The Economics of Cryptocurrencies and Digital Money: A Monetary Framework with a Game Theory Approach
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cham
Palgrave Macmillan
[2023]
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| Schriftenreihe: | Palgrave Studies in Financial Services Technology
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xvi, 168 Seiten Illustrationen |
| ISBN: | 9783031442476 |
| ISSN: | 2662-5091 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | Contents 1 Introduction 1.1 A Recent History 1.1.1 Digital Information Transfer and Pure Credit 1.1.2 The Crypto Downfall 1.2 A Game Theoretic Approach 1.2.1 Competitiveness, Exit, and Best Responses 1.2.2 Other Incentives 1.3 A Monetary Arena 1.3.1 Evolving Digital Payments 1.3.2 Physical Cash References 1 2 10 12 13 17 20 23 26 27 29 2 Blockchain, DecentralizedConsensus, and Trust 2.1 Blockchain and Decentralized Consensus 2.1.1 Hashing and Proof-of Work 2.1.2 Time-Stamping 2.1.3 Decentralized Consensus 2.1.4 Miners and Pools 2.1.5 Proof-of-Stake 2.2 Trust 2.2.1 No Questions Asked 2.2.2 Safe Assets and Collateralization 2.2.3 The Inherent Hierarchy of Money 2.2.4 Bank Runs 31 33 33 36 39 44 48 49 49 52 54 57 ix
X CONTENTS 2.2.5 Trust Appendix: Chartalists and Metallists References 60 62 64 3 The Basic Mining Game 3.1 Mining Games 3.2 An Axiomatic Approach 3.3 Best Responses 3.4 Uniqueness of Nash Equilibrium 3.5 Cost Competitiveness and Entry Thresholds 3.6 The Connection Between X and Y 3.7 Highlights References 67 68 70 73 75 77 79 84 86 4 Higher Level Models 4.1 Instrumental Game Theory 4.2 Vertical Integration: Sale and Operation of Specialized Hardware 4.2.1 The Interpretationof the Selection Rule 4.3 Investment in State-of-the-Art Hardware 4.4 The Implications of Mining Pools 4.5 Users, Miners, and Block Composition 4.5.1 Game Form and Key Results 4.5.2 Connection with the Basic Mining Game and the Linear Aggregator 4.5.3 An Instrumental Model 4.6 Overview 4.7 Emergent Phenomena and Equilibrium Selection 4.7.1 The Limits of Backward Induction 4.7.2 Evolution and Coordination References 89 91 5 The Future Monetary System 5.1 Digital Innovations and Evolving Institutions 5.2 The Future Monetary System 5.2.1 From Libra to Diem 5.3 Stablecoins 5.3.1 Basic Questions 5.3.2 More Refined Questions 5.3.3 Terra and Luna 93 97 98 100 104 105 106 108 108 110 111 114 115 117 119 124 127 128 129 130 132
CONTENTS Central Bank Digital Currency 5.4.1 Bank of England 5.4.2 European Central Bank 5.4.3 Sveriges Riksbank 5.4.4 Uncharted Territory References 5.4 χί 133 134 137 139 140 142 6 Regulation 6.1 A Case Study 6.2 Basic Ideas 6.3 Stablecoins as Privately Produced Money 6.4 What is a Bank References 145 146 148 149 152 156 7 Conclusions 159 Index 167
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| adam_txt |
Contents 1 Introduction 1.1 A Recent History 1.1.1 Digital Information Transfer and Pure Credit 1.1.2 The Crypto Downfall 1.2 A Game Theoretic Approach 1.2.1 Competitiveness, Exit, and Best Responses 1.2.2 Other Incentives 1.3 A Monetary Arena 1.3.1 Evolving Digital Payments 1.3.2 Physical Cash References 1 2 10 12 13 17 20 23 26 27 29 2 Blockchain, DecentralizedConsensus, and Trust 2.1 Blockchain and Decentralized Consensus 2.1.1 Hashing and Proof-of Work 2.1.2 Time-Stamping 2.1.3 Decentralized Consensus 2.1.4 Miners and Pools 2.1.5 Proof-of-Stake 2.2 Trust 2.2.1 No Questions Asked 2.2.2 Safe Assets and Collateralization 2.2.3 The Inherent Hierarchy of Money 2.2.4 Bank Runs 31 33 33 36 39 44 48 49 49 52 54 57 ix
X CONTENTS 2.2.5 Trust Appendix: Chartalists and Metallists References 60 62 64 3 The Basic Mining Game 3.1 Mining Games 3.2 An Axiomatic Approach 3.3 Best Responses 3.4 Uniqueness of Nash Equilibrium 3.5 Cost Competitiveness and Entry Thresholds 3.6 The Connection Between X and Y 3.7 Highlights References 67 68 70 73 75 77 79 84 86 4 Higher Level Models 4.1 Instrumental Game Theory 4.2 Vertical Integration: Sale and Operation of Specialized Hardware 4.2.1 The Interpretationof the Selection Rule 4.3 Investment in State-of-the-Art Hardware 4.4 The Implications of Mining Pools 4.5 Users, Miners, and Block Composition 4.5.1 Game Form and Key Results 4.5.2 Connection with the Basic Mining Game and the Linear Aggregator 4.5.3 An Instrumental Model 4.6 Overview 4.7 Emergent Phenomena and Equilibrium Selection 4.7.1 The Limits of Backward Induction 4.7.2 Evolution and Coordination References 89 91 5 The Future Monetary System 5.1 Digital Innovations and Evolving Institutions 5.2 The Future Monetary System 5.2.1 From Libra to Diem 5.3 Stablecoins 5.3.1 Basic Questions 5.3.2 More Refined Questions 5.3.3 Terra and Luna 93 97 98 100 104 105 106 108 108 110 111 114 115 117 119 124 127 128 129 130 132
CONTENTS Central Bank Digital Currency 5.4.1 Bank of England 5.4.2 European Central Bank 5.4.3 Sveriges Riksbank 5.4.4 Uncharted Territory References 5.4 χί 133 134 137 139 140 142 6 Regulation 6.1 A Case Study 6.2 Basic Ideas 6.3 Stablecoins as Privately Produced Money 6.4 What is a Bank References 145 146 148 149 152 156 7 Conclusions 159 Index 167 |
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| spelling | Schianchi, Augusto Verfasser (DE-588)170735621 aut The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach Augusto Schianchi, Andrea Mantovi Cham Palgrave Macmillan [2023] xvi, 168 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Palgrave Studies in Financial Services Technology 2662-5091 Financial Technology and Innovation Economics of Innovation Macroeconomics and Monetary Economics Financial engineering Technological innovations Macroeconomics Mantovi, Andrea Verfasser aut Erscheint auch als Online-Ausgabe 978-3-031-44248-3 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034823265&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schianchi, Augusto Mantovi, Andrea The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach Financial Technology and Innovation Economics of Innovation Macroeconomics and Monetary Economics Financial engineering Technological innovations Macroeconomics |
| title | The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach |
| title_auth | The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach |
| title_exact_search | The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach |
| title_exact_search_txtP | The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach |
| title_full | The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach Augusto Schianchi, Andrea Mantovi |
| title_fullStr | The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach Augusto Schianchi, Andrea Mantovi |
| title_full_unstemmed | The Economics of Cryptocurrencies and Digital Money A Monetary Framework with a Game Theory Approach Augusto Schianchi, Andrea Mantovi |
| title_short | The Economics of Cryptocurrencies and Digital Money |
| title_sort | the economics of cryptocurrencies and digital money a monetary framework with a game theory approach |
| title_sub | A Monetary Framework with a Game Theory Approach |
| topic | Financial Technology and Innovation Economics of Innovation Macroeconomics and Monetary Economics Financial engineering Technological innovations Macroeconomics |
| topic_facet | Financial Technology and Innovation Economics of Innovation Macroeconomics and Monetary Economics Financial engineering Technological innovations Macroeconomics |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034823265&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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