Security breaches of the cryptocurrency exchanges usually cause the price fluctuation in the market. Approximately one hundred cryptocurrency thefts, including hacks and scams, has occurred since 2012 to 2018, half of which are hacks of Bitcoins. Based on the thirty Bitcoin hacks, this study portrays the general price pattern during the hack. And it illustrates the link between the size of the hack and the subsequent price change of Bitcoin. The tests reveal that the larger the volume of the hack, the stronger the price drop. However, a similar obvious relationship does not exist for the recovery of the price. The study might be the first piece of research focus on the hacks and the price pattern in a short time period.
The still raging financial crisis of 2007–2008 has enabled the emergence of several alternative practices concerning the production, circulation, and use of money. This essay explores the political economy of the Bitcoin ecosystem. Specifically, we examine the context in which this digital currency is emerging as well as its nature, dynamics, advantages, and disadvantages. We conclude that Bitcoin, a truly interesting experiment, exemplifies “distributed capitalism” and should be mostly seen as a technological innovation. Rather than providing pragmatic answers and solutions to the current views on the financial crisis, Bitcoin provides some useful and timely questions about the principles and bases of the dominant political economy. A ECONOMIA POLÍTICA DO BITCOINResumoO aquecimento da crise financeira de 2007-2008 permitiu o surgimento de várias práticas alternativas em matéria de produção, circulação e uso do dinheiro. Este ensaio explora a economia política do ecossistema Bitcoin. Especificamente, vamos examinar o contexto em que essa moeda digital está emergindo, bem como a sua natureza, dinâmica, vantagens e desvantagens. Concluímos que Bitcoin, uma experiência verdadeiramente interessante, exemplifica "capitalismo distribuído" e deve ser visto principalmente como uma inovação tecnológica. Em vez de fornecer respostas e soluções pragmáticas para os pontos de vista atuais sobre a crise financeira, Bitcoin fornece algumas perguntas úteis e oportunas sobre os princípios e as bases da economia política dominante.