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# Cryptoeconomics
**by [Erik Voskuil](https://github.com/evoskuil).**\
**The book can be found on [GitHub](https://github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics).**
### Blockchain Fallacy
- **Theory of Immutable Claims**: Suggests property ownership can be secured through immutable claim-keeping, protecting against loss and custodial risk.
- **Custodian Control**: Property control remains with the custodian; claims are enforced by the claim holder, not inherently secure.
- **Claim Loss**: Immutable claim-keeping doesn't prevent loss; owners must still secure proof of ownership.
- **Storage Efficiency**: References to claims can reduce storage costs, but validation and execution still depend on additional data.
- **Human Security**: Security ultimately relies on people, not technology, as shown by the Risk Sharing Principle.
- **Custodial Vulnerability**: Immutable claims don't protect against custodian attacks or state interference.
- **Non-Custodial Nature of Bitcoin**: Bitcoin is traded directly, with merchants acting as value custodians.
- **Misconception of Security**: The fallacy arises from misunderstanding Bitcoin's security model, attributing it to technology rather than merchant distribution.
- **Misleading Term**: "Blockchain technology" wrongly suggests security comes from data structure, not from broader economic factors.
The rest of the summarized chapters are at https://expatriotic.me