Im Euroraum wird die Einführung eines digitalen Euro bereits seit Längerem diskutiert. Die Untersuchungsphase der Europäischen Zentralbank lief bereits seit Oktober 2021 und ging im Oktober 2023 in eine Vorbereitungsphase über. In anderen Ländern wird digitales Zentralbankgeld bereits...

We discuss the idea of a purely algorithmic universal world iCurrency set forth in: "https://ssrn.com/abstract=2542541" https://ssrn.com/abstract=2542541 and expanded in: "https://ssrn.com/abstract=3059330" https://ssrn.com/abstract=3059330 in light of recent developments, including Libra. Is...

Just as network effects can dramatically increase value through positive feedback, value can be lost as networks shrink due to competition or incompatibility. In the instance of cryptocurrency as a network and with Metcalfe's Law as the methodology, we illustrate by numerical example that...

In this paper we provide a mathematical derivation that links traditional time-value-of-money concepts to Metcalfe value, and use Bitcoin, Facebook as numerical examples of the proof. There is compelling evidence that suggests that the growth and price of bitcoin and other cryptocurrencies are...

We address the determination of bitcoin prices and decentralized security. Users forecast the transactional and resale value of holdings, pricing the risk of malicious systemic attacks. Miners contribute resources to protect against attackers, competing for block rewards. Bitcoin's design leads...

Can a monetary system in which privately issued cryptocurrencies circulate as media of exchange work? Is such a system stable? How should governments react to digital currencies? Can these currencies and government-issued money coexist? Are cryptocurrencies consistent with an efficient...

This paper summarizes the status of general-purpose central bank digital currencies (CBDCs) within seventeen countries and the Euro Area. This paper also documents the proposed design features and functionalities, if applicable, of each country's proposed or piloted CBDC. This paper finds that...

In an endowment economy, we analyze coexistence and competition between traditional fiat money (Dollar) and cryptocurrency (Bitcoin). Agents can trade consumption goods in either currency or hold on to currency for speculative purposes. A central bank ensures a Dollar inflation target, while...

Cryptocurrencies such as bitcoin or ethereum are gaining ground not only as alternative modes of payment, but also as platforms for financial innovation, particularly through token sales (ICOs). All of these ventures are based on decentralized, permissionless blockchain technology whose...