Table of Contents

• DeFi's Dividend Dichotomy: A Capital Market's History Lesson

• The Value of a Token Is What It Does

• If It Happened Onchain, Did It Happen In Real Life?

• The Token is Not a Stock 

• Governance Tokens, Tech Stocks, Dividends, and "Utility" 

• The Meaning of Intrinsic Value: Crypto, Stocks, Hammers, & Gold

• Code Is Not Law, Men With Guns Is Law

Additional essays related to the cycles and organizing behaviors that feed into crypto and its consequences:

• The US Dollar: A Proof of Violence Network

• The Great Rebundling: Human Communication & Crypto

• Natural Law, Citibank, Elephants, and Ethereum

• The Fourth Industrial Revolution and Its Consequences Will Be a Delight for the Human Race