Classification of cryptocurrency coins and tokens by the dynamics of their market capitalisations

We empirically verify that the market capitalisations of coins and tokens in the cryptocurrency universe follow power-law distributions with significantly different values, with the tail exponent falling between 0.5 and 0.7 for coins, and between 1.0 and 1.3 for tokens. We provide a rationale for this, based on a simple proportional growth with birth & death model previously employed to describe the size distribution of firms, cities, webpages, etc. We empirically validate the model and its main predictions, in terms of proportional growth (Gibrat's law) of the coins and tokens. Estimating the main parameters of the model, the theoretical predictions for the power-law exponents of coin and token distributions are in remarkable agreement with the empirical estimations, given the simplicity of the model. Our results clearly characterize coins as being "entrenched incumbents" and tokens as an "explosive immature ecosystem", largely due to massive and exuberant Initial Coin Offering activity in the token space. The theory predicts that the exponent for tokens should converge to 1 in the future, reflecting a more reasonable rate of new entrants associated with genuine technological innovations

Cryopreservation of Coffea canephora Pierre ex A. Froehner seeds: importance of drying rate and moisture content.

Seeds of the Coffea canephora species are considered more recalcitrant than those of the Coffea arabica species. They tolerate partial dehydration and they cannot be stored in conventional seed banks at -18ºC because they are sensitive to freezing temperatures. Cryopreservation is a reliable method for storing seeds with these characteristics for long periods. However, preliminary studies are necessary to determine ideal storage conditions. The aim of this study was to investigate the ideal physical and physiological conditions for cryopreservation of Coffea canephora seeds to reduce seed mortality caused by the formation of intracellular ice crystals and to avoid cell damage caused by excessive desiccation. Seeds were subjected to rapid drying in silica gel and slow drying in saturated NaCl solution to moisture contents of 0.20, 0.25, and 0.28 g.g-¹ (dry basis), followed by direct immersion in liquid nitrogen for rapid freezing. Physiological and biochemical analyses were performed to evaluate seed quality before and after cryopreservation. Rapid drying of Coffea canephora seeds to values near 0.20 g.g-1 (db) does not cause reduction in physiological quality. Moisture content of 0.25 g.g-¹ brings about greater survival of Coffea canephora seeds after cryopreservation. Drying rate affects the physiological quality of cryopreserved Coffea canephora seeds, and rapid drying in silica gel is more favorable than slow drying in a saturated NaCl solution. The activity of the enzymes catalase, esterase, glutamic oxaloacetic transaminase, and polyphenol oxidase are indicators of seed quality for Coffea canephora seeds subjected to cryopreservation

Propagator Resolved Transverse Relaxation Exchange Spectroscopy

We use the propagator resolved transverse relaxation exchange technique to look at the movement of fluid in three different types of rock samples. The two pore model previously used to fit molecular exchange simulations to the experimental data is expanded to accommodate the three site exchange seen in two of the samples. Estimated values for pore space characteristics from the simulations were compared to values calculated from X‐Ray CT data of the samples. While discrepancies exist between the NMR and X‐Ray CT results, the molecular exchange behavior estimated from the three samples reflects well with their morphology

A Stable and Robust Calibration Scheme of the Log-Periodic Power Law Model

We present a simple transformation of the formulation of the log-periodic power law formula of the Johansen-Ledoit-Sornette model of financial bubbles that reduces it to a function of only three nonlinear parameters. The transformation significantly decreases the complexity of the fitting procedure and improves its stability tremendously because the modified cost function is now characterized by good smooth properties with in general a single minimum in the case where the model is appropriate to the empirical data. We complement the approach with an additional subordination procedure that slaves two of the nonlinear parameters to what can be considered to be the most crucial nonlinear parameter, the critical time $t_c$ defined as the end of the bubble and the most probably time for a crash to occur. This further decreases the complexity of the search and provides an intuitive representation of the results of the calibration. With our proposed methodology, metaheuristic searches are not longer necessary and one can resort solely to rigorous controlled local search algorithms, leading to dramatic increase in efficiency. Empirical tests on the Shanghai Composite index (SSE) from January 2007 to March 2008 illustrate our findings

Bitcoin: The road to hell is paved with good promises

In this paper, by using econometric techniques we provide evidence that bitcoin exhibited the formation of speculative bubble in 2017. To conceptually rationalize the results, we delve into the extant theoretical approaches developed by Kindleberger's (1978) speculative bubbles and Minsky's (1992) financial instability hypothesis. Certainly, bitcoin has spurred a revolution in payment technology that, if treated cautiously can facilitate financial intermediation and inclusion. Ultimately, whether or not bitcoin constitutes a bubble is a decision for investors as the road to hell is paved with good promises

Correlation between historical data of the germination test and of the tetrazolium test in coffee seeds by GAMLSS.

In the Brazilian National System of Seeds and Seedlings, coffee seeds are evaluated by the germination or tetrazolium test. However, differences have been observed between the results of these tests in various studies, especially when the seeds have a lower level of quality. Given this situation, the aim of this study was to evaluate the correlation between historical data of results of the germination test and of the tetrazolium test in samples of coffee seeds using Generalized Additive Models for Location, Scale and Shape (GAMLSS). Historical data of results of the germination test and of the tetrazolium test of coffee seeds originating from different cultivars and different crop seasons were used. The zero-or-one inflated beta GAMLSS is suitable for fitting data from the germination test and from the tetrazolium test. The estimate of viability by the tetrazolium test varies according to the germination percentage class. There are greater GAMLSS correlations between the percentages of normal seedlings and of viability in the tetrazolium test for germination values above 70%, and low correlations below this value, showing that evaluation of coffee seeds based only on the tetrazolium test may not correspond to actual physiological performance

GA3 and ABI3 gene expression in coffee seeds during maturation.

During maturation in seeds, metabolic processes dependent on gene expression are controlled by hormones, including abscisic acid and gibberellin. These hormones determine dormancy or the capacity for germination in seeds and may have different expression levels in the endosperm and embryo of coffee seeds. We quantified gene expression in the biosynthetic pathway of gibberellin and abscisic acid in different parts of Coffea arabica L. seeds in pre and post physiological maturity, in order to better understand the germination mechanisms of this species. Coffee fruits were harvested at green, yellowish-green, cherry, over-ripe and dry stages. For studies of gene expression, intact seeds were used in addition to endosperm and isolated embryos. The RNA from different tissues was extracted and treated with DNAse to synthesize cDNA. Transition levels of CaGA3 (gibberellin) and CaABI3 (abscisic acid) genes were quantified with qRT-PCR, using specific primers for coffee. Intact seeds at each phenological stage were submitted to germination tests, to evaluate the physiological quality of the seeds. Seed harvested at green and dry stages showed lower hysiological quality when compared to the other maturation stages, and germination at the green stage was close to zero. Greatest expression of CaGA3 and CaABI3 occurs in the endosperm of coffee seeds in cherry and over-ripe stages, with better physiological performance. There are differences in CaABI3 and CaGA3 gene expression in embryos and endosperm of the coffee seeds

Risk scoring models for trade credit in small and medium enterprises

Trade credit refers to providing goods and services on a deferred payment basis. Commercial credit management is a matter of great importance for most small and medium enterprises (SMEs), since it represents a significant portion of their assets. Commercial lending involves assuming some credit risk due to exposure to default. Thus, the management of trade credit and payment delays is strongly related to the liquidation and bankruptcy of enterprises. In this paper we study the relationship between trade credit management and the level of risk in SMEs. Despite its relevance for most SMEs, this problem has not been sufficiently analyzed in the existing literature. After a brief review of existing literature, we use a large database of enterprises to analyze data and propose a multivariate decision-tree model which aims at explaining the level of risk as a function of several variables, both of financial and non-financial nature. Decision trees replace the equation in parametric regression models with a set of rules. This feature is an important aid for the decision process of risk experts, as it allows them to reduce time and then the economic cost of their decisions

Avaliação de parâmetros de desenvolvimento de mudas de Coffea arabica L. originadas de sementes criopreservadas.

O uso da criopreservação (armazenamento em nitrogênio líquido) é uma alternativa promissora para a conservação de espécies recalcitrantes e intermediárias como o café. Assim, objetivou-se com esse trabalho estudar o desenvolvimento de mudas de café com o uso de sementes de Coffea arabica L. armazenadas em câmara fria e criopreservadas. As sementes foram submetidas a quatro tratamentos de secagem: em secador estacionário até atingirem 12% e 32% de umidade, em solução salina saturada até atingirem 17% de umidade e em sílica gel até atingirem 17% de umidade. As sementes com 12% e 32% de umidade foram armazenadas em câmara fria e seca, e as sementes com 17% em criotanques, por período de seis meses. As sementes foram semeadas em saquinhos plásticos para a produção de mudas em viveiro. Observou-se que as mudas provenientes de sementes secadas em sílica gel obtiveram resultados de desenvolvimento vegetativo significativamente iguais aos das mudas provenientes de sementes úmidas, com 32%, armazenadas por seis meses. A utilização de sementes de Coffea arabica L. secadas em sílica gel e criopreservadas é uma alternativa viável para a produção de mudas vigorosas.Título em inglês: Evaluation of development parameters of Coffea arabica L. seedlings originated from criopreserved seeds

Antioxidant and antimicrobial activity of cathode and anode water in Coffea arabica L. seeds.

Seed deterioration induces the formation of free radicals and proliferation of microorganisms, but the application of external antioxidants may lessen these effects. The aim of this study was to investigate the antioxidant and antimicrobial activity of cathode and anode water on the physiological quality and health of Coffea arabica L. seeds. Part of the seeds were soaked in cathode water and the other part in anode water for periods of 1, 6, 12, 24, and 36 hours. The physiological quality of the seeds was evaluated by the germination test and tetrazolium test, and seed health by the Blotter test. Analysis of variance and Pearson correlation analysis were performed on the data for all the response variables. Soaking in cathode water or anode water up to 24 hours improves the physiological quality of coffee seeds. Anode water has a beneficial effect on the health of coffee seeds, reducing the incidence of Fusarium spp., Penicillium spp., Cladosporium spp., and Alternaria spp. after one hour of soaking and of Aspergillus spp. after six hours. Soaking in cathode water for a period of one hour leads to a reduction in the fungi Aspergillus spp., Fusarium spp., Cladosporium spp., and Alternaria spp., and reduction in Penicillium spp. after six hours