BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:599fa8f302066a016d692ef50a8fc1c8
CATEGORIES:Seminars
CREATED:20180730T164149
SUMMARY:Emiliano Pagnotta - Imperial College London
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><strong><span style="font-size: 11pt; font-family: 'Calibri','sans-serif
 ';">Pricing Satoshis: An Equilibrium Valuation of Bitcoin</span></strong></
 p><p><span class="abstractlabel"><span style="font-size: 11pt; font-family:
  'Calibri','sans-serif';">Abstract</span></span><span style="font-size: 11p
 t; font-family: 'Calibri','sans-serif';"> :</span></p><p style="text-align:
  justify;"><span style="font-size: 11pt; font-family: 'Calibri','sans-serif
 ';">We address the valuation of bitcoins and other blockchain tokens in a n
 ew type of production economy: a decentralized financial network (DN). An i
 dentifying property of these assets is that contributors to the DN trust (m
 iners) receive units of the same asset used by consumers of DN services. Th
 erefore, the overall production (hashrate) and the bitcoin price are jointl
 y determined. We characterize the demand for bitcoins and the supply of has
 hrate and show that the equilibrium price is obtained by solving a fixed-po
 int problem and study its determinants. The resulting fundamental value rep
 resentation distinguishes bitcoin from other asset classes. </span><span st
 yle="font-size: 11pt; font-family: 'Calibri','sans-serif';">Price-hashrate 
 “spirals” amplify demand and supply shocks. </span></p>
DTSTAMP:20260405T211034Z
DTSTART:20180910T163000Z
DTEND:20180910T180000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR