In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This s...In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This system restores the essential characteristics of currency while providing auxiliary services related to the formation,circulation,storage,application,and promotion of digital currency.Compared to traditional currency management technologies,big data analysis technology,which is primarily embedded in digital currency systems,enables the rapid acquisition of information.This facilitates the identification of standard associations within currency data and provides technical support for the operational framework of digital currency.展开更多
This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can e...This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can enhance the efficiency of bank data processing,enrich data types,and strengthen data analysis and application capabilities.In response to future development needs,it is necessary to strengthen data collection management,enhance data processing capabilities,innovate big data application models,and provide references for bank big data practices,promoting the transformation and upgrading of the banking industry in the context of legal digital currencies.展开更多
With the promotion of digital currency,how to effectively solve the authenticity,privacy and usability of digital currency issuance has been a key problem.Redactable signature scheme(RSS)can provide the verification o...With the promotion of digital currency,how to effectively solve the authenticity,privacy and usability of digital currency issuance has been a key problem.Redactable signature scheme(RSS)can provide the verification of the integrity and source of the generated sub-documents and solve the privacy problem in digital currency by removing blocks from the signed documents.Unfortunately,it has not realized the consolidation of signed documents,which can not solve the problem of merging two digital currencies.Now,we introduce the concept of weight based on the threshold secret sharing scheme(TSSS)and present a redactable signature scheme with merge algorithm(RSS-MA)using the quasi-commutative accumulator.Our scheme can reduce the communication overhead by utilizing the merge algorithm when transmitting multiple digital currency signatures.Furthermore,this can effectively hide the scale of users’private monetary assets and the number of transactions between users.While meeting the three properties of digital currency issuance,in order to ensure the availability of digital currency after redacting,editors shall not remove the relevant identification information block form digital currency.Finally,our security proof and the analysis of efficiency show that RSS-MA greatly improves the communication and computation efficiency when transmitting multiple signatures.展开更多
The MBTI assessment has become a hot topic online and a common method for netizens to identify themselves across China’s social platforms.These netizens generally consider the results of their MBTI assessments as per...The MBTI assessment has become a hot topic online and a common method for netizens to identify themselves across China’s social platforms.These netizens generally consider the results of their MBTI assessments as personal emblems suitable for public display,leading to a remarkably widespread cultural phenomenon.Through structured interviews,this study has found that Internet users are experiencing a psychological crisis of identity due to the dual influences of technological embodiment and the meta-media ecology revolution.Moreover,their behavior on social platforms can be regarded as an invisible form of affective labor.To date,researchers have not paid adequate attention to the immense popularity of MBTI assessment in China,and they have not fully investigated whether MBTI assessment is a symbolic representation of the current identity crisis in the context of meta-media and digital labor.This study has two purposes:First,this study aims to explore whether the dynamic interactions of the MBTI assessment are a form of social currency.Second,it aims to construct an MBTI topic production chain to help understand MBTI’s underlying mechanisms regarding the interactions,the reasons behind its popularity,and the reflection on broader social phenomena.展开更多
This study investigated the extent of currency competition within the cryptocurrency market through the Hayek’s concept of the denationalization of money.Hayek’s original analysis primarily centered on competition r...This study investigated the extent of currency competition within the cryptocurrency market through the Hayek’s concept of the denationalization of money.Hayek’s original analysis primarily centered on competition revolving around the medium of the exchange function.This study posited that cryptocurrencies compete across diverse monetary functions,particularly concerning their roles as speculative stores of value and exchange media.This assertion provided insight into the distinction between Hayek’s envisaged private currencies and the cryptocurrency paradigm.Utilizing an extensive dataset encompassing 101 cryptocurrencies spanning from 2016 to 2022,an empirical exploration was conducted to scrutinize the progression and intensity of competition within the broader cryptocurrency market and its submarkets.These findings reveal a robust competition among unpegged cryptocurrencies,predominantly contending for speculative investment purposes.Similarly,there is pronounced competition among stablecoins as stable stores of value.In contrast,competition is much less pronounced concerning the medium of the exchange function,potentially entailing network effects and the emergence of monopolistic tendencies within this specific submarket.展开更多
To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digita...To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digital currency,along with their current development status.Furthermore,it analyzes the impact of financial technology and digital currency on the traditional financial industry,aiming to enrich research outcomes in this field and propel the development of traditional financial institutions in China.展开更多
With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of applicat...With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of application and lack the legal status of fiat currency.The rise of digital currency has profoundly impacted the authority of traditional currency systems.Distinguished by robust payment capabilities,digital currency differs significantly from traditional currency.Yet,due to its relatively brief history,a globally unified definition has yet to be established.Consequently,there is an urgent need to enhance the regulation of digital currency through legislative measures to ensure its orderly and sustainable development.展开更多
This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal t...This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.展开更多
Nasopharyngeal Carcinoma (NPC) is acommon carcinoma in Southern China.The5-year survival rate achieved byradiotherapy alone is still relatively low.Wetreated NPC patients with Yi Qi Yang YinDecoction (YQYYD,decoction ...Nasopharyngeal Carcinoma (NPC) is acommon carcinoma in Southern China.The5-year survival rate achieved byradiotherapy alone is still relatively low.Wetreated NPC patients with Yi Qi Yang YinDecoction (YQYYD,decoction for invigo-rating qi and nourishing yin) combined withradiotherapy with satisfactory results.Acomparison was made in such aspects as re-展开更多
According to the developing of international trade,people began to pay more attention on foreign currency and its exchange.Currency risk is coming into being with changes in foreign exchange value,which affect the ret...According to the developing of international trade,people began to pay more attention on foreign currency and its exchange.Currency risk is coming into being with changes in foreign exchange value,which affect the return on loan or investments by other currencies.So,at this time,people will think about how to control the currency risk,that is risk analysis.In my opinion,risk analysis is the actions of man-展开更多
The importance of predation risk as a key driver of evolutionary change is exemplified by the Northern Range in Trinidad, where research on guppies living in multiple parallel streams has pro- vided invaluable insight...The importance of predation risk as a key driver of evolutionary change is exemplified by the Northern Range in Trinidad, where research on guppies living in multiple parallel streams has pro- vided invaluable insights into the process of evolution by natural selection. Although Trinidadian guppies are now a textbook example of evolution in action, studies have generally categorized predation as a dichotomous variable, representing high or low risk. Yet, ecologists appreciate that community structure and the attendant predation risk vary substantially over space and time. Here, we use data from a longitudinal study of fish assemblages at 16 different sites in the Northern Range to quantify temporal and spatial variation in predation risk. Specifically we ask： 1） Is there evidence for a gradient in predation risk？ 2） Does the ranking of sites （by risk） change with the defi- nition of the predator community （in terms of species composition and abundance currency）, and 3） Are site rankings consistent over time？ We find compelling evidence that sites lie along a contin- uum of risk. However, site rankings along this gradient depend on how predation is quantified in terms of the species considered to be predators and the abundance currency is used. Nonetheless, for a given categorization and currency, rankings are relatively consistent over time. Our study sug- gests that consideration of predation gradients will lead to a more nuanced understanding of the role of predation risk in behavioral and evolutionary ecology. It also emphasizes the need to justify and report the definition of predation risk being used.展开更多
This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Can...This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.展开更多
This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebo...This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.展开更多
The importance of cryptocurrency to the global economy is increasing steadily,which is evidenced by a total market capitalization of over$2.18T as of December 17,2021,according to coinmarketcap.com(Coin,2021).Cryptocu...The importance of cryptocurrency to the global economy is increasing steadily,which is evidenced by a total market capitalization of over$2.18T as of December 17,2021,according to coinmarketcap.com(Coin,2021).Cryptocurrencies are too confusing for laymen and require more investigation.In this study,we analyze the impact that the effective reproductive rate,an epidemiological indicator of the spread of COVID-19,has on both the price and trading volume of eight of the largest digital currencies—Bitcoin,Ethereum,Tether,Ripple,Litecoin,Bitcoin Cash,Cardano,and Binance.We hypothesize that as the rate of spread decreases,the trading price of the digital currency increases.Using Generalized Autoregressive Conditional Heteroskedasticity models,we find that the impact of the spread of COVID-19 on the price and trading volume of cryptocurrencies varies by currency and region.These findings offer novel insight into the cryptocurrency market and the impact that the viral spread of COVID-19 has on the value of the major cryptocurrencies.展开更多
Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may a...Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may also reduce consumers’need for conventional demand deposits,which,in turn,increases banks’loan provision costs because deposits require higher rates of return.We use a microeconomic banking model to investigate the effects of introducing an economy-wide,account-type CBDC on a bank’s loan supply and its failure risk.Given that a CBDC is expected to lower the cost of liquidity circulation and become a strong substitute for demand deposits,both the loan supply and the bank failure risk increase.These increases are countered by subsequent increases in the rates of return on term deposits and loans,which,in turn,reduce the loan supply and thus bank failure risk.These offsetting forces lead to no significant change in banking,as long as the rate of return on loans is below a certain threshold.However,once the rate is above the threshold,bank failure risk increases,thereby undermining banking stability.The problem is more pronounced when the degree of pass-through of funding costs to the loan rate is high and the profitability of a successful project is low.Our results imply that central banks wishing to introduce an economy-wide,account-type CBDC should first monitor yields on bank loans and consider policy measures that induce banks to maintain adequate liquidity reserve levels.展开更多
Background:Bitcoin system,when more than 51%computing power is controlled by a single node,the block chain can be distorted maliciously.This is called 51%attack which is a well-known potential risk that could destroy ...Background:Bitcoin system,when more than 51%computing power is controlled by a single node,the block chain can be distorted maliciously.This is called 51%attack which is a well-known potential risk that could destroy the Bitcoin system.Method:The paper proves that under the current proof-of-work mechanism,computing power eventually will be centralized at a single node if miners are rational enough.Result:The paper propose a new proof-of-work mechanism that improves decentralization and reduces the risk of 51%attack without increasing the risk of Sybil attack.Concusions:This new mechanism introduces a series of principles such as Career open to all talents,without distinction of birth,Distribution according to labor and All Men are created equal.展开更多
Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for app...Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets.However,claims about the impending obsolescence of paper money are neither disruptive nor a novelty.Instead,this paper argues that the conversion of money from paper to bits has been a gradual,adaptive process,and that money is already digital.Moreover,in this paper we propose that the statuses of electronic money(e-money)and banknotes have switched in the view of monetary authorities.展开更多
文摘In the contemporary era,characterized by the Internet and digitalization as fundamental features,the operation and application of digital currency have gradually developed into a comprehensive structural system.This system restores the essential characteristics of currency while providing auxiliary services related to the formation,circulation,storage,application,and promotion of digital currency.Compared to traditional currency management technologies,big data analysis technology,which is primarily embedded in digital currency systems,enables the rapid acquisition of information.This facilitates the identification of standard associations within currency data and provides technical support for the operational framework of digital currency.
文摘This paper analyzes the advantages of legal digital currencies and explores their impact on bank big data practices.By combining bank big data collection and processing,it clarifies that legal digital currencies can enhance the efficiency of bank data processing,enrich data types,and strengthen data analysis and application capabilities.In response to future development needs,it is necessary to strengthen data collection management,enhance data processing capabilities,innovate big data application models,and provide references for bank big data practices,promoting the transformation and upgrading of the banking industry in the context of legal digital currencies.
基金supported by Support Plan of Scientific and Technological Innovation Team in Universities of Henan Province(20IRTSTHN013)Shaanxi Key Laboratory of Information Communication Network and Security,Xi’an University of Posts&Telecommunications,Xi’an,Shaanxi 710121,China(ICNS202006)The National Natural Science Fund(No.61802117).
文摘With the promotion of digital currency,how to effectively solve the authenticity,privacy and usability of digital currency issuance has been a key problem.Redactable signature scheme(RSS)can provide the verification of the integrity and source of the generated sub-documents and solve the privacy problem in digital currency by removing blocks from the signed documents.Unfortunately,it has not realized the consolidation of signed documents,which can not solve the problem of merging two digital currencies.Now,we introduce the concept of weight based on the threshold secret sharing scheme(TSSS)and present a redactable signature scheme with merge algorithm(RSS-MA)using the quasi-commutative accumulator.Our scheme can reduce the communication overhead by utilizing the merge algorithm when transmitting multiple digital currency signatures.Furthermore,this can effectively hide the scale of users’private monetary assets and the number of transactions between users.While meeting the three properties of digital currency issuance,in order to ensure the availability of digital currency after redacting,editors shall not remove the relevant identification information block form digital currency.Finally,our security proof and the analysis of efficiency show that RSS-MA greatly improves the communication and computation efficiency when transmitting multiple signatures.
基金funded by National Natural Science Foundation of China(NSFC):Research on Value Co-Creation Mechanisms and Models of Digital Content Production under AIGC Participation(72374171)Xihua University Science and Technology Innovation Competition Project for Postgraduate Students:“Generative Artificial Intelligence(GAI)+Cultural Tourism”Science and Technology Innovation Project(YK20240273).
文摘The MBTI assessment has become a hot topic online and a common method for netizens to identify themselves across China’s social platforms.These netizens generally consider the results of their MBTI assessments as personal emblems suitable for public display,leading to a remarkably widespread cultural phenomenon.Through structured interviews,this study has found that Internet users are experiencing a psychological crisis of identity due to the dual influences of technological embodiment and the meta-media ecology revolution.Moreover,their behavior on social platforms can be regarded as an invisible form of affective labor.To date,researchers have not paid adequate attention to the immense popularity of MBTI assessment in China,and they have not fully investigated whether MBTI assessment is a symbolic representation of the current identity crisis in the context of meta-media and digital labor.This study has two purposes:First,this study aims to explore whether the dynamic interactions of the MBTI assessment are a form of social currency.Second,it aims to construct an MBTI topic production chain to help understand MBTI’s underlying mechanisms regarding the interactions,the reasons behind its popularity,and the reflection on broader social phenomena.
文摘This study investigated the extent of currency competition within the cryptocurrency market through the Hayek’s concept of the denationalization of money.Hayek’s original analysis primarily centered on competition revolving around the medium of the exchange function.This study posited that cryptocurrencies compete across diverse monetary functions,particularly concerning their roles as speculative stores of value and exchange media.This assertion provided insight into the distinction between Hayek’s envisaged private currencies and the cryptocurrency paradigm.Utilizing an extensive dataset encompassing 101 cryptocurrencies spanning from 2016 to 2022,an empirical exploration was conducted to scrutinize the progression and intensity of competition within the broader cryptocurrency market and its submarkets.These findings reveal a robust competition among unpegged cryptocurrencies,predominantly contending for speculative investment purposes.Similarly,there is pronounced competition among stablecoins as stable stores of value.In contrast,competition is much less pronounced concerning the medium of the exchange function,potentially entailing network effects and the emergence of monopolistic tendencies within this specific submarket.
文摘To harness the potential of financial technology and digital currency and enhance the competitiveness of the traditional financial industry,this paper briefly elucidates the concepts of financial technology and digital currency,along with their current development status.Furthermore,it analyzes the impact of financial technology and digital currency on the traditional financial industry,aiming to enrich research outcomes in this field and propel the development of traditional financial institutions in China.
文摘With the rapid advancement of network technology,new payment methods represented by Q coins and game currencies have entered a phase of significant growth.However,these payment methods have a limited scope of application and lack the legal status of fiat currency.The rise of digital currency has profoundly impacted the authority of traditional currency systems.Distinguished by robust payment capabilities,digital currency differs significantly from traditional currency.Yet,due to its relatively brief history,a globally unified definition has yet to be established.Consequently,there is an urgent need to enhance the regulation of digital currency through legislative measures to ensure its orderly and sustainable development.
基金supported by FCT,I.P,the Portuguese national funding agency for science,research and technology under the Project UIDB/04521/2020.
文摘This study investigates the static and dynamic return and volatility spillovers between non-fungible tokens(NFTs)and conventional currencies using the time-varying parameter vector autoregressions approach.We reveal that the total connectedness between these markets is weak,implying that investors may increase the diversification benefits of their multicurrency portfolios by adding NFTs.We also find that NFTs are net transmitters of both return and volatility spillovers;however,in the case of return spillovers,the influence of NFTs on conventional currencies is more pronounced than that of volatility shock transmissions.The dynamic exercise reveals that the returns and volatility spillovers vary over time,largely increasing during the onset of the Covid-19 crisis,which deeply affected the relationship between NFTs and the conventional currencies markets.Our findings are useful for currency traders and NFT investors seeking to build effective cross-currency and cross-asset hedge strategies during systemic crises.
文摘Nasopharyngeal Carcinoma (NPC) is acommon carcinoma in Southern China.The5-year survival rate achieved byradiotherapy alone is still relatively low.Wetreated NPC patients with Yi Qi Yang YinDecoction (YQYYD,decoction for invigo-rating qi and nourishing yin) combined withradiotherapy with satisfactory results.Acomparison was made in such aspects as re-
文摘According to the developing of international trade,people began to pay more attention on foreign currency and its exchange.Currency risk is coming into being with changes in foreign exchange value,which affect the return on loan or investments by other currencies.So,at this time,people will think about how to control the currency risk,that is risk analysis.In my opinion,risk analysis is the actions of man-
文摘The importance of predation risk as a key driver of evolutionary change is exemplified by the Northern Range in Trinidad, where research on guppies living in multiple parallel streams has pro- vided invaluable insights into the process of evolution by natural selection. Although Trinidadian guppies are now a textbook example of evolution in action, studies have generally categorized predation as a dichotomous variable, representing high or low risk. Yet, ecologists appreciate that community structure and the attendant predation risk vary substantially over space and time. Here, we use data from a longitudinal study of fish assemblages at 16 different sites in the Northern Range to quantify temporal and spatial variation in predation risk. Specifically we ask： 1） Is there evidence for a gradient in predation risk？ 2） Does the ranking of sites （by risk） change with the defi- nition of the predator community （in terms of species composition and abundance currency）, and 3） Are site rankings consistent over time？ We find compelling evidence that sites lie along a contin- uum of risk. However, site rankings along this gradient depend on how predation is quantified in terms of the species considered to be predators and the abundance currency is used. Nonetheless, for a given categorization and currency, rankings are relatively consistent over time. Our study sug- gests that consideration of predation gradients will lead to a more nuanced understanding of the role of predation risk in behavioral and evolutionary ecology. It also emphasizes the need to justify and report the definition of predation risk being used.
文摘This study examines the connectedness between the US yield curve components(i.e.,level,slope,and curvature),exchange rates,and the historical volatility of the exchange rates of the main safe-haven fiat currencies(Canada,Switzerland,EURO,Japan,and the UK)and the leading cryptocurrency,the Bitcoin.Results of the static analysis show that the level and slope of the yield curve are net transmitters of shocks to both the exchange rate and its volatility.The exchange rate of the Euro and the volatility of the Euro and the Canadian dollar exchange rate are net transmitters of shocks.Meanwhile,the curvature of the yield curve and the Japanese Yen,Swiss Franc,and British Pound act mainly as net receivers.Our static connectedness analysis shows that Bitcoin is mainly independent of shocks from the yield curve’s level,slope,and curvature,and from any main currency investigated.These findings hint that Bitcoin might provide hedging benefits.However,similar to the static analysis,our dynamic analysis shows that during different periods and particularly in stressful times,Bitcoin is far from being isolated from other currencies or the yield curve components.The dynamic analysis allows us to observe Bitcoin’s connectedness in times of stress.Evidence supporting this contention is the substantially increased connectedness due to policy shocks,political uncertainty,and systemic crisis,implying no empirical support for Bitcoin’s safe-haven property during stress times.The increased connectedness in the dynamic analysis compared with the static approach implies that in normal times and especially in stressful times,Bitcoin has the property of a diversifier.The results may have important implications for investors and policymakers regarding their risk monitoring and their assets allocation and investment strategies.
文摘This study examines the portfolio diversification benefits of alternative currency trading in Bitcoin and foreign exchange markets.The following methods are applied for the analysis:the spillover index method of Diebold and Yilmaz(Int J Forecast 28(1):57–66,2012.https://doi.org/10.1016/j.ijfor ecast.2011.02.006),the spillover asymmetry measures of Barunik et al.(J Int Money Finance 77:39–56,2017.https://doi.org/10.1016/j.jimon fin.2017.06.003),and the frequency connectedness method of Barunik and Křehlik(J Financ Econom 16(2):271–296,2018.https://doi.org/10.1093/jjfin ec/nby001).The findings identify the presence of low-level integration and asymmetric volatility spillover as well as a dominant role of short horizon spillover among Bitcoin markets and foreign exchange pairs for six major trading currencies(US dollar,euro,Japanese yen,British pound sterling,Australian dollar,and Canadian dollar).Bitcoin is found to provide significant portfolio diversification benefits for alternative currency foreign exchange portfolios.Alternative currency Bitcoin trading in euro is found to provide the most significant portfolio diversification benefits for foreign exchange portfolios consisting of major trading currencies.The findings of the study regarding spillover dynamics and portfolio diversification capabilities of the Bitcoin market for foreign exchange markets of major trading currencies have significant implications for portfolio diversification and risk minimization.
文摘The importance of cryptocurrency to the global economy is increasing steadily,which is evidenced by a total market capitalization of over$2.18T as of December 17,2021,according to coinmarketcap.com(Coin,2021).Cryptocurrencies are too confusing for laymen and require more investigation.In this study,we analyze the impact that the effective reproductive rate,an epidemiological indicator of the spread of COVID-19,has on both the price and trading volume of eight of the largest digital currencies—Bitcoin,Ethereum,Tether,Ripple,Litecoin,Bitcoin Cash,Cardano,and Binance.We hypothesize that as the rate of spread decreases,the trading price of the digital currency increases.Using Generalized Autoregressive Conditional Heteroskedasticity models,we find that the impact of the spread of COVID-19 on the price and trading volume of cryptocurrencies varies by currency and region.These findings offer novel insight into the cryptocurrency market and the impact that the viral spread of COVID-19 has on the value of the major cryptocurrencies.
基金support from the National Research Foundation of Korea funded by the Ministry of Education(NRF-2020S1A5A8044620).
文摘Central bank digital currencies(CBDCs),which are legal tenders in digital form,are expected to reduce currency issuance and circulation costs and broaden the scope of monetary policy.In addition,these currencies may also reduce consumers’need for conventional demand deposits,which,in turn,increases banks’loan provision costs because deposits require higher rates of return.We use a microeconomic banking model to investigate the effects of introducing an economy-wide,account-type CBDC on a bank’s loan supply and its failure risk.Given that a CBDC is expected to lower the cost of liquidity circulation and become a strong substitute for demand deposits,both the loan supply and the bank failure risk increase.These increases are countered by subsequent increases in the rates of return on term deposits and loans,which,in turn,reduce the loan supply and thus bank failure risk.These offsetting forces lead to no significant change in banking,as long as the rate of return on loans is below a certain threshold.However,once the rate is above the threshold,bank failure risk increases,thereby undermining banking stability.The problem is more pronounced when the degree of pass-through of funding costs to the loan rate is high and the profitability of a successful project is low.Our results imply that central banks wishing to introduce an economy-wide,account-type CBDC should first monitor yields on bank loans and consider policy measures that induce banks to maintain adequate liquidity reserve levels.
文摘Background:Bitcoin system,when more than 51%computing power is controlled by a single node,the block chain can be distorted maliciously.This is called 51%attack which is a well-known potential risk that could destroy the Bitcoin system.Method:The paper proves that under the current proof-of-work mechanism,computing power eventually will be centralized at a single node if miners are rational enough.Result:The paper propose a new proof-of-work mechanism that improves decentralization and reduces the risk of 51%attack without increasing the risk of Sybil attack.Concusions:This new mechanism introduces a series of principles such as Career open to all talents,without distinction of birth,Distribution according to labor and All Men are created equal.
基金This research received no specific grant from any funding agency in the public,commercial,or not-for-profit sectors.
文摘Current financial discourse suggests the imminence of a cashless society,a concept that arose from the global popularization of digital financial services and the development of technologies with the potential for application in financial markets.However,claims about the impending obsolescence of paper money are neither disruptive nor a novelty.Instead,this paper argues that the conversion of money from paper to bits has been a gradual,adaptive process,and that money is already digital.Moreover,in this paper we propose that the statuses of electronic money(e-money)and banknotes have switched in the view of monetary authorities.
