| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26816 |
| 来源ID | Working Paper 26816 |
| A Model of Cryptocurrencies | |
| Michael Sockin; Wei Xiong | |
| 发表日期 | 2020-03-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We model a cryptocurrency as membership in a decentralized digital platform developed to facilitate transactions between users of certain goods or services. The rigidity induced by the cryptocurrency price having to clear membership demand with supply of token by speculators, especially with strong complementarity in membership demand, can lead to market breakdown. While user optimism mitigates the market fragility by increasing user participation, speculator sentiment exacerbates it by crowding users out. Informational frictions attenuate the risk of breakdown by dampening price volatility and platform performance. Furthermore, the users' anticipation of losses from strategic attacks by miners exacerbates the market fragility. |
| 主题 | Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w26816 |
| 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/584490 |
| 推荐引用方式 GB/T 7714 | Michael Sockin,Wei Xiong. A Model of Cryptocurrencies. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26816.pdf（468KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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