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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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Cryptocurrencies and Finance Theories
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A validade jurídica das provas registradas em redes blockchain no processo civil
TL;DR: In this paper, the authors evaluate the use of blockchain for preserving evidence records in a lawsuit, within the Brazilian civil proceedings, and conduct a brief study on the theme to understand better which kind of evidence means are legally admitted by national courts.
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Achieving Online and Scalable Information Integrity by Harnessing Social Spam Correlations
TL;DR: Spir Spiral as discussed by the authors leverages the correlations between different social data sources in geo-distributed sites to uncover social spam by leveraging correlations between distributed data sources, which can amplify the effectiveness of state-of-theart techniques to detect inappropriate posts by enabling efficient large-scale propagation of detection information across domains.
Risks of the Methodology for Forecasting the Price of Bitcoin and the Frequency of its Online Requests in the Digitalization of Economic Systems.
TL;DR: The practical value consists in determining that the minimum risks for the study of a time series dynamics of bitcoin price and frequency of requests for bitcoin price were demonstrated by the neural network methodology in comparison with the use of the ARIMA model and other methods of economic and mathematical modeling that proves the proposed methodology for determining the direction of the trend outside the study period.
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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.