OlaOluwa S. Yaya, Ephraim A Ogbonna, Olusanya E. Olubusoye
The present paper investigates persistence and dependence of Bitcoin on other popular alternative coins. We employ fractional integration approach in our analysis of persistence while a more recent fractional cointegration technique in VAR set-up, proposed by Johansen and co-authors is used to investigate dependency of the paired variables. Having segregated the series into periods before crash and those after the crash as determined by Bitcoin pricing, we obtain results of interests. Higher persistence of shocks is expected after the crash due to speculations in the mind of cryptocurrency traders, and more evidences of non-mean reversions, implying chances of further price fall in cryptocurrencies. Cointegration analysis between Bitcoin and alternative coin exists during both periods, with weak correlation observed mostly in the post-crash period. We hope the findings will serve as guide to investors in cryptocurrency.
With the popularity of cryptocurrency like bitcoins in recent years, the social circles have been confusing whether cryptocurrency is real money essentially. Lots of voices have clarified the question from the traditional view that regards the nature of money as commodity. However, historical evidences have proved that the traditional theory deviates from the real nature of money originating from debt and is not exactly true. State Theory of Money holds the debt-based opinion on the nature of money and regards the nature of money as the debt of state, which is allowed to be the payment of tax. Therefore based on this, the paper analyzes the debt nature of money and the characteristics of cryptocurrency like bitcoins, and draws the conclusion that cryptocurrency like bitcoins is not accepted by the state as the payment of tax, not the national debt, so not the currency.
This paper attempts to establish that some inherent features of the Bitcoin price can be exploited to produce better forecast results for stock prices. It does so by constructing predictive models for stock prices of G7 countries with symmetric and asymmetric prices of Bitcoin. The underlying statistical properties of Bitcoin prices such as persistence and conditional heteroscedasticity are captured in the estimation process using the Westerlund and Narayan (2015) estimator that allows for such effects in forecasting. There are two striking findings from the analysis. First, the results suggest that accounting for asymmetries is more likely to enhance the predictive power of Bitcoin in forecasting stock prices regardless of the data sample and forecast horizon. Secondly, the Bitcoin-based predictive model for stock prices, particularly the asymmetric variant, outperforms the Fractionally Integrated Autoregressive Moving Average (ARFIMA) model. While there are concerns as to whether the cryptocurrencies are veritable substitutes to the conventional financial assets, their close link with the developed stock exchanges such as those in the G7 countries suggests that they share some common characteristics such as news effects [asymmetries] which can be exploited when forecasting the behaviour of stock prices.
Blockchain technology makes it more feasible for individuals to exit political-socioeconomic systems at the level of the system itself and elect to accede freely to institutional systems which formulate, promulgate, keep and verify institutions and public records without a centralised authority. This essay investigates the dynamic of such a society in which political-socioeconomic systems may be organised using blockchain technology. We propose a theory of society as an evolutionary system in which the unit of selection is the institutional system associated with a particular blockchain or the state and selection pressures are applied by individuals deciding to interact within them and have their interactions entered into the public record. We establish the conditions under which institutions will thus be selected by considering the limits to substitutability and discover that any institutional system must meet requirements and provide sufficient complementarities in order to be selected and retained by the evolutionary process.
espanolLos conceptos de cadenas de bloques (blockchains) y contratos inteligentes (smart contracts) ofrecen una alternativa sostenible en educacion superior. Desde este objetivo, se presenta una revision de ambos conceptos y su relacion con los terminos bitcoin, ledger, edublock y educoin. En un segundo momento, se atiende a las redes en educacion superior basadas en tecnologia de cadenas de bloques, su vinculo con los contratos inteligentes y las posibilidades a dia de hoy. catalaEls conceptes de cadenes de blocs (blockchains) i contractes intel·ligents (smart contracts) ofereixen una alternativa sostenible en educacio superior. Des d’aquest objectiu, es presenta una revisio d’ambdos conceptes i la seva relacio amb els termes bitcoin, ledger, edublock i educoin. En un segon moment, s’aten a les xarxes en educacio superior basades en tecnologia de cadenes de blocs, el seu vincle amb els contractes intel·ligents i les possibilitats a dia d’avui. EnglishThe concepts of blockchains and smart contracts at the university offer a sustainable alternative. From this aim, in a first moment, it presents a review of concepts and their connection with the terms bitcoin, ledger, edublock and educoin as well. In a second moment, it shows the social networks based on the technology of blockchains and nowadays how are they linked on the subject of smart contracts and possibilities.
The aim of this paper is to analyze the demand of both traditional and new media of exchange – as cryptocurrencies and central bank digital currencies – proposing a novel specification of the demand for money. In this specification, the medium of payment (MOP) has three properties: the first two are the MOP’s standard functions as a medium of exchange and as a store of value, while the third is a novel function as a store of privacy (anonymity value). The proposed framework is tested using a laboratory experiment. Our results show that anonymity matters, but less of the other two properties; at the same time, the presence of anonymity increases the overall appeal of a MOP, particularly if the individuals are risk prone; given anonymity, the sacrifice ratio between liquidity risk and opportunity cost are relatively high.
ПРЕИМУЩЕСТВА И НЕДОСТАТКИ РАЗВИТИЯ КРИПТОВАЛЮТ О. Ю. КрасильниковКрасильников Олег Юрьевич, доктор экономических наук, профессор кафедры экономической теории и национальной экономики, Саратовский национальный исследовательский государственный университет имени Н
The cryptocurrency market has become increasingly accessible and significant to the financial markets. This is understood by not only major financial firms, governments, and investors, but also the individual market participants globally. We delve into the history of cryptocurrency to begin our examination of the Bitcoin, Ethereum and Litecoin. Understanding the circumstances of their humble beginning, the purpose it served, and the path of their evolution, helps us to create a fuller understanding of its functions, its limitations, and the drivers of its value. This enables us to identify key market factors and variables for deployment within a robust approach for pricing and product offerings associated with Bitcoin, Ethereum and Litecoin. In order to fully capture the volume, variety, and velocity of data associated with these cryptocurrencies, the use of machine learning can provide an advantageous approach to model development for cryptocurrency pricing. This paper provides the development of a promising initial prototype pricing model for Bitcoin, Ethereum and Litecoin. Our proposed pricing models resulted in an average 7% difference between actual and predicted price for Bitcoin and Ethereum, and a 4% difference for Litecoin along a timeline, through the use of machine learning and deep learning, artificial neural networks using the contributing factors of key variables and how they influence and capture pricing and investor behaviour. We also identify theinclusion of additional datasets, such as sentiment market data into the model, along with larger exploration of Blockchain and raw transaction mining to increase the accuracy and forecasting ability of the model.
This report is the result of an investigation into current possibilities to use blockchain or other distributed ledger technologies for identification and authentication in an Internet-of-Things (IoT) setting. During the course of the project, several different distributed ledgers have been examined and their strengths and weaknesses analyzed with respect to their potential use in connected devices with constrained resources. After investigating whether there are any solutions providing identification and authentication through distributed ledgers available today, one was chosen for implementation in a Proof of Concept (PoC), where the solution was tested on a certain piece of hardware representing an IoT-device. The performance of the PoC was then analyzed and evaluated. The results of the literature study as well as the tests on the PoC led to the conclusion that a number of factors prevent such a solution from being a viable alternative to current solutions. However, as the technology involved is still in its infancy and developing rapidly, this verdict may be subject to change in the future. The advancements required for such a solution to become viable are: improved consensus models, light nodes and possibly fundamentally new and improved distributed ledger technologies.
The blockchain technology is seen as revolutionary technology, which obtains attention from various fields in many countries. In China, students information in higher education needs to be managed by the third part-China Credentials Verification. Although this website brings a lot of convenience to students, it still exists some disadvantages. Through analyzing the application of blockchain technology in finance field, the key feature -decentralized can also be effectively applied in the education field to improve the work efficiency of verifying degree, storing considerable data or transmitting students' information in the way of point-to-point and so on. Through exploring the modern of 'blockchain+education', considerable students' info rmation in database can be stored in the blockchain and can be traced by companies to conveniently query their records. This paper will discuss the application landscape of blockchain technology in higher education in new view.
'One must work, if not from inclination, at least from despair, since, as I have fully proved, to work is less wearisome than to amuse onesel’ – Charles Baudelaire \n \nOnce we have been introduced to the concept of interpassivity, once we have recognized it in our own actions with an amused smile – for instance, to use Robert Pfaller’s wonderful example, in the pleasure we as academics derive from photocopying books, from the delegation of our pleasure of reading to the machine, from staging the illusion of reading, an illusion for which a naïve observer could fall2 – we suddenly see the world through a new lens. Interpassive phenomena pop up all around us and with a childish pleasure we exclaim: interpassivity, again! Therefore, the theory of interpassivity must be highly credited not only for the introduction of a valuable concept and a theoretical tool, but also for being a source of pleasure (consisting in recognizing previously obscured sources of pleasure and finally being able to name them).
As technology improves and economies become more globalized, the concept of currency has evolved. Bitcoin, a cryptographic digital currency, has been embraced as a secure and convenient type of money. Due to its security and privacy for the user, Bitcoin is a good tool for conducting criminal trades. The Financial Crimes Enforcement Network (FinCEN) has regulations in place to make identification information of Bitcoin purchasers accessible to law enforcement, but enforcing these rules with cash-for-Bitcoin traders is difficult. This study surveyed cash-for-Bitcoin vendors in Oklahoma, Texas, Arkansas, Missouri, Kansas, Colorado, and New Mexico to determine personal demographic information, knowledge of and compliance with FinCEN regulations, and opinions regarding government control of currency and willingness to work with law enforcement among vendors.
This paper incorporates blockchain activities into the broader remit of entangled political economy theory, emphasising economic and other social phenomena as the emergent byproduct of human interactions. Blockchains are a digital technology combining peer-to-peer network computing and cryptography to create an immutable decentralised public ledger. The blockchain contrasts vintage ledger technologies, either paper-based or maintained by in-house databases, largely reliant upon hierarchical, third-party trust mechanisms for their maintenance and security. Recent contributions to the blockchain studies literature suggest that the blockchain itself poses as an institutional technology that could challenge existing forms of coordination and governance organised on the basis of vintage ledgers. This proposition has significant implications for the relevance of existing entangled relationships in the economic, social and political domains. Blockchain enables non-territorial ‘crypto-secession’, not only reducing the costs associated with maintaining ledgers, but radically revising and deconcentrating data-conditioned networks to fundamentally challenge the economic positions of legacy firms and governments. These insights are further illuminated with reference to finance, property and identity cases. Entangled political economy provides a compelling lens through which we can discern the impact of blockchain technology on some of our most important relationships.
A means of exchange and preservation of value is likely as old as our species. Global economic trade is often argued to be as old as trade. The question of the nature of the exchange, of who creates the value and how it is regulated is the issue. While tin from England may have reached Sumeria 4 000 years ago, or Phoenicians' ships entered the Africa area of Cape Palmas at about the same time, the problem of exchange is a central issue. Ideas of money are as diverse as the cultures that produce them, yet today global trade is experiencing modifications of the satisfaction of exchange with new platforms of electronic money. Blockchain technology is touted as foolproof, such claims have appeared in the past with various financial innovations. Such abstractions of value may not be new, but as a product of technology and complexity they create psychological novelty and a form of mesmerizing fetishism (Douglas, M. and Isherwood, B., ed.: The World of Goods: Towards an Anthropology of Consumption. Routledge, London, 1978). Manias of value are also not new, from stock (South Seas Corporation) to tulips (MacKay, C.: Extraordinary Popular Delusions and the Madness of Crowds. Crown Press, London, 1841). The form of the mania is defined and expressed culturally but is often associated with technological change and distance of exchange of partners and clients (Baric, L.: Some aspects of credit, saving and investment in a 'non-monetary' economy (Rossel Island). In: Firth, R. and Yamey, B.S., eds.: Capital, Saving and Credit in Peasant Societies. Aldine Publishing, Chicago, pp.35-52, 1964.). Inequality is also a feature, embedded in economic and technological disruption of trade and exchange. The role of redistribution and taxation are essential in maintaining social credit and equality. We can relate such behaviour to other systems of animal societies.
This chapter discusses the implications of blockchain technology for income inequality. Although inequality is identified as a complex and emergent (rather than simple and static) phenomenon, we nonetheless are able to identify channels through which blockchains are likely to affect the distribution of income. Any erosion of economic positions held by third-party intermediaries, charged with maintaining the integrity of conventional ledgers, is likely to reduce inequality. On the other hand job-creation opportunities which emphasize the need for specialist technical skills in the blockchain-enabled economy may increase inequality. The net effect of these two forces alone is ambiguous. There is the alternative possibility that the inequality-reduction potential of blockchain activity could be mitigated by the appropriation of distributed ledger technology by incumbents. To help prevent the possibility of income inequality being reproduced through the blockchain, an open and permissionless environment for blockchain participation should be maintained to the greatest extent possible.
Uddin Md Ashraf, Andrew Stranieri, Iqbal Gondal, Balasubramanian Venki
Continuous monitoring of patient's physiological signs has the potential to augment traditional medical practice, particularly in developing countries that have a shortage of healthcare professionals. However, continuously streamed data presents additional security, storage and retrieval challenges and further inhibits initiatives to integrate data to form electronic health record systems. Blockchain technologies enable data to be stored securely and inexpensively without recourse to a trusted authority. Blockchain technologies also promise to provide architectures for electronic health records that do not require huge government expenditure that challenge developing nations. However, Blockchain deployment, particularly with streamed data challenges existing Blockchain algorithms that take too long to place data in a block, and have no mechanism to determine whether every data point in every stream should be stored in such a secure way. This article presents an architecture that involves a Patient Agent, coordinating the insertion of continuous data streams into Blockchains to form an electronic health record.