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題名 從金融資產與貨幣之觀點探討比特幣之價值
Investigate the Value of Bitcoin from the Perspectives of Financial Assets and Currencies作者 陳柏文
Chen, Bo-wen貢獻者 洪叔民<br>陳叔民
陳柏文
Chen, Bo-wen關鍵詞 比特幣
加密貨幣
金融資產
股票
債券
貨幣日期 2018 上傳時間 13-Aug-2018 12:37:26 (UTC+8) 摘要 近年來，隨著加密貨幣的逐漸盛行，比特幣等新興貨幣成為許多人考慮的投資標，本研究旨在探討，與目前常見的金融資產及貨幣相比，比特幣的優劣勢分析。 在本文中，除了從技術基礎介紹比特幣之外，也將探討比特幣的市場生態，並將比特幣與常見的金融商品、貨幣做比較，利用評估這些金融商品的模式評估比特幣，探討比特幣的應用價值，而交叉比對之後我們發現，與債券、股票、貨幣相比，比特幣的底層技術雖然更為先進，但比特幣的市場波動性過高，讓比特幣在金融市場以及貨幣採用上始終無法有重大突破。 比特幣在支付層面，有少部分應用可以確實節省大額成本，但交易成本讓比特幣的支付場景受限。若是作為借貸合約的標的，相同地，比特幣的問題在於過大的波動性，讓本金兌其他法幣的風險過高，無法享有債券保本之特性，若將比特幣視為籌資工具，比特幣是一個非常有效且低成本的籌資工具，預期未來此應用還有發展潛力。 參考文獻 英文文獻 Antonopoulos, A. M. (2017). Mastering Bitcoin: Programming the Open Blockchain. " O`Reilly Media, Inc.". Bitcoin.com. (2018). 46% of Last Year’s ICOs Have Failed Already. Retrieved May, 20, 2018 from https://news.bitcoin.com/46-last-years-icos-failed-already/ Bitcoin.org. (2018). How does Bitcoin work? Retrieved May, 24, 2018 from https://bitcoin.org/en/how-it-works Bjordal, A., & Opdahl, E. (2017). Portfolio optimization in the cryptocurrency market: an evaluation of the performance of momentum strategies in the cryptocurrency market and cryptocurrency’s place in an optimized investment portfolio (Master`s thesis). Block Explorer. (2018, March 26). Latest Block. Retrieved May, 20, 2018 from https://blockexplorer.com/ Bloomberg. (2018, March 26). What the World’s Governments Are Saying about Cryptocurrencies. Retrieved May, 8, 2018 from https://www.bloomberg.com/news/articles/2018-03-26/what-the-world-s-governments-are-saying-about-cryptocurrencies Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213-38. Chuen, D. L. K. (Ed.). (2015). Handbook of digital currency: Bitcoin, innovation, financial instruments, and big data. Academic Press. Coindesk. (2018). Bitcoin Fees Are Down Big: Why It Happened And What It Means. Retrieved March, 3, 2018 from https://www.coindesk.com/bitcoin-low-fees-why-happening-why-matters/ Coindesk. (2018). Initial Coin Offerings, Retrieved March, 3, 2018 from https://www.coindesk.com/category/markets-news/investments/initial-coin-offerings/ Coindesk. (2018). Bitcoin (USD) Price, Retrieved March, 3, 2018 from https://www.coindesk.com/price/ CryptoLand. (2018). Historical lending rates, Retrieved May, 20, 2018 from https://cryptolend.net/rates.html Fidelity. (2018). Bonds overview Retrieved May 22, 2018 from: https://www.fidelity.com/fixed-income-bonds/individual-bonds/overview Fortune. (2018, Feb 25). Nearly Half of 2017’s Cryptocurrency `ICO` Projects Have Already Died. Retrieved May, 20, 2018 from http://fortune.com/2018/02/25/cryptocurrency-ico-collapse/ Griffin, J. M., & Shams, A. (2018). Is Bitcoin Really Un-Tethered? Gup, B. E. (2015). What is money? From commodities to virtual currencies/Bitcoin. Investopedia. (2017). Blockchain, http://www.investopedia.com/terms/b/block-bitcoinblock.asp Kaplanov, N. (2012). Nerdy money: Bitcoin, the private digital currency, and the case against its regulation. Loy. Consumer L. Rev., 25, 111. Kostovetsky, L., & Benedetti, H. (2018). Digital Tulips? Returns to Investors in Initial Coin Offerings. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. PetroWhitepater. (2018) PetroWhitepater. Retrieved March, 21, 2018 http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf Poloniex. (2018). BITCOIN EXCHANGE. Retrieved May, 21, 2018 from https://poloniex.com/exchange#usdt_btc Swartz, N. D. (2014). Bursting the Bitcoin bubble: The case to regulate digital currency as a security or commodity. Tul. J. Tech. & Intell. Prop., 17, 319. WCEX. (2018). WCX whitepaper. Retrieved May, 20, 2018 from https://ico.wcex.co/whitepaper?lang=en White, L. (1999). The theory of monetary institutions. Wiley-Blackwell. William Suberg. (2018). Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs Jevons, W. S. (1875). Money and the Mechanism of Exchange Wu, C. Y., Pandey, V. K., & DBA, C. (2014). The value of Bitcoin in enhancing the efficiency of an investor’s portfolio. Journal of financial planning, 27(9), 44-52. Xapo. (2017). Bitcoin and the History of money. Retrieved from: https://xapo.com/resources/history-of-money/ 中文文獻 Meet (2017, May 9). 台灣企業出走中國上市？淺談台灣IPO概況與困境Retrieved May, 12, 2018 from https://meet.bnext.com.tw/articles/view/40301 中華民國法務部 (2012年4月12日)，海外匯款手續費貴森森，匯出最多失血1300元以上。取自https://www.moj.gov.tw/fp-42-62122-fdfe0-001.html 每日發行通貨數量，中華民國中央銀行全球資訊網。取自https://www.cbc.gov.tw/ct.asp?xItem=64396&ctNode=410&mp=1 胡為善(2015)，虛擬貨幣的可投資性研究—以比特幣為例。 陳星樺(2017)，電子加密貨幣的發展—以比特幣為例。 盧冠誠(2018年3月19日)，現行台幣發行15年 改版成本近500億。自由時報。取自http://news.ltn.com.tw/news/weeklybiz/paper/1184930 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
106363035資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106363035 資料類型 thesis dc.contributor.advisor 洪叔民<br>陳叔民 zh_TW dc.contributor.author (Authors) 陳柏文 zh_TW dc.contributor.author (Authors) Chen, Bo-wen en_US dc.creator (作者) 陳柏文 zh_TW dc.creator (作者) Chen, Bo-wen en_US dc.date (日期) 2018 en_US dc.date.accessioned 13-Aug-2018 12:37:26 (UTC+8) - dc.date.available 13-Aug-2018 12:37:26 (UTC+8) - dc.date.issued (上傳時間) 13-Aug-2018 12:37:26 (UTC+8) - dc.identifier (Other Identifiers) G0106363035 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119349 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 106363035 zh_TW dc.description.abstract (摘要) 近年來，隨著加密貨幣的逐漸盛行，比特幣等新興貨幣成為許多人考慮的投資標，本研究旨在探討，與目前常見的金融資產及貨幣相比，比特幣的優劣勢分析。 在本文中，除了從技術基礎介紹比特幣之外，也將探討比特幣的市場生態，並將比特幣與常見的金融商品、貨幣做比較，利用評估這些金融商品的模式評估比特幣，探討比特幣的應用價值，而交叉比對之後我們發現，與債券、股票、貨幣相比，比特幣的底層技術雖然更為先進，但比特幣的市場波動性過高，讓比特幣在金融市場以及貨幣採用上始終無法有重大突破。 比特幣在支付層面，有少部分應用可以確實節省大額成本，但交易成本讓比特幣的支付場景受限。若是作為借貸合約的標的，相同地，比特幣的問題在於過大的波動性，讓本金兌其他法幣的風險過高，無法享有債券保本之特性，若將比特幣視為籌資工具，比特幣是一個非常有效且低成本的籌資工具，預期未來此應用還有發展潛力。 zh_TW dc.description.tableofcontents 目錄 摘要 4 圖次 5 第一章、緒論 6 第一節、背景介紹 6 第二節、研究動機 6 第三節、研究目的 7 第二章、文獻探討 8 第一節、比特幣的定義 8 第二節、基於區塊鏈技術的加密貨幣特性 10 第三節、區塊鏈如何用時間順序強化安全性 11 第四節、公開帳本的運作 11 第五節、交易紀錄的步驟與礦工的獎勵 13 第三章、比特幣的市場生態 14 第一節、比特幣價格如何被市場決定 14 第二節、其他加密貨幣 15 1. 以太幣(Ether) 16 2. USDT 16 3. Petro 17 第三節、ICO 19 1. ICO的定義 19 2. ICO對於商業模式的創新 21 3. 目前ICO的市場概況 21 第四節、貨幣分叉 22 第五節、政府對比特幣的監管態度 24 第四章、比特幣與金融資產之比較 31 第一節、比特幣借貸合約與債券之比較 31 1. 投資人觀點 34 2. 募資人觀點 36 第二節、比特幣ICO與股票IPO市場之比較 37 1. 投資人觀點 37 2. 募資人觀點 38 第三節、比特幣與現代貨幣價值之比較 39 1. 以完美貨幣的十項條件比較法幣與比特幣 39 2. 貨幣的三項功能評估法幣與比特幣 44 第五章、結論 47 本文結論 47 未來發展 48 研究限制 48 參考文獻 50 zh_TW dc.format.extent 2157360 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106363035 en_US dc.subject (關鍵詞) 比特幣 zh_TW dc.subject (關鍵詞) 加密貨幣 zh_TW dc.subject (關鍵詞) 金融資產 zh_TW dc.subject (關鍵詞) 股票 zh_TW dc.subject (關鍵詞) 債券 zh_TW dc.subject (關鍵詞) 貨幣 zh_TW dc.title (題名) 從金融資產與貨幣之觀點探討比特幣之價值 zh_TW dc.title (題名) Investigate the Value of Bitcoin from the Perspectives of Financial Assets and Currencies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 英文文獻 Antonopoulos, A. M. (2017). Mastering Bitcoin: Programming the Open Blockchain. " O`Reilly Media, Inc.". Bitcoin.com. (2018). 46% of Last Year’s ICOs Have Failed Already. Retrieved May, 20, 2018 from https://news.bitcoin.com/46-last-years-icos-failed-already/ Bitcoin.org. (2018). How does Bitcoin work? Retrieved May, 24, 2018 from https://bitcoin.org/en/how-it-works Bjordal, A., & Opdahl, E. (2017). Portfolio optimization in the cryptocurrency market: an evaluation of the performance of momentum strategies in the cryptocurrency market and cryptocurrency’s place in an optimized investment portfolio (Master`s thesis). Block Explorer. (2018, March 26). Latest Block. Retrieved May, 20, 2018 from https://blockexplorer.com/ Bloomberg. (2018, March 26). What the World’s Governments Are Saying about Cryptocurrencies. Retrieved May, 8, 2018 from https://www.bloomberg.com/news/articles/2018-03-26/what-the-world-s-governments-are-saying-about-cryptocurrencies Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213-38. Chuen, D. L. K. (Ed.). (2015). Handbook of digital currency: Bitcoin, innovation, financial instruments, and big data. Academic Press. Coindesk. (2018). Bitcoin Fees Are Down Big: Why It Happened And What It Means. Retrieved March, 3, 2018 from https://www.coindesk.com/bitcoin-low-fees-why-happening-why-matters/ Coindesk. (2018). Initial Coin Offerings, Retrieved March, 3, 2018 from https://www.coindesk.com/category/markets-news/investments/initial-coin-offerings/ Coindesk. (2018). Bitcoin (USD) Price, Retrieved March, 3, 2018 from https://www.coindesk.com/price/ CryptoLand. (2018). Historical lending rates, Retrieved May, 20, 2018 from https://cryptolend.net/rates.html Fidelity. (2018). Bonds overview Retrieved May 22, 2018 from: https://www.fidelity.com/fixed-income-bonds/individual-bonds/overview Fortune. (2018, Feb 25). Nearly Half of 2017’s Cryptocurrency `ICO` Projects Have Already Died. Retrieved May, 20, 2018 from http://fortune.com/2018/02/25/cryptocurrency-ico-collapse/ Griffin, J. M., & Shams, A. (2018). Is Bitcoin Really Un-Tethered? Gup, B. E. (2015). What is money? From commodities to virtual currencies/Bitcoin. Investopedia. (2017). Blockchain, http://www.investopedia.com/terms/b/block-bitcoinblock.asp Kaplanov, N. (2012). Nerdy money: Bitcoin, the private digital currency, and the case against its regulation. Loy. Consumer L. Rev., 25, 111. Kostovetsky, L., & Benedetti, H. (2018). Digital Tulips? Returns to Investors in Initial Coin Offerings. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. PetroWhitepater. (2018) PetroWhitepater. Retrieved March, 21, 2018 http://www.elpetro.gob.ve/Whitepaper_Petro_en.pdf Poloniex. (2018). BITCOIN EXCHANGE. Retrieved May, 21, 2018 from https://poloniex.com/exchange#usdt_btc Swartz, N. D. (2014). Bursting the Bitcoin bubble: The case to regulate digital currency as a security or commodity. Tul. J. Tech. & Intell. Prop., 17, 319. WCEX. (2018). WCX whitepaper. Retrieved May, 20, 2018 from https://ico.wcex.co/whitepaper?lang=en White, L. (1999). The theory of monetary institutions. Wiley-Blackwell. William Suberg. (2018). Wall Street Journal Research Finds ‘Red Flags’ In 19% Of ICOs Jevons, W. S. (1875). Money and the Mechanism of Exchange Wu, C. Y., Pandey, V. K., & DBA, C. (2014). The value of Bitcoin in enhancing the efficiency of an investor’s portfolio. Journal of financial planning, 27(9), 44-52. Xapo. (2017). Bitcoin and the History of money. Retrieved from: https://xapo.com/resources/history-of-money/ 中文文獻 Meet (2017, May 9). 台灣企業出走中國上市？淺談台灣IPO概況與困境Retrieved May, 12, 2018 from https://meet.bnext.com.tw/articles/view/40301 中華民國法務部 (2012年4月12日)，海外匯款手續費貴森森，匯出最多失血1300元以上。取自https://www.moj.gov.tw/fp-42-62122-fdfe0-001.html 每日發行通貨數量，中華民國中央銀行全球資訊網。取自https://www.cbc.gov.tw/ct.asp?xItem=64396&ctNode=410&mp=1 胡為善(2015)，虛擬貨幣的可投資性研究—以比特幣為例。 陳星樺(2017)，電子加密貨幣的發展—以比特幣為例。 盧冠誠(2018年3月19日)，現行台幣發行15年 改版成本近500億。自由時報。取自http://news.ltn.com.tw/news/weeklybiz/paper/1184930 zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.MBA.067.2018.F08 -
