Endnotes

¹ The Economist, “Mining Digital Gold,” 4/13/2013, https://www.economist.com/finance-and-economics/2013/04/13/mining-digital-gold.

² The Wall Street Journal, “Cryptocurrency Platform Ethereum Gets a Controversial Update,” 7/20/2016, Paul Vigna, https://www.wsj.com/articles/cryptocurrency-platform-ethereum-gets-a-controversial-update-1469055722.

³ Security Analysis, Benjamin Graham and David Dodd, 1934.

⁴ Horses in Society: A Story of Animal Breeding and Marketing, 1800–1920, page 131, Margaret Elsinor Derry, https://books.google.com/books?id=JuJbzVzon44C&pg=PA131&dq=20+million+horses+united+states&hl=en#v=onepage&q=20%20million%20horses%20united%20states&f=false.

⁵ Web Archive, “Why most economists’ predictions are wrong,” Paul Krugman, http://web.archive.org/web/19980610100009/www.redherring.com/mag/issue55/economics.html.

⁶ An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith, page 37, https://www.ibiblio.org/ml/libri/s/SmithA_WealthNations_p.pdf.

⁷ Debt: The First 5,000 Years, David Graeber, pages 21–41.

⁸ International Monetary Fund, https://www.imf.org/external/pubs/ft/fandd/2007/06/basics.htm.

⁹ Journal of Human Evolution, Volume 22, Issue 6, June 1992, pages 469–493, Robin Dunbar, https://www.sciencedirect.com/science/article/pii/004724849290081J?via%3Dihub.

¹⁰ Unenumerated, “Money, blockchains, and social scalability,” Nick Szabo, http://unenumerated.blogspot.com/2017/02/money-blockchains-and-social-scalability.html.

¹¹ Human Action, Ludwig von Mises, 1949, pages 260, 261, 398, https://mises.org/sites/default/files/Human%20Action_3.pdf.

¹² On the Origins of Money, Economic Journal, page 15, 1892, Carl Menger, https://mises-media.s3.amazonaws.com/On%20the%20Origins%20of%20Money_5.pdf.

¹³ On the Origins of Money, Economic Journal, page 20, 1892, Carl Menger, https://mises-media.s3.amazonaws.com/On%20the%20Origins%20of%20Money_5.pdf.

¹⁴ The Bitcoin Standard, Saifedean Ammous, page 2.

¹⁵ Merriam Webster, https://www.merriam-webster.com/dictionary/fiat.

¹⁶ What has Government Done to our Money?, pages 39–45, Murray N. Rothbard, https://mises-media.s3.amazonaws.com/What%20Has%20Government%20Done%20to%20Our%20Money_3.pdf.

¹⁷ The New York Times, “America’s Hidden Credit Card Bill,” 7/31/2014, Laurence J. Kotlikoff, https://www.nytimes.com/2014/08/01/opinion/laurence-kotlikoff-on-fiscal-gap-accounting.html?hp=&action=click&pgtype=Homepage&module=c-column-top-span-region&region=c-column-top-span-region&WT.nav=c-column-top-span-region%20&_r=0.

¹⁸ Congressional Budget Office, “The Budget and Economic Outlook: 2019 to 2029,” 1/28/2019, CBO, https://www.cbo.gov/publication/54918.

¹⁹ The Washington Post, “U.S. student loan debt reaches a staggering $1.53 trillion,” 10/3/2018, Michelle Singletary, https://www.washingtonpost.com/business/2018/10/04/us-student-loan-debt-reaches-staggering-trillion/?utm_term=.1dbf2257d09a.

²⁰ Jerome Levy Economics Institute of Bard College, “The Financial Instability Hypothesis,” May 1992, Hyman Minsky, http://www.levyinstitute.org/pubs/wp74.pdf.

²¹ CFA Institute, https://www.cfainstitute.org/membership/professional-development/refresher-readings/2019/discounted-dividend-valuation.

²² Board of Governors of the Federal Reserve System, “The Discount Rate,” https://www.federalreserve.gov/monetarypolicy/discountrate.htm.

²³ The Great Crash, pages 137–139, 1929, John Kenneth Galbraith.

²⁴ Financial Times, October 22, 2003, John Kay.

²⁵ Wikipedia, “Mead Westvaco,” https://en.wikipedia.org/wiki/MeadWestvaco.

²⁶ The Street, “Goldman Hits Paydirt With Verso, NewPage Deal,” 1/8/2014, Antoine Gara, https://www.thestreet.com/story/12218847/1/goldman-hits-paydirt-with-verso-newpage-deal.html.

²⁷ Government Publishing Office, The Financial Crisis Inquiry Report, page 243, https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf.

²⁸ Securities and Exchange Commission, “Goldman Sachs to Pay Record $550 Million to Settle SEC Charges Related to Subprime Mortgage CDO,” 7/15/2010, SEC, https://www.sec.gov/news/press/2010/2010-123.htm.

²⁹ Government Publishing Office, The Financial Crisis Inquiry Report, Page 65, https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf.

³⁰ The New York Times, “Foreclosures (2012 Robosigning and Mortgage Servicing Settlement),” https://www.nytimes.com/topic/subject/foreclosures-2012-robosigning-and-mortgage-servicing-settlement.

³¹ The Council on Foreign Relations, “Understanding the Libor Scandal,” 10/12/2016, James McBride, https://www.cfr.org/backgrounder/understanding-libor-scandal.

³² USA Today, “3 banks to pay $46.6M for alleged ‘spoofing’ trading scam,” 1/29/2018, Kevin McCoy, https://www.usatoday.com/story/money/2018/01/29/3-banks-pay-46-6-m-alleged-spoofing-trading-scam/1075960001/.

³³ CNBC, “Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging,”5/16/2019, Spriha Srivastava, https://www.cnbc.com/2019/05/16/eu-regulators-fine-five-banks-for-forex-rigging.html.

³⁴ CNN Business, “The two-year Wells Fargo horror story just won’t end,” 9/7/2018, Matt Egan, https://money.cnn.com/2018/09/07/news/companies/wells-fargo-scandal-two-years/index.html.

³⁵ See further discussion in Chapter 8.

³⁶ Reuters, “Banks paid $321 billion in fines since financial crisis: BCG,” 3/2/2017, Vishaka George, https://www.reuters.com/article/us-banks-fines/banks-paid-321-billion-in-fines-since-financial-crisis-bcg-idUSKBN1692Y2.

³⁷ Lavin, “Rolling Stone’s Matt Taibbi: Is Wall Street Basically Organized Crime?” 4/19/2012, Griftopia, https://www.thelavinagency.com/news/rolling-stone-s-matt-taibbi-is-wall-street-basically-organized-crime.

³⁸ Wikipedia, https://en.wikipedia.org/wiki/Robert_Rubin.

³⁹ The New York Times, “Rubin Leaving Citigroup; Smith Barney for Sale,” 1/9/2009, Eric Dash and Louise Story, https://www.nytimes.com/2009/01/10/business/10rubin.html?_r=1&hp.

⁴⁰ Forbes, “A Loophole for Poor Mr. Paulson,” 6/2/2006, Jessica Holzer, https://www.forbes.com/2006/06/01/paulson-tax-loophole-cx_jh_0602paultax.html#11cc6f1065b8.

⁴¹ Poor Charlie’s Almanack, “The Wit and Wisdom of Charles T. Munger,” Page 57, Peter D. Kaufman.

⁴² Mises Institute, “Socialism: An Economic and Sociological Analysis,” 6/15/1951, Ludwig von Mises, https://mises.org/library/socialism-economic-and-sociological-analysis.

⁴³ EconLib, “The Use of Knowledge in Society,” September 1945, Friedrich A. Hayek, https://www.econlib.org/library/Essays/hykKnw.html.

⁴⁴ An Inquiry into the Nature and Causes of the Wealth of Nations, page 349, Adam Smith, https://www.ibiblio.org/ml/libri/s/SmithA_WealthNations_p.pdf.

⁴⁵ The General Theory of Employment, Interest and Money, John Maynard Keynes, 1936.

⁴⁶ Federal Reserve Bank of Richmond, “The Federal Reserve’s ‘Dual Mandate’: The Evolution of an Idea,” December 2011, Aaron Steelman, https://www.richmondfed.org/-/media/richmondfedorg/publications/research/economic_brief/2011/pdf/eb_11-12.pdf.

⁴⁷ Federal Reserve Bank of Cleveland, “PCE and CPI Inflation: What’s the Difference?” 4/17/2014, FED, https://www.clevelandfed.org/newsroom-and-events/publications/economic-trends/2014-economic-trends/et-20140417-pce-and-cpi-inflation-whats-the-difference.aspx.

⁴⁸ World Trade Organization, “China,” https://www.wto.org/english/thewto_e/acc_e/a1_chine_e.htm.

⁴⁹ The Economist, “A Tightening Grip: The Future of Factory Asia,” 3/12/15, https://www.economist.com/briefing/2015/03/12/a-tightening-grip.

⁵⁰ Centers for Medicare and Medicaid Services, “Historical,” 12/11/2018, https://www.cms.gov/research-statistics-data-and-systems/statistics-trends-and-reports/nationalhealthexpenddata/nationalhealthaccountshistorical.html.

⁵¹ The Economist, “America is a health-care outlier in the developed world,” 4/26/2016, https://www.economist.com/special-report/2018/04/26/america-is-a-health-care-outlier-in-the-developed-world.

⁵² The Economist, “America’s big spending on health care doesn’t pay off,” 11/16/2015, https://www.economist.com/united-states/2015/11/16/americas-big-spending-on-health-care-doesnt-pay-off.

⁵³ Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/RHORUSQ156N.

⁵⁴ United States Census Bureau, https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_17_SPL_K202508&prodType=table.

⁵⁵ Bureau of Labor Statistics, https://www.bls.gov/cpi/tables/relative-importance/2018.pdf.

⁵⁶ Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/SPCS20RSA.

⁵⁷ Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/CPIHOSNS.

⁵⁸ Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/CSUSHPINSA

⁵⁹ Bureau of Labor Statistics, https://www.bls.gov/opub/btn/volume-2/pdf/owners-equivalent-rent-and-the-consumer-price-index-30-years-and-counting.pdf

⁶⁰ Board of Governors of the Federal Reserve System, “What is inflation and how does the Federal Reserve evaluate changes in the rate of inflation?” 9/9/2016, FED, https://www.federalreserve.gov/faqs/economy_14419.htm

⁶¹ The Washington Post, “U.S. student loan debt reaches a staggering $1.53 trillion,” 10/3/2018, Michelle Singletary, https://www.washingtonpost.com/business/2018/10/04/us-student-loan-debt-reaches-staggering-trillion/?utm_term=.1dbf2257d09a

⁶² National Center for Educational Statistics, https://nces.ed.gov/fastfacts/display.asp?id=40

⁶³ A Template for Understanding Big Debt Crises by Ray Dalio, page 31

⁶⁴ DNB Working Paper, no. 632, , “Monetary policy and the top one percent: Evidence from a century of modern economic history,” April 2019, Mehdi El Herradi and Aurélien Leroy, https://www.dnb.nl/en/binaries/Working%20paper%20No.%20632_tcm47-383633.pdf

⁶⁵ The Economist, “Not keeping up with the Joneses - Rising inequality could explain tepid support for redistribution,” 4/4/2019, https://www.economist.com/finance-and-economics/2019/04/04/rising-inequality-could-explain-tepid-support-for-redistribution.

⁶⁶ Barron’s, “Ruchir Sharma on Why You Should Buy Emerging Market Stocks,” 4/4/2019, Reshma Kapadia, https://www.barrons.com/articles/ruchir-sharma-on-why-you-should-buy-emerging-market-stocks-51554373800.

⁶⁷ Debt: The First 5,000 Years, David Graeber, page 82.

⁶⁸ The Washington Post, “Ocasio-Cortez’s 70-percent tax rate: Not so radical?” 1/31/2019, Glenn Kessler, https://www.washingtonpost.com/politics/2019/01/31/ocasio-cortezs-percent-tax-rate-not-so-radical/?noredirect=on&utm_term=.501385439495.

⁶⁹ Financial Deepening in Economic Development, Edward Shaw, 1973.

⁷⁰ Money and Capital in Economic Development, Ronald McKinnon, 1973.

⁷¹ Trading Economics, https://tradingeconomics.com/china/deposit-interest-rate.

⁷² Board of Governors of the Federal Reserve System, “Federal Reserve issues FOMC statement,” 5/1/2019, FED, https://www.federalreserve.gov/newsevents/pressreleases/monetary20190501a.htm.

⁷³ Bloomberg Businessweek, “Warren Buffett Hates It. AOC Is for It. A Beginner’s Guide to Modern Monetary Theory,” 3/21/2019, Peter Coy, Katia Dmitrieva, and Matthew Boesler, https://www.bloomberg.com/news/features/2019-03-21/modern-monetary-theory-beginner-s-guide.

⁷⁴ Bullion Vault, “Aristotle's Good Money,” 5/1/2009, John Lee, https://www.bullionvault.com/gold-news/money_aristotle_050120092.

⁷⁵ Business Wire, “History Shows Price of an Ounce of Gold Equals Price of a Decent Men's Suit, Says Sionna Investment Managers,” 8/19/2011, Business Wire, https://www.businesswire.com/news/home/20110819005774/en/History-Shows-Price-Ounce-Gold-Equals-Price.

⁷⁶ Unenumerated, “Antiques, time, gold, and bit gold,” 8/28/2008, Unenumerated blog, https://unenumerated.blogspot.com/2005/10/antiques-time-gold-and-bit-gold.html.

⁷⁷ Whither Gold?, 10/2/1996, Antal Fekete, http://professorfekete.com/articles/AEFWhitherGold.pdf.

⁷⁸ The Bitcoin Standard, Saifedean Ammous, page 24.

⁷⁹ The dollar’s international role: An “exorbitant privilege”? 1/7/2016, Ben Bernanke, https://www.brookings.edu/blog/ben-bernanke/2016/01/07/the-dollars-international-role-an-exorbitant-privilege-2/.

⁸⁰ The New York Times, “Elizabeth Warren Wants a Wealth Tax. How Would That Even Work?” 2/18/2019, Neil Irwin, https://www.nytimes.com/2019/02/18/upshot/warren-wealth-tax.html.

⁸¹ La Nature du Commerce en General, Part 2, Chapter 7, https://mises.org/library/essay-economic-theory-2.

⁸² Human Action, page 552, 1949, Ludwig von Mises, https://mises.org/sites/default/files/Human%20Action_3.pdf.

⁸³ Federal Reserve Bank of St. Louis, https://fredblog.stlouisfed.org/2018/06/paying-interest-on-excess-reserves/.

⁸⁴ The Wall Street Journal, "Bank sues New York Fed for lack of account,” 9/5/2018, Michael S. Derby, https://www.wsj.com/articles/bank-sues-new-york-fed-over-lack-of-account-1536185523.

⁸⁵ Bloomberg, “The Fed Versus the Narrow Bank,” 3/8/2019, Matt Levine, https://www.bloomberg.com/opinion/articles/2019-03-08/the-fed-versus-the-narrow-bank.

⁸⁶ The New York Times, “Why Software is Eating the World,” 8/20/2011, Marc Andreessen, https://www.wsj.com/articles/SB10001424053111903480904576512250915629460.

⁸⁷ The Internet of Money, Andreas Antonopoulos, 2016.

⁸⁸ The Times of London, “Bitcoin will become the world’s single currency, Twitter chief says,” 3/2/2018, Alexandra Frean, https://www.thetimes.co.uk/article/bitcoin-will-become-the-worlds-single-currency-tech-chief-says-66slm0p6b.

⁸⁹ For readers interested in a more detailed and technical explanation of Bitcoin, I recommend Pedro Franco’s book Understanding Bitcoin, Kalle Rosenbaum’s Grokking Bitcoin, and Andreas Antonopoulos’ Mastering Bitcoin.

⁹⁰ There is currently a proposal to switch from the ECDSA digital signature system to a similar (but in some ways better) system called Schnorr. It seems reasonably likely that Schnorr will be implemented due to some of its superior characteristics, and it appears that the reason Bitcoin’s signature system was not originally based on Schnorr is that Schnorr was under patent protection until 2008. Given that Schnorr therefore hadn’t been tested nearly as much as ECDSA, it seems that Bitcoin’s creator chose the safer option. Discussion of Schnorr and the proposal can be found at the following URLs. https://en.wikipedia.org/wiki/Schnorr_signature ; http://diyhpl.us/wiki/transcripts/sf-bitcoin-meetup/2018-07-09-taproot-schnorr-signatures-and-sighash-noinput-oh-my/.

⁹¹ Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto, https://bitcoin.org/bitcoin.pdf.

⁹² Where Wizards Stay up Late, 1996, Katie Hafner and Matthew Lyon.

⁹³ Cryptoassets, page 35, 2017, Chris Burniske & Jack Tatar.

⁹⁴ Andy Kessler, https://www.andykessler.com/about.html.

⁹⁵ The Wall Street Journal, “The Bitcoin Valuation Bubble,” 8/27/2017, Andy Kessler, https://www.wsj.com/articles/the-bitcoin-valuation-bubble-1503868225.

⁹⁶ The Wall Street Journal, “Letters to the Editor, Bitcoin Can Be a Competitive Store of Value,” 9/13/2017, https://www.wsj.com/articles/bitcoin-can-be-a-competitive-store-of-value-1505231277.

⁹⁷ CreditCards.com, “Rate survey: Average card APR remains at record high of 17.76 percent,” 7/3/2019, Kelly Dilworth, https://www.creditcards.com/credit-card-news/rate-report.php.

⁹⁸ Forbes, “Mastercard, AmEx And Envestnet Profit From $400M Business Of Selling Transaction Data,” 7/22/2018, Peter Cohan, https://www.forbes.com/sites/petercohan/2018/07/22/mastercard-amex-and-envestnet-profit-from-400m-business-of-selling-transaction-data/#2d40cf0a7722.

⁹⁹ Visa, “Small Business Retail,” https://usa.visa.com/run-your-business/small-business-tools/retail.html.

¹⁰⁰ Visa, “What you need to know about one of the largest world’s payment companies,” June 2018, https://usa.visa.com/dam/VCOM/download/corporate/media/visanet-technology/aboutvisafactsheet.pdf.

¹⁰¹ The Curse of Cash, Kenneth Rogoff, 2016.

¹⁰² The Case for Electronic Cash, February 6, 2019, https://coincenter.org/entry/the-case-for-electronic-cash.

¹⁰³ The Economist, “The dire consequences of India’s demonetization initiative,” 12/3/2016, https://www.economist.com/finance-and-economics/2016/12/03/the-dire-consequences-of-indias-demonetisation-initiative.

¹⁰⁴ The Economist, “The high economic costs of India’s demonetization,” 1/7/2017, https://www.economist.com/finance-and-economics/2017/01/07/the-high-economic-costs-of-indias-demonetisation.

¹⁰⁵ Pew Research Center, “Public Trust in Government: 1958-2019,” 3/11/2019, https://www.people-press.org/2017/12/14/public-trust-in-government-1958-2017/.

¹⁰⁶ The Washington Post, “Nine facts about terrorism in the United States since 9/11,” 9/11/2013, Brad Plumer, https://www.washingtonpost.com/news/wonk/wp/2013/09/11/nine-facts-about-terrorism-in-the-united-states-since-911/?noredirect=on&utm_term=.34759698a687.

¹⁰⁷ CNN, “FBI official, dead of 9/11-related cancer, remembered as number of cases grows,” 6/18/2018, David Shortell and Nadia Kounang, https://www.cnn.com/2018/06/18/health/9-11-fbi-cancer/index.html.

¹⁰⁸ Watson Institute of International and Public Affairs, Brown University, “Human Cost of the Post-9/11 Wars: Lethality and the Need for Transparency,” November 2018, Neta C. Crawford, https://watson.brown.edu/costsofwar/files/cow/imce/papers/2018/Human%20Costs%2C%20Nov%208%202018%20CoW.pdf.

¹⁰⁹ Watson Institute of International and Public Affairs, Brown University, “Costs of War,” https://watson.brown.edu/costsofwar/.

¹¹⁰ United States Congress, “USA Patriot Act of 2001,” https://www.congress.gov/bill/107th-congress/house-bill/3162/text/enr.

¹¹¹ United Nations, “Inclusive Finance,” https://www.un.org/esa/ffd/topics/inclusive-local-finance/inclusive-finance.html.

¹¹² FDIC, “FDIC National Survey of Unbanked and Underbanked Households,” 10/2018, https://www.fdic.gov/householdsurvey/2017/2017execsumm.pdf.

¹¹³ Internet World Stats, https://www.internetworldstats.com/emarketing.htm.

¹¹⁴ World Bank, https://data.worldbank.org/indicator/it.net.user.zs.

¹¹⁵ The Economist, “The past decade has brought a compliance boom in banking,” 5/2/2019, https://www.economist.com/finance-and-economics/2019/05/02/the-past-decade-has-brought-a-compliance-boom-in-banking.

¹¹⁶ Statista, “Leading banks in the United States as of December 31, 2018, by number of employees,” 5/6/2019, M. Szmigiera, https://www.statista.com/statistics/250220/ranking-of-united-states-banks-by-number-of-employees-in-2018.

¹¹⁷ Statista, “Leading banks in Europe 2018, by total assets (in billion euros),” 6/27/2019, James Cherowbrier, https://www.statista.com/statistics/383406/leading-europe-banks-by-total-assets/.

¹¹⁸ The New York Times, “HSBC to Pay Record Fine to Settle Money-Laundering Charges,” 12/11/2012, Jessica Silver-Greenberg, https://dealbook.nytimes.com/2012/12/11/hsbc-to-pay-record-fine-to-settle-money-laundering-charges/.

¹¹⁹ Statement of Facts, Page 17, https://www.justice.gov/sites/default/files/opa/legacy/2012/12/11/dpa-attachment-a.pdf.

¹²⁰ United States Department of Justice, “BNP Paribas Agrees to Plead Guilty and to Pay $8.9 Billion for Illegally Processing Financial Transactions for Countries Subject to U.S. Economic Sanctions,” 6/30/2014, Department of Justice, https://www.justice.gov/opa/pr/bnp-paribas-agrees-plead-guilty-and-pay-89-billion-illegally-processing-financial.

¹²¹ CNN Money, “European bank caught laundering Mexican drug money,” 2/8/2012, Ivana Kottasova, https://money.cnn.com/2018/02/08/news/rabobank-mexico-drug-money-laundering/index.html.

¹²² The Guardian, “Standard Chartered fined $1.1bn for money-laundering and sanctions breaches,” 4/9/2019, Kalyeena Makortoff, https://www.theguardian.com/business/2019/apr/09/standard-chartered-fined-money-laundering-sanctions-breaches.

¹²³ Financial Times, “Danske: Anatomy of a Money Laundering Scandal,” 12/19/2018, https://www.ft.com/content/519ad6ae-bcd8-11e8-94b2-17176fbf93f5.

¹²⁴ The Wall Street Journal, “Swedbank Ousts CEO Amid Money-Laundering Scandal,” 3/28/2019, Patricia Kowsmann and Drew Hinshaw, https://www.wsj.com/articles/swedbank-ousts-ceo-amid-money-laundering-scandal-11553766214.

¹²⁵ United Nations Office on Drugs and Crime (UNODC) website, https://www.unodc.org/unodc/en/money-laundering/globalization.html.

¹²⁶ The New York Times, “Bitcoin has Saved My Family,” 2/23/2019, Carlos Hernández, https://www.nytimes.com/2019/02/23/opinion/sunday/venezuela-bitcoin-inflation-cryptocurrencies.html.

¹²⁷ Blockchain Revolution, pages 20 and 183, 2016, Don Tapscott and Alex Tapscott

¹²⁸ The Economist, “Making remittances cheaper - The cost of cross-border payments needs to drop,” 4/11/2019, https://www.economist.com/leaders/2019/04/13/the-cost-of-cross-border-payments-needs-to-drop.

¹²⁹ Bill Barhydt, https://www.linkedin.com/in/billbar.

¹³⁰ ABRA, “How Abra works tech talk at 2019 MIT Bitcoin Expo,” 4/1/2019, Daniel McGlynn, https://www.abra.com/blog/2019-mit-bitcoin-expo/.

¹³¹ Target Corporate Website, “Target Provides Update on Data Breach and Financial Performance,” 1/10/2014, Target, https://corporate.target.com/press/releases/2014/01/target-provides-update-on-data-breach-and-financia.

¹³² The Washington Post, “Hacks of OPM databases compromised 22.1 million people, federal authorities say,” 7/9/2015, Ellen Nakashima, https://www.washingtonpost.com/news/federal-eye/wp/2015/07/09/hack-of-security-clearance-system-affected-21-5-million-people-federal-authorities-say/?noredirect=on&utm_term=.6898fa66243a.

¹³³ CNN Business, “Every single Yahoo account was hacked - 3 billion in all,” 10/4/2017, Selena Larson, https://money.cnn.com/2017/10/03/technology/business/yahoo-breach-3-billion-accounts/index.html.

¹³⁴ The New York Times, “Marriott Hacking Exposes Data of Up to 500 Million Guests,” 11/30/2018, Nicole Perlroth, Amie Tsang and Adam Satariano, https://www.nytimes.com/2018/11/30/business/marriott-data-breach.html.

¹³⁵ The New York Times, “Equifax Says Cyberattack May Have Affected 143 Million in the U.S.,” 10/7/2017, Tara Siegel Bernard, Tiffany Hsu, Nicole Perlroth and Ron Lieber, https://www.nytimes.com/2017/09/07/business/equifax-cyberattack.html.

¹³⁶ Tech Community Microsoft, “Toward scalable decentralized identifier systems,” 5/13/2019, Alex Simmons, https://techcommunity.microsoft.com/t5/Azure-Active-Directory-Identity/Toward-scalable-decentralized-identifier-systems/ba-p/560168.

¹³⁷ Planetary Resources, https://www.planetaryresources.com/.

¹³⁸ Medium, “Planting Bitcoin,” 10/31/2018, Dan Held, https://medium.com/@danhedl/planting-bitcoin-sound-money-72e80e40ff62.

¹³⁹ Capitalism, Socialism and Democracy, 1942, Joseph Schumpeter.

¹⁴⁰ On the Origin of Species, 1859, Charles Darwin.

¹⁴¹ The Journal of Finance, “Portfolio Selection,” March 1952, Harry Markowitz, https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1952.tb01525.x.

¹⁴² Multicoin Capital, “$100 Trillion,” 10/9/2018, Kyle Samani, https://multicoin.capital/2018/10/09/100-trillion/.

¹⁴³ The Money Project, “All of the World’s Money and Markets in One Visualization,” 10/26/17, Jeff Desjardins, http://money.visualcapitalist.com/worlds-money-markets-one-visualization-2017/.

¹⁴⁴ National Bureau of Economic Research, “Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality,” 12/27/2017, Alstadstaeter, Johannesen, Zucman, https://www.nber.org/papers/w23805.pdf.

¹⁴⁵ The Guardian, “Number of empty homes in England rises to more than 216,000,” 3/19/2019, Julia Kollewe, https://www.theguardian.com/society/2019/mar/11/empty-homes-england-rises-property.

¹⁴⁶ Savills.co.uk, “How much is the world worth?,” 4/10/2017, The Savills Blog, https://www.savills.co.uk/blog/article/216300/residential-property/how-much-is-the-world-worth.aspx.

¹⁴⁷ How Money Got Free, pages 22–32, 2017, Brian Patrick Eha.

¹⁴⁸ The Age of Cryptocurrency, pages 53–57, Paul Vigna and Michael J. Casey.

¹⁴⁹ The Telegraph, “Google’s ex-CEO predicts that China will cause the internet to ‘split in two’ by 2028,” 9/21/2018, Joseph Archer, https://www.telegraph.co.uk/technology/2018/09/21/googles-ex-ceo-predicts-china-will-cause-internet-split-two/.

¹⁵⁰ Github, “Bitcoin Repository,” https://github.com/bitcoin/bitcoin.

¹⁵¹ Facebook, “Thanks to everyone who participated in today’s round of trivia. Windows XP was compiled of 45 million lines of code. Whoa! What are your favorite memories of Windows XP?,” 1/11/2011, Windows Facebook page, https://www.facebook.com/windows/posts/155741344475532.

¹⁵² Coindesk, “Bitmain Announces New, More Efficient 7nm Bitcoin Mining Chip,” 2/18/2019, Daniel Palmer, https://www.coindesk.com/bitmain-announces-new-more-efficient-7nm-bitcoin-mining-chip.

¹⁵³ Blockchain.info, “Hashrate Distribution”, https://www.blockchain.com/pools

¹⁵⁴ Betterhash.net, https://www.betterhash.net/

¹⁵⁵ Bitnodes, “Bitnodes home page,” https://bitnodes.earn.com/.

¹⁵⁶ Coindesk, “Ethereum Classic’s Price Stumbles Amid Suspected 51% Attack,” 1/7/2019, Sam Ouimet, https://www.coindesk.com/ethereum-classic-price-stumbles-amid-suspected-51-attack.

¹⁵⁷ Coindesk, “Verge’s Blockchain Attacks Are Worth a Sober Second Look,” 6/5/2018, Alyssa Hertig, https://www.coindesk.com/verges-blockchain-attacks-are-worth-a-sober-second-look.

¹⁵⁸ Federal Reserve, “Crisis and Calm: Demand for U.S. Currency at Home and Abroad from the Fall of the Berlin Wall to 2011,” November 2012, Ruth Judson, https://www.federalreserve.gov/pubs/ifdp/2012/1058/ifdp1058.pdf.

¹⁵⁹ Federal Reserve, “Currency in Circulation: Value,” 4/2/2019, FED, https://www.federalreserve.gov/paymentsystems/coin_currcircvalue.htm.

¹⁶⁰ Federal Reserve, “How much U.S. currency is in circulation?,” 4/2/2019, FED, https://www.federalreserve.gov/faqs/currency_12773.htm.

¹⁶¹ The Curse of Cash, 2016, Kenneth Rogoff.

¹⁶² Reuters, “China wants to ban bitcoin mining,” 4/8/2019, Brenda Goh, Alun John, https://www.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUSKCN1RL0C4?mod=article_inline.

¹⁶³ Wikipedia, “Executive Order 6102,” https://en.wikipedia.org/wiki/Executive_Order_6102.

¹⁶⁴ TorrentFreak, “Netflix Dominates Internet Traffic Worldwide, BitTorrent Ranks Fifth,” 11/17/2018, Ernesto, https://torrentfreak.com/netflix-dominates-internet-traffic-worldwide-bittorrent-ranks-.fifth-181116.

¹⁶⁵ Facebook.com, “A Privacy-Focused Vision for Social Networking,” 3/6/2019, Mark Zuckerberg, https://www.facebook.com/notes/mark-zuckerberg/a-privacy-focused-vision-for-social-networking/10156700570096634/.

¹⁶⁶ The Age of Surveillance Capitalism, 2019, Shoshana Zuboff.

¹⁶⁷ The Age of Surveillance Capitalism, 2019, Shoshana Zuboff.

¹⁶⁸ Sagepup, “Increases in Depressive Symptoms, Suicide-Related Outcomes, and Suicide Rates Among U.S. Adolescents After 2010 and Links to Increased New Media Screen Time,” 11/14/2017, Jean M. Twenge, Thomas E. Joiner, Megan L. Rogers, Gabrielle N. Martin, https://journals.sagepub.com/doi/abs/10.1177/2167702617723376?journalCode=cpxa.

¹⁶⁹ The Shallows: What the Internet Is Doing to Our Brains, Nicholas Carr.

¹⁷⁰ The Conversation, “How Facebook has become the world’s largest echo chamber,” 2/5/2018, Megan Knight, http://theconversation.com/explainer-how-facebook-has-become-the-worlds-largest-echo-chamber-91024.

¹⁷¹ The New York Times, “Russian Influence Reached 126 Million Through Facebook Alone,” 10/30/2017, Mike Isaac and Daisuke Wakabayashi, https://www.nytimes.com/2017/10/30/technology/facebook-google-russia.html.

¹⁷² Esquire, “Silicon Valley’s Tax-Avoiding, Job-Killing, Soul-Sucking Machine,” 2/8/2018, Scott Galloway, https://www.esquire.com/news-politics/a15895746/bust-big-tech-silicon-valley/.

¹⁷³ CNBC, “More than 200,000 sign petition in South Korea to stop government’s crackdown on bitcoin ‘happy dream’,” 1/16/2018, Evelyn Cheng, https://www.cnbc.com/2018/01/16/over-200000-sign-petition-in-south-korea-to-stop-bitcoin-regulation.html.

¹⁷⁴ Bloomberg, “Bitcoin Speculators, Not Drug Dealers, Dominate Crypto Use Now,” 9/7/2018, Camila Russo, https://www.bloomberg.com/news/articles/2018-08-07/bitcoin-speculators-not-drug-dealers-dominate-crypto-use-now.

¹⁷⁵ Off the Chain Podcast with Anthony Pompliano, Patrick O'Kain, “Special Agent for the DEA: How Criminals are Using Cryptocurrency,” 5/8/2019, https://podcasts.apple.com/us/podcast/patrick-okain-special-agent-for-dea-how-criminals-are/id1434060078?i=1000437505160.

¹⁷⁶ https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies.

¹⁷⁷ https://www.cftc.gov/Bitcoin/index.htm.

¹⁷⁸ Fortune, “The Feds Just Collected $48 Million from Seized Bitcoins,” 10/2/2017, Jeff John Roberts, http://fortune.com/2017/10/02/bitcoin-sale-silk-road/.

¹⁷⁹ United States Treasury Press Releases, “Treasury Designates Iran-Based Financial Facilitators of Malicious Cyber Activity and for the First Time Identifies Associated Digital Currency Addresses,” 11/28/2018, US Treasury, https://home.treasury.gov/news/press-releases/sm556.

¹⁸⁰ CNN, “90 percent of U.S. bills carry traces of cocaine,” 8/17/2009, Madison Park, http://www.cnn.com/2009/HEALTH/08/14/cocaine.traces.money/.

¹⁸¹ IRS website, https://www.irs.gov/pub/irs-drop/n-14-21.pdf.

¹⁸² Forbes, “Bitcoin Virtual Currency Deals Under $600 Could Become Tax Exempt,” 9/8/2017, Robert W. Wood, https://www.forbes.com/sites/robertwood/2017/09/08/bitcoin-virtual-currency-deals-under-600-could-become-tax-exempt/#19401a163bc6.

¹⁸³ Union Square Ventures, “Fat Protocols,” 8/8/2016, Joel Monegro, https://www.usv.com/blog/fat-protocols.

¹⁸⁴ Securities and Exchange Commission, “Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings,” 1/18/2018, Dalia Blass, https://www.sec.gov/divisions/investment/noaction/2018/cryptocurrency-011818.htm.

¹⁸⁵ Securities and Exchange Commission, “Bitcoin ETF Memorandum,” 3/20/2019, SEC, https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf.

¹⁸⁶ Coindiligent, “Satoshi Nakamota’s net wealth,” 6/19/2019, Nick Dominguez, https://coindiligent.com/satoshi-net-worth.

¹⁸⁷ How Money Got Free, pages 22–24, 2017, Brian Patrick Eha.

¹⁸⁸ YouTube, “F.A. Hayek on Monetary Policy, the Gold Standard, Deficits, Inflation, and John Maynard Keynes,” 1984, Libertarianism.org, https://www.youtube.com/watch?v=EYhEDxFwFRU#t=19m23s.

¹⁸⁹ Business Insider, “Amazon Web Services is bigger than its next 4 competitors combined as cloud became a $70 billion market last year,” 2/6/2019, Julie Bort, https://www.businessinsider.com/aws-market-share-dominates-70-billion-cloud-market-2019-2.

¹⁹⁰ Time, “Amazon Has More Than 100 Million Prime Subscribers, Reveals Jeff Bezos,” April 19, 2018, Katie Reilly, http://time.com/5245969/amazon-prime-100-million-subscribers-jeff-bezos/.

¹⁹¹ Facebook Investor Relations, Q1 2019 Earnings, Slides, page 3, Monthly Active Users, https://s21.q4cdn.com/399680738/files/doc_financials/2019/Q1/Q1-2019-Earnings-Presentation.pdf.

¹⁹² Libra, https://libra.org/en-US/white-paper/#introducing-libra.

¹⁹³ The Economist, “Young people and their phones are shaking up banking,” 5/2/2019, https://www.economist.com/special-report/2019/05/02/young-people-and-their-phones-are-shaking-up-banking.

¹⁹⁴ Libra, https://libra.org/en-US/white-paper/#introducing-libra.

¹⁹⁵ U.S. House Committee on Financial Services, 6/18/2018, https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=403943.

¹⁹⁶ ABC News, “Elizabeth Warren calls to break up Facebook, Google and Amazon”, 3/8/2019, Jason Abbruzzese, https://www.nbcnews.com/tech/tech-news/elizabeth-warren-calls-break-facebook-google-amazon-n980911.

¹⁹⁷ The Economist, 8/15/2018, Across the West powerful firms are becoming even more powerful.

¹⁹⁸ The New York Times, “Google Fined $1.7 Billion by E.U. for Unfair Advertising Rules,” 3/20/2019, Adam Satariano, https://www.nytimes.com/2019/03/20/business/google-fine-advertising.html.

¹⁹⁹ The New York Times, “Google Fined $1.7 Billion by E.U. for Unfair Advertising Rules,” 3/20/2019, Adam Satariano, https://www.nytimes.com/2019/03/20/business/google-fine-advertising.html.

²⁰⁰ Berkshire Hathaway, “Berkshire Hathaway 2018 10-K,” http://www.berkshirehathaway.com/2018ar/201810-k.pdf.

²⁰¹ The Guardian, “Barclays to sell customer data, Bank tells 13 million customers it is to start selling information on their spending habits to other companies,” 6/24/2013, Rupert Jones, https://www.theguardian.com/business/2013/jun/24/barclays-bank-sell-customer-data.

²⁰² Oaktree Capital, “There They Go Again . . . Again,” 9/7/2017, Howard Marks, https://www.oaktreecapital.com/docs/default-source/memos/there-they-go-again-again.pdf?sfvrsn=6.

²⁰³ Oaktree Capital, “Yet Again?,” 9/7/2017, Howard Marks, https://www.oaktreecapital.com/docs/default-source/memos/yet-again.pdf?sfvrsn=6.

²⁰⁴ The New Republic, Albert Goldman, Lindy’s Law, 6/13/1964, https://www.dropbox.com/s/qripnmgbnvtyx16/1964-goldman.pdf.

²⁰⁵ The Fractal Geometry of Nature, 1983, Benoit Mandelbrot, https://books.google.com/books?id=0R2LkE3N7-oC&pg=PA342&lpg=PA342&dq=%22The+fractal+geometry+of+Nature%22+lindy#v=onepage&q=%22The%20fractal%20geometry%20of%20Nature%22%20lindy&f=false.

²⁰⁶ Antifragile: Things that Gain from Disorder, Page 318, 2012, Nassim Taleb, https://books.google.com/books?id=5fqbz_qGi0AC&pg=PA318&lpg=PA318&dq=%22If+a+book+has+been+in+print+for+forty+years,+I+can+expect+it+to+be+in+print+for+another+forty+years%22#v=onepage&q=%22another%20forty%20years%22&f=false.

²⁰⁷ CNBC, “Like flu season, the ‘infectious’ spread of bitcoin could be over, Barclays says,” 4/10/2018, Kate Rooney, https://www.cnbc.com/2018/04/10/like-flu-season-the-infectious-spread-of-bitcoin-could-be-over-barclays-says.html.

²⁰⁸ Visual Capitalist, “The Rising Speed of Technological Adoption,” 2/14/2018, Jeff Desjardins, https://www.visualcapitalist.com/rising-speed-technological-adoption/.

²⁰⁹ Medium, “Bitcoin is a Demographic Mega-Trend: Data Analysis,” 4/30/2019, Spencer Bogart, https://medium.com/blockchain-capital-blog/bitcoin-is-a-demographic-mega-trend-data-analysis-160d2f7731e5.

²¹⁰ Wikiquote, “Max Planck,” 4/25/19, https://en.wikiquote.org/wiki/Max_Planck.

²¹¹ United States Department of Defense (DoD), “Defense Budget Overview,” 2/2/2018, DoD, https://comptroller.defense.gov/Portals/45/Documents/defbudget/fy2019/FY2019_Budget_Request_Overview_Book.pdf.

²¹² Life After Google, George Gilder, 2018.

²¹³ Coinshares, “The Bitcoin Mining Network - Trends, Marginal Creation Cost, Electricity Consumption & Sources,” 11/26/2018, https://coinshares.co.uk/bitcoin-mining-cost/.

²¹⁴ The Wall Street Journal, “In America’s Hottest Drilling Spot, Gas Is Going Up in Smoke,” 8/29/2018, Rebecca Elliott, https://www.wsj.com/articles/in-americas-hottest-drilling-spot-vast-volumes-of-gas-go-up-in-smoke-1535535001?mod=article_inline.

²¹⁵ The New York Times, “The Natural Gas Industry Has a Leak Problem,” 6/21/2018, John Schwartz and Brad Plumer, https://www.nytimes.com/2018/06/21/climate/methane-leaks.html.

²¹⁶ Nature, “Methane fluxes show consistent temperature dependence across microbial to ecosystem scales,” 3/19/2018, Gabriel Yvon-Durocher, Andrew P. Allen, David Bastviken, Ralf Conrad, Cristian Gudasz, Annick St-Pierre, Nguyen Thanh-Duc & Paul A. del Giorgio, https://www.nature.com/articles/nature13164

²¹⁷ Upstream Data, https://upstreamdata.ca/home.

²¹⁸ Medium, “Introducing Bakkt,” 8/3/19, Kelly Loeffler, https://medium.com/bakkt-blog/introducing-bakkt-e1794dd3a45d.

²¹⁹ Fortune, “The NYSE’s Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?,” 8/3/19, Shawn Tully, http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/.

²²⁰ Medium, “Custody in the Age of Digital Assets,” 10/15/19, Fidelity Digital Assets, https://medium.com/@FidelityDigitalAssets/custody-in-the-age-of-digital-assets-95799f347016.

²²¹ Fidelity, “Fidelity by the Numbers: Corporate Statistics,” 3/21/19, Fidelity, https://www.fidelity.com/about-fidelity/fidelity-by-numbers/corporate-statistics.

²²² Fidelity, “Institutional Investors See a Place for Digital Assets in Investment Portfolios,” 5/2/19, Fidelity Digital Assets, https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/press-release/institutional-investments-in-digital-assets-050219.pdf.

²²³ Medium, “New Research: Institutional Investments Likely to Increase over Next 5 Years,” 5/2/19, Fidelity Digital Assets, https://medium.com/@FidelityDigitalAssets/new-research-institutional-investments-likely-to-increase-over-next-5-years-729fb1ca3c52.