State of Bitcoin 2014
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Complementary Currencies: Mutual Credit Currency Systems and the Challenge of Globalization
Complementary Currencies: Mutual Credit Currency Systems and the Challenge of Globalization Clare Lascelles1 Abstract Complementary currencies—currencies operating alongside the official currency—have taken many forms throughout the last century or so. While their existence has a rich history, complementary currencies are increasingly viewed as anachronistic in a world where the forces of globalization promote further integration between economies and societies. Even so, towns across the globe have recently witnessed the introduction of complementary currencies in their region, which connotes a renewed emphasis on local identity. This paper explores the rationale behind the modern-day adoption of complementary currencies in a globalized system. I. Introduction Coined money has two sides: heads and tails. ‘Heads’ represents the state authority that issued the coin, while ‘tails’ displays the value of the coin as a medium of exchange. This duality—the “product of social organization both from the top down (‘states’) and from the bottom up (‘markets’)”—reveals the coin as “both a token of authority and a commodity with a price” (Hart, 1986). Yet, even as side ‘heads’ reminds us of the central authority that underwrote the coin, currency can exist outside state control. Indeed, as globalization exerts pressure toward financial integration, complementary currencies—currencies existing alongside the official currency—have become common in small towns and regions. This paper examines the rationale behind complementary currencies, with a focus on mutual credit currency, and concludes that the modern-day adoption of complementary currencies can be attributed to the depersonalizing force of globalization. II. Literature Review Money is certainly not a topic unstudied. -
Pwc I 2Nd Global Crypto M&A and Fundraising Report
2nd Global Crypto M&A and Fundraising Report April 2020 2 PwC I 2nd Global Crypto M&A and Fundraising Report Dear Clients and Friends, We are proud to launch the 2nd edition of our Global Crypto M&A and Fundraising Report. We hope that the market colour and insights from this report will be useful data points. We will continue to publish this report twice a year to enable you to monitor the ongoing trends in the crypto ecosystem. PwC has put together a “one stop shop” offering, focused on crypto services across our various lines of services in over 25 jurisdictions, including the most active crypto jurisdictions. Our goal is to service your needs in the best possible way leveraging the PwC network and allowing you to make your project a success. Our crypto clients include crypto exchanges, crypto investors, crypto asset managers, ICOs/IEOs/STOs/stable and asset backed tokens, traditional financial institutions entering the crypto space as well as governments, central banks, regulators and other policy makers looking at the crypto ecosystem. As part of our “one stop shop” offering, we provide an entire range of services to the crypto ecosystem including strategy, legal, regulatory, accounting, tax, governance, risk assurance, audit, cybersecurity, M&A advisory as well as capital raising. More details are available on our global crypto page as well as at the back of this report. 2nd Global Crypto M&A and Fundraising Report April 2020 PwC 2 3 PwC I 2nd Global Crypto M&A and Fundraising Report 5 Key takeaways when comparing 2018 vs 2019 There -
The Economic Limits of Bitcoin and the Blockchain∗†
The Economic Limits of Bitcoin and the Blockchain∗† Eric Budish‡ June 5, 2018 Abstract The amount of computational power devoted to anonymous, decentralized blockchains such as Bitcoin’s must simultaneously satisfy two conditions in equilibrium: (1) a zero-profit condition among miners, who engage in a rent-seeking competition for the prize associated with adding the next block to the chain; and (2) an incentive compatibility condition on the system’s vulnerability to a “majority attack”, namely that the computational costs of such an attack must exceed the benefits. Together, these two equations imply that (3) the recurring, “flow”, payments to miners for running the blockchain must be large relative to the one-off, “stock”, benefits of attacking it. This is very expensive! The constraint is softer (i.e., stock versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any majority attack is a “sabotage” in that it causes a collapse in the economic value of the blockchain; however, reliance on non-repurposable technology for security and vulnerability to sabotage each raise their own concerns, and point to specific collapse scenarios. In particular, the model suggests that Bitcoin would be majority attacked if it became sufficiently economically important — e.g., if it became a “store of value” akin to gold — which suggests that there are intrinsic economic limits to how economically important it can become in the first place. ∗Project start date: Feb 18, 2018. First public draft: May 3, 2018. For the record, the first large-stakes majority attack of a well-known cryptocurrency, the $18M attack on Bitcoin Gold, occurred a few weeks later in mid-May 2018 (Wilmoth, 2018; Wong, 2018). -
3Rd Global Cryptoasset Benchmarking Study
3RD GLOBAL CRYPTOASSET BENCHMARKING STUDY Apolline Blandin, Dr. Gina Pieters, Yue Wu, Thomas Eisermann, Anton Dek, Sean Taylor, Damaris Njoki September 2020 supported by Disclaimer: Data for this report has been gathered primarily from online surveys. While every reasonable effort has been made to verify the accuracy of the data collected, the research team cannot exclude potential errors and omissions. This report should not be considered to provide legal or investment advice. Opinions expressed in this report reflect those of the authors and not necessarily those of their respective institutions. TABLE OF CONTENTS FOREWORDS ..................................................................................................................................................4 RESEARCH TEAM ..........................................................................................................................................6 ACKNOWLEDGEMENTS ............................................................................................................................7 EXECUTIVE SUMMARY ........................................................................................................................... 11 METHODOLOGY ........................................................................................................................................ 14 SECTION 1: INDUSTRY GROWTH INDICATORS .........................................................................17 Employment figures ..............................................................................................................................................................................................................17 -
2018 FINTECH100 Leading Global Fintech Innovators 2017 FINTECH100
2018 FINTECH100 Leading Global Fintech Innovators 2017 FINTECH100 Leadin loba Fintec nnovators 1 1 2016 2017 Fintech100 Report FINTECH100 Leadin loba Fintec nnovators Company #00 1 | Fintech Innovators 2016 1 2015 Fintech100 Report FINTECH 100 Leading Global “ Fintech Innovators Report 2015 Company Description At a Glance Tag Line Located Year Founded Key People Website Specialisation Staff Enabler or Disruptor Key Investors Ownership Size User Engagement $ $ $ $ $ The 100 Leading Fintech Innovators Report 2016 Fintech100 Report The 50 Best Fintech Innovators Report 2014 Fintech100 Report 2 About the List The Fintech100 is a collaborative effort between H2 Ventures and KPMG. In its fifth year, the Fintech100 uncovers and evaluates the most innovative Fintech companies globally. The Fintech100 comprises a ‘Top 50’ and an ‘Emerging 50’ and highlights those companies globally that are taking advantage of technology and driving disruption within the financial services industry. A judging panel comprised of senior partners from H2 Ventures and KPMG has decided the final composition of the Fintech100 list. H2 Ventures H2 Ventures is a global thought leader in fintech venture capital investment. Founded by brothers Ben and Toby Heap, and based in Sydney, Australia, it invests alongside entrepreneurs and other investors in early stage fintech ventures. H2 Ventures is the manager of the H2 Accelerator – Australia’s only dedicated fintech accelerator – and operates out of Sydney’s dynamic Startup Hub. Twitter @H2_Ventures LinkedIn H2 Ventures Facebook H2 Ventures KPMG Global Fintech The financial services industry is transforming with the emergence of innovative, new products, channels and business models. This wave of disruption is primarily driven by evolving customer expectations, digitalisation, as well as continued regulatory and cost pressures. -
Volume 23 - Issue 2
IJCCR International Journal of Community Currency Research SUMMER 2019 VOLUME 23 - ISSUE 2 www.ijccr.net IJCCR 23 (Summer 2019) – ISSUE 2 Editorial 1 Georgina M. Gómez Transforming or reproducing an unequal economy? Solidarity and inequality 2-16 in a community currency Ester Barinaga Key Factors for the Durability of Community Currencies: An NPO Management 17-34 Perspective Jeremy September Sidechain and volatility of cryptocurrencies based on the blockchain 35-44 technology Olivier Hueber Social representations of money: contrast between citizens and local 45-62 complementary currency members Ariane Tichit INTERNATIONAL JOURNAL OF COMMUNITY CURRENCY RESEARCH 2017 VOLUME 23 (SUMMER) 1 International Journal of Community Currency Research VOLUME 23 (SUMMER) 1 EDITORIAL Georgina M. Gómez (*) Chief Editor International Institute of Social Studies of Erasmus University Rotterdam (*) [email protected] The International Journal of Community Currency Research was founded 23 years ago, when researchers on this topic found a hard time in getting published in other peer reviewed journals. In these two decades the academic publishing industry has exploded and most papers can be published internationally with a minimal peer-review scrutiny, for a fee. Moreover, complementary currency research is not perceived as extravagant as it used to be, so it has now become possible to get published in journals with excellent reputation. In that context, the IJCCR is still the first point of contact of practitioners and new researchers on this topic. It offers open access, free publication, and it is run on a voluntary basis by established scholars in the field. In any of the last five years, it has received about 25000 views. -
Bitcoin Mining
Bitcoin Mining The Evolution of A Multibillion Dollar Industry Published: 9 March, 2020 Author: Yassine Elmandjra, Blockchain and Cryptoassets Analyst at ARK Invest Co-Author: Derek Hsue, Investments and Research Team Member at Blockchain Capital Join the conversation on Twitter @ARKinvest www.ark-invest.com Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, CONTENTS I. Introduction 3 II. The Importance of Proof of Work 3 Is Proof-of-Work Inefficient? 4 The Cost to Reverse a Transaction 5 III. The Role of Hardware 7 The Evolution of Bitcoin Miner Hardware 7 The Rise of ASIC Commoditization 9 Manufacturing and Distribution 11 Sizing the Miner Hardware Opportunity 11 IV. The Operations of Mining 12 The Evolution of Mining as an Operation 12 Manufacturers and Self-Mining 13 The Cost to Mine 13 The Geography of Mining 14 The State of Mining Pools 15 V. Miner Influence 20 Do Miners Set the Price Floor? 20 Are Miners Whales? 21 Addressing Mining Attack Vectors 22 VI. The Future of Bitcoin Mining 24 2 Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, I. Introduction Bitcoin’s innovation lies in its ability to coordinate trust and facilitate the transfer of value without relying on a centralized authority. The enabler is proof-of-work mining, a mechanism that adds new bitcoin to the money supply and protects the network against nefarious actors’ attempting to spend the same bitcoin more than once. Through economic incentives, miners voluntarily secure the network by verifying “blocks” of transactions and appending them to Bitcoin’s public ledger. -
The Macro-Economics of Crypto-Currencies: Balancing Entrepreneurialism and Monetary Policy
ENTREPRENEURSHIP & POLICY WORKING PAPER SERIES The Macro-Economics of Crypto-Currencies: Balancing Entrepreneurialism and Monetary Policy Eli Noam In 2016, the Nasdaq Educational Foundation awarded the Columbia University School of International and Public Affairs (SIPA) a multi-year grant to support initiatives at the intersection of digital entrepreneurship and public policy. Over the past three years, SIPA has undertaken new research, introduced new pedagogy, launched student venture competitions, and convened policy forums that have engaged scholars across Columbia University as well as entrepreneurs and leaders from both the public and private sectors. New research has covered three broad areas: Cities & Innovation; Digital Innovation & Entrepreneurial Solutions; and Emerging Global Digital Policy. Specific topics have included global education technology; cryptocurrencies and the new technologies of money; the urban innovation environment, with a focus on New York City; government measures to support the digital economy in Brazil, Shenzhen, China, and India; and entrepreneurship focused on addressing misinformation. With special thanks to the Nasdaq Educational Foundation for its support of SIPA’s Entrepreneurship and Policy Initiative. Table of Contents Abstract . 1 1. Introduction . 2. 2. A History of Governmental and Private Moneys . 2 A. United States . 3 . B. Other Examples of Private Moneys . .4 . 3. The Emergence of Electronic Moneys . 5 A. Electronic Moneys . 5 B. Distributed Ledger Technology . 6. C. Blockchain Technology . 6 D. Cryptocurrencies. 8 E. An Illustration of a Bitcoin Transaction . 9 4. Advantages and Drawbacks of Crypto-Currencies . 10 A. Advantages . 10 B. Problems . 11 C. The Potential for Improvements . 15 5. The Impact of Cryptocurrencies on Macro-Economic Policy . -
Complementary Currencies: an Analysis of the Creation Process Based on Sustainable Local Development Principles
sustainability Article Complementary Currencies: An Analysis of the Creation Process Based on Sustainable Local Development Principles Francisco Javier García-Corral 1,* , Jaime de Pablo-Valenciano 2 , Juan Milán-García 2 and José Antonio Cordero-García 3 1 Research Group: Almeria Group of Applied Economy (SEJ-147), University of Almeria, 04120 Almeria, Spain 2 Department of Business and Economics, Applied Economic Area, University of Almeria, 04120 Almeria, Spain; [email protected] (J.d.P.-V.); [email protected] (J.M.-G.) 3 Department of Law, Financial and Tax Law, University of Almeria, 04120 Almeria, Spain; [email protected] * Correspondence: [email protected] Received: 1 July 2020; Accepted: 13 July 2020; Published: 15 July 2020 Abstract: Complementary currencies are a reality and are being applied both globally and locally. The aim of this article is to explain the viability of this type of currency and its application in local development, in this case, in a rural mountain municipality in the province of Almería (Spain) called Almócita. The Plus, Minus, Interesting (PMI); “Flying Balloon”; and Strength, Weakness, Opportunity (SWOT) analysis methodologies will be used to carry out the study. Finally, a ranking of success factors will be carried out with a brainstorming exercise. As to the results, there are, a priori, more advantages than disadvantages of implementing these currencies, but the local population has clarified that their main concern is depopulation along with a lack of varied work. As a counterpart to this and strengths or advantages, almost all the participants mention the support from the Almócita city council and the initiatives that are constantly being promoted. -
D5.5 Implementation of Digital Social Currency Infrastructure
FP7 – CAPS - 2013 D-CENT D5.5 Implementation of digital social currency infrastructure Project no. 610349 D-CENT Decentralised Citizens ENgagement Technologies Specific Targeted Research Project Collective Awareness Platforms D5.5 Implementation of digital social currency infrastructure Version Number: V1 Lead beneficiary: Dyne Due Date: 30 Sept 2015 Author(s): Denis Roio, Marco Sachy Editors and reviewers: Harry Halpin, Robert Bjarnason Dissemination level: PU Public X PP Restricted to other programme participants (including the Commission Services) RE Restricted to a group specified by the consortium (including the Commission Services) CO Confidential, only for members of the consortium (including the Commission Services) Approved by: Francesca Bria Date: 30 September 2015 This report is currently awaiting approval from the EC and cannot be not considered to be a final version. Page 1 of 35 FP7 – CAPS - 2013 D-CENT D5.5 Implementation of digital social currency infrastructure Contents 1 Introduction ............................................................................................................................................................. 3 2 Overview of features ............................................................................................................................................. 4 2.1 Why a toolkit ................................................................................................................................................... 4 2.2 Basic workflow ............................................................................................................................................... -
The Carbon Footprint of Bitcoin Christian Stoll, Lena Klaaßen, and Ulrich Gallersdörfer
Working Paper Series The Carbon Footprint of Bitcoin Christian Stoll, Lena Klaaßen, and Ulrich Gallersdörfer December 2018 CEEPR WP 2018-018 MASSACHUSETTS INSTITUTE OF TECHNOLOGY The Carbon Footprint of Bitcoin Christian Stoll,1,2,* Lena Klaaßen,3 Ulrich Gallersdörfer4 Abstract Blockchain began with Bitcoin, which was the first successful attempt to validate transactions via a decentralized data protocol. Participation in its validation process requires specialized hardware and vast amounts of electricity, which translate into a significant carbon footprint. Here we demonstrate a methodology for estimating the power consumption associated with Bitcoin’s blockchain based on IPO filings of major hardware manufacturers, insights on mining facility operations, and mining pool compositions. We then translate our power consumption estimate into carbon emissions, using the localization of IP addresses. We determine the annual electricity consumption of Bitcoin, as of November 2018, to be 48.2 TWh, and estimate that annual carbon emissions range from 21.5 to 53.6 MtCO2. The means that the level of emissions produced by Bitcoin sits between the levels produced by the nations of Bolivia and Portugal. With this article, we aim to gauge the external costs of Bitcoin, and inform the broader debate on the costs and benefits of cryptocurrencies. The externalities we discuss here may help policy-makers in setting the right rules as the adoption journey of blockchain has just started. 1 MIT Center for Energy and Environmental Policy Research, Massachusetts -
Cryptocurrency & Blockchain
Cryptocurrency & blockchain SPECIAL REPORT 2019 EVOLUTION FOCUS SECURITY Blockchain advances digitisation of Fund managers’ views on crypto/ Crypto custody solutions drive funds industry digital investing institutionalisation Featuring BVI Finance | Copper | Eversheds Sutherland | Harneys | RSK | Silver 8 Capital Imagine lawyers who eat crypto for breakfast. Blockchain, crypto currencies and digital assets are changing the financial landscape. Our clients trust Harneys to understand not only the law and regulation of blockchain, but the underlying technology too. We’re Harneys, a global offshore law firm with entrepreneurial thinking. harneys.com CONTENTS INSIDE THIS ISSUE… 04 BLOCKCHAIN TECHNOLOGY – A BEDROCK FOR DIGITISING THE GLOBAL FUNDS INDUSTRY By James Williams 12 BITCOIN, MONETARY INNOVATION AND THE BUSINESS CYCLE By Manuel Anguita, Silver 8 Capital 15 BUILDING A WALLED GARDEN Interview with Boris Bohrer-Bilowitzki, Copper 18 TURNING INFORMATION INTO CASH: PRACTICAL 04 ISSUES WHEN SETTING UP A CRYPTO-FUND By Ben Watford & James Burnie, Eversheds Sutherland 20 DIGITAL ASSET SPACE DEVELOPING AN INSTITUTIONAL IMAGE By James Williams 25 BVI TARGETS DIGITAL ASSET SPACE AS KEY GROWTH DRIVER Q&A with Simon Gray, BVI Finance 27 ROOTSTOCK’S RIF: THE FUTURE OF BLOCKCHAIN TECHNOLOGY Q&A with Diego Gutierrez Zaldivar, RSK 28 DIRECTORY 15 Published by: Global Fund Media Ltd, 8 St James’s Square, London SW1Y 4JU, UK 25 www.globalfundmedia.com ©Copyright 2019 Global Fund Media Ltd. All rights reserved. No part of this publication may be repro- duced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher.