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題名 虛擬貨幣和虛擬貨幣經濟實用性分析
An Analysis of the Utility of Cryptocurrencies and the Crypto-Economy作者 馬蒂森
Mathisen, Kyle Andrew貢獻者 郭維裕
Kuo, George
馬蒂森
Kyle Andrew Mathisen關鍵詞 虛擬貨幣
區塊鍊
比特幣
網路效應
加密
cryptocurrency
blockchain
bitcoin
network effects
encryption日期 2021 上傳時間 4-八月-2021 15:05:46 (UTC+8) 摘要 Cryptocurrencies are a novel consequence of the collision of a myriad of technological achievements: cryptography, computing, digital networks, blockchains, and code. Each of these achievements has contributed a strand of digital DNA that has given rise to remarkable new entities: decentralized, cryptographically secure digital currencies. The aim of this paper is to explore, examine, and articulate the rationale for the classification of this new technology as a currency. Further, to assess the technology, as it stands today, in terms of its suitability for the role it was envisioned to play—that is, a replacement for fiat currency. The methods employed in so doing are to examine the technology and its performance from the classical economic perspective, namely, the fulfilment of the functions of money. This paper also attempts to explore the nature and source of value as it pertains to currencies generally and cryptocurrencies specifically. This was attempted by examining the role network effects play in engendering value for currencies—digital or otherwise. The results of this examination are mixed. While the technology is promising, questions remain as to the role it will be allowed to play in a world where a nation state’s seigniorage remains a power not easily relinquished. 參考文獻 Akhtar, T. (2021, April 28). European Investment Bank Issues $121M Digital Notes Using Ethereum. CoinDesk. https://www.coindesk.com/european-investment-bank-issues-121m-digital-notes-using-ethereumAntonopoulos, A. M. Mastering Bitcoin: Programming the Open Blockchain, 2nd ed. O`Reilly Media, Inc., 41 E University Ave, Champaign, USA, 2017.Anwar, H. (2021, March 7). Zero Knowledge Proof: A Introductory Guide. 101 Blockchains. https://101blockchains.com/zero-knowledge-proof/#2Arabnews. (2021, April 18). Turkey bans crypto assets over illegal transaction fears. Arab News. https://www.arabnews.com/node/1845076/business-economy.Back, Adam. (2002). Hashcash - A Denial of Service Counter-Measure. Available at https://www.researchgate.net/publication/2482110_Hashcash_-_A_Denial_of_Service_Counter-MeasureBarragan, J. (2021, March 3). Cryptocurrency Crime and Anti-Money Laundering Report, February 2021. CipherTrace. https://ciphertrace.com/2020-year-end-cryptocurrency-crime-and-anti-money-laundering-report/Belot, H., & Borys, S. (2017, May 16). WannaCry attack a warning not to stockpile tech threats: Microsoft. ABC News. https://www.abc.net.au/news/2017-05-15/ransomware-attack-to-hit-victims-in-australia-government-says/8526346.Canellis, D. (2019, July 9). Here’s why Satoshi Nakamoto set Bitcoin’s supply limit to 21 million. TNW | Hardfork. https://thenextweb.com/news/heres-why-satoshi-nakamoto-set-bitcoin-supply-limit-to-21-million#:%7E:text=When%20Satoshi%20Nakamoto%20built%20Bitcoin,to%20(roughly)%2021%20million.Catalini, Christian and Gans, Joshua S., Some Simple Economics of the Blockchain (April 20, 2019). Rotman School of Management Working Paper No. 2874598, MIT Sloan Research Paper No. 5191-16, Available at SSRN: https://ssrn.com/abstract=2874598. or http://dx.doi.org/10.2139/ssrn.2874598Chaum, D. (1982, June). Computer Systems Established, Maintained and Trusted by Mutually Suspicious Groups. Electronics Research Laboratory, University of California.Cohen, F. (1995). - A Short History of Cryptography. Fred Cohen &Associates. Available at: https://web.itu.edu.tr/~orssi/dersler/cryptography/Chap2-1.pdfCryptimi. (2021, June 2). Cryptimi | Your Trusted Source In Cryptocurrency. Available at: https://www.cryptimi.com/FinanceFeeds. (2021, April 29). Roman “Bitcoin Fog” Sterlingov arrested for laundering $336 million. https://financefeeds.com/roman-bitcoin-fog-sterlingov-arrested-laundering-336-million/Global Cryptocurrency Market Charts. (n.d.). CoinMarketCap. Retrieved May 5, 2021, from https://coinmarketcap.com/charts/Hern, A. (2020, November 6). US seizes $1bn in bitcoin linked to Silk Road site. TheGuardian. https://www.theguardian.com/technology/2020/nov/06/us-seizes-1bn-in-bitcoin-linked-to-silk-road-site.International Money Fund. Table 1: World Currency Composition of Official Foreign Exchange Reserves. Accessed April 22, 2020. Available at: https://data.imf.org/regular.aspx?key=41175Keizer, G. (2014, March 1). Bitcoin malware count soars as cryptocurrency value climbs. Computerworld. https://www.computerworld.com/article/2488144/bitcoin-malware-count-soars-as-cryptocurrency-value-climbs.htmlKhan, R. (2018, November 6). Part 1: What is the zk-SNARK proof? How does it work? BlockPublisher. https://blockpublisher.com/part-1-what-is-the-zk-snark-proof-how-does-it-work/Krause, E. (2018, July 5). A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help. WSJ. https://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731Ligon, C. (2021, June 29). Lawyers for Africrypt’s Missing Founders Say They’ve Been Fired: Report. CoinDesk. Available at: https://www.coindesk.com/lawyers-for-africrypts-missing-founders-say-theyve-been-fired-reportMoney Laundering. (n.d.). United Nations: Office on Drugs and Crime. Retrieved June 29, 2021, Available at: https://www.unodc.org/unodc/en/money-laundering/overview.htmlNakamoto, S. (2008) Bitcoin: A Peer-to-Peer Electronic Cash System. Available at: https://bitcoin.org/bitcoin.pdfNews18. (2021, January 19). Man Wants to Dig up Hard Drive with Bitcoin Worth $280 Million He Threw Away 8 Years Ago. Www.News18.Com. Available at: https://www.news18.com/news/buzz/man-wants-to-dig-up-hard-drive-with-bitcoin-worth-280-million-he-threw-away-8-years-ago-3310391.htmlNilsson, K. (2015, April 19). The missing MtGox bitcoins. Wizsec.Jp. Available at: https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.htmlPeck, M. E. (2016, May 28). Ethereum’s $150-Million Blockchain-Powered Fund Opens Just as Researchers Call For a Halt. IEEE Spectrum: Technology, Engineering, and Science News. https://spectrum.ieee.org/tech-talk/computing/networks/ethereums-150-million-dollar-dao-opens-for-business-just-as-researchers-call-for-a-moratoriumPeterson, B. (2017, August 22). IBM wants to use the technology that underlies bitcoin to help prevent major foodborne outbreaks like salmonella. Business Insider. https://www.businessinsider.com/ibm-and-walmart-are-using-blockchain-in-the-food-supply-chain-2017-8?IR=T.Peterson, Timothy. Metcalfe`s Law as a Model for Bitcoin`s Value (January 22, 2018). Alternative Investment Analyst Review, Q2 2018, Vol. 7, No. 2, 9-18., Available at SSRN: https://ssrn.com/abstract=3078248 or http://dx.doi.org/10.2139/ssrn.3078248Reeves, S. (2021, March 2). Illegal use of Bitcoin dropped by 50% in 2020, Citibank reports. Newsweek. https://www.newsweek.com/illegal-use-bitcoin-dropped-50-2020-citibank-reports-1573263.Reuters. (2021, March 21). Turkish lira falls 16% after Erdogan sacks central bank chief. Nikkei Asia. Available at: https://asia.nikkei.com/Economy/Turkish-lira-falls-16-after-Erdogan-sacks-central-bank-chief.Sherman, A. T., Javani, F., Zhang, H., & Golaszewski, E. (2019). On the Origins and Variations of Blockchain Technologies. IEEE Security & Privacy, 17(1), 72–77. https://doi.org/10.1109/msec.2019.2893730Statista. (2021, May 17). The 100 biggest cryptocurrency exchanges in the world on May 17, 2021. https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/Tayeb, Z. (2021, April 20). Bitcoin plummets more than 10% in its biggest drop in months, just days after reaching a record high. Business Insider. Available at: https://www.businessinsider.com/bitcoin-price-now-plunges-biggest-drop-since-february-record-high-2021-4?international=true&r=US&IR=T#:%7E:text=Bitcoin%20tumbled%20to%20its%20biggest,ET%2C%20from%20%2461%2C396%20to%20%2454%2C750.The Holy Bible (n.d.). Available at: http://www.gasl.org/refbib/Bible_King_James_Version.pdfToksabay, E. (2021, April 16). Bitcoin tumbles after Turkey bans crypto payments citing risks. Reuters. Available at: https://www.reuters.com/technology/turkey-bans-use-cryptocurrencies-payments-sends-bitcoin-down-2021-04-16/.United Nations, General Assembly, Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning Islamic State in Iraq and the Levant (Da’esh), Al-Qaida and associated individuals, groups, undertakings and entities (26 August 2008), available from undocs.org/en/A/63/332. Available at: https://undocs.org/S/2021/68UNITED STATES OF AMERICA v. LARRY DEAN HARMON, Indictment., Case No.19-cr-00395. Available at: https://www.justice.gov/opa/press-release/file/1249026/download?utm_medium=email&utm_source=govdeliveryVigna, P., & Casey, M. J. (2015). The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging the Global Economic Order (PICADOR USA). Picador.Weygandt, J. J., Kieso, D. E., & Kimmel, P. D. (1998). Financial Accounting. New York: Wiley.Will the dollar lose its throne? Economic fundamentals vs network. (n.d.). Voxeu.Org. Retrieved May 21, 2021, from https://voxeu.org/article/will-dollar-lose-its-throne-economic-fundamentals-vs-network-effects 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
108933031資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108933031 資料類型 thesis dc.contributor.advisor 郭維裕 zh_TW dc.contributor.advisor Kuo, George en_US dc.contributor.author (作者) 馬蒂森 zh_TW dc.contributor.author (作者) Kyle Andrew Mathisen en_US dc.creator (作者) 馬蒂森 zh_TW dc.creator (作者) Mathisen, Kyle Andrew en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-八月-2021 15:05:46 (UTC+8) - dc.date.available 4-八月-2021 15:05:46 (UTC+8) - dc.date.issued (上傳時間) 4-八月-2021 15:05:46 (UTC+8) - dc.identifier (其他 識別碼) G0108933031 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136430 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 108933031 zh_TW dc.description.abstract (摘要) Cryptocurrencies are a novel consequence of the collision of a myriad of technological achievements: cryptography, computing, digital networks, blockchains, and code. Each of these achievements has contributed a strand of digital DNA that has given rise to remarkable new entities: decentralized, cryptographically secure digital currencies. The aim of this paper is to explore, examine, and articulate the rationale for the classification of this new technology as a currency. Further, to assess the technology, as it stands today, in terms of its suitability for the role it was envisioned to play—that is, a replacement for fiat currency. The methods employed in so doing are to examine the technology and its performance from the classical economic perspective, namely, the fulfilment of the functions of money. This paper also attempts to explore the nature and source of value as it pertains to currencies generally and cryptocurrencies specifically. This was attempted by examining the role network effects play in engendering value for currencies—digital or otherwise. The results of this examination are mixed. While the technology is promising, questions remain as to the role it will be allowed to play in a world where a nation state’s seigniorage remains a power not easily relinquished. en_US dc.description.tableofcontents TABLE OF CONTENTS1. Introduction 11.1. Cryptocurrency – A Definition 11.2. Origins 22. The Nature and Technology of Cryptocurrency 42.1. Necessity 42.2. What ‘is’ a Cryptocurrency? 52.3. The ‘Chain’ and ‘Block’ of a Blockchain. 62.4. Blockchain Functionality 92.5. Wallets 92.6. Asymmetric vs Symmetric Encryption. 113. Crypto Wallets: Facilitation and Interaction with the Blockchain. 124. Coin Acquisition 144.1. Acquiring Cryptocurrency 144.2. Purchase 144.3. Mining - A Digital Birth 155. Consensus Mechanisms 175.1. Proof of Work 175.2. Proof of Stake 195.3. Proof of Authority 196. Issuance – How a New Cryptocurrency is Created 217. The Value and Utility of Cryptocurrency 227.1. The Source of Value 227.1.1. Network Effects 247.2. Utility 257.2.1. Usefulness: Cryptocurrency as Currency. 267.2.2. Profitability: Cryptocurrency as an Investment. 327.2.3. Benefits of Cryptocurrency 348. The Dark Side of Cryptocurrency 418.1. The Black Market 418.2. Terrorist Financing 428.3. Fraud and Money Laundering 429. The Crypto-economy 449.1. Exchanges 449.2. Blockchain Evolution: NFTs and Smart Contracts 449.3. DAOs 459.4. Distributed Finance (Defi) 459.5. Blockchain Applicability 4610. Conclusion 4711. References 4812. Appendix 5312.1. Appendix A – Top 50 cryptocurrencies 5312.2. Appendix B: Cryptocurrency Exchanges by Volume $USD 54 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108933031 en_US dc.subject (關鍵詞) 虛擬貨幣 zh_TW dc.subject (關鍵詞) 區塊鍊 zh_TW dc.subject (關鍵詞) 比特幣 zh_TW dc.subject (關鍵詞) 網路效應 zh_TW dc.subject (關鍵詞) 加密 zh_TW dc.subject (關鍵詞) cryptocurrency en_US dc.subject (關鍵詞) blockchain en_US dc.subject (關鍵詞) bitcoin en_US dc.subject (關鍵詞) network effects en_US dc.subject (關鍵詞) encryption en_US dc.title (題名) 虛擬貨幣和虛擬貨幣經濟實用性分析 zh_TW dc.title (題名) An Analysis of the Utility of Cryptocurrencies and the Crypto-Economy en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Akhtar, T. (2021, April 28). European Investment Bank Issues $121M Digital Notes Using Ethereum. CoinDesk. https://www.coindesk.com/european-investment-bank-issues-121m-digital-notes-using-ethereumAntonopoulos, A. M. Mastering Bitcoin: Programming the Open Blockchain, 2nd ed. O`Reilly Media, Inc., 41 E University Ave, Champaign, USA, 2017.Anwar, H. (2021, March 7). Zero Knowledge Proof: A Introductory Guide. 101 Blockchains. https://101blockchains.com/zero-knowledge-proof/#2Arabnews. (2021, April 18). Turkey bans crypto assets over illegal transaction fears. Arab News. https://www.arabnews.com/node/1845076/business-economy.Back, Adam. (2002). Hashcash - A Denial of Service Counter-Measure. Available at https://www.researchgate.net/publication/2482110_Hashcash_-_A_Denial_of_Service_Counter-MeasureBarragan, J. (2021, March 3). Cryptocurrency Crime and Anti-Money Laundering Report, February 2021. CipherTrace. https://ciphertrace.com/2020-year-end-cryptocurrency-crime-and-anti-money-laundering-report/Belot, H., & Borys, S. (2017, May 16). WannaCry attack a warning not to stockpile tech threats: Microsoft. ABC News. https://www.abc.net.au/news/2017-05-15/ransomware-attack-to-hit-victims-in-australia-government-says/8526346.Canellis, D. (2019, July 9). Here’s why Satoshi Nakamoto set Bitcoin’s supply limit to 21 million. TNW | Hardfork. https://thenextweb.com/news/heres-why-satoshi-nakamoto-set-bitcoin-supply-limit-to-21-million#:%7E:text=When%20Satoshi%20Nakamoto%20built%20Bitcoin,to%20(roughly)%2021%20million.Catalini, Christian and Gans, Joshua S., Some Simple Economics of the Blockchain (April 20, 2019). Rotman School of Management Working Paper No. 2874598, MIT Sloan Research Paper No. 5191-16, Available at SSRN: https://ssrn.com/abstract=2874598. or http://dx.doi.org/10.2139/ssrn.2874598Chaum, D. (1982, June). Computer Systems Established, Maintained and Trusted by Mutually Suspicious Groups. Electronics Research Laboratory, University of California.Cohen, F. (1995). - A Short History of Cryptography. Fred Cohen &Associates. Available at: https://web.itu.edu.tr/~orssi/dersler/cryptography/Chap2-1.pdfCryptimi. (2021, June 2). Cryptimi | Your Trusted Source In Cryptocurrency. Available at: https://www.cryptimi.com/FinanceFeeds. (2021, April 29). Roman “Bitcoin Fog” Sterlingov arrested for laundering $336 million. https://financefeeds.com/roman-bitcoin-fog-sterlingov-arrested-laundering-336-million/Global Cryptocurrency Market Charts. (n.d.). CoinMarketCap. Retrieved May 5, 2021, from https://coinmarketcap.com/charts/Hern, A. (2020, November 6). US seizes $1bn in bitcoin linked to Silk Road site. TheGuardian. https://www.theguardian.com/technology/2020/nov/06/us-seizes-1bn-in-bitcoin-linked-to-silk-road-site.International Money Fund. Table 1: World Currency Composition of Official Foreign Exchange Reserves. Accessed April 22, 2020. Available at: https://data.imf.org/regular.aspx?key=41175Keizer, G. (2014, March 1). Bitcoin malware count soars as cryptocurrency value climbs. Computerworld. https://www.computerworld.com/article/2488144/bitcoin-malware-count-soars-as-cryptocurrency-value-climbs.htmlKhan, R. (2018, November 6). Part 1: What is the zk-SNARK proof? How does it work? BlockPublisher. https://blockpublisher.com/part-1-what-is-the-zk-snark-proof-how-does-it-work/Krause, E. (2018, July 5). A Fifth of All Bitcoin Is Missing. These Crypto Hunters Can Help. WSJ. https://www.wsj.com/articles/a-fifth-of-all-bitcoin-is-missing-these-crypto-hunters-can-help-1530798731Ligon, C. (2021, June 29). Lawyers for Africrypt’s Missing Founders Say They’ve Been Fired: Report. CoinDesk. Available at: https://www.coindesk.com/lawyers-for-africrypts-missing-founders-say-theyve-been-fired-reportMoney Laundering. (n.d.). United Nations: Office on Drugs and Crime. Retrieved June 29, 2021, Available at: https://www.unodc.org/unodc/en/money-laundering/overview.htmlNakamoto, S. (2008) Bitcoin: A Peer-to-Peer Electronic Cash System. Available at: https://bitcoin.org/bitcoin.pdfNews18. (2021, January 19). Man Wants to Dig up Hard Drive with Bitcoin Worth $280 Million He Threw Away 8 Years Ago. Www.News18.Com. Available at: https://www.news18.com/news/buzz/man-wants-to-dig-up-hard-drive-with-bitcoin-worth-280-million-he-threw-away-8-years-ago-3310391.htmlNilsson, K. (2015, April 19). The missing MtGox bitcoins. Wizsec.Jp. Available at: https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.htmlPeck, M. E. (2016, May 28). Ethereum’s $150-Million Blockchain-Powered Fund Opens Just as Researchers Call For a Halt. IEEE Spectrum: Technology, Engineering, and Science News. https://spectrum.ieee.org/tech-talk/computing/networks/ethereums-150-million-dollar-dao-opens-for-business-just-as-researchers-call-for-a-moratoriumPeterson, B. (2017, August 22). IBM wants to use the technology that underlies bitcoin to help prevent major foodborne outbreaks like salmonella. Business Insider. https://www.businessinsider.com/ibm-and-walmart-are-using-blockchain-in-the-food-supply-chain-2017-8?IR=T.Peterson, Timothy. Metcalfe`s Law as a Model for Bitcoin`s Value (January 22, 2018). Alternative Investment Analyst Review, Q2 2018, Vol. 7, No. 2, 9-18., Available at SSRN: https://ssrn.com/abstract=3078248 or http://dx.doi.org/10.2139/ssrn.3078248Reeves, S. (2021, March 2). Illegal use of Bitcoin dropped by 50% in 2020, Citibank reports. Newsweek. https://www.newsweek.com/illegal-use-bitcoin-dropped-50-2020-citibank-reports-1573263.Reuters. (2021, March 21). Turkish lira falls 16% after Erdogan sacks central bank chief. Nikkei Asia. Available at: https://asia.nikkei.com/Economy/Turkish-lira-falls-16-after-Erdogan-sacks-central-bank-chief.Sherman, A. T., Javani, F., Zhang, H., & Golaszewski, E. (2019). On the Origins and Variations of Blockchain Technologies. IEEE Security & Privacy, 17(1), 72–77. https://doi.org/10.1109/msec.2019.2893730Statista. (2021, May 17). The 100 biggest cryptocurrency exchanges in the world on May 17, 2021. https://www.statista.com/statistics/864738/leading-cryptocurrency-exchanges-traders/Tayeb, Z. (2021, April 20). Bitcoin plummets more than 10% in its biggest drop in months, just days after reaching a record high. Business Insider. Available at: https://www.businessinsider.com/bitcoin-price-now-plunges-biggest-drop-since-february-record-high-2021-4?international=true&r=US&IR=T#:%7E:text=Bitcoin%20tumbled%20to%20its%20biggest,ET%2C%20from%20%2461%2C396%20to%20%2454%2C750.The Holy Bible (n.d.). Available at: http://www.gasl.org/refbib/Bible_King_James_Version.pdfToksabay, E. (2021, April 16). Bitcoin tumbles after Turkey bans crypto payments citing risks. Reuters. Available at: https://www.reuters.com/technology/turkey-bans-use-cryptocurrencies-payments-sends-bitcoin-down-2021-04-16/.United Nations, General Assembly, Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning Islamic State in Iraq and the Levant (Da’esh), Al-Qaida and associated individuals, groups, undertakings and entities (26 August 2008), available from undocs.org/en/A/63/332. Available at: https://undocs.org/S/2021/68UNITED STATES OF AMERICA v. LARRY DEAN HARMON, Indictment., Case No.19-cr-00395. Available at: https://www.justice.gov/opa/press-release/file/1249026/download?utm_medium=email&utm_source=govdeliveryVigna, P., & Casey, M. J. (2015). The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging the Global Economic Order (PICADOR USA). Picador.Weygandt, J. J., Kieso, D. E., & Kimmel, P. D. (1998). Financial Accounting. New York: Wiley.Will the dollar lose its throne? Economic fundamentals vs network. (n.d.). Voxeu.Org. Retrieved May 21, 2021, from https://voxeu.org/article/will-dollar-lose-its-throne-economic-fundamentals-vs-network-effects zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100863 en_US
