8,113 research outputs found
Questions related to Bitcoin and other Informational Money
A collection of questions about Bitcoin and its hypothetical relatives
Bitguilder and Bitpenny is formulated. These questions concern technical issues
about protocols, security issues, issues about the formalizations of
informational monies in various contexts, and issues about forms of use and
misuse. Some questions are formulated in the more general setting of
informational monies and near-monies.
We also formulate questions about legal, psychological, and ethical aspects
of informational money. Finally we formulate a number of questions concerning
the economical merits of and outlooks for Bitcoin.Comment: 31 pages. In v2 the section on patterns for use and misuse has been
improved and expanded with so-called contaminations. Other small improvements
were made and 13 additional references have been include
Trends in crypto-currencies and blockchain technologies: A monetary theory and regulation perspective
The internet era has generated a requirement for low cost, anonymous and
rapidly verifiable transactions to be used for online barter, and fast settling
money have emerged as a consequence. For the most part, e-money has fulfilled
this role, but the last few years have seen two new types of money emerge.
Centralised virtual currencies, usually for the purpose of transacting in
social and gaming economies, and crypto-currencies, which aim to eliminate the
need for financial intermediaries by offering direct peer-to-peer online
payments.
We describe the historical context which led to the development of these
currencies and some modern and recent trends in their uptake, in terms of both
usage in the real economy and as investment products. As these currencies are
purely digital constructs, with no government or local authority backing, we
then discuss them in the context of monetary theory, in order to determine how
they may be have value under each. Finally, we provide an overview of the state
of regulatory readiness in terms of dealing with transactions in these
currencies in various regions of the world
Cryptocurrency with a Conscience: Using Artificial Intelligence to Develop Money that Advances Human Ethical Values
Cryptocurrencies like Bitcoin are offering new avenues for economic empowerment
to individuals around the world. However, they also provide a powerful tool that
facilitates criminal activities such as human trafficking and illegal weapons sales
that cause great harm to individuals and communities. Cryptocurrency advocates
have argued that the ethical dimensions of cryptocurrency are not qualitatively new,
insofar as money has always been understood as a passive instrument that lacks
ethical values and can be used for good or ill purposes. In this paper, we challenge
such a presumption that money must be ‘value-neutral.’ Building on advances in
artificial intelligence, cryptography, and machine ethics, we argue that it is possible
to design artificially intelligent cryptocurrencies that are not ethically neutral but
which autonomously regulate their own use in a way that reflects the ethical values
of particular human beings – or even entire human societies. We propose a technological framework for such cryptocurrencies and then analyse the legal, ethical, and
economic implications of their use. Finally, we suggest that the development of
cryptocurrencies possessing ethical as well as monetary value can provide human
beings with a new economic means of positively influencing the ethos and values
of their societies
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