1,637 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
Architectural Adequacy and Evolutionary Adequacy as Characteristics of a Candidate Informational Money
For money-like informational commodities the notions of architectural
adequacy and evolutionary adequacy are proposed as the first two stages of a
moneyness maturity hierarchy. Then three classes of informational commodities
are distinguished: exclusively informational commodities, strictly
informational commodities, and ownable informational commodities. For each
class money-like instances of that commodity class, as well as monies of that
class may exist.
With the help of these classifications and making use of previous assessments
of Bitcoin, it is argued that at this stage Bitcoin is unlikely ever to evolve
into a money. Assessing the evolutionary adequacy of Bitcoin is perceived in
terms of a search through its design hull for superior design alternatives.
An extensive comparison is made between the search for superior design
alternatives to Bitcoin and the search for design alternatives to a specific
and unconventional view on the definition of fractions.Comment: 25 page
Bitcoin: a Money-like Informational Commodity
The question "what is Bitcoin" allows for many answers depending on the
objectives aimed at when providing such answers. The question addressed in this
paper is to determine a top-level classification, or type, for Bitcoin. We will
classify Bitcoin as a system of type money-like informational commodity (MLIC)
Some stylized facts of the Bitcoin market
In recent years a new type of tradable assets appeared, generically known as cryptocurrencies. Among them, the most widespread is Bitcoin. Given its novelty, this paper investigates some statistical properties of the Bitcoin market. This study compares Bitcoin and standard currencies dynamics and focuses on the analysis of returns at different time scales. We test the presence of long memory in return time series from 2011 to 2017, using transaction data from one Bitcoin platform. We compute the Hurst exponent by means of the Detrended Fluctuation Analysis method, using a sliding window in order to measure long range dependence. We detect that Hurst exponents changes significantly during the first years of existence of Bitcoin, tending to stabilize in recent times. Additionally, multiscale analysis shows a similar behavior of the Hurst exponent, implying a self-similar process.Fil: Fernández, Aurelio. Universitat Rovira I Virgili; España. Consejo Nacional de Investigaciones CientÃficas y Técnicas; ArgentinaFil: Basgall, MarÃa José. Universidad Nacional de la Plata. Facultad de Informatica. Instituto de Investigación En Informatica Lidi; Argentina. Consejo Nacional de Investigaciones CientÃficas y Técnicas; ArgentinaFil: Hasperué, Waldo. Universidad Nacional de la Plata. Facultad de Informatica. Instituto de Investigación En Informatica Lidi; Argentina. Consejo Nacional de Investigaciones CientÃficas y Técnicas; ArgentinaFil: Naiouf, Ricardo Marcelo. Universidad Nacional de la Plata. Facultad de Informatica. Instituto de Investigación En Informatica Lidi; Argentin
Some stylized facts of the Bitcoin market
In recent years a new type of tradable assets appeared, generically known as
cryptocurrencies. Among them, the most widespread is Bitcoin. Given its
novelty, this paper investigates some statistical properties of the Bitcoin
market. This study compares Bitcoin and standard currencies dynamics and
focuses on the analysis of returns at different time scales. We test the
presence of long memory in return time series from 2011 to 2017, using
transaction data from one Bitcoin platform. We compute the Hurst exponent by
means of the Detrended Fluctuation Analysis method, using a sliding window in
order to measure long range dependence. We detect that Hurst exponents changes
significantly during the first years of existence of Bitcoin, tending to
stabilize in recent times. Additionally, multiscale analysis shows a similar
behavior of the Hurst exponent, implying a self-similar process.Comment: 17 pages, 6 figures. arXiv admin note: text overlap with
arXiv:1605.0670
Bitcoin and Islamic Finance
It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the implausibility of interest payment in connection with Bitcoin, (ii) viewing a Bitcoin-like system as a money-like exclusively informational commodity with the implication that such a system need not support debt, (iii) the idea that Islamic Finance imposes different requirements compared to conventional financial policies on a money concerning its use as a tool for achieving social and economic objectives, and (iv) identification of two aspects of mining, gambling and lack of trust, that may both be considered problematic from the perspective of compliance with the rules of Islamic Finance and a corresponding proposal to modify the architecture of mining in order to improve compliance with these rules
Racing to Regulation: A Comparative Analysis of Virtual Currency Regulation in Alaska And the Proposed Alaska Money Services Act Carlos Manzano
The emergence of virtual currencies has revolutionized the financial industry by creating an alternative form of payment that seeks to insulate individuals from government and bank influence. Yet, federal regulation of virtual currency has remained limited. Many state legislators have rushed to fill the gap by enacting laws regulating virtual currency use and transmission. This state-by-state approach has led to significant variation between state regulatory regimes, creating a regulatory spectrum of lenient to strict regulatory approaches. In March 2017, Alaska House Representatives Zach Fansler and Sam Kito proposed the Alaska Money Services Act to require licensing for virtual currency activity. The bill’s proposed requirements lean towards the strict side of the regulatory spectrum, bringing the potential to drive virtual currency businesses away from Alaska. This Note proposes that Alaska legislators enact virtual currency legislation that adequately balances technological innovation with consumer protection through several recommendations, including: (1) enacting virtual currency-specific legislation rather than importing regulation into existing and outdated laws, (2) clearly defining the legislation’s scope, (3) collaborating with stakeholders in enacting legislation, (4) including an on-ramp to ensure emerging startups are not overly burdened, (5) tailoring the level of regulation to the level of risk a virtual currency business poses to Alaska consumers by tiering requirements to transmission volume, (6) requiring only relevant information in the application, and (7) reducing agency discretion to revoke licenses
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