Price manipulation in the Bitcoin ecosystem
Price manipulation in the Bitcoin ecosystem
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DOI：
10.1016/j.jmoneco.2017.12.004
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发表时间：
2018-05-01
影响因子：
4.1
通讯作者：
Oberman, Tali
中科院分区：
文献类型：
--
作者：
Gandal, Neil;Hamrick, J. T.;Oberman, Tali
对于其支持者来说，加密货币比特币提供了破坏支付系统和传统货币的潜力。它还受到安全漏洞和疯狂的价格波动的影响。本文识别和分析了可疑交易活动对MT的影响。Gox比特币货币交易所，其中价值1.88亿美元的约60万比特币（BTC）被欺诈性收购。在这两个时期，在可疑交易发生的日子里，USD-BTC汇率平均上涨了4%，而在没有可疑交易的日子里则略有下降。根据严格的分析和广泛的稳健性检查，该文件表明，可疑的交易活动可能导致2013年底USD-BTC汇率前所未有的飙升，当时汇率在两个月内从150美元左右跃升至1,000美元以上。(C)2017由Elsevier B. V.出版
To its proponents, the cryptocurrency Bitcoin offers the potential to disrupt payment systems and traditional currencies. It has also been subject to security breaches and wild price fluctuations. This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired. During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months. (C) 2017 Published by Elsevier B.V.