The rise and fall of cryptocurrency coins and tokens
The rise and fall of cryptocurrency coins and tokens
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DOI：
10.1007/s10203-021-00329-8
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发表时间：
2021-06-18
影响因子：
1.1
通讯作者：
Vasek, Marie
中科院分区：
文献类型：
--
作者：
Gandal, Neil;Hamrick, J. T.;Vasek, Marie
自2009年比特币推出以来，人们对加密货币的兴趣飙升。这种兴趣的一个表现是新创建的硬币和代币的爆炸式增长。在本文中，我们分析了这个新兴行业的动态。我们考虑加密货币硬币和代币。本文研究了加密货币行业中硬币和代币的创造、竞争和破坏的动态。为了进行分析，我们开发了一种方法来确定价格和交易量的峰值，以及硬币和代币何时被放弃并随后“复活”。我们还研究交易活动。我们的数据跨度超过4年：数据中有1082个硬币和725个代币。虽然硬币和代币在动力学方面有一些相似之处，但也有一些惊人的差异。总体而言，我们发现44%的公开交易代币被放弃，至少是暂时的。71%的废弃硬币后来被复活，留下18%的硬币永久失效。代币被放弃的频率较低，数据结束时只有7%的代币被放弃，5%的代币被永久放弃。使用线性回归，我们发现比特币价格等市场变量与引入新硬币的速度无关，尽管它们与发行新代币呈正相关。我们发现，对于硬币和代币，市场变量与复活呈正相关。然后，我们研究了2017年12月比特币泡沫破裂对行业动态的影响。与2013年泡沫结束时不同，一些替代加密货币在泡沫破裂后继续蓬勃发展。
Since Bitcoin's introduction in 2009, interest in cryptocurrencies has soared. One manifestation of this interest has been the explosion of newly created coins and tokens. In this paper, we analyze the dynamics of this burgeoning industry. We consider both cryptocurrency coins and tokens. The paper examines the dynamics of coin and token creation, competition and destruction in the cryptocurrency industry. In order to conduct the analysis, we develop a methodology to identify peaks in prices and trade volume, as well as when coins and tokens are abandoned and subsequently "resurrected". We also study trading activity. Our data spans more than 4 years: there are 1082 coins and 725 tokens in the data. While there are some similarities between coins and tokens regarding dynamics, there are some striking differences as well. Overall, we find that 44% of publicly-traded coins are abandoned, at least temporarily. 71% of abandoned coins are later resurrected, leaving 18% of coins to fail permanently. Tokens experience abandonment less frequently, with only 7% abandonment and 5% permanent token abandonment at the end of the data. Using linear regressions, we find that market variables such as the bitcoin price are not associated with the rate of introducing new coins, though they are positively associated with issuing new tokens. We find that for both coins and tokens, market variables are positively associated with resurrection. We then examine the effect that the bursting of the Bitcoin bubble in December 2017 had on the dynamics in the industry. Unlike the end of the 2013 bubble, some alternative cryptocurrencies continue to flourish after the bursting of this bubble.