Technological Change and Market Conditions: Evidence from Bitcoin Fork

【Author】 Kim, Hyeonoh; Yi, Eojin; Lee, Daeyong; Ahn, Kwangwon

【Source】COMPLEXITY

【影响因子】2.121

【Abstract】This article examines the impact of technological changes to cryptocurrency-known as "forking" that triggers blockchain splits-on market conditions. Despite the explicit distinction in log return distributions between the two splitting blockchains, adopting new technology does not result in a disparity in market conditions: no significant difference exists in market efficiency and long-term market equilibrium between the two splitting blockchains. Technological changes accompanying market separation do not impede the underlying uniformity in market conditions. The findings suggest that mutual information flows linked to market liquidity explain the results between the new and old forks. [Kim, Hyeonoh] Korea Adv Inst Sci & Technol, Moon Soul Grad Sch Future Strategy, Daejeon 34141, South Korea; [Yi, Eojin] Northwestern Univ, Pritzker Sch Law, Chicago, IL 60611 USA; [Lee, Daeyong] Iowa State Univ, Human Dev & Family Studies, Ames, IA 50011 USA; [Ahn, Kwangwon] Yonsei Univ, Dept Ind Engn, Seoul 03722, South Korea Korea Advanced Institute of Science & Technology (KAIST); Northwestern University; Iowa State University; Yonsei University Lee, D (通讯作者)，Iowa State Univ, Human Dev & Family Studies, Ames, IA 50011 USA.; Ahn, K (通讯作者)，Yonsei Univ, Dept Ind Engn, Seoul 03722, South Korea. hyeonoh@kaist.ac.kr; eojinkorea@gmail.com; daelee@iastate.edu; k.ahn@yonsei.ac.kr Ahn, Kwangwon/0000-0003-3611-183X Technology Innovation Program ATC+; Ministry of Trade, Industry and Energy (Republic of Korea); [20014125] Technology Innovation Program ATC+; Ministry of Trade, Industry and Energy (Republic of Korea); AcknowledgmentsThis work was supported by the Technology Innovation Program ATC+ (20014125, Development of Intelligent Management Solution for Nuclear Decommissioning Site Characterization) and funded by the Ministry of Trade, Industry and Energy (Republic of Korea). 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【Keywords】

【发表时间】2022 18-Nov

【收录时间】2022-12-15

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-市场分析