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Author: Erman Yılmaz
Publisher: Erman Yılmaz
ISBN:
Category : Science
Languages : en
Pages :
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Book Description
To its proponents, the cryptocurrency Bitcoin offers the potential to disrupt payment systems and traditional currencies. It has also been subject to security breaches and wild price fluctuations. This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired. During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months.
Author: Erman Yılmaz
Publisher: Erman Yılmaz
ISBN:
Category : Science
Languages : en
Pages :
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Book Description
To its proponents, the cryptocurrency Bitcoin offers the potential to disrupt payment systems and traditional currencies. It has also been subject to security breaches and wild price fluctuations. This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired. During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months.
Author: Roger Svensson
Publisher: Independently Published
ISBN:
Category :
Languages : en
Pages : 179
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Book Description
"There is little doubt that members of the cryptocurrency community have all the hallmarks of cult followers. For cult members wishing to be deprogrammed, as well as those seeking sound information and analysis, Bitcoin: Unlicensed Gambling is a most edifying and useful read." - Prof. Steve H. Hanke, founder and co-director of the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise, and a senior fellow and the director of the Troubled Currencies Project at the Cato Institute. Promoters claim that bitcoin is a new type of money, reduces transactions costs by abandoning intermediaries and will become a safe asset that they call "digital gold". In this book, we dissect these claims and explain what bitcoin really is. Economic theory states that money should reduce transaction costs for payments, loans, and relative valuations, which requires a stable value. We show that the extreme price volatility and the high transaction costs - especially the time component - make bitcoin almost useless as money. Bitcoin increases, instead of reduces, transactions costs. Furthermore, an intermediary exists - the miner - who charges a transaction fee. The fundamental value of assets is based on their cash flow or utility, which applies for shares, bonds, real estate, and intellectual property. Gold is the best-known store of value and a hedge against financial crisis and inflation. Bitcoin has no cash flow or utility, and statistics show that it is no hedge against anything. It is, in fact, pro-cyclical and its crashes of 50 % in 2018 and 2021 are unmatched by any of the main fiat currencies in the last 50 years. Bitcoin has no intrinsic value and is not anything at all like digital gold. Bitcoin is an open Ponzi scheme. The Ponzi is "open" since it is public knowledge that there are no assets at all backing a bitcoin. To the promoters of bitcoin, the lack of assets is "a feature and not a bug." The main function of the bitcoin network is simply unlicensed gambling, where new players redeem those who entered earlier. It is a zero-sum game. Finally, the bitcoin system has no responsible issuer. So, if the system breaks down, holders have nobody from whom to claim - or to whom to assign blame. Although bitcoin is nothing other than a public and decentralized ledger of accounts and transactions, the bitcoin network and its promoters have been very successful in increasing the market value of a bitcoin from 10 to 30,000 USD in 10 years. Promoters of bitcoin use methods that include: 1) distracting investors from which functions bitcoin has or does not have; 2) directing attention to irrelevant technobabble; and 3) manipulating trade and prices in the bitcoin market. Marketing of a strong brand and visual illusions in the form of physical glittering coins make the impression that bitcoin is something valuable. But we show that it is not. The average investor is succumbing to these successful methods and risks their house, savings, and pension. We show that bitcoin is also used for criminal activities such as ransomware payments, tax evasion, and money laundering. The bitcoin network consumes vast amounts of electricity and critical advanced computer chips, which consumption creates negative externalities in the form of higher prices and shortages in other sectors. With no fundamental function, not even providing governments with tax revenue specifically due from the unlicensed gambling that bitcoin really is, bitcoin's actual value for society is negative. We propose that, before there is more damage to the public, government gambling regulators immediately enforce existing regulations and take action to investigate those who operate the bitcoin network.
Author: Zhong Xu
Publisher: Routledge
ISBN: 1000545172
Category : Business & Economics
Languages : en
Pages : 295
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Book Description
Fintech, the integration of technology into the delivery of financial services, has revolutionized the world of Finance. This book introduces a new framework to study the concepts that underly Fintech while examining the driving forces and underlying logic behind Fintech-based innovation and predicting the future development of Fintech. The first three parts of the book cover the development and basics of Fintech and its relationship with inclusive finance, while later parts constitute a deep dive into several core issues surrounding Fintech. First, the book introduces an economic explanation of blockchain and its application in various scenarios based on the token paradigm. Second, it studies digital currency and discusses its impacts on payment systems, financial inclusion, monetary policy, and financial stability. Third, the authors explore how to build a compliant and effective market for data while protecting data privacy, impinging on the future development of AI application, the digital economy, and Fintech. Fourth, the book examines public policies related to Fintech, including regulatory technology, the regulation of financial activities of Big Tech companies, and how to promote financial inclusion. The title will appeal to scholars, students, and financial practitioners and regulators in a broad range of areas including economics, finance, technology, and public policy, especially Fintech, blockchain, and digital currency.
Author: Nikita Borisov
Publisher: Springer Nature
ISBN: 3662643227
Category : Computers
Languages : en
Pages : 529
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Book Description
This double volume constitutes the thoroughly refereed post-conference proceedings of the 25th International Conference on Financial Cryptography and Data Security, FC 2021, held online due to COVID-19, in March 2021. The 47 revised full papers and 4 short papers together with 3 as Systematization of Knowledge (SoK) papers were carefully selected and reviewed from 223 submissions. The accepted papers were organized according to their topics in 12 sessions: Smart Contracts, Anonymity and Privacy in Cryptocurrencies, Secure Multi-Party Computation, System and Application Security, Zero-Knowledge Proofs, Blockchain Protocols, Payment Channels, Mining, Scaling Blockchains, Authentication and Usability, Measurement, and Cryptography.
Author: Saralees Nadarajah
Publisher: MDPI
ISBN: 3039435337
Category : Business & Economics
Languages : en
Pages : 158
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Book Description
Blockchain and cryptocurrencies have recently captured the interest of academics and those in industry. Cryptocurrencies are essentially digital currencies that use blockchain technology and cryptography to facilitate secure and anonymous transactions. The cryptocurrency market is currently worth over $500 billion. Many institutions and countries are starting to understand and implement the idea of cryptocurrencies in their business models. This Special Issue will provide a collection of papers from leading experts in the area of blockchain and cryptocurrencies. The topics covered in this Special Issue will include but are not limited to the following: academic research on blockchain and cryptocurrencies; industrial applications of blockchain and cryptocurrencies; applications of fintech in academia and industry; the economics of blockchain technology, and the financial analysis and risk management with cryptocurrencies.
Author: Julien Riposo
Publisher: Springer Nature
ISBN: 3031313232
Category : Mathematics
Languages : en
Pages : 155
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Book Description
This book provides a foundation for the mathematics of blockchain. It is inspired by a general analysis and synthesis of the current knowledge of blockchain technology and starts by laying a foundation for the mathematics of blockchain. The aim is for research in the area of blockchain to lead their study from the construction highlighted in this book. First, the basis of a blockchain is set: block, transaction contents, block header, Merkle tree, nonce, Proof-of-Work. Connections with elliptic curves and cryptographic signatures are made. Second, the book ties this with a Graph and Matrix Theories approach and models the peer-to-peer relationship through the Bitcoin Network. Third, it is proposed further modelling, notably around halving, optimal storing, or diffusion of information, which are consequences of the mathematical foundation. The notion of Entropy of Privacy and the Particles model are introduced. Finally, the mathematical statements therein are proven and essential reminders can be found before each section, so the content can be accessible from a graduate level.
Author: Maria José Sousa
Publisher: CRC Press
ISBN: 1040112595
Category : Science
Languages : en
Pages : 257
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Book Description
At a time of growing environmental concerns and an urgent need for sustainable solutions, the intersection of blockchain technology and environmental sustainability is emerging as a powerful force for positive change. The environmental challenges of our time, including climate change, resource scarcity and the destruction of ecosystems, require innovative solutions that transcend geographical and political boundaries. Blockchain technology, with its decentralized and transparent nature, can not only track and verify environmental efforts, but also incentivize them.
Author: Munir Mandviwalla
Publisher: Springer Nature
ISBN: 3031611756
Category :
Languages : en
Pages : 464
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Book Description
Author: Raghavendra Rau
Publisher: Springer Nature
ISBN: 3030651177
Category : Business & Economics
Languages : en
Pages : 888
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Book Description
This handbook provides the first comprehensive overview of the fast-evolving alternative finance space and makes a timely and in-depth contribution to the literature in this area. Bringing together expert contributions in the field from both practitioners and academics, in one of the most dynamic parts of the financial sector, it provides a solid reference for this exciting discipline. Divided into six parts, Section 1 presents a high-level overview of the technologically-enabled finance space. It also offers a historical perspective on technological finance models and outlines different business models. Section 2 analyses digital currencies including guides to bitcoins, other cryptocurrencies, and blockchains. Section 3 addresses alternative payment systems such as digital money and asset tokenization. Section 4 deals with crowdfunding models from both a theoretical perspective and from a regulatory perspective. Section 5 discusses data-driven business models and includes a discussion of neural networks and deep learning. Finally, Section 6 discusses welfare implications of the technological finance revolution. This collection highlights the most current developments to date and the state-of-the-art in alternative finance, while also indicating areas of further potential. Acting as a roadmap for future research in this innovative and promising area of finance, this handbook is a solid reference work for academics and students whilst also appealing to industry practitioners, businesses and policy-makers.
Author: H. Kent Baker
Publisher: Emerald Group Publishing
ISBN: 1804553220
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
Bitcoin’s introduction as the first cryptoasset in 2009 ushered in a new era, generating much interest, excitement, and growth. A cryptoasset is a digital asset using blockchain technology to regulate the generation of new units and verify and secure transactions.
