【Author】
Pagnotta, Emiliano S.
【Source】REVIEW OF FINANCIAL STUDIES
【Abstract】We address the determination of bitcoin prices and decentralized security. Users forecast the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners contribute resources to protect against attackers and compete for block rewards. Bitcoin's design leads to multiple equilibria: the same blockchain technology is 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 and busts unconnected to fundamentals. We characterize how viability versus fiat currency depends on bitcoin's relative acceptability and inflation protection.
【摘要】我们解决了比特币的定价和去中心化的安全问题。用户预测所持资产的交易价值和转售价值，为系统性攻击的风险定价。矿工贡献资源来抵御攻击者并争夺区块奖励。比特币的设计导致多重均衡：相同的区块链技术与截然不同的价格和安全水平相一致。比特币的货币政策可能导致福利损失和对数量理论的偏离。价格-证券反馈放大了基本面冲击的波动性影响，并导致与基本面无关的繁荣和萧条。我们描述了相对于法定货币的生存能力如何取决于比特币的相对可接受性和通胀保护。
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