +0100
Subject: [PATCH 059/103] FIrst pass on citations

---
 claims/authoritarianism.md              | 13 ++++++-----
 claims/is-disrupt-hegemony.md           |  5 ++++-
 claims/is-predatory.md                  | 12 +---------
 claims/narrative-economics.md           | 12 +---------
 claims/new-internet.md                  |  1 +
 claims/web3-decentralized.md            |  1 +
 claims/web3-green.md                    |  8 ++++++-
 concepts/gold-standard.md               |  1 +
 concepts/ico.md                         | 14 ++++++++++++
 concepts/keynsian-economics.md          |  6 +++--
 concepts/kyc.md                         |  5 ++++-
 concepts/market.md                      |  8 ++++++-
 concepts/marxism.md                     | 18 +++++++--------
 concepts/meme-stock.md                  | 11 ++++++---
 concepts/memecoin.md                    |  2 ++
 concepts/mlm.md                         |  4 +++-
 concepts/money.md                       |  2 +-
 concepts/moral-hazard.md                |  3 ++-
 concepts/reserve-currency.md            |  3 ++-
 concepts/risk.md                        |  3 +--
 concepts/techno-collectivism.md         |  2 +-
 concepts/techno-obscurantism.md         |  8 +++++--
 concepts/thought-terminating-cliches.md |  2 +-
 meta/citations-todo.md                  | 30 +++++++++++++++++++++++++
 24 files changed, 118 insertions(+), 56 deletions(-)

diff --git a/claims/authoritarianism.md b/claims/authoritarianism.md
index e03a1da..f826446 100644
--- a/claims/authoritarianism.md
+++ b/claims/authoritarianism.md
@@ -12,9 +12,10 @@ This is best evidenced by the Canadian convoys in 2022 which attempted to take i
 The complete ban of [crypto asset](../concepts/cryptoasset.md) by the People's Republic of China also does not lend credibility to the thesis that [crypto asset](../concepts/cryptoasset.md) are outside the remit of authoritarian controls and their restriction on capital movement and controls over domestic [money services business](../concepts/money-services-business.md).
 
 ## References
-* Bogost, Ian. 2017. ‘Cryptocurrency Might Be a Path to Authoritarianism’. The Atlantic 30.
-* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-* Krugman, Paul. 2022. ‘The Strange Alliance of Crypto and MAGA Believers’. The New York Times, 11 January 2022, sec. Opinion. https://www.nytimes.com/2022/01/10/opinion/crypto-cryptocurrency-money-conspiracy.html.
-* Xie, Rain. 2019. ‘Why China Had to Ban Cryptocurrency but the U.S. Did Not: A Comparative Analysis of Regulations on Crypto-Markets between the U.S. and China’. Wash. U. Global Stud. L. Rev. 18 (2): 457–89. https://openscholarship.wustl.edu/cgi/viewcontent.cgi?article=1684&context=law_globalstudies.
-* Wang, Gangjin, Yanping Tang, Chi Xie, and Shou Chen. 2019. ‘Is Bitcoin a Safe Haven or a Hedging Asset? Evidence from China’. Journal of Management Science and Engineering 4 (3): 173–88. https://doi.org/10.1016/j.jmse.2019.09.001.
-* Ottenhof, Luke. 2021. ‘Crypto-Colonialists Use the Most Vulnerable People in the World as Guinea Pigs’. VICE Media.
\ No newline at end of file
+1. Bogost, Ian. 2017. ‘Cryptocurrency Might Be a Path to Authoritarianism’. The Atlantic 30.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+1. White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+1. Krugman, Paul. 2022. ‘The Strange Alliance of Crypto and MAGA Believers’. The New York Times, 11 January 2022, sec. Opinion. https://www.nytimes.com/2022/01/10/opinion/crypto-cryptocurrency-money-conspiracy.html.
+1. Xie, Rain. 2019. ‘Why China Had to Ban Cryptocurrency but the U.S. Did Not: A Comparative Analysis of Regulations on Crypto-Markets between the U.S. and China’. Wash. U. Global Stud. L. Rev. 18 (2): 457–89. https://openscholarship.wustl.edu/cgi/viewcontent.cgi?article=1684&context=law_globalstudies.
+1. Wang, Gangjin, Yanping Tang, Chi Xie, and Shou Chen. 2019. ‘Is Bitcoin a Safe Haven or a Hedging Asset? Evidence from China’. Journal of Management Science and Engineering 4 (3): 173–88. https://doi.org/10.1016/j.jmse.2019.09.001.
+1. Ottenhof, Luke. 2021. ‘Crypto-Colonialists Use the Most Vulnerable People in the World as Guinea Pigs’. VICE Media.
\ No newline at end of file
diff --git a/claims/is-disrupt-hegemony.md b/claims/is-disrupt-hegemony.md
index 2658eb8..94ad664 100644
--- a/claims/is-disrupt-hegemony.md
+++ b/claims/is-disrupt-hegemony.md
@@ -4,4 +4,7 @@ Web3 is not a means to disrupt the American tech hegemony, companies like Google
 
 This is further evidenced by the simple fact that [blockchain](../concepts/blockchain.md) technologies have intractable  scalability problems, and that the only means they do scale is by [recentralization](../concepts/recentralization.md) thereby recreating just another corporate monolith but based on inferior technology and without the ability to perform [regulatory arbitrage](../concepts/regulatory-arbitrage.md)..
 
-There is no future in web3 that poses any threat to tech monopoly because there simply is no meaningful tech to challenge any real business model. 
\ No newline at end of file
+There is no future in web3 that poses any threat to tech monopoly because there simply is no meaningful tech to challenge any real business model. 
+
+## References
+1. Marx, Paris. n.d. ‘Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail’. Accessed 29 March 2022. https://www.businessinsider.com/web3-blockchain-crypto-internet-doomed-fail-doesnt-live-up-hype-2022-3?r=US&IR=T.
\ No newline at end of file
diff --git a/claims/is-predatory.md b/claims/is-predatory.md
index 1c0783e..f56c27f 100644
--- a/claims/is-predatory.md
+++ b/claims/is-predatory.md
@@ -28,14 +28,4 @@ Crypto assets are thus a form of predatory finance with negative [expected-retur
 ———. 2018b. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
 1. ———. 2021a. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
 1. ———. 2021b. ‘The Brutal Truth About Bitcoin’. The New York Times 21.
-1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-
-
-## References
-* [@bindseil_encrypted_2022]
-* [@momtaz_entrepreneurial_2020]
-* [@kapsis_should_2021]
-* [@iansiti_truth_2017]
-* [@krugman_bitcoin_2018]
-* [@krugman_bitcoin_2013]
-* [@glongloff_bitcoin_nodate]
\ No newline at end of file
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
\ No newline at end of file
diff --git a/claims/narrative-economics.md b/claims/narrative-economics.md
index 985a85e..fa217ce 100644
--- a/claims/narrative-economics.md
+++ b/claims/narrative-economics.md
@@ -71,14 +71,4 @@ Dogecoin is an example of a crypto asset with no political imaginaries, no [curr
 * West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
 * ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
 
-TODO: group by narrative
-
-## References
-* [@golumbia_bitcoin_2015]
-* [@reijers_blockchain_2018]
-* [@beltramini_cryptoanarchist_2021]
-* [@shiller_narrative_2017]
-* [@may_crypto_1992]
-* [@curran_wikileaks_2013]
-* [@krugman_technobabble_2021]
-* [@krugman_strange_2022]
\ No newline at end of file
+TODO: group by narrative
\ No newline at end of file
diff --git a/claims/new-internet.md b/claims/new-internet.md
index ea00f51..a2e60b1 100644
--- a/claims/new-internet.md
+++ b/claims/new-internet.md
@@ -12,6 +12,7 @@ The notion that crypto is building new internet is pernicious form of myth-makin
 1. Blank, Steve. "A Secret History of Silicon Valley." Computer History Museum (2008).
 1. O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
 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/.
+1. Marx, Paris. n.d. ‘Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail’. Accessed 29 March 2022. https://www.businessinsider.com/web3-blockchain-crypto-internet-doomed-fail-doesnt-live-up-hype-2022-3?r=US&IR=T.
 1. Patterson, Dan. 2022. ‘Internet Guru Tim O’Reilly on Web3: “Get Ready for the Crash”’. CBS News. 10 February 2022. https://www.cbsnews.com/news/web3-cryptocurrency-nft-tim-oreilly/.
 1. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
 1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
diff --git a/claims/web3-decentralized.md b/claims/web3-decentralized.md
index 08603ea..163a3cf 100644
--- a/claims/web3-decentralized.md
+++ b/claims/web3-decentralized.md
@@ -8,6 +8,7 @@ Web3 is either a completely nonsensical buzzword, or a term about reinventing ex
 1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
 1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
 1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+1. Marx, Paris. n.d. ‘Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail’. Accessed 29 March 2022. https://www.businessinsider.com/web3-blockchain-crypto-internet-doomed-fail-doesnt-live-up-hype-2022-3?r=US&IR=T.
 1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
 1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
 1. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
diff --git a/claims/web3-green.md b/claims/web3-green.md
index d8d34bb..af272c6 100644
--- a/claims/web3-green.md
+++ b/claims/web3-green.md
@@ -1,5 +1,11 @@
 # Is Web3 green?
 Web3 is allegedly based on crypto assets which have a known [environmental footprint](environmental-footprint.md) problem. Therefore web3 is not green.
 
+See also [ESG investing and crypto](bitcoin-esg.md), [environmental-footprint](environmental-footprint.md) and [mining](../concepts/mining.md).
+
 ## References
-* Wanat, Emanuel. 2021. ‘Are Crypto-Assets Green Enough? – An Analysis of Draft EU Regulation on Markets in Crypto Assets from the Perspective of the European Green Deal’. Osteuropa Recht 67 (2): 237–50. https://doi.org/10.5771/0030-6444-2021-2-237.
\ No newline at end of file
+* Wanat, Emanuel. 2021. ‘Are Crypto-Assets Green Enough? – An Analysis of Draft EU Regulation on Markets in Crypto Assets from the Perspective of the European Green Deal’. Osteuropa Recht 67 (2): 237–50. https://doi.org/10.5771/0030-6444-2021-2-237.
+1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
+1. Vries, Alex De. ‘Bitcoin’s Energy Consumption Is Underestimated : A Market Dynamics Approach’. Energy Research & Social Science 70, no. July (2020): 101721. https://doi.org/10.1016/j.erss.2020.101721.
+1. Vries, Alex de. ‘Bitcoin’s Growing Energy Problem’. Joule 2, no. 5 (2018): 801–5. https://doi.org/10.1016/j.joule.2018.04.016.
+1. Vries, Alex de, and Christian Stoll. ‘Bitcoin’s Growing e-Waste Problem’. Resources, Conservation and Recycling 175, no. September (2021): 105901. https://doi.org/10.1016/j.resconrec.2021.105901.
\ No newline at end of file
diff --git a/concepts/gold-standard.md b/concepts/gold-standard.md
index 9e0d617..350b49f 100644
--- a/concepts/gold-standard.md
+++ b/concepts/gold-standard.md
@@ -17,6 +17,7 @@ Very few mainstream economists believe the gold standard to be a good way to run
 
 1. Green, Russell A. "Gold Standard or Fool’s Gold? Should the US Consider Returning to the Gold Standard?." Issue Brief 02.23. 16 (2016).
 1. Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
 1. Bernanke, Ben S. 2004. Essays on the Great Depression. Princeton University Press.
 1. Selmi, Refk, Jamal Bouoiyour, and Mark E. Wohar. 2022. ‘“Digital Gold” and Geopolitics’. Research in International Business and Finance 59: 101512. https://doi.org/10.1016/j.ribaf.2021.101512.
 1. Wang, Gangjin, Yanping Tang, Chi Xie, and Shou Chen. 2019. ‘Is Bitcoin a Safe Haven or a Hedging Asset? Evidence from China’. Journal of Management Science and Engineering 4 (3): 173–88. https://doi.org/10.1016/j.jmse.2019.09.001.
\ No newline at end of file
diff --git a/concepts/ico.md b/concepts/ico.md
index 1a6efcb..528cba4 100644
--- a/concepts/ico.md
+++ b/concepts/ico.md
@@ -3,7 +3,21 @@ Initial coin offerings are proxy [equity](security.md) fundraising structure tha
 
 Initial coin offerings are illegal in the United States.
 
+See also [security](security.md) and [regulatory arbitrage](regulatory-arbitrage.md).
+
 ## References
+1. Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
+1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
+1. Cincinnati, Josh. 2017. ‘PonzICO: Let’s Just Cut to the Chase’.
+1. Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
+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. Kharif, Olga. 2018. ‘Half of ICOs Die Within Four Months After Token Sales Finalized’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/articles/2018-07-09/half-of-icos-die-within-four-months-after-token-sales-finalized.
+1. Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
+1. Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
+1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
+
 
 * [@kharif_half_2018]
 * [@zetzsche_ico_2017]
diff --git a/concepts/keynsian-economics.md b/concepts/keynsian-economics.md
index 0464fe4..435305d 100644
--- a/concepts/keynsian-economics.md
+++ b/concepts/keynsian-economics.md
@@ -4,5 +4,7 @@ Keynesianism refers to a school of economic thought advanced by the British econ
 A defining feature of Keynsian thought is that in the presence of market shocks and business cycles, economies do not naturally stabilize themselves very quickly and thus require active intervention that boosts short-term demand in the economy. Keynsians argue that wages and employment are slower to respond to the needs of the market and require [central banks](../central-banks.md) and governmental intervention to smooth over economic turbulence and mitigate recessions. This school of thought largely influences the modern fiscal interventionist policies of central banks like the Federal Reserve and the European Central Bank in their policies in the post [Bretton Woods](../bretton-woods.md) era.
 
 ## References
-* Blinder, Alan S. 2018. ‘Keynesian Economics’. Econlib. 5 February 2018. https://www.econlib.org/library/Enc/KeynesianEconomics.html.
-* Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
\ No newline at end of file
+1. Blinder, Alan S. 2018. ‘Keynesian Economics’. Econlib. 5 February 2018. https://www.econlib.org/library/Enc/KeynesianEconomics.html.
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Frisch, Helmut. 1983. Theories of Inflation. Cambridge University Press.
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
\ No newline at end of file
diff --git a/concepts/kyc.md b/concepts/kyc.md
index 89fe5d3..fbed404 100644
--- a/concepts/kyc.md
+++ b/concepts/kyc.md
@@ -5,4 +5,7 @@ Some crypto exchanges require KYC when onboarding customers to trade [cryptoasse
 
 KYC is used to assign an identity to a crypto [wallet](wallet.md) account and is used by law enforcement to track the provenance of crypto assets associated with [illicit-financing](illicit-financing.md).
 
-See also [money-laundering](money-laundering.md), [aml](aml.md), [illicit-financing](illicit-financing.md) and [regulatory-arbitrage](regulatory-arbitrage.md).
\ No newline at end of file
+See also [money-laundering](money-laundering.md), [aml](aml.md), [illicit-financing](illicit-financing.md) and [regulatory-arbitrage](regulatory-arbitrage.md).
+
+## References
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/market.md b/concepts/market.md
index e551dce..5e009de 100644
--- a/concepts/market.md
+++ b/concepts/market.md
@@ -1,4 +1,10 @@
 # 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](price-formation.md) to determine [market-value](market-value.md) of goods and services.
 
-The business of creating markets is known as [market making](market-maker.md). The business of [gambling](gambling.md) is not market making as no goods or services are exchanged.
\ No newline at end of file
+The business of creating markets is known as [market making](market-maker.md). The business of [gambling](gambling.md) is not market making as no goods or services are exchanged.
+
+## References
+1. Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
+1. Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
+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/marxism.md b/concepts/marxism.md
index 62862e1..ccd1f82 100644
--- a/concepts/marxism.md
+++ b/concepts/marxism.md
@@ -1,14 +1,14 @@
 # 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).
 
 ## References
-Beggs, Mike. n.d. ‘The Dumb Money’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2018/04/bitcoin-cryptocurrency-monetary-system.
-Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
-———. n.d. ‘Crypto Won’t Solve Our Problems — We Need to Democratize Money’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2022/02/cryptocurrency-democratize-monetary-policy-economics-banks-financial-system-bitcoin.
-Hart, Raven. n.d. ‘Cryptocurrency Is Bunk’. Accessed 20 March 2022. https://www.jacobinmag.com/2021/10/cryptocurrency-bitcoin-politics-treasury-central-bank-loans-monetary-policy.
-Henwood, David. n.d. ‘What’s Behind Bitcoin Mania?’ Jacobin. Accessed 20 March 2022. https://www.jacobinmag.com/2017/12/bitcoin-price-crypto-currency-explainer.
-Howson, Peter. n.d. ‘No, Crypto Isn’t Helping Ukraine’. Jacobin. Accessed 20 March 2022. https://www.jacobinmag.com/2022/03/crypto-bitcoin-ukraine-russia-war-finance-funding.
-Silverman, Jacob. n.d. ‘Crypto Is Making Everything Worse’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2022/03/cryptocurrency-bitcoin-speculative-asset-digitization-metaverse.
-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.
\ No newline at end of file
+1. Beggs, Mike. n.d. ‘The Dumb Money’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2018/04/bitcoin-cryptocurrency-monetary-system.
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+1. ———. n.d. ‘Crypto Won’t Solve Our Problems — We Need to Democratize Money’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2022/02/cryptocurrency-democratize-monetary-policy-economics-banks-financial-system-bitcoin.
+1. Hart, Raven. n.d. ‘Cryptocurrency Is Bunk’. Accessed 20 March 2022. https://www.jacobinmag.com/2021/10/cryptocurrency-bitcoin-politics-treasury-central-bank-loans-monetary-policy.
+1. Henwood, David. n.d. ‘What’s Behind Bitcoin Mania?’ Jacobin. Accessed 20 March 2022. https://www.jacobinmag.com/2017/12/bitcoin-price-crypto-currency-explainer.
+1. Howson, Peter. n.d. ‘No, Crypto Isn’t Helping Ukraine’. Jacobin. Accessed 20 March 2022. https://www.jacobinmag.com/2022/03/crypto-bitcoin-ukraine-russia-war-finance-funding.
+1. Silverman, Jacob. n.d. ‘Crypto Is Making Everything Worse’. Jacobin. Accessed 20 March 2022. https://jacobinmag.com/2022/03/cryptocurrency-bitcoin-speculative-asset-digitization-metaverse.
+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.
\ No newline at end of file
diff --git a/concepts/meme-stock.md b/concepts/meme-stock.md
index 18c55c4..1ee4633 100644
--- a/concepts/meme-stock.md
+++ b/concepts/meme-stock.md
@@ -1,11 +1,16 @@
 # 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](financial-nihilism.md).
+Examples of memestocks include:
 
-## Examples
 * Gamestop
 * AMC
 * Tesla
 * Blackburry
-* Bed Bath & Beyond
\ No newline at end of file
+* Bed Bath & Beyond
+
+See also [financial nihilism](financial-nihilism.md).
+
+## References
+1. Glongloff, Mark. n.d. ‘Bitcoin, GameStop Are More Cults Than Investments’. Bloomberg. Accessed 2 March 2022. https://www.bloomberg.com/opinion/articles/2021-03-02/bitcoin-btc-gamestop-gme-are-more-cults-than-investments.
+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.
\ No newline at end of file
diff --git a/concepts/memecoin.md b/concepts/memecoin.md
index 146c569..2f86eaa 100644
--- a/concepts/memecoin.md
+++ b/concepts/memecoin.md
@@ -4,6 +4,8 @@ A meme coin is a [cryptoasset](cryptoasset.md) which has no pretense of [fundame
 See [dogecoin](dogecoin.md) and [financial nihilism](financial-nihilism.md).
 
 ## References
+1. Mims, Christopher. n.d. ‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
+1. Glongloff, Mark. n.d. ‘Bitcoin, GameStop Are More Cults Than Investments’. Bloomberg. Accessed 2 March 2022. https://www.bloomberg.com/opinion/articles/2021-03-02/bitcoin-btc-gamestop-gme-are-more-cults-than-investments.
 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.
 1. Gerard, David. n.d. ‘Confused About Dogecoin? Here’s How It (Doesn’t) Work.’ Foreign Policy (blog). Accessed 3 March 2022. https://foreignpolicy.com/2021/02/11/dogecoin-how-does-it-work-elon-musk-cryptocurrency/.
 1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
diff --git a/concepts/mlm.md b/concepts/mlm.md
index 43d70a7..b357b67 100644
--- a/concepts/mlm.md
+++ b/concepts/mlm.md
@@ -6,6 +6,7 @@ Because of [regulatory capture](regulatory-capture.md) some MLM schemes are lega
 See also [Pyramid scheme](pyramid-scheme.md), [Ponzi scheme](ponzi-scheme.md), and [zero-sum game](zero-sum-game.md).
 
 ## References
+1. Mims, Christopher. n.d. ‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
 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.
@@ -14,4 +15,5 @@ See also [Pyramid scheme](pyramid-scheme.md), [Ponzi scheme](ponzi-scheme.md), a
 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.
\ No newline at end of file
+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. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
\ No newline at end of file
diff --git a/concepts/money.md b/concepts/money.md
index 3a7240c..6b1b8df 100644
--- a/concepts/money.md
+++ b/concepts/money.md
@@ -24,10 +24,10 @@ The qualifies of a currency representing money are defined by coherent to three
 
 ## References
 * Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
 * Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53.
 * *‘Private Money vs Totally-Public Money, plus Some History | Financial Times’. n.d. Accessed 20 March 2022. https://www.ft.com/content/40592d6d-5a32-3606-a54f-cdc411e90c20.
 * Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
 * Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499.
-* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
 * Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
 * Bazzani, Giacomo. 2020. ‘Money as a Tool for Collective Action’. Partecipazione e Conflitto 13 (1): 438–61. https://doi.org/10.1285/i20356609v13i1p438.
\ No newline at end of file
diff --git a/concepts/moral-hazard.md b/concepts/moral-hazard.md
index 65004ca..cf67891 100644
--- a/concepts/moral-hazard.md
+++ b/concepts/moral-hazard.md
@@ -6,4 +6,5 @@ Often cited as a factor leading to the 2008 subprime mortgage crisis.
 See [credit default swaps](cds.md).
 
 ## References
-* Momtaz, Paul P. 2020. ‘Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings’. Journal of Business Venturing, 106001.
\ No newline at end of file
+1. Momtaz, Paul P. 2020. ‘Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings’. Journal of Business Venturing, 106001.
+1. Ball, Laurence M. The Fed and Lehman Brothers: setting the record straight on a financial disaster. Cambridge University Press, 2018.
\ No newline at end of file
diff --git a/concepts/reserve-currency.md b/concepts/reserve-currency.md
index f396f1f..6ed8fdc 100644
--- a/concepts/reserve-currency.md
+++ b/concepts/reserve-currency.md
@@ -1,7 +1,8 @@
 # Reserve Currency
  A reserve currency is a [currency](currency.md) that is held in by [central-banks](central-banks.md) as part of their foreign exchange reserves. The reserve currency is used for international transaction between nation states.
 
-## Historical World Reserve Currencies
+Historical world reserve currencies include:
+
 1. Spanish Silver Dollar
 2. Dutch Guilder
 3. British Pound
diff --git a/concepts/risk.md b/concepts/risk.md
index fc80ff8..40673c9 100644
--- a/concepts/risk.md
+++ b/concepts/risk.md
@@ -5,5 +5,4 @@
 4. [Systemic risk](systemic-risk.md)
 
 ## References
-1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
-1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/techno-collectivism.md b/concepts/techno-collectivism.md
index f65f9ed..59e84ca 100644
--- a/concepts/techno-collectivism.md
+++ b/concepts/techno-collectivism.md
@@ -1,7 +1,7 @@
 # Technocollectivism
 A loose set of political or organisational ideologies that [blockchain](../blockchain.md), [crypto assets](../cryptoasset.md) and [DAOs](../dao.md) can be used to enable new forms of organisations in which capital formation can occur outside of existing power structures. These include a variety of experiments in social choice theory, futarchy and digital cooperatives.
 
-See also [technosolutionism](technosolutionism.md).
+See also [technosolutionism](technosolutionism.md) and [techno-obscurantism](techno-obscurantism.md).
 
 ## References
 * Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
diff --git a/concepts/techno-obscurantism.md b/concepts/techno-obscurantism.md
index 149d1a3..22458b6 100644
--- a/concepts/techno-obscurantism.md
+++ b/concepts/techno-obscurantism.md
@@ -1,4 +1,8 @@
 # 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](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
+See [ICO](ico.md), [DAO](dao.md), [technosolutionism](technosolutionism.md) and [techno-collectivism](techno-collectivism.md).
+
+## References
+1. Frankfurt, Harry G. On bullshit. Princeton University Press, 2009.
+1. Spicer, André. Business bullshit. Routledge, 2017.
\ No newline at end of file
diff --git a/concepts/thought-terminating-cliches.md b/concepts/thought-terminating-cliches.md
index 54da78b..45a3fde 100644
--- a/concepts/thought-terminating-cliches.md
+++ b/concepts/thought-terminating-cliches.md
@@ -7,7 +7,7 @@ A acronym or saying that is used within a [high control group](high-control-grou
 * Anti-intellectualism
 * Tribalism
 
-See also [bandwagon bias](bandwagon-bias.md), [high-control-group](high-control-group.md), [madness of crowds](madness-crowds.md)and [Tinkerbell effect](tinkerbell-effect.md).
+See also [bandwagon bias](bandwagon-bias.md), [high-control-group](high-control-group.md), [madness of crowds](madness-crowds.md) and [Tinkerbell effect](tinkerbell-effect.md).
 
 ## References
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
diff --git a/meta/citations-todo.md b/meta/citations-todo.md
index dbb4189..16fd837 100644
--- a/meta/citations-todo.md
+++ b/meta/citations-todo.md
@@ -29,3 +29,33 @@ First pass
 - [ ] [enclosure](../concepts/enclosure.md)
 - [x] [exit-scam](../concepts/exit-scam.md)
 - [x] [expected-return](../concepts/expected-return.md)
+
+Second pass
+
+- [ ] [free-rider-problem](../concepts/free-rider-problem.md)
+- [ ] [gambling](../concepts/gambling.md)
+- [ ] [ico](../concepts/ico.md)
+- [ ] [illicit-financing](../concepts/illicit-financing.md)
+- [ ] [kyc](../concepts/kyc.md)
+- [ ] [leverage](../concepts/leverage.md)
+- [x] [market](../concepts/market.md)
+- [ ] [market-maker](../concepts/market-maker.md)
+- [x] [meme-stock](../concepts/meme-stock.md)
+- [ ] [mutualization](../concepts/mutualization.md)
+- [ ] [narrative-economics](../concepts/narrative-economics.md)
+- [ ] [network-effect](../concepts/network-effect.md)
+- [ ] [order-book](../concepts/order-book.md)
+- [ ] [paper-wealth](../concepts/paper-wealth.md)
+- [ ] [public-goods-problem](../concepts/public-goods-problem.md)
+- [ ] [real-estate](../concepts/real-estate.md)
+- [ ] [regulation](../concepts/regulation.md)
+- [ ] [regulatory-capture](../concepts/regulatory-capture.md)
+- [ ] [security](../concepts/security.md)
+- [ ] [sign-value](../concepts/sign-value.md)
+- [ ] [stock](../concepts/stock.md)
+- [x] [techno-obscurantism](../concepts/techno-obscurantism.md)
+- [ ] [terminal-value](../concepts/terminal-value.md)
+- [ ] [value](../concepts/value.md)
+- [ ] [wallet](../concepts/wallet.md)
+- [ ] [is-collapse](../claims/is-collapse.md)
+- [ ] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
\ No newline at end of file

From 136b831e58b09749a8365a8661370b321696bbc1 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 29 Mar 2022 13:39:32 +0100
Subject: [PATCH 060/103] Expand references

---
 concepts/bubble.md                      |  5 +++--
 concepts/gambling.md                    |  6 +++++-
 concepts/howey-test.md                  |  1 +
 concepts/ico.md                         | 24 +++++++--------------
 concepts/illicit-financing.md           | 14 ++++++++++++-
 concepts/kyc.md                         |  9 +++++++-
 concepts/leverage.md                    |  7 ++++++-
 concepts/market-maker.md                | 13 +++++++++++-
 concepts/network-effect.md              |  5 ++++-
 concepts/order-book.md                  |  5 ++++-
 concepts/paper-wealth.md                |  5 ++++-
 concepts/price-formation.md             |  1 +
 concepts/regulation.md                  |  7 ++++++-
 concepts/regulatory-capture.md          |  5 ++++-
 concepts/security.md                    |  9 +++++---
 concepts/sign-value.md                  |  6 +++++-
 concepts/stock.md                       |  7 ++++++-
 concepts/terminal-value.md              |  6 +++++-
 concepts/thought-terminating-cliches.md |  2 +-
 concepts/whataboutism.md                |  8 +++++++
 guide/index.md                          |  1 +
 meta/citations-todo.md                  | 28 ++++++++++++-------------
 meta/concepts-todo.md                   |  9 +++++++-
 23 files changed, 132 insertions(+), 51 deletions(-)
 create mode 100644 concepts/whataboutism.md

diff --git a/concepts/bubble.md b/concepts/bubble.md
index cb6170d..4f7d030 100644
--- a/concepts/bubble.md
+++ b/concepts/bubble.md
@@ -3,9 +3,8 @@ An economic bubble is a phenomenon in [markets](market.md) created by herd menta
 
 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).
 
-See ["madness of crowds"](madness-crowds.md), [market mania](market-mania.md) and [bandwagon bias](bandwagon-bias.md).
+Historical bubbles:
 
-## Examples
 * South Sea Bubble
 * Beanie Baby Bubble
 * London Rail Bubble
@@ -14,6 +13,8 @@ See ["madness of crowds"](madness-crowds.md), [market mania](market-mania.md) an
 * Japanese Real Estate Bubble
 * [Crypto asset](cryptoasset.md) Bubble
 
+See ["madness of crowds"](madness-crowds.md), [market mania](market-mania.md) and [bandwagon bias](bandwagon-bias.md).
+
 ## References
 
 1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
diff --git a/concepts/gambling.md b/concepts/gambling.md
index a8b053e..07ab068 100644
--- a/concepts/gambling.md
+++ b/concepts/gambling.md
@@ -1,4 +1,8 @@
 # Gambling
 An economic activity in which one party pays for the privilege of risking money on a probabilistic activity with negative [expected-return](expected-return.md). Often gambling games are [negative-sum](zero-sum-game.md).
 
-Trading [crypto assets](cryptoasset.md) is often compared to gambling.
\ No newline at end of file
+Trading [crypto assets](cryptoasset.md) is often compared to gambling.
+
+## Examples
+1. Packel, Edward W. Mathematics of Games and Gambling. Vol. 28. MAA, 2006.
+1. Read, Colin. "Risk, Uncertainty, Fear, and Gambling." In The Fear Factor, pp. 112-117. Palgrave Macmillan, London, 2009.
\ No newline at end of file
diff --git a/concepts/howey-test.md b/concepts/howey-test.md
index 4c99043..003e6fe 100644
--- a/concepts/howey-test.md
+++ b/concepts/howey-test.md
@@ -8,6 +8,7 @@ A legal test which defines whether an investment contract is designed as a [secu
 
 ## References
 1. ‘SEC v. WJ Howey Co.’ 1946. US. Supreme Court.
+1. Coffee Jr, John C., Hillary Sale, and M. Todd Henderson. "Securities regulation: Cases and materials." (2015).
 1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
 1. Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
 1. Hacker, Philipp, and Chris Thomale. 2018. ‘Crypto-Securities Regulation: ICOs, Token Sales and Cryptocurrencies under EU Financial Law’. European Company and Financial Law Review 15 (4): 645–96.
diff --git a/concepts/ico.md b/concepts/ico.md
index 528cba4..53d95f3 100644
--- a/concepts/ico.md
+++ b/concepts/ico.md
@@ -6,25 +6,15 @@ Initial coin offerings are illegal in the United States.
 See also [security](security.md) and [regulatory arbitrage](regulatory-arbitrage.md).
 
 ## References
+1. Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
+1. Kharif, Olga. 2018. ‘Half of ICOs Die Within Four Months After Token Sales Finalized’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/articles/2018-07-09/half-of-icos-die-within-four-months-after-token-sales-finalized.
+1. Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
 1. Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
 1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
-1. Cincinnati, Josh. 2017. ‘PonzICO: Let’s Just Cut to the Chase’.
-1. Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
+1. Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x)or Designed?’ In Building Decentralized Trust, 21–33. x. https://doi.org/10.1007/978-3-030-54414-0_2.
+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. Kharif, Olga. 2018. ‘Half of ICOs Die Within Four Months After Token Sales Finalized’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/articles/2018-07-09/half-of-icos-die-within-four-months-after-token-sales-finalized.
-1. Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
-1. Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
-1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
-
-
-* [@kharif_half_2018]
-* [@zetzsche_ico_2017]
-* [@kelly_ico_2019]
-* [@debler_foreign_2018]
-* [@cincinnati_ponzico_2017]
-* [@howell_initial_2018]
-* [@boreiko_serial_2020]
-* [@benedetti_digital_2018]
-* [@momtaz_entrepreneurial_2020]
\ No newline at end of file
+1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
\ No newline at end of file
diff --git a/concepts/illicit-financing.md b/concepts/illicit-financing.md
index 1401655..c77a56a 100644
--- a/concepts/illicit-financing.md
+++ b/concepts/illicit-financing.md
@@ -1,4 +1,16 @@
 # Illicit Financing
 Illicit financial flows are illegal movements of money from one country to another that are illegally earned, transferred, or associated with criminal activity.
 
-See also [money laundering](money-laundering.md), [counter-terrorism financing](ctf.md), and [sanctions enforcement](sanctions-enforcement.md).
\ No newline at end of file
+See also [money laundering](money-laundering.md), [counter-terrorism financing](ctf.md), and [sanctions enforcement](sanctions-enforcement.md).
+
+## References
+1. Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
+1. Orcutt, Mike. 2020. ‘This Is How North Korea Uses Cutting-Edge Crypto Money Laundering to Steal Millions’. MIT Technology Review. MIT Technology Review. http://www.technologyreview.com/2020/03/05/916688/north-korean-hackers-cryptocurrency-money-laundering/.
+1. Buttigieg, Christopher P., Christos Efthymiopoulos, Abigail Attard, and Samantha Cuyle. 2019. ‘Anti-Money Laundering Regulation of Crypto Assets in Europe’s Smallest Member State’. Law and Financial Markets Review 13 (4): 211–27. https://doi.org/10.1080/17521440.2019.1663996.
+1. Fanusie, Yaya, and Tom Robinson. 2018. ‘Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services’. Center on Sanctions and Illicit Finance Memorandum, January.
+1. Feinstein, Brian D., and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. SSRN Electronic Journal 7 (1): 48–99. https://doi.org/10.2139/ssrn.3649475.
+1. Ferreira, Agata. 2021. ‘The Curious Case of Stablecoins—Balancing Risks and Rewards?’ Journal of International Economic Law 24 (4): 755–78. https://doi.org/10.1093/jiel/jgab036.
+1. Fletcher, Emily, Charles Larkin, and Shaen Corbet. 2021. ‘Countering Money Laundering and Terrorist Financing: A Case for Bitcoin Regulation’. Research in International Business and Finance 56 (January): 101387. https://doi.org/10.1016/j.ribaf.2021.101387.
+1. Miscione, Gianluca, and Donncha Kavanagh. 2015. ‘Bitcoin and the Blockchain: A Coup d’Etat in Digital Heterotopia?’ SSRN Electronic Journal, no. 2006: 1–27. https://doi.org/10.2139/ssrn.2624922.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+1. Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
\ No newline at end of file
diff --git a/concepts/kyc.md b/concepts/kyc.md
index fbed404..713fae1 100644
--- a/concepts/kyc.md
+++ b/concepts/kyc.md
@@ -8,4 +8,11 @@ KYC is used to assign an identity to a crypto [wallet](wallet.md) account and is
 See also [money-laundering](money-laundering.md), [aml](aml.md), [illicit-financing](illicit-financing.md) and [regulatory-arbitrage](regulatory-arbitrage.md).
 
 ## References
-1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
\ No newline at end of file
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
+1. Papadopoulos, Georgios. 2015. ‘Currency and the Collective Representations of Authority, Nationality, and Value’. Journal of Cultural Economy 8 (4): 521–34. https://doi.org/10.1080/17530350.2014.989884.
+1. Renieris, Elizabeth M. n.d. ‘Why a Little-Known Blockchain-Based Identity Project in Ethiopia Should Concern Us All’. Centre for International Governance Innovation. Accessed 22 February 2022. https://www.cigionline.org/articles/why-a-little-known-blockchain-based-identity-project-in-ethiopia-should-concern-us-all/.
+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. Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
+1. Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
+1. White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
diff --git a/concepts/leverage.md b/concepts/leverage.md
index 4a28d9a..2323666 100644
--- a/concepts/leverage.md
+++ b/concepts/leverage.md
@@ -1,2 +1,7 @@
 # Leverage
-Leverage refers to the use of debt to increase the size of a position in an investment.
\ No newline at end of file
+Leverage refers to the use of debt to increase the size of a position in an investment.
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/market-maker.md b/concepts/market-maker.md
index d6d0b59..60cf082 100644
--- a/concepts/market-maker.md
+++ b/concepts/market-maker.md
@@ -1,4 +1,15 @@
 # Market Maker
 A entity of business with performs the business of creating a market, connecting buyers and sellers to exchange goods and services. The trading of financial assets is a regulated activity and involves [price-formation](price-formation.md) and making of an [order book](order-book.md).
 
-See also [order book](order-book.md) and [crypto exchange](crypto-exchange.md).
\ No newline at end of file
+See also [order book](order-book.md) and [crypto exchange](crypto-exchange.md).
+
+## References
+1. Harris, Larry. Trading and exchanges: Market microstructure for practitioners. OUP USA, 2003.
+1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
+1. Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
+1. White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+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. Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
+1. Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
+1. Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.
\ No newline at end of file
diff --git a/concepts/network-effect.md b/concepts/network-effect.md
index a18882e..d1452fc 100644
--- a/concepts/network-effect.md
+++ b/concepts/network-effect.md
@@ -7,4 +7,7 @@ A payment network arises out of network effects of collection of interconnected
 
 See also [decentralization](decentralization.md) and [recentralization](recentralization.md).
 
-## References 
\ No newline at end of file
+## References 
+1. Katz, Michael L., and Carl Shapiro. "Systems competition and network effects." Journal of economic perspectives 8, no. 2 (1994): 93-115.
+1. Metcalfe, Bob. "Metcalfe's law after 40 years of ethernet." Computer 46, no. 12 (2013): 26-31.
+1. Newman, Mark EJ. "The mathematics of networks." The new palgrave encyclopedia of economics 2, no. 2008 (2008): 1-12.
\ No newline at end of file
diff --git a/concepts/order-book.md b/concepts/order-book.md
index 2479aed..21970dc 100644
--- a/concepts/order-book.md
+++ b/concepts/order-book.md
@@ -9,4 +9,7 @@ The other property of an order book making is the *tick size* which refers to th
 
 There are vast differences in design of different matching engines and ways of calculating the market maker spread to give rise to different dynamics of [price formation](price-formation.md) on a given exchange. Distortions of the order book and order matching can be used to do [market manipulation](market-manipulation.md).
 
-## References
\ No newline at end of file
+## References
+1. Harris, Larry. Trading and exchanges: Market microstructure for practitioners. OUP USA, 2003.
+1. Cont, Rama, Arseniy Kukanov, and Sasha Stoikov. "The price impact of order book events." Journal of financial econometrics 12, no. 1 (2014): 47-88.
+1. Mertens, Jean-François. "The limit-price mechanism." Journal of Mathematical Economics 39, no. 5-6 (2003): 433-528.
\ No newline at end of file
diff --git a/concepts/paper-wealth.md b/concepts/paper-wealth.md
index af2f244..a58c2ff 100644
--- a/concepts/paper-wealth.md
+++ b/concepts/paper-wealth.md
@@ -3,4 +3,7 @@ Paper wealth is [value](value.md) that is stored on behalf of a customer or coun
 
 [Crypto assets](cryptoasset.md) held in [crypto exchanges](crypto-exchange.md) are an example of paper wealth.
 
-See also [counterparty risk](counterparty-risk.md) and [bank run](bank-run.md).
\ No newline at end of file
+See also [counterparty risk](counterparty-risk.md) and [bank run](bank-run.md).
+
+## References
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/price-formation.md b/concepts/price-formation.md
index 36ff0ab..d3052bd 100644
--- a/concepts/price-formation.md
+++ b/concepts/price-formation.md
@@ -3,5 +3,6 @@ Price formation is an information-gathering process which ensures that market pa
 
 ## References
 1. Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
+1. Harris, Larry. Trading and exchanges: Market microstructure for practitioners. OUP USA, 2003.
 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/regulation.md b/concepts/regulation.md
index f61f0ea..0e3c077 100644
--- a/concepts/regulation.md
+++ b/concepts/regulation.md
@@ -4,4 +4,9 @@
 * [Anti-money laundering law](../concepts/aml.md)
 * [Counter-terrorism financing](../concepts/ctf.md)
 * [Money services business](../concepts/money-services-business.md)
-* [Market manipulation](../concepts/market-manipulation.md)
\ No newline at end of file
+* [Market manipulation](../concepts/market-manipulation.md)
+
+## References
+
+1. Dal Bó, Ernesto. "Regulatory capture: A review." Oxford review of economic policy 22, no. 2 (2006): 203-225.
+1. Petro, Louis W., James P. Martin, Adam A. Wadecki, and Harry Cendrowski. The handbook of fraud deterrence. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/regulatory-capture.md b/concepts/regulatory-capture.md
index dd49e9a..869607a 100644
--- a/concepts/regulatory-capture.md
+++ b/concepts/regulatory-capture.md
@@ -1,4 +1,7 @@
 # Regulatory Capture
 The movement of people working in regulatory bodies to take jobs in the industries they used to regulate. This may introduce conflicts of interest which are not in the public interest.
 
-See also [regulatory-arbitrage](regulatory-arbitrage.md).
\ No newline at end of file
+See also [regulatory arbitrage](regulatory-arbitrage.md).
+
+## References
+1. Dal Bó, Ernesto. "Regulatory capture: A review." Oxford review of economic policy 22, no. 2 (2006): 203-225.
\ No newline at end of file
diff --git a/concepts/security.md b/concepts/security.md
index 369a25b..3ef8956 100644
--- a/concepts/security.md
+++ b/concepts/security.md
@@ -3,6 +3,9 @@ A legal framework in which counterparties to a contract are given time-varying r
 
 ## Examples
 
-* [stock](stock.md)
-* [bond](bond.md)
-* [derivative](derivative.md)
\ No newline at end of file
+* [Stock](stock.md)
+* [Bond](bond.md)
+* [Derivative](derivative.md)
+
+## References
+1. Coffee Jr, John C., Hillary Sale, and M. Todd Henderson. "Securities regulation: Cases and materials." (2015).
\ No newline at end of file
diff --git a/concepts/sign-value.md b/concepts/sign-value.md
index d6931e6..7050391 100644
--- a/concepts/sign-value.md
+++ b/concepts/sign-value.md
@@ -1,4 +1,8 @@
 # Sign Value
 Sign value denotes and describes the intangible value accorded to an object because of the prestige or social status that it imparts upon the possessor, rather than the [use value](use-value.md) and [income cashflows](income-cashflows.md) derived from the function or use of the asset.
 
-See [art](art.md), [narrative economics](narrative-economics.md), [endowment effect](endowment-effect.md) and [bandwagon bias](bandwagon-bias.md).
\ No newline at end of file
+See [art](art.md), [narrative economics](narrative-economics.md), [endowment effect](endowment-effect.md) and [bandwagon bias](bandwagon-bias.md).
+
+## References
+1. Debord, Guy. Society of the Spectacle. Bread and Circuses Publishing, 2012.
+1. Baudrillard, Jean. "Stanford Encyclopedia of Philosophy." (2007).
\ No newline at end of file
diff --git a/concepts/stock.md b/concepts/stock.md
index 4d4593d..5a69d52 100644
--- a/concepts/stock.md
+++ b/concepts/stock.md
@@ -11,4 +11,9 @@ Stocks return [income-cashflows](income-cashflows.md) generated by the enterpris
 
 1. Dividend payments
 2. Stock buybacks
-3. Mergers and Acquisitions
\ No newline at end of file
+3. Mergers and Acquisitions
+
+## References
+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. Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
\ No newline at end of file
diff --git a/concepts/terminal-value.md b/concepts/terminal-value.md
index ab1ee6e..5b65921 100644
--- a/concepts/terminal-value.md
+++ b/concepts/terminal-value.md
@@ -1,4 +1,8 @@
 # Terminal Value
 In quantitative finance, the terminal value of a [financial asset](financial-asset.md) is the [present value](present-value.md) of its [income](income-cashflows.md) at a future point in time (called the *horizon*) of all future cash flows can be estimated.
 
-See also [present value](present-value.md).
\ No newline at end of file
+See also [present value](present-value.md).
+
+## References
+1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
+1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/thought-terminating-cliches.md b/concepts/thought-terminating-cliches.md
index 45a3fde..3df2a12 100644
--- a/concepts/thought-terminating-cliches.md
+++ b/concepts/thought-terminating-cliches.md
@@ -7,7 +7,7 @@ A acronym or saying that is used within a [high control group](high-control-grou
 * Anti-intellectualism
 * Tribalism
 
-See also [bandwagon bias](bandwagon-bias.md), [high-control-group](high-control-group.md), [madness of crowds](madness-crowds.md) and [Tinkerbell effect](tinkerbell-effect.md).
+See also [bandwagon bias](bandwagon-bias.md), [high-control-group](high-control-group.md), [madness of crowds](madness-crowds.md), [whataboutism](whataboutism.md) and [Tinkerbell effect](tinkerbell-effect.md).
 
 ## References
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
diff --git a/concepts/whataboutism.md b/concepts/whataboutism.md
new file mode 100644
index 0000000..33d5794
--- /dev/null
+++ b/concepts/whataboutism.md
@@ -0,0 +1,8 @@
+# Whataboutism
+In debate, a *whataboutism* is a fallacy of responding to an accusation or difficult question by making a counter-accusation or raising a different issue as a means of distracting from the issue at hand. This type of argument is very common in online discussions.
+
+See also [thought-terminating cliches](../concepts/thought-terminating-cliches.md) and [high control group](../concepts/high-control-group.md).
+
+## References
+1. O’Connell, Eoin. "Whataboutery." International Journal of Applied Philosophy 34, no. 2 (2020): 243-254.
+1. Battaly, Heather. "Varieties of epistemic vice." The ethics of belief (2014): 51-76.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 692e2b9..7744639 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -228,6 +228,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Value](../concepts/value.md)
 * [Use value](../concepts/use-value.md)
 * [Sign value](../concepts/sign-value.md)
+* [Whataboutism](../concepts/whataboutism.md)
 * [Bubbles](../concepts/bubble.md)
 * ["Madness of crowds"](../concepts/madness-crowds.md)
 * [Decentralization](../concepts/decentralization.md)
diff --git a/meta/citations-todo.md b/meta/citations-todo.md
index 16fd837..8c40e89 100644
--- a/meta/citations-todo.md
+++ b/meta/citations-todo.md
@@ -33,26 +33,26 @@ First pass
 Second pass
 
 - [ ] [free-rider-problem](../concepts/free-rider-problem.md)
-- [ ] [gambling](../concepts/gambling.md)
-- [ ] [ico](../concepts/ico.md)
-- [ ] [illicit-financing](../concepts/illicit-financing.md)
-- [ ] [kyc](../concepts/kyc.md)
-- [ ] [leverage](../concepts/leverage.md)
+- [x] [gambling](../concepts/gambling.md)
+- [x] [ico](../concepts/ico.md)
+- [x] [illicit-financing](../concepts/illicit-financing.md)
+- [x] [kyc](../concepts/kyc.md)
+- [x] [leverage](../concepts/leverage.md)
 - [x] [market](../concepts/market.md)
-- [ ] [market-maker](../concepts/market-maker.md)
+- [x] [market-maker](../concepts/market-maker.md)
 - [x] [meme-stock](../concepts/meme-stock.md)
 - [ ] [mutualization](../concepts/mutualization.md)
 - [ ] [narrative-economics](../concepts/narrative-economics.md)
-- [ ] [network-effect](../concepts/network-effect.md)
-- [ ] [order-book](../concepts/order-book.md)
-- [ ] [paper-wealth](../concepts/paper-wealth.md)
+- [x] [network-effect](../concepts/network-effect.md)
+- [x] [order-book](../concepts/order-book.md)
+- [x] [paper-wealth](../concepts/paper-wealth.md)
 - [ ] [public-goods-problem](../concepts/public-goods-problem.md)
 - [ ] [real-estate](../concepts/real-estate.md)
-- [ ] [regulation](../concepts/regulation.md)
-- [ ] [regulatory-capture](../concepts/regulatory-capture.md)
-- [ ] [security](../concepts/security.md)
-- [ ] [sign-value](../concepts/sign-value.md)
-- [ ] [stock](../concepts/stock.md)
+- [x] [regulation](../concepts/regulation.md)
+- [x] [regulatory-capture](../concepts/regulatory-capture.md)
+- [x] [security](../concepts/security.md)
+- [x] [sign-value](../concepts/sign-value.md)
+- [x] [stock](../concepts/stock.md)
 - [x] [techno-obscurantism](../concepts/techno-obscurantism.md)
 - [ ] [terminal-value](../concepts/terminal-value.md)
 - [ ] [value](../concepts/value.md)
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 6082e09..86f5bde 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -107,4 +107,11 @@ Fourth Pass
 - [x] [cross-bridges](../concepts/cross-bridges.md)
 - [x] [staking](../concepts/staking.md)
 - [x] [technopopulism](../concepts/technopopulism.md)
-- [x] [yield-farming](../concepts/yield-farming.md)
\ No newline at end of file
+- [x] [yield-farming](../concepts/yield-farming.md)
+
+Fifth pass
+
+- [ ] [enclosure](../concepts/enclosure.md)
+- [ ] [amm](../concepts/amm.md)
+- [ ] [dex](../concepts/dex.md)
+- [ ] [narrative-economics](../concepts/narrative-economics.md)
\ No newline at end of file

From 15f323eaa72f3957d0f19b51696df30756d74d75 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 29 Mar 2022 15:37:00 +0100
Subject: [PATCH 061/103] Expand citations

---
 claims/is-collapse.md           | 13 ++++++-
 claims/is-disrupt-hegemony.md   | 11 +++++-
 claims/narrative-economics.md   | 60 ++++++++++++++++-----------------
 claims/transnational-payment.md |  2 +-
 concepts/front-running.md       |  3 +-
 concepts/order-book.md          |  1 +
 concepts/price-formation.md     |  3 +-
 concepts/stablecoin.md          |  1 +
 concepts/value.md               |  5 ++-
 concepts/wallet.md              | 11 +++++-
 meta/citations-todo.md          | 10 +++---
 11 files changed, 78 insertions(+), 42 deletions(-)

diff --git a/claims/is-collapse.md b/claims/is-collapse.md
index ae20410..fa88439 100644
--- a/claims/is-collapse.md
+++ b/claims/is-collapse.md
@@ -2,4 +2,15 @@
 
 Crypto tokens are indeed a form of [predatory investment](../concepts/predatory-inclusion.md) that may have wide-reaching consequences in the lives of people it harms. However it is not a means to accelerate the collapse of capitalism even if one subscribes to the [accelerationism](../concepts/accelerationism.md) school of thought and believed this the acceleration of capitalism and its destruction was a good thing.
 
-The crypto ideology is an extension of neoliberal project that aims to expand the scope and reach of markets to all aspects of human life, a concept often referred to [as hyperfinancialization](is-hyperfinancialization.md). Since crypto tokens aim to expand the scope of capitalism, they cannot bring about anything but more capitalism.
\ No newline at end of file
+The crypto ideology is an extension of neoliberal project that aims to expand the scope and reach of markets to all aspects of human life, a concept often referred to [as hyperfinancialization](is-hyperfinancialization.md). Since crypto tokens aim to expand the scope of capitalism, they cannot bring about anything but more capitalism.
+
+## References
+1. Reijers, Wessel, and Mark Coeckelbergh. 2018. ‘The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies’. Philosophy and Technology 31 (1): 103–30. https://doi.org/10.1007/s13347-016-0239-x.
+1. Golumbia, David. 2013a. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
+1. ———. 2015. ‘Bitcoin as Politics: Distributed Right-Wing Extremism’. MoneyLab Reader: An Intervention in Digital Economy, Amsterdam: Institute of Network Cultures.
+1. Stinchcombe, Kai. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
+1. Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
+1. DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+1. Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
\ No newline at end of file
diff --git a/claims/is-disrupt-hegemony.md b/claims/is-disrupt-hegemony.md
index 94ad664..20bb692 100644
--- a/claims/is-disrupt-hegemony.md
+++ b/claims/is-disrupt-hegemony.md
@@ -7,4 +7,13 @@ This is further evidenced by the simple fact that [blockchain](../concepts/block
 There is no future in web3 that poses any threat to tech monopoly because there simply is no meaningful tech to challenge any real business model. 
 
 ## References
-1. Marx, Paris. n.d. ‘Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail’. Accessed 29 March 2022. https://www.businessinsider.com/web3-blockchain-crypto-internet-doomed-fail-doesnt-live-up-hype-2022-3?r=US&IR=T.
\ No newline at end of file
+1. Marx, Paris. n.d. ‘Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail’. Accessed 29 March 2022. https://www.businessinsider.com/web3-blockchain-crypto-internet-doomed-fail-doesnt-live-up-hype-2022-3?r=US&IR=T.
+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/.
+1. O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
+1. Weaver, Nicholas. 2021. ‘The Web3 Fraud’. USENIX. 16 December 2021. https://www.usenix.org/publications/loginonline/web3-fraud.
+1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
+1. Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
+1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+1. Zitron, Ed. 2022. ‘Solutions That Create Problems’. Substack newsletter. Ed Zitron’s Where’s Your Ed At (blog). 23 February 2022. https://ez.substack.com/p/solutions-that-create-problems.
+1. Diehl, Stephen. 2021. ‘Web3 Is Bullshit’. 4 December 2021. https://www.stephendiehl.com/blog/web3-bullshit.html.
+1. White, Molly. 2022. ‘It’s Not Still the Early Days’. Molly White. 14 January 2022. https://blog.mollywhite.net/its-not-still-the-early-days/.
\ No newline at end of file
diff --git a/claims/narrative-economics.md b/claims/narrative-economics.md
index fa217ce..2936ac7 100644
--- a/claims/narrative-economics.md
+++ b/claims/narrative-economics.md
@@ -26,7 +26,6 @@ Dogecoin is an example of a crypto asset with no political imaginaries, no [curr
 ## References
 1. Shiller, Robert J. 2017. ‘Narrative Economics’. American Economic Review 107 (4): 967–1004.
 1. Reijers, Wessel, and Mark Coeckelbergh. 2018. ‘The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies’. Philosophy and Technology 31 (1): 103–30. https://doi.org/10.1007/s13347-016-0239-x.
-* Golumbia, David. 2013a. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
 1. Babu, Asvatha. 2020. ‘Behind the Veil of Decentralization: Analyzing Blockchain Frames and Sponsors in US News’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3749482.
 1. Ailon, Galit. 2022. ‘The Double Meaning of Money’. Sociological Theory, 073527512110711. https://doi.org/10.1177/07352751211071121.
 1. Becker, Katrin. 2022. ‘Blockchain Matters—Lex Cryptographia and the Displacement of Legal Symbolics and Imaginaries’. Law and Critique. https://doi.org/10.1007/s10978-021-09317-8.
@@ -41,34 +40,35 @@ Dogecoin is an example of a crypto asset with no political imaginaries, no [curr
 1. ———. 2022. ‘The Strange Alliance of Crypto and MAGA Believers’. The New York Times, 11 January 2022, sec. Opinion. https://www.nytimes.com/2022/01/10/opinion/crypto-cryptocurrency-money-conspiracy.html.
 1. Stinchcombe, Kai. 2018. ‘Blockchain Is Not Only Crappy Technology but a Bad Vision for the Future’. Medium (blog). 9 April 2018. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
 1. White, Molly. 2022. ‘Blockchain-Based Systems Are Not What They Say They Are’. Molly White (blog). 9 January 2022. https://blog.mollywhite.net/blockchains-are-not-what-they-say/.
-* Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
-* Doody, Sean. 2020. ‘Reactionary Technopolitics: A Critical Sociohistorical Review’. Fast Capitalism 17 (1): 143–64. https://doi.org/10.32855/fcapital.202001.009.
-* *———. 2013b. ‘Cyberlibertarians’ Digital Deletion of the Left: Technological Innovation Does Not Inherently Promote the Left’s Goals’. Retrieved 2 (10): 2014.
-* *———. 2015. ‘Bitcoin as Politics: Distributed Right-Wing Extremism’. MoneyLab Reader: An Intervention in Digital Economy, Amsterdam: Institute of Network Cultures.
-* *———. 2016. The Politics of Bitcoin: Software as Right-Wing Extremism. U of Minnesota Press.
-* *———. 2018. ‘Zealots of the Blockchain: The True Believers of the Bitcoin Cult’. The Baffler, no. 38: 102–11.
-* Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
-* Hayden, Micahel, and Megan Squire. n.d. ‘How Cryptocurrency Revolutionized the White Supremacist Movement’. Souther Poverty Law Center. Accessed 3 March 2022. https://www.splcenter.org/hatewatch/2021/12/09/how-cryptocurrency-revolutionized-white-supremacist-movement.
-* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
-* Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
-* The Economist. 2022. ‘The Charm of Cryptocurrencies for White Supremacists’, 5 February 2022. https://www.economist.com/united-states/2022/02/05/the-charm-of-cryptocurrencies-for-white-supremacists.
-* Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
-* Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
-* *———. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-* Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
-* Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
-* DuPont, Isaac Quinn. 2017. ‘An Archeology of Cryptography: Rewriting Plaintext, Encryption, and Ciphertext’. ProQuest Dissertations and Theses. PhD Thesis, University of Toronto (Canada). https://tspace.library.utoronto.ca/handle/1807/78958.
-* DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
-* Gehl, Robert W. 2016. ‘Power/Freedom on the Dark Web: A Digital Ethnography of the Dark Web Social Network’. New Media and Society 18 (7): 1219–35. https://doi.org/10.1177/1461444814554900.
-* Gürses, Seda, Arun Kundnani, and Joris Van Hoboken. 2016. ‘Crypto and Empire: The Contradictions of Counter-Surveillance Advocacy’. Media, Culture and Society 38 (4): 576–90. https://doi.org/10.1177/0163443716643006.
-* Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
-* Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
-* Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
-* May, Tim. 1994. ‘Cyphernomicon’.
-* May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
-* Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
-* Phillips, David J. 1998. Digital Cash and the Surveillance Society: Negotiating Identification in New Consumer Payment Systems. University of Pennsylvania. https://search.proquest.com/openview/7ca922683fe4b5a94427e0ba59af4def/1?pq-origsite=gscholar&cbl=18750&diss=y.
-* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-* ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
+1. Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
+1. Doody, Sean. 2020. ‘Reactionary Technopolitics: A Critical Sociohistorical Review’. Fast Capitalism 17 (1): 143–64. https://doi.org/10.32855/fcapital.202001.009.
+1. Golumbia, David. 2013a. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
+1. ———. 2013b. ‘Cyberlibertarians’ Digital Deletion of the Left: Technological Innovation Does Not Inherently Promote the Left’s Goals’. Retrieved 2 (10): 2014.
+1. ———. 2015. ‘Bitcoin as Politics: Distributed Right-Wing Extremism’. MoneyLab Reader: An Intervention in Digital Economy, Amsterdam: Institute of Network Cultures.
+1. ———. 2016. The Politics of Bitcoin: Software as Right-Wing Extremism. U of Minnesota Press.
+1. *———. 2018. ‘Zealots of the Blockchain: The True Believers of the Bitcoin Cult’. The Baffler, no. 38: 102–11.
+1. Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
+1. Hayden, Micahel, and Megan Squire. n.d. ‘How Cryptocurrency Revolutionized the White Supremacist Movement’. Souther Poverty Law Center. Accessed 3 March 2022. https://www.splcenter.org/hatewatch/2021/12/09/how-cryptocurrency-revolutionized-white-supremacist-movement.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
+1. Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
+1. The Economist. 2022. ‘The Charm of Cryptocurrencies for White Supremacists’, 5 February 2022. https://www.economist.com/united-states/2022/02/05/the-charm-of-cryptocurrencies-for-white-supremacists.
+1. Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
+1. Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
+1. *———. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
+1. Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
+1. Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
+1. DuPont, Isaac Quinn. 2017. ‘An Archeology of Cryptography: Rewriting Plaintext, Encryption, and Ciphertext’. ProQuest Dissertations and Theses. PhD Thesis, University of Toronto (Canada). https://tspace.library.utoronto.ca/handle/1807/78958.
+1. DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
+1. Gehl, Robert W. 2016. ‘Power/Freedom on the Dark Web: A Digital Ethnography of the Dark Web Social Network’. New Media and Society 18 (7): 1219–35. https://doi.org/10.1177/1461444814554900.
+1. Gürses, Seda, Arun Kundnani, and Joris Van Hoboken. 2016. ‘Crypto and Empire: The Contradictions of Counter-Surveillance Advocacy’. Media, Culture and Society 38 (4): 576–90. https://doi.org/10.1177/0163443716643006.
+1. Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+1. Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
+1. May, Tim. 1994. ‘Cyphernomicon’.
+1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
+1. Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
+1. Phillips, David J. 1998. Digital Cash and the Surveillance Society: Negotiating Identification in New Consumer Payment Systems. University of Pennsylvania. https://search.proquest.com/openview/7ca922683fe4b5a94427e0ba59af4def/1?pq-origsite=gscholar&cbl=18750&diss=y.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
+1. ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
 
 TODO: group by narrative
\ No newline at end of file
diff --git a/claims/transnational-payment.md b/claims/transnational-payment.md
index 33efdd1..6a27d50 100644
--- a/claims/transnational-payment.md
+++ b/claims/transnational-payment.md
@@ -6,7 +6,7 @@ Today there already exists and enormous [shadow banking](../concepts/shadow-bank
 
 The incorporation of crypto into the shadow banking system, which is already happening, is providing even easier access for disreputable individuals to avoid taxes and to expand their holdings abroad. Instead of offshore shell companies, these individuals will use [stablecoin](../concepts/stablecoin.md) and [cryptoasset](../concepts/cryptoasset.md) to hide their money from tax authorities.
 
-From the public interest perspective none of this setup is desirable, since it allows the already wealth to avoid paying taxes and supporting [public goods](../concepts/public-goods-problem.md) and the welfare state which supports people will less resources than wealthy individuals. Crypto thus exasperates wealth inequality and allows individuals to circumvent the rule of law and undermine the entire social contract of democracy.
+From the public interest perspective none of this setup is desirable, since it allows the already wealth to avoid paying taxes and supporting [public goods](../concepts/public-goods-problem.md) and the welfare state which supports people with less resources than wealthy individuals. Crypto thus exasperates wealth inequality and allows individuals to circumvent the rule of law and undermine the entire social contract of democracy.
 
 ## References
 1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
diff --git a/concepts/front-running.md b/concepts/front-running.md
index 36beffc..af67443 100644
--- a/concepts/front-running.md
+++ b/concepts/front-running.md
@@ -6,4 +6,5 @@ Front running is illegal in the United States when trading [securities](security
 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
+1. Aldridge, Irene. High-frequency trading: a practical guide to algorithmic strategies and trading systems. Vol. 604. John Wiley & Sons, 2013.
+1. Akerlof, George A. "The market for “lemons”: Quality uncertainty and the market mechanism." In Uncertainty in economics, pp. 235-251. Academic Press, 1978.
diff --git a/concepts/order-book.md b/concepts/order-book.md
index 21970dc..cba23fd 100644
--- a/concepts/order-book.md
+++ b/concepts/order-book.md
@@ -11,5 +11,6 @@ There are vast differences in design of different matching engines and ways of c
 
 ## References
 1. Harris, Larry. Trading and exchanges: Market microstructure for practitioners. OUP USA, 2003.
+1. Aldridge, Irene. High-frequency trading: a practical guide to algorithmic strategies and trading systems. Vol. 604. John Wiley & Sons, 2013.
 1. Cont, Rama, Arseniy Kukanov, and Sasha Stoikov. "The price impact of order book events." Journal of financial econometrics 12, no. 1 (2014): 47-88.
 1. Mertens, Jean-François. "The limit-price mechanism." Journal of Mathematical Economics 39, no. 5-6 (2003): 433-528.
\ No newline at end of file
diff --git a/concepts/price-formation.md b/concepts/price-formation.md
index d3052bd..4f02c4f 100644
--- a/concepts/price-formation.md
+++ b/concepts/price-formation.md
@@ -5,4 +5,5 @@ Price formation is an information-gathering process which ensures that market pa
 1. Janeway, William H. Doing capitalism in the innovation economy: Markets, speculation and the state. Cambridge University Press, 2012.
 1. Harris, Larry. Trading and exchanges: Market microstructure for practitioners. OUP USA, 2003.
 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
+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.
+1. Aldridge, Irene. High-frequency trading: a practical guide to algorithmic strategies and trading systems. Vol. 604. John Wiley & Sons, 2013.
\ No newline at end of file
diff --git a/concepts/stablecoin.md b/concepts/stablecoin.md
index 63de044..cedb190 100644
--- a/concepts/stablecoin.md
+++ b/concepts/stablecoin.md
@@ -1,4 +1,5 @@
 # Stablecoin
+
 A crypto asset that is pegged (see [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*.
diff --git a/concepts/value.md b/concepts/value.md
index 91a0e65..e6daab5 100644
--- a/concepts/value.md
+++ b/concepts/value.md
@@ -8,4 +8,7 @@ There are many different types of value definitions that occur in different disc
 * [Present value](present-value.md)
 * [Sign value](sign-value.md)
 * [Use value](use-value.md)
-* [Terminal value](terminal-value.md)
\ No newline at end of file
+* [Terminal value](terminal-value.md)
+
+## References
+1. Schroeder, Mark. "Value theory." (2008).
\ No newline at end of file
diff --git a/concepts/wallet.md b/concepts/wallet.md
index 5b2f180..127c8e6 100644
--- a/concepts/wallet.md
+++ b/concepts/wallet.md
@@ -1,2 +1,11 @@
 # Crypto Wallet
-An unhosted wallet is a crypto wallet not stored on a [crypto exchange](crypto-exchange.md) or with a custodial service and whose [private key](private-key.md) is individually managed by the user.
\ No newline at end of file
+An unhosted wallet is a crypto wallet not stored on a [crypto exchange](crypto-exchange.md) or with a custodial service and whose [private key](private-key.md) is individually managed by the user.
+
+## Refrences
+1. Harvey, John, and Ines Branco-Illodo. 2020. ‘Why Cryptocurrencies Want Privacy: A Review of Political Motivations and Branding Expressed in “Privacy Coin” Whitepapers’. Journal of Political Marketing 19 (1–2): 107–36. https://doi.org/10.1080/15377857.2019.1652223.
+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. Ivaniuk, Viktoria. 2020. ‘Cryptocurrency Exchange Regulation – An International Review’. Magda Dziembowska, Robert Dziembowski, Apelacja w Postępowaniu, 67.
+1. White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+1. White, Molly. 2022. ‘Abuse and Harassment on the Blockchain’. Molly White. 22 January 2022. https://blog.mollywhite.net/abuse-and-harassment-on-the-blockchain/.
+1. White, Molly 2022. 'Abuse on the blockchain'. Guest lecture at Stanford University. https://www.youtube.com/watch?v=hXBZ-BXfCSY
+1. Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
\ No newline at end of file
diff --git a/meta/citations-todo.md b/meta/citations-todo.md
index 8c40e89..b4afe84 100644
--- a/meta/citations-todo.md
+++ b/meta/citations-todo.md
@@ -54,8 +54,8 @@ Second pass
 - [x] [sign-value](../concepts/sign-value.md)
 - [x] [stock](../concepts/stock.md)
 - [x] [techno-obscurantism](../concepts/techno-obscurantism.md)
-- [ ] [terminal-value](../concepts/terminal-value.md)
-- [ ] [value](../concepts/value.md)
-- [ ] [wallet](../concepts/wallet.md)
-- [ ] [is-collapse](../claims/is-collapse.md)
-- [ ] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
\ No newline at end of file
+- [x] [terminal-value](../concepts/terminal-value.md)
+- [x] [value](../concepts/value.md)
+- [x] [wallet](../concepts/wallet.md)
+- [x] [is-collapse](../claims/is-collapse.md)
+- [x] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
\ No newline at end of file

From bda34ed50684a03a1ca879e57deb26d8d5b36110 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 11:57:01 +0200
Subject: [PATCH 062/103] Tidying in line with template

---
 notes/are-crypto-tokens-securities.md | 33 +++++++++++++++++++--------
 1 file changed, 24 insertions(+), 9 deletions(-)

diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index cc98bd4..c3d370b 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -1,8 +1,10 @@
 # Are Crypto Tokens Securities?
 
+In episode #3 of our ongoing deep dive into web3 and crypto, we explore the nature of financial products known as "securities", their relation to crypto tokens, and the regulatory framework that exists around these structures.
+
 <iframe width="560" height="315" src="https://www.youtube.com/embed/K5JtPTyc0y0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
-In episode #3 of our ongoing deep dive into web3 and crypto, we explore the nature of financial products known as "securities", their relation to crypto tokens, and the regulatory framework that exists around these structures.
+
 
 * Youtube:  https://www.youtube.com/watch?v=z2uAg-AIs-Y
 * Podcast: https://anchor.fm/life-itself/episodes/Are-Cryptocurrencies-Securities--The-Nature-of-Securities--Their-Relation-to-Crypto-Tokens-with-Stephen-Diehl-e1fph69
@@ -13,6 +15,21 @@ In episode #3 of our ongoing deep dive into web3 and crypto, we explore the natu
 
 # Episode Notes
 
+## Summary
+
+There is currently debate about how crypto investments fall under the existing securities regulatory framework. In this conversation, Stephen Diehl and Rufus Pollock dig into this debate, exploring what securities are and how they relate to crypto tokens.
+
+Rufus and Stephen then consider the question, should crypto tokens be subject to the same regulation as securities? They 'steel man' the position that crypto investments should not be regulated as securities, outlining 3 key claims:
+1. Unregulated crypto investment is a liberatory and egalitarian force that democratizes company formation, lowers barriers, and allows all types of common enterprises that were previously prohibited by law.
+2. The ability to raise capital outside of the rule of law is a human right that is a safeguard against tyranny.
+3. Equity markets are ripe for disruption - it is time for the start of a new era that will reconfigure the entire global economy.
+
+Rufus and Stephen end their conversation with an analysis of this position and the associated claims.
+
+
+
+
+
 ## What are securities?
 
 * A [security](../concepts/security.md) is a collective legal fiction that pools money and mediates [income-cashflows](../concepts/income-cashflows.md) between people according to an agreed-upon framework.
@@ -21,19 +38,16 @@ In episode #3 of our ongoing deep dive into web3 and crypto, we explore the natu
 * Gave rise to a modern framework of laws that cover financial products from debt instruments, bonds, equities, and derivatives. The legal foundation on which all of market capitalism is built.
 * **Because of their centrality to markets, securities have strict registration, ownership and transfer regulation.**
 
-## The debate about crypto investments
+## The debate surrounding crypto investments
 
 * There is currently debate about how crypto investments fall under the existing securities regulatory framework. This is being debated inside the government regulatory agencies, on the floor of the senate, and in the courts.
 * The outcome of the final ruling will potentially impact trillions of notional value in “scofflaw” investments of potentially unregistered securities.
-
-### Pro
-
 * Landmark case from 1946, SEC vs W. J. Howey Co. set the [Howey Test](../concepts/howey-test.md) precedent for determining what is a securities contract.
   * (1) an investment of money, (2) in a common enterprise, (3) with the expectation of profit and (4) to be derived from the efforts of others.
   * Many things can be sold as securities. (stocks, chinchillas, whiskey barrels, orange trees). It’s very context dependent.
   * **If we accept the premise that crypto tokens aren’t currencies, then tokens are clearly investments made with the expectation of profit. Are crypto assets unregistered securities?**
 * Crypto tokens currently exist partially outside the US securities framework.
-  * The SEC has taken action against some Initial Coin Offerings, selling debt instruments to retail, against outright Ponzi schemes and firms acting as bank-like entities. **TODO: Link examples**
+  * The SEC has taken action against some [Initial Coin Offerings](https://www.sec.gov/ICO), [selling debt instruments to retail](https://www.reuters.com/article/sec-investors-retail-idUSL2N0XB0NU20150414), against outright [Ponzi schemes](https://www.sec.gov/spotlight/enf-actions-ponzi.shtml), and **firms acting as bank-like entities.** 
   * District courts have set precedent in many investment fraud cases that have consistently indicated token sales to US persons meet [Howey Test](../concepts/howey-test.md) and Dodd-Frank criterion of securities sales, even if done internationally (i.e from Switzerland). If you sell to US persons it becomes a security under US law.
   * **A federal case or executive order that sets precedent nationally has yet not been heard in the courts.** 
   * Thousands of companies and projects' success or failure rests on token sales not being regulated as securities. If they are regulated as securities it is quite possible the entire market implodes.
@@ -46,7 +60,8 @@ In episode #3 of our ongoing deep dive into web3 and crypto, we explore the natu
   * Case example: Theranos raised $724 million from private accredited investors including Henry Kissinger and Betsy Devos. The people in the blast radius of the fraud were all fabulously wealthy and invested capital they already allocated to high-risk investments anyways.
   * Many policymakers on both sides of the aisle debate whether or not the accreditation laws are too restrictive and shut the public out of high-risk-high-return investments that only wealthy people have access to.
     * On the right, then individual choice is a paramount, the government shouldn’t dictate risk-taking in markets. Just “evolution” and the natural state of being.
-    * **On the left, Pikkety’s analysis that wealth generated from capital grows faster than economic output and patrimonial capitalism leads to distortions of markets and inequality**. 
+    * On the left, Pikkety’s analysis that wealth generated from capital grows faster than economic output and patrimonial capitalism leads to distortions of markets and inequality. 
+### Steel manning the position that crypto investments should not be brought within the securities regulation framework
 * It is very easy to create an equity crowdfunding and cap table structure on top of crypto platforms like [ethereum](../concepts/ethereum.md).
   * Individuals can do it anonymously and raise billions of dollar equivalents in seed capital for ventures that are very early. Don’t need to involve the SEC, government or lawyers at all.
   * Previously this kind of access was gated to US persons with connections and access to funds, connections and access to capital.
@@ -56,7 +71,7 @@ In episode #3 of our ongoing deep dive into web3 and crypto, we explore the natu
 * Equity markets are ripe for disruption and it is time for the **twilight of the Securities Act** and the start of a new era that will reconfigure the entire global economy. 
   * Hypothesis: What happens on the other side of that financial reconfiguration can only be better than we currently have.
 
-### Critique
+### Analysis 
 
 * We tried the complete laissez faire caveat emptor securities model in the 1920s. **It ended very badly**.
 * The kind of fly-by-night “There Will Be Blood” type of charlatans ran wild selling securities to the public.
@@ -129,4 +144,4 @@ In episode #3 of our ongoing deep dive into web3 and crypto, we explore the natu
 1. ———. 2015b. ‘The Bitcoin Blockchain as Financial Market Infrastructure: A Consideration of Operational Risk’. NYUJ Legis. & Pub. Pol’y 18: 837.
 1. ———. 2019a. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
 1. ———. 2019b. ‘In Code (Rs) We Trust: Software Developers as Fiduciaries in Public Blockchains’.
-1. ———. 2019c. ‘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.
\ No newline at end of file
+1. ———. 2019c. ‘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.

From a67b7bc1217714a11cb6840eb9995294613016f3 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 12:39:05 +0200
Subject: [PATCH 063/103] Tidying in line with template

---
 notes/market-fundamentalism.md | 91 +++++++++++++++++++++-------------
 1 file changed, 56 insertions(+), 35 deletions(-)

diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index f9bf127..76af723 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -1,18 +1,46 @@
 # Market Fundamentalism
 
-In Episode 2 of the series, Rufus Pollock and Stephen Diehl discuss the market fundamentalism perspective on crypto assets and the perspective on crypto assets from the perspective of day traders to quantitative hedge funds.
+In Episode 2 of the series, Rufus Pollock and Stephen Diehl explore perspectives on crypto assets, from that of day traders to quantitative hedge funds, focusing in particualr on the market fundamentalist position.
 
-https://www.youtube.com/watch?v=K5JtPTyc0y0
+<iframe width="560" height="315" src="https://www.youtube.com/embed/K5JtPTyc0y0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
-## Topic
 
-[market-fundamentalism](../concepts/market-fundamentalism.md)
+
+* Youtube:  https://www.youtube.com/watch?v=K5JtPTyc0y0
+* Podcast: https://anchor.fm/life-itself/episodes/Crypto--Traders-and-Unfettered-Financial-Markets-with-Stephen-Diehl-e1fgm2d
+* Wiki topic:  [Market Fundamentalism](../concepts/market-fundamentalism.md)
+
+
+*** 
+
+# Episode Notes
 
 ## Summary
 
 The trader or market fundamentalist view likely represents a majority of interest and activity in crypto. The ideology encompasses the viewpoint that crypto is about **making money** i.e. that crypto investing and trading can make those who engage in it a lot of money. More deeply it is the view that the unfettered and unregulated nature of crypto-markets is a good thing and represents a "freer" and better form of financial markets.
 
-### Who holds this position?
+Rufus and Stephen 'steel man' the market fundamentalism position, exploring four key claims:
+1. Unregulated markets allow companies to so what they're supposed to do: maximize returns to shareholders.
+2. Markets are likeable to evolution; they have no moral quality.
+3. Crypto-trading is a public good
+4. There is no non-public disclosure about the risks of these assets, everyone is going in with their eyes open that this is the wild west.
+
+Rufus and Stephen end their conversation with an analysis of the market fundamentalist position and the associated claims.
+
+
+
+## What type of asset is a crypto token? How do we value it? Is there a comparable asset?
+
+* Zero-coupon perpetual bond?
+* Currency you wouldn’t want to spend?
+* Equity with no cash flows or dividends? https://en.wikipedia.org/wiki/Blue_sky_law
+* Commodity with no use value?
+* Exchange traded pyramid schemes?
+* Derivative contract with no underlying?
+* Libertarian performance art split into 21 million pieces https://en.wikipedia.org/wiki/Monte_Carlo_Bonds
+* If we value it as a "block box" financial product (ala Nassim Taleb) we find it’s present value can only be zero. https://www.fooledbyrandomness.com/BTC-QF.pdf
+
+## Who is trading crypto?
 
 * The day-trader in the pub, WallStreetBets demographic.
   * [Barrett, Claer. ‘Why Young Investors Bet the Farm on Cryptocurrencies’. Financial Times, 2021.](https:www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458):
@@ -28,7 +56,7 @@ The trader or market fundamentalist view likely represents a majority of interes
   * Sharks *love* the minnows
 
 
-### Why is this an interesting group and position to examine?
+### Why is this an interesting group and position (crypto can make me money) to examine?
 
 * Likely represents a majority of interest and activity in crypto (and even DAOs) from the day-trader in the pub up to the wall street trader
 * Generally not brought up explicitly as much in the crypto / web3 discussion (for obvious reasons: it is not as substantive or attractive position to espouse publicly)
@@ -39,27 +67,31 @@ The trader or market fundamentalist view likely represents a majority of interes
 * However, may actually account for a good portion of the interest and even political/social support for this area
 * Legitimizing segment especially for regulators ("hey even Goldman Sachs or JP Morgan are involved, this must be a legitimate area / industry")
 
-## Steel-manning the Market Fundamentalist Position
 
-* [Friedman Doctrine](https://en.wikipedia.org/wiki/Friedman_doctrine)  applied to unregulated markets. Optimize for shareholder value.
-  * Now we get to redefine shareholder to mean token holder, without any regulatory baggage from traditional markets. 
-  * Line must go up at any cost.
-* Markets have no moral quality.
-  * They are a mechanism likeable to evolution: selects for fitness and success
+## Steel-manning the market fundamentalism position
+
+* Unregulated markets allow companies to so what they're supposed to do: maximize returns to shareholders.
+  * [Friedman Doctrine](https://en.wikipedia.org/wiki/Friedman_doctrine)  applied to unregulated markets. Optimize for shareholder value.
+    * Now we get to redefine shareholder to mean token holder, without any regulatory baggage from traditional markets. 
+    * Line must go up at any cost.
+  * Crypto products are risk assets that have no fundamentals, but that’s not necessarily a problem because you can make money on trading them. 
+    * There other financial products (ETNs - exchange traded notes, OTM put options, volatility swaps) many of which are intrinsically negative-sum and high-risk as well, these are allowed in markets … so why shouldn’t crypto be.
+      * [Credit Suisse defends controversial financial product at the center of the market turmoil](https://www.cnbc.com/2018/02/07/credit-suisse-defends-controversial-xiv-etn-amid-market-turmoil.html)
+* Markets are likeable to evolution; they have no moral quality.
+  * Markets are a mechanism likeable to evolution: they select for fitness and success
   * If I'm allowed to trade products that are massively asymmetric and disadvantageous to retail traders (individual, non-professional market participants) then I can and I will => it will eliminate those inefficient players (it punishes unfitness and rewards fitness)
-* I’m just participating in price discovery of a new asset class. 
-* Even if I know it’s a [greater fool asset](../concepts/greater-fool-theory), if I have access to non-public information and more capital I can (and should) use it and exit before the other fools.
-  * Some people legitimately did make money trading on South Sea Bubble, Dotcom Bubble, Tulip Mania
-  * These booms and busts are a natural part of market cycles
-* Crypto products are risk assets that have no fundamentals, but that’s not necessarily a problem because you can make money on trading them. 
-  * There other financial products (ETNs - exchange traded notes, OTM put options, volatility swaps) many of which are intrinsically negative-sum and high-risk as well, these are allowed in markets … so why shouldn’t crypto be.
-  * [Credit Suisse defends controversial financial product at the center of the market turmoil](https://www.cnbc.com/2018/02/07/credit-suisse-defends-controversial-xiv-etn-amid-market-turmoil.html)
-* If the market allows manipulation (pump and dumps, insider trading, wash trading) this is public knowledge and it is reflected in the price formation of the assets. There is no non-public disclosure about the risks of these assets, everyone is going in with their eyes open that this is the wild west. 
-* Investment Hypothesis  1: Tokens are an investment product that exists to secure compute cycles for people to run computation on a globally distributed state machine using the market to create game theoretic incentive to run other’s computations as a “public good”. That state machine has an operating cost and that creates synthetic demand for people who need to buy it, at any cost, to run computation on the chain.
-* Investment Hypothesis 2: We can treat crypto tokens as a synthetic hedge against the entire class of assets with fundamentals. They're a place to park money in times of loose monetary policy to chase yield when there's nothing else left to buy, because other funds circularly trade this thesis.
-* Institutional investors should be able to leverage their AUM to take high-risk positions just like they are in other private markets. If retail wants to participate with the “sharks” then it’s on them to understand the risks not on the people they’re trading against. The fiduciary mandate of hedge funds is to take positions on behalf of their LPs in beta uncorrelated positions.
+  * Even if I know it’s a [greater fool asset](../concepts/greater-fool-theory), if I have access to non-public information and more capital I can (and should) use it and exit before the other fools.
+    * Some people legitimately did make money trading on South Sea Bubble, Dotcom Bubble, Tulip Mania
+    * These booms and busts are a natural part of market cycles
+* Crypto-trading is a public good
+  * Tokens are an investment product that exists to secure compute cycles for people to run computation on a globally distributed state machine using the market to create game theoretic incentive to run other’s computations as a “public good”. That state machine has an operating cost and that creates synthetic demand for people who need to buy it, at any cost, to run computation on the chain.
+  * We can treat crypto tokens as a synthetic hedge against the entire class of assets with fundamentals. They're a place to park money in times of loose monetary policy to chase yield when there's nothing else left to buy, because other funds circularly trade this thesis.
+  * I’m just participating in price discovery of a new asset class.
+* There is no non-public disclosure about the risks of these assets. Everyone is going in with their eyes open that this is the wild west.
+  * If the market allows manipulation (pump and dumps, insider trading, wash trading) this is public knowledge and it is reflected in the price formation of the assets. 
+  * Institutional investors should be able to leverage their AUM to take high-risk positions just like they are in other private markets. If retail wants to participate with the “sharks” then it’s on them to understand the risks not on the people they’re trading against. The fiduciary mandate of hedge funds is to take positions on behalf of their LPs in beta uncorrelated positions.
 
-## Analyzing the Market Fundamentalist Position
+## Analyzing the market fundamentalism position
 
 * Everything that has been illegal for 80 years is suddenly allowed. Exchanges are basically like bucket shops from the 1920s. Everything is allowed:
   * Wash-trading
@@ -92,17 +124,6 @@ The trader or market fundamentalist view likely represents a majority of interes
   * A deformation of character: we become enslaved to the idea of getting rich quick (cf Salgado). Capitalist alienation
 * Terribly pathological form of capitalism that doesn't result in price formation on collective enterprise, goods or services. Funds are betting on financial fantasy castles in the sky detached from any day to day reality of human life.
   * What is the purpose of public markets then?
-
-### What type of asset is a crypto token? How do we value it? Is there a comparable asset?
-
-* Zero-coupon perpetual bond?
-* Currency you wouldn’t want to spend?
-* Equity with no cash flows or dividends? https://en.wikipedia.org/wiki/Blue_sky_law
-* Commodity with no use value?
-* Exchange traded pyramid schemes?
-* Derivative contract with no underlying?
-* Libertarian performance art split into 21 million pieces https://en.wikipedia.org/wiki/Monte_Carlo_Bonds
-* If we value it as a "block box" financial product (ala Nassim Taleb) we find it’s present value can only be zero. https://www.fooledbyrandomness.com/BTC-QF.pdf
 * A captive market for “fictitious commodities” (Marxist term) that is controlled by opaque unregulated market making and an economic cartel.
   * This is great if you're inside the cartel. Not so great if you aren’t.
   * Wealth transfer from public to insiders is all but guaranteed by the information asymmetry.

From acfa14c077b97b6b2a870505a8dd3726ab400354 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 12:39:59 +0200
Subject: [PATCH 064/103] heading fix

---
 notes/market-fundamentalism.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index 76af723..b06b8df 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -56,7 +56,7 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
   * Sharks *love* the minnows
 
 
-### Why is this an interesting group and position (crypto can make me money) to examine?
+## Why is this an interesting group and position (crypto can make me money) to examine?
 
 * Likely represents a majority of interest and activity in crypto (and even DAOs) from the day-trader in the pub up to the wall street trader
 * Generally not brought up explicitly as much in the crypto / web3 discussion (for obvious reasons: it is not as substantive or attractive position to espouse publicly)

From 6742be3ac81e2f3d37266fa6bae7aeb57854f2bc Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 12:41:08 +0200
Subject: [PATCH 065/103] Heading update

---
 notes/market-fundamentalism.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index b06b8df..01bd71e 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -56,7 +56,7 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
   * Sharks *love* the minnows
 
 
-## Why is this an interesting group and position (crypto can make me money) to examine?
+## Why is the crypto-can-make-me-money position so interesting to examine?
 
 * Likely represents a majority of interest and activity in crypto (and even DAOs) from the day-trader in the pub up to the wall street trader
 * Generally not brought up explicitly as much in the crypto / web3 discussion (for obvious reasons: it is not as substantive or attractive position to espouse publicly)

From 44e07fea03635614e819c1ce1a799d39a1a7c4fe Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 12:42:13 +0200
Subject: [PATCH 066/103] bold fix

---
 notes/are-crypto-tokens-securities.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index c3d370b..b20290c 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -47,7 +47,7 @@ Rufus and Stephen end their conversation with an analysis of this position and t
   * Many things can be sold as securities. (stocks, chinchillas, whiskey barrels, orange trees). It’s very context dependent.
   * **If we accept the premise that crypto tokens aren’t currencies, then tokens are clearly investments made with the expectation of profit. Are crypto assets unregistered securities?**
 * Crypto tokens currently exist partially outside the US securities framework.
-  * The SEC has taken action against some [Initial Coin Offerings](https://www.sec.gov/ICO), [selling debt instruments to retail](https://www.reuters.com/article/sec-investors-retail-idUSL2N0XB0NU20150414), against outright [Ponzi schemes](https://www.sec.gov/spotlight/enf-actions-ponzi.shtml), and **firms acting as bank-like entities.** 
+  * The SEC has taken action against some [Initial Coin Offerings](https://www.sec.gov/ICO), [selling debt instruments to retail](https://www.reuters.com/article/sec-investors-retail-idUSL2N0XB0NU20150414), against outright [Ponzi schemes](https://www.sec.gov/spotlight/enf-actions-ponzi.shtml), and firms acting as bank-like entities. 
   * District courts have set precedent in many investment fraud cases that have consistently indicated token sales to US persons meet [Howey Test](../concepts/howey-test.md) and Dodd-Frank criterion of securities sales, even if done internationally (i.e from Switzerland). If you sell to US persons it becomes a security under US law.
   * **A federal case or executive order that sets precedent nationally has yet not been heard in the courts.** 
   * Thousands of companies and projects' success or failure rests on token sales not being regulated as securities. If they are regulated as securities it is quite possible the entire market implodes.

From 0658a9dca0982ddde2481268aa4915529fb92cc4 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 14:48:33 +0200
Subject: [PATCH 067/103] typo corrected

---
 notes/market-fundamentalism.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index 01bd71e..61a4891 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -1,6 +1,6 @@
 # Market Fundamentalism
 
-In Episode 2 of the series, Rufus Pollock and Stephen Diehl explore perspectives on crypto assets, from that of day traders to quantitative hedge funds, focusing in particualr on the market fundamentalist position.
+In episode #3 of the series, Rufus Pollock and Stephen Diehl explore a common incentive for investing in crypto: the belief - held by day traders and quantitative hedge funds alike - that crypto can make those who trade it a lot of money. Particular focus in this episode is placed on the 'market fundamentalist' position.
 
 <iframe width="560" height="315" src="https://www.youtube.com/embed/K5JtPTyc0y0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 

From ad76852eefb33f584ddd575089c4e1372b693498 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 14:52:33 +0200
Subject: [PATCH 068/103] youtube link corrected

---
 notes/are-crypto-tokens-securities.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index b20290c..12ea536 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -2,7 +2,7 @@
 
 In episode #3 of our ongoing deep dive into web3 and crypto, we explore the nature of financial products known as "securities", their relation to crypto tokens, and the regulatory framework that exists around these structures.
 
-<iframe width="560" height="315" src="https://www.youtube.com/embed/K5JtPTyc0y0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
+<iframe width="560" height="315" src="https://www.youtube.com/watch?v=z2uAg-AIs-Y" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
 
 

From 7a84c13c3d69cc5eb988607b120c42b5b6ca1d0e Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 15:03:09 +0200
Subject: [PATCH 069/103] typo fixed

---
 notes/market-fundamentalism.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index 61a4891..a4a6051 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -1,6 +1,6 @@
 # Market Fundamentalism
 
-In episode #3 of the series, Rufus Pollock and Stephen Diehl explore a common incentive for investing in crypto: the belief - held by day traders and quantitative hedge funds alike - that crypto can make those who trade it a lot of money. Particular focus in this episode is placed on the 'market fundamentalist' position.
+In episode #2 of the series, Rufus Pollock and Stephen Diehl explore a common incentive for investing in crypto: the belief - held by day traders and quantitative hedge funds alike - that crypto can make those who trade it a lot of money. Particular focus in this episode is placed on the 'market fundamentalist' position.
 
 <iframe width="560" height="315" src="https://www.youtube.com/embed/K5JtPTyc0y0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 

From 713d1a2b1af381425456419f666dd05416345981 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 16:17:45 +0200
Subject: [PATCH 070/103] tidying in line with template

---
 notes/neo-metallism.md | 121 ++++++++++++++++++++++++++++++++++-------
 1 file changed, 100 insertions(+), 21 deletions(-)

diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index bd59924..dfc2753 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -1,20 +1,43 @@
 # Neo-metallism
 
-In Episode 1 of the series, Rufus Pollock and Stephen Diehl discuss the neo-metallist perspective on bitcoin and the concept of "digital" gold.
+In episode #1 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl discuss the neo-metallist perspective on bitcoin and the concept of "digital" gold.
 
-https://www.youtube.com/embed/_o7pRFLzJHY
+<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>
 
-## Topic
 
-[digital-gold](../claims/digital-gold.md)
 
-## Episode Notes
+* 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)
 
-"Bitcoin Standard" Thesis: Bitcoin as the new Gold and and enabling a new Gold Standard
+***
 
-## Steel-manning the Neo-metallist Position
+# Episode Notes
 
-### Gold as currency
+## Summary
+
+In this episode, Rufus and Stephen explore the neo-metallist position, dividing the position into core claims and subclaims:
+
+1. The Gold Standard is Good 
+1a) Managerial Argument: Government/central bank (CB) intervention in the money supply will inevitably lead to inflation.
+1b) Philosophical Argument: Government/CB intervention in the money supply is inherently undemocratic. It imposes the will of the few on the many so undermines freedom.
+2. The Bitcoin Standard is Better:
+2a) Bitcoin is Like Gold: Bitcoin shares the features of gold which make it a good choice for a currency (or something to peg currency to).
+2b) Bitcoin is Better Than Gold: Bitcoin has specific features which make it a better choice than gold for this purpose.
+
+Rufus and Stephen then evaluate the neo-metallism position, before ending with a note on trust.
+
+## What is neo-metallism?
+
+
+The term neo-metallism stems from metallism, a school of thinking which relates to the connection between money and some form of commodity. 
+
+Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and should be the “new gold” - it should be used to fix the monetary supply to the value of this new asset. Just as under the gold standard the value of a given unit of currency (e.g. a pound or dollar) was based on a fixed quantity of gold, neo-metallists argue the value of a unit of currency should be based on a fixed amount of Bitcoin. 
+
+
+
+
+## Gold as currency
 
 * Gold has a historical precedent as money across cultures going back millenia.
 * Multiple cultures have independently used it as currency.
@@ -27,7 +50,7 @@ https://www.youtube.com/embed/_o7pRFLzJHY
 * Gold theoretically acts as a universal numeraire across economic systems allowing interchange and commerce. It is a fixed “measuring sticking” for economic value that cannot be changed.
 * It satisfies the definition of money, it can theoretically function as a unit of account, medium of exchange, and store of value. The only issue is that it incurs storage costs and is not easily transported because of its density and physicality.
 
-### Why the Gold Standard: Fiat Money, Sound Money and the Gold Standard
+### Why the gold standard: fiat money, sound money and the gold standard
 
 * The Austrian school of economics regards gold as a (possibly only) example of "sound money" because it is immune to government intervention in the supply, effectively by the laws of physics. It cannot be “debased” or changed. (Aside: Of course, governments have found ways to "debase" gold-based currencies -- usually by altering the coinage in various ways).
 * Fiat money allows for both variable supply and demand with the goal of maintaining price stability and targeting a desired inflation amount which encourages productive enterprise. Historically, going all the way back to the invention of banking in Florence, there have been examples of mismanaged fiat currencies which have not managed either their supply or demand properly and spun into either deflationary or inflationary spirals and the public lost trust in the notes and their value become illusory.
@@ -39,22 +62,78 @@ https://www.youtube.com/embed/_o7pRFLzJHY
   * Private money is not only desirable, it is inevitable because hard “commodity-based'' money will inevitably replace soft money. Gresham’s law
   * Cantillon Effect - Inflation is not simply an average rise in prices. Prices do not rise proportionally or simultaneously. This results in arbitrary and unfair benefits to people who have not created any economic value and detriment to others who have not destroyed anything of economic value by destroying savings. Inflationary fiat money is thus a tax on people who sell their labor for wages and don’t hold assets and disincentivizes economic activity, encourages financial speculation, and results in market consolidation.
 
-### Bitcoin as the new Gold enabling a new Gold Standard
+## Steel-manning the neo-metallist position
+
+The Gold Standard is Good
+* The Managerial Argument
+  * Government/CB intervention in the monetary supply amounts to economic mismanagement. These interventions will inevitably lead to inflation and increase the volatility of business cycles (the “natural” upswings and downswings in broad measures of economic activity like output, employment, income, and sales). 
+  * Inflation is a bad thing: prices will be driven up at different times, distorting relative prices, wages, and rates of return. Artificial distortion can lead to booms in production and consumption which are out of line with future reality, leading in turn to dramatic busts.
+* The Philosophical Argument
+  * Intervention is inherently undemocratic, in that it allows a select few individuals to exert undue power over the lives of the rest of a nation (and beyond).
+  * This is the argument laid out in Hayek’s famous Road to Serfdom (1944).
+
+Bitcoin is Better
+* Bitcoin is Like Gold
+  * Bitcoin serves the three functions of a currency:
+    1. It can be a unit of account in that it’s a standard and divisible unit of measurement of market value (i.e. it can be used to signal what something is worth). 
+    2. It can be a medium of exchange in that we can use it as an intermediary instrument to transact for goods and services. 
+    3. It can act as a store of value in that it (at least ideally) retains its purchasing power over time, such that we can retrieve the value of our investment at a later date without making a significant loss.
+  * Bitcoin shares three other important characteristics with gold:
+     1. Scarcity: Bitcoin is artificially scarce, just as gold is naturally scarce. There is a hard limit of 21 million coins baked into Bitcoin’s design. This makes it inherently deflationary, just like gold.
+     2. Universality: Bitcoin shares gold’s “universality” due to  its prominence in the crypto sphere. Just as gold is the standout element suited to peg currency to, so Bitcoin is the only standout cryptocurrency due to it being the original and most prominent.
+     3. Fair initial distribution: The lack of overarching controller or owner means there was a “fair” distribution mechanism for Bitcoin. It rewarded early finders and /investors in the same way as natural distribution of gold rewarded those who initially unearthed it.
+* Bitcoin Functions Better Than Gold
+  * Bitcoin is digital and so is not subject to the same costs around storage and transport as gold. 
+  *  Bitcoin is arguably more decentralized. Gold supply is mostly controlled by sovereign nations like the U.S., China, Germany, and other European countries.
+
+
+## Evaluating the neo-metallist position
+
+'The Gold Standard is Good'
+
+* This position stems from the Austrian school of economics. It is a fringe economic position and not one supported by most economists.
+* The Managerial Argument
+  *  Moderate inflation is actually positive: it encourages spending which stimulates the economy (this is the crux of Keynesianism).
+  *  Moderate inflation is far preferable to the alternative of the gold standard, as the gold standard is inherently deflationary. 
+      *  The Quantity Theory of Money states: MV = PY where M = money supply, V = velocity of money in circulation, P = price level and Y = real GDP (i.e. goods and services transacted in the economy). If M remains fixed, as it must under the gold standard, then increases in real GDP will inevitably lead to a fall in the price level.
+      *  This is problematic because it leads to hoarding. Under deflation prices fall, so it is always rational for me to hoard rather than spend my currency as much as possible, as it will be worth more tomorrow than it is today. This in turn takes yet more money out of the supply, risking deflationary spirals which threaten economic productivity - if no-one wants to buy anything then we can’t fund economically and socially productive activities.
+    *  While excessive inflation is bad and governments/central banks have made errors in the past, this has been rare. Historically most have quite easily kept inflation under control.
+    *   The flexibility offered by the ability for governments/central banks to intervene is highly useful, and worth the risk of error. Most obviously, they can stabilise in the face of shocks, for example, a pandemic. This was the reason we switched to fiat currency in the first place.
+        * Paper money was issued as an emergency measure in Spain, during the conquest of Granada (1482-1492). 
+  * The gold standard can also lead to the reverberation of shocks through the global economy. This is because economic shocks in one economy will lead to investors buying up gold as a safe asset. Given currencies are pegged to gold, this increase in demand in one nation can have significant impacts on the value of currencies the world over.
+* The Philosophical Argument
+  * Hayek's claim hasn't been borne out historically. Since leaving metallism most metrics of prosperity have increased, and there have been fewer crises than under the old system. There hasn’t been any evidence of any shift away from democracy or increases of the translation of political power to economic benefit (where such things do happen today, it’s not happening through monetary policy).
+  * There are ways to democratize the fiat system without returning to gold e.g. we can increase the democratic accountability of those in control of monetary policy.
+    * Central banks can be made more accountable to government, and independent bodies such as the Monetary Policy Committee can have either more democratic election mechanisms or a greater diversity of representation.
+
+'The Bitcoin Standard is Better'
+* 'Bitcoin is Like Gold'
+  * Bitcoin cannot function as a medium of exchange. The transaction throughput is so small that it doesn't work as a global system of currency - it can't process transactions fast enough.This is inherent to the proof-of-work process Bitcon uses to verify its transactions. This incapacity is therefore baked in.
+  * Bitcoin does not appear to hold potential as a store of value given its extremely high price variance. 
+    * Gold, on the other hand, has historical precedent as a store of value in economic insecurity; its price has proven to be better insulated from broader economic dynamics than many other asset types. 
+    * If Bitcoin were to behave as a store of value it would have to abandon hypervolatility, and there is no easily identifiable economic mechanism for this to happen.  
+* 'Bitcoin Functions Better Than Gold'
+  * Bitcoin being digital does not mean it is without its costs. 
+    * The extraction, transport and storage costs associated with gold are outweighed by massive Bitcoin mining costs. The “proof-of-work” mechanism used to validate transactions and undertake mining for Bitcoin requires a huge amount of electricity (costly and environmentally damaging). This verification process creates significant friction around transactions - the system is very slow, particularly when lots of people are using it. 
+  * Bitcoin, unlike traditional commodities, has a negative price elasticity of demand  - demand goes up with price, not down. For this reason, Bitcoin looks like a speculative bubble, which at some point will inevitably crash.
+  * States can synthetically stimulate demand for a single, fiat currency by demanding tax in this currency, ensuring the whole system works and that the value of such currency can never drop to zero. In other words, there is a clear mechanism to guard against value bottoming out. The same cannot be said for cryptocurrencies such as Bitcon.
+  * Bitcoin no longer shares gold’s uniqueness. 
+    * Lots of new “alt coins” -  new alternatives to Bitcoin - are being minted, meaning the cryptocurrency market is now crowded with competitors.
+    * High numbers of different coins also creates inflationary effects - the very thing stores of value are intended to guard against.
+    * Single currency systems were adopted as these are significantly more efficient. A single price in a single currency allows far easier exchange of goods. Having multiple issuers of currency adds friction to trade, as one must convert the value of a given object between currencies before exchange can take place. 
+    * The history of large issuances of private money isn't good.These systems are subject to fraud and a general breakdown of trust. If any bank can issue its own banknotes, how does one know which bank is reliable and which isn’t?
+
+## A final note on trust
+* In the world of Bitcon, and blockchain more generally, replacing interpersonal trust with cryptographic verification mechanisms is seen as positive; we no longer need trust: in states, governmental institutions or one another.
+* The problem with trust is that when you get rid of it, it's very hard to get it back. If crypto were to fail we would risk a large-scale general reduction in trust. Even if it were to succeed, it would likely lead to a significantly diminished role for trust at a broader level.
+* At the root of trustless blockchain technologies are assumptions about human nature, which have significant implications for how we approach vital questions of social cooperation. 
+* There is evidence that high trust of strangers correlates with positive economic and social outcomes. 
+* Aside from its impacts on Bitcoin’s potential as a gold substitute, the issue of trust has serious ramifications for how we govern our societies. 
+
 
-* The neometalist perspective is that with the advent of internet technology we should create artificially scarce “digital assets” which have the same economic properties as gold and use this as a foundation for a new digital economy and new financial system based on sound money.
-* The 21 million tokens [of bitcoin] is like the supply of gold produced in the supernova reactions of the heavy metals in our solar system.
-* Among cryptocurrencies there is a singular token - Bitcoin - which has a “universality” to it like gold because of its anonymous creator and it being the first to arrive on the market.
-* Since there is no premine or corporate entity behind bitcoin it has a unique distribution mechanism that rewarded early developers and speculators in a “fair distribution mechanism”, or at least as fair as possible before the crypto bubble and cambrian explosion of other tokens.
-* Other tokens don’t have the claim to be “digital gold” because their economics favor different mechanisms of being used besides hoarding as a store of value.
-* Bitcoin has proved itself resilient against attacks by malicious actors, market shocks, and nation states and thus is uniquely suited to replace gold in the future because it has similar properties without the storage costs.
-* Satoshi participated in [many online discussions](https://bitcointalk.org/index.php?topic=583.0) about Austrian economics, including Rothbard, Mises and Hayak and the [bitcoin whitepaper](https://bitcoin.org/bitcoin.pdf) reflects Austrian ideas about credit, monetary theory and has a strong anti-state anti-interventionist stance.
-* In fact bitcoin is a singular almost religious act of creation that can never be repeated in human history. It is the first "apolitical money" whose existence is contingent on the universality of mathematics rather than the political winds and circumstances of humans.
 
-## Critique
 
-#todo incorporate notes/transcriptions from the episode
 
-Bernanke, Ben S., and Harold James. "The gold standard, deflation, and financial crisis in the Great Depression: An international comparison." (1990).
 
 ## Concepts Covered
 

From f55ff0e4b2d45a9a82552b115d2c94f678d6912d Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 16:18:02 +0200
Subject: [PATCH 071/103] title fix

---
 notes/neo-metallism.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index dfc2753..abb2e69 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -1,4 +1,4 @@
-# Neo-metallism
+# Neo-Metallism
 
 In episode #1 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl discuss the neo-metallist perspective on bitcoin and the concept of "digital" gold.
 

From deab16fced3dfe8d29b3c798ff16f992aacc2e62 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 16:20:21 +0200
Subject: [PATCH 072/103] formatting edits

---
 notes/are-crypto-tokens-securities.md | 6 +++---
 1 file changed, 3 insertions(+), 3 deletions(-)

diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index 12ea536..896eae9 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -30,7 +30,7 @@ Rufus and Stephen end their conversation with an analysis of this position and t
 
 
 
-## What are securities?
+## What Are Securities?
 
 * A [security](../concepts/security.md) is a collective legal fiction that pools money and mediates [income-cashflows](../concepts/income-cashflows.md) between people according to an agreed-upon framework.
 * “A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.”
@@ -38,7 +38,7 @@ Rufus and Stephen end their conversation with an analysis of this position and t
 * Gave rise to a modern framework of laws that cover financial products from debt instruments, bonds, equities, and derivatives. The legal foundation on which all of market capitalism is built.
 * **Because of their centrality to markets, securities have strict registration, ownership and transfer regulation.**
 
-## The debate surrounding crypto investments
+## The Debate Aurrounding Crypto Investments
 
 * There is currently debate about how crypto investments fall under the existing securities regulatory framework. This is being debated inside the government regulatory agencies, on the floor of the senate, and in the courts.
 * The outcome of the final ruling will potentially impact trillions of notional value in “scofflaw” investments of potentially unregistered securities.
@@ -61,7 +61,7 @@ Rufus and Stephen end their conversation with an analysis of this position and t
   * Many policymakers on both sides of the aisle debate whether or not the accreditation laws are too restrictive and shut the public out of high-risk-high-return investments that only wealthy people have access to.
     * On the right, then individual choice is a paramount, the government shouldn’t dictate risk-taking in markets. Just “evolution” and the natural state of being.
     * On the left, Pikkety’s analysis that wealth generated from capital grows faster than economic output and patrimonial capitalism leads to distortions of markets and inequality. 
-### Steel manning the position that crypto investments should not be brought within the securities regulation framework
+### Steel Manning the Position that Crypto Investments Should Not Be Brought Within Tformhe Securities Regulation Framework
 * It is very easy to create an equity crowdfunding and cap table structure on top of crypto platforms like [ethereum](../concepts/ethereum.md).
   * Individuals can do it anonymously and raise billions of dollar equivalents in seed capital for ventures that are very early. Don’t need to involve the SEC, government or lawyers at all.
   * Previously this kind of access was gated to US persons with connections and access to funds, connections and access to capital.

From 90847f0f3026851c18d20b482f2685feaf0959fb Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 16:21:35 +0200
Subject: [PATCH 073/103] formatting edits

---
 notes/market-fundamentalism.md | 8 ++++----
 1 file changed, 4 insertions(+), 4 deletions(-)

diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index a4a6051..79f0cce 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -40,7 +40,7 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
 * Libertarian performance art split into 21 million pieces https://en.wikipedia.org/wiki/Monte_Carlo_Bonds
 * If we value it as a "block box" financial product (ala Nassim Taleb) we find it’s present value can only be zero. https://www.fooledbyrandomness.com/BTC-QF.pdf
 
-## Who is trading crypto?
+## Who is Trading Crypto?
 
 * The day-trader in the pub, WallStreetBets demographic.
   * [Barrett, Claer. ‘Why Young Investors Bet the Farm on Cryptocurrencies’. Financial Times, 2021.](https:www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458):
@@ -56,7 +56,7 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
   * Sharks *love* the minnows
 
 
-## Why is the crypto-can-make-me-money position so interesting to examine?
+## Why is the Crypto-Can-Make-Me-Money Position So Interesting to Examine?
 
 * Likely represents a majority of interest and activity in crypto (and even DAOs) from the day-trader in the pub up to the wall street trader
 * Generally not brought up explicitly as much in the crypto / web3 discussion (for obvious reasons: it is not as substantive or attractive position to espouse publicly)
@@ -68,7 +68,7 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
 * Legitimizing segment especially for regulators ("hey even Goldman Sachs or JP Morgan are involved, this must be a legitimate area / industry")
 
 
-## Steel-manning the market fundamentalism position
+## Steel-Manning the Market Fundamentalism Position
 
 * Unregulated markets allow companies to so what they're supposed to do: maximize returns to shareholders.
   * [Friedman Doctrine](https://en.wikipedia.org/wiki/Friedman_doctrine)  applied to unregulated markets. Optimize for shareholder value.
@@ -91,7 +91,7 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
   * If the market allows manipulation (pump and dumps, insider trading, wash trading) this is public knowledge and it is reflected in the price formation of the assets. 
   * Institutional investors should be able to leverage their AUM to take high-risk positions just like they are in other private markets. If retail wants to participate with the “sharks” then it’s on them to understand the risks not on the people they’re trading against. The fiduciary mandate of hedge funds is to take positions on behalf of their LPs in beta uncorrelated positions.
 
-## Analyzing the market fundamentalism position
+## Analyzing the Market Fundamentalism Position
 
 * Everything that has been illegal for 80 years is suddenly allowed. Exchanges are basically like bucket shops from the 1920s. Everything is allowed:
   * Wash-trading

From 0d4ace6d9252cc9b3155417071031cbb2bb8c610 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Wed, 30 Mar 2022 16:22:49 +0200
Subject: [PATCH 074/103] formatting edits

---
 notes/neo-metallism.md | 12 ++++++------
 1 file changed, 6 insertions(+), 6 deletions(-)

diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index abb2e69..c2ed97e 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -27,7 +27,7 @@ In this episode, Rufus and Stephen explore the neo-metallist position, dividing
 
 Rufus and Stephen then evaluate the neo-metallism position, before ending with a note on trust.
 
-## What is neo-metallism?
+## What is Neo-Metallism?
 
 
 The term neo-metallism stems from metallism, a school of thinking which relates to the connection between money and some form of commodity. 
@@ -37,7 +37,7 @@ Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and s
 
 
 
-## Gold as currency
+## Gold as Currency
 
 * Gold has a historical precedent as money across cultures going back millenia.
 * Multiple cultures have independently used it as currency.
@@ -50,7 +50,7 @@ Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and s
 * Gold theoretically acts as a universal numeraire across economic systems allowing interchange and commerce. It is a fixed “measuring sticking” for economic value that cannot be changed.
 * It satisfies the definition of money, it can theoretically function as a unit of account, medium of exchange, and store of value. The only issue is that it incurs storage costs and is not easily transported because of its density and physicality.
 
-### Why the gold standard: fiat money, sound money and the gold standard
+### Why the Gold Standard: Fiat Money, Sound Money and the Gold Standard
 
 * The Austrian school of economics regards gold as a (possibly only) example of "sound money" because it is immune to government intervention in the supply, effectively by the laws of physics. It cannot be “debased” or changed. (Aside: Of course, governments have found ways to "debase" gold-based currencies -- usually by altering the coinage in various ways).
 * Fiat money allows for both variable supply and demand with the goal of maintaining price stability and targeting a desired inflation amount which encourages productive enterprise. Historically, going all the way back to the invention of banking in Florence, there have been examples of mismanaged fiat currencies which have not managed either their supply or demand properly and spun into either deflationary or inflationary spirals and the public lost trust in the notes and their value become illusory.
@@ -62,7 +62,7 @@ Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and s
   * Private money is not only desirable, it is inevitable because hard “commodity-based'' money will inevitably replace soft money. Gresham’s law
   * Cantillon Effect - Inflation is not simply an average rise in prices. Prices do not rise proportionally or simultaneously. This results in arbitrary and unfair benefits to people who have not created any economic value and detriment to others who have not destroyed anything of economic value by destroying savings. Inflationary fiat money is thus a tax on people who sell their labor for wages and don’t hold assets and disincentivizes economic activity, encourages financial speculation, and results in market consolidation.
 
-## Steel-manning the neo-metallist position
+## Steel-Manning the Neo-Metallist Position
 
 The Gold Standard is Good
 * The Managerial Argument
@@ -87,7 +87,7 @@ Bitcoin is Better
   *  Bitcoin is arguably more decentralized. Gold supply is mostly controlled by sovereign nations like the U.S., China, Germany, and other European countries.
 
 
-## Evaluating the neo-metallist position
+## Evaluating the Neo-Metallist Position
 
 'The Gold Standard is Good'
 
@@ -123,7 +123,7 @@ Bitcoin is Better
     * Single currency systems were adopted as these are significantly more efficient. A single price in a single currency allows far easier exchange of goods. Having multiple issuers of currency adds friction to trade, as one must convert the value of a given object between currencies before exchange can take place. 
     * The history of large issuances of private money isn't good.These systems are subject to fraud and a general breakdown of trust. If any bank can issue its own banknotes, how does one know which bank is reliable and which isn’t?
 
-## A final note on trust
+## A Final Note on Trust
 * In the world of Bitcon, and blockchain more generally, replacing interpersonal trust with cryptographic verification mechanisms is seen as positive; we no longer need trust: in states, governmental institutions or one another.
 * The problem with trust is that when you get rid of it, it's very hard to get it back. If crypto were to fail we would risk a large-scale general reduction in trust. Even if it were to succeed, it would likely lead to a significantly diminished role for trust at a broader level.
 * At the root of trustless blockchain technologies are assumptions about human nature, which have significant implications for how we approach vital questions of social cooperation. 

From 56c56548b5428c9bfc59f6e30bb707b6d9803f9d Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Wed, 30 Mar 2022 20:05:51 +0100
Subject: [PATCH 075/103] Fix citation numbering

---
 claims/is-hyperfinancialization.md |  7 ++--
 claims/is-public-goods.md          |  4 +-
 claims/is-raise-nonprofit.md       |  1 +
 claims/nfts-artists.md             | 46 ++++++++++-----------
 claims/web3-green.md               |  2 +-
 concepts/bandwagon-bias.md         |  4 +-
 concepts/bitcoin.md                | 12 +++---
 concepts/cartel.md                 |  2 +-
 concepts/cbdc.md                   | 12 +++---
 concepts/collateralization.md      |  9 +++-
 concepts/cryptoanarchism.md        | 54 ++++++++++++------------
 concepts/cryptoasset.md            | 18 ++++----
 concepts/dex.md                    | 10 ++++-
 concepts/enclosure.md              |  4 +-
 concepts/ethereum.md               |  1 -
 concepts/ficticious-commodity.md   | 10 ++---
 concepts/free-rider-problem.md     |  4 +-
 concepts/gold-standard.md          |  7 ++--
 concepts/gold.md                   |  4 +-
 concepts/governance-token.md       | 13 +++---
 concepts/greater-fool-theory.md    | 14 +++----
 concepts/high-control-group.md     |  4 +-
 concepts/inevitablism.md           | 12 +++---
 concepts/libertarianism.md         | 18 ++++----
 concepts/market-manipulation.md    |  2 +-
 concepts/money.md                  | 16 ++++----
 concepts/mutualization.md          |  3 +-
 concepts/nft.md                    | 46 ++++++++++-----------
 concepts/ponzi-scheme.md           | 20 ++++-----
 concepts/post-state-technocracy.md | 66 +++++++++++++++---------------
 concepts/pre-mine.md               | 10 ++---
 concepts/private-money.md          | 44 ++++++++++----------
 concepts/pseudonymous.md           | 20 ++++-----
 concepts/public-goods-problem.md   |  2 +
 concepts/pump-and-dump.md          | 18 ++++----
 concepts/pyramid-scheme.md         | 12 +++---
 concepts/real-estate.md            |  4 +-
 concepts/recentralization.md       | 16 ++++----
 concepts/reserve-currency.md       | 13 +++---
 concepts/shadow-bank.md            |  8 ++--
 concepts/smart-contracts.md        | 12 +++---
 concepts/sound-money.md            | 18 ++++----
 concepts/techno-collectivism.md    | 20 ++++-----
 concepts/technolibertarianism.md   | 26 ++++++------
 concepts/technosolutionism.md      | 23 +++++------
 concepts/wash-trading.md           |  8 ++--
 concepts/web3.md                   |  7 ++--
 concepts/whale.md                  | 14 +++----
 48 files changed, 365 insertions(+), 335 deletions(-)

diff --git a/claims/is-hyperfinancialization.md b/claims/is-hyperfinancialization.md
index 18d94b8..7a2a242 100644
--- a/claims/is-hyperfinancialization.md
+++ b/claims/is-hyperfinancialization.md
@@ -1,6 +1,6 @@
 # Is crypto bringing about the "financialization of everything"?
 
-The purpose of NFTs and crypto projects generally is to further expand the scope [artificial scarcity](../concepts/artificial-scarcity.md), [enclosure](../concepts/enclosure.md) and financialize greater portions of the human experience. The stated aim of the crypto political project is world in which all aspects of human life (art, justice, philosophy, politics, relationships) are simply [ficticious commodity](../concepts/ficticious-commodity.md) to be traded in a market place and that human beings should subordinate all free will and their individuality and rationality to the market. 
+The purpose of NFTs and crypto projects generally is to further expand the scope [artificial scarcity](../concepts/artificial-scarcity.md), [enclose](../concepts/enclosure.md) and financialize greater portions of the human experience. The stated aim of the web3 and crypto project is world in which all aspects of human life (art, justice, philosophy, politics, relationships) are simply [ficticious commodities](../concepts/ficticious-commodity.md) to be traded in a market place and that human beings should subordinate all free will, individuality and rationality to the market. 
 
 The embodiment of the web3 and crypto ideology is an example of what the political theorist Macpherson denoted *possessive individualism*:
 
@@ -9,6 +9,7 @@ The embodiment of the web3 and crypto ideology is an example of what the politic
 Projects like NFTs and the their increasing enclosure of culture have indicated that the intent of crypto is nothing but the complete domination of the human experience by Capital in the bleak dystopian future imagined by their acolytes.
 
 ## References
+1. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
 1. McKay, Ian (2014). "A Half-Century of Possessive Individualism: C.B. Macpherson and the Twenty-First-Century Prospects of Liberalism". Journal of the Canadian Historical Association. 25 (1): 307–340. doi:10.7202/1032806ar. ISSN 1712-6274.
 1. Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
 1. Breidbach, Christoph F., and Silviana Tana. 2021. ‘Betting on Bitcoin: How Social Collectives Shape Cryptocurrency Markets’. Journal of Business Research 122: 311–20. https://doi.org/10.1016/j.jbusres.2020.09.017.
@@ -36,6 +37,4 @@ Projects like NFTs and the their increasing enclosure of culture have indicated
 1. Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
 1. Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
 1. Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
-1. Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
-1. *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
-1. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
\ No newline at end of file
+1. Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
\ No newline at end of file
diff --git a/claims/is-public-goods.md b/claims/is-public-goods.md
index 4312aa5..86a7e9c 100644
--- a/claims/is-public-goods.md
+++ b/claims/is-public-goods.md
@@ -1 +1,3 @@
-# Crypto is not a sustainable way to fund public goods
\ No newline at end of file
+# Crypto is not a sustainable way to fund public goods
+
+## References
\ No newline at end of file
diff --git a/claims/is-raise-nonprofit.md b/claims/is-raise-nonprofit.md
index 364ff9d..8445a70 100644
--- a/claims/is-raise-nonprofit.md
+++ b/claims/is-raise-nonprofit.md
@@ -1,2 +1,3 @@
 # Can I raise money for my non-profit using crypto tokens?
 
+## References
\ No newline at end of file
diff --git a/claims/nfts-artists.md b/claims/nfts-artists.md
index 9411058..8232978 100644
--- a/claims/nfts-artists.md
+++ b/claims/nfts-artists.md
@@ -8,29 +8,29 @@ Because digital tokens have no inherent value and are not backed by any other as
 On the whole, NFTs create more harm to than good like most [negative-sum](negative-sum.md) investment schemes.
 
 ## References
-* Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
-* *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
-* Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
-* Aharon, David Y., and Ender Demir. 2021. ‘NFTs and Asset Class Spillovers: Lessons from the Period around the COVID-19 Pandemic’. Finance Research Letters, 102515. https://doi.org/10.1016/j.frl.2021.102515.
-* Ante, Lennart. 2021. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
-* Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
-* Çağlayan Aksoy, Pınar, and Zehra Özkan Üner. 2021. ‘NFTs and Copyright: Challenges and Opportunities’. Journal of Intellectual Property Law & Practice 16 (10): 1115–26. https://doi.org/10.1093/jiplp/jpab104.
-* Casale-Brunet, S., P. Ribeca, P. Doyle, and M. Mattavelli. 2021. ‘Networks of Ethereum Non-Fungible Tokens: A Graph-Based Analysis of the ERC-721 Ecosystem’. ArXiv Preprint ArXiv:2110.12545. http://arxiv.org/abs/2110.12545.
-* Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
-* Dowling, Michael. 2021. ‘Fertile LAND: Pricing Non-Fungible Tokens’. Finance Research Letters, 102096. https://doi.org/10.1016/j.frl.2021.102096.
-* Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
-* Frye, Brian L. 2021. ‘After Copyright: Pwning NFTs in a Clout Economy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971240.
-* *———. n.d. ‘How to Sell NFTs Without Really Trying’. Harvard Journal of Sports and Entertainment Law, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3930430.
-* Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
-* Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
-* Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
-* Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
-* Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
-* Mazur, Mieszko. 2021. Non-Fungible Tokens (NFT). The Analysis of Risk and Return. SSRN Electronic Journal. October. https://doi.org/10.2139/ssrn.3953535.
-* Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
-* Solimano, Andrés. 2021. ‘The Evolution of Contemporary Arts Markets’. https://doi.org/10.4324/9781003215127.
-* Tonelli, Emily. 2022. ‘Internet Guru Tim O’Reilly: Crypto and NFTs Are “Pretty Serious Speculative Bubble”’. Decrypt. 10 February 2022. https://decrypt.co/92676/internet-guru-tim-oreilly-crypto-nfts-serious-speculative-bubble.
-* Whitaker, Amy. 2021. Economics of Visual Art: Market Practice and Market Resistance. Cambridge University Press. https://doi.org/10.1017/9781108649919.
+1. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
+1. *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
+1. Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
+1. Aharon, David Y., and Ender Demir. 2021. ‘NFTs and Asset Class Spillovers: Lessons from the Period around the COVID-19 Pandemic’. Finance Research Letters, 102515. https://doi.org/10.1016/j.frl.2021.102515.
+1. Ante, Lennart. 2021. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
+1. Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
+1. Çağlayan Aksoy, Pınar, and Zehra Özkan Üner. 2021. ‘NFTs and Copyright: Challenges and Opportunities’. Journal of Intellectual Property Law & Practice 16 (10): 1115–26. https://doi.org/10.1093/jiplp/jpab104.
+1. Casale-Brunet, S., P. Ribeca, P. Doyle, and M. Mattavelli. 2021. ‘Networks of Ethereum Non-Fungible Tokens: A Graph-Based Analysis of the ERC-721 Ecosystem’. ArXiv Preprint ArXiv:2110.12545. http://arxiv.org/abs/2110.12545.
+1. Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
+1. Dowling, Michael. 2021. ‘Fertile LAND: Pricing Non-Fungible Tokens’. Finance Research Letters, 102096. https://doi.org/10.1016/j.frl.2021.102096.
+1. Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
+1. Frye, Brian L. 2021. ‘After Copyright: Pwning NFTs in a Clout Economy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971240.
+1. *———. n.d. ‘How to Sell NFTs Without Really Trying’. Harvard Journal of Sports and Entertainment Law, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3930430.
+1. Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
+1. Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
+1. Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
+1. Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
+1. Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
+1. Mazur, Mieszko. 2021. Non-Fungible Tokens (NFT). The Analysis of Risk and Return. SSRN Electronic Journal. October. https://doi.org/10.2139/ssrn.3953535.
+1. Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
+1. Solimano, Andrés. 2021. ‘The Evolution of Contemporary Arts Markets’. https://doi.org/10.4324/9781003215127.
+1. Tonelli, Emily. 2022. ‘Internet Guru Tim O’Reilly: Crypto and NFTs Are “Pretty Serious Speculative Bubble”’. Decrypt. 10 February 2022. https://decrypt.co/92676/internet-guru-tim-oreilly-crypto-nfts-serious-speculative-bubble.
+1. Whitaker, Amy. 2021. Economics of Visual Art: Market Practice and Market Resistance. Cambridge University Press. https://doi.org/10.1017/9781108649919.
 
 ## External References
 
diff --git a/claims/web3-green.md b/claims/web3-green.md
index af272c6..237641c 100644
--- a/claims/web3-green.md
+++ b/claims/web3-green.md
@@ -4,7 +4,7 @@ Web3 is allegedly based on crypto assets which have a known [environmental footp
 See also [ESG investing and crypto](bitcoin-esg.md), [environmental-footprint](environmental-footprint.md) and [mining](../concepts/mining.md).
 
 ## References
-* Wanat, Emanuel. 2021. ‘Are Crypto-Assets Green Enough? – An Analysis of Draft EU Regulation on Markets in Crypto Assets from the Perspective of the European Green Deal’. Osteuropa Recht 67 (2): 237–50. https://doi.org/10.5771/0030-6444-2021-2-237.
+1. Wanat, Emanuel. 2021. ‘Are Crypto-Assets Green Enough? – An Analysis of Draft EU Regulation on Markets in Crypto Assets from the Perspective of the European Green Deal’. Osteuropa Recht 67 (2): 237–50. https://doi.org/10.5771/0030-6444-2021-2-237.
 1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
 1. Vries, Alex De. ‘Bitcoin’s Energy Consumption Is Underestimated : A Market Dynamics Approach’. Energy Research & Social Science 70, no. July (2020): 101721. https://doi.org/10.1016/j.erss.2020.101721.
 1. Vries, Alex de. ‘Bitcoin’s Growing Energy Problem’. Joule 2, no. 5 (2018): 801–5. https://doi.org/10.1016/j.joule.2018.04.016.
diff --git a/concepts/bandwagon-bias.md b/concepts/bandwagon-bias.md
index 3cd6374..2a3d75b 100644
--- a/concepts/bandwagon-bias.md
+++ b/concepts/bandwagon-bias.md
@@ -1,4 +1,6 @@
 # Bandwagon Bias
 The bandwagon bias refers to the tendency people have to adopt a certain trend-following behaviour or investment based on the perception that others are involved.
 
-See [madness of crowds](madness-crowds.md), [bubble](bubble.md) and [market mania](market-mania.md).
\ No newline at end of file
+See [madness of crowds](madness-crowds.md), [bubble](bubble.md) and [market mania](market-mania.md).
+
+## References
\ No newline at end of file
diff --git a/concepts/bitcoin.md b/concepts/bitcoin.md
index 1b38b91..f99c219 100644
--- a/concepts/bitcoin.md
+++ b/concepts/bitcoin.md
@@ -36,9 +36,9 @@ Bitcoin is allegedly a [sound money](sound-money.md) in the [Austrian economics]
 Bitcoin is based on [consensus algorithm](consensus-algorithm.md) known as Proof of Work [mining](mining.md).
 
 ## References
-* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
-* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-* Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
-* Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
-* Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
-* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
\ No newline at end of file
+1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+1. Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
+1. Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
\ No newline at end of file
diff --git a/concepts/cartel.md b/concepts/cartel.md
index 81e5f87..d8ca7ad 100644
--- a/concepts/cartel.md
+++ b/concepts/cartel.md
@@ -5,7 +5,7 @@ Crypto exchanges operators act as economic cartel which can distort [price forma
 
 ## 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.
-* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
 1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
 1. *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
diff --git a/concepts/cbdc.md b/concepts/cbdc.md
index aa60ae6..0dd0a93 100644
--- a/concepts/cbdc.md
+++ b/concepts/cbdc.md
@@ -12,9 +12,9 @@ Examples of pending or live CBDC projects by nation states:
 * Project Hamilton
 
 ## References
-* Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
-* Bilotta, Nicola. n.d. CBDCs and Stablecoins: The Scramble for (Controllable) Anonymity. Instituto AffariInternazionali.
-* Kiff, John, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, et al. 2020. ‘A Survey of Research on Retail Central Bank Digital Currency’. http://ssrn.com/paper=3639760.
-* Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
-* Nabilou, Hossein. 2019. ‘Central Bank Digital Currencies: Preliminary Legal Observations’. Journal of Banking Regulation.
-* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
\ No newline at end of file
+1. Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
+1. Bilotta, Nicola. n.d. CBDCs and Stablecoins: The Scramble for (Controllable) Anonymity. Instituto AffariInternazionali.
+1. Kiff, John, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, et al. 2020. ‘A Survey of Research on Retail Central Bank Digital Currency’. http://ssrn.com/paper=3639760.
+1. Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
+1. Nabilou, Hossein. 2019. ‘Central Bank Digital Currencies: Preliminary Legal Observations’. Journal of Banking Regulation.
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
\ No newline at end of file
diff --git a/concepts/collateralization.md b/concepts/collateralization.md
index a67f050..66c2826 100644
--- a/concepts/collateralization.md
+++ b/concepts/collateralization.md
@@ -1,3 +1,10 @@
 # Collateralization
+In finance, collateral is a borrower's commitment of property to a lender as a means to secure against [counterparty risk](counterparty-risk.md) and ensure repayment of a loan.
 
-## References
\ No newline at end of file
+*Overcollateralization* is used to define types of [loan products](financial-asset.md) where an asset value used as collateral on a loan exceeds the loan value. This is sometimes used by borrowers to reduce credit risk for the creditor and enhance the loan's credit rating.
+
+See also [DeFi](defi.md).
+
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Ball, Laurence M. The Fed and Lehman Brothers: setting the record straight on a financial disaster. Cambridge University Press, 2018.
\ No newline at end of file
diff --git a/concepts/cryptoanarchism.md b/concepts/cryptoanarchism.md
index daa15dc..f9699fd 100644
--- a/concepts/cryptoanarchism.md
+++ b/concepts/cryptoanarchism.md
@@ -12,30 +12,30 @@ The ideas behind [bitcoin](../bitcoin.md) can be traced to another seminal work
 See also [anarchocapitalism](../anarchocapitalism.md), [libertarianism](libertarianism.md) and [post-state technocracy](../../notes/post-state-technocracy.md).
 
 ## References
-* May, Tim. 1994. ‘Cyphernomicon’.
-* May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
-* Barlow, John Perry. 2019. ‘A Declaration of the Independence of Cyberspace’. Duke Law & Technology Review 18 (1): 5–7.
-* Greenberg, Andy. 2012. This Machine Kills Secrets: Julian Assange, the Cypherpunks, and Their Fight to Empower Whistleblowers. Penguin Randon House. https://www.penguinrandomhouse.com/books/309904/this-machine-kills-secrets-by-andy-greenberg/.
-* Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
-* Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
-* Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
-* Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-* Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
-* Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
-* Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
-* Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
-* Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
-* Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
-* *———. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-* Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
-* Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
-* DuPont, Isaac Quinn. 2017. ‘An Archeology of Cryptography: Rewriting Plaintext, Encryption, and Ciphertext’. ProQuest Dissertations and Theses. PhD Thesis, University of Toronto (Canada). https://tspace.library.utoronto.ca/handle/1807/78958.
-* DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
-* Gehl, Robert W. 2016. ‘Power/Freedom on the Dark Web: A Digital Ethnography of the Dark Web Social Network’. New Media and Society 18 (7): 1219–35. https://doi.org/10.1177/1461444814554900.
-* Gürses, Seda, Arun Kundnani, and Joris Van Hoboken. 2016. ‘Crypto and Empire: The Contradictions of Counter-Surveillance Advocacy’. Media, Culture and Society 38 (4): 576–90. https://doi.org/10.1177/0163443716643006.
-* Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
-* Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
-* Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
-* Phillips, David J. 1998. Digital Cash and the Surveillance Society: Negotiating Identification in New Consumer Payment Systems. University of Pennsylvania. https://search.proquest.com/openview/7ca922683fe4b5a94427e0ba59af4def/1?pq-origsite=gscholar&cbl=18750&diss=y.
-* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-* *———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
\ No newline at end of file
+1. May, Tim. 1994. ‘Cyphernomicon’.
+1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
+1. Barlow, John Perry. 2019. ‘A Declaration of the Independence of Cyberspace’. Duke Law & Technology Review 18 (1): 5–7.
+1. Greenberg, Andy. 2012. This Machine Kills Secrets: Julian Assange, the Cypherpunks, and Their Fight to Empower Whistleblowers. Penguin Randon House. https://www.penguinrandomhouse.com/books/309904/this-machine-kills-secrets-by-andy-greenberg/.
+1. Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
+1. Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
+1. Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
+1. Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
+1. Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
+1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
+1. Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
+1. Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
+1. Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
+1. Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
+1. ———. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
+1. Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
+1. Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
+1. DuPont, Isaac Quinn. 2017. ‘An Archeology of Cryptography: Rewriting Plaintext, Encryption, and Ciphertext’. ProQuest Dissertations and Theses. PhD Thesis, University of Toronto (Canada). https://tspace.library.utoronto.ca/handle/1807/78958.
+1. DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
+1. Gehl, Robert W. 2016. ‘Power/Freedom on the Dark Web: A Digital Ethnography of the Dark Web Social Network’. New Media and Society 18 (7): 1219–35. https://doi.org/10.1177/1461444814554900.
+1. Gürses, Seda, Arun Kundnani, and Joris Van Hoboken. 2016. ‘Crypto and Empire: The Contradictions of Counter-Surveillance Advocacy’. Media, Culture and Society 38 (4): 576–90. https://doi.org/10.1177/0163443716643006.
+1. Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+1. Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
+1. Phillips, David J. 1998. Digital Cash and the Surveillance Society: Negotiating Identification in New Consumer Payment Systems. University of Pennsylvania. https://search.proquest.com/openview/7ca922683fe4b5a94427e0ba59af4def/1?pq-origsite=gscholar&cbl=18750&diss=y.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
+1. ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
\ No newline at end of file
diff --git a/concepts/cryptoasset.md b/concepts/cryptoasset.md
index a640a7d..e823e83 100644
--- a/concepts/cryptoasset.md
+++ b/concepts/cryptoasset.md
@@ -1,14 +1,18 @@
 # Crypto Asset
 A digital [asset](assets.md) that is traded on a [blockchain](blockchain.md) network. Sometimes also referred to by "cryptocurrency" although this namesake has semantic issues due to confusion around differing [currency](currency.md) definitions.
-## Examples
+
+Examples of crypto assets include, but are not limited to:
 * [Bitcoin](bitcoin.md)
 * [Ethereum](ethereum.md)
 * [Dogecoin](dogecoin.md)
+* [Stablecoins](stablecoin.md)
+* [Governance tokens](governance-token.md)
+* [NFTs](nft.md)
 
 ## References
-* Bank of International Settlements. 2018. ‘Cryptocurrencies: Looking beyond the Hype’. In . Bank for International Settlements Basel. https://www.bis.org/publ/arpdf/ar2018e5.htm.
-* Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
-* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
-* Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
-* Pele, Daniel Traian, Niels Wesselhöfft, Wolfgang Karl Härdle, Michalis Kolossiatis, and Yannis G. Yatracos. 2021. ‘Are Cryptos Becoming Alternative Assets?’ European Journal of Finance, 1–42. https://doi.org/10.1080/1351847X.2021.1960403.
-* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
\ No newline at end of file
+1. Bank of International Settlements. 2018. ‘Cryptocurrencies: Looking beyond the Hype’. In . Bank for International Settlements Basel. https://www.bis.org/publ/arpdf/ar2018e5.htm.
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+1. Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
+1. Pele, Daniel Traian, Niels Wesselhöfft, Wolfgang Karl Härdle, Michalis Kolossiatis, and Yannis G. Yatracos. 2021. ‘Are Cryptos Becoming Alternative Assets?’ European Journal of Finance, 1–42. https://doi.org/10.1080/1351847X.2021.1960403.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
\ No newline at end of file
diff --git a/concepts/dex.md b/concepts/dex.md
index 1b2df6a..844b182 100644
--- a/concepts/dex.md
+++ b/concepts/dex.md
@@ -5,4 +5,12 @@ Order-book based but peer-to-peer transactions (i.e. without market makers). Thi
 
 From https://academy.binance.com/en/articles/what-is-uniswap-and-how-does-it-work
 
-> Due to the inherent limitations of [blockchain](blockchain.md) technology, it has been a challenge to build DEXes that meaningfully compete with their centralized counterparts. Most DEXes could improve both in terms of performance and user experience.
\ No newline at end of file
+> Due to the inherent limitations of [blockchain](blockchain.md) technology, it has been a challenge to build DEXes that meaningfully compete with their centralized counterparts. Most DEXes could improve both in terms of performance and user experience.
+
+## References
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Anker-Sørensen, Linn, and Dirk A Zetzsche. 2021. ‘From Centralized to Decentralized Finance: The Issue Of’. Available at SSRN 3978815. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978815.
+1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
+1. Barbereau, Tom, Reilly Smethurst, Orestis Papageorgiou, Johannes Sedlmeir, and Gilbert Fridgen. 2022. ‘Decentralised Finance’s Unregulated Governance: Minority Rule in the Digital Wild West’. Available at SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4001891.
+1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
\ No newline at end of file
diff --git a/concepts/enclosure.md b/concepts/enclosure.md
index 7b06f71..4cfa097 100644
--- a/concepts/enclosure.md
+++ b/concepts/enclosure.md
@@ -1,3 +1,5 @@
 ## Enclosure
 
-See also [market manipulation](market-manipulation.md), [public goods problem](public-goods-problem.md) and [free rider problem](free-rider-problem.md).
\ No newline at end of file
+See also [market manipulation](market-manipulation.md), [public goods problem](public-goods-problem.md) and [free rider problem](free-rider-problem.md).
+
+## References
\ No newline at end of file
diff --git a/concepts/ethereum.md b/concepts/ethereum.md
index 0fedd82..a546784 100644
--- a/concepts/ethereum.md
+++ b/concepts/ethereum.md
@@ -33,7 +33,6 @@ Ethereum has a negative [expected return](expected-return.md).
 Ethereum is a [security](security.md).
 
 ## References
-
 1. Ante, Lennart. 2020. ‘Smart Contracts on the Blockchain – A Bibliometric Analysis and Review’. SSRN Electronic Journal, no. 10: 1–48. https://doi.org/10.2139/ssrn.3576393.
 1. ———. 2021a. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
 1. ———. 2021b. ‘Smart Contracts on the Blockchain – A Bibliometric Analysis and Review’. Telematics and Informatics 57: 101519. https://doi.org/10.1016/j.tele.2020.101519.
diff --git a/concepts/ficticious-commodity.md b/concepts/ficticious-commodity.md
index 07ae5e4..05fb43d 100644
--- a/concepts/ficticious-commodity.md
+++ b/concepts/ficticious-commodity.md
@@ -13,8 +13,8 @@ Examples of fictitious commodities include:
 See also [Tinkerbell effect](tinkerbell-effect.md), [bubble](bubble.md) and [market mania](market-mania.md).
 
 ## References
-* Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
-* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
-* Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
-* Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
-* Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
\ No newline at end of file
+1. Hanley, Brian P. 2018. ‘The False Premises and Promises of Bitcoin’. ArXiv:1312.2048 [Cs, q-Fin], July. http://arxiv.org/abs/1312.2048.
+1. Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
+1. Krugman, Paul. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21. https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html.
+1. Bellinger, Matthew. 2018. ‘The Rhetoric of Bitcoin: Money, Politics, and the Construction of Blockchain Communities’. ResearchWorks Archive. PhD Thesis. https://digital.lib.washington.edu/researchworks/handle/1773/43342.
+1. Bindseil, Ulrich, Patrick Papsdorf, and Jürgen Schaaf. 2022. ‘The Encrypted Threat: Bitcoin’s Social Cost and Regulatory Responses’. 7 January 2022. https://www.suerf.org/docx/f_88b3febc5798a734026c82c1012408f5_38771_suerf.pdf.
\ No newline at end of file
diff --git a/concepts/free-rider-problem.md b/concepts/free-rider-problem.md
index 88d1a23..42c43bc 100644
--- a/concepts/free-rider-problem.md
+++ b/concepts/free-rider-problem.md
@@ -1,4 +1,6 @@
 # Free Rider Problem
 The use of [public goods](public-goods-problem.md) by parties who do not contribute to their creation or upkeep while still extracting value from the service or good.
 
-See also [public goods problem](public-goods-problem.md).
\ No newline at end of file
+See also [public goods problem](public-goods-problem.md).
+
+## References
\ No newline at end of file
diff --git a/concepts/gold-standard.md b/concepts/gold-standard.md
index 350b49f..08333b1 100644
--- a/concepts/gold-standard.md
+++ b/concepts/gold-standard.md
@@ -1,9 +1,7 @@
 # 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](austrian-economics.md).
 
-## Criticisms
-
-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.
+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. Common criticisms of the gold standard include:
 
 * 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. 
@@ -13,8 +11,9 @@ Very few mainstream economists believe the gold standard to be a good way to run
 * Gold mining and production is not predictable on long time scales.
 * Shocks in one economic region transfer to other regions. (Great Depression & World War II)
 
-## Essays
+See also [sound money](sound-money.md).
 
+## Essays
 1. Green, Russell A. "Gold Standard or Fool’s Gold? Should the US Consider Returning to the Gold Standard?." Issue Brief 02.23. 16 (2016).
 1. Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
 1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
diff --git a/concepts/gold.md b/concepts/gold.md
index 0c52dd0..5acb26a 100644
--- a/concepts/gold.md
+++ b/concepts/gold.md
@@ -18,5 +18,5 @@ Gold is a [non-productive](productive-asset.md) investment.
 Trading gold is a [zero-sum game](zero-sum-game.md).
 
 ## References
-* Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
-* Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
\ No newline at end of file
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+1. Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
\ No newline at end of file
diff --git a/concepts/governance-token.md b/concepts/governance-token.md
index 91bc72b..9e9291c 100644
--- a/concepts/governance-token.md
+++ b/concepts/governance-token.md
@@ -1,11 +1,12 @@
 # Governance Token
-A [bearer instrument](bearer-instrument.md) token which grants holders of the token the capacity to "vote" in a [smart-contracts](smart-contracts.md) implementation of a [DAO](dao.md) or other [DeFi](defi.md) protocol.
+A [bearer instrument](bearer-instrument.md) token which grants holders of the token the capacity to "vote" in a [smart contracts](smart-contracts.md) implementation of a [DAO](dao.md) or other [DeFi](defi.md) protocol.
 
 Governance tokens are imitations of voting shares [stock](stock.md) as seen in regulated [security](security.md).
 
-## References
+See also [DeFi](defi.md) and [DAO](dao.md).
 
-* Chen, Liang, Tony W. Tong, Shaoqin Tang, and Nianchen Han. 2022. ‘Governance and Design of Digital Platforms: A Review and Future Research Directions on a Meta-Organization’. Journal of Management 48 (1): 147–84. https://doi.org/10.1177/01492063211045023.
-* Crepaldi, M. 2020. ‘The Authority of Distributed Consensus Systems Trust, Governance, and Normative Perspectives on Blockchains and Distributed Ledgers’. PhD Thesis. http://amsdottorato.unibo.it/9432/.
-* El Faqir, Youssef, Javier Arroyo, and Samer Hassan. 2020. ‘An Overview of Decentralized Autonomous Organizations on the Blockchain’. PervasiveHealth: Pervasive Computing Technologies for Healthcare, August. https://doi.org/10.1145/3412569.3412579.
-* Rikken, Olivier, Marijn Janssen, and Zenlin Kwee. n.d. ‘The Ins and Outs of Decentralized Autonomous Organizations (Daos)’. Available at SSRN 3989559. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3989559.
\ No newline at end of file
+## References
+1. Chen, Liang, Tony W. Tong, Shaoqin Tang, and Nianchen Han. 2022. ‘Governance and Design of Digital Platforms: A Review and Future Research Directions on a Meta-Organization’. Journal of Management 48 (1): 147–84. https://doi.org/10.1177/01492063211045023.
+1. Crepaldi, M. 2020. ‘The Authority of Distributed Consensus Systems Trust, Governance, and Normative Perspectives on Blockchains and Distributed Ledgers’. PhD Thesis. http://amsdottorato.unibo.it/9432/.
+1. El Faqir, Youssef, Javier Arroyo, and Samer Hassan. 2020. ‘An Overview of Decentralized Autonomous Organizations on the Blockchain’. PervasiveHealth: Pervasive Computing Technologies for Healthcare, August. https://doi.org/10.1145/3412569.3412579.
+1. Rikken, Olivier, Marijn Janssen, and Zenlin Kwee. n.d. ‘The Ins and Outs of Decentralized Autonomous Organizations (Daos)’. Available at SSRN 3989559. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3989559.
\ No newline at end of file
diff --git a/concepts/greater-fool-theory.md b/concepts/greater-fool-theory.md
index 5b0205a..e508ae7 100644
--- a/concepts/greater-fool-theory.md
+++ b/concepts/greater-fool-theory.md
@@ -4,10 +4,10 @@ The greater fool theory is a thesis in economics that market participants can so
 The greater fool theory presumes an infinite chain of fools in order for all participants to profit or  "make it" or profit from the [bubble](bubble.md).
 
 ## References
-* Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
-* Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
-* Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
-* Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
-* Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
-* Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
-* Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
\ No newline at end of file
+1. Mackay, Charles. 2012. Extraordinary Popular Delusions and the Madness of Crowds. Simon and Schuster.
+1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
+1. Blanchard, Olivier J, and Mark W Watson. 1982. ‘Bubbles, Rational Expectations and Financial Markets’. NBER Working Paper, no. w0945.
+1. Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
+1. Chancellor, Edward. 1999. ‘Devil Take the Hindmost: A History of Financial Speculation’.
+1. Demmler, Michael, and Amilcar Orlian Fernández Domínguez. 2021. ‘Bitcoin and the South Sea Company: A Comparative Analysis’. Revista Finanzas y Política Económica 13 (1): 197–224.
+1. Smales, L. A. 2022. ‘Investor Attention in Cryptocurrency Markets’. International Review of Financial Analysis 79: 101972. https://doi.org/10.1016/j.irfa.2021.101972.
\ No newline at end of file
diff --git a/concepts/high-control-group.md b/concepts/high-control-group.md
index 73d593b..51604f1 100644
--- a/concepts/high-control-group.md
+++ b/concepts/high-control-group.md
@@ -3,8 +3,10 @@ A social group or movement in which the members are strongly influenced by the s
 
 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.
 
+See also [madness-crowds](madness-crowds.md), [bandwagon bias](bandwagon-bias.md), [whataboutism](whataboutism.md) and [thought terminating cliches](thought-terminating-cliches.md).
+
 ## References
 1. Bernstein, William J. 2021. The Delusions of Crowds: Why People Go Mad in Groups. Grove Press.
-1. Lowe, Scott. "Cultish: The Language of Fanaticism, by Amanda Montell." (2022): 151-152.
+1. Montell, Amanda, and Ann Marie Gideon. Cultish. HarperAudio, 2021.
 1. Hoffer, Eric. "The True Believer (New York." Harper's (1952): 28.
 1. Festinger, Leon, Henry Riecken, and Stanley Schachter. When prophecy fails: A social and psychological study of a modern group that predicted the destruction of the world. Lulu Press, Inc, 2017.
\ No newline at end of file
diff --git a/concepts/inevitablism.md b/concepts/inevitablism.md
index 1436b90..1252ae3 100644
--- a/concepts/inevitablism.md
+++ b/concepts/inevitablism.md
@@ -2,9 +2,9 @@
 The prefiguragative political ideology which is centred around a core faith that [crypto assets](cryptoasset.md) and their associated technologies and culture have some pre-ordained to destiny on the scale of human history detached from their efficacy for one use case or problem to solve. It is the presupposition that crypto assets are "here to stay", are even more so *inevitable*, and must be brought into existence to fulfil a, perhaps unspecified, destiny.
 
 ## References
-* Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
-* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
-* Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
-* Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
-* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-* ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
\ No newline at end of file
+1. Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
+1. Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
+1. ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
\ No newline at end of file
diff --git a/concepts/libertarianism.md b/concepts/libertarianism.md
index 378943c..159a9d3 100644
--- a/concepts/libertarianism.md
+++ b/concepts/libertarianism.md
@@ -6,12 +6,12 @@ Libertarians generally believe in a minimal nation state whose role exists to pr
 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.
-* Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
-* Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-* Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
-* Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
-* Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
-* Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
-* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
-* Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
\ No newline at end of file
+1. Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
+1. Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
+1. Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
+1. Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
+1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
+1. Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
+1. Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
\ No newline at end of file
diff --git a/concepts/market-manipulation.md b/concepts/market-manipulation.md
index 7340020..a5b643e 100644
--- a/concepts/market-manipulation.md
+++ b/concepts/market-manipulation.md
@@ -23,7 +23,7 @@ Discretionary halting of the [market](market.md) in order to prevent price movem
 Discretionary restriction of the sale of assets for [currency](currency.md).
 
 ## References
-* Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
 1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
 1. *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
diff --git a/concepts/money.md b/concepts/money.md
index 6b1b8df..d9ec9d2 100644
--- a/concepts/money.md
+++ b/concepts/money.md
@@ -23,11 +23,11 @@ The qualifies of a currency representing money are defined by coherent to three
 * Wide acceptability
 
 ## References
-* Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
-* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
-* Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53.
-* *‘Private Money vs Totally-Public Money, plus Some History | Financial Times’. n.d. Accessed 20 March 2022. https://www.ft.com/content/40592d6d-5a32-3606-a54f-cdc411e90c20.
-* Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
-* Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499.
-* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
-* Bazzani, Giacomo. 2020. ‘Money as a Tool for Collective Action’. Partecipazione e Conflitto 13 (1): 438–61. https://doi.org/10.1285/i20356609v13i1p438.
\ No newline at end of file
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+1. Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53.
+1. *‘Private Money vs Totally-Public Money, plus Some History | Financial Times’. n.d. Accessed 20 March 2022. https://www.ft.com/content/40592d6d-5a32-3606-a54f-cdc411e90c20.
+1. Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
+1. Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499.
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Bazzani, Giacomo. 2020. ‘Money as a Tool for Collective Action’. Partecipazione e Conflitto 13 (1): 438–61. https://doi.org/10.1285/i20356609v13i1p438.
\ No newline at end of file
diff --git a/concepts/mutualization.md b/concepts/mutualization.md
index e159462..8ca4744 100644
--- a/concepts/mutualization.md
+++ b/concepts/mutualization.md
@@ -3,4 +3,5 @@ In finance, the *mutualization* of risk is the process of dividing up exposure t
 
 See also [deposit insurance](deposit-insurance.md) and [bank run](bank-run.md).
 
-## References
\ No newline at end of file
+## References
+1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
\ No newline at end of file
diff --git a/concepts/nft.md b/concepts/nft.md
index cd18e90..6df9d50 100644
--- a/concepts/nft.md
+++ b/concepts/nft.md
@@ -58,29 +58,29 @@ NFTs have no [income cashflows](income-cashflows.md).
 Trading NFTs is a [zero-sum game](zero-sum-game.md).
 
 ## References
-* Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
-* *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
-* Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
-* Aharon, David Y., and Ender Demir. 2021. ‘NFTs and Asset Class Spillovers: Lessons from the Period around the COVID-19 Pandemic’. Finance Research Letters, 102515. https://doi.org/10.1016/j.frl.2021.102515.
-* Ante, Lennart. 2021. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
-* Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
-* Çağlayan Aksoy, Pınar, and Zehra Özkan Üner. 2021. ‘NFTs and Copyright: Challenges and Opportunities’. Journal of Intellectual Property Law & Practice 16 (10): 1115–26. https://doi.org/10.1093/jiplp/jpab104.
-* Casale-Brunet, S., P. Ribeca, P. Doyle, and M. Mattavelli. 2021. ‘Networks of Ethereum Non-Fungible Tokens: A Graph-Based Analysis of the ERC-721 Ecosystem’. ArXiv Preprint ArXiv:2110.12545. http://arxiv.org/abs/2110.12545.
-* Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
-* Dowling, Michael. 2021. ‘Fertile LAND: Pricing Non-Fungible Tokens’. Finance Research Letters, 102096. https://doi.org/10.1016/j.frl.2021.102096.
-* Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
-* Frye, Brian L. 2021. ‘After Copyright: Pwning NFTs in a Clout Economy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971240.
-* *———. n.d. ‘How to Sell NFTs Without Really Trying’. Harvard Journal of Sports and Entertainment Law, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3930430.
-* Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
-* Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
-* Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
-* Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
-* Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
-* Mazur, Mieszko. 2021. Non-Fungible Tokens (NFT). The Analysis of Risk and Return. SSRN Electronic Journal. October. https://doi.org/10.2139/ssrn.3953535.
-* Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
-* Solimano, Andrés. 2021. ‘The Evolution of Contemporary Arts Markets’. https://doi.org/10.4324/9781003215127.
-* Tonelli, Emily. 2022. ‘Internet Guru Tim O’Reilly: Crypto and NFTs Are “Pretty Serious Speculative Bubble”’. Decrypt. 10 February 2022. https://decrypt.co/92676/internet-guru-tim-oreilly-crypto-nfts-serious-speculative-bubble.
-* Whitaker, Amy. 2021. Economics of Visual Art: Market Practice and Market Resistance. Cambridge University Press. https://doi.org/10.1017/9781108649919.
+1. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
+1. *‘NFTs, Cryptocurrencies and Web3 Are Multilevel Marketing Schemes for a New Generation - WSJ’. n.d. Accessed 14 March 2022. https://www.wsj.com/articles/nfts-cryptocurrencies-and-web3-are-multilevel-marketing-schemes-for-a-new-generation-11645246824.
+1. Low, Kelvin F K. 2021. ‘The Emperor’s New Art: Cryptomania, Art & Property’. Art & Property. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978241.
+1. Aharon, David Y., and Ender Demir. 2021. ‘NFTs and Asset Class Spillovers: Lessons from the Period around the COVID-19 Pandemic’. Finance Research Letters, 102515. https://doi.org/10.1016/j.frl.2021.102515.
+1. Ante, Lennart. 2021. ‘Non-Fungible Token (NFT) Markets on the Ethereum Blockchain: Temporal Development, Cointegration and Interrelations’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3904683.
+1. Bodó, Balázs, Alexandra Giannopoulou, João Quintais, and Péter Mezei. 2022. ‘The Rise of NFTs: These Aren’t the Droids You’re Looking For’. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4000423.
+1. Çağlayan Aksoy, Pınar, and Zehra Özkan Üner. 2021. ‘NFTs and Copyright: Challenges and Opportunities’. Journal of Intellectual Property Law & Practice 16 (10): 1115–26. https://doi.org/10.1093/jiplp/jpab104.
+1. Casale-Brunet, S., P. Ribeca, P. Doyle, and M. Mattavelli. 2021. ‘Networks of Ethereum Non-Fungible Tokens: A Graph-Based Analysis of the ERC-721 Ecosystem’. ArXiv Preprint ArXiv:2110.12545. http://arxiv.org/abs/2110.12545.
+1. Diehl, Stephen. 2021. ‘The Tinkerbell Griftopia’. 19 November 2021. https://www.stephendiehl.com/blog/tinkerbell.html.
+1. Dowling, Michael. 2021. ‘Fertile LAND: Pricing Non-Fungible Tokens’. Finance Research Letters, 102096. https://doi.org/10.1016/j.frl.2021.102096.
+1. Fairfield, Joshua. 2021. ‘Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property’. Indiana Law Journal, 1–99. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3821102.
+1. Frye, Brian L. 2021. ‘After Copyright: Pwning NFTs in a Clout Economy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3971240.
+1. *———. n.d. ‘How to Sell NFTs Without Really Trying’. Harvard Journal of Sports and Entertainment Law, Forthcoming. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3930430.
+1. Gibson, Johanna. 2021. ‘The Thousand-and-Second Tale of NFTS, as Foretold by Edgar Allan Poe’. Queen Mary Journal of Intellectual Property 11 (3): 249–69. https://doi.org/10.4337/qmjip.2021.03.00.
+1. Guadamuz, Andres. 2021. ‘The Treachery of Images: Non-Fungible Tokens and Copyright’. SSRN Electronic Journal 16 (12): 1367–85. https://doi.org/10.2139/ssrn.3905452.
+1. Kim, Soyeon. 2020. ‘Fractional Ownership, Democratization, and Bubble Formation - The Impact of Blockchain Enabled Asset Tokenization’. 26th Americas Conference on Information Systems, AMCIS 2020, 0–5. https://aisel.aisnet.org/amcis2020/adv_info_systems_research/adv_info_systems_research/19/.
+1. Kong, De-Rong, and Tse-Chun Lin. 2021. ‘Alternative Investments in the Fintech Era: The Risk and Return of Non-Fungible Token (NFT)’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3914085.
+1. Mackenzie, Simon, and Diāna Bērziņa. 2021. ‘NFTs: Digital Things and Their Criminal Lives’. Crime, Media, Culture, 17416590211039796. https://doi.org/10.1177/17416590211039797.
+1. Mazur, Mieszko. 2021. Non-Fungible Tokens (NFT). The Analysis of Risk and Return. SSRN Electronic Journal. October. https://doi.org/10.2139/ssrn.3953535.
+1. Nadini, Matthieu, Laura Alessandretti, Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello, and Andrea Baronchelli. 2021. ‘Mapping the NFT Revolution: Market Trends, Trade Networks, and Visual Features’. Scientific Reports 11 (1). https://doi.org/10.1038/s41598-021-00053-8.
+1. Solimano, Andrés. 2021. ‘The Evolution of Contemporary Arts Markets’. https://doi.org/10.4324/9781003215127.
+1. Tonelli, Emily. 2022. ‘Internet Guru Tim O’Reilly: Crypto and NFTs Are “Pretty Serious Speculative Bubble”’. Decrypt. 10 February 2022. https://decrypt.co/92676/internet-guru-tim-oreilly-crypto-nfts-serious-speculative-bubble.
+1. Whitaker, Amy. 2021. Economics of Visual Art: Market Practice and Market Resistance. Cambridge University Press. https://doi.org/10.1017/9781108649919.
 
 ## External References
 
diff --git a/concepts/ponzi-scheme.md b/concepts/ponzi-scheme.md
index 74275e7..d4f6bff 100644
--- a/concepts/ponzi-scheme.md
+++ b/concepts/ponzi-scheme.md
@@ -14,13 +14,13 @@ Some participants can make money investing in Ponzi schemes, but the basic fact
 [Crypto assets](cryptoasset.md) are often referred to as market-obscured or self-organizing Ponzi schemes because of their nearly identical payout structure.
 
 ## References
-* Krugman, Paul. 2018. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30. https://www.seattletimes.com/opinion/bitcoin-is-basically-a-ponzi-scheme/.
-* Stolfi, Jorge. n.d. ‘Bitcoin Is a Ponzi’. Accessed 19 March 2022. https://ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html.
-* 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.
-* ‘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.
-* ‘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.
-* 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.
-* 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.
-* 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.
-* 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.
-* [Investor.gov Ponzi Scheme](https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme)
\ No newline at end of file
+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/post-state-technocracy.md b/concepts/post-state-technocracy.md
index 3746f0c..70928b5 100644
--- a/concepts/post-state-technocracy.md
+++ b/concepts/post-state-technocracy.md
@@ -4,36 +4,36 @@ The political ideology that [blockchain](../blockchain.md) and [cryptoasset](../
 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.
-* Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
-* Faria, Inês. 2019. ‘Trust, Reputation and Ambiguous Freedoms: Financial Institutions and Subversive Libertarians Navigating Blockchain, Markets, and Regulation’. Journal of Cultural Economy 12 (2): 119–32. https://doi.org/10.1080/17530350.2018.1547986.
-* Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
-* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
-* Srinivasan, Parag Khanna, Balaji S. n.d. ‘Great Protocol Politics’. Foreign Policy (blog). Accessed 22 February 2022. https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/.
-* *‘1729 - The Network State’. n.d. 1729. Accessed 4 March 2022. https://1729.com/.
-* Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
-* Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
-* Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
-* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
-* Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
-* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
-* Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
-* Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
-* Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-* Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
-* Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
-* DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
-* Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
-* Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
-* Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
-* May, Tim. 1994. ‘Cyphernomicon’.
-* May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
-* Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
-* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-* Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
-* Doody, Sean. 2020. ‘Reactionary Technopolitics: A Critical Sociohistorical Review’. Fast Capitalism 17 (1): 143–64. https://doi.org/10.32855/fcapital.202001.009.
-* Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
-* *———. 2015. ‘Bitcoin as Politics: Distributed Right-Wing Extremism’. MoneyLab Reader: An Intervention in Digital Economy, Amsterdam: Institute of Network Cultures.
-* Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
-* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
-* Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
+1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
+1. Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
+1. Faria, Inês. 2019. ‘Trust, Reputation and Ambiguous Freedoms: Financial Institutions and Subversive Libertarians Navigating Blockchain, Markets, and Regulation’. Journal of Cultural Economy 12 (2): 119–32. https://doi.org/10.1080/17530350.2018.1547986.
+1. Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
+1. Srinivasan, Parag Khanna, Balaji S. n.d. ‘Great Protocol Politics’. Foreign Policy (blog). Accessed 22 February 2022. https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/.
+1. *‘1729 - The Network State’. n.d. 1729. Accessed 4 March 2022. https://1729.com/.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
+1. Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
+1. Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
+1. Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
+1. Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
+1. Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
+1. Beyer, Jessica L., and Fenwick Mckelvey. 2015. ‘You Are Not Welcome among US: Pirates and the State’. International Journal of Communication 9 (1): 890–908.
+1. Curran, Giorel, and Morgan Gibson. 2013. ‘WikiLeaks, Anarchism and Technologies of Dissent’. Antipode 45 (2): 294–314. https://doi.org/10.1111/j.1467-8330.2012.01009.x.
+1. DuPont, Quinn. 2016. ‘The Politics of Cryptography: Bitcoin and the Ordering Machines’. Journal of Peer Production 1 (4): 1–23. http://peerproduction.net/wp-content/uploads/2014/04/DuPont_draft_submission.pdf.
+1. Hellegren, Isadora. 2020. ‘Crypto-Discourse, Internet Freedom, and the State’. In Oxford Research Encyclopedia of Communication. https://oxfordre.com/view/10.1093/acrefore/9780190228613.001.0001/acrefore-9780190228613-e-887.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+1. Jarvis, Craig. 2021. ‘Cypherpunk Ideology: Objectives, Profiles, and Influences (1992–1998)’. Internet Histories, 1–27. https://doi.org/10.1080/24701475.2021.1935547.
+1. May, Tim. 1994. ‘Cyphernomicon’.
+1. May, Timothy. 1992. ‘The Crypto Anarchist Manifesto’. High Noon on the Electronic Frontier: Conceptual Issues in Cyberspace.
+1. Moore, Daniel, and Thomas Rid. 2016. ‘Cryptopolitik and the Darknet’. Survival 58 (1): 7–38. https://doi.org/10.1080/00396338.2016.1142085.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
+1. Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
+1. Doody, Sean. 2020. ‘Reactionary Technopolitics: A Critical Sociohistorical Review’. Fast Capitalism 17 (1): 143–64. https://doi.org/10.32855/fcapital.202001.009.
+1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
+1. *———. 2015. ‘Bitcoin as Politics: Distributed Right-Wing Extremism’. MoneyLab Reader: An Intervention in Digital Economy, Amsterdam: Institute of Network Cultures.
+1. Groos, Jan. 2021. ‘Crypto Politics: Notes on Sociotechnical Imaginaries of Governance in Blockchain Based Technologies’. In Data Loam, 1:148–70. https://doi.org/10.1515/9783110697841-009.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science, 1–16.
+1. Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
diff --git a/concepts/pre-mine.md b/concepts/pre-mine.md
index d612ecd..7acb8c8 100644
--- a/concepts/pre-mine.md
+++ b/concepts/pre-mine.md
@@ -8,8 +8,8 @@ Pre-mines have been criticised as an obscured form of [pump and dump](pump-and-d
 A pre-mine is an posited solution to the [distribution problem](distribution-problem.md).
 
 ## References
-* Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
-* Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
-* Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
-* Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
-* Kharif, Olga. 2018. ‘Half of ICOs Die Within Four Months After Token Sales Finalized’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/articles/2018-07-09/half-of-icos-die-within-four-months-after-token-sales-finalized.
\ No newline at end of file
+1. Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
+1. Cornish, Chloe, and Richard Waters. 2018. ‘Silicon Valley Investors Line up to Back Telegram ICO’. Financial Times, January. https://www.ft.com/content/790d9506-0175-11e8-9650-9c0ad2d7c5b5.
+1. Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
+1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
+1. Kharif, Olga. 2018. ‘Half of ICOs Die Within Four Months After Token Sales Finalized’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/articles/2018-07-09/half-of-icos-die-within-four-months-after-token-sales-finalized.
\ No newline at end of file
diff --git a/concepts/private-money.md b/concepts/private-money.md
index 2a483c5..01d63fe 100644
--- a/concepts/private-money.md
+++ b/concepts/private-money.md
@@ -32,25 +32,25 @@ Under United States law if a customer purchases casino chips, they have the righ
 See [artificial demand](artificial-demand.md).
 
 ## References
-* Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
-* Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
-* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
-* Gorton, Gary B., and Jeffery Zhang. 2021b. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
-* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
-* Bazzani, Giacomo. 2020. ‘Money as a Tool for Collective Action’. Partecipazione e Conflitto 13 (1): 438–61. https://doi.org/10.1285/i20356609v13i1p438.
-* *‘Private Money vs Totally-Public Money, plus Some History | Financial Times’. n.d. Accessed 20 March 2022. https://www.ft.com/content/40592d6d-5a32-3606-a54f-cdc411e90c20.
-* Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
-* Dini, Paolo, and Alexandros Kioupkiolis. 2019. ‘The Alter-Politics of Complementary Currencies: The Case of Sardex’. Cogent Social Sciences 5 (1). https://doi.org/10.1080/23311886.2019.1646625.
-* Doria, Luigi, and Luca Fantacci. 2018. ‘Evaluating Complementary Currencies: From the Assessment of Multiple Social Qualities to the Discovery of a Unique Monetary Sociality’. Quality and Quantity 52 (3): 1291–1314. https://doi.org/10.1007/s11135-017-0520-9.
-* Hileman, Garrick. 2017. ‘Alternative Currencies: A Historical Survey and Taxonomy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2747975.
-* Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
-* *———. n.d. ‘The Case against Alternative Currencies’. Politics, Philosophy & Economics 0 (0): 1470594X211065784. https://doi.org/10.1177/1470594X211065784.
-* Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
-* North, Peter. 2007. Money and Liberation: The Micropolitics of Alternative Currency Movements. University of Minnesota Press. https://www.upress.umn.edu/book-division/books/money-and-liberation.
-* North, Peter, Vicky Nowak, Alan Southern, and Matt Thompson. 2020. ‘Generative Anger: From Social Enterprise to Antagonistic Economies’. Rethinking Marxism 32 (3): 330–47. https://doi.org/10.1080/08935696.2020.1780669.
-* Pacione, Michael. 1997. ‘Local Exchange Trading Systems as a Response to the Globalisation of Capitalism’. Urban Studies 34 (8): 1179–99. https://doi.org/10.1080/0042098975583.
-* Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53.
-* Sartori, Laura. 2020. ‘The Social Life of Sardex and Liberex: Kin or Acquaintances?: A Comparison between Two Mutual Credit Circuits in Italy’. Partecipazione e Conflitto 13 (1): 487–513. https://doi.org/10.1285/i20356609v13i1p487.
-* Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499.
-* Scott, Brett. 2022. Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets. Harper Business. https://www.harperacademic.com/book/9780062936325/cloudmoney/.
-* Seyfang, G. 2001. ‘Community Currencies: Small Change for a Green Economy’. Environment and Planning A 33 (6): 975–96. https://doi.org/10.1068/a33216.
\ No newline at end of file
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+1. Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Gorton, Gary B., and Jeffery Zhang. 2021b. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+1. Bazzani, Giacomo. 2020. ‘Money as a Tool for Collective Action’. Partecipazione e Conflitto 13 (1): 438–61. https://doi.org/10.1285/i20356609v13i1p438.
+1. *‘Private Money vs Totally-Public Money, plus Some History | Financial Times’. n.d. Accessed 20 March 2022. https://www.ft.com/content/40592d6d-5a32-3606-a54f-cdc411e90c20.
+1. Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
+1. Dini, Paolo, and Alexandros Kioupkiolis. 2019. ‘The Alter-Politics of Complementary Currencies: The Case of Sardex’. Cogent Social Sciences 5 (1). https://doi.org/10.1080/23311886.2019.1646625.
+1. Doria, Luigi, and Luca Fantacci. 2018. ‘Evaluating Complementary Currencies: From the Assessment of Multiple Social Qualities to the Discovery of a Unique Monetary Sociality’. Quality and Quantity 52 (3): 1291–1314. https://doi.org/10.1007/s11135-017-0520-9.
+1. Hileman, Garrick. 2017. ‘Alternative Currencies: A Historical Survey and Taxonomy’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2747975.
+1. Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
+1. *———. n.d. ‘The Case against Alternative Currencies’. Politics, Philosophy & Economics 0 (0): 1470594X211065784. https://doi.org/10.1177/1470594X211065784.
+1. Nabilou, Hossein, and André Prüm. 2019. ‘Ignorance, Debt, and Cryptocurrencies: The Old and the New in the Law and Economics of Concurrent Currencies’. Journal of Financial Regulation 5 (1): 29–63. https://doi.org/10.1093/jfr/fjz002.
+1. North, Peter. 2007. Money and Liberation: The Micropolitics of Alternative Currency Movements. University of Minnesota Press. https://www.upress.umn.edu/book-division/books/money-and-liberation.
+1. North, Peter, Vicky Nowak, Alan Southern, and Matt Thompson. 2020. ‘Generative Anger: From Social Enterprise to Antagonistic Economies’. Rethinking Marxism 32 (3): 330–47. https://doi.org/10.1080/08935696.2020.1780669.
+1. Pacione, Michael. 1997. ‘Local Exchange Trading Systems as a Response to the Globalisation of Capitalism’. Urban Studies 34 (8): 1179–99. https://doi.org/10.1080/0042098975583.
+1. Petz, Marcus. 2020. ‘When Is Money Not a Currency? Developments from Finland of Proto-Community Currencies’. International Journal of Community Currency Research 24 (2): 30–53.
+1. Sartori, Laura. 2020. ‘The Social Life of Sardex and Liberex: Kin or Acquaintances?: A Comparison between Two Mutual Credit Circuits in Italy’. Partecipazione e Conflitto 13 (1): 487–513. https://doi.org/10.1285/i20356609v13i1p487.
+1. Schroeder, Rolf F. H. 2020. ‘Beyond the Veil of Money: Boundaries as Constitutive Elements of Complementary Currencies’. The Japanese Political Economy 46 (1): 17–41. https://doi.org/10.1080/2329194x.2020.1762499.
+1. Scott, Brett. 2022. Cloudmoney: Cash, Cards, Crypto, and the War for Our Wallets. Harper Business. https://www.harperacademic.com/book/9780062936325/cloudmoney/.
+1. Seyfang, G. 2001. ‘Community Currencies: Small Change for a Green Economy’. Environment and Planning A 33 (6): 975–96. https://doi.org/10.1068/a33216.
\ No newline at end of file
diff --git a/concepts/pseudonymous.md b/concepts/pseudonymous.md
index c41d9c4..fc22d94 100644
--- a/concepts/pseudonymous.md
+++ b/concepts/pseudonymous.md
@@ -2,13 +2,13 @@
 The pseudo-privacy property of a crypto [wallet](wallet.md) of having no default direct identity attached to the data stored on a [blockchain](blockchain.md) network. Yet possibly having the capacity to recover the identity of the individual by tracking transactions through [crypto exchanges](cryptoasset.md) which perform [KYC](kyc.md) onboarding to associate wallet addresses with personal identities.
 
 ## References
-* Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
-* Azouvi, Sarah. 2021. ‘Levels of Decentralization and Trust in Cryptocurrencies: Consensus, Governance and Applications’. PhD Thesis, University College London. https://discovery.ucl.ac.uk/id/eprint/10139069/.
-* Bailey, Andrew M., Bradley Rettler, and Craig Warmke. 2021. ‘Philosophy, Politics, and Economics of Cryptocurrency II: The Moral Landscape of Monetary Design’. Philosophy Compass 16 (11): 1–15. https://doi.org/10.1111/phc3.12784.
-* Harvey, John, and Ines Branco-Illodo. 2020. ‘Why Cryptocurrencies Want Privacy: A Review of Political Motivations and Branding Expressed in “Privacy Coin” Whitepapers’. Journal of Political Marketing 19 (1–2): 107–36. https://doi.org/10.1080/15377857.2019.1652223.
-* Jarvis, Craig. 2021. Crypto Wars The Fight for Privacy in the Digital Age: A Political History of Digital Encryption. CBC PRESS. https://www.routledge.com/Crypto-Wars-The-Fight-for-Privacy-in-the-Digital-Age-A-Political-History/Jarvis/p/book/9780367642488.
-* Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
-* Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
-* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-* ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
-* White, Molly. 2022. ‘Anonymous Cryptocurrency Wallets Are Not So Simple’. Molly White (blog). 12 February 2022. https://blog.mollywhite.net/anonymous-crypto-wallets/.
+1. Anderson, Patrick D. 2021. ‘Privacy for the Weak, Transparency for the Powerful: The Cypherpunk Ethics of Julian Assange’. Ethics and Information Technology 23 (3): 295–308. https://doi.org/10.1007/s10676-020-09571-x.
+1. Azouvi, Sarah. 2021. ‘Levels of Decentralization and Trust in Cryptocurrencies: Consensus, Governance and Applications’. PhD Thesis, University College London. https://discovery.ucl.ac.uk/id/eprint/10139069/.
+1. Bailey, Andrew M., Bradley Rettler, and Craig Warmke. 2021. ‘Philosophy, Politics, and Economics of Cryptocurrency II: The Moral Landscape of Monetary Design’. Philosophy Compass 16 (11): 1–15. https://doi.org/10.1111/phc3.12784.
+1. Harvey, John, and Ines Branco-Illodo. 2020. ‘Why Cryptocurrencies Want Privacy: A Review of Political Motivations and Branding Expressed in “Privacy Coin” Whitepapers’. Journal of Political Marketing 19 (1–2): 107–36. https://doi.org/10.1080/15377857.2019.1652223.
+1. Jarvis, Craig. 2021. Crypto Wars The Fight for Privacy in the Digital Age: A Political History of Digital Encryption. CBC PRESS. https://www.routledge.com/Crypto-Wars-The-Fight-for-Privacy-in-the-Digital-Age-A-Political-History/Jarvis/p/book/9780367642488.
+1. Maddox, Alexia, and Luke J Heemsbergen. 2021. ‘Digging in Crypto-Communities’ Future-Making: From Dark to Doge’. M/C Journal 24 (2 SE-). https://doi.org/10.5204/mcj.2755.
+1. Renwick, Robin, and Rob Gleasure. 2021. ‘Those Who Control the Code Control the Rules: How Different Perspectives of Privacy Are Being Written into the Code of Blockchain Systems’. Journal of Information Technology 36 (1): 16–38. https://doi.org/10.1177/0268396220944406.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
+1. ———. 2020. ‘Survival of the Cryptic: Tracing Technological Imaginaries across Ideologies, Infrastructures, and Community Practices’. New Media and Society, 1461444820983017. https://doi.org/10.1177/1461444820983017.
+1. White, Molly. 2022. ‘Anonymous Cryptocurrency Wallets Are Not So Simple’. Molly White (blog). 12 February 2022. https://blog.mollywhite.net/anonymous-crypto-wallets/.
diff --git a/concepts/public-goods-problem.md b/concepts/public-goods-problem.md
index 195125d..19b748b 100644
--- a/concepts/public-goods-problem.md
+++ b/concepts/public-goods-problem.md
@@ -6,3 +6,5 @@ City parks are a public good.
 [Money](money.md) is a public good.
 
 See also [free-rider-problem](free-rider-problem.md).
+
+## References
\ No newline at end of file
diff --git a/concepts/pump-and-dump.md b/concepts/pump-and-dump.md
index 5e3e019..89db41e 100644
--- a/concepts/pump-and-dump.md
+++ b/concepts/pump-and-dump.md
@@ -6,12 +6,12 @@ Pump and dump schemes are illegal in most regulated markets such as public stock
 Pump and dump schemes result in a net wealth transfer from the market at large to an economic [cartel](cartel.md).
 
 ## References
-* Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
-* Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
-* Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
-* *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
-* Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
-* Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
-* Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
-* Diehl, Stephen. 2021. ‘Et Tu, Signal?’ 7 April 2021. https://www.stephendiehl.com/blog/signal.html.
-* Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.
\ No newline at end of file
+1. Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
+1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
+1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
+1. *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
+1. Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
+1. Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
+1. Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
+1. Diehl, Stephen. 2021. ‘Et Tu, Signal?’ 7 April 2021. https://www.stephendiehl.com/blog/signal.html.
+1. Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.
\ No newline at end of file
diff --git a/concepts/pyramid-scheme.md b/concepts/pyramid-scheme.md
index 1c90a9d..099081f 100644
--- a/concepts/pyramid-scheme.md
+++ b/concepts/pyramid-scheme.md
@@ -4,9 +4,9 @@ A pyramid scheme is a fraudulent investment based on recruiting an ever-increasi
 See [multilevel marketing scheme](mlm.md).
 
 ## References
-* *‘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.
-* Jarvis, Christopher J. 2000. ‘The Rise and Fall of Albania’s Pyramid Schemes’. Finance & Development 37 (001).
-* Papillouda, Christian, and Aldo Haeslerb. 2014. ‘The Veil of Economy: Electronic Money and the Pyramidal Structure of Societies’. Distinktion 15 (1): 54–68. https://doi.org/10.1080/1600910X.2014.882853.
-* Stivers, A. 2019. ‘The Alchemy of a Pyramid: Transmutating Business Opportunity Into a Negative Sum Wealth Transfer’. http://ssrn.com/paper=3497682.
-* Wigglesworth, Robin. 2021. ‘Albanian Lessons for Regulators Nervously Eyeing the Crypto World’. Financial Times, 5 July 2021. https://www.ft.com/content/810367e5-e0b1-4221-b303-f3012a177437.
-* [Invesator.gov Pyramid Scheme](https://www.investor.gov/protect-your-investments/fraud/types-fraud/pyramid-schemes)
\ No newline at end of file
+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. Jarvis, Christopher J. 2000. ‘The Rise and Fall of Albania’s Pyramid Schemes’. Finance & Development 37 (001).
+1. Papillouda, Christian, and Aldo Haeslerb. 2014. ‘The Veil of Economy: Electronic Money and the Pyramidal Structure of Societies’. Distinktion 15 (1): 54–68. https://doi.org/10.1080/1600910X.2014.882853.
+1. Stivers, A. 2019. ‘The Alchemy of a Pyramid: Transmutating Business Opportunity Into a Negative Sum Wealth Transfer’. http://ssrn.com/paper=3497682.
+1. Wigglesworth, Robin. 2021. ‘Albanian Lessons for Regulators Nervously Eyeing the Crypto World’. Financial Times, 5 July 2021. https://www.ft.com/content/810367e5-e0b1-4221-b303-f3012a177437.
+1. [Invesator.gov Pyramid Scheme](https://www.investor.gov/protect-your-investments/fraud/types-fraud/pyramid-schemes)
\ No newline at end of file
diff --git a/concepts/real-estate.md b/concepts/real-estate.md
index 2b49a5f..6a168e7 100644
--- a/concepts/real-estate.md
+++ b/concepts/real-estate.md
@@ -6,4 +6,6 @@ Real estate has a [use value](use-value.md).
 
 Real estate may have [income-cashflows](income-cashflows.md) through generating rent or agriculture.
 
-Real estate is a [productive](productive-asset.md) investment.
\ No newline at end of file
+Real estate is a [productive](productive-asset.md) investment.
+
+## References
\ No newline at end of file
diff --git a/concepts/recentralization.md b/concepts/recentralization.md
index 60430ab..6fcd804 100644
--- a/concepts/recentralization.md
+++ b/concepts/recentralization.md
@@ -5,11 +5,11 @@ See [web3](web3.md) and [DeFi](defi.md).
 
 ## References
 1. Aramonte, Sirio, Wenqian Huang, and Andreas Schrimpf. 2021. ‘DeFi Risks and the Decentralisation Illusion’, 16.
-* Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
-* White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
-* Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
-* Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
-* Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.
-* Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
-* Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
-* Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
\ No newline at end of file
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. White, Molly. 2022. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
+1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
+1. Halpin, Harry. 2020. ‘Deconstructing the Decentralization Trilemma’. ICETE 2020 - Proceedings of the 17th International Joint Conference on e-Business and Telecommunications 3: 505–12. https://doi.org/10.5220/0009892405050512.
+1. Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
+1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
\ No newline at end of file
diff --git a/concepts/reserve-currency.md b/concepts/reserve-currency.md
index 6ed8fdc..fa96ac9 100644
--- a/concepts/reserve-currency.md
+++ b/concepts/reserve-currency.md
@@ -1,7 +1,7 @@
 # Reserve Currency
  A reserve currency is a [currency](currency.md) that is held in by [central-banks](central-banks.md) as part of their foreign exchange reserves. The reserve currency is used for international transaction between nation states.
 
-Historical world reserve currencies include:
+Historical world reserve currencies have included:
 
 1. Spanish Silver Dollar
 2. Dutch Guilder
@@ -9,9 +9,8 @@ Historical world reserve currencies include:
 4. United States Dollar
 
 ## References
-
-* Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
-* Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
-* Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
-* Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
-* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
\ No newline at end of file
+1. Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
+1. Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
\ No newline at end of file
diff --git a/concepts/shadow-bank.md b/concepts/shadow-bank.md
index 3d2432e..72c5758 100644
--- a/concepts/shadow-bank.md
+++ b/concepts/shadow-bank.md
@@ -5,7 +5,7 @@ See also [regulatory-arbitrage](regulatory-arbitrage.md).
 
 ## References
 1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
-* Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
-* Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
-* Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
-* Pupolizio, Ivan. 2021. ‘From Libra to Diem. The Pursuit of a Global Private Currency’. Global Jurist. https://doi.org/10.1515/gj-2021-0055.
\ No newline at end of file
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Gorton, Gary B., and Jeffery Zhang. 2021. ‘Taming Wildcat Stablecoins’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3888752.
+1. Malloy, Matthew, and David Lowe. 2021. ‘Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective’. Finance and Economics Discussion Series 2021 (020): 1–14. https://doi.org/10.17016/feds.2021.020.
+1. Pupolizio, Ivan. 2021. ‘From Libra to Diem. The Pursuit of a Global Private Currency’. Global Jurist. https://doi.org/10.1515/gj-2021-0055.
\ No newline at end of file
diff --git a/concepts/smart-contracts.md b/concepts/smart-contracts.md
index e4a7eb4..3511e5c 100644
--- a/concepts/smart-contracts.md
+++ b/concepts/smart-contracts.md
@@ -16,9 +16,9 @@ This fundamentally introduces a trust boundary issue as smart contracts then nee
 * [Mixer](mixer.md)
 
 ## References
-* Mik, Eliza. 2017. ‘Smart Contracts: Terminology, Technical Limitations and Real World Complexity’. Law, Innovation and Technology 9 (2): 269–300. https://doi.org/10.1080/17579961.2017.1378468.
-* Ante, Lennart. 2020. ‘Smart Contracts on the Blockchain – A Bibliometric Analysis and Review’. SSRN Electronic Journal, no. 10: 1–48. https://doi.org/10.2139/ssrn.3576393.
-* Barbosa, Leonardo Peixoto. 2021. ‘Blockchain Smart Contracts: A Socio-Legal Approach’. European Business Law Review 32 (2). https://kluwerlawonline.com/journalarticle/European+Business+Law+Review/32.2/EULR2021010.
-* Caldarelli, Giulio. 2020. ‘Understanding the Blockchain Oracle Problem: A Call for Action’. Information (Switzerland) 11 (11): 1–19. https://doi.org/10.3390/info11110509.
-* Jason Kolber, Adam. 2018. ‘Not-So-Smart Blockchain Contracts and Artificial Responsibility’. Stanford Technology Law Review 21 (2): 198–234. https://law.stanford.edu/publications/not-so-smart-blockchain-contracts-and-artificial-responsibility/.
-* Pinna, Andrea, Simona Ibba, Gavina Baralla, Roberto Tonelli, and Michele Marchesi. 2019. ‘A Massive Analysis of Ethereum Smart Contracts Empirical Study and Code Metrics’. IEEE Access 7: 78194–213.
\ No newline at end of file
+1. Mik, Eliza. 2017. ‘Smart Contracts: Terminology, Technical Limitations and Real World Complexity’. Law, Innovation and Technology 9 (2): 269–300. https://doi.org/10.1080/17579961.2017.1378468.
+1. Ante, Lennart. 2020. ‘Smart Contracts on the Blockchain – A Bibliometric Analysis and Review’. SSRN Electronic Journal, no. 10: 1–48. https://doi.org/10.2139/ssrn.3576393.
+1. Barbosa, Leonardo Peixoto. 2021. ‘Blockchain Smart Contracts: A Socio-Legal Approach’. European Business Law Review 32 (2). https://kluwerlawonline.com/journalarticle/European+Business+Law+Review/32.2/EULR2021010.
+1. Caldarelli, Giulio. 2020. ‘Understanding the Blockchain Oracle Problem: A Call for Action’. Information (Switzerland) 11 (11): 1–19. https://doi.org/10.3390/info11110509.
+1. Jason Kolber, Adam. 2018. ‘Not-So-Smart Blockchain Contracts and Artificial Responsibility’. Stanford Technology Law Review 21 (2): 198–234. https://law.stanford.edu/publications/not-so-smart-blockchain-contracts-and-artificial-responsibility/.
+1. Pinna, Andrea, Simona Ibba, Gavina Baralla, Roberto Tonelli, and Michele Marchesi. 2019. ‘A Massive Analysis of Ethereum Smart Contracts Empirical Study and Code Metrics’. IEEE Access 7: 78194–213.
\ No newline at end of file
diff --git a/concepts/sound-money.md b/concepts/sound-money.md
index a882087..5a79f94 100644
--- a/concepts/sound-money.md
+++ b/concepts/sound-money.md
@@ -6,12 +6,12 @@ Sound money is an antiquated ideology that, along with the [gold standard](gold-
 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/.
-* Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.
-* Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
-* Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
-* Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
-* Fantacci, Luca. 2019. ‘Cryptocurrencies and the Denationalization of Money’. International Journal of Political Economy 48 (2): 105–26. https://doi.org/10.1080/08911916.2019.1624319.
-* Bernanke, Ben S. 2004. Essays on the Great Depression. Princeton University Press.
-* Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
-* Selmi, Refk, Jamal Bouoiyour, and Mark E. Wohar. 2022. ‘“Digital Gold” and Geopolitics’. Research in International Business and Finance 59: 101512. https://doi.org/10.1016/j.ribaf.2021.101512.
\ No newline at end of file
+1. Doctorow, Cory. 2022. ‘Money Is Power’. 3 February 2022. https://pluralistic.net/2022/02/03/liquidation-preference/.
+1. Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.
+1. Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
+1. Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
+1. Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
+1. Fantacci, Luca. 2019. ‘Cryptocurrencies and the Denationalization of Money’. International Journal of Political Economy 48 (2): 105–26. https://doi.org/10.1080/08911916.2019.1624319.
+1. Bernanke, Ben S. 2004. Essays on the Great Depression. Princeton University Press.
+1. Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
+1. Selmi, Refk, Jamal Bouoiyour, and Mark E. Wohar. 2022. ‘“Digital Gold” and Geopolitics’. Research in International Business and Finance 59: 101512. https://doi.org/10.1016/j.ribaf.2021.101512.
\ No newline at end of file
diff --git a/concepts/techno-collectivism.md b/concepts/techno-collectivism.md
index 59e84ca..7a914c8 100644
--- a/concepts/techno-collectivism.md
+++ b/concepts/techno-collectivism.md
@@ -4,13 +4,13 @@ A loose set of political or organisational ideologies that [blockchain](../block
 See also [technosolutionism](technosolutionism.md) and [techno-obscurantism](techno-obscurantism.md).
 
 ## References
-* Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
-* Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
-* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
-* Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
-* Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
-* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
-* Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
-* Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
-* Penny, Laurie. 2018. ‘Four Days Trapped at Sea With Crypto’s Nouveau Riche’. BREAKERMAG. https://breakermag.com/trapped-at-sea-with-cryptos-nouveau-riche/.
-* Stephenson, Will. n.d. ‘Cryptonomicon’. Harpers Review. Accessed 2 March 2022. https://harpers.org/archive/2022/03/cryptonomicon-bitcoin-maximalists-miami/.
\ No newline at end of file
+1. Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
+1. Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
+1. Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
+1. Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
+1. Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
+1. Penny, Laurie. 2018. ‘Four Days Trapped at Sea With Crypto’s Nouveau Riche’. BREAKERMAG. https://breakermag.com/trapped-at-sea-with-cryptos-nouveau-riche/.
+1. Stephenson, Will. n.d. ‘Cryptonomicon’. Harpers Review. Accessed 2 March 2022. https://harpers.org/archive/2022/03/cryptonomicon-bitcoin-maximalists-miami/.
\ No newline at end of file
diff --git a/concepts/technolibertarianism.md b/concepts/technolibertarianism.md
index da2d36b..f3af538 100644
--- a/concepts/technolibertarianism.md
+++ b/concepts/technolibertarianism.md
@@ -7,16 +7,16 @@ the financial lives of citizens. The ideology is predicated on a distrust of ins
 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.
-* Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
-* *———. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-* Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
-* Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
-* Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
-* Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
-* Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
-* Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
-* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
-* Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
-* West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-* Gürses, Seda, Arun Kundnani, and Joris Van Hoboken. 2016. ‘Crypto and Empire: The Contradictions of Counter-Surveillance Advocacy’. Media, Culture and Society 38 (4): 576–90. https://doi.org/10.1177/0163443716643006.
\ No newline at end of file
+1. Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
+1. Beltramini, Enrico. 2020. ‘Trust, Finance and Cryptocurrencies’. In Anarchism, Organization and Management, 184–95. Routledge. https://doi.org/10.4324/9781315172606-19.
+1. *———. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
+1. Allon, Fiona. 2018. ‘Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism’. Australian Feminist Studies 33 (96): 223–43. https://doi.org/10.1080/08164649.2018.1517245.
+1. Beltramini, Enrico. 2021. ‘Against Technocratic Authoritarianism. A Short Intellectual History of the Cypherpunk Movement’. Internet Histories 5 (2): 101–18. https://doi.org/10.1080/24701475.2020.1731249.
+1. Brody, Ann, and Stéphane Couture. 2021. ‘Ideologies and Imaginaries in Blockchain Communities: The Case of Ethereum’. Canadian Journal of Communication 46 (3). https://doi.org/10.22230/cjc.2021v46n3a3701.
+1. Golumbia, David. 2013. ‘Cyberlibertarianism: The Extremist Foundations of “Digital Freedom.”’ Clemson University Department of English.
+1. Inwood, Olivia, and Michele Zappavigna. 2021. ‘Ideology, Attitudinal Positioning, and the Blockchain: A Social Semiotic Approach to Understanding the Values Construed in the Whitepapers of Blockchain Start-Ups’. Social Semiotics, 1–19. https://doi.org/10.1080/10350330.2021.1877995.
+1. Korhonen, Outi, and Juho Rantala. 2021. ‘Blockchain Governance Challenges: Beyond Libertarianism’. AJIL Unbound 115: 408–12. https://doi.org/10.1017/aju.2021.65.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Hellegren, Z. Isadora. 2017. ‘A History of Crypto-Discourse: Encryption as a Site of Struggles to Define Internet Freedom’. Internet Histories 1 (4): 285–311. https://doi.org/10.1080/24701475.2017.1387466.
+1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
+1. Gürses, Seda, Arun Kundnani, and Joris Van Hoboken. 2016. ‘Crypto and Empire: The Contradictions of Counter-Surveillance Advocacy’. Media, Culture and Society 38 (4): 576–90. https://doi.org/10.1177/0163443716643006.
\ No newline at end of file
diff --git a/concepts/technosolutionism.md b/concepts/technosolutionism.md
index ebe16dc..8eaa286 100644
--- a/concepts/technosolutionism.md
+++ b/concepts/technosolutionism.md
@@ -4,15 +4,14 @@ Technosolutionism is belief and broader ideology that every social, political an
 See also [techno-collectivism](techno-collectivism.md) and [post-state technocracy](post-state-technocracy.md).
 
 ## References
-
-* Morozov, Evgeny. To save everything, click here: The folly of technological solutionism. Public Affairs, 2013.
-* Zitron, Ed. 2022. ‘Solutions That Create Problems’. Substack newsletter. Ed Zitron’s Where’s Your Ed At (blog). 23 February 2022. https://ez.substack.com/p/solutions-that-create-problems.
-* Pollock, Rufus. 2016. ‘Reflections on the Blockchain · Rufus Pollock Online’. 2 July 2016. https://rufuspollock.com/2016/07/02/reflections-on-the-blockchain/.
-* Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
-* Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
-* Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
-* Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
-* Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
-* Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
-* Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
-* Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
\ No newline at end of file
+1. Morozov, Evgeny. To save everything, click here: The folly of technological solutionism. Public Affairs, 2013.
+1. Zitron, Ed. 2022. ‘Solutions That Create Problems’. Substack newsletter. Ed Zitron’s Where’s Your Ed At (blog). 23 February 2022. https://ez.substack.com/p/solutions-that-create-problems.
+1. Pollock, Rufus. 2016. ‘Reflections on the Blockchain · Rufus Pollock Online’. 2 July 2016. https://rufuspollock.com/2016/07/02/reflections-on-the-blockchain/.
+1. Arjaliès, Diane-Laure. 2020. ‘“At the Very Beginning, There’S This Dream.” the Role of Utopia in the Workings of Local and Cryptocurrencies’. In Handbook of Alternative Finance. February. https://www.researchgate.net/publication/333755384_AT_THE_VERY_BEGINNING_THERE'S_THIS_DREAM_THE_ROLE_OF_UTOPIA_IN_THE_WORKINGS_OF_LOCAL_AND_CRYPTOCURRENCIES.
+1. Becker, Moritz. 2019. ‘Blockchain and the Promise (s) of Decentralisation : A Sociological Investigation of the Sociotechnical Imaginaries of Blockchain’. In Proceedings of the STS Conference Graz 2019, 6–30. https://doi.org/10.3217/978-3-85125-668-0-02.
+1. Binder, Carola. 2021. ‘Technopopulism and Central Banks’. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3823456.
+1. Eich, Stefan. 2019. ‘Old Utopias, New Tax Havens: The Politics of Bitcoin in Historical Perspective’. Regulating Blockchain: Techno-Social and Legal Challenges, 85–98.
+1. Gensert, Leif. 2018. ‘Blockchain Is Merely a Marketing Instrument’. Leif Thoughts - Schlockchain. 3 April 2018. https://leif.io/blog/2018/04/03/blockchain-is-merely-a-marketing-instrument/.
+1. Husain, Syed Omer, Alex Franklin, and Dirk Roep. 2020. ‘The Political Imaginaries of Blockchain Projects: Discerning the Expressions of an Emerging Ecosystem’. Sustainability Science 15 (2): 379–94. https://doi.org/10.1007/s11625-020-00786-x.
+1. Kohl, Uta. 2021. ‘Blockchain Utopia and Its Governance Shortfalls’. In Blockchain and Public Law. Edward Elgar Publishing.
+1. Ludlow, Peter. 2001. Crypto Anarchy, Cyberstates, and Pirate Utopias. MIT Press.
\ No newline at end of file
diff --git a/concepts/wash-trading.md b/concepts/wash-trading.md
index e4e4bec..75b73c5 100644
--- a/concepts/wash-trading.md
+++ b/concepts/wash-trading.md
@@ -4,7 +4,7 @@ The trading of an [assets](assets.md) in which the same party both buys and sell
 See [market manipulation](market-manipulation.md) and [price formation](price-formation.md).
 
 ## References
-* Cong, Lin William, Xi Li, Ke Tang, and Yang Yang. 2020. ‘Crypto Wash Trading’. Available at SSRN 3530220.
-* Vigna, P. 2019. ‘Most Bitcoin Trading Faked by Unregulated Exchanges, Study Finds’. Wall Street Journal.
-* Feinstein, Brian D., and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. SSRN Electronic Journal 7 (1): 48–99. https://doi.org/10.2139/ssrn.3649475.
-* Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
\ No newline at end of file
+1. Cong, Lin William, Xi Li, Ke Tang, and Yang Yang. 2020. ‘Crypto Wash Trading’. Available at SSRN 3530220.
+1. Vigna, P. 2019. ‘Most Bitcoin Trading Faked by Unregulated Exchanges, Study Finds’. Wall Street Journal.
+1. Feinstein, Brian D., and Kevin Werbach. 2020. ‘The Impact of Cryptocurrency Regulation on Trading Markets’. SSRN Electronic Journal 7 (1): 48–99. https://doi.org/10.2139/ssrn.3649475.
+1. Rae, Shaela W, and Lorraine Mastersmith. 2019. ‘Crypto Asset Trading in Canada: Entering a New Era of Regulation’. Banking & Finance Law Review 35 (1): 153–85.
\ No newline at end of file
diff --git a/concepts/web3.md b/concepts/web3.md
index b2847e4..81c9903 100644
--- a/concepts/web3.md
+++ b/concepts/web3.md
@@ -5,7 +5,6 @@ An umbrella term for a variety of endeavours to integrate [crypto assets](crypto
 It is important to be aware that Web3 both lacks a precise definition and has become an intellectual nexus for grand visions of technical and financial reconfiguration.
 
 ## References
-
-* 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/.
-* Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
-* O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
\ No newline at end of file
+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/.
+1. Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
+1. O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
\ No newline at end of file
diff --git a/concepts/whale.md b/concepts/whale.md
index 870cc3c..070162d 100644
--- a/concepts/whale.md
+++ b/concepts/whale.md
@@ -4,10 +4,10 @@ A holder of a signfigant controlling stake in a [crypto asset](cryptoasset.md) w
 See [market-manipulation](market-manipulation.md).
 
 ## References
-* Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
-* Sai, Ashish Rajendra. 2021. ‘Towards a Holistic Assessment of Centralization in Distributed Ledgers’. https://ulir.ul.ie/handle/10344/10766.
-* Sai, Ashish Rajendra, Jim Buckley, Brian Fitzgerald, and Andrew Le Gear. 2021. ‘Taxonomy of Centralization in Public Blockchain Systems: A Systematic Literature Review’. Information Processing and Management 58 (4): 102584. https://doi.org/10.1016/j.ipm.2021.102584.
-* Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
-* Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
-* Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
-* Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
\ No newline at end of file
+1. Arnosti, Nick, and S Matthew Weinberg. 2022. ‘Bitcoin: A Natural Oligopoly’. Management Science.
+1. Sai, Ashish Rajendra. 2021. ‘Towards a Holistic Assessment of Centralization in Distributed Ledgers’. https://ulir.ul.ie/handle/10344/10766.
+1. Sai, Ashish Rajendra, Jim Buckley, Brian Fitzgerald, and Andrew Le Gear. 2021. ‘Taxonomy of Centralization in Public Blockchain Systems: A Systematic Literature Review’. Information Processing and Management 58 (4): 102584. https://doi.org/10.1016/j.ipm.2021.102584.
+1. Schneider, Nathan. 2019. ‘Decentralization: An Incomplete Ambition’. Journal of Cultural Economy. https://doi.org/10.1080/17530350.2019.1589553.
+1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
\ No newline at end of file

From fa4fe7033f0053d0d63a40d12d0d0ca355aea862 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Thu, 31 Mar 2022 08:25:13 +0100
Subject: [PATCH 076/103] Fix typos

---
 concepts/anarchocapitalism.md |  2 +-
 concepts/crypto-exchange.md   |  2 ++
 concepts/defi.md              |  2 +-
 concepts/money.md             | 10 ++++------
 4 files changed, 8 insertions(+), 8 deletions(-)

diff --git a/concepts/anarchocapitalism.md b/concepts/anarchocapitalism.md
index 9ee09b8..ad6e528 100644
--- a/concepts/anarchocapitalism.md
+++ b/concepts/anarchocapitalism.md
@@ -1,7 +1,7 @@
 # Anarcho-capitalism
 Anarcho-capitalism is a political ideology that synthesises beliefs from [capitalism](capitalism.md) and anarchy. It's adherents believe in the the elimination of centralized nation states in favour of  of a system of pure private property enforced by private agencies, free markets and self-ownership without the need for laws or the state.
 
-In the absence of the nation state, anarcho-capitalists suppose that society will inevitably contractually self-regulate and participation in the free market will sustain or replace the need for [public goods](../public-goods-problem.md).
+In the absence of the nation state, anarcho-capitalists suppose that society will inevitably contractually self-regulate and participation in the free market will sustain or replace the need for [public goods](public-goods-problem.md).
 
 See [cryptoanarchism](cryptoanarchism.md), [post-state technocracy](../../notes/post-state-technocracy.md) and [technolibertarianism](technolibertarianism.md).
 
diff --git a/concepts/crypto-exchange.md b/concepts/crypto-exchange.md
index 3690ce4..5e08ca3 100644
--- a/concepts/crypto-exchange.md
+++ b/concepts/crypto-exchange.md
@@ -7,6 +7,8 @@ Many crypto exchanges offer their own [stablecoin](stablecoin.md) whose reserves
 
 Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory authorities. These include, but are not limited to:
 
+* Antigua 
+* Barbuda
 * Seychelles
 * Malta
 * Jersey
diff --git a/concepts/defi.md b/concepts/defi.md
index 66f1767..783a390 100644
--- a/concepts/defi.md
+++ b/concepts/defi.md
@@ -1,5 +1,5 @@
 # Decentralized Finance (DeFi)
-Defi is a broad category of [smart contracts](smart-contracts.md) which loosely correspond to digital investment schemes running on a [blockchain](blockchain.md) which allow users to create over-collateralized loans out of [stablecoin](stablecoin.md) and which have side payouts in so-called "[governance tokens](governance-token.md)".
+Defi is a broad category of [smart contracts](smart-contracts.md) which loosely correspond to digital investment schemes running on a [blockchain](blockchain.md) which allow users to create [overcollateralized](collateralization.md) loans out of [stablecoin](stablecoin.md) and which have side payouts in so-called "[governance tokens](governance-token.md)".
 
 DeFi generally refers to a collection of services which offer lending products offered by non-banks and which exist outside the regulatory perimeter as a form [regulatory arbitrage](regulatory-arbitrage.md) and to fund margin trading activities to [speculaate](speculation.md) on [crypto assets](cryptoasset.md).
 
diff --git a/concepts/money.md b/concepts/money.md
index d9ec9d2..21c1fc7 100644
--- a/concepts/money.md
+++ b/concepts/money.md
@@ -5,15 +5,11 @@ Money is any item or verifiable record that is accepted as payment for goods and
 * **Unit of Account** - The capacity of an item, or subdivisions of itself, to function as a numerical monetary unit (*numéraire*) and act as a universal measure of the [market value](market-value.md) of goods, services, and other transactions.
 * **Store of Value** - The capacity of an item to retain purchasing power into the future and capacity to be saved with a predictable variance in its [market value](market-value.md) over long time periods.
 
-Money is a social technology whose efficacy is based on both its universal acceptance in an economic region and the money's coherence to three properties:
+Money is a social technology whose efficacy is based on both its universal acceptance in an economic region and the money's coherence to three properties above.
 
 The United States [dollar](dollar.md) and the Euro are examples of money.
 
-See also [private money](private-money.md).
-
-## Qualities
-
-The qualifies of a currency representing money are defined by coherent to three properties:
+The qualifies of a currency representing money are defined by coherent several other properties:
 
 * Durability
 * Portability
@@ -22,6 +18,8 @@ The qualifies of a currency representing money are defined by coherent to three
 * Limited supply
 * Wide acceptability
 
+See also [private money](private-money.md) and [currency](currency.md).
+
 ## References
 1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
 1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.

From ba8e7b508fcf050e54b759bd4fdb0a3d3cb7ed1f Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Thu, 31 Mar 2022 10:24:00 +0200
Subject: [PATCH 077/103] Update are-crypto-tokens-securities.md

---
 notes/are-crypto-tokens-securities.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index 896eae9..25c5da0 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -2,7 +2,7 @@
 
 In episode #3 of our ongoing deep dive into web3 and crypto, we explore the nature of financial products known as "securities", their relation to crypto tokens, and the regulatory framework that exists around these structures.
 
-<iframe width="560" height="315" src="https://www.youtube.com/watch?v=z2uAg-AIs-Y" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
+<iframe width="560" height="315" src="hhttps://www.youtube.com/watch?v=z2uAg-AIs-Y" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
 
 

From be886414369298a398c0e52014f5ad13902f0618 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Thu, 31 Mar 2022 10:25:17 +0200
Subject: [PATCH 078/103] youtube link fix

---
 notes/are-crypto-tokens-securities.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index 25c5da0..92a4dcd 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -2,7 +2,7 @@
 
 In episode #3 of our ongoing deep dive into web3 and crypto, we explore the nature of financial products known as "securities", their relation to crypto tokens, and the regulatory framework that exists around these structures.
 
-<iframe width="560" height="315" src="hhttps://www.youtube.com/watch?v=z2uAg-AIs-Y" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
+<iframe width="560" height="315" src="https://www.youtube.com/embed/z2uAg-AIs-Y" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
 
 
 

From f930b50df9f838ee24bd5a351e1c4b2334afcdc6 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Thu, 31 Mar 2022 10:27:22 +0200
Subject: [PATCH 079/103] typo correct

---
 notes/neo-metallism.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index c2ed97e..584ed49 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -1,6 +1,6 @@
 # Neo-Metallism
 
-In episode #1 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl discuss the neo-metallist perspective on bitcoin and the concept of "digital" gold.
+In episode #1 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl discuss the neo-metallist perspective on Bitcoin and the concept of "digital" gold.
 
 <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>
 

From d26d6b25e41f36cefcefab4fd87015fd2688ae47 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Thu, 31 Mar 2022 12:48:28 +0300
Subject: [PATCH 080/103] added extra text for tutorial

---
 site/content/test.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/site/content/test.md b/site/content/test.md
index a884184..cba4014 100644
--- a/site/content/test.md
+++ b/site/content/test.md
@@ -3,7 +3,7 @@ This youtube link (https://www.youtube.com/embed/K5JtPTyc0y0) surrounded by newl
 
 https://www.youtube.com/embed/K5JtPTyc0y0
 
-Links without being surrounded by newlines will show as below:
+For eg .. Links without being surrounded by newlines will show as below:
 
 * Youtube:  https://www.youtube.com/watch?v=z2uAg-AIs-Y
 * Podcast: https://anchor.fm/life-itself/episodes/Are-Cryptocurrencies-Securities--The-Nature-of-Securities--Their-Relation-to-Crypto-Tokens-with-Stephen-Diehl-e1fph69

From 92c22722d6a4079fd38509f7a3e31a1af62e7a2a Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Thu, 31 Mar 2022 11:10:18 +0100
Subject: [PATCH 081/103] Finish some final concepts

---
 concepts/amm.md                 | 11 +++++++----
 concepts/dex.md                 |  8 +++-----
 concepts/narrative-economics.md |  6 +++++-
 concepts/predatory-inclusion.md |  2 +-
 meta/concepts-todo.md           |  6 +++---
 5 files changed, 19 insertions(+), 14 deletions(-)

diff --git a/concepts/amm.md b/concepts/amm.md
index 323b621..da15ace 100644
--- a/concepts/amm.md
+++ b/concepts/amm.md
@@ -9,7 +9,7 @@ From https://academy.binance.com/en/articles/what-is-an-automated-market-maker-a
 > 
 > AMMs have really carved out their niche in the DeFi space due to how simple and easy they are to use. Decentralizing market making this way is intrinsic to the vision of crypto.
 
-## Examples
+Examples of AMM crypto projects:
 
 * Uniswap
 * SushiSwap
@@ -47,8 +47,11 @@ Uniswap is iterating to favor "professional players":
 
 ## References
 
-* https://academy.binance.com/en/articles/what-is-an-automated-market-maker-amm
-* https://twitter.com/HideNotSlide/status/1386358389240958977 - someone getting excited about not having transparent market makers as if this is something innovative but what about e.g. https://en.wikipedia.org/wiki/IEX
-* https://www.bis.org/publ/qtrpdf/r_qt2112v.htm - good brief overview from BIS. Note interesting footnote (no 2):
+1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
+1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
+1. Anker-Sørensen, Linn, and Dirk A Zetzsche. 2021. ‘From Centralized to Decentralized Finance: The Issue Of’. Available at SSRN 3978815. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978815.
+1. https://www.bis.org/publ/qtrpdf/r_qt2112v.htm - good brief overview from BIS. Note interesting footnote (no 2):
   §
   > The AMM trading mechanism shares similarities with the framework of Shapley and Shubik (1977), which ensures market-clearing. See L Shapley and M Shubik, "Trade using one commodity as a means of payment", Journal of Political Economy, vol 85, no 5, pp. 937–68, and H S Shin, "Comparing the robustness of trading systems to higher-order uncertainty", Review of Economic Studies, vol 63, no 1, pp. 39–59.
+1. https://academy.binance.com/en/articles/what-is-an-automated-market-maker-amm
+1. https://twitter.com/HideNotSlide/status/1386358389240958977 - someone getting excited about not having transparent market makers as if this is something innovative but what about e.g. https://en.wikipedia.org/wiki/IEX
diff --git a/concepts/dex.md b/concepts/dex.md
index 844b182..e1ca413 100644
--- a/concepts/dex.md
+++ b/concepts/dex.md
@@ -1,11 +1,9 @@
 # Decentralized Exchange
-Order-book based but peer-to-peer transactions (i.e. without market makers). This contrasts with [AMM](AMM.md) (automated market makers) who don't have an order book.
+A form of [market making](market-maker.md) done via a [smart-contracts](smart-contracts.md). In this setup the [order-book](order-book.md) is based on peer-to-peer transactions instead of through a central party like a [crypto-exchange](crypto-exchange.md). This contrasts with [AMM](AMM.md) (automated market makers) who don't have an [order book](order-book.md) and instead use [liquidity pools](liquidity-pool.md).
 
-## Limitations
+Decentralized exchanges lack the ability to withdraw currencies like [dollar](dollar.md) and Euros because they have no access to the [banking](bank.md) system to issue payments.
 
-From https://academy.binance.com/en/articles/what-is-uniswap-and-how-does-it-work
-
-> Due to the inherent limitations of [blockchain](blockchain.md) technology, it has been a challenge to build DEXes that meaningfully compete with their centralized counterparts. Most DEXes could improve both in terms of performance and user experience.
+See also [crypto exchange](crypto-exchange.md), [bucket shop](bucket-shop.md), [mixer](mixer.md) and [money laundering](money-laundering.md).
 
 ## References
 1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
diff --git a/concepts/narrative-economics.md b/concepts/narrative-economics.md
index dd2489a..20392e7 100644
--- a/concepts/narrative-economics.md
+++ b/concepts/narrative-economics.md
@@ -1,3 +1,7 @@
 # Narrative Economics
+The study of the spread and dynamics of popular narratives, the stories, particularly those of human interest and emotion, and how these change through time, to understand economic fluctuations and markets. A interpretation of economics advanced by the Nobel prize winner Robert Shiller.
+
+See also [narrative economics of crypto](../claims/narrative-economics.md), [bandwagon-bias](bandwagon-bias.md),[endowment-effect](endowment-effect.md), and [Tinkerbell effect](tinkerbell-effect.md).
+
 ## References
-* Shiller, Robert J. 2017. ‘Narrative Economics’. American Economic Review 107 (4): 967–1004.
+* Shiller, Robert J. 2017. ‘Narrative Economics’. American Economic Review 107 (4): 967–1004.
\ No newline at end of file
diff --git a/concepts/predatory-inclusion.md b/concepts/predatory-inclusion.md
index 677fbe5..c511bb9 100644
--- a/concepts/predatory-inclusion.md
+++ b/concepts/predatory-inclusion.md
@@ -1,7 +1,7 @@
 # Predatory Inclusion
 Predatory inclusion refers to a process whereby members of a marginalized group are provided with access to a good, service, or opportunity from which they have historically been excluded but under suboptimal or risky conditions that jeopardize the benefits of access.
 
-With regards to financial assets this concept is typically discussed in conjunction with the [unbanked.](unbanked..md)
+With regards to financial assets this concept is typically discussed in conjunction with the [unbanked](unbanked.md).
 
 See [crypto exchange](crypto-exchange.md).
 
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index 86f5bde..e466339 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -112,6 +112,6 @@ Fourth Pass
 Fifth pass
 
 - [ ] [enclosure](../concepts/enclosure.md)
-- [ ] [amm](../concepts/amm.md)
-- [ ] [dex](../concepts/dex.md)
-- [ ] [narrative-economics](../concepts/narrative-economics.md)
\ No newline at end of file
+- [x] [amm](../concepts/amm.md)
+- [x] [dex](../concepts/dex.md)
+- [x] [narrative-economics](../concepts/narrative-economics.md)
\ No newline at end of file

From c5f22c93eb161c865ac794c296f79586df8974ef Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Thu, 31 Mar 2022 16:14:50 +0200
Subject: [PATCH 082/103] tidied in line with template

---
 notes/post-state-technocracy.md | 246 +++++++++++++++++---------------
 1 file changed, 132 insertions(+), 114 deletions(-)

diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index 3e4b1b4..de3abeb 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -1,8 +1,11 @@
-# Post-state Technocracy
-<iframe width="560" height="315" src="https://www.youtube.com/embed/gZ0iCJkM3PU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
+# Post-State Technocracy
 
 In episode #4 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl do a deep dive into the Silicon Valley utopian ideas of crypto assets and explore the notion that crypto assets are a means to create a new form of "network state" outside of the existing international order.
 
+<iframe width="560" height="315" src="https://www.youtube.com/embed/gZ0iCJkM3PU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
+
+
+
 * 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/post-state-technocracy.md)
@@ -12,128 +15,143 @@ In episode #4 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 
 # Episode Notes
 
-## Preface
+## Summary
+
+In previous epsidoes Rufus and Stephen have discussed positions that largely regard either monetary or financial reconfiguration (reinstate the gold standard, get rich quick). In this episide they start engaging with political imaginaries about “making the world a better place”.
+
+In this episode, Rufus and Stephen engage with the vision laid out by technologists and venture capitalists of a transition from the existing US-led international order to a world in which blockchain technology and technocracy are the new foundations for global human governance.
+
+This thesis has been put forward in various forms. So far, the most fully articulated form that we have found is from Balaji Srinivasan. See the show notes below for links to source material.
 
-1.  This week we’re going to start diving into the more utopian visions of crypto and web3. Unlike in the previous interviews where we discussed positions that were largely either monetary or financial reconfiguration (reinstate the gold standard, get rich quick) this time we’ll start engaging with people who really do have a set of political imaginaries about “making the world a better place” as they see it.
-2.  Specifically we’re going to engage with the imaginaries laid out by technologists and venture capitalists about a vision that allegedly aims to transition the world from the existing US-led international order to a vision in which blockchain technology and technocracy are the new foundations for global human governance.
-3.  This thesis has been put forward in various forms. So far, the most fully articulated form that we have found is from Balaji Srinivasan. We’ll link to the source material in the show notes. 
     
 ## Conflict of Interests Disclaimer
 
-1.  It’s hard to disentangle VC narratives from:
+* It’s hard to disentangle venture capitalist narratives from:
 	1.  Talking their books
 	2.  Increasing exit liquidity
 	3.  Creating new tax optimization structures and havens
-2.  We can engage with these arguments in good faith. We have source material on what they allegedly believe and we’ll analyze that on the merits.
-	1.  [https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/](https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/)
-	2.  [https://bariweiss.substack.com/p/is-bitcoin-anarchy-or-civilization?s=r](https://bariweiss.substack.com/p/is-bitcoin-anarchy-or-civilization?s=r) 
-	3.  [https://1729.com](https://1729.com) 
-		1.  [https://1729.com/the-network-state](https://1729.com/the-network-state)
-		2.  [https://1729.com/slides/the-network-state.pdf](https://1729.com/slides/the-network-state.pdf)
-	5.  [Balaji S. Srinivasan: The Network State](https://www.youtube.com/watch?v=P5UAtAOV66c)
-	6.  [Sovereignty in the 21st Century | The Balaji Series | Episode 1 (WiM115)](https://www.youtube.com/watch?v=F4RTXF1JX0E)
-	7.  [35: Balaji Srinivasan - The Heretic & The Virus](https://www.youtube.com/watch?v=km9YC1XF1F4)
-3.  First rule of sociology: Whether or not this view is intellectually coherent isn’t so much as important as whether people believe in this worldview as if it were coherent.
-	1.  Prefigurative politics - the best way to predict the future is to make it.
+* We can engage with these arguments in good faith. We have source material on what they allegedly believe and we’ll analyze that on the merits.
+  *  [https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/](https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/)
+  *  [https://bariweiss.substack.com/p/is-bitcoin-anarchy-or-civilization?s=r](https://bariweiss.substack.com/p/is-bitcoin-anarchy-or-civilization?s=r)
+  * [https://1729.com](https://1729.com)
+    * [https://1729.com/the-network-state](https://1729.com/the-network-state)
+    * [https://1729.com/slides/the-network-state.pdf](https://1729.com/slides/the-network-state.pdf)
+  * [Balaji S. Srinivasan: The Network State](https://www.youtube.com/watch?v=P5UAtAOV66c)
+  * [Sovereignty in the 21st Century | The Balaji Series | Episode 1 (WiM115)](https://www.youtube.com/watch?v=F4RTXF1JX0E)
+  * [35: Balaji Srinivasan - The Heretic & The Virus](https://www.youtube.com/watch?v=km9YC1XF1F4)
+* First rule of sociology: Whether or not this view is intellectually coherent isn’t so much as important as whether people believe in this worldview as if it were coherent.
+  * Prefigurative politics - the best way to predict the future is to make it.
 
-## Pro
+## A Network State
 
-1.  These ideas are all based on the overarching conception of the self-sovereignty of cyberspace.
-	1.  In their words - “A network state is a social network with an agreed-upon leader, an integrated cryptocurrency, a definite purpose, a sense of national consciousness, and a plan to crowdfund physical territory.”
-2.  Constant push inside of libertarianism to create ideal communes of pure libertarian thought. Buying towns, islands, seasteading, etc …
-3.  This is not a completely new idea, we see echoes of this going back to the early internet days of the 1990s Electronic Frontier Foundation and Barlow’s ‘A Declaration of the Independence of Cyberspace’.
-4.  Peter Thiel thesis on human progress - We’ve hit a wall on physical progress, so the “digital realm” is the only frontier accessible.
-	1.  The state is holding back progress in physical sciences.
-	2.  The research taboos of the past need to be revisited. 
-	3.  Cryptocurrencies, seasteading, transhumanism, space travel, and life extension are the foundational ideas of the next era of human development.
-	4.  Why do they want to build a network state?
-		1.  On 1729.com their explanation: To do biomedical research and human genetic experiments that are prohibited in other countries.
-5.  Classic problem in political science and philosophy to create justifications for sovereign states. There are many schools of thought.
-	1. Thomas Hobbes argued that the absolute power of the sovereign was ultimately justified by the consent of the governed, who agreed, in a hypothetical social contract, to obey the sovereign in all matters in exchange for a guarantee of peace and security.
-	2. Jürgen Habermas argues the modern state plays a large role in structuring the economy, by regulating economic activity and being a large-scale economic consumer/producer, and through its redistributive welfare state activities.
-	3. Conflict theories of state formation and the claims of a legitimacy based on conquest and a subsequent monopoly on violence. This is a popular view in libertarian circles. The state is in perpetual frozen conflict with the individual and taxation is a protection racket not unlike the mob.
-6.  The traditional functions of the nation state are being replaced by cyberspace and citizenship (what does citizenship grant me: access to a physical space, the people there and the services provided most obviously physical defense, social security, participation in governance)
-	1.  Physical access (to other people)
-	2.  Physical access to jobs
-	3.  Control of a currency
-	4.  Regulation
-	5.  Property rights enforcement nationally & internationally (justice and arbitration?)
-	6.  Redistribution (and addressing redistribution) and public goods
-7.  There is a grain of truth in all these claims.
-	1.  Zoom and Twitter connect people across the world.
-	2.  Remote working is now a reality
-	3.  Transferwise and wire transfers have lower barriers to money flows
-	4.  The sufficiency of self-regulation in the private sector is a popular perspective
-	5.  Digital commodities are regulated internationally (ICANN, web hosting)
-	6.  Self-organizing communities (everything from good things like Linux and Open Source to bad things like 4chan and QAnon) have proved enormously influential in shaping culture and creating public goods.
-8.  ThePirateBay has existed since 2003 despite government attempts to remove it from the internet. No government cares enough to really pursue it because it only infringes on the private sector and there’s no political will to shut it down. 
-	1.  People have successfully built antifragile services that exist outside the regulatory perimeter that have endured the test of time.
-7.  “There is a coming war between the United States government and the forces of China, Bitcoin and the internet.”
-	1.  This war is extremely desirable and we should work to accelerate it.
-	2.  Normative statements about the inevitably of future “belonging” to one ideology.
-8.  “The 21st century doesn’t belong to China, the United States, or Silicon Valley. It belongs to the internet.”
-	1.  Belief in the “great cycles of history” model and the decline of Pax Americana.
-9.  Nation states are being dissolved from within. The internet is global, the internet is the basis of human life, so borders should not exist. Citizenship is an anachronism. 
-	1.  “No borders politics” is legitimately a divergence from classical right wing positions. Usually resonantes with far-left positions. This is an interesting shift in thinking.
-	2.  Synthesis of ideas from Chomskyan anarchism and neoreactionary thought. 
-		1.  “Burning Man Techno-anarchism turned to nation-building ”
-10.  The supposition is that the state can (and should) be hollowed out, we can replace all of its legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.
-		1. Replacing the DMV and the tax authority with automation is a genuinely appealing idea to many people. Replacing it with the private sector is more controversial.
-11.  Modern nation states are simply too big. People reason about community and politics at a Dunbar’s number level.
-		1. Joseph Henrich has made a strong case that Western high-trust cultures are weird by most historical and global standards. It may be a “pathological” form of organization and something better may exist.
-12.  A more optimal form of human self-organization is somewhere between a tribe and the modern nation state. The direct democracies of ancient Greece or authoritarian capitalist city-states like Singapore are an ideal middle-way that produces greater prosperity.
-		1. Blockchain-friendly hubs are being created across the world (El Salvador, Singapore, Zug). These cities can be purchased using crowdfunding to give blockchain technology the rights of sovereign states and create utopias which will attract top talent looking for low-taxes, business opportunities and like-minded communities.
-13.   There is a kernel of truth in all this, western democracies are slow and sclerotic and public trust in institutions is at an all time low. The Americans legitimately elected an imbecile to control their nuclear arsenal … things are clearly not working optimally in democracy.
-		1. Infinite supply of whataboutisms talking about the genuine deficiencies in the American hegemony and rules based international order.
-14.  "Crypto is the smartest people in the world exiting into their own economy"
-		1. Problems like climate change show that liberal democracies and the existing international order are highly vulnerable to paralysis on global tragedy of the commons problems.
-		2. Just like evolution, corruption is the natural state of being, so we need to embrace corruption rather than live up to the ideals of liberal democracy.
-		3. Instead of a strong man to save us, we need strong tech.
-15.  Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
-		1. We can’t stop runaway phenomenon. We simply have to embrace them. 
-		2. Crypto is inevitable. We can’t put the toothpaste back in the tube.
-		3. Creative destruction is unpredictable but in the end it’s right.
-		4. Historical inventions like the printing press were fraught with concern and risk, and yet humanity survived those paradigm shifts. The disruption of the financial system is no different than the printing press.
-		5. The train of progress only goes one direction, get on or get off. There’s no place for Luddites in the future.
-		6. Matt Damon superbowl ad is the soft form of this worldview.
+* These ideas are all based on the overarching conception of the self-sovereignty of cyberspace.
+  * “A network state is a social network with an agreed-upon leader, an integrated cryptocurrency, a definite purpose, a sense of national consciousness, and a plan to crowdfund physical territory.” - [1729](https://1729.com/the-network-state)
+  * Constant push inside of libertarianism to create ideal communes of pure libertarian thought. Buying towns, islands, seasteading, etc …
+* This is not a completely new idea, we see echoes of this going back to the early internet days of the 1990s Electronic Frontier Foundation and Barlow’s ‘A Declaration of the Independence of Cyberspace’.
+* Classic problem in political science and philosophy to create justifications for sovereign states. There are many schools of thought.
+  * Thomas Hobbes argued that the absolute power of the sovereign was ultimately justified by the consent of the governed, who agreed, in a hypothetical social contract, to obey the sovereign in all matters in exchange for a guarantee of peace and security.
+  * Jürgen Habermas argues the modern state plays a large role in structuring the economy, by regulating economic activity and being a large-scale economic consumer/producer, and through its redistributive welfare state activities.
+  * Conflict theories of state formation and the claims of a legitimacy based on conquest and a subsequent monopoly on violence. This is a popular view in libertarian circles. The state is in perpetual frozen conflict with the individual and taxation is a protection racket not unlike the mob.
 
-## Critique
+## Steel-manning the position
 
-1.  A philosophy built on a disdain for top-down command and control structures. 
-	1.  A conception that a classless and hierarchy-free world is possible.
-2.  The entire argument is predicated on the technology being able to do the things they claim, perhaps at some point in the future. This is falsely treated as a technical reality and an inevitability.
-	1.  The claims of cryptocurrencies or “algorithmic central banks” having the capacity to serve as national currencies seems unsubstantiated by evidence. 
-	2.  Postal service claim - In the 1700s nothing moved faster than a horse. Yet the advent of the steam engine and capacity to send information faster than horse didn’t fundamentally alter our notions of statehood and justice.
-	3.  Comparisons to kibbutzim and moshavim.
-	4.  Biomedical experimentation outside of the regulatory perimeter is generally considered a bad idea for very good reasons.
-	5.  "Crypto is the smartest people in the world exiting into their own economy"
-3.  Who will fix the potholes in the road? Why will they fix the potholes?
-	1.  Cartmanland
-	2.  This is a vision of the future detached from the lived experience and day to day economics of the vast majority of people globally. 
-	3.  How will this new economy function when their financial system can't even be used to buy goods and services?
-		1.  “Crypto doesn’t currently function as money, not because of technical or economics limitations, but because statists won’t give up their power.”
-		2.  Doesn’t include the view that the economics of the system are wrong to give rise to a medium of exchange.
-		3.  A worldview from a VC echo chamber talking their books or trying to strongarm their heterodox views using capital.
-4.  A tech-led plutocracy, not a utopia.
-5.  The state exists for a very good reason. It’s the only structure proven to sustain public goods at a civilization level and be the guarantor of last resort for justice, defense, and monetary issuance.
-	1. Property rights over physical goods are not enforceable with cryptography.
-	2. Dispute resolution between humans can rarely, if ever, be reduced down to code.
-	3. We still need magistrates and courts.
-	4. We still inevitably need a structure like a central bank.
-	5. How does this solve the public goods problem? There appears to be no coherent connection between crypto coins and solutions to this problem.
-6.  The appeals to global UBI are interesting but don't make sense economically. How will we fund it?
-7.  We'll all be full-time FX traders at face value makes zero sense. Price discovery is important but who will smelt the aluminum for your MacBook
-8.  Oligarchy of the technical elite rule and those with access to capitals, where the vast majority of the public which has no ability to purchase say in governance. Which is now purely bought and sold as a commodity.
-9.  This perspective on web3 is an embodiment of what the political theorist Macpherson calls "possessive individualism", a philosophy in which an individual is conceived as the sole proprietor of his or her skills and owes nothing to society for them. These skills (and those of others) are a commodity to be bought and sold on the open market and in such a society is demonstrated a selfish and unending thirst for consumption which is considered the crucial core of human nature.
-10.  Ronald Coase's theory of the firm as an economic answer to possessive individualism.
-		1. Why aren’t we all sole proprietors?
-		2. Transaction costs model
-11.  This is a bleak dystopian vision of the future.
-		1. Neal Stpehensons’s Burbclaves
-		2. We can’t run nation states like we run tech startups.
-		3. Skeptical about finding a quick-fix in technology or politics. There is wisdom in learning from the past and the institutions that exist.
-		4. Esperanto-style solutionism has never worked for societies or economies. 
-		5. Anna Neima’s book The Utopians is full of similarly minded people and communities. They usually dissolve or collapse.
+* **Claim 1:** We’ve hit a wall on physical progress, so the “digital realm” is the only frontier accessible - [Peter Thiel](https://en.wikipedia.org/wiki/Peter_Thiel) thesis on human progress.
+  * The state is holding back progress in physical sciences.
+  * The research taboos of the past need to be revisited.
+  * Cryptocurrencies, seasteading, transhumanism, space travel, and life extension are the foundational ideas of the next era of human development.
+  * Why do they want to build a network state?
+    * A network state can allow biomedical research and human genetic experiments that are prohibited in other countries - explanation from [1729.com](https://1729.com/) 
+* **Claim 2:** The state can (and should) be hollowed out
+  * We can replace all of its legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.
+  * Nation states are being dissolved from within. The internet is global, the internet is the basis of human life, so borders should not exist. Citizenship is an anachronism.
+  * The traditional functions of the nation state are being replaced by cyberspace and citizenship. 
+    * Citizenship grants me: access to a physical space, the people there and the services provided most obviously physical defense, social security, participation in governance. 
+    * Cyberspace and citizenship offer: Physical access (to other people); Physical access to jobs; Control of a currency; Regulation; Property rights enforcement nationally & internationally (justice and arbitration?); Redistribution (and addressing redistribution) and public goods
+* **Claim 3:** Modern nation states are simply too big. People reason about community and politics at a Dunbar’s number level.
+  * Joseph Henrich has made a strong case that Western high-trust cultures are weird by most historical and global standards. It may be a “pathological” form of organization and something better may exist.
+  * A more optimal form of human self-organization is somewhere between a tribe and the modern nation state. The direct democracies of ancient Greece or authoritarian capitalist city-states like Singapore are an ideal middle-way that produces greater prosperity.
+  * Blockchain-friendly hubs are being created across the world (El Salvador, Singapore, Zug). These cities can be purchased using crowdfunding to give blockchain technology the rights of sovereign states and create utopias which will attract top talent looking for low-taxes, business opportunities and like-minded communities.
+* **Claim 4:** People have successfully built antifragile services that exist outside the regulatory perimeter that have endured the test of time.
+  * ThePirateBay has existed since 2003 despite government attempts to remove it from the internet. No government cares enough to really pursue it because it only infringes on the private sector and there’s no political will to shut it down.
+* **Claim 5:** The future inevitably “belongs” to one ideology.
+  * “There is a coming war between the United States government and the forces of China, Bitcoin and the internet.”
+  * This war is extremely desirable and we should work to accelerate it.
+* **Claim 6:** Belief in the “great cycles of history” model and the decline of Pax Americana.
+  * “The 21st century doesn’t belong to China, the United States, or Silicon Valley. It belongs to the internet.”
+* **Claim 7:** "Crypto is the smartest people in the world exiting into their own economy"
+  * Problems like climate change show that liberal democracies and the existing international order are highly vulnerable to paralysis on global tragedy of the commons problems.
+  * Just like evolution, corruption is the natural state of being, so we need to embrace corruption rather than live up to the ideals of liberal democracy.
+  * Instead of a strong man to save us, we need strong tech.
+* **Claim 8:** Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
+  * We can’t stop runaway phenomenon. We simply have to embrace them.
+  * Crypto is inevitable. We can’t put the toothpaste back in the tube.
+  * Creative destruction is unpredictable but in the end it’s right.
+  * Historical inventions like the printing press were fraught with concern and risk, and yet humanity survived those paradigm shifts. The disruption of the financial system is no different than the printing press.
+  * The train of progress only goes one direction, get on or get off. There’s no place for Luddites in the future.
+  * Matt Damon superbowl ad is the soft form of this worldview.
+
+## Evaluating the position
+
+* Overview: 
+  * This perspective on web3 is an embodiment of what the political theorist Macpherson calls "possessive individualism", a philosophy in which an individual is conceived as the sole proprietor of his or her skills and owes nothing to society for them. These skills (and those of others) are a commodity to be bought and sold on the open market and in such a society is demonstrated a selfish and unending thirst for consumption which is considered the crucial core of human nature.
+    * Ronald Coase's theory of the firm as an economic answer to possessive individualism.
+      * Why aren’t we all sole proprietors? 
+      * Transaction costs model
+  * The position is built on a disdain for top-down command and control structures and the conception that a classless and hierarchy-free world is possible.
+  * A worldview from a venture capitalist echo chamber talking their books or trying to strongarm their heterodox views using capital.
+* **Claim 1:** "We’ve hit a wall on physical progress, so the “digital realm” is the only frontier accessible."
+  * The entire argument is predicated on the technology being able to do the things they claim, perhaps at some point in the future. This is falsely treated as a technical reality and an inevitability.
+    * The claims of cryptocurrencies or “algorithmic central banks” having the capacity to serve as national currencies seems unsubstantiated by evidence.
+    * Postal service claim - In the 1700s nothing moved faster than a horse. Yet the advent of the steam engine and capacity to send information faster than horse didn’t fundamentally alter our notions of statehood and justice.
+    * Comparisons to kibbutzim and moshavim.
+    * Biomedical experimentation outside of the regulatory perimeter is generally considered a bad idea for very good reasons.
+    *  "Crypto is the smartest people in the world exiting into their own economy"
+* **Claim 2:** "The state can (and should) be hollowed out"
+  * We can replace all of the state's legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.
+    * Replacing the DMV and the tax authority with automation is a genuinely appealing idea to many people. 
+    * Replacing it with the private sector is more controversial.
+  * "The internet is global, the internet is the basis of human life, so borders should not exist.""
+    * “No borders politics” is legitimately a divergence from classical right wing positions. Usually resonantes with far-left positions. This is an interesting shift in thinking.
+  *  "The traditional functions of the nation state are being replaced by cyberspace and citizenship." There is a grain of truth in this:
+      * Zoom and Twitter connect people across the world.
+      * Remote working is now a reality
+      * Transferwise and wire transfers have lower barriers to money flows
+      * The sufficiency of self-regulation in the private sector is a popular perspective
+      * Digital commodities are regulated internationally (ICANN, web hosting)
+      * Self-organizing communities (everything from good things like Linux and Open Source to bad things like 4chan and QAnon) have proved enormously influential in shaping culture and creating public goods.
+  * **However**, the state exists for a very good reason. It’s the only structure proven to sustain public goods at a civilization level and be the guarantor of last resort for justice, defense, and monetary issuance.
+    * Property rights over physical goods are not enforceable with cryptography.
+    * Dispute resolution between humans can rarely, if ever, be reduced down to code.
+    * We still need magistrates and courts.
+    * We still inevitably need a structure like a central bank.
+    * How does this solve the public goods problem? There appears to be no coherent connection between crypto coins and solutions to this problem.
+    * Who will fix the potholes in the road? Why will they fix the potholes? c.f. [Cartmanland](https://en.wikipedia.org/wiki/Cartmanland)
+* **Claim 3:** "Modern nation states are simply too big". 
+  * There is a kernel of truth in all this, western democracies are slow and sclerotic and public trust in institutions is at an all time low. The Americans legitimately elected an imbecile to control their nuclear arsenal … things are clearly not working optimally in democracy.
+  * Infinite supply of whataboutisms talking about the genuine deficiencies in the American hegemony and rules based international order.
+* **Claim 4:** People have successfully built antifragile services that exist outside the regulatory perimeter that have endured the test of time.
+* **Claim 5:** The future inevitably “belongs” to one ideology.
+* **Claim 6:** Belief in the “great cycles of history” model and the decline of Pax Americana.
+* **Claim 7:** "Crypto is the smartest people in the world exiting into their own economy"
+  * A tech-led plutocracy, not a utopia.
+  *  The result would be an oligarchy: the technical elite and those with access to capital rule.
+* **Claim 8:** Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
+  * This is a vision of the future detached from the lived experience and day to day economics of the vast majority of people globally.
+  * We'll all be full-time FX traders at face value makes zero sense. Price discovery is important but who will smelt the aluminum for your MacBook?
+  * How will this new economy function when their financial system can't even be used to buy goods and services?
+    * “Crypto doesn’t currently function as money, not because of technical or economics limitations, but because statists won’t give up their power.”
+    * Doesn’t include the view that the economics of the system are wrong to give rise to a medium of exchange.
+
+
+## Conclusion
+
+
+* This is a bleak dystopian vision of the future.
+  * [Neal Stpehensons’s Burbclaves](https://en.wikipedia.org/wiki/Snow_Crash)
+  * We can’t run nation states like we run tech startups.
+  * Skeptical about finding a quick-fix in technology or politics. There is wisdom in learning from the past and the institutions that exist.
+  * Esperanto-style solutionism has never worked for societies or economies. 
+  * Anna Neima’s book The Utopians is full of similarly minded people and communities. They usually dissolve or collapse.
 		
 ***
 	
@@ -167,4 +185,4 @@ In episode #4 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 1. Hussain, Syed Omer. 2020. ‘Prefigurative Post-Politics as Strategy: The Case of Government-Led Blockchain Projects’. The Journal of The British Blockchain Association 3 (1): 1–11. https://doi.org/10.31585/jbba-3-1-(2)2020.
 1. Srinivasan, Parag Khanna, Balaji S. n.d. ‘Great Protocol Politics’. Foreign Policy (blog). Accessed 22 February 2022. https://foreignpolicy.com/2021/12/11/bitcoin-ethereum-cryptocurrency-web3-great-protocol-politics/.
 1. West, Sarah Myers. 2018. ‘Cryptographic Imaginaries and the Networked Public’. Internet Policy Review 7 (2): 1–16. https://doi.org/10.14763/2018.2.792.
-1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.
\ No newline at end of file
+1. Zhang, Zhexi. 2019. ‘The Aesthetics of Decentralization’. PhD Thesis, Massachusetts Institute of Technology. https://dspace.mit.edu/handle/1721.1/123614.

From 730f8f199fd8cf0fe5f40d9c2277699d46aab304 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Thu, 31 Mar 2022 16:53:00 +0200
Subject: [PATCH 083/103] tidying update

---
 notes/post-state-technocracy.md | 33 +++++++++++++--------------------
 1 file changed, 13 insertions(+), 20 deletions(-)

diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index de3abeb..e9ece61 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -62,8 +62,10 @@ This thesis has been put forward in various forms. So far, the most fully articu
   * Why do they want to build a network state?
     * A network state can allow biomedical research and human genetic experiments that are prohibited in other countries - explanation from [1729.com](https://1729.com/) 
 * **Claim 2:** The state can (and should) be hollowed out
+  *   Nation states are being dissolved from within. The internet is global, the internet is the basis of human life, so borders should not exist. Citizenship is an anachronism.
+      * “The 21st century doesn’t belong to China, the United States, or Silicon Valley. It belongs to the internet.”
+      * “There is a coming war between the United States government and the forces of China, Bitcoin and the internet.” This war is extremely desirable and we should work to accelerate it.
   * We can replace all of its legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.
-  * Nation states are being dissolved from within. The internet is global, the internet is the basis of human life, so borders should not exist. Citizenship is an anachronism.
   * The traditional functions of the nation state are being replaced by cyberspace and citizenship. 
     * Citizenship grants me: access to a physical space, the people there and the services provided most obviously physical defense, social security, participation in governance. 
     * Cyberspace and citizenship offer: Physical access (to other people); Physical access to jobs; Control of a currency; Regulation; Property rights enforcement nationally & internationally (justice and arbitration?); Redistribution (and addressing redistribution) and public goods
@@ -71,18 +73,11 @@ This thesis has been put forward in various forms. So far, the most fully articu
   * Joseph Henrich has made a strong case that Western high-trust cultures are weird by most historical and global standards. It may be a “pathological” form of organization and something better may exist.
   * A more optimal form of human self-organization is somewhere between a tribe and the modern nation state. The direct democracies of ancient Greece or authoritarian capitalist city-states like Singapore are an ideal middle-way that produces greater prosperity.
   * Blockchain-friendly hubs are being created across the world (El Salvador, Singapore, Zug). These cities can be purchased using crowdfunding to give blockchain technology the rights of sovereign states and create utopias which will attract top talent looking for low-taxes, business opportunities and like-minded communities.
-* **Claim 4:** People have successfully built antifragile services that exist outside the regulatory perimeter that have endured the test of time.
-  * ThePirateBay has existed since 2003 despite government attempts to remove it from the internet. No government cares enough to really pursue it because it only infringes on the private sector and there’s no political will to shut it down.
-* **Claim 5:** The future inevitably “belongs” to one ideology.
-  * “There is a coming war between the United States government and the forces of China, Bitcoin and the internet.”
-  * This war is extremely desirable and we should work to accelerate it.
-* **Claim 6:** Belief in the “great cycles of history” model and the decline of Pax Americana.
-  * “The 21st century doesn’t belong to China, the United States, or Silicon Valley. It belongs to the internet.”
-* **Claim 7:** "Crypto is the smartest people in the world exiting into their own economy"
+* **Claim 4:** "Crypto is the smartest people in the world exiting into their own economy"
   * Problems like climate change show that liberal democracies and the existing international order are highly vulnerable to paralysis on global tragedy of the commons problems.
   * Just like evolution, corruption is the natural state of being, so we need to embrace corruption rather than live up to the ideals of liberal democracy.
   * Instead of a strong man to save us, we need strong tech.
-* **Claim 8:** Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
+* **Claim 5:** Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
   * We can’t stop runaway phenomenon. We simply have to embrace them.
   * Crypto is inevitable. We can’t put the toothpaste back in the tube.
   * Creative destruction is unpredictable but in the end it’s right.
@@ -107,11 +102,12 @@ This thesis has been put forward in various forms. So far, the most fully articu
     * Biomedical experimentation outside of the regulatory perimeter is generally considered a bad idea for very good reasons.
     *  "Crypto is the smartest people in the world exiting into their own economy"
 * **Claim 2:** "The state can (and should) be hollowed out"
-  * We can replace all of the state's legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.
-    * Replacing the DMV and the tax authority with automation is a genuinely appealing idea to many people. 
-    * Replacing it with the private sector is more controversial.
-  * "The internet is global, the internet is the basis of human life, so borders should not exist.""
-    * “No borders politics” is legitimately a divergence from classical right wing positions. Usually resonantes with far-left positions. This is an interesting shift in thinking.
+  * "Nation states are being dissolved from within. The internet is global, the internet is the basis of human life, so borders should not exist."
+    *    “No borders politics” is legitimately a divergence from classical right wing positions. Usually resonantes with far-left positions. This is an interesting shift in thinking.
+  * "We can replace all of the state's legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.""
+    * Replacing the DMV and the tax authority with automation is a genuinely appealing idea to many people. Replacing it with the private sector is more controversial.
+    *  People have successfully built antifragile services that exist outside the regulatory perimeter that have endured the test of time: 
+        * ThePirateBay has existed since 2003 despite government attempts to remove it from the internet. No government cares enough to really pursue it because it only infringes on the private sector and there’s no political will to shut it down.
   *  "The traditional functions of the nation state are being replaced by cyberspace and citizenship." There is a grain of truth in this:
       * Zoom and Twitter connect people across the world.
       * Remote working is now a reality
@@ -129,13 +125,10 @@ This thesis has been put forward in various forms. So far, the most fully articu
 * **Claim 3:** "Modern nation states are simply too big". 
   * There is a kernel of truth in all this, western democracies are slow and sclerotic and public trust in institutions is at an all time low. The Americans legitimately elected an imbecile to control their nuclear arsenal … things are clearly not working optimally in democracy.
   * Infinite supply of whataboutisms talking about the genuine deficiencies in the American hegemony and rules based international order.
-* **Claim 4:** People have successfully built antifragile services that exist outside the regulatory perimeter that have endured the test of time.
-* **Claim 5:** The future inevitably “belongs” to one ideology.
-* **Claim 6:** Belief in the “great cycles of history” model and the decline of Pax Americana.
-* **Claim 7:** "Crypto is the smartest people in the world exiting into their own economy"
+* **Claim 4:** "Crypto is the smartest people in the world exiting into their own economy"
   * A tech-led plutocracy, not a utopia.
   *  The result would be an oligarchy: the technical elite and those with access to capital rule.
-* **Claim 8:** Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
+* **Claim 5:** Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
   * This is a vision of the future detached from the lived experience and day to day economics of the vast majority of people globally.
   * We'll all be full-time FX traders at face value makes zero sense. Price discovery is important but who will smelt the aluminum for your MacBook?
   * How will this new economy function when their financial system can't even be used to buy goods and services?

From 2b7daa688dc8046637247167383789ad36de7590 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Thu, 31 Mar 2022 18:25:48 +0100
Subject: [PATCH 084/103] Contextual citations for all episode notes

---
 claims/digital-gold.md          |  2 +-
 concepts/amm.md                 |  1 -
 concepts/dex.md                 |  2 +-
 concepts/market-manipulation.md |  6 +++---
 meta/intercitations-todo.md     | 21 +++++++++++++++++++++
 notes/market-fundamentalism.md  | 23 +++++++++++++++++++----
 notes/neo-metallism.md          | 27 ++++++++++++++++-----------
 7 files changed, 61 insertions(+), 21 deletions(-)
 create mode 100644 meta/intercitations-todo.md

diff --git a/claims/digital-gold.md b/claims/digital-gold.md
index f0b56c8..540e1c7 100644
--- a/claims/digital-gold.md
+++ b/claims/digital-gold.md
@@ -8,10 +8,10 @@ Bitcoin has no historical track record of being a store of value and lacks the m
 Even if bitcoin could function as a new gold standard. The [gold-standard](../concepts/gold-standard.md) and the notion of [sound-money](../concepts/sound-money.md) are undesirable foundations for a [currency](../concepts/currency.md) and were subject to extreme shocks and deflationary spirals, and as such were abandoned in the mid 20th century in favour of the [central-banks](../concepts/central-banks.md) and fiat monetary system.
 
 ## References
-1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31).
 1. Allon, F. (2018). Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism. Australian Feminist Studies, 33(96), 223–243. https://doi.org/10.1080/08164649.2018.1517245
 1. Bernanke, B. S. (2004). Essays on the Great Depression. Princeton University Press.
 1. Caferra, R., Tedeschi, G., & Morone, A. (2021). Bitcoin: Bubble that bursts or Gold that glitters? Economics Letters, 205, 109942. https://doi.org/10.1016/j.econlet.2021.109942
 1. Doctorow, C. (2022, February 3). Pluralistic: 03 Feb 2022 – Pluralistic: Daily links from Cory Doctorow. https://pluralistic.net/2022/02/03/liquidation-preference/
 1. Selmi, R., Bouoiyour, J., & Wohar, M. E. (2022). “Digital Gold” and geopolitics. Research in International Business and Finance, 59, 101512. https://doi.org/10.1016/j.ribaf.2021.101512
+1. Cembalest, M. (2022). The Maltese Falcoin: On Cryptocurrencies and Blockchains (p. 31).
 1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
\ No newline at end of file
diff --git a/concepts/amm.md b/concepts/amm.md
index da15ace..15aa13c 100644
--- a/concepts/amm.md
+++ b/concepts/amm.md
@@ -46,7 +46,6 @@ Uniswap is iterating to favor "professional players":
 > However, with this additional layer of complexity, “lazy” LPs are going to earn much less in trading fees than professional players who can constantly keep optimizing their strategy.
 
 ## References
-
 1. Allen, Hilary J. 2022. ‘DeFi: Shadow Banking 2.0?’ William & Mary Law Review, Forthcoming.
 1. Walch, Angela. 2019. ‘Deconstructing ‘Decentralization’: Exploring the Core Claim of Crypto Systems’. C. Brummer (Ed.), Crypto Assets: Legal and Monetary Perspectives, 1–36. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3326244.
 1. Anker-Sørensen, Linn, and Dirk A Zetzsche. 2021. ‘From Centralized to Decentralized Finance: The Issue Of’. Available at SSRN 3978815. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3978815.
diff --git a/concepts/dex.md b/concepts/dex.md
index e1ca413..1117f80 100644
--- a/concepts/dex.md
+++ b/concepts/dex.md
@@ -1,5 +1,5 @@
 # Decentralized Exchange
-A form of [market making](market-maker.md) done via a [smart-contracts](smart-contracts.md). In this setup the [order-book](order-book.md) is based on peer-to-peer transactions instead of through a central party like a [crypto-exchange](crypto-exchange.md). This contrasts with [AMM](AMM.md) (automated market makers) who don't have an [order book](order-book.md) and instead use [liquidity pools](liquidity-pool.md).
+A form of [market making](market-maker.md) done via a [smart-contracts](smart-contracts.md). In this setup the [order-book](order-book.md) is based on peer-to-peer transactions instead of through a central party like a [crypto exchange](crypto-exchange.md). This contrasts with [AMM](AMM.md) (automated market makers) who don't have an [order book](order-book.md) and instead use [liquidity pools](liquidity-pool.md).
 
 Decentralized exchanges lack the ability to withdraw currencies like [dollar](dollar.md) and Euros because they have no access to the [banking](bank.md) system to issue payments.
 
diff --git a/concepts/market-manipulation.md b/concepts/market-manipulation.md
index a5b643e..532ec04 100644
--- a/concepts/market-manipulation.md
+++ b/concepts/market-manipulation.md
@@ -1,5 +1,5 @@
 # Market Manipulation
-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).
+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).
 
 ## Front Running
 Using inside information about future orders to preempt market movements and extract from other market participants. 
@@ -11,7 +11,7 @@ See [asymmetric-information](asymmetric-information.md).
 See [wash-trading](wash-trading.md).
 
 ## Pump and Dumps
-See [pump-and-dump](pump-and-dump.md).
+See [pump and dump](pump-and-dump.md).
 
 ## Order Tampering
 Altering of [order-book](order-book.md) to privilege the market maker or a [cartel](cartel.md) of insiders. 
@@ -26,7 +26,7 @@ Discretionary restriction of the sale of assets for [currency](currency.md).
 1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
 1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
-1. *———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
+1. ———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
 1. Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
 1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 1. Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
diff --git a/meta/intercitations-todo.md b/meta/intercitations-todo.md
new file mode 100644
index 0000000..b87d91e
--- /dev/null
+++ b/meta/intercitations-todo.md
@@ -0,0 +1,21 @@
+# Intercitations TODO
+
+Concepts
+
+- [ ] [web3](../concepts/web3.md)
+- [ ] [cryptoasset](../concepts/cryptoasset.md)
+- [ ] [nft](../concepts/nft.md)
+- [ ] [money](../concepts/money.md)
+- [ ] [private-money](../concepts/private-money.md)
+- [ ] [gold-standard](../concepts/gold-standard.md)
+- [ ] [post-state-technocracy](../notes/post-state-technocracy.md)
+- [ ] [security](../concepts/security.md)
+- [ ] [crypto-exchange](../concepts/crypto-exchange.md)
+
+
+Claims
+
+- [ ] [is-bitcoin-currency](../claims/is-bitcoin-currency.md)
+- [ ] [blockchain-tech](../claims/blockchain-tech.md)
+- [ ] [weird-culture](../claims/weird-culture.md)
+- [ ] [well-defined](../claims/well-defined.md)
\ No newline at end of file
diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index 79f0cce..a494210 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -158,12 +158,27 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
 * [regulatory-arbitrage](../concepts/regulatory-arbitrage.md)
 * [speculation](../concepts/speculation.md)
 * [stock](../concepts/stock.md)
+* [stablecoin](../concepts/stablecoin.md)
 * [valuation-model](../claims/valuation-model.md)
 * [wash-trading](../concepts/wash-trading.md)
 * [zero-sum-game](../concepts/zero-sum-game.md)
 
 ## References
-1.  [@akerlof_market_1978]
-2. [@krugman_technobabble_2021]
-3. [@krugman_transaction_2018]
-4. [@griffin_is_2020]
+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. Akerlof, George A. "The market for “lemons”: Quality uncertainty and the market mechanism." In Uncertainty in economics, pp. 235-251. Academic Press, 1978.
+1. Hart, Oliver, and Bengt Holmström. "The theory of contracts." In Advances in economic theory: Fifth world congress, vol. 1. 1987.
+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.
+1. Jarrow, Robert A. "Market manipulation, bubbles, corners, and short squeezes." Journal of financial and Quantitative Analysis 27, no. 3 (1992): 311-336.
+1. Friedman, Milton. "The social responsibility of business is to increase its profits." In Corporate ethics and corporate governance, pp. 173-178. Springer, Berlin, Heidelberg, 2007.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
+1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
+1. ———. 2018b. ‘The Economics of Cryptocurrency Pump and Dump Schemes’.
+1. Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
+1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
+1. Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
+1. Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.
+1. Krugman, Paul. 2018. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
+1. Castor, Amy. 2021. ‘The Curious Case of Tether: A Complete Timeline of Events’. https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/.
+1. Griffin, John M, and Amin Shams. 2020. ‘Is Bitcoin Really Untethered?’ The Journal of Finance 75 (4): 1913–64.
\ No newline at end of file
diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index 584ed49..4f051e8 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -131,10 +131,6 @@ Bitcoin is Better
 * Aside from its impacts on Bitcoin’s potential as a gold substitute, the issue of trust has serious ramifications for how we govern our societies. 
 
 
-
-
-
-
 ## Concepts Covered
 
 * [gold-standard](../concepts/gold-standard.md)
@@ -156,10 +152,19 @@ Bitcoin is Better
 * [zero-sum-game](../concepts/zero-sum-game.md)
 
 ## References
-
-1. [@taleb_bitcoin_2021-1]
-2. [@arnosti_bitcoin_2022]
-3. [@golumbia_bitcoin_2015]
-4. [@caferra_bitcoin_2021]
-5. [@qin_bitcoins_2020]
-6. [@bernanke_essays_2004]
+1. Bemanke, Ben, and Harold James. 1991. ‘The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison’. In Financial Markets and Financial Crises, 33–68. University of Chicago Press. https://www.nber.org/books-and-chapters/financial-markets-and-financial-crises/gold-standard-deflation-and-financial-crisis-great-depression-international-comparison.
+1. Bernanke, B. S. (2004). Essays on the Great Depression. Princeton University Press.
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+1. Green, Russell A. "Gold Standard or Fool’s Gold? Should the US Consider Returning to the Gold Standard?." Issue Brief 02.23. 16 (2016).
+1. Ammous, Saifedean. 2018. The Bitcoin Standard: The Decentralized Alternative to Central Banking. Hoboken, New Jersey: Wiley.
+1. Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.
+1. Friedrich, Carl J. "The Road to Serfdom." (1945): 575-579.
+1. Selmi, R., Bouoiyour, J., & Wohar, M. E. (2022). “Digital Gold” and geopolitics. Research in International Business and Finance, 59, 101512. https://doi.org/10.1016/j.ribaf.2021.101512
+1. Krugman, Paul. "The hangover theory." Slate. December 3 (1998).
+1. Krugman, Paul (7 April 2010). "The Conscience of a Liberal: Martin And The Austrians". The New York Times. Archived from the original on 23 September 2011. 
+1. Allon, F. (2018). Money after Blockchain: Gold, Decentralised Politics and the New Libertarianism. Australian Feminist Studies, 33(96), 223–243. https://doi.org/10.1080/08164649.2018.1517245
+1. Caferra, R., Tedeschi, G., & Morone, A. (2021). Bitcoin: Bubble that bursts or Gold that glitters? Economics Letters, 205, 109942. https://doi.org/10.1016/j.econlet.2021.109942
+1. Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
+1. Caferra, Rocco, Gabriele Tedeschi, and Andrea Morone. 2021. ‘Bitcoin: Bubble That Bursts or Gold That Glitters?’ Economics Letters 205: 109942. https://doi.org/10.1016/j.econlet.2021.109942.
+1. Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
+1. Fantacci, Luca. 2019. ‘Cryptocurrencies and the Denationalization of Money’. International Journal of Political Economy 48 (2): 105–26. https://doi.org/10.1080/08911916.2019.1624319.
\ No newline at end of file

From ab21844fd00ed9e68139e3006196306396f712b4 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Fri, 1 Apr 2022 09:49:25 +0100
Subject: [PATCH 085/103] Wiki links for first two episode notes

---
 claims/is-bitcoin-currency.md  |  1 +
 concepts/fiat-money.md         | 13 ++++++
 guide/index.md                 |  1 +
 notes/market-fundamentalism.md | 74 +++++++++++++++++-----------------
 notes/neo-metallism.md         | 43 ++++++++++----------
 5 files changed, 74 insertions(+), 58 deletions(-)
 create mode 100644 concepts/fiat-money.md

diff --git a/claims/is-bitcoin-currency.md b/claims/is-bitcoin-currency.md
index 44a23e3..4bd241a 100644
--- a/claims/is-bitcoin-currency.md
+++ b/claims/is-bitcoin-currency.md
@@ -17,6 +17,7 @@ Since bitcoin is [deflationary](../concepts/deflationary.md) it encourages hordi
 1. Diehl, Stephen. 2021a. ‘The Non-Innovation of Cryptocurrency’. 7 July 2021. https://www.stephendiehl.com/blog/non-innovation.html.
 1. ———. 2021b. ‘The Intellectual Incoherence of Cryptoassets’. 7 November 2021. https://www.stephendiehl.com/blog/crypto-absurd.html.
 1. ———. n.d. ‘The Case Against Crypto’. Accessed 17 February 2022. https://www.stephendiehl.com/blog/against-crypto.html.
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
 1. Gerard, David. 2017. Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts. David Gerard.
 1. Kolchinski, Alex. 2022. ‘Crypto Is an Unproductive Bubble’. Alex Kolchinski (blog). 18 March 2022. https://alexkolchinski.com/2022/03/18/crypto-is-an-unproductive-bubble/.
 1. Krugman, Paul. 2018. ‘Bitcoin Is Basically a Ponzi Scheme’. The Seattle Times 30.
diff --git a/concepts/fiat-money.md b/concepts/fiat-money.md
new file mode 100644
index 0000000..8b9bba4
--- /dev/null
+++ b/concepts/fiat-money.md
@@ -0,0 +1,13 @@
+# Fiat Money
+The contemporary monetary system where [money](money.md) is issued by the state via a [central bank](central-banks.md) without any backing by physical [commodities](commodity.md) such as precious metals. The prefix "Fiat" money is an esoteric name sometimes used in historical scholarship but rarely in practice, instead because of its ubiquity typically money is synonymous with "fiat money."
+
+Colloquially the legitimacy of the [currency](currency.md) is from being declared by "fiat", thus the namesake. In practice the legitimacy of a national currency comes from both a collective social contract about the rule of law and its utility to fulfil the properties of [money](money.md), price stability, and capacity to spur economic growth.
+
+Fiat money notably has a *variable supply* since the central bank can expand or contract the money supply through various means such as adjusting lending terms of commercial banks, quantitative easing, and modifying interest rates. These activities are the primary mechanisms by which price stability and [inflation](inflationary.md) targeting are implemented. A dynamic money supply is a core principle of [Keynesianism](keynsian-economics.md).
+
+See also [dollar](dollar.md) and [central bank](central-banks.md).
+
+## References
+1. Varoufakis, Yanis. 2021. ‘What Is Money, Really? And Why Bitcoin Is Not the Answer (Even If Blockchain Is Brilliant & Potentially Helpful in Democratising Money)’. Yanis Varoufakis (blog). 2 August 2021. https://www.yanisvaroufakis.eu/2021/08/02/what-is-money/.
+1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+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.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 7744639..1b53168 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -15,6 +15,7 @@ Understand the terminology used to describe crypto and web3.
 * [Money](/concepts/money.md)
 * [NFT](../concepts/nft.md)
 * [Private money](../concepts/private-money.md)
+* [Fiat money](../concepts/fiat-money.md)
 * [Deflationary asset](../concepts/deflationary.md)
 * [Sound money](../concepts/sound-money.md)
 * [Ponzi scheme](../concepts/ponzi-scheme.md)
diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index a494210..2a75b88 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -20,10 +20,11 @@ In episode #2 of the series, Rufus Pollock and Stephen Diehl explore a common in
 The trader or market fundamentalist view likely represents a majority of interest and activity in crypto. The ideology encompasses the viewpoint that crypto is about **making money** i.e. that crypto investing and trading can make those who engage in it a lot of money. More deeply it is the view that the unfettered and unregulated nature of crypto-markets is a good thing and represents a "freer" and better form of financial markets.
 
 Rufus and Stephen 'steel man' the market fundamentalism position, exploring four key claims:
-1. Unregulated markets allow companies to so what they're supposed to do: maximize returns to shareholders.
-2. Markets are likeable to evolution; they have no moral quality.
-3. Crypto-trading is a public good
-4. There is no non-public disclosure about the risks of these assets, everyone is going in with their eyes open that this is the wild west.
+
+1. [Unregulated](../concepts/regulation.md) markets allow companies to so what they're supposed to do: maximize returns to shareholders.
+2. [Markets](../concepts/market.md) are likeable to evolution; they have no moral quality.
+3. Crypto-trading is a [public good](../concepts/public-goods-problem.md)
+4. There is no [non-public](../concepts/asymmetric-information.md) disclosure about the risks of these assets, everyone is going in with their eyes open that this is the wild west.
 
 Rufus and Stephen end their conversation with an analysis of the market fundamentalist position and the associated claims.
 
@@ -31,20 +32,19 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
 
 ## What type of asset is a crypto token? How do we value it? Is there a comparable asset?
 
-* Zero-coupon perpetual bond?
-* Currency you wouldn’t want to spend?
-* Equity with no cash flows or dividends? https://en.wikipedia.org/wiki/Blue_sky_law
-* Commodity with no use value?
-* Exchange traded pyramid schemes?
-* Derivative contract with no underlying?
-* Libertarian performance art split into 21 million pieces https://en.wikipedia.org/wiki/Monte_Carlo_Bonds
-* If we value it as a "block box" financial product (ala Nassim Taleb) we find it’s present value can only be zero. https://www.fooledbyrandomness.com/BTC-QF.pdf
+* Zero-coupon perpetual [bond](../concepts/bond.md)?
+* [Currency](../concepts/currency.md) that discourages spending?
+* [Equity](../concepts/stock.md) with no cash flows or dividends? https://en.wikipedia.org/wiki/Blue_sky_law?
+* [Commodity](../concepts/commodity.md) with no [use value](../concepts/use-value.md)?
+* Exchange traded [pyramid scheme](../concepts/pyramid-scheme.md)?
+* [Derivative](../concepts/derivative.md) contract with no underlying?
+* [Libertarian](../concepts/libertarianism.md) performance [art](../concepts/art.md) split into 21 million pieces https://en.wikipedia.org/wiki/Monte_Carlo_Bonds
+* If we value it as a "block box" [financial asset](../concepts/financial-asset.md) (ala Nassim Taleb) we find it’s [present value](../concepts/present-value.md) can only be zero. https://www.fooledbyrandomness.com/BTC-QF.pdf
 
 ## Who is Trading Crypto?
 
 * The day-trader in the pub, WallStreetBets demographic.
-  * [Barrett, Claer. ‘Why Young Investors Bet the Farm on Cryptocurrencies’. Financial Times, 2021.](https:www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458):
-    
+	* [Barrett, Claer. ‘Why Young Investors Bet the Farm on Cryptocurrencies’. Financial Times, 2021.](https:www.ft.com/content/162839aa-0437-478b-a4d4-4a8d7ab71458):
     > "I’ll either be rich, or wrong." This is how Sam, a 29-year-old cryptocurrency enthusiast I interviewed on this week’s Money Clinic podcast, summarized his strategy for investing the last £2,000 of his savings in a hugely volatile and unregulated asset class. Claiming that he's not a natural risk taker, Sam has never set foot inside a casino or put money on a horse. "To me, that seems stupid, like you’re throwing money away." He has never considered investing in stocks and shares. Being self-employed, he's never paid into a pension or thought about setting up a self-invested personal pension (Sipp). "No one’s ever given me that kind of information," he says. So why is he prepared to risk his spare cash betting on crypto? Sam found out his younger brother had turned a £3,000 investment into £30,000 within four years — money he now intends to use as a property deposit. "I was very surprised and it made me feel a bit stupid . . . why aren’t I doing this?"*
     * cf low bets in general: tiny but possible asymmetric returns. A regressive tax or distributed lottery.
 * Quants and Hedge funds
@@ -58,11 +58,11 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
 
 ## Why is the Crypto-Can-Make-Me-Money Position So Interesting to Examine?
 
-* Likely represents a majority of interest and activity in crypto (and even DAOs) from the day-trader in the pub up to the wall street trader
-* Generally not brought up explicitly as much in the crypto / web3 discussion (for obvious reasons: it is not as substantive or attractive position to espouse publicly)
+* Likely represents a majority of interest and activity in crypto (and even [DAOs](../concepts/dao.md)) from the day-trader in the pub up to the wall street trader
+* Generally not brought up explicitly as much in the crypto / [web3](../concepts/web3.md) discussion (for obvious reasons: it is not as substantive or attractive position to espouse publicly)
 * The political imaginaries aren’t there - "I just want to make money", "Greed is good"
   * Consequences and externalities be damned
-  * Hyper-capitalist
+  * Hyper-[capitalist](../concepts/capitalism.md)
   * At the extreme: "Life is nothing but a competition to be the criminal rather than the victim."
 * However, may actually account for a good portion of the interest and even political/social support for this area
 * Legitimizing segment especially for regulators ("hey even Goldman Sachs or JP Morgan are involved, this must be a legitimate area / industry")
@@ -75,41 +75,41 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
     * Now we get to redefine shareholder to mean token holder, without any regulatory baggage from traditional markets. 
     * Line must go up at any cost.
   * Crypto products are risk assets that have no fundamentals, but that’s not necessarily a problem because you can make money on trading them. 
-    * There other financial products (ETNs - exchange traded notes, OTM put options, volatility swaps) many of which are intrinsically negative-sum and high-risk as well, these are allowed in markets … so why shouldn’t crypto be.
+    * There other financial products (ETNs - exchange traded notes, volatility swaps) many of which are intrinsically negative-sum and high-risk as well, these are allowed in markets … so why shouldn’t crypto be.
       * [Credit Suisse defends controversial financial product at the center of the market turmoil](https://www.cnbc.com/2018/02/07/credit-suisse-defends-controversial-xiv-etn-amid-market-turmoil.html)
 * Markets are likeable to evolution; they have no moral quality.
-  * Markets are a mechanism likeable to evolution: they select for fitness and success
-  * If I'm allowed to trade products that are massively asymmetric and disadvantageous to retail traders (individual, non-professional market participants) then I can and I will => it will eliminate those inefficient players (it punishes unfitness and rewards fitness)
+  * Markets are a mechanism likeable to evolution: they [select](../concepts/price-formation.md) for fitness and success
+  * If I'm allowed to trade products that are massively [asymmetric](../concepts/asymmetric-information.md) and disadvantageous to retail traders (individual, non-professional market participants) then I can and I will => it will eliminate those inefficient players (it punishes unfitness and rewards fitness)
   * Even if I know it’s a [greater fool asset](../concepts/greater-fool-theory), if I have access to non-public information and more capital I can (and should) use it and exit before the other fools.
-    * Some people legitimately did make money trading on South Sea Bubble, Dotcom Bubble, Tulip Mania
+    * Some people legitimately did make money trading on [bubbles](../concepts/bubble.md): South Sea Bubble, Dotcom Bubble, Tulip Mania
     * These booms and busts are a natural part of market cycles
 * Crypto-trading is a public good
-  * Tokens are an investment product that exists to secure compute cycles for people to run computation on a globally distributed state machine using the market to create game theoretic incentive to run other’s computations as a “public good”. That state machine has an operating cost and that creates synthetic demand for people who need to buy it, at any cost, to run computation on the chain.
-  * We can treat crypto tokens as a synthetic hedge against the entire class of assets with fundamentals. They're a place to park money in times of loose monetary policy to chase yield when there's nothing else left to buy, because other funds circularly trade this thesis.
-  * I’m just participating in price discovery of a new asset class.
+  * Tokens are an investment product that exists to secure compute cycles for people to run computation on a globally distributed state machine using the market to create game theoretic incentive to run other’s computations as a “public good”. That state machine has an operating cost and that creates [artificial demand](../concepts/artificial-demand.md) for people who need to buy it, at any cost, to run computation on the chain.
+  * We can treat crypto tokens as a synthetic hedge against the entire class of assets with [fundamental value](../concepts/fundamental-value.md). They're a place to park money in times of loose monetary policy to chase yield when there's nothing else left to buy, because other funds circularly trade this thesis. So it may be self-fulfilling.
+  * I’m just participating in [price discovery](../concepts/price-formation.md) of a new asset class.
 * There is no non-public disclosure about the risks of these assets. Everyone is going in with their eyes open that this is the wild west.
-  * If the market allows manipulation (pump and dumps, insider trading, wash trading) this is public knowledge and it is reflected in the price formation of the assets. 
+  * If the market allows [market manipulation](../concepts/market-manipulation.md) ([pump and dumps](../concepts/pump-and-dump.md), insider trading, [wash trading](../concepts/wash-trading.md)) this is public knowledge and it is reflected in the price formation of the assets. 
   * Institutional investors should be able to leverage their AUM to take high-risk positions just like they are in other private markets. If retail wants to participate with the “sharks” then it’s on them to understand the risks not on the people they’re trading against. The fiduciary mandate of hedge funds is to take positions on behalf of their LPs in beta uncorrelated positions.
 
 ## Analyzing the Market Fundamentalism Position
 
 * Everything that has been illegal for 80 years is suddenly allowed. Exchanges are basically like bucket shops from the 1920s. Everything is allowed:
-  * Wash-trading
-  * Front-running
+  * [Wash trading](../concepts/wash-trading.md)
+  * [Front running](../concepts/front-running.md)
   * Painting the tape
-  * Insider trading
+  * [Insider trading](../concepts/asymmetric-information.md)
   * Arbitrarily halting trading
-  * Price manipulation and order book tampering
+  * Price manipulation and [order book](../concepts/order-book.md) tampering
   * Pump and dumps
   * Canceling orders arbitrarily
-  * Refusing cash withdrawals
+  * [Refusing cash withdrawels](../concepts/counterparty-risk.md)
   * Offering 125x leverage on options
   * Clearing house and in-house prop trading are in the same room
   * Exchanges have their own proprietary trading arm
   * Trading against their own clients
-* Markets work best when we have abundant public information and minimize fraud and collusion in price formation.
+* Markets work best when we have abundant public information and minimize fraud and collusion in [price formation](../concepts/price-formation.md)
     * https://excalidraw.com/#room=6319a3e121dbdb6edf28,0u9Ht45kupjqkHD8kCuUAQ 
-* We have no idea how much leverage is baked into the entire market, induced by products like unbaked stablecoins which can seemingly produce limitless amounts of unsecured debt products on demand.
+* We have no idea how much [leverage](../concepts/leverage.md) is baked into the entire market, induced by products like unbaked [stablecoins](../concepts/stablecoin.md) which can seemingly produce limitless amounts of unsecured debt products on demand.
     * [Tether minted most USDT to just 2 firms — Alameda and Cumberland](https://protos.com/tether-minted-usdt-stablecoin-crypto-two-alameda-cumberland/)
 * What does that lead to?
   * Inequality (money flows to the sharks)
@@ -120,13 +120,13 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
     * In markets - assuming that markets esp financial markets have some value then undermining faith in them is problematic. Cf the 1920s/1930s which led to much of the market regulations we have today
       * You may think this is a good if you are anarchist-nihilist
   * Just because you can trade something doesn't mean it’s good for the world (opium trade, slave trade, asbestos)
-  * Moral hazard - public is incentivized to take on disproportionate risk expecting a bailout
+  * [Moral hazard](../concepts/moral-hazard.md)- public is incentivized to take on disproportionate risk expecting a bailout
   * A deformation of character: we become enslaved to the idea of getting rich quick (cf Salgado). Capitalist alienation
-* Terribly pathological form of capitalism that doesn't result in price formation on collective enterprise, goods or services. Funds are betting on financial fantasy castles in the sky detached from any day to day reality of human life.
-  * What is the purpose of public markets then?
-* A captive market for “fictitious commodities” (Marxist term) that is controlled by opaque unregulated market making and an economic cartel.
+* Terribly pathological form of [capitalism](../concepts/capitalism.md) that doesn't result in price formation on collective enterprise, goods or services. Funds are betting on financial fantasy castles in the sky detached from any day to day reality of human life.
+  * What is the purpose of public [markets](../concepts/market.md) then?
+* A captive market for [ficticious commodities](../concepts/ficticious-commodity.md) that is controlled by opaque unregulated market making and an economic [cartel](../concepts/cartel.md).
   * This is great if you're inside the cartel. Not so great if you aren’t.
-  * Wealth transfer from public to insiders is all but guaranteed by the information asymmetry.
+  * Wealth transfer from public to insiders is all but guaranteed by the information [asymmetry](../concepts/asymmetric-information.md).
 
 ## Concepts Covered
 * [artificial-scarcity](../concepts/artificial-scarcity.md)
diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index 4f051e8..31051b1 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -18,12 +18,12 @@ In episode #1 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 
 In this episode, Rufus and Stephen explore the neo-metallist position, dividing the position into core claims and subclaims:
 
-1. The Gold Standard is Good 
-1a) Managerial Argument: Government/central bank (CB) intervention in the money supply will inevitably lead to inflation.
-1b) Philosophical Argument: Government/CB intervention in the money supply is inherently undemocratic. It imposes the will of the few on the many so undermines freedom.
+1. The [Gold Standard](../concepts/gold-standard.md) is Good 
+	- 1a) Managerial Argument: Government/[central bank](../concepts/central-banks.md) (CB) intervention in the money supply will inevitably lead to [inflation](../concepts/inflationary.md).
+	- 1b) Philosophical Argument: Government/CB intervention in the money supply is inherently undemocratic. It imposes the will of the few on the many so undermines freedom.
 2. The Bitcoin Standard is Better:
-2a) Bitcoin is Like Gold: Bitcoin shares the features of gold which make it a good choice for a currency (or something to peg currency to).
-2b) Bitcoin is Better Than Gold: Bitcoin has specific features which make it a better choice than gold for this purpose.
+	- 2a) Bitcoin is Like [Gold](../concepts/gold.md): Bitcoin shares the features of gold which make it a good choice for a currency (or something to [peg](../concepts/currency-peg.md) currency to).
+	- 2b) Bitcoin is Better Than Gold: Bitcoin has specific features which make it a better choice than gold for this purpose.
 
 Rufus and Stephen then evaluate the neo-metallism position, before ending with a note on trust.
 
@@ -32,7 +32,7 @@ Rufus and Stephen then evaluate the neo-metallism position, before ending with a
 
 The term neo-metallism stems from metallism, a school of thinking which relates to the connection between money and some form of commodity. 
 
-Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and should be the “new gold” - it should be used to fix the monetary supply to the value of this new asset. Just as under the gold standard the value of a given unit of currency (e.g. a pound or dollar) was based on a fixed quantity of gold, neo-metallists argue the value of a unit of currency should be based on a fixed amount of Bitcoin. 
+Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and should be the [new gold](../claims/digital-gold.md) - it should be used to fix the monetary supply to the value of this new asset. Just as under the gold standard the value of a given unit of currency (e.g. a pound or dollar) was based on a fixed quantity of gold, neo-metallists argue the value of a unit of currency should be based on a fixed amount of Bitcoin. 
 
 
 
@@ -52,15 +52,15 @@ Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and s
 
 ### Why the Gold Standard: Fiat Money, Sound Money and the Gold Standard
 
-* The Austrian school of economics regards gold as a (possibly only) example of "sound money" because it is immune to government intervention in the supply, effectively by the laws of physics. It cannot be “debased” or changed. (Aside: Of course, governments have found ways to "debase" gold-based currencies -- usually by altering the coinage in various ways).
-* Fiat money allows for both variable supply and demand with the goal of maintaining price stability and targeting a desired inflation amount which encourages productive enterprise. Historically, going all the way back to the invention of banking in Florence, there have been examples of mismanaged fiat currencies which have not managed either their supply or demand properly and spun into either deflationary or inflationary spirals and the public lost trust in the notes and their value become illusory.
-* The Austrians assert that government intervention in "business cycles" is unnatural because free market forces will naturally correct supply and demand imbalances and that recessions and manias are both desirable and natural events.
+* The [Austrian](../concepts/austrian-economics.md) school of economics regards gold as a (possibly only) example of "sound money" because it is immune to government intervention in the supply, effectively by the laws of physics. It cannot be “debased” or changed. (Aside: Of course, governments have found ways to "debase" gold-based currencies -- usually by altering the coinage in various ways).
+* [Fiat money](../concepts/fiat-money.md) allows for both variable supply and demand with the goal of maintaining price stability and targeting a desired inflation amount which encourages productive enterprise. Historically, going all the way back to the invention of banking in Florence, there have been examples of mismanaged fiat currencies which have not managed either their supply or demand properly and spun into either deflationary or inflationary spirals and the public lost trust in the notes and their value become illusory.
+* The Austrians assert that government intervention in "business cycles" is unnatural because free market forces will naturally correct supply and demand imbalances and that recessions and [manias](../concepts/market-mania.md) are both desirable and natural events.
 * The hard monetarist perspective views any intervention in the supply dynamics of currencies as inevitably leading to inflation which is harmful to the free market and commerce.
   * Milton Friedman famously said, "Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output."
   * Centralized intervention in the markets turns economic influence into political power and financial rewards based on non-public information. This in turn is worse than centrally planned economies as it doesn’t allow for accurate price formation of assets and ultimately leads society into a loss of freedom, tyranny and a state of serfdom.
   * Money should be put in the hands of the free market, not the state.
-  * Private money is not only desirable, it is inevitable because hard “commodity-based'' money will inevitably replace soft money. Gresham’s law
-  * Cantillon Effect - Inflation is not simply an average rise in prices. Prices do not rise proportionally or simultaneously. This results in arbitrary and unfair benefits to people who have not created any economic value and detriment to others who have not destroyed anything of economic value by destroying savings. Inflationary fiat money is thus a tax on people who sell their labor for wages and don’t hold assets and disincentivizes economic activity, encourages financial speculation, and results in market consolidation.
+  * Private money is not only desirable, it is inevitable because hard “[commodity](../concepts/commodity.md)-based'' money will inevitably replace soft money. Gresham’s law
+  * Cantillon Effect - [Inflation](../concepts/inflationary.md) is not simply an average rise in prices. Prices do not rise proportionally or simultaneously. This results in arbitrary and unfair benefits to people who have not created any economic value and detriment to others who have not destroyed anything of economic value by destroying savings. Inflationary fiat money is thus a tax on people who sell their labor for wages and don’t hold assets and disincentivizes economic activity, encourages financial speculation, and results in market consolidation.
 
 ## Steel-Manning the Neo-Metallist Position
 
@@ -77,7 +77,7 @@ Bitcoin is Better
   * Bitcoin serves the three functions of a currency:
     1. It can be a unit of account in that it’s a standard and divisible unit of measurement of market value (i.e. it can be used to signal what something is worth). 
     2. It can be a medium of exchange in that we can use it as an intermediary instrument to transact for goods and services. 
-    3. It can act as a store of value in that it (at least ideally) retains its purchasing power over time, such that we can retrieve the value of our investment at a later date without making a significant loss.
+    3. It can act as a [store of value](../concepts/store-of-value.md) in that it (at least ideally) retains its purchasing power over time, such that we can retrieve the value of our investment at a later date without making a significant loss.
   * Bitcoin shares three other important characteristics with gold:
      1. Scarcity: Bitcoin is artificially scarce, just as gold is naturally scarce. There is a hard limit of 21 million coins baked into Bitcoin’s design. This makes it inherently deflationary, just like gold.
      2. Universality: Bitcoin shares gold’s “universality” due to  its prominence in the crypto sphere. Just as gold is the standout element suited to peg currency to, so Bitcoin is the only standout cryptocurrency due to it being the original and most prominent.
@@ -91,12 +91,12 @@ Bitcoin is Better
 
 'The Gold Standard is Good'
 
-* This position stems from the Austrian school of economics. It is a fringe economic position and not one supported by most economists.
+* This position stems from the [Austrian](../concepts/austrian-economics.md) school of economics. It is a fringe economic position and not one supported by most economists.
 * The Managerial Argument
-  *  Moderate inflation is actually positive: it encourages spending which stimulates the economy (this is the crux of Keynesianism).
+  *  Moderate inflation is actually positive: it encourages spending which stimulates the economy (this is the crux of [Keynesianism](../concepts/keynsian-economics.md)).
   *  Moderate inflation is far preferable to the alternative of the gold standard, as the gold standard is inherently deflationary. 
       *  The Quantity Theory of Money states: MV = PY where M = money supply, V = velocity of money in circulation, P = price level and Y = real GDP (i.e. goods and services transacted in the economy). If M remains fixed, as it must under the gold standard, then increases in real GDP will inevitably lead to a fall in the price level.
-      *  This is problematic because it leads to hoarding. Under deflation prices fall, so it is always rational for me to hoard rather than spend my currency as much as possible, as it will be worth more tomorrow than it is today. This in turn takes yet more money out of the supply, risking deflationary spirals which threaten economic productivity - if no-one wants to buy anything then we can’t fund economically and socially productive activities.
+      *  This is problematic because it leads to hoarding. Under deflation prices fall, so it is always rational for me to hoard rather than spend my currency as much as possible, as it will be worth more tomorrow than it is today. This in turn takes yet more money out of the supply, risking deflationary spirals which threaten economic [productivity](../concepts/productive-asset.md) - if no-one wants to buy anything then we can’t fund economically and socially productive activities.
     *  While excessive inflation is bad and governments/central banks have made errors in the past, this has been rare. Historically most have quite easily kept inflation under control.
     *   The flexibility offered by the ability for governments/central banks to intervene is highly useful, and worth the risk of error. Most obviously, they can stabilise in the face of shocks, for example, a pandemic. This was the reason we switched to fiat currency in the first place.
         * Paper money was issued as an emergency measure in Spain, during the conquest of Granada (1482-1492). 
@@ -111,22 +111,22 @@ Bitcoin is Better
   * Bitcoin cannot function as a medium of exchange. The transaction throughput is so small that it doesn't work as a global system of currency - it can't process transactions fast enough.This is inherent to the proof-of-work process Bitcon uses to verify its transactions. This incapacity is therefore baked in.
   * Bitcoin does not appear to hold potential as a store of value given its extremely high price variance. 
     * Gold, on the other hand, has historical precedent as a store of value in economic insecurity; its price has proven to be better insulated from broader economic dynamics than many other asset types. 
-    * If Bitcoin were to behave as a store of value it would have to abandon hypervolatility, and there is no easily identifiable economic mechanism for this to happen.  
+    * If Bitcoin were to behave as a [store of value](../concepts/store-of-value.md) it would have to abandon hypervolatility, and there is no easily identifiable economic mechanism for this to happen.  
 * 'Bitcoin Functions Better Than Gold'
   * Bitcoin being digital does not mean it is without its costs. 
-    * The extraction, transport and storage costs associated with gold are outweighed by massive Bitcoin mining costs. The “proof-of-work” mechanism used to validate transactions and undertake mining for Bitcoin requires a huge amount of electricity (costly and environmentally damaging). This verification process creates significant friction around transactions - the system is very slow, particularly when lots of people are using it. 
-  * Bitcoin, unlike traditional commodities, has a negative price elasticity of demand  - demand goes up with price, not down. For this reason, Bitcoin looks like a speculative bubble, which at some point will inevitably crash.
+    * The extraction, transport and storage costs associated with gold are outweighed by massive Bitcoin mining costs. The [“proof-of-work” mechanism](../concepts/consensus-algorithm.md) used to validate transactions and undertake mining for Bitcoin requires a huge amount of electricity (costly and environmentally damaging). This verification process creates significant friction around transactions - the system is very slow, particularly when lots of people are using it. 
+  * Bitcoin, unlike traditional commodities, has a negative price elasticity of demand  - demand goes up with price, not down. For this reason, Bitcoin looks like a [speculative](../concepts/speculation.md) [bubble](../concepts/bubble.md), which at some point will inevitably crash.
   * States can synthetically stimulate demand for a single, fiat currency by demanding tax in this currency, ensuring the whole system works and that the value of such currency can never drop to zero. In other words, there is a clear mechanism to guard against value bottoming out. The same cannot be said for cryptocurrencies such as Bitcon.
   * Bitcoin no longer shares gold’s uniqueness. 
     * Lots of new “alt coins” -  new alternatives to Bitcoin - are being minted, meaning the cryptocurrency market is now crowded with competitors.
     * High numbers of different coins also creates inflationary effects - the very thing stores of value are intended to guard against.
     * Single currency systems were adopted as these are significantly more efficient. A single price in a single currency allows far easier exchange of goods. Having multiple issuers of currency adds friction to trade, as one must convert the value of a given object between currencies before exchange can take place. 
-    * The history of large issuances of private money isn't good.These systems are subject to fraud and a general breakdown of trust. If any bank can issue its own banknotes, how does one know which bank is reliable and which isn’t?
+    * The history of large issuances of private money isn't good.These systems are subject to fraud and a general breakdown of trust. If any bank can issue its own [private bank notes](../concepts/private-money.md), how does one know which bank is reliable and which isn’t?
 
 ## A Final Note on Trust
-* In the world of Bitcon, and blockchain more generally, replacing interpersonal trust with cryptographic verification mechanisms is seen as positive; we no longer need trust: in states, governmental institutions or one another.
+* In the world of Bitcon, and [blockchain](../concepts/blockchain.md) more generally, replacing interpersonal trust with cryptographic verification mechanisms is seen as positive; we no longer need trust: in states, governmental institutions or one another.
 * The problem with trust is that when you get rid of it, it's very hard to get it back. If crypto were to fail we would risk a large-scale general reduction in trust. Even if it were to succeed, it would likely lead to a significantly diminished role for trust at a broader level.
-* At the root of trustless blockchain technologies are assumptions about human nature, which have significant implications for how we approach vital questions of social cooperation. 
+* At the root of [trustless](../concepts/decentralization.md) blockchain technologies are assumptions about human nature, which have significant implications for how we approach vital questions of social cooperation. 
 * There is evidence that high trust of strangers correlates with positive economic and social outcomes. 
 * Aside from its impacts on Bitcoin’s potential as a gold substitute, the issue of trust has serious ramifications for how we govern our societies. 
 
@@ -155,6 +155,7 @@ Bitcoin is Better
 1. Bemanke, Ben, and Harold James. 1991. ‘The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison’. In Financial Markets and Financial Crises, 33–68. University of Chicago Press. https://www.nber.org/books-and-chapters/financial-markets-and-financial-crises/gold-standard-deflation-and-financial-crisis-great-depression-international-comparison.
 1. Bernanke, B. S. (2004). Essays on the Great Depression. Princeton University Press.
 1. Eich, Stefan. 2018. ‘The Currency of Politics’. The Political Theory of Money from Aristotle to Keynes.
+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. Green, Russell A. "Gold Standard or Fool’s Gold? Should the US Consider Returning to the Gold Standard?." Issue Brief 02.23. 16 (2016).
 1. Ammous, Saifedean. 2018. The Bitcoin Standard: The Decentralized Alternative to Central Banking. Hoboken, New Jersey: Wiley.
 1. Sanz Bas, David. 2020. ‘Hayek and the Cryptocurrency Revolution’. Iberian Journal of the History of Economic Thought 7 (1): 15–28. https://doi.org/10.5209/ijhe.69403.

From bb3d7e07a0eae71233d55fc666f56f6379beb7b5 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Fri, 1 Apr 2022 10:36:52 +0100
Subject: [PATCH 086/103] Add more links to wiki

---
 notes/are-crypto-tokens-securities.md |  8 ++++----
 notes/post-state-technocracy.md       | 24 ++++++++++++------------
 2 files changed, 16 insertions(+), 16 deletions(-)

diff --git a/notes/are-crypto-tokens-securities.md b/notes/are-crypto-tokens-securities.md
index 92a4dcd..67693cc 100644
--- a/notes/are-crypto-tokens-securities.md
+++ b/notes/are-crypto-tokens-securities.md
@@ -77,16 +77,16 @@ Rufus and Stephen end their conversation with an analysis of this position and t
 * The kind of fly-by-night “There Will Be Blood” type of charlatans ran wild selling securities to the public.
   * Most US states created Blue Sky Laws to  "to stop the sale of stock in fly-by-night concerns, visionary oil wells, distant gold mines and other fraudulent exploitations."
   * History is repeating itself exactly like it did then. **Shibu Inu and Dogecoin were the blue sky securities of the 1920s**. People were attracted to get rich quick schemes back then just as much as they are today. Human psychology is remarkably invariant across time.
-* As part of the New Deal, the United States signs into law the Securities Act of 1933, Glass-Steagall Act of 1933, Securities Exchange Act of 1934. These largey clean up the fraud. The US framework is the blueprint for many industrialized nations to do the same.
+* As part of the New Deal, the United States signs into law the Securities Act of 1933, Glass-Steagall Act of 1933, Securities Exchange Act of 1934. These largely clean up the fraud. The US framework is the blueprint for many industrialized nations to do the same.
   * The Great Depression ends and the US is victorious in WWII.
   * A long peace in financial markets. 
   * Bank runs are entirely eliminated.
-  * US capital markets become extremely large, robust and a new era of unrivaled growth and private innovation.
+  * US capital markets become extremely large, robust and a new era of unrivalled growth and private innovation.
   * Centrist Hypothesis: Regulated capital markets, taken on the whole arc of human history, produce relative prosperity.
 * According to the SEC crypto tokens meet the Howey test and thus are securities contracts.
   * This fits with our general intuition about the intent and purpose retail day traders are buying them. They’re investing in common ventures with the expectation of profit from the sale of tokens the same as equity.
   * The enterprises possibly now exist as anonymous internet entities and Discord servers now instead of law firms and board rooms.
-  * Some DAO governance tokens quite literally are designed to imitate voting shares as seen in existing equity structures.
+  * Some [DAO](../concepts/dao.md) governance tokens quite literally are designed to imitate voting shares as seen in existing equity structures.
   * How do we bring the great mass of scofflaw unregistered securities within the regulatory perimeter to protect the public? Is this even possible?
 * The smartphone era gives retail investors access to the public equities market with unparalleled levels of simplicity unseen in markets. There’s also a genuine interest in giving retail investors access to private equity investments.
   * Is such a structure even possible?
@@ -94,7 +94,7 @@ Rufus and Stephen end their conversation with an analysis of this position and t
     * As an entrepreneur do we really want a cap table with 200,000 retired janitors from Idaho writing $500 checks into early companies. What is the legal overhead of this under the Securities Act?
   * Is it desirable?
     * High risk, high return. But with a 95% failure rate is it even appropriate for retail? Venture is not a great asset class compared to index funds in terms of brute returns.
-    * If we lower the barriers to entry, the ICO bubble is a case study in even higher failure rates. Unprecedented levels of fraud unseen in developed markets since the 1920s.
+    * If we lower the barriers to entry, the [ICO](../concepts/ico.md) bubble is a case study in even higher failure rates. Unprecedented levels of fraud unseen in developed markets since the 1920s.
     * **ICOs are like a public stock offering before the company even exists or has a product.**
     * Giving seed-stage ventures billions of seed capital detached from revenue, traction, or product market fit is a recipe for disaster.
     * There’s a perverse incentive to simply abscond with seed money rather than actually build anything.
diff --git a/notes/post-state-technocracy.md b/notes/post-state-technocracy.md
index e9ece61..e0755c8 100644
--- a/notes/post-state-technocracy.md
+++ b/notes/post-state-technocracy.md
@@ -17,9 +17,9 @@ In episode #4 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 
 ## Summary
 
-In previous epsidoes Rufus and Stephen have discussed positions that largely regard either monetary or financial reconfiguration (reinstate the gold standard, get rich quick). In this episide they start engaging with political imaginaries about “making the world a better place”.
+In previous episodes Rufus and Stephen have discussed positions that largely regard either monetary or financial reconfiguration (reinstate the [gold standard](../concepts/gold-standard.md), get rich quick). In this episode they start engaging with political imaginaries about “making the world a better place”.
 
-In this episode, Rufus and Stephen engage with the vision laid out by technologists and venture capitalists of a transition from the existing US-led international order to a world in which blockchain technology and technocracy are the new foundations for global human governance.
+In this episode, Rufus and Stephen engage with the vision laid out by technologists and venture capitalists of a transition from the existing US-led international order to a world in which [blockchain](../concepts/blockchain.md) technology and technocracy are the new foundations for global human governance.
 
 This thesis has been put forward in various forms. So far, the most fully articulated form that we have found is from Balaji Srinivasan. See the show notes below for links to source material.
 
@@ -77,7 +77,7 @@ This thesis has been put forward in various forms. So far, the most fully articu
   * Problems like climate change show that liberal democracies and the existing international order are highly vulnerable to paralysis on global tragedy of the commons problems.
   * Just like evolution, corruption is the natural state of being, so we need to embrace corruption rather than live up to the ideals of liberal democracy.
   * Instead of a strong man to save us, we need strong tech.
-* **Claim 5:** Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
+* **Claim 5:** [web3](../concepts/web3.md) is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
   * We can’t stop runaway phenomenon. We simply have to embrace them.
   * Crypto is inevitable. We can’t put the toothpaste back in the tube.
   * Creative destruction is unpredictable but in the end it’s right.
@@ -96,14 +96,14 @@ This thesis has been put forward in various forms. So far, the most fully articu
   * A worldview from a venture capitalist echo chamber talking their books or trying to strongarm their heterodox views using capital.
 * **Claim 1:** "We’ve hit a wall on physical progress, so the “digital realm” is the only frontier accessible."
   * The entire argument is predicated on the technology being able to do the things they claim, perhaps at some point in the future. This is falsely treated as a technical reality and an inevitability.
-    * The claims of cryptocurrencies or “algorithmic central banks” having the capacity to serve as national currencies seems unsubstantiated by evidence.
+    * The claims of cryptocurrencies or “algorithmic [central banks](../concepts/central-banks.md)” having the capacity to serve as national currencies seems unsubstantiated by evidence.
     * Postal service claim - In the 1700s nothing moved faster than a horse. Yet the advent of the steam engine and capacity to send information faster than horse didn’t fundamentally alter our notions of statehood and justice.
     * Comparisons to kibbutzim and moshavim.
     * Biomedical experimentation outside of the regulatory perimeter is generally considered a bad idea for very good reasons.
     *  "Crypto is the smartest people in the world exiting into their own economy"
 * **Claim 2:** "The state can (and should) be hollowed out"
   * "Nation states are being dissolved from within. The internet is global, the internet is the basis of human life, so borders should not exist."
-    *    “No borders politics” is legitimately a divergence from classical right wing positions. Usually resonantes with far-left positions. This is an interesting shift in thinking.
+    *    “No borders politics” is legitimately a divergence from classical right wing positions. Usually resonates with far-left positions. This is an interesting shift in thinking.
   * "We can replace all of the state's legacy functions with software, and the public goods that it once supported can be replaced by either the private sector or blockchain apps.""
     * Replacing the DMV and the tax authority with automation is a genuinely appealing idea to many people. Replacing it with the private sector is more controversial.
     *  People have successfully built antifragile services that exist outside the regulatory perimeter that have endured the test of time: 
@@ -111,7 +111,7 @@ This thesis has been put forward in various forms. So far, the most fully articu
   *  "The traditional functions of the nation state are being replaced by cyberspace and citizenship." There is a grain of truth in this:
       * Zoom and Twitter connect people across the world.
       * Remote working is now a reality
-      * Transferwise and wire transfers have lower barriers to money flows
+      * Transferwise and wire transfers have lower barriers to [remittences](../claims/is-better-payments.md)
       * The sufficiency of self-regulation in the private sector is a popular perspective
       * Digital commodities are regulated internationally (ICANN, web hosting)
       * Self-organizing communities (everything from good things like Linux and Open Source to bad things like 4chan and QAnon) have proved enormously influential in shaping culture and creating public goods.
@@ -119,18 +119,18 @@ This thesis has been put forward in various forms. So far, the most fully articu
     * Property rights over physical goods are not enforceable with cryptography.
     * Dispute resolution between humans can rarely, if ever, be reduced down to code.
     * We still need magistrates and courts.
-    * We still inevitably need a structure like a central bank.
-    * How does this solve the public goods problem? There appears to be no coherent connection between crypto coins and solutions to this problem.
+    * We still inevitably need a structure like a [central bank](../concepts/central-banks.md)
+    * How does this solve the [public goods problem](../concepts/public-goods-problem.md)? There appears to be no coherent connection between crypto coins and solutions to this problem.
     * Who will fix the potholes in the road? Why will they fix the potholes? c.f. [Cartmanland](https://en.wikipedia.org/wiki/Cartmanland)
 * **Claim 3:** "Modern nation states are simply too big". 
   * There is a kernel of truth in all this, western democracies are slow and sclerotic and public trust in institutions is at an all time low. The Americans legitimately elected an imbecile to control their nuclear arsenal … things are clearly not working optimally in democracy.
-  * Infinite supply of whataboutisms talking about the genuine deficiencies in the American hegemony and rules based international order.
+  * Infinite supply of [whataboutisms](../concepts/whataboutism.md) talking about the genuine deficiencies in the American hegemony and rules based international order.
 * **Claim 4:** "Crypto is the smartest people in the world exiting into their own economy"
   * A tech-led plutocracy, not a utopia.
   *  The result would be an oligarchy: the technical elite and those with access to capital rule.
-* **Claim 5:** Web3 is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
+* **Claim 5:** [web3](../concepts/web3.md) is a paradigm shift akin to the industrial revolution. Our current reading of economics is incommensurate with the inevitable new world order that will exist after blockchain and tokenization subsume all of human life.
   * This is a vision of the future detached from the lived experience and day to day economics of the vast majority of people globally.
-  * We'll all be full-time FX traders at face value makes zero sense. Price discovery is important but who will smelt the aluminum for your MacBook?
+  * We'll all be full-time FX traders at face value makes zero sense. Price discovery is important but who will smelt the aluminium for your MacBook?
   * How will this new economy function when their financial system can't even be used to buy goods and services?
     * “Crypto doesn’t currently function as money, not because of technical or economics limitations, but because statists won’t give up their power.”
     * Doesn’t include the view that the economics of the system are wrong to give rise to a medium of exchange.
@@ -140,7 +140,7 @@ This thesis has been put forward in various forms. So far, the most fully articu
 
 
 * This is a bleak dystopian vision of the future.
-  * [Neal Stpehensons’s Burbclaves](https://en.wikipedia.org/wiki/Snow_Crash)
+  * [Neal Stephensons’s Burbclaves](https://en.wikipedia.org/wiki/Snow_Crash)
   * We can’t run nation states like we run tech startups.
   * Skeptical about finding a quick-fix in technology or politics. There is wisdom in learning from the past and the institutions that exist.
   * Esperanto-style solutionism has never worked for societies or economies. 

From cffb9109849e88b6aa2e0c8da8139634f1c85b57 Mon Sep 17 00:00:00 2001
From: theo-cox <72795023+theo-cox@users.noreply.github.com>
Date: Fri, 1 Apr 2022 11:28:44 +0100
Subject: [PATCH 087/103] Create webinars.md

webinars[m]: added webinars page
---
 webinars/webinars.md | 24 ++++++++++++++++++++++++
 1 file changed, 24 insertions(+)
 create mode 100644 webinars/webinars.md

diff --git a/webinars/webinars.md b/webinars/webinars.md
new file mode 100644
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--- /dev/null
+++ b/webinars/webinars.md
@@ -0,0 +1,24 @@
+# Webinars
+
+Our webiar series addresses the most significant, policy-relevant issues around web3 and blockchain. They provide an objective overview of the information needed for decision making in key sectors, outlining the considerations and strategies required to respond effectively.
+
+The webinars will be invite only unless otherwise specified, but we will be posting content covering the topics covered to the site. Each will involve an expert panel discussion followed by a significant period of Q&A and participant led conversation, to ensure pressing questions are addressed. All webinars will be conducted under Chatham House Rules.
+
+The full list of webinars can be found below:
+
+## Upcoming
+
+### Responsible Innovation: Cryptocurrency and the Regulatory Permimiter
+
+**Date and Time** 
+
+May 5th 2022, 14:00 UK, 13:00 UTC, 08:00 CST  _(subject to finalisation)_
+
+Running time: 2 hours
+
+**Description** 
+
+This invite-only webinar for policy makers will explore how financial regulation might be applied to cryptocurrencies to safeguard users without stifling innovation. It will also outline different paths to achieving the aspirations for a more stable and inclusive financial system which are spoken to by portions of the cryptocurrency movement. 
+
+The webinar will explain a number of decision relevant concepts and outline illustrative case studies, before turning to a discussion of how we might understand responsible innovation in the case of cryptocurrency, and how the broader financial aspirations of the cryptocurrency movement might be achieved. There will be significant time allocated to Q&A and participant led discussion to ensure pressing questions are addressed. This will be conducted under Chatham House Rules. 
+

From 1438974e2f544ca39ec2aa29d328be0aeee3d708 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Fri, 1 Apr 2022 15:18:57 +0200
Subject: [PATCH 088/103] Create
 fintech-incrementalism-and-responsible-innovation.md

---
 ...crementalism-and-responsible-innovation.md | 170 ++++++++++++++++++
 1 file changed, 170 insertions(+)
 create mode 100644 notes/fintech-incrementalism-and-responsible-innovation.md

diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
new file mode 100644
index 0000000..95470d7
--- /dev/null
+++ b/notes/fintech-incrementalism-and-responsible-innovation.md
@@ -0,0 +1,170 @@
+# Fintech Incrementalism and Responsible Innovation
+
+In episode #5 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl explore the claim that blockchain can be a vehicle for increase in financialization through the development of more complex, blockchain based financial products. 
+
+<iframe width="560" height="315" src="https://www.youtube.com/embed/XXX" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
+
+
+
+* Youtube: https://www.youtube.com/XXX
+* Podcast: https://anchor.fm/life-itself/episodes/XXX
+* Wiki Topic: [XXX](../concepts/XXX.md)
+
+
+***
+
+# Episode Notes
+
+## Summary
+
+In this episode, Rufus and Stephen  explore an argument for blockchain and crypto that they term “fintech incrementalism”. 
+
+This position assumes the capitalist notion that greater financialization is an engine for progress, and claims that blockchain can be a vehicle for this increase in financialization through the development of more complex, blockchain based financial products – and the added market efficiency which will result. This ranges from better payment rails i.e. a better visa, stripe etc, to more efficient clearings systems, to full-scale innovation in financial engineering.
+
+The political imaginaries of this position are more efficient markets and more bespoke and customized financial products to buy. Capitalism is net positive in the world, and a fairer, more efficient and transparent economy benefits everyone. 
+
+Rufus and Stephen 'steel man' the “fintech incrementalism” position, identifying 7 key claims, before then conducting an analysis of the position.
+
+## Fintech Incrementalism
+
+* What is 'fintech'? 
+  * fintech = financial technology. New technology that seeks to improve and automate the delivery and use of financial services
+* The central thesis of the fintech incrementalist position is that crypto assets, blockchain, or fintech more broadly, is a force for effecting change in financial services and building a more stable, efficient and transparent economy.
+  * “The blockchain meme” as a catalyst for building better market infrastructure and “how the enterprise software sausage actually gets made”.
+  * A lot of legitimate real time gross settlement systems, to first approximation, look something like an append-only ledger that batches transactions via a consensus algorithm. The difference is they’re not trying to reinvent money from first principles.
+  * The global economy runs on [COBOL](https://en.wikipedia.org/wiki/COBOL) and [Fortran](https://fr.wikipedia.org/wiki/Fortran).
+* Notable examples of pro-financialization camp:
+  * [Ray Dalio](https://en.wikipedia.org/wiki/Ray_Dalio)
+  * [Jim Simons](https://en.wikipedia.org/wiki/Jim_Simons_(mathematician))
+  * [Chamath Palihapitiya](https://en.wikipedia.org/wiki/Chamath_Palihapitiya)
+  * [Cathie Wood](https://en.wikipedia.org/wiki/Cathie_Wood)
+* Fintech innovation and quantitative finance has a good track record of progress in the last few decades. 
+  * New York Fed’s open source models of the US economy
+    * GitHub - [FRBNY-DSGE/DSGE.jl: Solve and estimate Dynamic Stochastic General Equilibrium models (including the New York Fed DSGE)](https://github.com/FRBNY-DSGE/DSGE.jl)
+  * Low cost index funds
+  * [Mechanism design](https://www.investopedia.com/terms/m/mechanism-design-theory.asp#:~:text=Mechanism%20design%20is%20a%20branch,self%2Dinterest%20and%20incomplete%20information.), [auction theory](https://en.wikipedia.org/wiki/Auction_theory)
+  * [Myerson–Satterthwaite theorem](https://en.wikipedia.org/wiki/Myerson%E2%80%93Satterthwaite_theorem)
+  * [Black-Scholes-Merton model](https://www.investopedia.com/terms/b/blackscholes.asp)
+  * [Real time gross settlement systems](https://www.investopedia.com/terms/r/rtgs.asp#:~:text=Gross%20settlement%20means%20transactions%20are,by%20a%20country's%20central%20bank.)
+  * Contactless payments
+  * Nonconvex portfolio optimization software
+  * [Parametric insurance](https://en.wikipedia.org/wiki/Parametric_insurance)
+  * [Modigliani–Miller theorem](https://www.investopedia.com/terms/m/modigliani-millertheorem.asp#:~:text=The%20Modigliani%2DMiller%20theorem%20states,was%20introduced%20in%20the%201950s.)
+  * [Algotrading](https://en.wikipedia.org/wiki/Algorithmic_trading) and [Robo Advising](https://www.investopedia.com/terms/r/roboadvisor-roboadviser.asp)
+  * [Microfinances](https://en.wikipedia.org/wiki/Microfinance)
+
+## Steel manning the fintech incrementalist position
+
+
+* **Claim 1:** Everything is moving towards real-time and international finance. Crypto is the evolution of this trend. We want to move the entire economy into a hyperfinanicalized 24/7 real-time always-trading market with even more complexity and lower friction than what we have presently.
+    *  Building a [T+0 settlement](https://www.investopedia.com/ask/answers/what-do-t1-t2-and-t3-mean/) system for equities is a great idea. Real-time settlements would be a boon for the liquidity of US capital markets.
+    *  Real time payments are a resounding success in Europe and Asia.
+  * We’ve solved volatility problems of asset classes in the past. We’ll do it again. It just requires more math and more sophisticated models.
+* **Claim 2:** Banks are outdated and slow to innovate: core banking software is mostly from the 1980s; state of bitrot in financial infrastructure is vast; American infrastructure is massively outdated. Crypto is the means to fix all this.
+    * **Subclaim 2a)** Private money and Central Bank Digital Currencies will compete for market share and will coexist. This will be the future of finance.
+      * The Federal Reserve, and the European Central Bank will keep all of their balance sheets and swap lines on a global distributed ledger providing greater market transparency and efficiency of sovereign flows.
+      * Retail accounts will all be held directly at the central bank.
+    * **Subclaim 2b)** It’s the natural evolution that banks will simply custody thousands of types of currencies. The nature of regulatory costs simply means that customers will have to eat the risks and costs of bank runs when operating out-of-jurisdiction.
+      * We already have offerings like [Eurodollars](https://www.investopedia.com/terms/e/eurodollar.asp#:~:text=The%20term%20eurodollar%20refers%20to,Reserve%20Board%2C%20including%20reserve%20requirements.)
+* **Claim 3:** Regulation is becoming more robust ([Basel III](https://www.investopedia.com/terms/b/basell-iii.asp)) and will catch up with technical innovation. 
+  * This is always the way things have worked in the past. And it more or less has worked.
+* **Claim 4:** We no longer have an economy that runs on two [numéraire](https://en.wikipedia.org/wiki/Num%C3%A9raire) for individuals: bank balance and credit score. We need to create programmable money whose representation is a hypersurface on a polytope that exists in extremely high dimensional spaces that correspond to every aspect of personhood.
+* **Claim 5:** It’s common to have a knee-jerk reaction to financial complexity. But when you dig into the details it’s quite a bit more nuanced than it seems at first glance. While there are toxic products, we need to take things on a case-by-case basis rather than blanket write off financialization. 
+  * The Roman Empire was trading options contracts. 
+  * **Derivatives will always arise naturally in markets of sufficient sizes.**
+  * These types of products are natural for portfolio managers to use to hedge their exposure to complex factors. 
+  * Trading digital derivatives contracts detached from any underlying or benchmark are the next evolution of markets.
+  * Building more complex financial models and products allows us to create more antifragile structures that remove or disperse risk from the broader market that the public benefits from.
+    * Mortgages are very good financial products that enable vast access to property markets and for families to prosper. 
+    * The volatility of chicken nuggets is solved by creating synthetic futures on corn and soymeal commodities that would hedge the chicken producer’s exposure to underlying price fluctuations.
+    * Petrol futures and airlines
+  * If we can create completely synthetic hedges for a wide range of real-world phenomenal factors then it doesn’t really matter how we do it. 
+* **Claim 6:** There are a few **asset classes that are almost exclusively narrative-driven** rather than mathematics or cashflow-driven.
+  * “If gold appears to be a hedge for anything, it’s the fear of inflation, or the fear of financial instability as proxied by changes in government deficits.”
+  * **The demand curve for gold is, at least partially,generated by emotion and politics.** This is squishy but quantifiable.
+  * With crypto tokens we can create new synthetic assets whose demand curves are artificially generated by different psychological forces.
+  * Gold is a proxy asset for investing in the “libertarian project”. With crypto can we create a proxy asset for investing in the “anarchist project” or the “Marxist project”?
+* **Claim 7:** “The next step in the evolutionary tree of homo economicus, in which all aspects of our humanity sublimates into the free market.”
+  * Markets no longer exclusively exist to price products corresponding to goods and services anymore. **We can financialize purely imaginary things that are untethered to humanity and/or the physical world.** 
+  * Web3 is the “financialization of everything”. Abstract notions of things like public goods, justice, politics, ideology, religion, philosophy, and community can become commodities to be traded.
+  * “Self-fulfilling [ouroboros](https://en.wikipedia.org/wiki/Ouroboros#:~:text=The%20ouroboros%20or%20uroboros%20(%2F%CB%8C,and%20most%20notably%20in%20alchemy.)) derivatives” are the future.
+
+## Evaluating the position
+
+* **Claim 1:** "Everything is moving towards real-time and international finance. Crypto is the evolution of this trend. We want to move the entire economy into a hyperfinanicalized 24/7 real-time always-trading market with even more complexity and lower friction than what we have presently."
+  * The costs present in most retail financial services have very little to do with the technology. Transaction costs associated with payments are fraud mitigation, transaction reversal, custodial services, customer service, and compliance.
+      * These are a necessary and irremovable part of dealing serving the needs of real people.
+      * Customers want transaction reversibility.
+      * Customers want transaction privacy.
+      * Customers want fraud protection.
+      * If crypto solutions are lower-cost or lower-friction currently then it’s likely because they’ve removed fraud mitigation and compliance entirely. **Once we add compliance back to crypto payment rails, it’s unclear that there would be any efficiency increase or cost savings.**
+* **Claim 2:** "Banks are outdated and slow to innovate... Crypto is the means to fix all this."
+  * **Sub-claim 2a)** "Private money and Central Bank Digital Currencies will compete for market share and will coexist. This will be the future of finance."
+    * Central Bank Digital Currencies are a theoretical idea that has yet to prove its merits.
+    * **Upending the entire space of commercial banks in a massive financial reconfiguration project which needs political will.** This does not currently exist either in Europe or the United States.
+        * China may be a different story, but the reason they would want to install such a system is entirely different from western democracies.
+    * It’s unclear what advantage this actually offers to end consumers.
+    * Facebook Libra Coin offers a stark reminder about the realities of integrating with global finance and the regulatory push back against the idea of private money.
+  * **Sub-claim 2b)** "It’s the natural evolution that banks will simply custody thousands of types of currencies."
+    * [Remittance use-case](https://academy.binance.com/en/articles/blockchain-use-cases-remittance) makes no sense at face value.
+      * 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**.
+      * 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 given the volatility of the asset is a non-starter for commerce.
+    * Can’t denominate contracts or debt products without obscene risk premiums attached to the contracts. This is unnecessary friction from using something not fit for purpose.
+* **Claim 3:** "Regulation is becoming more robust ([Basel III](https://www.investopedia.com/terms/b/basell-iii.asp)) and will catch up with technical innovation."
+  *  That regulation *will* catch up, in the future, is not sufficient. Building an unregulated transnational payment rail, even if it did work as people claim, and then testing it out in the wild on live people is very questionable engineering practice. Imagine doing the same thing in medicine or civil engineering. It’s like “financial vivisection” or something.
+      * Tesla vs Google on self-driving cars.
+      * This issue divides technologists because it’s a question about engineering ethics.
+      * There is a vast amount of literature and very healthy debate in machine learning about “rogue AI”, a technology that is at-best hypothetical or probably centuries away. 
+      * Why is there such a taboo about having that same debate about runaway crypto technology and responsible innovation?
+* **Claim 4:** "We no longer have an economy that runs on two [numéraire](https://en.wikipedia.org/wiki/Num%C3%A9raire) for individuals: bank balance and credit score. We need to create programmable money whose representation is a hypersurface on a polytope that exists in extremely high dimensional spaces that correspond to every aspect of personhood."
+  * Building an enormously complex social credit system based on **financializing every aspect of our lives is a nightmarish dystopia.** (See [Black Mirror](https://en.wikipedia.org/wiki/Nosedive_(Black_Mirror)#:~:text=Lacie%20(Bryce%20Dallas%20Howard)%20gives,from%20most%20Black%20Mirror%20episodes.))
+    * Not compatible with our values of individual liberty and privacy.
+    * We simply should not build this for reasons that seem obvious.
+    * Jurisdictions like Germany would never accept such a thing.
+* **Claim 5:** "It’s common to have a knee-jerk reaction to financial complexity... While there are toxic products, we need to take things on a case-by-case basis rather than blanket write off financialization."  
+  *   Global financial crisis as a warning sign about opaque markets, complex products and moral hazard in the presence of government bailouts.
+      * Quant funds levered to the hilt on exotic products have almost universally gone very badly historically. 
+      * [Why I Lost My Bet With Warren Buffett - Bloomberg](https://www.bloomberg.com/opinion/articles/2017-05-03/why-i-lost-my-bet-with-warren-buffett)
+    * Incorrect pricing of risk
+    * Financial innovation and complexity
+    * Crypto would exasperate all of these problems. Look how many DeFi projects blow up every week.
+      * Plug web3isgoinggreat.com
+      * Trillions of notional “value” has simply ceased to exist because of software bugs. 
+      * DeFi is a consumer protection nightmare. Elizabeth Warren is right to warn about this.
+* **Claim 6:** "There are a few asset classes that are almost exclusively narrative-driven rather than mathematics or cashflow-driven... With crypto tokens we can create new synthetic assets whose demand curves are artificially generated by different psychological forces."
+  * None of our models have any predictive power to value crypto assets that present as investments.
+    * **Crypto investments present as sentiment-driven greater-fool products.** 
+    * These products are zero-sum investments, it’s unclear what advantage these products bring to retail investors who have simple needs (saving for retirement, buying a house, college funds, etc).
+    * Models like stock2flow to value bitcoin have no basis in quantitative finances and wouldn’t even pass peer review.
+* **Claim 7:** "The next step in the evolutionary tree of homo economicus, in which all aspects of our humanity sublimates into the free market."
+  *  There is a massive disconnect between what is theoretically promised with regards to blockchain technology versus what is actually possible or realizable when we factor in real-world constraints.
+      * Projects like algorithmic stablecoins have a pretty terrible track record of blowing up during shocks. 
+      * A lot of financial “perpetual motion machines” being promised under ideas that sound like science fiction.
+      * Even if people talk a big game about a “new digital financial paradigm”, that does not appear to be what they’re building in practice.
+  * It is unclear what crypto assets offer the institutional finance or asset managers. 
+    * Adds more beta to a portfolio and exposure to unquantifiable black-box risk.
+    * See our [episode on Market Fundamentalism](https://web3.lifeitself.us/notes/market-fundamentalism) for more discussion.
+  *  We’re still looking for crypto’s killer use case. Even if we accept that expansion of advanced financialization is a good thing. It’s unclear what crypto offers to this program when brought within the regulatory perimeter.
+      * Domestic Payments NO
+      * Remittances NO
+      * Speculative Investments NO
+      * Central Bank Digital Currencies MAYBE
+      * Enterprise Data Management MAYBE
+      * Everything else is science fiction (possibly dystopian) at present.
+  * Jury is still out on whether “[permissioned blockchain](https://www.investopedia.com/terms/p/permissioned-blockchains.asp#:~:text=A%20permissioned%20blockchain%20is%20a,certificates%20or%20other%20digital%20means.)” as a technology removed from token issuance has any applications. The answer seems like no, but if it is yes then it’s probably for mundane things.
+    * Corda
+    * Walmart Fruit Network project
+    * **This is not paradigm shifting tech. It’s just more enterprise software running on a server in some bank’s back office.**
+* Recentralization is not necessarily progress, especially when it comes attached to bizarre externalities that didn’t exist before and undermine the entire project.
+* Arbitraging securities regulation for crowdfunding comes with significant public risk and no clear advantage.
+  * Turning everything into an IPO.
+  * See our [episode on Securities Regulation](https://web3.lifeitself.us/notes/are-crypto-tokens-securities) for deeper discussion.
+ 
+
+## Conclusion
+
+This is the position that is possibly the most compelling and defensible position, but if and only if the tech can be shown to be demonstrably better than what already exists. There are some large economic, technical and commercial problems (or at least unproven theories) at the heart of this thesis. Much of this remains a theoretical proposition at best, but it is still interesting to consider intellectually.

From 7ec53e2eb6f8afc3c2955dc302a2db18145409b3 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Fri, 1 Apr 2022 15:19:43 +0200
Subject: [PATCH 089/103] remove youtube link

---
 .../fintech-incrementalism-and-responsible-innovation.md  | 8 --------
 1 file changed, 8 deletions(-)

diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
index 95470d7..ad9c03d 100644
--- a/notes/fintech-incrementalism-and-responsible-innovation.md
+++ b/notes/fintech-incrementalism-and-responsible-innovation.md
@@ -2,14 +2,6 @@
 
 In episode #5 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl explore the claim that blockchain can be a vehicle for increase in financialization through the development of more complex, blockchain based financial products. 
 
-<iframe width="560" height="315" src="https://www.youtube.com/embed/XXX" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
-
-
-
-* Youtube: https://www.youtube.com/XXX
-* Podcast: https://anchor.fm/life-itself/episodes/XXX
-* Wiki Topic: [XXX](../concepts/XXX.md)
-
 
 ***
 

From cbdaf460f8e6afd3217f298a646d4b08722f2144 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Fri, 1 Apr 2022 15:11:04 +0100
Subject: [PATCH 090/103] Citations for fintech

---
 concepts/artificial-demand.md                 |   4 +-
 guide/index.md                                |   2 +-
 meta/citations-todo.md                        |   6 +-
 ...crementalism-and-responsible-innovation.md | 129 +++++++++++++-----
 4 files changed, 103 insertions(+), 38 deletions(-)

diff --git a/concepts/artificial-demand.md b/concepts/artificial-demand.md
index 703497d..fd106a3 100644
--- a/concepts/artificial-demand.md
+++ b/concepts/artificial-demand.md
@@ -1,4 +1,6 @@
 # Artificial Demand
 The property of a [asset](asset) whereby the demand curve for the asset is not generated by market forces but instead by an artificial source external which requires the purchase of the asset as a proxy for another good or services, or as part of an [enclosure](enclosure.md).
 
-See [enclosure](enclosure.md) and [artificial-scarcity](artificial-scarcity.md).
\ No newline at end of file
+See [enclosure](enclosure.md) and [artificial scarcity](artificial-scarcity.md).
+
+## References
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 1b53168..0b35818 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -114,7 +114,7 @@ Understand crypto and "web3" in terms of recent news events and interviews and e
 	2. [Episode #2: Market Fundamentalism](../notes/market-fundamentalism.md)
 	3. [Episode #3: Securities Regulation](/notes/are-crypto-tokens-securities.md)
 	4. [Episode #4: Post-state Technocracy](../notes/post-state-technocracy.md)
-	5. Episode #5: Fintech Incrementalism
+	5. [Episode #5: Fintech Incrementalism](../notes/fintech-incrementalism-and-responsible-innovation.md)
 * [Recent News Stories](/notes/recent-events.md)
 * [Commentary on 'Line Goes Up'](../notes/olson-2022-line-go-up.md)
 
diff --git a/meta/citations-todo.md b/meta/citations-todo.md
index b4afe84..4850576 100644
--- a/meta/citations-todo.md
+++ b/meta/citations-todo.md
@@ -2,7 +2,7 @@
 First pass
 
 - [x] [aml](../concepts/aml.md)
-- [ ] [amm](../concepts/amm.md)
+- [x] [amm](../concepts/amm.md)
 - [ ] [artificial-demand](../concepts/artificial-demand.md)
 - [x] [artificial-scarcity](../concepts/artificial-scarcity.md)
 - [x] [austrian-economics](../concepts/austrian-economics.md)
@@ -17,14 +17,14 @@ First pass
 - [x] [cartel](../concepts/cartel.md)
 - [x] [cd](../concepts/cd.md)
 - [x] [cds](../concepts/cds.md)
-- [ ] [collateralization](../concepts/collateralization.md)
+- [x] [collateralization](../concepts/collateralization.md)
 - [x] [commodity](../concepts/commodity.md)
 - [x] [counterparty-risk](../concepts/counterparty-risk.md)
 - [x] [currency-peg](../concepts/currency-peg.md)
 - [x] [deposit](../concepts/deposit.md)
 - [x] [deposit-insurance](../concepts/deposit-insurance.md)
 - [x] [derivative](../concepts/derivative.md)
-- [ ] [dex](../concepts/dex.md)
+- [x] [dex](../concepts/dex.md)
 - [x] [distribution-problem](../concepts/distribution-problem.md)
 - [ ] [enclosure](../concepts/enclosure.md)
 - [x] [exit-scam](../concepts/exit-scam.md)
diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
index ad9c03d..cf98df5 100644
--- a/notes/fintech-incrementalism-and-responsible-innovation.md
+++ b/notes/fintech-incrementalism-and-responsible-innovation.md
@@ -11,9 +11,9 @@ In episode #5 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 
 In this episode, Rufus and Stephen  explore an argument for blockchain and crypto that they term “fintech incrementalism”. 
 
-This position assumes the capitalist notion that greater financialization is an engine for progress, and claims that blockchain can be a vehicle for this increase in financialization through the development of more complex, blockchain based financial products – and the added market efficiency which will result. This ranges from better payment rails i.e. a better visa, stripe etc, to more efficient clearings systems, to full-scale innovation in financial engineering.
+This position assumes the capitalist notion that greater [financialization](../claims/is-hyperfinancialization.md) is an engine for progress, and claims that blockchain can be a vehicle for this increase in financialization through the development of more complex, [blockchain](../concepts/blockchain.md) based [financial products](../concepts/financial-asset.md) – and the added market efficiency which will result. This ranges from better payment rails i.e. a better visa, stripe etc, to more efficient clearings systems, to full-scale innovation in financial engineering.
 
-The political imaginaries of this position are more efficient markets and more bespoke and customized financial products to buy. Capitalism is net positive in the world, and a fairer, more efficient and transparent economy benefits everyone. 
+The political imaginaries of this position are more efficient markets and more bespoke and customized financial products to buy. [Capitalism](../concepts/capitalism.md) is net positive in the world, and a fairer, more efficient and transparent economy benefits everyone. 
 
 Rufus and Stephen 'steel man' the “fintech incrementalism” position, identifying 7 key claims, before then conducting an analysis of the position.
 
@@ -23,7 +23,7 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
   * fintech = financial technology. New technology that seeks to improve and automate the delivery and use of financial services
 * The central thesis of the fintech incrementalist position is that crypto assets, blockchain, or fintech more broadly, is a force for effecting change in financial services and building a more stable, efficient and transparent economy.
   * “The blockchain meme” as a catalyst for building better market infrastructure and “how the enterprise software sausage actually gets made”.
-  * A lot of legitimate real time gross settlement systems, to first approximation, look something like an append-only ledger that batches transactions via a consensus algorithm. The difference is they’re not trying to reinvent money from first principles.
+  * A lot of legitimate [real time gross settlement systems](../concepts/rtgs.md), to first approximation, look something like an append-only ledger that batches transactions via a consensus algorithm. The difference is they’re not trying to reinvent [money](../concepts/money.md) from first principles.
   * The global economy runs on [COBOL](https://en.wikipedia.org/wiki/COBOL) and [Fortran](https://fr.wikipedia.org/wiki/Fortran).
 * Notable examples of pro-financialization camp:
   * [Ray Dalio](https://en.wikipedia.org/wiki/Ray_Dalio)
@@ -53,9 +53,9 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
     *  Real time payments are a resounding success in Europe and Asia.
   * We’ve solved volatility problems of asset classes in the past. We’ll do it again. It just requires more math and more sophisticated models.
 * **Claim 2:** Banks are outdated and slow to innovate: core banking software is mostly from the 1980s; state of bitrot in financial infrastructure is vast; American infrastructure is massively outdated. Crypto is the means to fix all this.
-    * **Subclaim 2a)** Private money and Central Bank Digital Currencies will compete for market share and will coexist. This will be the future of finance.
+    * **Subclaim 2a)** Private money and [Central Bank Digital Currencies](../concepts/cbdc.md) will compete for market share and will coexist. This will be the future of finance.
       * The Federal Reserve, and the European Central Bank will keep all of their balance sheets and swap lines on a global distributed ledger providing greater market transparency and efficiency of sovereign flows.
-      * Retail accounts will all be held directly at the central bank.
+      * Retail accounts will all be held directly at the [central bank](../concepts/central-banks.md)
     * **Subclaim 2b)** It’s the natural evolution that banks will simply custody thousands of types of currencies. The nature of regulatory costs simply means that customers will have to eat the risks and costs of bank runs when operating out-of-jurisdiction.
       * We already have offerings like [Eurodollars](https://www.investopedia.com/terms/e/eurodollar.asp#:~:text=The%20term%20eurodollar%20refers%20to,Reserve%20Board%2C%20including%20reserve%20requirements.)
 * **Claim 3:** Regulation is becoming more robust ([Basel III](https://www.investopedia.com/terms/b/basell-iii.asp)) and will catch up with technical innovation. 
@@ -63,22 +63,22 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
 * **Claim 4:** We no longer have an economy that runs on two [numéraire](https://en.wikipedia.org/wiki/Num%C3%A9raire) for individuals: bank balance and credit score. We need to create programmable money whose representation is a hypersurface on a polytope that exists in extremely high dimensional spaces that correspond to every aspect of personhood.
 * **Claim 5:** It’s common to have a knee-jerk reaction to financial complexity. But when you dig into the details it’s quite a bit more nuanced than it seems at first glance. While there are toxic products, we need to take things on a case-by-case basis rather than blanket write off financialization. 
   * The Roman Empire was trading options contracts. 
-  * **Derivatives will always arise naturally in markets of sufficient sizes.**
+  * **[Derivatives](../concepts/derivative.md) will always arise naturally in markets of sufficient sizes.**
   * These types of products are natural for portfolio managers to use to hedge their exposure to complex factors. 
   * Trading digital derivatives contracts detached from any underlying or benchmark are the next evolution of markets.
-  * Building more complex financial models and products allows us to create more antifragile structures that remove or disperse risk from the broader market that the public benefits from.
-    * Mortgages are very good financial products that enable vast access to property markets and for families to prosper. 
+  * Building more complex financial models and products allows us to create more antifragile structures that remove or disperse [risk](../concepts/risk.md) from the broader [market](../concepts/market.md) that the public benefits from.
+    * Mortgages are very good financial products that enable vast access to [real estate](../concepts/real-estate.md) markets and for families to prosper. 
     * The volatility of chicken nuggets is solved by creating synthetic futures on corn and soymeal commodities that would hedge the chicken producer’s exposure to underlying price fluctuations.
     * Petrol futures and airlines
   * If we can create completely synthetic hedges for a wide range of real-world phenomenal factors then it doesn’t really matter how we do it. 
-* **Claim 6:** There are a few **asset classes that are almost exclusively narrative-driven** rather than mathematics or cashflow-driven.
+* **Claim 6:** There are a few **[asset classes](asset) that are almost exclusively narrative-driven** rather than mathematics or cashflow-driven.
   * “If gold appears to be a hedge for anything, it’s the fear of inflation, or the fear of financial instability as proxied by changes in government deficits.”
-  * **The demand curve for gold is, at least partially,generated by emotion and politics.** This is squishy but quantifiable.
-  * With crypto tokens we can create new synthetic assets whose demand curves are artificially generated by different psychological forces.
-  * Gold is a proxy asset for investing in the “libertarian project”. With crypto can we create a proxy asset for investing in the “anarchist project” or the “Marxist project”?
+  * **The demand curve for [gold](../concepts/gold.md) is, at least partially,generated by emotion and politics.** This is squishy but quantifiable.
+  * With crypto tokens we can create new synthetic assets whose demand curves are artificially generated by different [psychological forces](../concepts/narrative-economics.md)
+  * Gold is a proxy asset for investing in the “[libertarian](../concepts/libertarianism.md) project”. With crypto can we create a proxy asset for investing in the “[anarchist](../concepts/anarchocapitalism.md) project” or the “[Marxism](../concepts/marxism.md) project”?
 * **Claim 7:** “The next step in the evolutionary tree of homo economicus, in which all aspects of our humanity sublimates into the free market.”
   * Markets no longer exclusively exist to price products corresponding to goods and services anymore. **We can financialize purely imaginary things that are untethered to humanity and/or the physical world.** 
-  * Web3 is the “financialization of everything”. Abstract notions of things like public goods, justice, politics, ideology, religion, philosophy, and community can become commodities to be traded.
+  * Web3 is the [“financialization of everything”](../claims/is-hyperfinancialization.md). Abstract notions of things like [public goods](../concepts/public-goods-problem.md) goods, justice, politics, ideology, religion, philosophy, and community can become commodities to be traded.
   * “Self-fulfilling [ouroboros](https://en.wikipedia.org/wiki/Ouroboros#:~:text=The%20ouroboros%20or%20uroboros%20(%2F%CB%8C,and%20most%20notably%20in%20alchemy.)) derivatives” are the future.
 
 ## Evaluating the position
@@ -89,8 +89,8 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
       * Customers want transaction reversibility.
       * Customers want transaction privacy.
       * Customers want fraud protection.
-      * If crypto solutions are lower-cost or lower-friction currently then it’s likely because they’ve removed fraud mitigation and compliance entirely. **Once we add compliance back to crypto payment rails, it’s unclear that there would be any efficiency increase or cost savings.**
-* **Claim 2:** "Banks are outdated and slow to innovate... Crypto is the means to fix all this."
+      * If crypto solutions [are lower-cost](../claims/is-better-payments.md) or lower-friction currently then it’s likely because they’ve removed fraud mitigation and compliance entirely. **Once we add compliance back to crypto payment rails, it’s unclear that there would be any efficiency increase or cost savings.**
+* **Claim 2:** "[Banks](../concepts/bank.md) are outdated and slow to innovate... Crypto is the means to fix all this."
   * **Sub-claim 2a)** "Private money and Central Bank Digital Currencies will compete for market share and will coexist. This will be the future of finance."
     * Central Bank Digital Currencies are a theoretical idea that has yet to prove its merits.
     * **Upending the entire space of commercial banks in a massive financial reconfiguration project which needs political will.** This does not currently exist either in Europe or the United States.
@@ -104,9 +104,9 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
       * 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**.
       * 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 given the volatility of the asset is a non-starter for commerce.
+    * [Price risk](../concepts/price-risk.md) given the volatility of the asset is a non-starter for commerce.
     * Can’t denominate contracts or debt products without obscene risk premiums attached to the contracts. This is unnecessary friction from using something not fit for purpose.
-* **Claim 3:** "Regulation is becoming more robust ([Basel III](https://www.investopedia.com/terms/b/basell-iii.asp)) and will catch up with technical innovation."
+* **Claim 3:** "[Regulation](../concepts/regulation.md) is becoming more robust ([Basel III](https://www.investopedia.com/terms/b/basell-iii.asp)) and will catch up with technical innovation."
   *  That regulation *will* catch up, in the future, is not sufficient. Building an unregulated transnational payment rail, even if it did work as people claim, and then testing it out in the wild on live people is very questionable engineering practice. Imagine doing the same thing in medicine or civil engineering. It’s like “financial vivisection” or something.
       * Tesla vs Google on self-driving cars.
       * This issue divides technologists because it’s a question about engineering ethics.
@@ -118,27 +118,28 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
     * We simply should not build this for reasons that seem obvious.
     * Jurisdictions like Germany would never accept such a thing.
 * **Claim 5:** "It’s common to have a knee-jerk reaction to financial complexity... While there are toxic products, we need to take things on a case-by-case basis rather than blanket write off financialization."  
-  *   Global financial crisis as a warning sign about opaque markets, complex products and moral hazard in the presence of government bailouts.
+  *   Global financial crisis as a warning sign about opaque markets, complex products and moral hazard in the presence of [government bailouts](../concepts/moral-hazard.md)
       * Quant funds levered to the hilt on exotic products have almost universally gone very badly historically. 
       * [Why I Lost My Bet With Warren Buffett - Bloomberg](https://www.bloomberg.com/opinion/articles/2017-05-03/why-i-lost-my-bet-with-warren-buffett)
-    * Incorrect pricing of risk
+    * Incorrect pricing of [risk](../concepts/risk.md)
     * Financial innovation and complexity
-    * Crypto would exasperate all of these problems. Look how many DeFi projects blow up every week.
-      * Plug web3isgoinggreat.com
+    * Crypto would exasperate all of these problems. Look how many [DeFi](../concepts/defi.md) projects blow up every week.
+      * [Web3isgoinggreat.com](https://web3isgoinggreat.com)
       * Trillions of notional “value” has simply ceased to exist because of software bugs. 
-      * DeFi is a consumer protection nightmare. Elizabeth Warren is right to warn about this.
+      * DeFi is a [consumer protection](../claims/consumer-protections.md) nightmare. Elizabeth Warren is right to warn about this.
 * **Claim 6:** "There are a few asset classes that are almost exclusively narrative-driven rather than mathematics or cashflow-driven... With crypto tokens we can create new synthetic assets whose demand curves are artificially generated by different psychological forces."
-  * None of our models have any predictive power to value crypto assets that present as investments.
+  * None of our models have any predictive power to [value](../concepts/valuation-model.md) crypto assets that present as investments.
     * **Crypto investments present as sentiment-driven greater-fool products.** 
-    * These products are zero-sum investments, it’s unclear what advantage these products bring to retail investors who have simple needs (saving for retirement, buying a house, college funds, etc).
-    * Models like stock2flow to value bitcoin have no basis in quantitative finances and wouldn’t even pass peer review.
+    * These products are [zero-sum](../concepts/zero-sum-game.md) investments, it’s unclear what advantage these products bring to retail investors who have simple needs (saving for retirement, buying a house, college funds, etc).
+    * Models like stock2flow to value bitcoin have no basis in quantitative finance and wouldn’t even pass peer review.
 * **Claim 7:** "The next step in the evolutionary tree of homo economicus, in which all aspects of our humanity sublimates into the free market."
   *  There is a massive disconnect between what is theoretically promised with regards to blockchain technology versus what is actually possible or realizable when we factor in real-world constraints.
-      * Projects like algorithmic stablecoins have a pretty terrible track record of blowing up during shocks. 
-      * A lot of financial “perpetual motion machines” being promised under ideas that sound like science fiction.
-      * Even if people talk a big game about a “new digital financial paradigm”, that does not appear to be what they’re building in practice.
-  * It is unclear what crypto assets offer the institutional finance or asset managers. 
+      * Projects like algorithmic [stablecoin](../concepts/stablecoin.md) have a pretty terrible track record of blowing up during shocks. 
+      * A lot of financial [“perpetual motion machines”](../concepts/techno-obscurantism.md) being promised under ideas that sound like science fiction.
+      * Even if people talk a big game about a [“new digital financial paradigm”](../claims/is-new-financial-system.md), that does not appear to be what they’re building in practice.
+  * It is unclear what [crypto assets](../concepts/cryptoasset.md) offer the institutional finance or asset managers. 
     * Adds more beta to a portfolio and exposure to unquantifiable black-box risk.
+    * Exposure to a [bubble](../concepts/bubble.md), see [moral-hazard](../concepts/moral-hazard.md).
     * See our [episode on Market Fundamentalism](https://web3.lifeitself.us/notes/market-fundamentalism) for more discussion.
   *  We’re still looking for crypto’s killer use case. Even if we accept that expansion of advanced financialization is a good thing. It’s unclear what crypto offers to this program when brought within the regulatory perimeter.
       * Domestic Payments NO
@@ -147,12 +148,12 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
       * Central Bank Digital Currencies MAYBE
       * Enterprise Data Management MAYBE
       * Everything else is science fiction (possibly dystopian) at present.
-  * Jury is still out on whether “[permissioned blockchain](https://www.investopedia.com/terms/p/permissioned-blockchains.asp#:~:text=A%20permissioned%20blockchain%20is%20a,certificates%20or%20other%20digital%20means.)” as a technology removed from token issuance has any applications. The answer seems like no, but if it is yes then it’s probably for mundane things.
+  * Jury is still out on whether [permissioned blockchain](../concepts/permissioned-blockchain.md) as a technology removed from token issuance has any applications. The answer seems like no, but if it is yes then it’s probably for mundane things.
     * Corda
     * Walmart Fruit Network project
-    * **This is not paradigm shifting tech. It’s just more enterprise software running on a server in some bank’s back office.**
-* Recentralization is not necessarily progress, especially when it comes attached to bizarre externalities that didn’t exist before and undermine the entire project.
-* Arbitraging securities regulation for crowdfunding comes with significant public risk and no clear advantage.
+    * **This is [not paradigm shifting tech](../claims/blockchain-tech.md).  It’s just more enterprise software running on a server in some bank’s back office.**
+* [Recentralization](../concepts/recentralization.md) is not necessarily progress, especially when it comes attached to bizarre externalities that didn’t exist before and undermine the entire project.
+* Arbitraging [securities](../concepts/security.md) regulation for crowdfunding comes with significant public risk and no clear advantage.
   * Turning everything into an IPO.
   * See our [episode on Securities Regulation](https://web3.lifeitself.us/notes/are-crypto-tokens-securities) for deeper discussion.
  
@@ -160,3 +161,65 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
 ## Conclusion
 
 This is the position that is possibly the most compelling and defensible position, but if and only if the tech can be shown to be demonstrably better than what already exists. There are some large economic, technical and commercial problems (or at least unproven theories) at the heart of this thesis. Much of this remains a theoretical proposition at best, but it is still interesting to consider intellectually.
+
+## Concepts Covered
+* [amm](../concepts/amm.md)
+* [artificial-demand](../concepts/artificial-demand.md)
+* [artificial-scarcity](../concepts/artificial-scarcity.md)
+* [blockchain](../concepts/blockchain.md)
+* [cbdc](../concepts/cbdc.md)
+* [collateralization](../concepts/collateralization.md)
+* [consensus-algorithm](../concepts/consensus-algorithm.md)
+* [dao](../concepts/dao.md)
+* [defi](../concepts/defi.md)
+* [derivative](../concepts/derivative.md)
+* [dex](../concepts/dex.md)
+* [ethereum](../concepts/ethereum.md)
+* [ficticious-commodity](../concepts/ficticious-commodity.md)
+* [financial-asset](../concepts/financial-asset.md)
+* [gold](../concepts/gold.md)
+* [governance-token](../concepts/governance-token.md)
+* [ico](../concepts/ico.md)
+* [immutability](../concepts/immutability.md)
+* [liquidity](../concepts/liquidity.md)
+* [money-services-business](../concepts/money-services-business.md)
+* [moral-hazard](../concepts/moral-hazard.md)
+* [network-effect](../concepts/network-effect.md)
+* [permissioned-blockchain](../concepts/permissioned-blockchain.md)
+* [platform-risk](../concepts/platform-risk.md)
+* [predatory-inclusion](../concepts/predatory-inclusion.md)
+* [price-risk](../concepts/price-risk.md)
+* [private-money](../concepts/private-money.md)
+* [public-goods-problem](../concepts/public-goods-problem.md)
+* [recentralization](../concepts/recentralization.md)
+* [rtgs](../concepts/rtgs.md)
+* [security](../concepts/security.md)
+* [smart-contracts](../concepts/smart-contracts.md)
+* [stablecoin](../concepts/stablecoin.md)
+* [technosolutionism](../concepts/technosolutionism.md)
+* [valuation-model](../concepts/valuation-model.md)
+* [value](../concepts/value.md)
+* [web3](../concepts/web3.md)
+* [zero-sum-game](../concepts/zero-sum-game.md)
+
+## References
+1. Amato, Massimo, and Luca Fantacci. 2020. A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies. Bocconi University Press. https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx.
+1. Bilotta, Nicola. n.d. CBDCs and Stablecoins: The Scramble for (Controllable) Anonymity. Instituto AffariInternazionali.
+1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
+1. Coeckelbergh, Mark. 2015. Money Machines: Electronic Financial Technologies, Distancing and Responsibility in Global Finance. Routledge. https://doi.org/10.1177/0094306116671949n.
+1. Daian, Philip, Steven Goldfeder, Tyler Kell, Yunqi Li, Xueyuan Zhao, Iddo Bentov, Lorenz Breidenbach, and Ari Juels. 2019. ‘Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges’. ArXiv Preprint ArXiv:1904.05234.
+1. Diehl, Stephen. 2021a. ‘The Handwavy Technobabble Nothingburger’. 24 November 2021. https://www.stephendiehl.com/blog/nothing-burger.html.
+1. ———. 2021b. ‘Blockchainism’. 11 December 2021. https://www.stephendiehl.com/blog/blockchainism.html.
+1. Gronow, Jukka. 2020. Deciphering Markets and Money. https://library.oapen.org/handle/20.500.12657/22394.
+1. Hockett, Robert C. 2019. ‘Money’s Past Is Fintech’s Future: Wildcat Crypto, the Digital Dollar, and Citizen Central Banking’.
+1. Kiff, John, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, et al. 2020. ‘A Survey of Research on Retail Central Bank Digital Currency’. http://ssrn.com/paper=3639760.
+1. Manski, Sarah, and Michel Bauwens. 2020. ‘Reimagining New Socio-Technical Economics Through the Application of Distributed Ledger Technologies’. Frontiers in Blockchain 2 (January): 1–17. https://doi.org/10.3389/fbloc.2019.00029.
+1. Orlowski, A. 2018. ‘Blockchain Study Finds 0.00% Success Rate and Vendors Don’t Call Back When Asked for Evidence’. The Register.
+1. Pardo-Guerra, Juan Pablo. 2019. Automating Finance. https://doi.org/10.1017/9781108677585.
+1. Rauchs, Michel, Apolline Blandin, Keith Bear, and Stephen B McKeon. 2019. ‘2nd Global Enterprise Blockchain Benchmarking Study’. http://ssrn.com/paper=3461765.
+1. Reiser, Jan. 2020. ‘Libra : An Economic and Technical Analysis’. https://wwz.unibas.ch/fileadmin/user_upload/wwz/00_Professuren/Schaer_DLTFintech/Lehre/Reiser_2020.pdf.
+1. Salmony, Michael. 2019. ‘Money and the Fear of Missing out: How to Stay Sane in a World Shaken by Libra.’ Journal of Payments Strategy & Systems 13 (4): 282–87. https://www.ingentaconnect.com/content/hsp/jpss/2020/00000013/00000004/art00002.
+1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
+1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
+1. Swartz, Lana. 2020. New Money: How Payment Became Social Media. Yale University Press. https://yalebooks.yale.edu/book/9780300233223/new-money.
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
\ No newline at end of file

From daf651954e8b799f79a6f67391c802f174460d53 Mon Sep 17 00:00:00 2001
From: khalilcodes <khalilali.j@gmail.com>
Date: Sat, 2 Apr 2022 01:33:24 +0300
Subject: [PATCH 091/103] [site/page]: move webinars to content and add to nav

Resolves #105
---
 site/config/navLinks.js                | 1 +
 {webinars => site/content}/webinars.md | 2 +-
 2 files changed, 2 insertions(+), 1 deletion(-)
 rename {webinars => site/content}/webinars.md (84%)

diff --git a/site/config/navLinks.js b/site/config/navLinks.js
index 5eaef88..36ad060 100644
--- a/site/config/navLinks.js
+++ b/site/config/navLinks.js
@@ -3,6 +3,7 @@ const navLinks = [
   { href: '/guide', name: 'Guide' },
   { href: '/claims', name: 'Claims' },
   { href: '/library', name: 'Library' },
+  { href: '/webinars', name: 'Webinars' },
   { href: '/contribute', name: 'Contribute' },
 ]
 
diff --git a/webinars/webinars.md b/site/content/webinars.md
similarity index 84%
rename from webinars/webinars.md
rename to site/content/webinars.md
index 013a9f0..b739b9c 100644
--- a/webinars/webinars.md
+++ b/site/content/webinars.md
@@ -1,6 +1,6 @@
 # Webinars
 
-Our webiar series addresses the most significant, policy-relevant issues around web3 and blockchain. They provide an objective overview of the information needed for decision making in key sectors, outlining the considerations and strategies required to respond effectively.
+Our webinar series addresses the most significant, policy-relevant issues around web3 and blockchain. They provide an objective overview of the information needed for decision making in key sectors, outlining the considerations and strategies required to respond effectively.
 
 The webinars will be invite only unless otherwise specified, but we will be posting content covering the topics covered to the site. Each will involve an expert panel discussion followed by a significant period of Q&A and participant led conversation, to ensure pressing questions are addressed. All webinars will be conducted under Chatham House Rules.
 

From 663656026fa52a2ba24b3bf0f8bab1a7df9eb9e7 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sat, 2 Apr 2022 12:18:18 +0100
Subject: [PATCH 092/103] Seperate claims to own page

---
 claims/index.md            | 75 ++++++++++++++++++++++++++++----------
 concepts/externalities.md  | 21 +++++++++++
 concepts/proof-of-stake.md |  1 +
 concepts/proof-of-work.md  |  1 +
 guide/index.md             | 63 +-------------------------------
 site/content/webinars.md   |  7 ++--
 6 files changed, 83 insertions(+), 85 deletions(-)
 create mode 100644 concepts/externalities.md
 create mode 100644 concepts/proof-of-stake.md
 create mode 100644 concepts/proof-of-work.md

diff --git a/claims/index.md b/claims/index.md
index 4fd0b8b..917b122 100644
--- a/claims/index.md
+++ b/claims/index.md
@@ -1,27 +1,64 @@
 # The Aspirations and Claims of Crypto & Web3
+Explore crypto and "web3" in terms of the claims made about it. These subclaims fall into six categories about different aspects of either technical, financial or political reconfiguration projects.
 
-* What are the key high level problems, aspirations and hopes that crypto & web3 movement speaks to?
-* What are the specific claims made for crypto & web3?
-* What are the evaluations of those claims and evidence for them?
+#### Better Economy
+
+* [Is bitcoin a currency?](/claims/is-bitcoin-currency.md)
+* [Are crypto assets a risk to the dollar?](../claims/threaten-dollar.md)
+* [What type of asset is a crypto token?](/claims/what-type-of-asset.md)
+* [How do we value a crypto token?](/claims/valuation-model.md)
+* [Are crypto assets a systemic risk to the economy?](../claims/is-systemic-risk.md)
+* [Is bitcoin the basis for a new gold standard?](../claims/digital-gold.md)
+* [Are crypto assets a bubble?](../claims/is-bubble.md)
+* [Are crypto assets a form of gambling?](../claims/is-gambling.md)
+* [Are crypto tokens an inflation hedge?](../claims/hedge-inflation.md)
+* [Is private money a desirable system?](../claims/is-private-money.md)
+* [Is bitcoin compataible with ESG investing?](../claims/bitcoin-esg.md)
+
+#### Better Society / Financial Inclusion
+
+* [What consumer protections exist for crypto assets?](../claims/consumer-protections.md)
+* [Are crypto assets a form of predatory inclusion?](../claims/is-predatory.md)
+* [Is crypto a solution for the unbanked?](/claims/crypto-unbanked.md)
+* [Is crypto providing faster payment rails or better remittance services?](../claims/is-better-payments.md)
+* [Are NFTs are good for artists?](../claims/nfts-artists.md)
+* [What is the narrative economics of crypto assets?](../claims/narrative-economics.md)
+* [Are crypto assets legal?](../claims/is-legal.md)
+* [Are crypto tokens a negative-sum investment?](/claims/negative-sum.md)
+* [Why do people invest in crypto tokens?](../claims/why-invest.md)
+* [Why does crypto have such a weird subculture?](/claims/weird-culture.md)
+
+#### Financial Liberty
+
+* [Is an unregulated transnational payment rail even desirable?](../claims/transnational-payment.md)
+* [Are crypto tokens a hedge against the "debasement" of the dollar?](../claims/hedge-debasement.md)
+* [Are crypto tokens a means to counter authoritarianism?](../claims/authoritarianism.md)
+* [Can I raise money for my non-profit using crypto tokens?](../claims/is-raise-nonprofit.md)
+* [Can I do a crowdfunded equity raise for my company using crypto tokens?](../claims/is-raise-company.md)
+
+#### Solving Public Goods Problems
+
+* [Is crypto a means to fund public goods projects?](../claims/is-public-goods.md)
+* [Is bitcoin mining harmful to the environment?](../claims/environmental-footprint.md)
+* [Is crypto bringing about the "financialization of everything"?](../claims/is-hyperfinancialization.md)
+* [Is crypto a giant misallocation of resources with an enormous opportunity cost?](../claims/is-opportunity-cost.md)
+
+#### Financial Innovation
+
+* [Is the underlying technology of "blockchain" useful for non-monetary purposes?](../claims/blockchain-tech.md)
+* [Is web3 even a well-defined term?](../claims/well-defined.md)
+* [Is web3 green?](../claims/web3-green.md)
+* [Is web3 decentralized?](../claims/web3-decentralized.md)
+* [Is web3 the next generation of the internet?](../claims/new-internet.md)
+
+#### Creative Destruction
+
+* [Is web3 a means to dismantle the American tech hegemony?](../claims/is-disrupt-hegemony.md)
+* [Is web3 a means to rebuild the global financial system?](../claims/is-new-financial-system.md)
+* [Are crypto tokens a means to accelerate the collapse of capitalism?](../claims/is-collapse.md)
 
 ## Taxonomy of Aspirations and Claims
 
 https://coggle.it/diagram/YhTzF8ZnKihmLdpm/t/web3-taxonomy-of-aspirations-and-claims
 
 ![](https://res.cloudinary.com/ds7qslkd0/image/upload/v1647356492/Web3/Web3_Taxonomy_of_Aspirations_and_Claims_m4bmpq.png)
-
-## TODO
-
-#todo/writing #todo/clarify 
-
-* Aspirations and Claims: a short section explaining relationship of aspirations and claims
-* Web of claims: claims depend on other claims. We use hypothesis trees to break down claims
-* Claims vs questions: do we frame things as questions or statements e.g. Bitcoin is a currency vs Can Bitcoin function as a currency? Bitcoin harms the environment vs Does Bitcoin harm the environment?
-
-## Subclaims
-
-* How do we value a crypto token?
-* Are crypto assets a risk to the state?
-* What is the narrative of crypto assets?
-* Can Bitcoin function as a currency?
-* Are crypto tokens are securities (what type of assets are crypto token?)
diff --git a/concepts/externalities.md b/concepts/externalities.md
new file mode 100644
index 0000000..c7bd6df
--- /dev/null
+++ b/concepts/externalities.md
@@ -0,0 +1,21 @@
+# Externalities
+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)
+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).
+
+## 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.
+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.
\ No newline at end of file
diff --git a/concepts/proof-of-stake.md b/concepts/proof-of-stake.md
new file mode 100644
index 0000000..d8941bd
--- /dev/null
+++ b/concepts/proof-of-stake.md
@@ -0,0 +1 @@
+# Proof of Stake
\ No newline at end of file
diff --git a/concepts/proof-of-work.md b/concepts/proof-of-work.md
new file mode 100644
index 0000000..b549f44
--- /dev/null
+++ b/concepts/proof-of-work.md
@@ -0,0 +1 @@
+# Proof of Work
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 0b35818..3878d96 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -43,68 +43,6 @@ Understand the terminology used to describe crypto and web3.
 
 ***
 
-### Claims
-
-Explore crypto and "web3" in terms of the claims made about it. These subclaims fall into six categories about different aspects of either technical, financial or political reconfiguration projects.
-
-#### Better Economy
-
-* [Is bitcoin a currency?](/claims/is-bitcoin-currency.md)
-* [Are crypto assets a risk to the dollar?](../claims/threaten-dollar.md)
-* [What type of asset is a crypto token?](/claims/what-type-of-asset.md)
-* [How do we value a crypto token?](/claims/valuation-model.md)
-* [Are crypto assets a systemic risk to the economy?](../claims/is-systemic-risk.md)
-* [Is bitcoin the basis for a new gold standard?](../claims/digital-gold.md)
-* [Are crypto assets a bubble?](../claims/is-bubble.md)
-* [Are crypto assets a form of gambling?](../claims/is-gambling.md)
-* [Are crypto tokens an inflation hedge?](../claims/hedge-inflation.md)
-* [Is private money a desirable system?](../claims/is-private-money.md)
-* [Is bitcoin compataible with ESG investing?](../claims/bitcoin-esg.md)
-
-#### Better Society / Financial Inclusion
-
-* [What consumer protections exist for crypto assets?](../claims/consumer-protections.md)
-* [Are crypto assets a form of predatory inclusion?](../claims/is-predatory.md)
-* [Is crypto a solution for the unbanked?](/claims/crypto-unbanked.md)
-* [Is crypto providing faster payment rails or better remittance services?](../claims/is-better-payments.md)
-* [Are NFTs are good for artists?](../claims/nfts-artists.md)
-* [What is the narrative economics of crypto assets?](../claims/narrative-economics.md)
-* [Are crypto assets legal?](../claims/is-legal.md)
-* [Are crypto tokens a negative-sum investment?](/claims/negative-sum.md)
-* [Why do people invest in crypto tokens?](../claims/why-invest.md)
-* [Why does crypto have such a weird subculture?](/claims/weird-culture.md)
-
-#### Financial Liberty
-
-* [Is an unregulated transnational payment rail even desirable?](../claims/transnational-payment.md)
-* [Are crypto tokens a hedge against the "debasement" of the dollar?](../claims/hedge-debasement.md)
-* [Are crypto tokens a means to counter authoritarianism?](../claims/authoritarianism.md)
-* [Can I raise money for my non-profit using crypto tokens?](../claims/is-raise-nonprofit.md)
-* [Can I do a crowdfunded equity raise for my company using crypto tokens?](../claims/is-raise-company.md)
-
-#### Solving Public Goods Problems
-
-* [Is crypto a means to fund public goods projects?](../claims/is-public-goods.md)
-* [Is bitcoin mining harmful to the environment?](../claims/environmental-footprint.md)
-* [Is crypto bringing about the "financialization of everything"?](../claims/is-hyperfinancialization.md)
-* [Is crypto a giant misallocation of resources with an enormous opportunity cost?](../claims/is-opportunity-cost.md)
-
-#### Financial Innovation
-
-* [Is the underlying technology of "blockchain" useful for non-monetary purposes?](../claims/blockchain-tech.md)
-* [Is web3 even a well-defined term?](../claims/well-defined.md)
-* [Is web3 green?](../claims/web3-green.md)
-* [Is web3 decentralized?](../claims/web3-decentralized.md)
-* [Is web3 the next generation of the internet?](../claims/new-internet.md)
-
-#### Creative Destruction
-
-* [Is web3 a means to dismantle the American tech hegemony?](../claims/is-disrupt-hegemony.md)
-* [Is web3 a means to rebuild the global financial system?](../claims/is-new-financial-system.md)
-* [Are crypto tokens a means to accelerate the collapse of capitalism?](../claims/is-collapse.md)
-
-***
-
 ## Contextual
 
 Understand crypto and "web3" in terms of recent news events and interviews and external resources.
@@ -115,6 +53,7 @@ Understand crypto and "web3" in terms of recent news events and interviews and e
 	3. [Episode #3: Securities Regulation](/notes/are-crypto-tokens-securities.md)
 	4. [Episode #4: Post-state Technocracy](../notes/post-state-technocracy.md)
 	5. [Episode #5: Fintech Incrementalism](../notes/fintech-incrementalism-and-responsible-innovation.md)
+	6. Episode #6: Mining and Climate Change
 * [Recent News Stories](/notes/recent-events.md)
 * [Commentary on 'Line Goes Up'](../notes/olson-2022-line-go-up.md)
 
diff --git a/site/content/webinars.md b/site/content/webinars.md
index b739b9c..9d6ab3f 100644
--- a/site/content/webinars.md
+++ b/site/content/webinars.md
@@ -12,13 +12,12 @@ The full list of webinars can be found below:
 
 **Date and Time** 
 
-May 5th 2022, 14:00 UK, 13:00 UTC, 08:00 CST  _(subject to finalisation)_
+May 5th 2022, 14:00 UK, 9:00 EST, 13:00 UTC, 08:00 CST  _(subject to finalisation)_
 
 Running time: 2 hours
 
 **Description** 
 
-This invite-only webinar for policy makers will explore how financial regulation might be applied to cryptocurrencies to safeguard users without stifling innovation. It will also outline different paths to achieving the aspirations for a more stable and inclusive financial system which are spoken to by portions of the cryptocurrency movement. 
-
-The webinar will explain a number of decision relevant concepts and outline illustrative case studies, before turning to a discussion of how we might understand responsible innovation in the case of cryptocurrency, and how the broader financial aspirations of the cryptocurrency movement might be achieved. There will be significant time allocated to Q&A and participant led discussion to ensure pressing questions are addressed. This will be conducted under Chatham House Rules. 
+This invite-only webinar for leaders in technology, policy and finance to explore how financial regulation might be applied to cryptocurrencies to safeguard users without stifling innovation. It will also outline different paths to achieving the aspirations for a more stable and inclusive financial system which are spoken to by portions of the cryptocurrency movement. 
 
+The webinar will explain a number of decision relevant concepts and outline illustrative case studies, before turning to a discussion of how we might understand responsible innovation in the case of cryptocurrency, and how the broader financial aspirations of the cryptocurrency movement might be achieved. There will be significant time allocated to Q&A and participant led discussion to ensure pressing questions are addressed. This will be conducted under Chatham House Rules. 
\ No newline at end of file

From 82fd6131311675e10ad8287476e108c9a656999f Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sun, 3 Apr 2022 08:57:45 +0100
Subject: [PATCH 093/103] Pow and PoS pages

---
 concepts/mining.md             |  6 +++---
 concepts/proof-of-stake.md     | 13 ++++++++++++-
 concepts/proof-of-work.md      | 13 ++++++++++++-
 guide/index.md                 |  2 ++
 notes/market-fundamentalism.md |  2 +-
 5 files changed, 30 insertions(+), 6 deletions(-)

diff --git a/concepts/mining.md b/concepts/mining.md
index e5e123c..9e5060b 100644
--- a/concepts/mining.md
+++ b/concepts/mining.md
@@ -1,9 +1,9 @@
 # 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.
+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.
+[Proof of work](proof-of-work.md) mining is an energy intensive process with a large environmental footprint because of its use of fossil fuels to provide energy for data centres.
 
-See also [environmental footprint of crypto](../claims/environmental-footprint.md).
+See also [environmental footprint of crypto](../claims/environmental-footprint.md), [proof-of-work](proof-of-work.md), and [proof-of-stake](proof-of-stake.md).
 
 ## References
 1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
diff --git a/concepts/proof-of-stake.md b/concepts/proof-of-stake.md
index d8941bd..cd98108 100644
--- a/concepts/proof-of-stake.md
+++ b/concepts/proof-of-stake.md
@@ -1 +1,12 @@
-# Proof of Stake
\ No newline at end of file
+# Proof of Stake
+A type of work function used in [blockchain](blockchain.md) [consensus algorithms](consensus-algorithm.md) that involves network participants [staking](staking.md) an amount of a [cryptoasset](cryptoasset.md) which grants them a probabilistic chance to confirm a block (and receive block award) in proportion to the amount of assets they stake.
+
+Proof of stake has been criticized for being intentionally plutocratic and a scheme that overtly enriches those with existing wealth and early investors in the scheme, thus resulting in [consolidation](distribution-problem.md) of the [crypto asset](cryptoasset.md) into the hands of the few. Proof of stake has also been critized for having a less [censorship resistent](censorship-resistence.md) security model as it may encourage collusion and [cartels](cartel.md).
+
+See also [mining](mining.md), [proof of work](proof-of-work.md),  [environmental footprint of crypto](../claims/environmental-footprint.md).
+
+## References
+1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
+1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
+1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
\ No newline at end of file
diff --git a/concepts/proof-of-work.md b/concepts/proof-of-work.md
index b549f44..41313a7 100644
--- a/concepts/proof-of-work.md
+++ b/concepts/proof-of-work.md
@@ -1 +1,12 @@
-# Proof of Work
\ No newline at end of file
+# Proof of Work
+A type of work function used in [blockchain](blockchain.md) [consensus algorithms](consensus-algorithm.md) that involves a race to solve to invert a function to find a specific number which is added to a block of transactions to add it to a chain of blocks. In computer science terms, the participants in this system race to compute the *preimage* to a hash function.
+
+Proof of work mining has been criticized for being intentionally wasteful and consuming vast amounts of silicon resources and compute time.
+
+See also [mining](mining.md), [proof of stake](proof-of-stake.md),  [environmental footprint of crypto](../claims/environmental-footprint.md).
+
+## References
+1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
+1. Vries, Alex De. ‘Bitcoin’s Energy Consumption Is Underestimated : A Market Dynamics Approach’. Energy Research & Social Science 70, no. July (2020): 101721. https://doi.org/10.1016/j.erss.2020.101721.
+1. Vries, Alex de. ‘Bitcoin’s Growing Energy Problem’. Joule 2, no. 5 (2018): 801–5. https://doi.org/10.1016/j.joule.2018.04.016.
+1. Vries, Alex de, and Christian Stoll. ‘Bitcoin’s Growing e-Waste Problem’. Resources, Conservation and Recycling 175, no. September (2021): 105901. https://doi.org/10.1016/j.resconrec.2021.105901.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 3878d96..a81d229 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -40,6 +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)
 
 ***
 
diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index 2a75b88..5d5111f 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -48,8 +48,8 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
     > "I’ll either be rich, or wrong." This is how Sam, a 29-year-old cryptocurrency enthusiast I interviewed on this week’s Money Clinic podcast, summarized his strategy for investing the last £2,000 of his savings in a hugely volatile and unregulated asset class. Claiming that he's not a natural risk taker, Sam has never set foot inside a casino or put money on a horse. "To me, that seems stupid, like you’re throwing money away." He has never considered investing in stocks and shares. Being self-employed, he's never paid into a pension or thought about setting up a self-invested personal pension (Sipp). "No one’s ever given me that kind of information," he says. So why is he prepared to risk his spare cash betting on crypto? Sam found out his younger brother had turned a £3,000 investment into £30,000 within four years — money he now intends to use as a property deposit. "I was very surprised and it made me feel a bit stupid . . . why aren’t I doing this?"*
     * cf low bets in general: tiny but possible asymmetric returns. A regressive tax or distributed lottery.
 * Quants and Hedge funds
+  * Alameda Research / Jump Crypto / DRW Cumberland / Wintermute Trading
   * Jane Street / DE Shaw
-  * Alameda Research / Jump Crypto / DRW Cumberland
   * Goldman Sachs / Credit Suisse
   * Mann Group: [Silverman, Gary. ‘Crypto Has “No Inherent Worth” but Is Good to Trade, Says Man Group Chief’. Financial Times, 2021](https://www.ft.com/content/9275baf4-0422-43a1-b8c9-9317882ca874): 
       > "If you look at cryptocurrencies as a whole, it is a pure trading instrument. There is no inherent worth in it whatsoever. It is a tulip bulb," Ellis said, referring to the flower that became the focus of a 17th-century Dutch financial mania.*

From d23dffac89766a409a9649062cb1904b7348cf52 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Sun, 3 Apr 2022 10:34:13 +0100
Subject: [PATCH 094/103] Equity raise article

---
 claims/is-raise-company.md | 18 +++++++++++++++++-
 concepts/enclosure.md      |  1 +
 concepts/ponzinomics.md    | 15 +++++++++++++++
 guide/index.md             |  1 +
 4 files changed, 34 insertions(+), 1 deletion(-)
 create mode 100644 concepts/ponzinomics.md

diff --git a/claims/is-raise-company.md b/claims/is-raise-company.md
index 5e77e4b..fe3d51f 100644
--- a/claims/is-raise-company.md
+++ b/claims/is-raise-company.md
@@ -1,3 +1,19 @@
 # Can I do a crowdfunded equity raise for my company?
 
-## References
\ No newline at end of file
+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.
+
+See also [ICO](../concepts/ico.md), [regulatory arbitrage](../concepts/regulatory-arbitrage.md), [pre-mine](../concepts/pre-mine.md) and [security](../concepts/security.md).
+
+## References
+1. Kharif, Olga. 2018. ‘Half of ICOs Die Within Four Months After Token Sales Finalized’. Bloomberg.Com. Bloomberg. https://www.bloomberg.com/news/articles/2018-07-09/half-of-icos-die-within-four-months-after-token-sales-finalized.
+1. Livni, Ephrat, and Andrew Ross Sorkin. 2021. ‘The Dramatic Crash of a Buzzy Cryptocurrency Raises Eyebrows’. The New York Times, 28 June 2021, sec. Business. https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html.
+1. Andrés, Pablo de, David Arroyo, Ricardo Correia, and Alvaro Rezola. 2022. ‘Challenges of the Market for Initial Coin Offerings’. International Review of Financial Analysis 79: 101966. https://doi.org/10.1016/j.irfa.2021.101966.
+1. Burilov, Vlad. 2019. ‘Regulation of Crypto Tokens and Initial Coin Offerings in the EU: De Lege Lata and de Lege Ferenda’. European Journal of Comparative Law and Governance 6 (2): 146–86. https://doi.org/10.1163/22134514-00602003.
+1. Hofman, Darra, Quinn DuPont, Angela Walch, and Ivan Beschastnikh. 2021. ‘Blockchain Governance: De Facto (x)or Designed?’ In Building Decentralized Trust, 21–33. x. https://doi.org/10.1007/978-3-030-54414-0_2.
+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.
\ No newline at end of file
diff --git a/concepts/enclosure.md b/concepts/enclosure.md
index 4cfa097..c468456 100644
--- a/concepts/enclosure.md
+++ b/concepts/enclosure.md
@@ -1,4 +1,5 @@
 ## Enclosure
+Historically *enclosure* referred to the feudal appropriation of common land or public goods by nobility. 
 
 See also [market manipulation](market-manipulation.md), [public goods problem](public-goods-problem.md) and [free rider problem](free-rider-problem.md).
 
diff --git a/concepts/ponzinomics.md b/concepts/ponzinomics.md
new file mode 100644
index 0000000..f216ea9
--- /dev/null
+++ b/concepts/ponzinomics.md
@@ -0,0 +1,15 @@
+# Ponzinomics
+A portmanteau of [Ponzi scheme](ponzi-scheme.md) and economics. A term commonly used to describe [crypto asset](cryptoasset.md) investment schemes which are [negative-sum](../claims/negative-sum.md) investments which exist to enrich a pool of insiders, much like a Ponzi scheme, and yet rely on [techno-obscurantism](techno-obscurantism.md) or crackpot economics to obfuscate or distract from the internal payout structure of the scheme.
+
+See also [DeFi](defi.md), [pyramid scheme](pyramid-scheme.md), [Ponzi scheme](ponzi-scheme.md), [predatory inclusion](predatory-inclusion.md),  and [multilevel marketing scheme](mlm.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.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index a81d229..0a5fd1b 100644
--- a/guide/index.md
+++ b/guide/index.md
@@ -106,6 +106,7 @@ Understand the deeper theoretical concepts behind the technical and economic cla
 * [Multilevel marketing scheme](../concepts/mlm.md)
 * [Pyramid scheme](../concepts/pyramid-scheme.md)
 * [Ponzi scheme](../concepts/ponzi-scheme.md)
+* [Ponzinomics](../concepts/ponzinomics.md)
 * [Meme stocks](../concepts/meme-stock.md)
 * [Reserve currency](../concepts/reserve-currency.md)
 * [Bretton Woods system](../concepts/bretton-woods.md)

From 224a55a88d4b872c03996fbf32b38ea6645d059e Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Mon, 4 Apr 2022 15:17:46 +0200
Subject: [PATCH 095/103] youtube embed

---
 .../fintech-incrementalism-and-responsible-innovation.md | 9 ++++++++-
 1 file changed, 8 insertions(+), 1 deletion(-)

diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
index cf98df5..10fcab0 100644
--- a/notes/fintech-incrementalism-and-responsible-innovation.md
+++ b/notes/fintech-incrementalism-and-responsible-innovation.md
@@ -2,6 +2,13 @@
 
 In episode #5 of our ongoing deep dive into web3 and crypto, Rufus Pollock and Stephen Diehl explore the claim that blockchain can be a vehicle for increase in financialization through the development of more complex, blockchain based financial products. 
 
+<iframe width="560" height="315" src="https://www.youtube.com/embed/7rLQoTtwRSU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
+
+
+
+* Youtube:  https://www.youtube.com/watch?v=7rLQoTtwRSU
+* Podcast: https://anchor.fm/life-itself/episodes/Crypto--Traders-and-Unfettered-Financial-Markets-with-Stephen-Diehl-e1fgm2d
+
 
 ***
 
@@ -222,4 +229,4 @@ This is the position that is possibly the most compelling and defensible positio
 1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
 1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
 1. Swartz, Lana. 2020. New Money: How Payment Became Social Media. Yale University Press. https://yalebooks.yale.edu/book/9780300233223/new-money.
-1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
\ No newline at end of file
+1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.

From 5a97c885e0d5f32f7c216c860be905dc8233fab6 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Mon, 4 Apr 2022 15:33:30 +0200
Subject: [PATCH 096/103] Update
 fintech-incrementalism-and-responsible-innovation.md

---
 notes/fintech-incrementalism-and-responsible-innovation.md | 1 -
 1 file changed, 1 deletion(-)

diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
index 10fcab0..765aa07 100644
--- a/notes/fintech-incrementalism-and-responsible-innovation.md
+++ b/notes/fintech-incrementalism-and-responsible-innovation.md
@@ -7,7 +7,6 @@ In episode #5 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 
 
 * Youtube:  https://www.youtube.com/watch?v=7rLQoTtwRSU
-* Podcast: https://anchor.fm/life-itself/episodes/Crypto--Traders-and-Unfettered-Financial-Markets-with-Stephen-Diehl-e1fgm2d
 
 
 ***

From c3ef8f51c52bf8f62ab4bae569dac962e2930286 Mon Sep 17 00:00:00 2001
From: EilidhRoss1 <98904290+EilidhRoss1@users.noreply.github.com>
Date: Mon, 4 Apr 2022 16:41:18 +0200
Subject: [PATCH 097/103] Podcast link added

---
 notes/fintech-incrementalism-and-responsible-innovation.md | 1 +
 1 file changed, 1 insertion(+)

diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
index 765aa07..42140c9 100644
--- a/notes/fintech-incrementalism-and-responsible-innovation.md
+++ b/notes/fintech-incrementalism-and-responsible-innovation.md
@@ -7,6 +7,7 @@ In episode #5 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 
 
 * Youtube:  https://www.youtube.com/watch?v=7rLQoTtwRSU
+* Podcast: https://anchor.fm/life-itself/episodes/Fintech-Incrementalism-and-Responsible-Innovation-e1gn02u 
 
 
 ***

From e8acf6e3b776f2152a3f36c9f437302b92a56521 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Mon, 4 Apr 2022 18:04:04 +0100
Subject: [PATCH 098/103] Link to remittance article

---
 claims/is-raise-company.md                            |  4 +---
 claims/well-defined.md                                |  5 +++--
 concepts/externalities.md                             | 11 ++++++-----
 guide/index.md                                        |  7 ++++---
 meta/claims-todo.md                                   |  2 +-
 ...ntech-incrementalism-and-responsible-innovation.md |  1 +
 notes/neo-metallism.md                                |  1 -
 7 files changed, 16 insertions(+), 15 deletions(-)

diff --git a/claims/is-raise-company.md b/claims/is-raise-company.md
index fe3d51f..8497da1 100644
--- a/claims/is-raise-company.md
+++ b/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.
\ No newline at end of file
+1. Davis, Mark and DavisBruce. 2021. Crowdfunding and the Democratization of Finance. Policy Press. https://bristoluniversitypress.co.uk/crowdfunding-and-the-democratization-of-finance.
\ No newline at end of file
diff --git a/claims/well-defined.md b/claims/well-defined.md
index 9088d85..1f462a7 100644
--- a/claims/well-defined.md
+++ b/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/.
diff --git a/concepts/externalities.md b/concepts/externalities.md
index c7bd6df..13f0c89 100644
--- a/concepts/externalities.md
+++ b/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.
\ No newline at end of file
+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.
\ No newline at end of file
diff --git a/guide/index.md b/guide/index.md
index 0a5fd1b..ae9f65a 100644
--- a/guide/index.md
+++ b/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)
\ No newline at end of file
+* [Market manipulation](../concepts/market-manipulation.md)
+* [Externalities](../concepts/externalities.md)
\ No newline at end of file
diff --git a/meta/claims-todo.md b/meta/claims-todo.md
index 199b2eb..3d0f555 100644
--- a/meta/claims-todo.md
+++ b/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)
diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
index 42140c9..a200349 100644
--- a/notes/fintech-incrementalism-and-responsible-innovation.md
+++ b/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.
diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index 31051b1..7e4158c 100644
--- a/notes/neo-metallism.md
+++ b/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)

From bac0feb38877a429caf27afcedaccbe78f5436b2 Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Tue, 5 Apr 2022 08:58:10 +0100
Subject: [PATCH 099/103] Finish enclosure concept

---
 concepts/bond.md      | 1 +
 concepts/enclosure.md | 6 ++++--
 meta/concepts-todo.md | 2 +-
 3 files changed, 6 insertions(+), 3 deletions(-)

diff --git a/concepts/bond.md b/concepts/bond.md
index 71b319b..c83a729 100644
--- a/concepts/bond.md
+++ b/concepts/bond.md
@@ -3,5 +3,6 @@ A bond is a [security](security.md) financial product that represents a promise
 
 ## References
 1. Roche, Cullen O. 2011. ‘Understanding the Modern Monetary System’. http://ssrn.com/paper=1905625.
+1. Varoufakis, Yanis. Foundations of economics: A beginner's companion. Routledge, 2002.
 1. Grinold, Richard C., and Ronald N. Kahn. Active portfolio management: Quantitative theory and applications. Probus, 1995.
 1. Wilmott, Paul. Paul Wilmott introduces quantitative finance. John Wiley & Sons, 2007.
\ No newline at end of file
diff --git a/concepts/enclosure.md b/concepts/enclosure.md
index c468456..ffa3df2 100644
--- a/concepts/enclosure.md
+++ b/concepts/enclosure.md
@@ -1,6 +1,8 @@
 ## Enclosure
-Historically *enclosure* referred to the feudal appropriation of common land or public goods by nobility. 
+Historically *enclosure* referred to the feudal appropriation of common land or public goods by a [cartel](cartel.md) or nobility. In modern terms it refers to the process by which businesses corner a market through predatory capitalism and [regulatory capture](regulatory-capture.md) to ensure they can rent seek in perpetuity. This is often done through undercutting competitors through anti-competitive pricing schemes or subsidizing services by an influx of external capital to drive out competition. 
 
 See also [market manipulation](market-manipulation.md), [public goods problem](public-goods-problem.md) and [free rider problem](free-rider-problem.md).
 
-## References
\ No newline at end of file
+## References
+1. UK Parliament (2021). "Enclosing the Land". London: UK Parliament. Retrieved 14 May 2021.
+1. Varoufakis, Yanis. "Techno-feudalism is taking over." Project Syndicate Op-ed 28 (2021).
\ No newline at end of file
diff --git a/meta/concepts-todo.md b/meta/concepts-todo.md
index e466339..31ddbb9 100644
--- a/meta/concepts-todo.md
+++ b/meta/concepts-todo.md
@@ -111,7 +111,7 @@ Fourth Pass
 
 Fifth pass
 
-- [ ] [enclosure](../concepts/enclosure.md)
+- [x] [enclosure](../concepts/enclosure.md)
 - [x] [amm](../concepts/amm.md)
 - [x] [dex](../concepts/dex.md)
 - [x] [narrative-economics](../concepts/narrative-economics.md)
\ No newline at end of file

From 63f8cc34280d127a511f3fbf887f1ea4c38fe790 Mon Sep 17 00:00:00 2001
From: eilidhrosstest <103035109+eilidhrosstest@users.noreply.github.com>
Date: Tue, 5 Apr 2022 12:07:31 +0200
Subject: [PATCH 100/103] Eilidh testing for editor guide. added full stop

---
 notes/fintech-incrementalism-and-responsible-innovation.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
index a200349..8b7ac68 100644
--- a/notes/fintech-incrementalism-and-responsible-innovation.md
+++ b/notes/fintech-incrementalism-and-responsible-innovation.md
@@ -27,7 +27,7 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
 ## Fintech Incrementalism
 
 * What is 'fintech'? 
-  * fintech = financial technology. New technology that seeks to improve and automate the delivery and use of financial services
+  * fintech = financial technology. New technology that seeks to improve and automate the delivery and use of financial services.
 * The central thesis of the fintech incrementalist position is that crypto assets, blockchain, or fintech more broadly, is a force for effecting change in financial services and building a more stable, efficient and transparent economy.
   * “The blockchain meme” as a catalyst for building better market infrastructure and “how the enterprise software sausage actually gets made”.
   * A lot of legitimate [real time gross settlement systems](../concepts/rtgs.md), to first approximation, look something like an append-only ledger that batches transactions via a consensus algorithm. The difference is they’re not trying to reinvent [money](../concepts/money.md) from first principles.

From 06da1d94b7149a4608d3e92fe250026dc1b24ad2 Mon Sep 17 00:00:00 2001
From: eilidhrosstest <103035109+eilidhrosstest@users.noreply.github.com>
Date: Tue, 5 Apr 2022 12:35:18 +0200
Subject: [PATCH 101/103] Removal of extra full stop

---
 concepts/consensus-algorithm.md | 4 ++--
 1 file changed, 2 insertions(+), 2 deletions(-)

diff --git a/concepts/consensus-algorithm.md b/concepts/consensus-algorithm.md
index 4dea733..9a3c28e 100644
--- a/concepts/consensus-algorithm.md
+++ b/concepts/consensus-algorithm.md
@@ -1,7 +1,7 @@
 # Consensus Algorithm
 A mechanism by which data is synchronised across computer and kept in a consistent state. An integral part of a [blockchain](blockchain.md) network.
 
-Many consensus algorithms use tokens rewards as an economic incentive for partipants to maintain servers which [mine](mining.md), [stake](staking.md) or participate in the consensus algorithm.. 
+Many consensus algorithms use tokens rewards as an economic incentive for partipants to maintain servers which [mine](mining.md), [stake](staking.md) or participate in the consensus algorithm.
 
 ## Proof of Work
 
@@ -23,4 +23,4 @@ An algorithm where blocks in the blockchain are validated by the consumption of
 1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
 1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
 1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
-1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.
\ No newline at end of file
+1. Schneier, Bruce. 2019. ‘There’s No Good Reason to Trust Blockchain Technology’. Wired Magazine. https://www.wired.com/story/theres-no-good-reason-to-trust-blockchain-technology/.

From 8569885ea4c29058d615f6a87001c55dd145aa41 Mon Sep 17 00:00:00 2001
From: Rufus Pollock <rufus.pollock@datopian.com>
Date: Tue, 5 Apr 2022 15:52:46 +0200
Subject: [PATCH 102/103] [site/contribute][xs]: correct contact us page to
 https://lifeitself.us/contact for now (plus micro proofing to library page).

---
 site/content/contribute.md | 2 +-
 site/content/library.md    | 2 +-
 2 files changed, 2 insertions(+), 2 deletions(-)

diff --git a/site/content/contribute.md b/site/content/contribute.md
index b731f0b..d047054 100644
--- a/site/content/contribute.md
+++ b/site/content/contribute.md
@@ -24,6 +24,6 @@ Offer us your feedback and suggestions through [our forum][forum]. For example:
 * Do you have feedback on how we structure or present the thinking?
 
 [library]: /library
-[contact]: /contact
+[contact]: https://lifeitself.us/contact
 [concepts]: /guide
 [forum]: https://github.com/life-itself/web3/discussions
diff --git a/site/content/library.md b/site/content/library.md
index e6d0f7d..d445422 100644
--- a/site/content/library.md
+++ b/site/content/library.md
@@ -21,7 +21,7 @@ Set up Zotero:
 Join the group:
 
 * Visit the group library and click the join button. https://www.zotero.org/groups/4600269/web3
-* Be approved by an admin ( we'll get notified of your request or you can contact us via hello@lifeitself.us )
+* Be approved by an admin (we'll get notified of your request or you can contact us via hello@lifeitself.us)
 
 Start adding materials.
 

From 64dce00b0a4a092a4d6482eaa8c8d9e7630613fe Mon Sep 17 00:00:00 2001
From: sdiehl <stephen.m.diehl@gmail.com>
Date: Wed, 6 Apr 2022 08:05:18 +0100
Subject: [PATCH 103/103] Consistent naming for claims

---
 claims/index.md                               | 44 +++++++++----------
 ...oritarianism.md => is-authoritarianism.md} |  0
 claims/{bitcoin-esg.md => is-bitcoin-esg.md}  |  4 +-
 ...ockchain-tech.md => is-blockchain-tech.md} |  0
 ...tections.md => is-consumer-protections.md} |  0
 ...ypto-unbanked.md => is-crypto-unbanked.md} |  0
 .../{digital-gold.md => is-digital-gold.md}   |  0
 ...print.md => is-environmental-footprint.md} |  4 +-
 ...e-debasement.md => is-hedge-debasement.md} |  0
 ...dge-inflation.md => is-hedge-inflation.md} |  0
 ...economics.md => is-narrative-economics.md} |  4 +-
 .../{negative-sum.md => is-negative-sum.md}   |  0
 .../{new-internet.md => is-new-internet.md}   |  0
 .../{nfts-artists.md => is-nfts-artists.md}   |  2 +-
 claims/is-predatory.md                        |  2 +-
 .../{risk-to-state.md => is-risk-to-state.md} |  0
 ...threaten-dollar.md => is-threat-dollar.md} |  0
 ...payment.md => is-transnational-payment.md} |  2 +-
 ...t-type-of-asset.md => is-type-of-asset.md} |  0
 ...luation-model.md => is-valuation-model.md} |  0
 ...entralized.md => is-web3-decentralized.md} |  0
 claims/{web3-green.md => is-web3-green.md}    |  4 +-
 .../{weird-culture.md => is-weird-culture.md} |  4 +-
 .../{well-defined.md => is-well-defined.md}   |  1 +
 claims/{why-invest.md => is-why-invest.md}    |  2 +-
 concepts/crypto-exchange.md                   |  4 +-
 concepts/externalities.md                     |  2 +-
 concepts/market-manipulation.md               |  9 ++--
 concepts/meme-stock.md                        |  2 +-
 concepts/mining.md                            |  2 +-
 concepts/narrative-economics.md               |  2 +-
 concepts/ponzi-scheme.md                      |  2 +-
 concepts/ponzinomics.md                       |  2 +-
 concepts/proof-of-stake.md                    |  2 +-
 concepts/proof-of-work.md                     |  2 +-
 concepts/use-value.md                         |  2 +-
 concepts/web3.md                              |  3 +-
 meta/citations-todo.md                        |  2 +-
 meta/claims-todo.md                           | 26 +++++------
 meta/intercitations-todo.md                   |  6 +--
 ...crementalism-and-responsible-innovation.md |  4 +-
 notes/market-fundamentalism.md                |  4 +-
 notes/neo-metallism.md                        |  6 +--
 site/content/about.md                         |  4 +-
 44 files changed, 82 insertions(+), 77 deletions(-)
 rename claims/{authoritarianism.md => is-authoritarianism.md} (100%)
 rename claims/{bitcoin-esg.md => is-bitcoin-esg.md} (96%)
 rename claims/{blockchain-tech.md => is-blockchain-tech.md} (100%)
 rename claims/{consumer-protections.md => is-consumer-protections.md} (100%)
 rename claims/{crypto-unbanked.md => is-crypto-unbanked.md} (100%)
 rename claims/{digital-gold.md => is-digital-gold.md} (100%)
 rename claims/{environmental-footprint.md => is-environmental-footprint.md} (96%)
 rename claims/{hedge-debasement.md => is-hedge-debasement.md} (100%)
 rename claims/{hedge-inflation.md => is-hedge-inflation.md} (100%)
 rename claims/{narrative-economics.md => is-narrative-economics.md} (94%)
 rename claims/{negative-sum.md => is-negative-sum.md} (100%)
 rename claims/{new-internet.md => is-new-internet.md} (100%)
 rename claims/{nfts-artists.md => is-nfts-artists.md} (97%)
 rename claims/{risk-to-state.md => is-risk-to-state.md} (100%)
 rename claims/{threaten-dollar.md => is-threat-dollar.md} (100%)
 rename claims/{transnational-payment.md => is-transnational-payment.md} (96%)
 rename claims/{what-type-of-asset.md => is-type-of-asset.md} (100%)
 rename claims/{valuation-model.md => is-valuation-model.md} (100%)
 rename claims/{web3-decentralized.md => is-web3-decentralized.md} (100%)
 rename claims/{web3-green.md => is-web3-green.md} (81%)
 rename claims/{weird-culture.md => is-weird-culture.md} (93%)
 rename claims/{well-defined.md => is-well-defined.md} (92%)
 rename claims/{why-invest.md => is-why-invest.md} (88%)

diff --git a/claims/index.md b/claims/index.md
index 917b122..ac62c0a 100644
--- a/claims/index.md
+++ b/claims/index.md
@@ -4,52 +4,52 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
 #### Better Economy
 
 * [Is bitcoin a currency?](/claims/is-bitcoin-currency.md)
-* [Are crypto assets a risk to the dollar?](../claims/threaten-dollar.md)
-* [What type of asset is a crypto token?](/claims/what-type-of-asset.md)
-* [How do we value a crypto token?](/claims/valuation-model.md)
+* [Are crypto assets a risk to the dollar?](is-threat-dollar.md)
+* [What type of asset is a crypto token?](is-type-of-asset.md)
+* [How do we value a crypto token?](is-valuation-model.md)
 * [Are crypto assets a systemic risk to the economy?](../claims/is-systemic-risk.md)
-* [Is bitcoin the basis for a new gold standard?](../claims/digital-gold.md)
+* [Is bitcoin the basis for a new gold standard?](is-digital-gold.md)
 * [Are crypto assets a bubble?](../claims/is-bubble.md)
 * [Are crypto assets a form of gambling?](../claims/is-gambling.md)
-* [Are crypto tokens an inflation hedge?](../claims/hedge-inflation.md)
+* [Are crypto tokens an inflation hedge?](is-hedge-inflation.md)
 * [Is private money a desirable system?](../claims/is-private-money.md)
-* [Is bitcoin compataible with ESG investing?](../claims/bitcoin-esg.md)
+* [Is bitcoin compataible with ESG investing?](is-bitcoin-esg.md)
 
 #### Better Society / Financial Inclusion
 
-* [What consumer protections exist for crypto assets?](../claims/consumer-protections.md)
+* [What consumer protections exist for crypto assets?](is-consumer-protections.md)
 * [Are crypto assets a form of predatory inclusion?](../claims/is-predatory.md)
-* [Is crypto a solution for the unbanked?](/claims/crypto-unbanked.md)
+* [Is crypto a solution for the unbanked?](is-crypto-unbanked.md)
 * [Is crypto providing faster payment rails or better remittance services?](../claims/is-better-payments.md)
-* [Are NFTs are good for artists?](../claims/nfts-artists.md)
-* [What is the narrative economics of crypto assets?](../claims/narrative-economics.md)
+* [Are NFTs are good for artists?](is-nfts-artists.md)
+* [What is the narrative economics of crypto assets?](is-narrative-economics.md)
 * [Are crypto assets legal?](../claims/is-legal.md)
-* [Are crypto tokens a negative-sum investment?](/claims/negative-sum.md)
-* [Why do people invest in crypto tokens?](../claims/why-invest.md)
-* [Why does crypto have such a weird subculture?](/claims/weird-culture.md)
+* [Are crypto tokens a negative-sum investment?](is-negative-sum.md)
+* [Why do people invest in crypto tokens?](is-why-invest.md)
+* [Why does crypto have such a weird subculture?](is-weird-culture.md)
 
 #### Financial Liberty
 
-* [Is an unregulated transnational payment rail even desirable?](../claims/transnational-payment.md)
-* [Are crypto tokens a hedge against the "debasement" of the dollar?](../claims/hedge-debasement.md)
-* [Are crypto tokens a means to counter authoritarianism?](../claims/authoritarianism.md)
+* [Is an unregulated transnational payment rail even desirable?](is-transnational-payment.md)
+* [Are crypto tokens a hedge against the "debasement" of the dollar?](is-hedge-debasement.md)
+* [Are crypto tokens a means to counter authoritarianism?](is-authoritarianism.md)
 * [Can I raise money for my non-profit using crypto tokens?](../claims/is-raise-nonprofit.md)
 * [Can I do a crowdfunded equity raise for my company using crypto tokens?](../claims/is-raise-company.md)
 
 #### Solving Public Goods Problems
 
 * [Is crypto a means to fund public goods projects?](../claims/is-public-goods.md)
-* [Is bitcoin mining harmful to the environment?](../claims/environmental-footprint.md)
+* [Is bitcoin mining harmful to the environment?](is-environmental-footprint.md)
 * [Is crypto bringing about the "financialization of everything"?](../claims/is-hyperfinancialization.md)
 * [Is crypto a giant misallocation of resources with an enormous opportunity cost?](../claims/is-opportunity-cost.md)
 
 #### Financial Innovation
 
-* [Is the underlying technology of "blockchain" useful for non-monetary purposes?](../claims/blockchain-tech.md)
-* [Is web3 even a well-defined term?](../claims/well-defined.md)
-* [Is web3 green?](../claims/web3-green.md)
-* [Is web3 decentralized?](../claims/web3-decentralized.md)
-* [Is web3 the next generation of the internet?](../claims/new-internet.md)
+* [Is the underlying technology of "blockchain" useful for non-monetary purposes?](is-blockchain-tech.md)
+* [Is web3 even a well-defined term?](is-well-defined.md)
+* [Is web3 green?](is-web3-green.md)
+* [Is web3 decentralized?](is-web3-decentralized.md)
+* [Is web3 the next generation of the internet?](is-new-internet.md)
 
 #### Creative Destruction
 
diff --git a/claims/authoritarianism.md b/claims/is-authoritarianism.md
similarity index 100%
rename from claims/authoritarianism.md
rename to claims/is-authoritarianism.md
diff --git a/claims/bitcoin-esg.md b/claims/is-bitcoin-esg.md
similarity index 96%
rename from claims/bitcoin-esg.md
rename to claims/is-bitcoin-esg.md
index 69b532e..94829b2 100644
--- a/claims/bitcoin-esg.md
+++ b/claims/is-bitcoin-esg.md
@@ -5,13 +5,13 @@ Bitcoin is not compatible with ESG investing.
 
 **Environmental Problems**
 
-* [Environmental footprint of mining](environmental-footprint.md)
+* [Environmental footprint of mining](is-environmental-footprint.md)
 
 **Social Problems**
 
 * [Crypto is a market bubble](is-bubble.md)
 * [Predatory inclusion](is-predatory.md)
-* [Consumer protections](consumer-protections.md)
+* [Consumer protections](is-consumer-protections.md)
 * [Bitcoin is not a currency](is-bitcoin-currency.md)
 * [Private money is not sustainable](is-private-money.md)
 * [Crypto is not build a new financial system](is-new-financial-system.md)
diff --git a/claims/blockchain-tech.md b/claims/is-blockchain-tech.md
similarity index 100%
rename from claims/blockchain-tech.md
rename to claims/is-blockchain-tech.md
diff --git a/claims/consumer-protections.md b/claims/is-consumer-protections.md
similarity index 100%
rename from claims/consumer-protections.md
rename to claims/is-consumer-protections.md
diff --git a/claims/crypto-unbanked.md b/claims/is-crypto-unbanked.md
similarity index 100%
rename from claims/crypto-unbanked.md
rename to claims/is-crypto-unbanked.md
diff --git a/claims/digital-gold.md b/claims/is-digital-gold.md
similarity index 100%
rename from claims/digital-gold.md
rename to claims/is-digital-gold.md
diff --git a/claims/environmental-footprint.md b/claims/is-environmental-footprint.md
similarity index 96%
rename from claims/environmental-footprint.md
rename to claims/is-environmental-footprint.md
index a1b75d1..db97cd8 100644
--- a/claims/environmental-footprint.md
+++ b/claims/is-environmental-footprint.md
@@ -3,9 +3,9 @@ Bitcoin [mining](../concepts/mining.md) is enormously harmful to the environment
 
 1. E-waste from discarded or broken ASIC mining equipment, graphics cards and servers.
 2. Carbon release from fossil fuels used to power mining data centres
-3. Opportunity cost of the energy used to run [consensus algorithm](../concepts/consensus-algorithm.md) compared to more efficient of efficient [real time gross settlement systems](../concepts/rtgs.md) and traditional [payment rails](transnational-payment.md) such as SWIFT, SEPA, Visa and ACH.
+3. Opportunity cost of the energy used to run [consensus algorithm](../concepts/consensus-algorithm.md) compared to more efficient of efficient [real time gross settlement systems](../concepts/rtgs.md) and traditional [payment rails](is-transnational-payment.md) such as SWIFT, SEPA, Visa and ACH.
 
-Crypto assets are not [providing access to the unbanked](crypto-unbanked.md) and cannot fulfil even a tiny fraction of the services provided by the global banking sector. Crypto assets like [bitcoin](../concepts/bitcoin.md) are simply a very inefficient and settlement to issue a speculative [cryptoasset](../concepts/cryptoasset.md) used primarily for [gambling](../concepts/gambling.md) and [illicit financing](../concepts/illicit-financing.md).
+Crypto assets are not [providing access to the unbanked](is-crypto-unbanked.md) and cannot fulfil even a tiny fraction of the services provided by the global banking sector. Crypto assets like [bitcoin](../concepts/bitcoin.md) are simply a very inefficient and settlement to issue a speculative [cryptoasset](../concepts/cryptoasset.md) used primarily for [gambling](../concepts/gambling.md) and [illicit financing](../concepts/illicit-financing.md).
 
 BItcoin mining has the equivalent power consumption of the state of Argentina, a country with a population of 45 million people. Bitcoin mining has an e-waste footprint comparable to that of entire population of Germany.
 
diff --git a/claims/hedge-debasement.md b/claims/is-hedge-debasement.md
similarity index 100%
rename from claims/hedge-debasement.md
rename to claims/is-hedge-debasement.md
diff --git a/claims/hedge-inflation.md b/claims/is-hedge-inflation.md
similarity index 100%
rename from claims/hedge-inflation.md
rename to claims/is-hedge-inflation.md
diff --git a/claims/narrative-economics.md b/claims/is-narrative-economics.md
similarity index 94%
rename from claims/narrative-economics.md
rename to claims/is-narrative-economics.md
index 2936ac7..a16ba54 100644
--- a/claims/narrative-economics.md
+++ b/claims/is-narrative-economics.md
@@ -5,9 +5,9 @@ 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](../concepts/libertarianism.md), [regulatory arbitrage](regulatory-arbitrage.md) and aspirations of [private money](private-money.md).
+Bitcoin has a [narrative economics](is-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](../concepts/technosolutionism.md), [libertarianism](../concepts/libertarianism.md), [regulatory arbitrage](regulatory-arbitrage.md) and aspirations of [private money](private-money.md).
+Ethereum has a [narrative economics](is-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](../concepts/financial-nihilism.md).
 
diff --git a/claims/negative-sum.md b/claims/is-negative-sum.md
similarity index 100%
rename from claims/negative-sum.md
rename to claims/is-negative-sum.md
diff --git a/claims/new-internet.md b/claims/is-new-internet.md
similarity index 100%
rename from claims/new-internet.md
rename to claims/is-new-internet.md
diff --git a/claims/nfts-artists.md b/claims/is-nfts-artists.md
similarity index 97%
rename from claims/nfts-artists.md
rename to claims/is-nfts-artists.md
index 8232978..afb96a3 100644
--- a/claims/nfts-artists.md
+++ b/claims/is-nfts-artists.md
@@ -5,7 +5,7 @@ Since the NFT market depends highly on [sign-value](../concepts/sign-value.md),
 
 Because digital tokens have no inherent value and are not backed by any other asset, hype is crypto's product and those with the most to lose are in the worst positions. NFTs are a form of [predatory inclusion](../concepts/predatory-inclusion.md) that on average does not liberate artists. Instead most artiists will engage in the token sales at a loss, making almost nothing in return. The return and payout structure is similar to that of MLMs which depend on [asymmetric information](../concepts/asymmetric-information.md) to incentiveize a small pool of individuals at the expensive a vast number of others who are victims of the scheme.
 
-On the whole, NFTs create more harm to than good like most [negative-sum](negative-sum.md) investment schemes.
+On the whole, NFTs create more harm to than good like most [is-negative-sum](is-negative-sum.md) investment schemes.
 
 ## References
 1. Olson, Dan. 2022a. Line Goes Up – The Problem With NFTs. https://www.youtube.com/watch?v=YQ_xWvX1n9g.
diff --git a/claims/is-predatory.md b/claims/is-predatory.md
index f56c27f..b3645b8 100644
--- a/claims/is-predatory.md
+++ b/claims/is-predatory.md
@@ -3,7 +3,7 @@ Crypto assets are a form of predatory financial product. Crypto asset [market ma
 
 The price setting by crypto exchanges and [order book](../concepts/order-book.md) design admits extreme forms of [asymmetric information](../concepts/asymmetric-information.md) which privileges an [economic cartel](../concepts/cartel.md) who can manipulate crypto assets to extract wealth from public from unfair market making.
 
-The base economics of crypto assets make them [negative sum](negative-sum.md) which guarantees the amount of loses in the asset class exceed the gains.
+The base economics of crypto assets make them [negative sum](is-negative-sum.md) which guarantees the amount of loses in the asset class exceed the gains.
 
 Crypto assets are thus a form of predatory finance with negative [expected-return](../concepts/expected-return.md) much like [gambling](../concepts/gambling.md) in a rigged casino.
 
diff --git a/claims/risk-to-state.md b/claims/is-risk-to-state.md
similarity index 100%
rename from claims/risk-to-state.md
rename to claims/is-risk-to-state.md
diff --git a/claims/threaten-dollar.md b/claims/is-threat-dollar.md
similarity index 100%
rename from claims/threaten-dollar.md
rename to claims/is-threat-dollar.md
diff --git a/claims/transnational-payment.md b/claims/is-transnational-payment.md
similarity index 96%
rename from claims/transnational-payment.md
rename to claims/is-transnational-payment.md
index 6a27d50..23d62eb 100644
--- a/claims/transnational-payment.md
+++ b/claims/is-transnational-payment.md
@@ -1,6 +1,6 @@
 # An unregulated transnational payment is not desirable
 
-The stated aspirations of some crypto projects is to build a global transnational payment system which is [censorship resistant](../concepts/censorship-resistence.md) against nation state actors, effectively allowing parties from any jurisdiction to move value anonymously and with no controls. However from the perspective of civil society this is not desirable since the world already struggles with an excess of offshore tax evasion and dark money flows, as evidenced by the recent Panama Paper leaks.
+The stated aspirations of some crypto projects is to build a global supranational payment system which is [censorship resistant](../concepts/censorship-resistence.md) against nation state actors, effectively allowing parties from any jurisdiction to move value anonymously and with no controls. However from the perspective of civil society this is not desirable since the world already struggles with an excess of offshore tax evasion and dark money flows, as evidenced by the recent Panama Paper leaks.
 
 Today there already exists and enormous [shadow banking](../concepts/shadow-bank.md) space which facilitates the creation of credit and movement of money through jurisdictions with questionable money controls and loose enforcement of policy. Many wealthy individuals avail themselves of this transnational network of trusts and shell companies to avoid paying taxes in their country of residence, opting to instead hide their money abroad in opaque financial structures set up in island nations like the Bahamas or Cayman Islands.
 
diff --git a/claims/what-type-of-asset.md b/claims/is-type-of-asset.md
similarity index 100%
rename from claims/what-type-of-asset.md
rename to claims/is-type-of-asset.md
diff --git a/claims/valuation-model.md b/claims/is-valuation-model.md
similarity index 100%
rename from claims/valuation-model.md
rename to claims/is-valuation-model.md
diff --git a/claims/web3-decentralized.md b/claims/is-web3-decentralized.md
similarity index 100%
rename from claims/web3-decentralized.md
rename to claims/is-web3-decentralized.md
diff --git a/claims/web3-green.md b/claims/is-web3-green.md
similarity index 81%
rename from claims/web3-green.md
rename to claims/is-web3-green.md
index 237641c..b0b8ede 100644
--- a/claims/web3-green.md
+++ b/claims/is-web3-green.md
@@ -1,7 +1,7 @@
 # Is Web3 green?
-Web3 is allegedly based on crypto assets which have a known [environmental footprint](environmental-footprint.md) problem. Therefore web3 is not green.
+Web3 is allegedly based on crypto assets which have a known [environmental footprint](is-environmental-footprint.md) problem. Therefore web3 is not green.
 
-See also [ESG investing and crypto](bitcoin-esg.md), [environmental-footprint](environmental-footprint.md) and [mining](../concepts/mining.md).
+See also [ESG investing and crypto](is-bitcoin-esg.md), [is-environmental-footprint](is-environmental-footprint.md) and [mining](../concepts/mining.md).
 
 ## References
 1. Wanat, Emanuel. 2021. ‘Are Crypto-Assets Green Enough? – An Analysis of Draft EU Regulation on Markets in Crypto Assets from the Perspective of the European Green Deal’. Osteuropa Recht 67 (2): 237–50. https://doi.org/10.5771/0030-6444-2021-2-237.
diff --git a/claims/weird-culture.md b/claims/is-weird-culture.md
similarity index 93%
rename from claims/weird-culture.md
rename to claims/is-weird-culture.md
index bd85a6a..4de574a 100644
--- a/claims/weird-culture.md
+++ b/claims/is-weird-culture.md
@@ -1,9 +1,9 @@
 # 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/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.
+Since the asset class is [non-productive](../concepts/productive-asset.md) and [is-negative-sum](is-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.
+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](is-weird-culture.md) there are several thought-terminating cliches.
 
 * "have fun staying poor" / "hfsp"
 * "If you don't believe it or don't get it, I don't have the time to try to convince you"
diff --git a/claims/well-defined.md b/claims/is-well-defined.md
similarity index 92%
rename from claims/well-defined.md
rename to claims/is-well-defined.md
index 1f462a7..eb41998 100644
--- a/claims/well-defined.md
+++ b/claims/is-well-defined.md
@@ -16,6 +16,7 @@ Web3 has also been described as a means of doing [regulatory arbitrage](regulato
 1. Tante. 2021. ‘The Third Web’. Nodes in a Social Network (blog). 17 December 2021. https://tante.cc/2021/12/17/the-third-web/.
 1. Marlinspike, Moxie. 2022. ‘My First Impressions of Web3’. Moxie Marlinspike. 7 January 2022. https://moxie.org/2022/01/07/web3-first-impressions.html.
 1. Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
+1. Marx, Paris. n.d. ‘Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail’. Accessed 29 March 2022. https://www.businessinsider.com/web3-blockchain-crypto-internet-doomed-fail-doesnt-live-up-hype-2022-3?r=US&IR=T.
 1. Soatok. 2021. ‘Against Web3 and Faux-Decentralization’. Dhole Moments. 19 October 2021. https://soatok.blog/2021/10/19/against-web3-and-faux-decentralization/.
 1. Tonelli, Emily. 2022. ‘Internet Guru Tim O’Reilly: Crypto and NFTs Are “Pretty Serious Speculative Bubble”’. Decrypt. 10 February 2022. https://decrypt.co/92676/internet-guru-tim-oreilly-crypto-nfts-serious-speculative-bubble.
 1. Yaffe-Bellany, David. 2022. ‘Millions for Crypto Start-Ups, No Real Names Necessary’. The New York Times, 2 March 2022, sec. Technology. https://www.nytimes.com/2022/03/02/technology/cryptocurrency-anonymity-alarm.html.
diff --git a/claims/why-invest.md b/claims/is-why-invest.md
similarity index 88%
rename from claims/why-invest.md
rename to claims/is-why-invest.md
index 933bcf3..60a873c 100644
--- a/claims/why-invest.md
+++ b/claims/is-why-invest.md
@@ -3,7 +3,7 @@ As has been consistently noted [2,3,8] throughout historical [market manias](../
 
 > A [bubble](../concepts/bubble.md) starts when any group of stocks, in this case those associated with the excitement of the Internet, begin to rise. The updraft encourages [more people](../concepts/bandwagon-bias.md) to buy the stocks, which causes more TV and print coverage, which causes even more people to buy, which creates big profits for early Internet stockholders. The successful investors tell you at cocktail parties how easy it is to get rich, which causes the stocks to rise further, which pulls in larger and larger groups of investors. But the whole mechanism is a kind of [Ponzi scheme](../concepts/ponzi-scheme.md) where more and more credulous investors must be found to buy the stock from the earlier investors. Eventually, one runs out of [greater fools](../concepts/greater-fool-theory.md)
 
-This coupled with the [weird subculture](weird-culture.md) of crypto assets and a [narrative economics](../concepts/narrative-economics.md) of belonging to a [high control group](../concepts/high-control-group.md) with the promises of [easy money](../concepts/ponzi-scheme.md) is a psychologically enticing proposition for a large demographic. The synthesis of the market mania and the narrative appeal of the culture and its political [imaginaries](narrative-economics.md) appears to be the main driver of the crypto bubble.
+This coupled with the [weird subculture](is-weird-culture.md) of crypto assets and a [narrative economics](../concepts/narrative-economics.md) of belonging to a [high control group](../concepts/high-control-group.md) with the promises of [easy money](../concepts/ponzi-scheme.md) is a psychologically enticing proposition for a large demographic. The synthesis of the market mania and the narrative appeal of the culture and its political [imaginaries](is-narrative-economics.md) appears to be the main driver of the crypto bubble.
 
 There is also a strong sample bias in self-reported winnings of crypto assets. With partipants who make outsized returns [gambling](../concepts/gambling.md) on the [bubble](../concepts/bubble.md) are more likely to report this returns compared to the vast majority of those who lost money as guaranteed by the [negative-sum](../concepts/zero-sum-game.md) dynamics of gambling on [crypto assets](../concepts/cryptoasset.md).
 
diff --git a/concepts/crypto-exchange.md b/concepts/crypto-exchange.md
index 5e08ca3..fb08857 100644
--- a/concepts/crypto-exchange.md
+++ b/concepts/crypto-exchange.md
@@ -5,14 +5,14 @@ Crypto exchanes are not regulated as [market makers](market-maker.md) or [broker
 
 Many crypto exchanges offer their own [stablecoin](stablecoin.md) whose reserves may be comingled with customer funds.
 
-Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory authorities. These include, but are not limited to:
+Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory regimes. These include, but are not limited to:
 
 * Antigua 
 * Barbuda
 * Seychelles
 * Malta
 * Jersey
-* Isle of Mann
+* Isle of Man
 * The Bahamas
 * Cayman Islands
 * Singapore
diff --git a/concepts/externalities.md b/concepts/externalities.md
index 13f0c89..0ecce08 100644
--- a/concepts/externalities.md
+++ b/concepts/externalities.md
@@ -2,7 +2,7 @@
 The problems with crypto assets fall into several categories.
 
 ## Environmental
-1. [Crypto investments that use proof of work have an absurd environmental footprint.](../claims/environmental-footprint.md)
+1. [Crypto investments that use proof of work have an absurd environmental footprint.](../claims/is-environmental-footprint.md)
 2. Crypto investments waste energy that is better spent on more productive enterprises. 
 
 ## Legal
diff --git a/concepts/market-manipulation.md b/concepts/market-manipulation.md
index 532ec04..aa0eb35 100644
--- a/concepts/market-manipulation.md
+++ b/concepts/market-manipulation.md
@@ -4,6 +4,8 @@ Manipulation of [price formation](price-formation.md) and the natural operation
 ## Front Running
 Using inside information about future orders to preempt market movements and extract from other market participants. 
 
+See [front-running](front-running.md)
+
 ## Insider Trading
 See [asymmetric-information](asymmetric-information.md).
 
@@ -14,15 +16,16 @@ See [wash-trading](wash-trading.md).
 See [pump and dump](pump-and-dump.md).
 
 ## Order Tampering
-Altering of [order-book](order-book.md) to privilege the market maker or a [cartel](cartel.md) of insiders. 
+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.
+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).
 
 ## References
+1. Ostroff, Patricia Kowsmann and Caitlin. 2021. ‘Binance Froze When Bitcoin Crashed. Now Users Want Their Money Back.’ Wall Street Journal, 11 July 2021, sec. Markets. https://www.wsj.com/articles/binance-froze-when-bitcoin-crashed-now-users-want-their-money-back-11626001202.
 1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 1. Dhawan, Anirudh, and Talis J. Putnins. 2020. ‘A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3670714.
 1. Hamrick, JT, Farhang Rouhi, Arghya Mukherjee, Amir Feder, Neil Gandal, Tyler Moore, and Marie Vasek. 2018a. ‘An Examination of the Cryptocurrency Pump and Dump Ecosystem’. http://ssrn.com/paper=3303365.
@@ -30,4 +33,4 @@ Discretionary restriction of the sale of assets for [currency](currency.md).
 1. Kamps, Josh, and Bennett Kleinberg. 2018. ‘To the Moon: Defining and Detecting Cryptocurrency Pump-and-Dumps’. Crime Science 7 (1): 18.
 1. Lefevre, Edwin. 2004. Reminiscences of a Stock Operator. Vol. 175. John Wiley & Sons.
 1. Li, Tao, Donghwa Shin, and Baolian Wang. 2019. ‘Cryptocurrency Pump-and-Dump Schemes’. Available at SSRN 3267041.
-1. Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.
+1. Xu, Jiahua, and Benjamin Livshits. 2019. ‘The Anatomy of a Cryptocurrency Pump-and-Dump Scheme’. In 28th USENIX Security Symposium, 1609–25.
\ No newline at end of file
diff --git a/concepts/meme-stock.md b/concepts/meme-stock.md
index 1ee4633..0a69779 100644
--- a/concepts/meme-stock.md
+++ b/concepts/meme-stock.md
@@ -9,7 +9,7 @@ Examples of memestocks include:
 * Blackburry
 * Bed Bath & Beyond
 
-See also [financial nihilism](financial-nihilism.md).
+See also [financial nihilism](financial-nihilism.md) and [memecoin](memecoin.md).
 
 ## References
 1. Glongloff, Mark. n.d. ‘Bitcoin, GameStop Are More Cults Than Investments’. Bloomberg. Accessed 2 March 2022. https://www.bloomberg.com/opinion/articles/2021-03-02/bitcoin-btc-gamestop-gme-are-more-cults-than-investments.
diff --git a/concepts/mining.md b/concepts/mining.md
index 9e5060b..f598f0e 100644
--- a/concepts/mining.md
+++ b/concepts/mining.md
@@ -3,7 +3,7 @@ The technical process of confirming transactions in a [blockchain](blockchain.md
 
 [Proof of work](proof-of-work.md) mining is an energy intensive process with a large environmental footprint because of its use of fossil fuels to provide energy for data centres.
 
-See also [environmental footprint of crypto](../claims/environmental-footprint.md), [proof-of-work](proof-of-work.md), and [proof-of-stake](proof-of-stake.md).
+See also [environmental footprint of crypto](../claims/is-environmental-footprint.md), [proof-of-work](proof-of-work.md), and [proof-of-stake](proof-of-stake.md).
 
 ## References
 1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
diff --git a/concepts/narrative-economics.md b/concepts/narrative-economics.md
index 20392e7..565e0b5 100644
--- a/concepts/narrative-economics.md
+++ b/concepts/narrative-economics.md
@@ -1,7 +1,7 @@
 # Narrative Economics
 The study of the spread and dynamics of popular narratives, the stories, particularly those of human interest and emotion, and how these change through time, to understand economic fluctuations and markets. A interpretation of economics advanced by the Nobel prize winner Robert Shiller.
 
-See also [narrative economics of crypto](../claims/narrative-economics.md), [bandwagon-bias](bandwagon-bias.md),[endowment-effect](endowment-effect.md), and [Tinkerbell effect](tinkerbell-effect.md).
+See also [narrative economics of crypto](../claims/is-narrative-economics.md), [bandwagon-bias](bandwagon-bias.md),[endowment-effect](endowment-effect.md), and [Tinkerbell effect](tinkerbell-effect.md).
 
 ## References
 * Shiller, Robert J. 2017. ‘Narrative Economics’. American Economic Review 107 (4): 967–1004.
\ No newline at end of file
diff --git a/concepts/ponzi-scheme.md b/concepts/ponzi-scheme.md
index d4f6bff..0bfd9fe 100644
--- a/concepts/ponzi-scheme.md
+++ b/concepts/ponzi-scheme.md
@@ -9,7 +9,7 @@ A type of investment fraud in which old investors are paid out from an influx of
 
 The mechanism by which new investors are brought in, and by which the operators remove investors from the scheme may vary between schemes. Ponzi schemes may present as direct investment vehicles such as funds like Bernie Madoff's fund Madoff Investment Securities LLC. Ponzi schemes may also present as a fraudulent [market maker](market-maker.md) where investors are sold [zero income](income-cashflows.md) [greater fool](greater-fool-theory.md) investments and the operators abscond with money through [market manipulation](market-manipulation.md).
 
-Some participants can make money investing in Ponzi schemes, but the basic fact is that most participants will lose money. Thus Investing in Ponzi schemes has a negative [expected return](expected-return.md) and are [negative sum](../claims/negative-sum.md).
+Some participants can make money investing in Ponzi schemes, but the basic fact is that most participants will lose money. Thus Investing in Ponzi schemes has a negative [expected return](expected-return.md) and are [negative sum](../claims/is-negative-sum.md).
 
 [Crypto assets](cryptoasset.md) are often referred to as market-obscured or self-organizing Ponzi schemes because of their nearly identical payout structure.
 
diff --git a/concepts/ponzinomics.md b/concepts/ponzinomics.md
index f216ea9..6d2e606 100644
--- a/concepts/ponzinomics.md
+++ b/concepts/ponzinomics.md
@@ -1,5 +1,5 @@
 # Ponzinomics
-A portmanteau of [Ponzi scheme](ponzi-scheme.md) and economics. A term commonly used to describe [crypto asset](cryptoasset.md) investment schemes which are [negative-sum](../claims/negative-sum.md) investments which exist to enrich a pool of insiders, much like a Ponzi scheme, and yet rely on [techno-obscurantism](techno-obscurantism.md) or crackpot economics to obfuscate or distract from the internal payout structure of the scheme.
+A portmanteau of [Ponzi scheme](ponzi-scheme.md) and economics. A term commonly used to describe [crypto asset](cryptoasset.md) investment schemes which are [is-negative-sum](../claims/is-negative-sum.md) investments which exist to enrich a pool of insiders, much like a Ponzi scheme, and yet rely on [techno-obscurantism](techno-obscurantism.md) or crackpot economics to obfuscate or distract from the internal payout structure of the scheme.
 
 See also [DeFi](defi.md), [pyramid scheme](pyramid-scheme.md), [Ponzi scheme](ponzi-scheme.md), [predatory inclusion](predatory-inclusion.md),  and [multilevel marketing scheme](mlm.md).
 
diff --git a/concepts/proof-of-stake.md b/concepts/proof-of-stake.md
index cd98108..f278270 100644
--- a/concepts/proof-of-stake.md
+++ b/concepts/proof-of-stake.md
@@ -3,7 +3,7 @@ A type of work function used in [blockchain](blockchain.md) [consensus algorithm
 
 Proof of stake has been criticized for being intentionally plutocratic and a scheme that overtly enriches those with existing wealth and early investors in the scheme, thus resulting in [consolidation](distribution-problem.md) of the [crypto asset](cryptoasset.md) into the hands of the few. Proof of stake has also been critized for having a less [censorship resistent](censorship-resistence.md) security model as it may encourage collusion and [cartels](cartel.md).
 
-See also [mining](mining.md), [proof of work](proof-of-work.md),  [environmental footprint of crypto](../claims/environmental-footprint.md).
+See also [mining](mining.md), [proof of work](proof-of-work.md),  [environmental footprint of crypto](../claims/is-environmental-footprint.md).
 
 ## References
 1. Rosenthal, David. n.d. ‘Stanford Lecture on Cryptocurrency’. Accessed 2 March 2022. https://blog.dshr.org/2022/02/ee380-talk.html.
diff --git a/concepts/proof-of-work.md b/concepts/proof-of-work.md
index 41313a7..00a9b73 100644
--- a/concepts/proof-of-work.md
+++ b/concepts/proof-of-work.md
@@ -3,7 +3,7 @@ A type of work function used in [blockchain](blockchain.md) [consensus algorithm
 
 Proof of work mining has been criticized for being intentionally wasteful and consuming vast amounts of silicon resources and compute time.
 
-See also [mining](mining.md), [proof of stake](proof-of-stake.md),  [environmental footprint of crypto](../claims/environmental-footprint.md).
+See also [mining](mining.md), [proof of stake](proof-of-stake.md),  [environmental footprint of crypto](../claims/is-environmental-footprint.md).
 
 ## References
 1. Dindar, B., and Ö. Gül. ‘The Detection of Illicit Cryptocurrency Mining Farms with Innovative Approaches for the Prevention of Electricity Theft’. Energy & Environment, no. April (2021): 0958305X211045066. https://doi.org/10.1177/0958305x211045066.
diff --git a/concepts/use-value.md b/concepts/use-value.md
index 7d253d5..df259ba 100644
--- a/concepts/use-value.md
+++ b/concepts/use-value.md
@@ -7,7 +7,7 @@ An example of a [financial asset](financial-asset.md) with no use value is a [st
 
 The [dollar](dollar.md) has no use value and no [fundamental value](fundamental-value.md), however it is a [monetary](money.md) instrument because of its efficacy as a [currency](currency.md).
 
-[Cypto assets](cryptoasset.md) are a [speculative](speculation.md) investment that has both no use value, no [fundamental value](fundamental-value.md) and are also non-monetary. Instead their demand curve is generated from [narrative](../claims/narrative-economics.md) and the [greater fool theory](greater-fool-theory.md).
+[Cypto assets](cryptoasset.md) are a [speculative](speculation.md) investment that has both no use value, no [fundamental value](fundamental-value.md) and are also non-monetary. Instead their demand curve is generated from [narrative](../claims/is-narrative-economics.md) and the [greater fool theory](greater-fool-theory.md).
 
 A historical pathological example of a [ficticious commodity](ficticious-commodity.md), with both no use value and no [fundamental-value](fundamental-value.md), would be [indulgences](https://en.wikipedia.org/wiki/Indulgence) sold by the medieval church based on [artificial demand](artificial-demand.md) induced by [narrative](narrative-economics.md).
 
diff --git a/concepts/web3.md b/concepts/web3.md
index 81c9903..5682649 100644
--- a/concepts/web3.md
+++ b/concepts/web3.md
@@ -7,4 +7,5 @@ It is important to be aware that Web3 both lacks a precise definition and has be
 ## 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/.
 1. Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
-1. O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
\ No newline at end of file
+1. O’Reilly, Tim. 2021. ‘Why It’s Too Early to Get Excited About Web3’. O’Reilly Media. 13 December 2021. https://www.oreilly.com/radar/why-its-too-early-to-get-excited-about-web3/.
+1. Marx, Paris. n.d. ‘Why Web3, the Blockchain and Crypto Internet, Is Doomed to Fail’. Accessed 29 March 2022. https://www.businessinsider.com/web3-blockchain-crypto-internet-doomed-fail-doesnt-live-up-hype-2022-3?r=US&IR=T.
\ No newline at end of file
diff --git a/meta/citations-todo.md b/meta/citations-todo.md
index 4850576..75c77c0 100644
--- a/meta/citations-todo.md
+++ b/meta/citations-todo.md
@@ -26,7 +26,7 @@ First pass
 - [x] [derivative](../concepts/derivative.md)
 - [x] [dex](../concepts/dex.md)
 - [x] [distribution-problem](../concepts/distribution-problem.md)
-- [ ] [enclosure](../concepts/enclosure.md)
+- [x] [enclosure](../concepts/enclosure.md)
 - [x] [exit-scam](../concepts/exit-scam.md)
 - [x] [expected-return](../concepts/expected-return.md)
 
diff --git a/meta/claims-todo.md b/meta/claims-todo.md
index 3d0f555..cde47bf 100644
--- a/meta/claims-todo.md
+++ b/meta/claims-todo.md
@@ -1,18 +1,18 @@
 # Claims TODO
 
-- [x] [authoritarianism](../claims/authoritarianism.md)
-- [x] [web3-decentralized](../claims/web3-decentralized.md)
-- [x] [environmental-footprint](../claims/environmental-footprint.md)
+- [x] [is-authoritarianism](../claims/is-authoritarianism.md)
+- [x] [is-web3-decentralized](../claims/is-web3-decentralized.md)
+- [x] [is-environmental-footprint](../claims/is-environmental-footprint.md)
 - [x] [is-bubble](../claims/is-bubble.md)
 - [x] [narrative-economics](../concepts/narrative-economics.md)
-- [x] [digital-gold](../claims/digital-gold.md)
-- [x] [new-internet](../claims/new-internet.md)
-- [x] [risk-to-state](../claims/risk-to-state.md)
+- [x] [is-digital-gold](../claims/is-digital-gold.md)
+- [x] [is-new-internet](../claims/is-new-internet.md)
+- [x] [is-risk-to-state](../claims/is-risk-to-state.md)
 - [x] [systemic-risk](../concepts/systemic-risk.md)
-- [x] [threaten-dollar](../claims/threaten-dollar.md)
+- [x] [is-threat-dollar](../claims/is-threat-dollar.md)
 - [x] [valuation-model](../concepts/valuation-model.md)
-- [x] [what-type-of-asset](../claims/what-type-of-asset.md)
-- [x] [hedge-debasement](../claims/hedge-debasement.md)
+- [x] [is-type-of-asset](../claims/is-type-of-asset.md)
+- [x] [is-hedge-debasement](../claims/is-hedge-debasement.md)
 - [x] [is-better-payments](../claims/is-better-payments.md)
 - [x] [is-collapse](../claims/is-collapse.md)
 - [x] [is-disrupt-hegemony](../claims/is-disrupt-hegemony.md)
@@ -24,7 +24,7 @@
 - [ ] [is-public-goods](../claims/is-public-goods.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)
-- [x] [web3-decentralized](../claims/web3-decentralized.md)
-- [x] [web3-green](../claims/web3-green.md)
+- [x] [is-new-internet](../claims/is-new-internet.md)
+- [x] [is-transnational-payment](../claims/is-transnational-payment.md)
+- [x] [is-web3-decentralized](../claims/is-web3-decentralized.md)
+- [x] [is-web3-green](../claims/is-web3-green.md)
diff --git a/meta/intercitations-todo.md b/meta/intercitations-todo.md
index b87d91e..60ffd69 100644
--- a/meta/intercitations-todo.md
+++ b/meta/intercitations-todo.md
@@ -16,6 +16,6 @@ Concepts
 Claims
 
 - [ ] [is-bitcoin-currency](../claims/is-bitcoin-currency.md)
-- [ ] [blockchain-tech](../claims/blockchain-tech.md)
-- [ ] [weird-culture](../claims/weird-culture.md)
-- [ ] [well-defined](../claims/well-defined.md)
\ No newline at end of file
+- [ ] [is-blockchain-tech](../claims/is-blockchain-tech.md)
+- [ ] [is-weird-culture](../claims/is-weird-culture.md)
+- [ ] [is-well-defined](../claims/is-well-defined.md)
\ No newline at end of file
diff --git a/notes/fintech-incrementalism-and-responsible-innovation.md b/notes/fintech-incrementalism-and-responsible-innovation.md
index 8b7ac68..dbcead4 100644
--- a/notes/fintech-incrementalism-and-responsible-innovation.md
+++ b/notes/fintech-incrementalism-and-responsible-innovation.md
@@ -134,7 +134,7 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
     * Crypto would exasperate all of these problems. Look how many [DeFi](../concepts/defi.md) projects blow up every week.
       * [Web3isgoinggreat.com](https://web3isgoinggreat.com)
       * Trillions of notional “value” has simply ceased to exist because of software bugs. 
-      * DeFi is a [consumer protection](../claims/consumer-protections.md) nightmare. Elizabeth Warren is right to warn about this.
+      * DeFi is a [consumer protection](../claims/is-consumer-protections.md) nightmare. Elizabeth Warren is right to warn about this.
 * **Claim 6:** "There are a few asset classes that are almost exclusively narrative-driven rather than mathematics or cashflow-driven... With crypto tokens we can create new synthetic assets whose demand curves are artificially generated by different psychological forces."
   * None of our models have any predictive power to [value](../concepts/valuation-model.md) crypto assets that present as investments.
     * **Crypto investments present as sentiment-driven greater-fool products.** 
@@ -159,7 +159,7 @@ Rufus and Stephen 'steel man' the “fintech incrementalism” position, identif
   * Jury is still out on whether [permissioned blockchain](../concepts/permissioned-blockchain.md) as a technology removed from token issuance has any applications. The answer seems like no, but if it is yes then it’s probably for mundane things.
     * Corda
     * Walmart Fruit Network project
-    * **This is [not paradigm shifting tech](../claims/blockchain-tech.md).  It’s just more enterprise software running on a server in some bank’s back office.**
+    * **This is [not paradigm shifting tech](../claims/is-blockchain-tech.md).  It’s just more enterprise software running on a server in some bank’s back office.**
 * [Recentralization](../concepts/recentralization.md) is not necessarily progress, especially when it comes attached to bizarre externalities that didn’t exist before and undermine the entire project.
 * Arbitraging [securities](../concepts/security.md) regulation for crowdfunding comes with significant public risk and no clear advantage.
   * Turning everything into an IPO.
diff --git a/notes/market-fundamentalism.md b/notes/market-fundamentalism.md
index 5d5111f..795b5d1 100644
--- a/notes/market-fundamentalism.md
+++ b/notes/market-fundamentalism.md
@@ -151,7 +151,7 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
 * [market-manipulation](../concepts/market-manipulation.md)
 * [market-value](../concepts/market-value.md)
 * [moral-hazard](../concepts/moral-hazard.md)
-* [narrative-economics](../claims/narrative-economics.md)
+* [is-narrative-economics](../claims/is-narrative-economics.md)
 * [order-book](../concepts/order-book.md)
 * [present-value](../concepts/present-value.md)
 * [pump-and-dump](../concepts/pump-and-dump.md)
@@ -159,7 +159,7 @@ Rufus and Stephen end their conversation with an analysis of the market fundamen
 * [speculation](../concepts/speculation.md)
 * [stock](../concepts/stock.md)
 * [stablecoin](../concepts/stablecoin.md)
-* [valuation-model](../claims/valuation-model.md)
+* [is-valuation-model](../claims/is-valuation-model.md)
 * [wash-trading](../concepts/wash-trading.md)
 * [zero-sum-game](../concepts/zero-sum-game.md)
 
diff --git a/notes/neo-metallism.md b/notes/neo-metallism.md
index 7e4158c..d117f0e 100644
--- a/notes/neo-metallism.md
+++ b/notes/neo-metallism.md
@@ -7,7 +7,7 @@ In episode #1 of our ongoing deep dive into web3 and crypto, Rufus Pollock and S
 
 * 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)
+* Wiki topic:  [is-digital-gold](../claims/is-digital-gold.md)
 
 ***
 
@@ -31,7 +31,7 @@ Rufus and Stephen then evaluate the neo-metallism position, before ending with a
 
 The term neo-metallism stems from metallism, a school of thinking which relates to the connection between money and some form of commodity. 
 
-Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and should be the [new gold](../claims/digital-gold.md) - it should be used to fix the monetary supply to the value of this new asset. Just as under the gold standard the value of a given unit of currency (e.g. a pound or dollar) was based on a fixed quantity of gold, neo-metallists argue the value of a unit of currency should be based on a fixed amount of Bitcoin. 
+Neo-metallism argues that cryptocurrencies, and in particular Bitcoin, can and should be the [new gold](../claims/is-digital-gold.md) - it should be used to fix the monetary supply to the value of this new asset. Just as under the gold standard the value of a given unit of currency (e.g. a pound or dollar) was based on a fixed quantity of gold, neo-metallists argue the value of a unit of currency should be based on a fixed amount of Bitcoin. 
 
 
 
@@ -146,7 +146,7 @@ Bitcoin is Better
 * [private-money](../concepts/private-money.md)
 * [sound-money](../concepts/sound-money.md)
 * [speculation](../concepts/speculation.md)
-* [valuation-model](../claims/valuation-model.md)
+* [is-valuation-model](../claims/is-valuation-model.md)
 * [value](../concepts/value.md)
 * [zero-sum-game](../concepts/zero-sum-game.md)
 
diff --git a/site/content/about.md b/site/content/about.md
index 5819813..5c2e252 100644
--- a/site/content/about.md
+++ b/site/content/about.md
@@ -38,7 +38,7 @@ Finally, this should happen in as constructive, intersectional and (de-polarizin
 
 We think good sensemaking begins by clarifying and agreeing the questions we want to ask -- and, a process for answering them. Here are our starting questions:
 
-* What are the [narratives](../../claims/narrative-economics.md) and claims made for web3, both positive and negative?
+* What are the [narratives](../../claims/is-narrative-economics.md) and claims made for web3, both positive and negative?
 * Based on the theory and evidence at our disposal, how should we evaluate these claims?
 * Given our evaluations, what should we do? Should we support and/or improve web3 technology, or, alternatively, restrict it? How does this differ across different uses (e.g. [DAOs](../../concepts/dao.md) vs [NFTs](../../concepts/nft.md))? How should we do this?
 * More generally, what options are there both in web3 and beyond to fulfil on the aspirations voiced for it? And thus, how should we direct our attention, time and [money](../../concepts/money.md) most effectively to realize these aspirations whether via web3 or other means?
@@ -67,7 +67,7 @@ Third, we provide a high quality “conceptual underlay” with definitions and
 
 ![](https://raw.githubusercontent.com/life-itself/web3/main/excalidraw/sensemaking-3-layers-2022-03-04.excalidraw.svg)
 
-First, it provides a basic introduction for those coming to the topic with simple, neutral summaries of the key ideas and terms. Second, it provides a base “layer” that underpins the evaluative work and the overall sensemaking effort. For example, suppose you want to evaluate the claim that DAOs can help address the climate crisis. To do that you are going to need contextual material about public goods, [free rider problems](../../concepts/free-rider-problem.md)  – as well as information on what a DAO is! In addition, this is an area where meanings of key terms are crucial and often [ill-defined](../../claims/well-defined.md) for example what exactly do we mean by “collaboration” or “freedom” (and is our meaning shared)? By providing reference material and common definitions we can ground and inform the debate and avoid “talking past each other”.
+First, it provides a basic introduction for those coming to the topic with simple, neutral summaries of the key ideas and terms. Second, it provides a base “layer” that underpins the evaluative work and the overall sensemaking effort. For example, suppose you want to evaluate the claim that DAOs can help address the climate crisis. To do that you are going to need contextual material about public goods, [free rider problems](../../concepts/free-rider-problem.md)  – as well as information on what a DAO is! In addition, this is an area where meanings of key terms are crucial and often [ill-defined](../../claims/is-well-defined.md) for example what exactly do we mean by “collaboration” or “freedom” (and is our meaning shared)? By providing reference material and common definitions we can ground and inform the debate and avoid “talking past each other”.
 
 ![](https://res.cloudinary.com/ds7qslkd0/image/upload/v1647432615/Web3/crypto_for_good_iedlhs.png)