| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w26265
|
| 来源ID | Working Paper 26265
|
| The ICO Paradox: Transactions Costs, Token Velocity, and Token Value |
| Richard Holden; Anup Malani
|
| 发表日期 | 2019-09-16
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | Blockchain technology offers firms a novel method of raising capital, via so-called Initial Coin Offerings (ICOs). In the most novel form of an ICO, a firm creates digital assets called “utility tokens” that are tracked on a blockchain-based ledger; requires that its product be purchased only with those tokens; and then raises capital by selling these tokens to investors prior to creating any saleable product. We point out a fundamental paradox with the use of ICOs involving utility tokens. Requiring the use of utility tokens to purchase the firm's product increases the cost of that product by an amount proportional to the cost of running the blockchain that tracks the utility token. In order to increase product revenue—and thus capital raised via an ICO—the firm will want to reduce these blockchain-operating costs. Doing so, however, increases the number of utility-token transactions that take place in any time interval, i.e., increases token velocity and thus the effective supply of tokens. By Fisher's equation, this lowers the dollar value of tokens and thus the amount investors are willing to pay for them. This paradox limits the value of utility-token ICOs. We discuss alternatives to and variations of utility tokens that can mitigate the conundrum. |
| 主题 | Financial Economics
; Portfolio Selection and Asset Pricing
; Corporate Finance
; Industrial Organization
; Market Structure and Firm Performance
|
| URL | https://www.nber.org/papers/w26265
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583938
|
推荐引用方式
GB/T 7714 |
Richard Holden,Anup Malani. The ICO Paradox: Transactions Costs, Token Velocity, and Token Value. 2019.
|
|
文件名：
|
w26265.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
