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[site/guide,#193][s]: remove links to non-existent claims and weird s…
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…ubculture claim as not needed.
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rufuspollock committed Sep 9, 2022
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3 changes: 0 additions & 3 deletions claims/index.md
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Expand Up @@ -26,7 +26,6 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims
* [Are crypto assets legal?](/claims/is-legal.md)
* [Are crypto tokens a negative-sum investment?](/claims/is-negative-sum.md)
* [Why do people invest in crypto tokens?](/claims/is-why-invest.md)
* [Why does crypto have such a weird subculture?](/claims/is-weird-culture.md)

#### Financial Liberty

Expand All @@ -38,7 +37,6 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims

#### 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/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)
Expand All @@ -47,7 +45,6 @@ Explore crypto and "web3" in terms of the claims made about it. These subclaims

* [Is the underlying technology of "blockchain" useful for non-monetary purposes?](/claims/is-blockchain-tech.md)
* [Is web3 even a well-defined term?](/claims/is-well-defined.md)
* [Is web3 green?](/claims/is-web3-green.md)
* [Is web3 decentralized?](/claims/is-web3-decentralized.md)
* [Is web3 the next generation of the internet?](/claims/is-new-internet.md)

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63 changes: 0 additions & 63 deletions claims/is-weird-culture.md

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5 changes: 3 additions & 2 deletions claims/is-why-invest.md
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# Why do people invest in crypto assets?

As has been consistently noted [2,3,8] throughout historical [market manias](../concepts/market-mania.md), the behavior of investors is not always rational and the investor herd mentality and [madness of crowds](../concepts/madness-crowds.md) sometimes gives rise to [bubbles](../concepts/bubble.md). Burton Malkiel wrote in his book *A Random Walk Down Wall Street*:

> 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 [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.
This coupled with the subculture of crypto assets and a [narrative economics](../concepts/narrative-economics.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).
There is also a strong sample bias in self-reported winnings of crypto assets. With participants 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).

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1 change: 0 additions & 1 deletion guide/index.md
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Expand Up @@ -650,7 +650,6 @@ Blockchain technology, detached from the sale of crypto assets, has shown no tra
* [Is Web3 green?](/claims/is-web3-green)
* [Is crypto bringing about the “financialization” of everything?](/claims/is-hyperfinancialization)
* [Does building crypto have an opportunity cost?](/claims/is-opportunity-cost)
* [Why does crypto have a weird subculture?](/claims/is-weird-culture)
* [Are crypto tokens a means to destroy capitalism?](/claims/is-collapse)

### Library section
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1 change: 0 additions & 1 deletion meta/intercitations-todo.md
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Expand Up @@ -17,5 +17,4 @@ Claims

- [ ] [is-bitcoin-currency](../claims/is-bitcoin-currency.md)
- [ ] [is-blockchain-tech](../claims/is-blockchain-tech.md)
- [ ] [is-weird-culture](../claims/is-weird-culture.md)
- [ ] [is-well-defined](../claims/is-well-defined.md)
4 changes: 2 additions & 2 deletions notes/neo-metallism.md
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Expand Up @@ -3,11 +3,11 @@ title: Web3, Bitcoin and Neo-metallism
created: 2022-04-13
date: 2022-02-17
image: /img/Neo-metallism_Thumb_vo3dhs.png
description: "In this episode we examine Bitcoin and the Neo-Metallist thesis, i.e. that a gold-standard was a good idea and a Bitcoin-standard would be even better."
description: "Evaluating the Bitcoin and Neo-Metallist thesis: Bitcoin is a better gold, a gold-standard was good monetary policy, and thus that a Bitcoin-standard would be a better gold-standard"
youtube: https://www.youtube.com/embed/_o7pRFLzJHY
podcast: https://anchor.fm/life-itself/episodes/Stephen-Diehl-on-Web3--Bitcoin--Neometalism-e1f5rca
featured: true
aliases: notes/neo-metallism.md
aliases: [Neo-metallism, neo-metallism]
---

* Wiki topic: [is-digital-gold](../claims/is-digital-gold.md)
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1 change: 0 additions & 1 deletion notes/web3-dystopia.md
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Expand Up @@ -150,7 +150,6 @@ From the video description on YouTube.
* [capitalism](../concepts/capitalism.md)
* [high-control-group](../concepts/high-control-group.md)
* [thought-terminating-cliches](../concepts/thought-terminating-cliches.md)
* [is-weird-culture](../claims/is-weird-culture.md)
* [regulatory-arbitrage](../concepts/regulatory-arbitrage.md)

**Sources**
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