Expand predatory inclusion

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.
 

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.

concepts/bucket-shop.md

@@ -0,0 +1,2 @@
+# Bucket Shop
+See also [crypto exchange](crypto-exchange.md).

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.

concepts/front-running.md

@@ -0,0 +1 @@
+# Front running

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.

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)

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)

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