Cryptocurrency Bubbles and Costly Mining
将挖矿引入标准货币搜寻模型，提出基于挖矿资源消耗的均衡精炼概念，排除加密货币价值为零或趋于零的均衡，表明高成本挖矿可作为协调工具维持币值。
ABSTRACT This paper develops a model of a cryptocurrency by incorporating mining into the otherwise standard search‐theoretic monetary framework. As usual, multiple equilibria exist. To obtain a sharp prediction on whether a cryptocurrency' s value will last in the future, I propose a notion of equilibrium refinement based on the feature that mining uses real resources. This refinement eliminates all equilibria where the value of the cryptocurrency is zero at some point in time or converges to zero over time. This result suggests that agents can collectively sustain the value of the cryptocurrency using costly mining as a coordinating device.