Does mining fuel bubbles?: An experimental study on cryptocurrency markets
The massive price bubbles of decentralized cryptocurrencies, such as Bitcoin, have created a puzzle for economists. How can a non-revenue-generating asset exhibit such extreme price dynamics, forming multiple episodes of bubbles and crashes since its creation? The answer is not straightforward, sinc...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Dokumenttyp: | Book/Monograph Arbeitspapier |
| Sprache: | Englisch |
| Veröffentlicht: |
Heidelberg
Heidelberg University, Department of Economics
09 Jun. 2021
|
| Ausgabe: | 1. Überarbeitung |
| Schriftenreihe: | AWI discussion paper series
no. 703 (May 2021) |
| In: |
AWI discussion paper series (no. 703 (May 2021))
|
| DOI: | 10.11588/heidok.00030059 |
| Schlagworte: | |
| Online-Zugang: | Verlag, kostenfrei: https://www.uni-heidelberg.de/md/awi/forschung/deseminar/dp_703.pdf Resolving-System, kostenfrei: https://doi.org/10.11588/heidok.00030059 Resolving-System, kostenfrei: http://hdl.handle.net/10419/235026 Resolving-System: https://nbn-resolving.org/urn:nbn:de:bsz:16-heidok-300592 Langzeitarchivierung Nationalbibliothek: https://d-nb.info/1235187772/34 Verlag, kostenfrei: http://www.ub.uni-heidelberg.de/archiv/30059 
|
| Verfasserangaben: | Marco Lambrecht, Andis Sofianos, Yilong Xu |
MARC
| LEADER | 00000cam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | 1759863653 | ||
| 003 | DE-627 | ||
| 005 | 20241026101156.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210604s2021 gw |||||o 00| ||eng c | ||
| 024 | 7 | |a urn:nbn:de:bsz:16-heidok-300592 |2 urn | |
| 024 | 7 | |a 10.11588/heidok.00030059 |2 doi | |
| 024 | 7 | |a 10419/235026 |2 hdl | |
| 035 | |a (DE-627)1759863653 | ||
| 035 | |a (DE-599)KXP1759863653 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 044 | |c XA-DE | ||
| 082 | 0 | 4 | |a 330 |q DE-101 |
| 084 | |a 17 |2 sdnb | ||
| 084 | |a 17 |2 sdnb | ||
| 084 | |a C90 |a D53 |a G12 |2 jelc | ||
| 100 | 1 | |a Lambrecht, Marco |d 1983- |e VerfasserIn |0 (DE-588)1035780658 |0 (DE-627)749556684 |0 (DE-576)383532809 |4 aut | |
| 245 | 1 | 0 | |a Does mining fuel bubbles? |b An experimental study on cryptocurrency markets |c Marco Lambrecht, Andis Sofianos, Yilong Xu |
| 250 | |a 1. Überarbeitung | ||
| 264 | 1 | |a Heidelberg |b Heidelberg University, Department of Economics |c 09 Jun. 2021 | |
| 300 | |a 1 Online-Ressource (58 Seiten) |b Illustrationen | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 1 | |a AWI discussion paper series |v no. 703 (May 2021) | |
| 520 | |a The massive price bubbles of decentralized cryptocurrencies, such as Bitcoin, have created a puzzle for economists. How can a non-revenue-generating asset exhibit such extreme price dynamics, forming multiple episodes of bubbles and crashes since its creation? The answer is not straightforward, since cryptocurrencies differ in several important aspects from other conventional assets. In this paper, we investigate how key features associated with the Proof-of-Work consensus mechanism affect pricing. In a controlled laboratory experiment, we observe that the formation of price bubbles can be causally attributed to mining. Moreover, bubbles are more pronounced if the mining capacity is centralized to a small group of individuals. Analysis of the order book data reveals that miners seem to play a crucial role in bubble formation. The results demonstrate that high price volatility is an inherent feature of cryptocurrencies based on a mining protocol, which seriously limits any prospects for such assets truly becoming a medium of exchange. | ||
| 650 | 4 | |a Bitcoin |7 (dpeaa)DE-206 | |
| 650 | 4 | |a Bubbles |7 (dpeaa)DE-206 | |
| 650 | 4 | |a Cryptocurrency |7 (dpeaa)DE-206 | |
| 650 | 4 | |a Financial Market Experiment |7 (dpeaa)DE-206 | |
| 655 | 4 | |0 (DE-206)34 |a Graue Literatur |5 DE-206 | |
| 700 | 1 | |a Sofianos, Andis |e VerfasserIn |0 (DE-588)1059080923 |0 (DE-627)797940006 |0 (DE-576)415096820 |4 aut | |
| 700 | 1 | |a Xu, Yilong |e VerfasserIn |0 (DE-588)1139871374 |0 (DE-627)897780116 |0 (DE-576)493518606 |4 aut | |
| 830 | 0 | |a AWI discussion paper series |v no. 703 (May 2021) |9 703 |w (DE-627)1741200679 |w (DE-600)3046500-X |7 am | |
| 856 | 4 | 0 | |u https://www.uni-heidelberg.de/md/awi/forschung/deseminar/dp_703.pdf |x Verlag |z kostenfrei |
| 856 | 4 | 0 | |u https://doi.org/10.11588/heidok.00030059 |v 2022-02-07 |x Resolving-System |z kostenfrei |
| 856 | 4 | 0 | |u http://hdl.handle.net/10419/235026 |x Resolving-System |z kostenfrei |
| 856 | 4 | 0 | |u https://nbn-resolving.org/urn:nbn:de:bsz:16-heidok-300592 |v 2022-02-07 |x Resolving-System |
| 856 | 4 | 0 | |u https://d-nb.info/1235187772/34 |v 2022-02-07 |x Langzeitarchivierung Nationalbibliothek |
| 856 | 4 | 0 | |u http://www.ub.uni-heidelberg.de/archiv/30059 |q application/pdf |v 2022-02-07 |x Verlag |z kostenfrei |
| 951 | |a BO | ||
| 992 | |a 20210614 | ||
| 993 | |a WorkingPaper | ||
| 994 | |a 2021 | ||
| 998 | |g 1139871374 |a Xu, Yilong |m 1139871374:Xu, Yilong |d 180000 |d 181000 |e 180000PX1139871374 |e 181000PX1139871374 |k 0/180000/ |k 1/180000/181000/ |p 3 | ||
| 998 | |g 1059080923 |a Sofianos, Andis |m 1059080923:Sofianos, Andis |d 180000 |d 181000 |e 180000PS1059080923 |e 181000PS1059080923 |k 0/180000/ |k 1/180000/181000/ |p 2 |y j | ||
| 998 | |g 1035780658 |a Lambrecht, Marco |m 1035780658:Lambrecht, Marco |p 1 |x j | ||
| 999 | |a KXP-PPN1759863653 |e 393802870X | ||
| BIB | |a Y | ||
| JSO | |a {"type":{"bibl":"book","media":"Online-Ressource"},"physDesc":[{"extent":"1 Online-Ressource (58 Seiten)","noteIll":"Illustrationen"}],"recId":"1759863653","language":["eng"],"relMultPart":[{"disp":"AWI discussion paper series","note":["Gesehen am 20.11.23"],"type":{"media":"Online-Ressource","bibl":"serial"},"recId":"1741200679","corporate":[{"role":"isb","display":"Alfred-Weber-Institut für Wirtschaftswissenschaften","roleDisplay":"Herausgebendes Organ"}],"language":["eng"],"pubHistory":["No. 692 (October 2020)-"],"part":{"number_sort":["703"],"number":["no. 703 (May 2021)"]},"title":[{"title":"AWI discussion paper series","title_sort":"AWI discussion paper series"}],"physDesc":[{"extent":"Online-Ressource"}],"dispAlt":"AWI discussion paper series","name":{"displayForm":["University of Heidelberg, Department of Economics"]},"origin":[{"publisher":"[University of Heidelberg, Department of Economics]","dateIssuedDisp":"[2020]-","publisherPlace":"[Heidelberg]"}],"id":{"hdl":["10419/127204"],"eki":["1741200679"],"zdb":["3046500-X"]}}],"name":{"displayForm":["Marco Lambrecht, Andis Sofianos, Yilong Xu"]},"person":[{"role":"aut","display":"Lambrecht, Marco","roleDisplay":"VerfasserIn","given":"Marco","family":"Lambrecht"},{"roleDisplay":"VerfasserIn","display":"Sofianos, Andis","role":"aut","family":"Sofianos","given":"Andis"},{"display":"Xu, Yilong","roleDisplay":"VerfasserIn","role":"aut","family":"Xu","given":"Yilong"}],"title":[{"subtitle":"An experimental study on cryptocurrency markets","title":"Does mining fuel bubbles?","title_sort":"Does mining fuel bubbles?"}],"origin":[{"publisherPlace":"Heidelberg","edition":"1. Überarbeitung","editionNo":"1","dateIssuedKey":"2021","publisher":"Heidelberg University, Department of Economics","dateIssuedDisp":"09 Jun. 2021"}],"id":{"eki":["1759863653"],"doi":["10.11588/heidok.00030059"],"uri":["urn:nbn:de:bsz:16-heidok-300592"],"hdl":["10419/235026"]}} | ||
| SRT | |a LAMBRECHTMDOESMINING0920 | ||