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UID:599fa8f302066a016d692ef50a8fc1c8
CATEGORIES:Seminars
CREATED:20180730T164149
SUMMARY:Emiliano Pagnotta - Imperial College London
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nPricing Satoshis: An Equilibrium Valuation of Bitcoin\n\n\nAbstract :\n
 We address the valuation of bitcoins and other blockchain tokens in a new t
 ype of production economy: a decentralized financial network (DN). An ident
 ifying property of these assets is that contributors to the DN trust (miner
 s) receive units of the same asset used by consumers of DN services. Theref
 ore, the overall production (hashrate) and the bitcoin price are jointly de
 termined. We characterize the demand for bitcoins and the supply of hashrat
 e and show that the equilibrium price is obtained by solving a fixed-point 
 problem and study its determinants. The resulting fundamental value represe
 ntation distinguishes bitcoin from other asset classes. Price-hashrate “spi
 rals” amplify demand and supply shocks. \n
DTSTAMP:20260405T210951Z
DTSTART:20180910T163000Z
DTEND:20180910T180000Z
SEQUENCE:0
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