Decentralizing Money: Bitcoin Prices and Blockchain Security
研究了比特币价格与区块链去中心化安全的关系，发现比特币设计会导致多重均衡，价格与安全相互反馈放大波动，并评估了其与法定货币的竞争条件。
Abstract We address the determination of bitcoin prices and decentralized security. Users forecast the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners contribute resources to protect against attackers and compete for block rewards. Bitcoin’s design leads to multiple equilibria: the same blockchain technology is consistent with sharply different price and security levels. Bitcoin’s monetary policy can lead to welfare losses and deviations from quantity theory. Price-security feedback amplifies fundamental shocks’ volatility impact and leads to boom and busts unconnected to fundamentals. We characterize how viability versus fiat currency depends on bitcoin’s relative acceptability and inflation protection.