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Towards Proof-of-Work Cryptocurrency Valuation : Mining Games, Network Effects and the Social Value of Blockchain
Shanaev, Savva - 2019
In this study, a mathematical model of proof-of-work cryptocurrency valuation is developed based on the concepts of simultaneous equilibria in two mining games, the purchasing power parity in the system of equations of exchange and the network effects of transaction cost optimisation in the...
Persistent link: https://www.econbiz.de/10012890712
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Cryptocurrencies, Currency Competition, and the Impossible Trinity
Benigno, Pierpaolo - 2019
We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a...
Persistent link: https://www.econbiz.de/10012864381
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Does mining fuel bubbles? : An experimental study on cryptocurrency markets
Lambrecht, Marco; Sofianos, Andis; Xu, Yilong - 2021 - 1. Überarbeitung
The massive price bubbles of decentralized cryptocurrencies, such as Bitcoin, have created a puzzle for economists. How can a non-revenue-generating asset exhibit such extreme price dynamics, forming multiple episodes of bubbles and crashes since its creation? The answer is not straightforward,...
Persistent link: https://www.econbiz.de/10012521046
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Does mining fuel bubbles? : an experimental study on cryptocurrency markets
Lambrecht, Marco; Sofianos, Andis; Xu, Yilong - 2020
Recent years have seen an emergence of decentralized cryptocurrencies that were initially devised as a payment system, but are increasingly being recognized as investment instruments.The price trajectories of cryptocurrencies have raised questions among economists and policy-makers, especially...
Persistent link: https://www.econbiz.de/10012292788
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Cryptocurrencies, Currency Competition and the Impossible Trinity
Benigno, Pierpaolo; Schilling, Linda; Uhlig, Harald - 2021
We analyze a two-country economy with complete markets, featuring two national currencies as well as a global (crypto)currency. If the global currency is used in both countries, the national nominal interest rates must be equal and the exchange rate between the national currencies is a...
Persistent link: https://www.econbiz.de/10013235051
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Has COVID-19 changed the correlation between cryptocurrencies and stock markets?
Abdelkafi, Ines; Romdhane, Youssra Ben; Loukil, Sahar - In: European journal of government and economics : EJGE 12 (2023) 2, pp. 139-156
The COVID-19 pandemic has challenged the notion that cryptocurrencies are uncorrelated with traditional asset markets. This study uses VAR-OLS techniques to investigate the time-varying correlation between Bitcoin and three major European stock market indices from January 4, 2016, to February...
Persistent link: https://www.econbiz.de/10014445351
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The blockchain, plums, and lemons : information asymmetries & transparency in decentralized markets
Notheisen, Benedikt; Weinhardt, Christof - 2019
Despite a growing interest, researchers and practitioners still struggle to transfer the blockchain concept introduced … information, this study analyzes the effect of the blockchain's public transparency paradigm on behavioral patterns and market … outcomes. In line with prior research, our findings indicate that the blockchain's shared record mitigates adverse selection …
Persistent link: https://www.econbiz.de/10011979156
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The Blockchain, Plums, and Lemons - Information Asymmetries & Transparency in Decentralized Markets
Notheisen, Benedikt - 2019
Despite a growing interest, researchers and practitioners still struggle to transfer the blockchain concept introduced … information, this study analyzes the effect of the blockchain's public transparency paradigm on behavioral patterns and market … outcomes. In line with prior research, our findings indicate that the blockchain's shared record mitigates adverse selection …
Persistent link: https://www.econbiz.de/10012898959
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The rise of decentralized cryptocurrency exchanges : evaluating the role of airdrops and governance tokens
Makridis, Christos A.; Fröwis, Michael; Sridhar, Kiran; … - In: The journal of corporate finance : contracting, … 79 (2023), pp. 1-13
Persistent link: https://www.econbiz.de/10014250985
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On the quality of cryptocurrency markets : centralized versus decentralized exchanges
Barbon, Andrea; Ranaldo, Angelo - 2022 - This draft: April 2022
comprehensive dataset, we compare decentralized blockchain-based venues (DEXs) to centralized crypto exchanges (CEXs) assessing two …
Persistent link: https://www.econbiz.de/10013192214