| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w24717
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| 来源ID | Working Paper 24717
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| The Economic Limits of Bitcoin and the Blockchain |
| Eric Budish
|
| 发表日期 | 2018-06-18
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| 出版年 | 2018
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| 语种 | 英语
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| 摘要 | The amount of computational power devoted to anonymous, decentralized blockchains such as Bitcoin's must simultaneously satisfy two conditions in equilibrium: (1) a zero-profit condition among miners, who engage in a rent-seeking competition for the prize associated with adding the next block to the chain; and (2) an incentive compatibility condition on the system's vulnerability to a “majority attack”, namely that the computational costs of such an attack must exceed the benefits. Together, these two equations imply that (3) the recurring, “flow”, payments to miners for running the blockchain must be large relative to the one-off, “stock”, benefits of attacking it. This is very expensive! The constraint is softer (i.e., stock versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any majority attack is a “sabotage” in that it causes a collapse in the economic value of the blockchain; however, reliance on non-repurposable technology for security and vulnerability to sabotage each raise their own concerns, and point to specific collapse scenarios. In particular, the model suggests that Bitcoin would be majority attacked if it became sufficiently economically important — e.g., if it became a “store of value” akin to gold — which suggests that there are intrinsic economic limits to how economically important it can become in the first place. |
| 主题 | Other
; General, Teaching
; Microeconomics
; Market Structure and Distribution
; General Equilibrium
; Macroeconomics
; Money and Interest Rates
; Financial Economics
; Financial Markets
; Portfolio Selection and Asset Pricing
; Financial Institutions
; Behavioral Finance
; Industrial Organization
; Industry Studies
; Culture
|
| URL | https://www.nber.org/papers/w24717
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582390
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推荐引用方式
GB/T 7714 |
Eric Budish. The Economic Limits of Bitcoin and the Blockchain. 2018.
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文件名：
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w24717.pdf
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格式：
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Adobe PDF
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