# Glossary — 10X Money Talks Unified Corpus

One-line definitions for all defined terms across the 10-episode corpus. Cross-reference notes via wikilinks.

- **§718.202** — Florida statute permitting developers to use buyer deposits (above 10%) for construction with surety-bond backing. See [[concept-florida-condo-deposit-financing]].
- **2008 Global Financial Crisis** — Lehman-triggered systemic near-collapse; the corpus's recurring biographical anchor. See [[cross-2008-as-formative-trauma]].
- **ABTC** — American Bitcoin, public Bitcoin accumulator (Nasdaq, Sept 2025). See [[entity-abtc]].
- **Accredited Investor Rule** — SEC threshold (~$1M net worth ex-residence or $200k income) gating private-securities access. See [[concept-accredited-investor-rule]].
- **Accumulator Model** — Corporate strategy retaining 100% of mined Bitcoin to grow per-share BTC. See [[concept-bitcoin-accumulator-model]].
- **ASIC** — Application-Specific Integrated Circuit; SHA-256-only mining hardware. See [[concept-asic-miners]].
- **At-The-Market (ATM) Offering** — Direct sale of newly issued shares into secondary trading at prevailing prices. See [[concept-atm-offering]].
- **Bearer Asset** — Instrument where possession (or key control) equals ownership. See [[concept-bearer-asset]].
- **Big Long, The** — Darkside's trade: hold self-custodied BTC and wait for paper-BTC collapse. See [[framework-the-big-long]].
- **Bitcoin** — Decentralized cryptocurrency with 21M supply cap. See [[entity-bitcoin]].
- **Bitcoin per Share** — Per-diluted-share BTC treasury; ABTC's KPI. See [[concept-bitcoin-per-share]].
- **Blockchain Toll Road** — Damsker's metaphor: chain = road, native token = toll. See [[concept-blockchain-toll-road-metaphor]].
- **Bridge Loan** — Short-term floating-rate debt used by syndicators 2020–21; the maturity wall now. See [[claim-debt-maturity-crisis]].
- **Cap Rate** — NOI / value; how income properties are valued.
- **Capital Stack** — Loss hierarchy in a real-estate deal (equity loses first; senior debt last). See [[concept-capital-stack]].
- **Capital Controls** — Government-imposed restrictions on cross-border or off-ramp flows. See [[claim-capital-controls-coming]].
- **Cash Flow** — Periodic income from an asset; conventional real-estate priority; Moss's contested target. See [[contrarian-cashflow-is-dead]].
- **Class A / B / C Multifamily** — Quality tiers of apartment stock; McElroy now favors A over C. See [[claim-class-c-too-risky]].
- **CME** — Chicago Mercantile Exchange; regulated futures venue. See [[entity-cme]].
- **Concentration** — Allocating capital into a single superior asset; Saylor doctrine. See [[concept-concentration-vs-diversification]].
- **Construction Bond** — Surety bond (~2%) required to release Florida condo deposits for construction. See [[concept-construction-bond]].
- **Convertible Bond** — Debt with embedded equity-conversion option; sub-1% coupon for Saylor. See [[concept-convertible-bond-arbitrage]].
- **Cost of Capital Arbitrage** — Borrow cheap fiat, deploy into scarce appreciating asset, capture spread. See [[concept-cost-of-capital-arbitrage]].
- **Counterparty Risk** — Risk the other side of a contract defaults. See [[concept-counterparty-risk]].
- **CTA (Commodity Trading Advisor)** — Futures-trading hedge fund classification. See [[concept-cta]].
- **Debasement Trade** — Allocating to scarce assets to hedge fiat dilution. See [[concept-debasement-trade]].
- **Debt-Based Money** — Fiat created via bank lending, requiring perpetual debt expansion. See [[concept-debt-based-money]].
- **DeFi (Decentralized Finance)** — Money making money without banks; chain-native protocols. See [[concept-defi-definition]].
- **Democratization of Finance** — Robinhood's stated mission; removing access barriers. See [[concept-democratization-finance]].
- **Derivatives** — Contracts deriving value from an underlying; Buffett's "WMDs." See [[concept-derivatives-wmd]].
- **Digital Capital** — Bitcoin as portable, scarce, programmable property. See [[concept-digital-capital]].
- **Digital Credit** — BTC-collateralized fixed-income wrappers (convertibles, preferreds). See [[concept-digital-credit]].
- **Digital Hard Asset** — Asset that is scarce, portable, seizure-resistant; Bitcoin reframing. See [[concept-digital-hard-asset]].
- **Disclosure vs. Ask-First Regime** — Two regulatory frameworks (fast vs. slow). See [[concept-disclosure-vs-ask-first-regimes]].
- **Diversification** — Spreading allocation across assets; Saylor calls it the tax of ignorance. See [[contrarian-diversification-is-destructive]].
- **Economic Half-Life** — Time for an asset to lose half its purchasing power via supply expansion. See [[concept-infinite-half-life]].
- **Entitlement Value** — Value created by completing zoning/permit approvals. See [[concept-entitlement-value]].
- **Ethereum** — Layer-1 chain with smart contracts; native token ETH. See [[entity-ethereum]].
- **ETFs (Bitcoin Spot)** — Exchange-traded BTC wrappers; Darkside calls them paper Bitcoin. See [[contrarian-etfs-are-dangerous]].
- **Federal Reserve** — US central bank controlling short rates. See [[entity-federal-reserve]].
- **Fiat Death Knell** — Terminal trust-collapse stage of a fiat currency. See [[concept-fiat-death-knell]].
- **Financial Independence Number** — Dillian's heuristic: $4–6M net worth. See [[claim-financial-independence-number]].
- **First-Principles Thinking** — Reasoning from physical/economic fundamentals, not analogy. See [[concept-first-principles-thinking]].
- **Florida Condo Deposit Financing** — Use of buyer deposits to fund construction (§718.202). See [[concept-florida-condo-deposit-financing]].
- **Funding Rate** — Periodic payment keeping perp price near spot.
- **Galactic Brain** — Aetherflux's orbital AI compute architecture. See [[entity-aetherflux]].
- **Generational Wealth Threshold** — Damsker's ~$65M (principal whose interest supports user + heir). See [[concept-generational-wealth-threshold]].
- **GMP Contract** — Guaranteed Maximum Price construction contract. See [[concept-gmp-contract]].
- **Good vs. Bad Debt** — Low-rate productive debt vs. high-rate consumer debt. See [[concept-good-vs-bad-debt]].
- **Halving** — ~4-year programmed BTC supply-issuance cut. See [[concept-the-halving]].
- **Hard Asset** — Scarce, durable, seizure-resistant store of wealth; redefined across the corpus. See [[cross-hard-asset-redefinition]].
- **Hard vs. Soft Costs** — Physical build costs vs. land/design/finance/legal. See [[concept-hard-vs-soft-costs]].
- **Hashrate** — Total compute power securing Bitcoin.
- **Hurdle Rate (50%)** — Moss's annualized minimum vs. Bitcoin opportunity cost. See [[concept-50-percent-hurdle-rate]].
- **Hut 8** — Bitcoin infrastructure/data-center company, sister to ABTC. See [[entity-hut-8]].
- **In-House Property Management** — McElroy's preferred operational control mechanism. See [[action-in-house-management]].
- **Infinite Economic Half-Life** — Asset with asymptotically zero supply growth (Bitcoin). See [[concept-infinite-half-life]].
- **Infinite Return** — Refinance to recover all equity while retaining the appreciated asset. See [[concept-infinite-return]].
- **JOLTS** — Bureau of Labor Statistics openings indicator; weakening per Dillian.
- **Leverage / Margin** — Borrowed capital amplifying position size. See [[prereq-margin-and-leverage]].
- **Leveraged Perpetuals** — No-expiration crypto derivatives at high leverage. See [[concept-leveraged-perpetuals]].
- **Liquidation Cascade** — Seven-step forced-liquidation flash crash. See [[framework-liquidation-cascade]].
- **Liquid Cap / Realized Cap** — Adjusted BTC market-cap metrics. See [[concept-true-circulating-supply]].
- **Looting Mentality** — Darkside's name for modern Wall Street's extract-and-bail philosophy. See [[concept-wall-street-looting]].
- **LP (Limited Partner)** — Passive equity investor in a syndication; first-loss layer. See [[claim-lps-take-first-loss]].
- **Lunch Pail Job** — Prestigious W2 job that still trades time for money. See [[concept-lunch-pail-jobs]].
- **M2** — Broad money-supply measure; Moss's "true inflation." See [[claim-true-inflation-rate]].
- **Macro Trading** — Top-down trading on asset classes and rates. See [[concept-macro-trading]].
- **Margin of Safety** — Graham's value-investing buffer; Roberts applies it to waterfront pricing. See [[concept-margin-of-safety-waterfront]].
- **Meme Coin** — Crypto with no utility/cash-flow basis; Damsker frames as regulatory arbitrage. See [[concept-meme-coins-as-regulatory-arbitrage]].
- **MicroStrategy / Strategy** — Saylor's Bitcoin treasury company (MSTR). See [[entity-microstrategy]].
- **Middle of the Road Finance** — Dillian's anti-extreme personal-finance philosophy. See [[concept-middle-of-the-road-finance]].
- **Mortgage Lock-In Effect** — Low-rate homeowners refusing to sell at high rates. See [[concept-mortgage-lock-in-effect]].
- **Muddle Through Economy** — Sluggish, average growth; Mauldin's coinage. See [[concept-muddle-through-economy]].
- **NAV (Net Asset Value)** — Reference value per share; premium/discount drives MSTR/ABTC issuance.
- **NOI (Net Operating Income)** — Income after operating expenses; drives commercial valuation. See [[prereq-noi-calculation]].
- **Off-Market Acquisition** — Purchase before public listing; better deal structures. See [[concept-off-market-acquisitions]].
- **Office Suite Condo** — Roberts's hybrid residential-with-private-commercial play. See [[concept-office-suite-condos]].
- **Optimism Strategy** — Bhatt's framing: optimism as a deliberate, free, strategic choice. See [[concept-optimism-strategy]].
- **Paper Bitcoin** — Any BTC claim not held via direct key control (ETFs, exchange balances, derivatives). See [[concept-paper-bitcoin]].
- **Patoshi Pattern** — Chain-analysis attributing ~1.1M early coins to Satoshi.
- **Payment for Order Flow (PFOF)** — Brokerage routing revenue model behind Robinhood. See [[prereq-brokerage-models]].
- **Perpetual Contract** — Derivative without expiration, tethered via funding rate. See [[concept-leveraged-perpetuals]].
- **PPA (Power Purchase Agreement)** — Long-term electricity contract used by miners.
- **Pre-Construction Phases** — Conceptual → schematics → drawings → GMP. See [[framework-pre-construction-phases]].
- **Private Equity** — Equity in private companies; Damsker's claimed wealth engine. See [[concept-private-equity-wealth-creation]].
- **Property Management Core** — McElroy's claim that operations are the hardest part. See [[concept-property-management-core]].
- **Protocol vs. Company** — Moss's taxonomy: Bitcoin = protocol; altcoins = companies. See [[concept-protocol-vs-company]].
- **r > g** — Interest rate exceeds real growth; sovereign debt-trap condition. See [[concept-nominal-vs-real-growth]].
- **Real Estate / Bitcoin Barbell** — The corpus's emergent master portfolio. See [[cross-real-estate-bitcoin-barbell]].
- **Real World Assets (RWA)** — Physical/financial assets represented as on-chain tokens. See [[concept-tokenization-rwa]].
- **REIT** — Publicly traded real-estate investment trust; McElroy considers them inefficient. See [[concept-reit-inefficiency]].
- **Replacement Cost Margin** — Buy below the cost of new construction. See [[concept-replacement-cost-margin]].
- **Robinhood** — Zero-commission brokerage co-founded by Bhatt and Tenev. See [[entity-robinhood]].
- **SEC** — US Securities and Exchange Commission; regulator and gatekeeper. See [[entity-sec-d7]].
- **SegWit / Taproot** — Past Bitcoin protocol upgrades.
- **Seller Financing** — Seller holds a note for part of the purchase price. See [[concept-seller-financing]].
- **Self-Custody** — Holding own private keys (hardware wallet, multi-sig). See [[concept-self-custody]].
- **Series 82** — FINRA exam Damsker proposes as accredited-investor bypass. See [[action-series-82-loophole]].
- **SHA-256** — Hashing algorithm secured by ASICs.
- **Space Data Center (SBDC)** — Orbital AI-compute infrastructure; Aetherflux thesis. See [[concept-space-data-centers]].
- **Spot Bitcoin** — Direct, non-derivative BTC ownership.
- **Store of Value** — Asset preserving purchasing power across time. See [[prereq-store-of-value]].
- **Store of Value Basket** — Global ~$1Q aggregate; Moss's TAM frame. See [[concept-store-of-value-basket]].
- **Sun-Synchronous Orbit** — LEO orbit with near-continuous solar illumination.
- **Syndication (GP/LP)** — Real-estate capital-stack structure. See [[prereq-syndication-structure]].
- **Syndicator Wipeout** — McElroy's predicted distress across over-leveraged multifamily operators. See [[concept-syndicator-wipeout]].
- **TIPS Breakevens** — Market-implied inflation from inflation-protected Treasuries.
- **Tokenization** — Creating chain-native digital representations of off-chain assets. See [[framework-tokenization-process]].
- **True Agency** — Broker's fiduciary duty to execute solely for client benefit. See [[concept-true-agency]].
- **True Circulating Supply** — BTC supply minus permanently lost / dormant coins. See [[concept-true-circulating-supply]].
- **Uncommunist** — Moss's pro-property-rights philosophical frame. See [[concept-uncommunist]].
- **Vanguard** — Bogle's firm; archetype of broad diversification Saylor critiques. See [[entity-vanguard]].
- **Volatility Compression** — Artificial suppression of natural price volatility via derivatives. See [[concept-volatility-compression]].
- **Wallet (digital)** — Container for private keys (not coins themselves). See [[concept-digital-wallet-mechanics]].
- **Wanting Prerequisite** — Dillian's claim that wealth requires deliberate desire. See [[concept-the-wanting-prerequisite]].
- **Waterfront Premium** — Price uplift from inelastic waterfront supply at identical hard cost. See [[concept-margin-of-safety-waterfront]].
- **WKSI (Well-Known Seasoned Issuer)** — SEC fast-track status enabling rapid issuance. See [[concept-wksi-advantage]].
- **Yield Curve** — Term structure of interest rates; steepens when Fed cuts short end. See [[concept-yield-curve-dynamics]].