Some simple bitcoin economics
研究了一个两种竞争货币（美元和比特币）共存的经济模型，发现比特币价格遵循鞅过程，且价格波动不影响其交易媒介功能，区块奖励并非对比特币持有者征税。
We provide a model of an endowment economy with two competing, but intrinsically worthless currencies (Dollar, Bitcoin). Dollars are supplied by a central bank to achieve its inflation target, while the Bitcoin supply grows deterministically. Our fundamental pricing equation implies in its simplest form that Bitcoin prices form a martingale. "Mutual impatience" implies absence of speculation. Price volatility therefore does not invalidate the medium-of-exchange function. Bitcoin block rewards are not a tax on Bitcoin holders: they are financed with a Dollar tax. We discuss monetary policy implications, Bitcoin production, taxation, welfare and entry, and characterize the range of equilibria.