Compliance bei Cryptocurrencies
In: ZRFC: risk, fraud & compliance : Prävention und Aufdeckung durch Compliance-Organisation, Heft 3
ISSN: 1867-8394
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In: ZRFC: risk, fraud & compliance : Prävention und Aufdeckung durch Compliance-Organisation, Heft 3
ISSN: 1867-8394
"A broad introduction to bitcoin--ideal for non-tech users, investors, and business executives; technical foundations of bitcoin and cryptographic currencies for developers, engineers, and software and systems architects; details of the bitcoin decentralized network, peer-to-peer architecture, transaction lifecycle, and security principles; offshoots of the bitcoin and blockchain inventions, including alternative chains, currencies, and applications; user stories, elegant analogies, examples, and code snippets illustrating key technical concepts"--Page [4] of cover
In: 112 Michigan Law Review First Impressions 38 (2013)
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In: Contemporary economic policy: a journal of Western Economic Association International, Band 34, Heft 3, S. 553-571
ISSN: 1465-7287
Cryptocurrencies are digital alternatives to traditional government‐issued paper monies. Given the current state of technology and skepticism regarding the future purchasing power of existing monies, why have cryptocurrencies failed to gain widespread acceptance? I offer an explanation based on network effects and switching costs. In order to articulate the problem that agents considering cryptocurrencies face, I employ a simple model developed by Dowd and Greenaway (1993) (Dowd, K., and D. Greenaway. "Currency Competition, Network Externalities, and Switching Costs: Towards an Alternative View of Optimum Currency Areas." The Economic Journal, 103(420), 1993, 1180–89). The model demonstrates that agents may fail to adopt an alternative currency when network effects and switching costs are present, even if all agents agree that the prevailing currency is inferior. The limited success of bitcoin—almost certainly the most popular cryptocurrency to date—serves to illustrate. After briefly surveying episodes of successful monetary transition, I conclude that cryptocurrencies like bitcoin are unlikely to generate widespread acceptance in the absence of either significant monetary instability or government support. (JEL E40, E41, E42, E49)
In: MERCATUS WORKING PAPER
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Working paper
In: First Monday, Band 20
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In: Defence Against Terrorism Review, Vol. 6, No. 1, Spring&Fall 2014, pp. 7- 30
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In: 82 University of Chicago Law Review Dialogue 53 (2015)
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What is money, and how does it work? From ancient currency to Adam Smith, from the gold standard to shadow banking and the Great Recession. it's a sweeping, historical epic that traces the development and evolution of one of humankind's greatest inventions
In: Economy
In: William Mitchell Law Review, Band 40, Heft 813
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In: Journal of Financial Perspectives, Band 3, Heft 3
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In: SWIFT Institute Working Paper No. 2015-001
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In: CESifo working paper series 4980
In: Industrial organisation
We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the changes over time in exchange rate data among cryptocurrencies. Specifically, we look at two aspects: (1) competition among different currencies, and (2) competition among exchanges where those currencies are traded. Our data suggest that the winner-take-all effect is dominant early in the market. During this period, when Bitcoin becomes more valuable against the U.S. dollar, it also becomes more valuable against other cryptocurrencies. This trend is reversed in the later period. The data in the later period are consistent with the use of cryptocurrencies as financial assets (popularized by Bitcoin), and not consistent with "winner-take-all" dynamics.