Bitcoin: the Utopia Or Nightmare of Regulation
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The Internet and Drug Markets
INSIGHTS EN ISSN THE INTERNET AND DRUG MARKETS 2314-9264 The internet and drug markets 21 The internet and drug markets EMCDDA project group Jane Mounteney, Alessandra Bo and Alberto Oteo 21 Legal notice This publication of the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) is protected by copyright. The EMCDDA accepts no responsibility or liability for any consequences arising from the use of the data contained in this document. The contents of this publication do not necessarily reflect the official opinions of the EMCDDA’s partners, any EU Member State or any agency or institution of the European Union. Europe Direct is a service to help you find answers to your questions about the European Union Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). More information on the European Union is available on the internet (http://europa.eu). Luxembourg: Publications Office of the European Union, 2016 ISBN: 978-92-9168-841-8 doi:10.2810/324608 © European Monitoring Centre for Drugs and Drug Addiction, 2016 Reproduction is authorised provided the source is acknowledged. This publication should be referenced as: European Monitoring Centre for Drugs and Drug Addiction (2016), The internet and drug markets, EMCDDA Insights 21, Publications Office of the European Union, Luxembourg. References to chapters in this publication should include, where relevant, references to the authors of each chapter, together with a reference to the wider publication. For example: Mounteney, J., Oteo, A. and Griffiths, P. -
Beauty Is Not in the Eye of the Beholder
Insight Consumer and Wealth Management Digital Assets: Beauty Is Not in the Eye of the Beholder Parsing the Beauty from the Beast. Investment Strategy Group | June 2021 Sharmin Mossavar-Rahmani Chief Investment Officer Investment Strategy Group Goldman Sachs The co-authors give special thanks to: Farshid Asl Managing Director Matheus Dibo Shahz Khatri Vice President Vice President Brett Nelson Managing Director Michael Murdoch Vice President Jakub Duda Shep Moore-Berg Harm Zebregs Vice President Vice President Vice President Shivani Gupta Analyst Oussama Fatri Yousra Zerouali Vice President Analyst ISG material represents the views of ISG in Consumer and Wealth Management (“CWM”) of GS. It is not financial research or a product of GS Global Investment Research (“GIR”) and may vary significantly from those expressed by individual portfolio management teams within CWM, or other groups at Goldman Sachs. 2021 INSIGHT Dear Clients, There has been enormous change in the world of cryptocurrencies and blockchain technology since we first wrote about it in 2017. The number of cryptocurrencies has increased from about 2,000, with a market capitalization of over $200 billion in late 2017, to over 8,000, with a market capitalization of about $1.6 trillion. For context, the market capitalization of global equities is about $110 trillion, that of the S&P 500 stocks is $35 trillion and that of US Treasuries is $22 trillion. Reported trading volume in cryptocurrencies, as represented by the two largest cryptocurrencies by market capitalization, has increased sixfold, from an estimated $6.8 billion per day in late 2017 to $48.6 billion per day in May 2021.1 This data is based on what is called “clean data” from Coin Metrics; the total reported trading volume is significantly higher, but much of it is artificially inflated.2,3 For context, trading volume on US equity exchanges doubled over the same period. -
Support for Transitions to Address Barriers to Student Learning
A Center Training Tutorial . SUPPORT FOR TRANSITIONS TO ADDRESS BARRIERS TO STUDENT LEARNING This document is a hardcopy version of a resource that can be downloaded at no cost from the Center’s website http://smhp.psych.ucla.edu. This Center is co-directed by Howard Adelman and Linda Taylor and operates under the auspice of the School Mental Health Project, Dept. of Psychology, UCLA. Center for Mental Health in Schools, Box 951563, Los Angeles, CA 90095-1563 (310) 825-3634 Fax: (310) 206-8716; E-mail: [email protected] Website: http://smhp.psych.ucla.edu Support comes in part from the Office of Adolescent Health, Maternal and Child Health Bureau (Title V, Social Security Act), Health Resources and Services Administration (Project #U45 MC 00175). Continuing Education Modules & Training Tutorials: Self-directed opportunities to learn In addition to offering Quick Training Aids, the Center’s Continuing Education Modules and Training Tutorials are designed as self-directed opportunities for more in-depth learning about specific topics. These resources provide easy access to a wealth of planfully organized content and tools that can be used as a self-tutorial or as a guide in training others. As with most of our resources, these can be readily downloaded from our website – http://smhp.psych.ucla.edu – see Center Materials and scroll down to VI. In the coming years, the Center will continue to develop a variety of continuing education modules and training tutorials related to the various topics covered by our Clearinghouse. In all its work, the Center tries to identify resources that represent "best practice" standards. -
The Effects of the New Type of Large Trader
The effects of the new type of large trader. Name: Daan Kampschreur Student number: 4532287 Supervisor: Stefan Erik Oppers Date: 15-08-2021 Abstract The goal of this study is to research to what extend the market behavior of the GameStop short squeeze differs compared to other short squeezes. This comparison is made with the Volkswagen and KaloBios short squeeze. The data consists of panel data ranging from 2008 to 2021 is collected from the Refinitiv Eikon database with an addition of the S&P500 data, which is collected from Stooq. For four hypothesis regressions are run using a random effects model and one hypothesis is tested mathematically. As for the question to what extent the market behavior of the GameStop short squeeze differs from the other short squeezes results suggest the new type of large trader to have a positive effect on the trading volume, a negative effect on the price volatility, a negative effect on the stock return, no effect on the price reversal and mathematical calculations prove that the trading volume of the GameStop short squeeze was more “smooth” than the other short squeezes. Altogether this study shows a significant difference between the market behavior of the GameStop short compared to the other short squeezes. Contents Abstract .................................................................................................................................................................. 2 1. Introduction ...................................................................................................................................................... -
Greater Fool Theory Flyer.Indd
PEREGRINE PRIVATE CAPITAL CORPORATION APRIL 24, 2015 The Greater Fool Theory News Flash: easy the era of easy money has become, however, “The Times They are a “IMF’s Lagarde Sees ‘New Reality’ of switzerland just sold 10-year bonds that Changing.” The Fed is no longer pumping Mediocre Growth.” investors are actually paying to hold. billions into the market each month. The april 09, 2015 / Reuters This turns on its head the basic free economy is slowing. The dollar has gone market assumption that capital is a scarce up and corporate earnings are going at the risk of being immodest, we told resource. The more of something there is, down. Therefore, only TGFT is currently investors nearly 5 years ago what you see is the less it’s worth, right? maintaining the market’s momentum. what you get. The past, present and future Pause for a moment and consider how zero interest rate environment is the new The new bottom line is that central alan Greenspan’s “Irrational exuberance” economic reality. It simply reflects flat line bankers have created such a glut of capital experience ended in 2000. economies in both europe and Japan and that rates of return have not only been our own that is stuck in first gear. driven down but are now negative. how is To protect yourself from this, I would this supposed to help savers, fixed income immediately reduce my exposure to stocks we told investors then and are repeating it investors and retirees? It clearly doesn’t. and other potentially volatile traded now, we are in the middle of our own “lost For the majority of folks, it simply drives securities and raise cash. -
The Economic Functioning of Online Drugs Markets
ISSN 2042-2695 CEP Discussion Paper No 1490 Revised August 2017 (Replaced July 2017 version) The Economic Functioning of Online Drugs Markets V. Bhaskar Robin Linacre Stephen Machin Abstract The economic functioning of online drug markets using data scraped from online platforms is studied. Analysis of over 1.5 million online drugs sales shows online drugs markets tend to function without the significant moral hazard problems that, a priori, one might think would plague them. Only a small proportion of online drugs deals receive bad ratings from buyers, and online markets suffer less from problems of adulteration and low quality that are a common feature of street sales of illegal drugs. Furthermore, as with legal online markets, the market penalizes bad ratings, which subsequently lead to significant sales reductions and to market exit. The impact of the well-known seizure by law enforcement of the original Silk Road and the shutdown of Silk Road 2.0 are also studied, together with the exit scam of the market leader at the time, Evolution. There is no evidence that these exits deterred buyers or sellers from online drugs trading, as new platforms rapidly replaced those taken down, with the online market for drugs continuing to grow. Keywords: dark web, drugs JEL codes:K42 This paper was produced as part of the Centre’s Communities Programme. The Centre for Economic Performance is financed by the Economic and Social Research Council. Acknowledgements Robin Linacre contributed to this paper in a personal capacity and in his own time. The research is not linked to any of his work for either the Sentencing Council or the Ministry of Justice. -
Cryptocurrency and Bitcoin: a Possible Foundation of Future Currency Why It Has Value, What Is Its History and Its Future Outlook
B.Sc. Essay in Business Cryptocurrency and Bitcoin: A possible foundation of future currency why it has value, what is its history and its future outlook. Sindri Leó Árnason Leiðbeinandi: Guðrún Johnsen Faculty of Business Administration June 2015 Cryptocurrency and Bitcoin: A possible foundation of future currency Why it has value, what is its history and its future outlook. This is a bachelor’s of science essay that counts for 6 ECT credits in the School of Social Sciences, Faculty of Business Administration, at the University of Iceland © 2015 Sindri Leó Árnason Printing: Verslunarfélag Reykjavíkur Reykjavík, 2015 2 | P a g e Preface This is a bachelor’s of science essay that counts for 6 ECT credits in the School of Social Sciences, Faculty of Business Administration, at the University of Iceland. I chose this topic because I had become interested in Bitcoin and cryptocurrencies in 2013-2014 when their media coverage boomed. I had already done some research on this topic beforehand and as I am studying finance at the University of Iceland I wanted to research what Bitcoin’s future impact on the business world could possibly be. I would like to thank Guðrún Johnsen who is a lecturer at the School of Social Sciences, who helped guide me through writing this essay and my father, Árni Leósson, who helped read over my essay, fixing spelling and grammar mistakes as well as helping me develop essential arguments. 3 | P a g e Summary The goal of this project was to find out what exactly cryptocurrency, such as Bitcoin, is and why it has value, what its future outlook is and if it could become the mainstream currency of the future. -
Trading and Arbitrage in Cryptocurrency Markets
Trading and Arbitrage in Cryptocurrency Markets Igor Makarov1 and Antoinette Schoar∗2 1London School of Economics 2MIT Sloan, NBER, CEPR December 15, 2018 ABSTRACT We study the efficiency, price formation and segmentation of cryptocurrency markets. We document large, recurrent arbitrage opportunities in cryptocurrency prices relative to fiat currencies across exchanges, which often persist for weeks. Price deviations are much larger across than within countries, and smaller between cryptocurrencies. Price deviations across countries co-move and open up in times of large appreciations of the Bitcoin. Countries that on average have a higher premium over the US Bitcoin price also see a bigger widening of arbitrage deviations in times of large appreciations of the Bitcoin. Finally, we decompose signed volume on each exchange into a common and an idiosyncratic component. We show that the common component explains up to 85% of Bitcoin returns and that the idiosyncratic components play an important role in explaining the size of the arbitrage spreads between exchanges. ∗Igor Makarov: Houghton Street, London WC2A 2AE, UK. Email: [email protected]. An- toinette Schoar: 62-638, 100 Main Street, Cambridge MA 02138, USA. Email: [email protected]. We thank Yupeng Wang and Yuting Wang for outstanding research assistance. We thank seminar participants at the Brevan Howard Center at Imperial College, EPFL Lausanne, European Sum- mer Symposium in Financial Markets 2018 Gerzensee, HSE Moscow, LSE, and Nova Lisbon, as well as Anastassia Fedyk, Adam Guren, Simon Gervais, Dong Lou, Peter Kondor, Gita Rao, Norman Sch¨urhoff,and Adrien Verdelhan for helpful comments. Andreas Caravella, Robert Edstr¨omand Am- bre Soubiran provided us with very useful information about the data. -
Blockchain for Recordkeeping: Help Or Hype?
See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/309414363 Blockchain for Recordkeeping: Help or Hype? Technical Report · October 2016 DOI: 10.13140/RG.2.2.21736.67842 CITATIONS READS 0 1,928 1 author: Victoria Lemieux University of British Columbia - Vancouver 47 PUBLICATIONS 151 CITATIONS SEE PROFILE Some of the authors of this publication are also working on these related projects: Blockchain technology for record keeping: Help or Hype? View project Records in the Cloud View project All content following this page was uploaded by Victoria Lemieux on 25 October 2016. The user has requested enhancement of the downloaded file. Blockchain Technology for Recordkeeping Help or Hype? A Background Paper “Blockchain Technology for Recordkeeping – Help or Hype?” a SSHRC Knowledge Synthesis Grant Study on “How can emerging technologies be leveraged to benefit Canadians?” Investigator Dr. Victoria L. Lemieux [email protected] Volume 2: Appendices This research was supported by the Social Sciences and Humanities Research Council of Canada Blockchain Technology for 33 Recordkeeping Table of Contents Report………………………………………………………………………..Volume 1 Appendix A – Background Paper..................................................................34 Appendix B - Terminology Report …………………………………………….103 Appendix C – Blockchain Companies ……………………………………….142 Appendix D – Blockchain Research Initiatives ………………………………155 Appendix E – Consultation Collaborators……………………………………..160 Appendix F – Dissemination Coverage ………………………………………..161 Appendix G - A Primer on Records and Recordkeeping…………………..162 Appendix H - A Primer on the Blockchain and how it operates…………..165 33 Blockchain Technology for 34 Recordkeeping Appendix A – Background Papers The papers in this appendix should be viewed as works in progress and not as polished reports representing the final views of the project team. -
CRYPTO CURRENCY Technical Competence & Rules of Professional Responsibility
CRYPTO CURRENCY Technical Competence & Rules of Professional Responsibility Marc J. Randazza Rule 1.1 Comment 8 To maintain the requisite knowledge and skill, a lawyer should keep abreast of changes in the law and its practice, including the benefits and risks associated with relevant technology, engage in continuing study and education and comply with all continuing legal education requirements to which the lawyer is subject. Crypto Currency 1. What is Crypto Currency? 2. How does it work? 3. How could you screw this up? Blockchain •Decentralized •Transparent •Immutable Blockchain Blockchain • Time-stamped series of immutable records of data • Managed by a cluster of de-centralized computers • Each block is secured and bound to another, cryptographically • Shared • Immutable • Open for all to see – how you keep it honest Blockchain Blockchain • Transparent but also pseudonymous • If you look on the ledger, you will not see “Darren sent 1 BTC to Trixie” • Instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC” • But, if you know someone’s wallet ID, you could trace their transactions Crypto Roller Coaster – 5 years Crypto Roller Coaster – 1 day How can you screw this up? Quadriga You can lose it & Bankruptcy Your mind • C$190 million turned to digital dust • Thrown away with no back up • Death of CEO turned death of • $127 million in the trash – gone business • 7,500 BTC – Fluctuates WILDLY Ethical Considerations You might be surprised at what violates Rule 1.8 Which Rules? Rule 1.2 (d) – Criminal or Fraudulent Activity Rule 1.5 (a) – Reasonable Fee Rule 1.6 – Confidentiality Rule 1.8 (a) – Business Dealings With Clients Rule 1.8(f) – Compensation From Other Than Your Client Rule 1.15 (a) – Safekeeping Property Rule 1.15 (c) – Trust Accounts Rule 1.2(d) – Criminal or Fraudulent Activity • Crypto *can* be used for criminal activity • Tends to be difficult, but not A lawyer shall not .. -
Popping the Bitcoin Bubble: an Application of Log-Periodic Power Law Modeling to Digital Currency
Popping the Bitcoin Bubble: An application of log-periodic power law modeling to digital currency Alec MacDonell University of Notre Dame April 1, 2014 Abstract The year 2013 witnessed a remarkable increase in public interest and awareness of digital currencies such as Bitcoin. Hailed by some as the currency of the future, these “cryptocurrencies” have gained notoriety for their use in online black markets, but have yet to gain widespread acceptance. Given their novelty and lack of central regulating authorities, digital currencies experience high volatility and uncertainty regarding value. Taking Bitcoin as a representative example, this paper first uses autoregressive moving average (ARMA) functions to explain trading values, then applies log-periodic power law (LPPL) models in an attempt to predict crashes. The results of ARMA modeling show that Bitcoin values react to the CBOE Volatility Index, suggesting that a primary force currently driving Bitcoin values is speculation by investors looking outside traditional markets. In addition, the LPPL models accurately predict ex-ante the crash that occurred in December 2013, making LPPL models a potentially valuable tool for understanding bubble behavior in digital currencies. *I would like to thank Steven Lugauer for advising me during the research and writing of this paper. His instruction and guidance has been invaluable. Table of Contents 3 Introduction 6 Background 8 Data and ARMA Model Construction 17 Financial Bubbles 20 The LPPL Model 26 Application to December 2013 Bitcoin Crash 29 Conclusions 33 References 2 1 Introduction Traditional instruction in economics teaches that currency takes one of two forms – commodity money or fiat money. -
***Thesis Manuscript for Pr Uricchio
A Proposal for a Code of Ethics for Collaborative Journalism in the Digital Age: The Open Park Code by Florence H. J. T. Gallez B.A. English and Russian The University of London, 1996 M.S. Journalism Boston University, 1999 Submitted to the Program in Comparative Media Studies in partial fulfillment of the requirements for the degree of Master of Science in Comparative Media Studies at the Massachusetts Institute of Technology June 2012 © 2012 Florence Gallez. All rights reserved The author hereby grants to MIT permission to reproduce publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author: __________________________________________________ Program in Comparative Media Studies June 2012 Certified by: ________________________________________________________ David L. Chandler Science Writer MIT News Office Accepted by: ________________________________________________________ William Charles Uricchio Professor of Comparative Media Studies Director, Comparative Media Studies 1 A Proposal for a Code of Ethics for Collaborative Journalism in the Digital Age: The Open Park Code by Florence H. J. T. Gallez Submitted To The Program in Comparative Media Studies in Partial Fulfillment of the Requirements for the Degree of Master of Science in Comparative Media Studies ABSTRACT As American professional journalism with its established rules and values transitions to the little-regulated, ever-evolving world of digital news, few of its practitioners, contributors