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Many models have been developed to model, estimate and forecast financial time series volatility, amongst which are the most popular autoregressive conditional heteroscedasticity (ARCH) model introduced by Engle (1982) and generalized autoregressive conditional heteroscedasticity (GARCH) model introduced by Bollerslev (1986). The aim of this paper is to determine which type of ARCH/GARCH models can fit the best following cryptocurrencies: Ethereum, Neo, Ripple, Litecoin, Dash, Zcash and Dogecoin. It is found that the EGARCH model is the best fitted model for Ethereum, Zcash and Neo, PARCH model is the best fitted model for Ripple, while for Litecoin, Dash and Dogecoin it depends on the selected distribution and information criterion.

Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain-based transaction ledger, maintained through proofs-of-work that also serve to generate a monetary supply. Such decentralization has benefits, such as independence from national political control, but also significant limitations in terms of computational costs and scalability. We introduce RSCoin, a cryptocurrency framework in which central banks maintain complete control over the monetary supply, but rely on a distributed set of authorities, or mintettes, to prevent double-spending. While monetary policy is centralized, RSCoin still provides strong transparency and auditability guarantees. We demonstrate, both theoretically and experimentally, the benefits of a modest degree of centralization, such as the elimination of wasteful hashing and a scalable system for avoiding double-spending attacks.

"Cryptocurrencies have had a profound effect on financial markets worldwide. The 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 are 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, financial institutions, classroom and the boardroom. 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 would find the information helpful in defining strategic pathways into the future."

The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis-?-vis central-bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and the ethical implications arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, government capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private-property rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas. ; Spanish Ministry of Economy and Competitiveness (GrantNumber(s): ECO2017-84864-P; Grant recipient(s): Luis Pablo de la Horra)