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Bitcoin 1, Bitcoin 2,...: An experiment in privately issued outside monies

Rodney Garratt () and Neil Wallace

University of California at Santa Barbara, Economics Working Paper Series from Department of Economics, UC Santa Barbara

Abstract: The value of Bitcoin depends upon self-fulfilling beliefs that are hard to pin down. We demonstrate this for the case where Bitcoin is the only form of money in the economy and then generalize the message to the case of multiple Bitcoin clones and/or a competing sovereign currency. Some aspects of the indeterminacy we describe would no longer hold if Bitcoin were an interesting-bearing object.

Keywords: Social and Behavioral Sciences; Virtual Currency; Bitcoin; Indeterminancy; Exchange Rates (search for similar items in EconPapers)
Date: 2016-10-01
New Economics Papers: this item is included in nep-mon and nep-pay
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Related works:
Journal Article: BITCOIN 1, BITCOIN 2,....: AN EXPERIMENT IN PRIVATELY ISSUED OUTSIDE MONIES (2018) Downloads
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