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SUMMARY:Bitcoin as Decentralized Money: Prices\, Mining\, and Network Secu
 rity
DTSTART:20190517T103000
DTEND:20190517T120000
DTSTAMP:20260405T204911Z
UID:6b2bf461b20310611a8a2e9c9ebfbf5f3c5ab3f5b0a99b005acb0e2d
CATEGORIES:Conferences - Seminars
DESCRIPTION:Emiliano PAGNOTTA\, Imperial College\, London\nWe address the 
 determination and evolution of bitcoin prices in a simple monetary economy
  that captures the salient features of a decentralized network. Network us
 ers forecast the transactional and resale value of bitcoin holdings and co
 nsider the risk of a network attack. Miners contribute resources that enha
 nce network security and compete for mining rewards received in units of t
 he same unbacked token. In equilibrium\, the overall production of network
  security and the bitcoin price are jointly determined. We characterize ho
 w the network technologies and participants\, users and miners\, affect th
 e number and dynamic stability properties of equilibria. We find that the 
 relation between bitcoin prices and the supply growth rate is not monotoni
 c: the same price is consistent with different rates. The model’s outcom
 es demonstrate how intrinsic price–security feedback effects can amplify
  or moderate the price volatility effect of demand shocks. We find rationa
 l patterns of price momentum\, and that small and large stochastic bubbles
  can exist in general equilibrium and show how the probability of bursting
  decreases with the bitcoin price.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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