new digital money. This Pivot addresses the foundations of the monetary problem raised by Bitcoin and followers, starting … with the game theory of Proof-of-Work as rent-seeking contest and a lively account of the different ways of trust that … consider this book an essential guide to the challenging new dimensions of digital money. Augusto Schianchi (M.Phil, Oxon) was …

We present a simple, finite-state search model to understand how the cross-sectional distribution of money affects its … value. We first document a network effect: the value of a given unit of money is higher when its distribution is even …. This approach is designed to be especially pertinent in the context of private issuance of money, in particular …