Can a Cryptocurrency Become the Next Global Reserve Currency?
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Blockchain and Initial Coin Offerings: Blockchain´S Implications for Crowdfunding
Blockchain and Initial Coin Offerings: Blockchain´s Implications for Crowdfunding by Laurin Arnold, Martin Brennecke, Patrick Camus, Gilbert Fridgen, Tobias Guggenberger, Sven Radszuwill, Alexander Rieger, Andre Schweizer, Nils Urbach December 2018 in: Business Transformation through Blockchain (Hrsg. Treiblmaier, H., Beck, R.) University of Augsburg, D-86135 Augsburg Visitors: Universitätsstr. 12, 86159 Augsburg Phone: +49 821 598-4801 (Fax: -4899) 843 University of Bayreuth, D-95440 Bayreuth - I Visitors: Wittelsbacherring 10, 95444 Bayreuth W Phone: +49 921 55-4710 (Fax: -844710) www.fim-rc.de Blockchain and Initial Coin Offerings: Blockchain’s Implications for Crowdfunding Abstract Interest in Blockchain technology is growing rapidly and at a global scale. As scrutiny from practitioners and researchers intensifies, various industries and use cases are identified that may benefit from adopting Blockchain. In this context, peer-to-peer (P2P) funding through initial coin offerings (ICOs) is often singled out as one of the most visible and promising use cases. ICOs are novel forms of crowdfunding that collect funds in exchange for so-called Blockchain tokens. These tokens can represent any traditional form of underlying asset and have already been used, among others, to denote shares in a company, user reputations in online systems, deposits of fiat currencies, and balances in cryptocurrency systems. Importantly, ICOs allow for P2P investments without intermediaries. In this chapter, we explain the fundamentals of ICOs, highlight their differences to traditional financing, and analyze their potential impacts on crowdfunding. Keywords Blockchain, Initial Coin Offering, ICO, Distributed Ledger Technology, Crowdfunding, Cryptocurrency, Crypto-token, Use Case Analysis Table of Contents 1. Crowdfunding and Blockchain ....................................................................................................... -
Initial Coin Offerings: Financing Growth with Cryptocurrency Token
Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales Sabrina T. Howell, Marina Niessner, and David Yermack⇤ June 21, 2018 Abstract Initial coin offerings (ICOs) are sales of blockchain-based digital tokens associated with specific platforms or assets. Since 2014 ICOs have emerged as a new financing instrument, with some parallels to IPOs, venture capital, and pre-sale crowdfunding. We examine the relationship between issuer characteristics and measures of success, with a focus on liquidity, using 453 ICOs that collectively raise $5.7 billion. We also employ propriety transaction data in a case study of Filecoin, one of the most successful ICOs. We find that liquidity and trading volume are higher when issuers offer voluntary disclosure, credibly commit to the project, and signal quality. s s ss s ss ss ss s ⇤NYU Stern and NBER; Yale SOM; NYU Stern, ECGI and NBER. Email: [email protected]. For helpful comments, we are grateful to Bruno Biais, Darrell Duffie, seminar participants at the OECD Paris Workshop on Digital Financial Assets, Erasmus University, and the Swedish House of Finance. We thank Protocol Labs and particularly Evan Miyazono and Juan Benet for providing data. Sabrina Howell thanks the Kauffman Foundation for financial support. We are also grateful to all of our research assistants, especially Jae Hyung (Fred) Kim. Part of this paper was written while David Yermack was a visiting professor at Erasmus University Rotterdam. 1Introduction Initial coin offerings (ICOs) may be a significant innovation in entrepreneurial finance. In an ICO, a blockchain-based venture raises capital by selling cryptographically secured digital assets, usually called “tokens.” These ventures often resemble the startups that conventionally finance themselves with angel or venture capital (VC) investment, though there are many scams, jokes, and tokens that have nothing to do with a new product or business. -
(AAVE), Bancor (BNT) and Synthetix (SNX) Are Launching on Coinbase Pro | by Coinbase | Dec, 2020 | the Coinbase Blog
12/15/2020 Aave (AAVE), Bancor (BNT) and Synthetix (SNX) are launching on Coinbase Pro | by Coinbase | Dec, 2020 | The Coinbase Blog Aave (AAVE), Bancor (BNT) and Synthetix (SNX) are launching on Coinbase Pro Coinbase Follow Dec 15 · 3 min read Starting Today Monday December 14, transfer AAVE, BNT and SNX into your Coinbase Pro account ahead of trading. Support for AAVE, BNT and SNX will be available in all Coinbase’s supported jurisdictions, with the exception of New York State. Trading will begin on or after 9AM Pacific Time (PT) Tuesday December 15, if liquidity conditions are met. One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting https://blog.coinbase.com/aave-aave-bancor-bnt-and-synthetix-snx-are-launching-on-coinbase-pro-67278bcd8192 1/3 12/15/2020 Aave (AAVE), Bancor (BNT) and Synthetix (SNX) are launching on Coinbase Pro | by Coinbase | Dec, 2020 | The Coinbase Blog more assets that meet our standards over time. Most recently we have added trading support for Filecoin (FIL), NuCypher (NU), Wrapped Bitcoin (WBTC), Balancer (BAL), Ren (REN), Uniswap (UNI), yearn.finance (YFI), Loopring (LRC), UMA (UMA) Celo (CGLD), Numeraire (NMR), Band (BAND), Compound (COMP), Maker (MKR) and OmiseGo (OMG), along with supporting additional European and UK order books. Coinbase continues to explore support for new digital assets. Starting immediately, we will begin accepting inbound transfers of AAVE, BNT and SNX to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Tuesday December 15, if liquidity conditions are met. -
Coinbase Explores Crypto ETF (9/6) Coinbase Spoke to Asset Manager Blackrock About Creating a Crypto ETF, Business Insider Reports
Crypto Week in Review (9/1-9/7) Goldman Sachs CFO Denies Crypto Strategy Shift (9/6) GS CFO Marty Chavez addressed claims from an unsubstantiated report earlier this week that the firm may be delaying previous plans to open a crypto trading desk, calling the report “fake news”. Coinbase Explores Crypto ETF (9/6) Coinbase spoke to asset manager BlackRock about creating a crypto ETF, Business Insider reports. While the current status of the discussions is unclear, BlackRock is said to have “no interest in being a crypto fund issuer,” and SEC approval in the near term remains uncertain. Looking ahead, the Wednesday confirmation of Trump nominee Elad Roisman has the potential to tip the scales towards a more favorable cryptoasset approach. Twitter CEO Comments on Blockchain (9/5) Twitter CEO Jack Dorsey, speaking in a congressional hearing, indicated that blockchain technology could prove useful for “distributed trust and distributed enforcement.” The platform, given its struggles with how best to address fraud, harassment, and other misuse, could be a prime testing ground for decentralized identity solutions. Ripio Facilitates Peer-to-Peer Loans (9/5) Ripio began to facilitate blockchain powered peer-to-peer loans, available to wallet users in Argentina, Mexico, and Brazil. The loans, which utilize the Ripple Credit Network (RCN) token, are funded in RCN and dispensed to users in fiat through a network of local partners. Since all details of the loan and payments are recorded on the Ethereum blockchain, the solution could contribute to wider access to credit for the unbanked. IBM’s Payment Protocol Out of Beta (9/4) Blockchain World Wire, a global blockchain based payments network by IBM, is out of beta, CoinDesk reports. -
Recent Topics About Cryptocurrency
Recent Topics about Cryptocurrency Kyoto University School of Government - graduate program for public policy studies Naoyuki Iwashita Agenda 1. Overview of cryptocurrency market in 2017 2. ICOs' impact on the price of cryptocurrency 3. Cybersecurity issues of cryptocurrency exchange 4. Central Bank Digital Currency 2 1. Overview of cryptocurrency market in 2017 3 GLOBAL BITCOIN NODES DISTRIBUTION 1. United States (2691) 2. China (2047) 3. Germany (1949) 4. France (697) 5. Netherlands (515) 6. United Kingdom (421) 7. Canada (390) 8. Russian Federation (380) 9. n/a (315) 10. Singapore (227) 11. Japan (212) 12. Hong Kong (183) (source)bitnodes.earn.com/ 4 THE BITCOIN BIG BANG A demonstration of our ability to track transactions through entities on the blockchain; the Big Bang shows the emergence of the largest 250 entities on the blockchain, their identity, and interconnectivity. (source)www.elliptic.co 5 Role of Bitcoin nodes 鷲見 拓哉「Bitcoinについて」 https://www.slideshare.net/takuya_sumi/bitcoin-v5 6 7 M. Iwamura et al.,“Can We Stabilize the Price of a Cryptocurrency?: Understanding the Design of Bitcoin and Its Potential to Compete with Central Bank Money”, 2014 8 1,000 1,200 1,400 200 400 600 800 0 ( 2012/11/1 USD 2012/12/1 ( ) source 2013/1/1 2013/2/1 2013/3/1 2013/4/1 キプロス危機 交換価値 利用者数 ) 2013/5/1 blockchain.info 2013/6/1 2013/7/1 2013/8/1 (USD) ( Price Price 万人 2013/9/1 中国人民銀行が金融機関のビットコインの取扱いを禁止 2013/10/1 2013/11/1 ) 2013/12/1 2014/1/1 2014/2/1 2014/3/1 Mt.Gox 2014/4/1 of 2014/5/1 2014/6/1 の破たん 2014/7/1 Bitcoin (2013 2014/8/1 2014/9/1 2014/10/1 -
Why Switzerland?
Welcome to WELCOME TO ONE OF THE WORLD’S LEADING BLOCKCHAIN AND CRYPTOGRAPHIC TECHNOLOGY ECOSYSTEMS Why Switzerland? • Best Package • Advanced Regulation • Funding & ICO Hub • Favourable Tax System • Strong Community & Ecosystem • Deep Talent Pool 2 «Switzerland’s decentralized, bottom-up political culture is a Why Switzerland? natural fit for the decentralized, bottom-up blockchain technologies • Deep-seated culture of of the future.» privacy protection, confidentiality and legal certainty • Low taxes and friendly regulation environment • Friendly, accessible, supportive government • Supportive startup ecosystem with world- class service providers • Number 1 in the world for competitiveness and productivity* 3 *WEF Global Competitiveness Report 2016–2017 «World-leading infrastructure Why Switzerland? in telecom, financial services, education, technological • Sophisticated infrastructure innovation.» and educational world- leading and research institutions • Visionary entrepreneurs and cryptographic technology pioneers • Deep pools of capital and world-class engineering talent • Switzerland is in the center of Europe with excellent air, rail and road connections • Vibrant community and fantastic quality of life 4 Advanced Regulation «Today, Switzerland is leading • Over four decades perfectly the establishment of a working self regulating system in the financial sector regulatory environment for a • In general, regulator and digital economy.»* authorities are positive (e.g. new FinTech rules, acceptance of Bitcoins, ID based on Blockchain) -
Can Ethereum Reach 5000 Dollars Update [06-07-2021] So What Bancor Does Is That It Builds Tokens with Smart Contracts Built Inside It
1 Can Ethereum Reach 5000 Dollars Update [06-07-2021] So what bancor does is that it builds tokens with smart contracts built inside it. While most of the popular tokens can be easily exchanged, the problem arises when you have rare tokens. Since you are buying new tokens, it also means that you are creating new tokens out of nothing, which in turn increases the Supply itself. The audience was then supposed to vote on the option that they felt or knew was to be correct. Ethereum Token CONCLUSION. There s barely a way out, leave alone an easy one, for crypto investors using the platform at the moment. Robinhood gradually introduced Bitcoin and Ethereum trading on the platform at the beginning of 2018. Crypto users now face a nightmare as they are at a dead end. While Robinhood offers its customers exposure to cryptocurrencies, it doesn t have a provision for customers to transfer the assets to a wallet of their choice. We are likely to see major upgrades to the Ethereum network this year, and those can be expected to push the price higher, she said. 62 of panellists also think Ethereum is somewhat threatened by other smart contract blockchains in that Ethereum could lose some of its users. Overall 59 of panellists say it s time to buy Ethereum, 28 say hodl, and just 13 say it s time to sell. Q1 2021 hedge fund letters, conferences and more Keep checking back as we will be updating this post as the conference goes Read More. We re not affiliated with any one institution or outlet, so it s genuine advice from a team of experts who care about helping you find better. -
Blockchain in Switzerland
Blockchain in Switzerland Opportunities for future cooperation between Switzerland and the Netherlands 1 Colophon On behalf of Embassy of the Kingdom of the Netherlands in Bern Seftigenstrasse 7 CH-3007 Bern (BE), Switzerland Author Manon Koopman Economic Affairs Department Supervision Kees T. Smit Sibinga Head, Economic Affairs Department Saskia Harthoorn Senior Policy Officer, Economic Affairs Department Anita van Rozen Senior Policy Officer, Economic Affairs Department Contact [email protected] Date August 2018 2 Table of Contents Summary ........................................................................................................................................................... 4 Introduction .................................................................................................................................................... 6 Chapter 1. Blockchain in the Netherlands ..................................................................................... 8 1.1 Potential sectors.............................................................................................................................. 9 1.1.1 Financial services....................................................................................................................... 10 1.1.2 Logistics ........................................................................................................................................ 12 1.1.3 Energy .......................................................................................................................................... -
A Practical Solution to the Problems of Currencies John Noel Baillie
A practical solution to the problems of currencies John Noel Baillie This paper is part of the WDX Institute white paper series. The WDX Institute is a not-for-profit research body established to further academic research on World Currency Baskets. A practical solution to the problems of currencies Contents Introduction ......................................................................................................... 3 Currencies............................................................................................................. 4 Historical Summary ......................................................................................................................................... 4 Fiat currencies ................................................................................................................................................... 5 The case for fiat currencies........................................................................................................................... 5 Monetary policy independence ...................................................................................................................... 6 Issues with fiat currencies ..................................................................................... 7 What reserve currency? ................................................................................................................................. 7 2010: Global Macroeconomic imbalances ............................................................................................... -
Bretton Woods 2 Is Dead, Long Live Bretton Woods 3?
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Bibow, Jörg Working Paper Bretton Woods 2 is dead, long live Bretton Woods 3? Working Paper, No. 597 Provided in Cooperation with: Levy Economics Institute of Bard College Suggested Citation: Bibow, Jörg (2010) : Bretton Woods 2 is dead, long live Bretton Woods 3?, Working Paper, No. 597, Levy Economics Institute of Bard College, Annandale-on-Hudson, NY This Version is available at: http://hdl.handle.net/10419/57041 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Working Paper No. 597 Bretton Woods 2 Is Dead, Long Live Bretton Woods 3? By Jörg Bibow Skidmore College and Levy Economics Institute May 2010 Address for correspondence: Skidmore College, Economics Department, 815 N. -
FX Wars, Currency Wars & Money Wars
Dinero electrónico FX wars, currency wars & money wars Part 2: Fiat Money vs. Cryptocurrencies Private vs. Public digital currencies… Discussion Paper # 44 I January 2020 Philippe ITHURBIDE, Senior Economic Advisor Document for the exclusive attention of professional clients, investment services providers and any other professional of the financial industry FX wars, currency wars and money wars Part 2: Fiat Money vs. Cryptocurrencies – Private vs. Public digital currencies… Philippe ITHURBIDE Abstract (Part 2) Senior Economic Advisor he first part of this study analysed the Tcompetition between USD, RMB and EURO and presented the challenges for China and Europe January 4, 2020 (*) to develop a genuine international currencies, having the capacity to compete with the USD (see Part 1: “FX wars vs. currency wars: SD vs. EUR vs. RMB vs …”; DP # 43, January 2020)). However, currency competition goes well beyond the “simple” competition between sovereign currencies (USD, EUR, RMB, JPY, CHF...). The advent of private digital currencies and very soon the first central bank digital currencies represent an important and new phenomenon: it shows that the world has entered a “total digital (disruptive) era”, and currencies are Value does not no exception. exist outside the In less than 10 years, consciousness of men” additional forms of monies have Carl MENGER (1840 – 1921), “Principles of Economics” – 1871 (1976 surfaced: central English editior banks digital currencies (a few), digital currencies (plenty), local currencies (some) and investment money (major projects ongoing), while electronic monies are gaining ground (vs. cash). Digital (*) The first version of this article had been prepared for an Amundi Advisory Board meeting (7 November 2019). -
BIS Working Paper No. 684: “Triffin: Dilemma Or Myth?”
BIS Working Papers No 684 Triffin: dilemma or myth? by Michael D Bordo and Robert N McCauley Monetary and Economic Department December 2017 JEL classification: F32, F33, F34, F41, H63. Keywords: Triffin dilemma, Foreign exchange reserves, Gold, US current account, Safe assets, World’s banker. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2017. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Triffin: dilemma or myth? Michael D Bordo and Robert N McCauley1 Abstract Triffin gained enormous influence by reviving the interwar story that gold scarcity threatened deflation. In particular, he held that central banks needed to accumulate claims on the United States to back money growth. But the claims would eventually surpass the US gold stock and then central banks would inevitably stage a run on it. He feared that the resulting high US interest rates would cause global deflation. However, we show that the US gold position after WWII was no worse than the UK position in 1900. Yet it took WWI to break sterling’s gold link. And better and feasible US policies could have kept Bretton Woods going.