Opinion: Valuation, liquidity price, and stability of cryptocurrencies
Opinion: Valuation, liquidity price, and stability of cryptocurrencies
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观点：加密货币的估值、流动性价格和稳定性
DOI：
10.1073/pnas.1722031115
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发表时间：
2017
期刊：
影响因子：
--
通讯作者：
G. Caginalp
中科院分区：
文献类型：
--
作者：
Carey Caginalp;G. Caginalp
通过资产流方程和实验资产市场来检查加密货币。由于典型加密货币的有形价值是不存在的，该理论表明价格将倾向于流动性价值，即，可用于购买资产的现金总额除以单位数量。因此，在缺乏与价值挂钩的机制的情况下，目前形式的加密货币不太可能保持稳定。
Cryptocurrencies are examined through the asset flow equations and experimental asset markets. Since tangible value of a typical cryptocurrency is non-existent, the theory suggests that price will gravitate toward liquidity value, i.e., the total amount of cash available for purchase of the asset divided by the number of units. Thus it is unlikely that cryptocurrencies in their current form will be stable in the absence of a mechanism of a link to value.