Citations for sound money
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# Crypto Asset
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A digital asset that is traded on a [blockchain](blockchain.md).
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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.
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## Examples
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* [Bitcoin](bitcoin.md)
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* [Ethereum](ethereum.md)
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* [Dogecoin](dogecoin.md)
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* [Dogecoin](dogecoin.md)
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## References
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* Bank of International Settlements. 2018. ‘Cryptocurrencies: Looking beyond the Hype’. In . Bank for International Settlements Basel. https://www.bis.org/publ/arpdf/ar2018e5.htm.
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* 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.
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* 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/.
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* Larue, Louis. 2020. ‘“A Conceptual Framework for Classifying Currencies”.’ International Journal of Community Currency Research 24 (1): 45–60.
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* 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.
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* Taleb, Nassim Nicholas. 2021. ‘Bitcoin, Currencies, and Fragility’. ArXiv:2106.14204 [Physics, q-Fin], July. http://arxiv.org/abs/2106.14204.
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# Money
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Money is any item or verifiable record that is accepted as payment for goods and services and repayment of debts and payment of national obligations, such as taxes, in a particular jurisdiction. Money is issued by a [central banks](central-banks.md).
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Money is any item or verifiable record that is accepted as payment for goods and services and repayment of debts and payment of national obligations, such as taxes, in a particular jurisdiction. Money is issued by a [central bank](central-banks.md).
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* **Medium of Exchange** - The capacity of an item to expedite trade between a buyer and seller because it is widely accepted as payment for a good or service.
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* **Medium of Exchange** - The capacity of an item to expedite trade between a buyer and seller because it is widely accepted as payment for a good and services.
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* **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.
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* **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.
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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:
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The United States [dollar](dollar.md) and the Euro are examples of money.
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## Qualities
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The qualifies of a currency representing money are defined by coherent to three properties:
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@ -3,7 +3,7 @@ A type of [smart contracts](smart-contracts.md) that associates a tradable [cryp
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NFTs at their most basic conceptual core are a hyperlink or URL to a *datum* that is itself sold as a tradeable asset where the connection between the concepts of the URL and the *datum* portrayed as a [ficticious commodity](ficticious-commodity.md) is generated by the [Tinkerbell effect](tinkerbell-effect.md).
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Since the image or data associated with an NFT is stored on a public server, any member of the public can "right-click" on the data to access the information independent of their ownership.
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Since the image or data associated with an NFT is stored on a public server, any member of the public can "right-click" on the data to access the information independent of their perceived ownership.
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Some NFTs are purely conceptual and do not link to any data at all. In these situations abstract notions and contextual [narratives](narrative-economics.md) about the NFT are the product being sold to investors. This may be part of a piece of [performance art](art.md).
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* [Indulgences](https://en.wikipedia.org/wiki/Indulgence)
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## Investment Properties
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NFTs have no [use value](use-value.md).
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NFTs have no [fundamental value](fundamental-value.md).
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# Sound Money
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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).
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See [gold standard](gold-standard.md).
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See [gold standard](gold-standard.md) and [libertarianism](ideologies/libertarianism.md).
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## References
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* Doctorow, Cory. 2022. ‘Money Is Power’. 3 February 2022. https://pluralistic.net/2022/02/03/liquidation-preference/.
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* 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.
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* 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.
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* 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.
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* Wolf, Martin. 2019. ‘The Libertarian Fantasies of Cryptocurrencies’. Financial Times, February. https://www.ft.com/content/eeeacd7c-2e0e-11e9-ba00-0251022932c8.
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* 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.
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* Bernanke, Ben S. 2004. Essays on the Great Depression. Princeton University Press.
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* 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.
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* 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.
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# Wash Trading
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The trading of an [assets](assets.md) in which the same party both buys and sells the product in order to fake transaction or [market manipulate](market-manipulation.md) the price of the asset.
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The trading of an [assets](assets.md) in which the same party both buys and sells the product in order to fake transaction or [market manipulate](market-manipulation.md) the price of the asset.
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## References
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* Cong, Lin William, Xi Li, Ke Tang, and Yang Yang. 2020. ‘Crypto Wash Trading’. Available at SSRN 3530220.
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* Vigna, P. 2019. ‘Most Bitcoin Trading Faked by Unregulated Exchanges, Study Finds’. Wall Street Journal.
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# Web3
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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.
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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.
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## References
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* 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/.
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* Levine, Matt. 2022. ‘Web3 Takes Trust Too’. 10 January 2022. https://www.bloomberg.com/opinion/articles/2022-01-10/web3-takes-trust-too.
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* 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/.
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