Monopoly Without a Monopolist: An Economic Analysis of Bitcoin

Опубликовано 24 марта 2018, 16:07

Owned by nobody and controlled by an almost immutable protocol, the Bitcoin payment system is a platform with two main constituencies: users and profit-seeking miners who maintain the system's infrastructure. The paper seeks to understand the economics of the system: How does the system raise revenue to pay for its infrastructure? How are usage fees determined? How much infrastructure is deployed? What are the implications of changing parameters in the protocol?

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