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"Zero Cost'' Majority Attacks on Permissionless Blockchains
Gans, Joshua; Hałaburda, Hanna - National Bureau of Economic Research - 2023
Permissionless blockchains were constructed with a view to being sustainably secure. At the heart of blockchain … propose blocks that would be added to the blockchain. A key rationale for that cost was to make attacks on the network, which …
Persistent link: https://www.econbiz.de/10014322860
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Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
Raskin, Max - 2016
may pressure central banks to pursue tighter monetary policy. More interestingly, the blockchain technology behind digital …
Persistent link: https://www.econbiz.de/10012456437
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Can Currency Competition Work?
Fernández-Villaverde, Jesús - 2016
Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including...
Persistent link: https://www.econbiz.de/10012456518
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The Rise of E-Wallets and Buy-Now-Pay-Later : Payment Competition, Credit Expansion, and Consumer Behavior
Bian, Wenlong; Cong, Lin William; Ji, Yang - National Bureau of Economic Research - 2023
The past decade has witnessed a phenomenal rise of digital wallets, and the COVID-19 pandemic further accelerated their adoption globally. Such e-wallets provide not only a conduit to external bank accounts but also internal payment options, including the ever-popular Buy-Now-Pay-Later (BNPL)....
Persistent link: https://www.econbiz.de/10014287303
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A Theory of Payments-Chain Crises
Bigio, Saki - National Bureau of Economic Research - 2023
This paper introduces an endogenous network of payments chains into a business cycle model. Agents order production in bilateral relations. Some payments are executed immediately. Other payments, chained payments, are delayed until other payments are executed. Because production starts only...
Persistent link: https://www.econbiz.de/10013537753
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How Abundant Are Reserves? Evidence from the Wholesale Payment System
Afonso, Gara; Duffie, Darrell; Rigon, Lorenzo; Shin, … - National Bureau of Economic Research - 2022
Before the era of large central bank balance sheets, banks relied on incoming payments to fund outgoing payments in order to conserve scarce liquidity. Even in the era of large central bank balance sheets, rather than funding payments with abundant reserve balances, we show that outgoing...
Persistent link: https://www.econbiz.de/10013477228
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How Good Are Privacy Guarantees? Platform Architecture and Violation of User Privacy
Acemoglu, Daron; Fallah, Alireza; Makhdoumi, Ali; … - National Bureau of Economic Research - 2023
Many platforms deploy data collected from users for a multitude of purposes. While some are beneficial to users, others are costly to their privacy. The presence of these privacy costs means that platforms may need to provide guarantees about how and to what extent user data will be harvested...
Persistent link: https://www.econbiz.de/10014322800
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Data, Privacy Laws and Firm Production : Evidence from the GDPR
Demirer, Mert; Jiménez Hernández, Diego; Li, Dean; … - National Bureau of Economic Research - 2024
By regulating how firms collect, store, and use data, privacy laws may change the role of data in production and alter firm demand for information technology inputs. We study how firms respond to privacy laws in the context of the EU's General Data Protection Regulation (GDPR) by using seven...
Persistent link: https://www.econbiz.de/10014486237
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Blockchain Economics
Abadi, Joseph - 2018
When is record-keeping better arranged through a blockchain than through a traditional centralized intermediary? The … out a blockchain trilemma: no ledger can satisfy all three properties simultaneously. A centralized record-keeper extracts …
Persistent link: https://www.econbiz.de/10012481054
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The Economic Limits of Bitcoin and the Blockchain
Budish, Eric - 2018
, these two equations imply that (3) the recurring, "flow", payments to miners for running the blockchain must be large … versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any … majority attack is a "sabotage" in that it causes a collapse in the economic value of the blockchain; however, reliance on non …
Persistent link: https://www.econbiz.de/10012453003