_Good Morning_\

☕ 📖 🌞

# Cryptoeconomics

**by [Erik Voskuil](https://github.com/evoskuil).**\

**The book can be found on [GitHub](https://github.com/libbitcoin/libbitcoin-system/wiki/Cryptoeconomics).**

### Auditability Fallacy

- **Non-Auditability**: Bitcoin custodian solvency can't be audited; they control asset release and security issuance.

- **Custodial vs. Non-Custodial**: If controlled by consensus, it's non-custodial (layer), not auditable.

- **Solvency Audit**: Needs simultaneous proof of asset and securities; atomicity is key.

- **National Reserve**: Proving all fiat against Bitcoin reserve is complex; even on separate chains, atomicity fails.

- **Waiver of Atomicity**: Sometimes waived, assuming errors will be found, but not effective for state banking.

- **Historical Precedence**: Deviations are detectable but stopping them is challenging.\

The rest of the summarized chapters are at https://expatriotic.me