安全性令牌
数字加密货币
人群
预测(人工智能)
计算机科学
计算机安全
价值(数学)
脆弱性
业务
微观经济学
经济
机器学习
物理化学
人工智能
化学
作者
Michael Sockin,Wei Xiong
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2023-11-01
卷期号:69 (11): 6684-6707
被引量:48
标识
DOI:10.1287/mnsc.2023.4756
摘要
We model cryptocurrencies as utility tokens used by a decentralized digital platform to facilitate transactions between users of certain goods or services. The network effect governing user participation, in conjunction with the nonneutrality of the token price, can cause the token market to break down. We show that token retradeability mitigates this risk of breakdown on younger platforms by harnessing user optimism but worsens this fragility when sentiment trading by speculators crowds out users. Elastic token issuance mitigates this fragility, but strategic attacks by miners exacerbate it because users’ anticipation of future losses depresses the token’s resale value. This paper was accepted by Agostino Capponi, Special Section of Management Science: Blockchains and Crypto Economics.
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