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The Economics of Cryptocurrencies

The Economics of Cryptocurrencies PDF Author: J. Mark Munoz
Publisher: Routledge
ISBN: 0429577796
Category : Business & Economics
Languages : en
Pages : 108

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Book Description
Cryptocurrencies have had a profound effect on financial markets worldwide. This edited book aims to explore the economic implications of the use of cryptocurrencies. Drawing from chapter contributors from around the world, the book will be a valuable resource on the economics of cryptocurrencies. The intended audience is composed of academics, corporate leaders, entrepreneurs, government leaders, consultants and policy makers worldwide. Over the past few years, the topic of cryptocurrencies has gained global attention and has been the subject of discussion in various news media, in policy-making bodies and government entities, and in financial institutions, classrooms and boardrooms. Despite widespread interest, much remains unknown on what the economic implications of cryptocurrencies are. This book enhances the reader’s understanding of cryptocurrencies, its impact on industry and its implications on the political and economic environment. Drawing from chapter contributions from leading academics and thought leaders from around the world, this book is the definitive guide on the economics of cryptocurrencies. There is scarcity of well conceived, academically grounded literature on the impact of cryptocurrencies on industry, politics and economics. This pioneering book provides up-to-date and in-depth analysis on the subject. The book will be appealing to academic communities, business professionals and entrepreneurs in their quest for better understanding the challenges and opportunities brought about by cryptocurrencies. Consultants, government officials and policy makers will find the information helpful in defining strategic pathways into the future.

The Economics of Cryptocurrencies

The Economics of Cryptocurrencies PDF Author: J. Mark Munoz
Publisher: Routledge
ISBN: 0429577796
Category : Business & Economics
Languages : en
Pages : 108

View

Book Description
Cryptocurrencies have had a profound effect on financial markets worldwide. This edited book aims to explore the economic implications of the use of cryptocurrencies. Drawing from chapter contributors from around the world, the book will be a valuable resource on the economics of cryptocurrencies. The intended audience is composed of academics, corporate leaders, entrepreneurs, government leaders, consultants and policy makers worldwide. Over the past few years, the topic of cryptocurrencies has gained global attention and has been the subject of discussion in various news media, in policy-making bodies and government entities, and in financial institutions, classrooms and boardrooms. Despite widespread interest, much remains unknown on what the economic implications of cryptocurrencies are. This book enhances the reader’s understanding of cryptocurrencies, its impact on industry and its implications on the political and economic environment. Drawing from chapter contributions from leading academics and thought leaders from around the world, this book is the definitive guide on the economics of cryptocurrencies. There is scarcity of well conceived, academically grounded literature on the impact of cryptocurrencies on industry, politics and economics. This pioneering book provides up-to-date and in-depth analysis on the subject. The book will be appealing to academic communities, business professionals and entrepreneurs in their quest for better understanding the challenges and opportunities brought about by cryptocurrencies. Consultants, government officials and policy makers will find the information helpful in defining strategic pathways into the future.

Cryptocurrency

Cryptocurrency PDF Author: Congressional Research Service
Publisher: Independently Published
ISBN: 9781793088772
Category :
Languages : en
Pages : 34

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Book Description
Cryptocurrencies are digital money in electronic payment systems that generally do not require government backing or the involvement of an intermediary, such as a bank. Instead, users of the system validate payments using certain protocols. Since the 2008 invention of the first cryptocurrency, Bitcoin, cryptocurrencies have proliferated. In recent years, they experienced a rapid increase and subsequent decrease in value. One estimate found that, as of August 2018, there were nearly 1,900 different cryptocurrencies worth about $220 billion. Given this rapid growth and volatility, cryptocurrencies have drawn the attention of the public and policymakers. A particularly notable feature of cryptocurrencies is their potential to act as an alternative form of money. Historically, money has either had intrinsic value or derived value from government decree. Using money electronically generally has involved using the private ledgers and systems of at least one trusted intermediary. Cryptocurrencies, by contrast, generally employ user agreement, a network of users, and cryptographic protocols to achieve valid transfers of value. Cryptocurrency users typically use a pseudonymous address to identify each other and a passcode or private key to make changes to a public ledger in order to transfer value between accounts. Other computers in the network validate these transfers. Through this use of blockchain technology, cryptocurrency systems protect their public ledgers of accounts against manipulation, so that users can only send cryptocurrency to which they have access, thus allowing users to make valid transfers without a centralized, trusted intermediary. Money serves three interrelated economic functions: it is a medium of exchange, a unit of account, and a store of value. How well cryptocurrencies can serve those functions relative to existing money and payment systems likely will play a large part in determining cryptocurrencies' future value and importance. Proponents of the technology argue cryptocurrency can effectively serve those functions and will be widely adopted. They contend that a decentralized system using cryptocurrencies ultimately will be more efficient and secure than existing monetary and payment systems. Skeptics doubt that cryptocurrencies can effectively act as money and achieve widespread use. They note various obstacles to extensive adoption of cryptocurrencies, including economic (e.g., existing trust in traditional systems and volatile cryptocurrency value), technological (e.g., scalability), and usability obstacles (e.g., access to equipment necessary to participate). In addition, skeptics assert that cryptocurrencies are currently overvalued and under-regulated. The invention and proliferation of cryptocurrencies present numerous risks and related policy issues. Cryptocurrencies, because they are pseudonymous and decentralized, could facilitate money laundering and other crimes, raising the issue of whether existing regulations appropriately guard against this possibility. Many consumers may lack familiarity with cryptocurrencies and how they work and derive value. In addition, although cryptocurrency ledgers appear safe from manipulation, individuals and exchanges have been hacked or targeted in scams involving cryptocurrencies. Accordingly, critics of cryptocurrencies have raised concerns that existing laws and regulations do not adequately protect consumers dealing in cryptocurrencies. At the same time, proponents of cryptocurrencies warn against over-regulating what they argue is a technology that will yield large benefits. Finally, if cryptocurrency becomes a widely used form of money, it could affect the ability of the Federal Reserve and other central banks to implement and transmit monetary policy, leading some observers to argue that central banks should develop their own digital currencies (as opposed to a cryptocurrency); others oppose this idea.

Beyond Bitcoin

Beyond Bitcoin PDF Author: Hanna Halaburda
Publisher: Springer Nature
ISBN: 3030889319
Category : Bitcoin
Languages : en
Pages : 223

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Book Description
Over the last few years, we have witnessed an upsurge of enthusiasm about cryptocurrencies and, more generally, the so-called blockchain technology. In this new and updated edition, the authors explore what exactly these new technologies entail and promise. They argue that to understand the potential challenges and further developments in the market, one needs to develop an understanding of what needs these innovations fulfill and what business models are consistent with their use. For that, we need to sufficiently understand both the technology and how it affects the economic forces at play. This book goes beyond the headlines that say blockchain will decentralize everything and provides in-depth, rigorous analysis of what can be effectively decentralized and how this decentralization will work. The book draws not only on the general knowledge of digital currencies and blockchain technologies, but also on recent academic research on the topic. Featuring a fully updated chapter on cryptocurrencies and new chapters on smart contracts and enterprise blockchains, this book is critical reading for those interested in how technology developments impact business and society. Hanna Halaburda is Associate Professor of Technology, Operations and Statistics at the Stern School of Business at New York University, USA. Previously, she was on an assistant professor at Harvard Business School, USA; a visiting scholar at Columbia University, USA; and a senior economist at the Bank of Canada. Her research specializes in the economics of digital currencies, platform competition, and the impact of technology on firms' strategy. Miklos Sarvary is the Carson Family Professor of Business at Columbia Business School, USA, where he serves as Faculty Director of the Media and Technology Program. Previously, he was on the faculty at Stanford University, USA; Harvard University, USA; and INSEAD. His research has focused on information and news markets, social network competition and, more recently, online advertising effectiveness. Guillaume Haeringer is Associate Professor at the Zicklin School of Business at Baruch College, USA. Previously he was visiting faculty at Stanford University, USA; on the faculty at the Universitat Autonoma de Barcelona, Spain; lecturer at the University of Warwick, UK. His research focuses on market design, matching theory, game theory and the economics of cryptocurrencies.

The Economics of Cryptocurrencies

The Economics of Cryptocurrencies PDF Author: Jonathan Chiu
Publisher:
ISBN:
Category : Bitcoin
Languages : en
Pages :

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The Economics of Cryptocurrency. Incentivizing Decentralisation

The Economics of Cryptocurrency. Incentivizing Decentralisation PDF Author: Toochukwu Obasi
Publisher:
ISBN: 9783668763715
Category :
Languages : en
Pages : 24

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Book Description
Academic Paper from the year 2017 in the subject Business economics - Investment and Finance, Obafemi Awolowo University, course: Economics, language: English, abstract: The economics of cryptoassets, which includes cryptocurrencies and tokens, is more than simply the interaction of economically rational individuals in an adversarial environment, but extends into the intricate dynamics of finding balance in the creation of value for a digital product in a new digital marketplace. Economics of cryptoassets therefore combines the knowledge of supply and demand, scarcity, applicable game-theoretic concepts and rational human decision-making to devise an autonomous decentralized store of value protected by cryptography to secure its past and economic incentives to protect its future.

The Economics of Cryptocurrency Pump and Dump Schemes

The Economics of Cryptocurrency Pump and Dump Schemes PDF Author: J. T. Hamrick
Publisher:
ISBN:
Category : Cryptocurrencies
Languages : en
Pages : 19

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Book Description
The surge of interest in cryptocurrencies has been accompanied by a proliferation of fraud. This paper examines a pervasive tactic long known to financial markets: pump and dump schemes. While the fundamentals of the ruse have not changed in the last century, the recent explosion of nearly 2,000 cryptocurrencies in a largely unregulated environment has greatly expanded the scope for abuse. The paper first quantifies the scope of cryptocurrency pump and dump on Discord and Telegram, two widely popular group messaging platforms with 130 million users and 200 million users respectively. Both platforms can handle large groups with thousands of users, and they are the most popular outlets for pump and dump schemes involving cryptocurrencies. We identified 3,767 different pump signals advertised on Telegram and another 1,051 different pump signals advertised on Discord during a six-month period in 2018. The schemes promoted more than 300 cryptocurrencies. These comprehensive data provide the first measure of the scope of pump and dump schemes across cryptocurrencies and suggest that this phenomenon is widespread and often quite profitable. This should raise concerns among regulators. We then examine which factors that affect the "success" of the pump, as measured by the percentage increase in price near the pump signal. We find that the coin's rank (market capitalization/volume) is the most important factor in determining the profitability of the pump: pumping obscure coins (with low volume) is much more profitable than pumping the dominant coins in the ecosystem.

Essays on the Economics of Cryptocurrencies

Essays on the Economics of Cryptocurrencies PDF Author: Engin Iyidogan
Publisher:
ISBN:
Category :
Languages : en
Pages :

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The Economics of Blockchain and Cryptocurrency

The Economics of Blockchain and Cryptocurrency PDF Author: James L. Caton
Publisher: Edward Elgar Publishing
ISBN: 9781800882331
Category :
Languages : en
Pages : 240

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Book Description
This timely book is an innovative look at how blockchain technology will transform the structure of social and economic life. The security of blockchain supports the provision and maintenance of reliable databases and the creation of rule-based governance protocols. Leading contributors expertly review the impact of blockchain on existing structures of law, monetary systems, supply chains and business organizations. Using economic and institutional theory, the book presents a vision for understanding the future development of blockchain technology and outlines the likely path of transformation that blockchain will drive in industry, supply chains and firms. Furthermore, it answers key questions such as: will Bitcoin or another cryptocurrency become the money of the future? How has blockchain already begun transforming economic activity? How can we evaluate the likely trajectory of technological development and application? This informative book is an excellent resource for academics or professionals interested in a theoretically sound perspective on blockchain. Written in an accessible prose, it provides an introduction for non-experts looking to learn more about the wide-ranging implications of blockchain and cryptocurrency.

Blockchain and Cryptocurrencies

Blockchain and Cryptocurrencies PDF Author: Saralees Nadarajah
Publisher: MDPI
ISBN: 3039435337
Category : Business & Economics
Languages : en
Pages : 158

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Book Description
Blockchain and cryptocurrencies have recently captured the interest of academics and those in industry. Cryptocurrencies are essentially digital currencies that use blockchain technology and cryptography to facilitate secure and anonymous transactions. The cryptocurrency market is currently worth over $500 billion. Many institutions and countries are starting to understand and implement the idea of cryptocurrencies in their business models. This Special Issue will provide a collection of papers from leading experts in the area of blockchain and cryptocurrencies. The topics covered in this Special Issue will include but are not limited to the following: academic research on blockchain and cryptocurrencies; industrial applications of blockchain and cryptocurrencies; applications of fintech in academia and industry; the economics of blockchain technology, and the financial analysis and risk management with cryptocurrencies.

Beyond Bitcoin

Beyond Bitcoin PDF Author: Hanna Halaburda
Publisher: Palgrave Macmillan
ISBN: 9783030889302
Category : Business & Economics
Languages : en
Pages : 213

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Book Description
Over the last few years, we have witnessed an upsurge of enthusiasm about cryptocurrencies and, more generally, the so-called blockchain technology. In this new and updated edition, the authors explore what exactly these new technologies entail and promise. They argue that to understand the potential challenges and further developments in the market, one needs to develop an understanding of what needs these innovations fulfill and what business models are consistent with their use. For that, we need to sufficiently understand both the technology and how it affects the economic forces at play. This book goes beyond the headlines that say “blockchain will decentralize everything” and provides in-depth, rigorous analysis of what can be effectively decentralized and how this decentralization will work. The book draws not only on the general knowledge of digital currencies and blockchain technologies, but also on recent academic research on the topic. Featuring a fully updated chapter on cryptocurrencies and new chapters on smart contracts and enterprise blockchains, this book is critical reading for those interested in how technology developments impact business and society.