Can We Predict the Winner in a Market with Network Effects? Competition in Cryptocurrency Market

Gandal, Neil; Hałaburda, Hanna

doi:10.3390/g7030016

Cited by 149 publications

(67 citation statements)

References 16 publications

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“…Recently, scholars have also investigated platform design principles and risk and regulatory issues related to virtual currencies such as Bitcoin or Ethereum (Böhme et al 2015;Gandal and Halaburda 2016) and the blockchain (Yermack 2017). Others have analyzed social trading platforms (Doering et al 2015), robo-advisors (Fein 2015), and mobile payment and e-wallet services (Mjølsnes and Rong 2003;Mallat et al 2004;Mallat 2007).…”

Section: Introductionmentioning

confidence: 99%

The emergence of the global fintech market: economic and technological determinants

2018

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We investigate the economic and technological determinants inducing entrepreneurs to establish ventures with the purpose of reinventing financial technology (fintech). We find that countries witness more fintech startup formations when the economy is well-developed and venture capital is readily available. Furthermore, the number of secure Internet servers, mobile telephone subscriptions, and the available labor force has a positive impact on the development of this new market segment. Finally, the more difficult it is for companies to access loans, the higher is the number of fintech startups in a country. Overall, the evidence suggests that fintech startup formation need not be left to chance, but active policies can influence the emergence of this new sector.

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Section: Introductionmentioning

confidence: 99%

The emergence of the global fintech market: economic and technological determinants

2018

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“…Recent research on blockchain technology has proliferated and treated many facets of this new invention. For example, some authors have studied the dynamic interaction between different types of crypto-currencies such as Eyal and Sirer (2014) and Gandel and Halaburda (2016). Other authors have studied smart contracts, Cong and He (2019) and FINRA (2017).…”

Section: Distibuted Ledger Technologymentioning

confidence: 99%

Blockchain Technology and Systemic Risk

Mselmi

2020

IJEFI

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This paper examine the effect of financial institutions management information system migration to blockchain technology on systemic risk. Our study examines a sample of 40 financial institutions around the world. The aim is to identify to what extent the migration of financial company management information system to blockchain system contribute to minimize systemic risk measures through regressions on panel data. We have reached the empirical evidence which indicates that the change we mentioned earlier affect immediately the systemic risk level. Companies that have adopted the blockchain technology recorded a significant reduction in systemic risk level. In addition, financial institutions that have adopted this latter system recorded a significant decrease in long-run marginal expected shortfall and systemic risk index.

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“…Although cryptocurrencies were first introduced as a media of exchange for daily payments (Ali et al, 2014), they are increasingly used for speculation (Glaser et al, 2014). Cryptocurrencies can be traded in online exchange platforms and extensive research has looked at the nature and main usages of Bitcoin, specifically in the hope of finding some hints on the price drivers (Kristoufek, 2015;Ciaian et al, 2016;Elendner et al, 2016;Gandal and Halaburda, 2016;Wang and Vergne, 2017;Gajardo et al, 2018;Guo and Antulov-Fantulin, 2018). Comparisons between cryptocurrencies exchange market and the stock market (Ali et al, 2014;Ceruleo, 2014) or fiat currencies (Yermack, 2013) have been drawn, in an attempt to rationalize the market and its price movements.…”

Section: Introductionmentioning

confidence: 99%

Wikipedia and Cryptocurrencies: Interplay Between Collective Attention and Market Performance

2019

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The production and consumption of information on Bitcoin and other digital-, or crypto-, currencies have grown, along with their market capitalization. However, a systematic investigation of the relationship between online attention and market dynamics across multiple digital currencies is still lacking. Here, we quantify the interplay between the attention to digital currencies in Wikipedia and their market performance. We consider the entire edit history of currency-related pages and their views history from July 2015. First, we quantify the evolution of cryptocurrency presence in Wikipedia by analyzing the editorial activity and the network of co-edited pages. We found that a small community of tightly connected editors are responsible for most of the production of information about cryptocurrencies in Wikipedia. Then, we show that a simple trading strategy informed by Wikipedia views, performs better than baseline strategies, in terms of returns on investment, for most of the covered period, although the "buy and hold strategy" dominates during the periods of explosive market expansion. Our results contribute to the recent literature on the interplay between online information and investment markets, and we anticipate that it will be of interest for researchers as well as investors.

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Can We Predict the Winner in a Market with Network Effects? Competition in Cryptocurrency Market

Cited by 149 publications

References 16 publications

The emergence of the global fintech market: economic and technological determinants

The emergence of the global fintech market: economic and technological determinants

Blockchain Technology and Systemic Risk

Wikipedia and Cryptocurrencies: Interplay Between Collective Attention and Market Performance

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