Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/251106 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
EERI Research Paper Series No. 02/2021
Verlag: 
Economics and Econometrics Research Institute (EERI), Brussels
Zusammenfassung: 
This paper studies to what extent the cost of operating a proof-of-work blockchain is intrinsically linked to the cost of preventing attacks, and to what extent the underlying digital ledger's security budgets are correlated with the cryptocurrency market outcomes. We theoretically derive an equilibrium relationship between the cryptocurrency price, mining rewards and mining costs, and blockchain security outcomes. Using daily crypto market data for 2014-2021 and employing the autoregressive distributed lag approach - that allows treating all the relevant moments of the blockchain series as potentially endogenous - we provide empirical evidence of cryptocurrency price and mining rewards indeed being intrinsically linked to blockchain security outcomes.
Schlagwörter: 
Cryptocurrency
ARDL
blockchain
proof-of-work
security budget
institutional governance technology
network externalities
JEL: 
D82
E42
G12
G15
G18
G29
Dokumentart: 
Working Paper

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