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英国经济学家提出比特币均衡价格模型
近日,伦敦帝国理工学院金融学教授Emiliano Pagnotta和Andrea Buraschi提出了基于工作证明的网络理论结构,并已开发出一个在分散化金融网络中为比特币和其他资产定价的模型。作者指出,分散化的金融网络独特之处在于代币“同时发挥两种功能”。 除了作为资产发挥作用外,他们还鼓励矿工维护网络。 报告中的均衡价格是“消费者与矿工之间的相互作用的定点问题”的解决方案。
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https://www.coindesk.com/economi ... um-price-new-paper/
An Equilibrium Valuation of Bitcoin and Decentralized Network Assets
40 Pages Posted: 20 Mar 2018 Last revised: 25 Mar 2018
Emiliano Pagnotta
Imperial College Business School
Andrea Buraschi
University of Chicago - Booth School of Business; Imperial College Business School; Centre for Economic Policy Research (CEPR)
Date Written: March 21, 2018
Abstract
We address the valuation of bitcoins and other blockchain tokens in a new type of production economy: a decentralized financial network (DN). An identifying property of these assets is that contributors to the DN trust (miners) receive units of the same asset used by consumers of DN services. Therefore, the overall production (hashrate) and the bitcoin price are jointly determined. We characterize the demand for bitcoins and the supply of hashrate and show that the equilibrium price is obtained by solving a fixed-point problem and study its determinants. Price-hashrate “spirals” amplify demand and supply shocks.
Keywords: Bitcoin, blockchain, cryptocurrencies, crypto assets, mining, decentralization, trust, Ethereum, Litecoin, financial networks, hashrate, miners' competition, unity
JEL Classification: G12, G15, G18 |
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