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Bitcoin: Economics, Technology, and Governance
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In this paper, the authors present the design principles and properties of Bitcoin for a non-technical audience, reviews its past, present and future uses, and points out risks and regulatory issues as Bitcoin interacts with the conventional financial system and real economy.Abstract:
Bitcoin is an online communication protocol that facilitates virtual currency including electronic payments. Since its inception in 2009 by an anonymous group of developers, Bitcoin has served tens of millions of transactions with total dollar value in the billions. Users have been drawn to Bitcoin for its decentralization, intentionally relying on no single server or set of servers to store transactions and also avoiding any single party that can ban certain participants or certain types of transactions. Bitcoin is of interest to economists in part for its potential to disrupt existing payment systems and perhaps monetary systems, and also for the wealth of data it provides about agents’ behavior and about the Bitcoin system itself. This article presents the platform’s design principles and properties for a non-technical audience, reviews its past, present and future uses, and points out risks and regulatory issues as Bitcoin interacts with the conventional financial system and the real economy.read more
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Posted Content
Forecasting Realized Volatility of Bitcoin Returns: Tail Events and Asymmetric Loss
TL;DR: In this article, the authors use intra-day data to construct measures of the realized volatility of bitcoin returns and then use the heterogeneous autoregressive realized volatility (HAR-RV) model to study whether indices which capture the tail behaviour (heavy-tailedness and asymmetry) of the daily returns distribution help to forecast subsequent realized volatility.
References
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New Directions in Cryptography
TL;DR: This paper suggests ways to solve currently open problems in cryptography, and discusses how the theories of communication and computation are beginning to provide the tools to solve cryptographic problems of long standing.
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Tor: the second-generation onion router
TL;DR: This second-generation Onion Routing system addresses limitations in the original design by adding perfect forward secrecy, congestion control, directory servers, integrity checking, configurable exit policies, and a practical design for location-hidden services via rendezvous points.
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Blind Signatures for Untraceable Payments
TL;DR: Automation of the way the authors pay for goods and services is already underway, as can be seen by the variety and growth of electronic banking services available to consumers.
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A program for monetary stability
TL;DR: The only really sure way to beat inflation is to cut off inflation at the root as mentioned in this paper, and this is controversial stuff, and Professor Friedman doesn't blanch at what he feels is his call of duty.
Journal ArticleDOI
Bitcoin, gold and the dollar – A GARCH volatility analysis
TL;DR: In this article, the authors explored the financial asset capabilities of bitcoin using GARCH models and found that bitcoin can be classified as something in between gold and the American dollar on a scale from pure medium of exchange advantages to pure store of value advantages.