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Verfasst von:Lambrecht, Marco [VerfasserIn]   i
 Sofianos, Andis [VerfasserIn]   i
 Xu, Yilong [VerfasserIn]   i
Titel:Does mining fuel bubbles?
Titelzusatz:An experimental study on cryptocurrency markets
Verf.angabe:Marco Lambrecht, Andis Sofianos, Yilong Xu
Ausgabe:1. Überarbeitung
Verlagsort:Heidelberg
Verlag:Heidelberg University, Department of Economics
E-Jahr:2021
Jahr:09 Jun. 2021
Umfang:1 Online-Ressource (58 Seiten)
Illustrationen:Illustrationen
Gesamttitel/Reihe:AWI discussion paper series ; no. 703 (May 2021)
Abstract:The massive price bubbles of decentralized cryptocurrencies, such as Bitcoin, have created a puzzle for economists. How can a non-revenue-generating asset exhibit such extreme price dynamics, forming multiple episodes of bubbles and crashes since its creation? The answer is not straightforward, since cryptocurrencies differ in several important aspects from other conventional assets. In this paper, we investigate how key features associated with the Proof-of-Work consensus mechanism affect pricing. In a controlled laboratory experiment, we observe that the formation of price bubbles can be causally attributed to mining. Moreover, bubbles are more pronounced if the mining capacity is centralized to a small group of individuals. Analysis of the order book data reveals that miners seem to play a crucial role in bubble formation. The results demonstrate that high price volatility is an inherent feature of cryptocurrencies based on a mining protocol, which seriously limits any prospects for such assets truly becoming a medium of exchange.
DOI:doi:10.11588/heidok.00030059
URL:kostenfrei: Verlag: https://www.uni-heidelberg.de/md/awi/forschung/deseminar/dp_703.pdf
 kostenfrei: Resolving-System: https://doi.org/10.11588/heidok.00030059
 kostenfrei: Resolving-System: http://hdl.handle.net/10419/235026
 Resolving-System: https://nbn-resolving.org/urn:nbn:de:bsz:16-heidok-300592
 Langzeitarchivierung Nationalbibliothek: https://d-nb.info/1235187772/34
 kostenfrei: Verlag: http://www.ub.uni-heidelberg.de/archiv/30059
 DOI: https://doi.org/10.11588/heidok.00030059
 10419/235026
URN:urn:nbn:de:bsz:16-heidok-300592
Datenträger:Online-Ressource
Sprache:eng
Sach-SW:Bitcoin
 Bubbles
 Cryptocurrency
 Financial Market Experiment
Form-SW:Graue Literatur
K10plus-PPN:1759863653
Verknüpfungen:→ Übergeordnete Aufnahme
 
 
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