比特币支付系统经济学分析

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1、每日更新各行业分析报告、数据分析、宏观报告、TMT前沿！BankofFinlandResearchDiscussionPapers27•2017GurHuberman–JacobD.Leshno–CiamacMoallemiMonopolywithoutamonopolist:AneconomicanalysisofthebitcoinpaymentsystemBankofFinlandResearch微信打开加入我http://t.xiaomiquan.com/uZ3nQf2每日更新各行业分析报告、数据分析、宏观报告、TMT前沿！BankofFinla

2、ndResearchDiscussionPapersEditor-in-ChiefEsaJokivuolleBankofFinlandResearchDiscussionPaper27/20175September2017GurHuberman–JacobD.Leshno–CiamacMoallemi:Monopolywithoutamonopolist:AneconomicanalysisofthebitcoinpaymentsystemISBN978-952-323-186-3,onlineISSN1456-6184,onlineBankofFinl

3、andResearchUnitPOBox160FIN-00101HelsinkiPhone:+35891831Email:research@bof.fiWebsite:www.bof.fi/en/researchTheopinionsexpressedinthispaperarethoseoftheauthorsanddonotnecessarilyreflecttheviewsoftheBankofFinland.微信打开加入我http://t.xiaomiquan.com/uZ3nQf2每日更新各行业分析报告、数据分析、宏观报告、TMT前沿！Mono

4、polywithoutaMonopolist:AnEconomicAnalysisoftheBitcoinPaymentSystemGurHubermanJacobD.LeshnoCiamacMoallemiColumbiaBusinessSchoolAugust30,2017AbstractOwnedbynobodyandcontrolledbyanalmostimmutableprotocoltheBitcoinpaymentsystemisaplatformwithtwomainconstituencies:usersandprotseekin

5、gminerswhomaintainthesystem'sinfrastructure.Thepaperseekstounderstandtheeconomicsofthesystem:Howdoesthesystemraiserevenuetopayforitsinfras-tructure?Howareusagefeesdetermined?Howmuchinfrastructureisdeployed?Whataretheimplicationsofchangingparametersintheprotocol?Asimpliedeconomic

6、modelthatcapturesthesystem'spropertiesanswersthesequestions.Transactionfeesandinfrastructurelevelaredeterminedinanequilib-riumofacongestionqueueinggamederivedfromthesystem'slimitedthroughput.Thesystemeliminatesdead-weightlossfrommonopoly,butintroducesotherin-ecienciesandrequires

7、congestiontoraiserevenueandfundinfrastructure.Weexplorethefuturepotentialofsuchsystemsandprovidedesignsuggestions.Keywords:Bitcoin,blockchain,queueing,two-sidedmarkets,marketdesign,cryptocurrencyJELClassification:D40,D20,L10,L50____________________________________________________

8、_________________WearegratefultoCampbel