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The Role of Cryptographic Tokens and ICOs in Fostering Platform Adoption

Bakos, Yannis; Halaburda, Hanna - 2019

Platform-specific digital tokens are becoming increasingly common with the proliferation of initial coin offerings (ICOs). In addition to a novel financing mechanism, such tokens can help address the coordination problem that is common in network adoption. We develop a model to investigate the...

Persistent link: https://www.econbiz.de/10012052858

Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies

Auer, Raphael A.; Cornelli, Giulio; Frost, Jon - 2020

Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance vary across countries, as do the policy approaches and technical designs. We investigate the economic and institutional drivers of CBDC development and take stock of design...

Persistent link: https://www.econbiz.de/10012425561

Embedded Supervision: How to Build Regulation into Decentralised Finance

Auer, Raphael A. - 2022

with blockchain-enabled credibility based on economic consensus. The key results set out the conditions under which the …

Persistent link: https://www.econbiz.de/10013353383

Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments

Auer, Raphael A.; Tercero-Lucas, David - 2021

Employing representative data from the U.S. Survey of Consumer Payment Choice, we disprove the hypothesis that cryptocurrency investors are motivated by distrust in fiat currencies or regulated finance. Compared with the general population, investors show no differences in their level of...

Persistent link: https://www.econbiz.de/10012657993

Distributed Ledgers and the Governance of Money

Auer, Raphael A.; Monnet, Cyril; Shin, Hyun Song - 2021

Blockchain technology breathes new life into the classical analysis of money as a substitute for a ledger of all past …

Persistent link: https://www.econbiz.de/10012799741

An Equilibrium Model of the Market for Bitcoin Mining

Prat, Julien; Walter, Benjamin - 2018

We propose a model which uses the Bitcoin/US dollar exchange rate to predict the computing power of the Bitcoin network. We show that free entry places an upper-bound on mining revenues and we devise a structural framework to measure its value. Calibrating the model’s parameters allows us to...

Persistent link: https://www.econbiz.de/10011794204

An Economic Analysis of Blockchains

Waelbroeck, Patrick - 2018

The blockchain is a technology that goes beyond timestamping, bitcoin and secure financial transactions. The … development of an ecosystem around smart connected objects will probably not happen without the blockchain (in one form or another …). The blockchain opens the door to the liquification of the physical world, to the economy of real-time micro …

Persistent link: https://www.econbiz.de/10011815786

The Microeconomics of Cryptocurrencies

Halaburda, Hanna; Haeringer, Guillaume; Gans, Joshua; … - 2021

Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature...

Persistent link: https://www.econbiz.de/10012492987

Cybercrime on the Ethereum Blockchain

Hornuf, Lars; Momtaz, Paul P.; Nam, Rachel J.; Yuan, Ye - 2023

We propose a taxonomy of cybercrime on the Ethereum blockchain and examine how cybercrime impacts victims’ risk …

Persistent link: https://www.econbiz.de/10014352598

Democratization and the size of government: Evidence from the long 19th century

Aidt, Toke; Jensen, Peter S. - 2013

We study the consequences of franchise extension and ballot reform for the size of government in Western Europe between 1820 and 1913. We find that franchise extension exhibits a U-shaped association with revenue per capita and a positive association with spending per capita. Instrumental...

Persistent link: https://www.econbiz.de/10010291879

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