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BibTex format

@article{Pagnotta:2021:rfs/hhaa149,
author = {Pagnotta, E},
doi = {rfs/hhaa149},
journal = {The Review of Financial Studies},
title = {Decentralizing money: bitcoin prices and blockchain security},
url = {http://dx.doi.org/10.1093/rfs/hhaa149},
year = {2021}
}

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TY  - JOUR
AB  - We address the determination of bitcoin prices and decentralized security. Users forecast the transactional and resale value of holdings, pricing the risk of malicious systemic attacks. Miners contribute resources to protect against attackers, competing for block rewards. Bitcoin’s design leads to multiple equilibria: the same technology and fundamentals are consistent with sharply different price and security levels. Bitcoin’s monetary policy can lead to welfare losses and deviations from quantity theory. Price–security feedback amplifies fundamental shocks’ volatility impact and leads to boom–busts not driven by fundamentals. We show how Bitcoin’s viability versus fiat currency depends on relative acceptability and inflation protection.
AU  - Pagnotta,E
DO  - rfs/hhaa149
PY  - 2021///
SN  - 0893-9454
TI  - Decentralizing money: bitcoin prices and blockchain security
T2  - The Review of Financial Studies
UR  - http://dx.doi.org/10.1093/rfs/hhaa149
UR  - https://academic.oup.com/rfs/advance-article/doi/10.1093/rfs/hhaa149/6104899?login=true
UR  - http://hdl.handle.net/10044/1/84075
ER  -

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Emiliano Pagnotta

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