Is Bitcoin a Real Currency? An Economic Appraisal ...
Is Bitcoin a Real Currency? An Economic Appraisal ...
On the Value of Virtual Currencies - BOLT - 2020 - Journal ...
In Conversation with Bitcoin expert and NYU Professor ...
Is Bitcoin a Real Currency? An economic appraisal
David Yermack Bitcoin News
Bitcoin lacks most of the features economists value in a currency, says David Yermack (professor at the New York University Stern School of Business and director of the NYU Pollack Center for Law and Business.) ~ MIT Technology Review
Your Daily Crypto-News Recap: 97 of Top 100 Cryptocurrencies in the Green as Total Crypto Market Cap Adds $20 billion in 2 Days
A candidate for a local government position in Taiwan has made history, becoming the first politician ever to receive a campaign donation in Bitcoin. Hsiao Hsin-chen, who is running for a seat on Taipei’s City Council with the New Power Party ticket, received a donation in Bitcoin worth about USD$325 a month after the party announced it would accept cryptocurrency donations.
A New York University (NYU) professor discussed how US regulators are all fighting to establish dominance in regulating cryptocurrencies. Professor David Yermack detailed a turf struggle, pointing out the NY Office of the Attorney General’s report released earlier this week accusing crypto exchanges of lack of proper market oversight, the Department of Financial Services’ recent ruling on a Bitcoin ETF, and the US Securities and Exchange Commission also trying to take a lead in crypto regulation. Yermack questioned whether or not this was beneficial to citizens.
According to Michael Novogratz, CEO of Galaxy Digital, cryptocurrencies have reached “seller fatigue” and he believes prices have bottomed. Novogratz went on to add that, although Bitcoin’s prices have dropped, it has held above USD$6,000 and established itself as a store of value.
Altonomy, a cryptocurrency trading advisory and digital assets management firm, has officially launched a sell-side over-the-counter (OTC) cryptocurrency trading desk. On top of that, the firm also launched a blockchain-based digital currency index fund, called Altonomy Taurus Index Fund. Altonomy claims to offer an unprecedented degree of transparency and professionalism while providing institutional investors a way to diversify into cryptocurrencies.
California’s Fair Political Practices Commission, the state’s political watchdog, has ruled that political candidates will not be allowed to accept donations in cryptocurrencies like Bitcoin. The vote on the issue occurred Thursday and favored the ban 3-1 with one individual abstaining.
CoinPayments.net, a business-to-business and business-to-customers platform for crypto payments, announced that they will be partnering with nonprofit Unify.org for World Peace Weekend. Occuring from September 21st to September 23rd, 1,300 events all over the world will take place to mark the largest global mediation in history, according to the Guinness Book of World Records.
Play2Live, a streaming platform for gamers and eSports fans, announced the launch of an open-beta of their blockchain streaming platform. Play2Live discussed participants’ ability to partake in monetization schemes, saying, “Everybody can be a part of the peer-to-peer interaction, and everybody, even the viewer, is able to earn money.”
South Korea’s largest telecommunications company, SK, has partnered with the country’s most valuable blockchain project, ICON, to implement blockchain and cryptocurrency technology in compensating users of its mileage system. ICON and SK have signed a Memorandum of Understanding to implement blockchain into its mileage rewards system that is used by 35 million citizens.
The Co-Director of Enforcement for the US Securities and Exchange Commission (SEC), Stephanie Avakian, vowed in a speech Thursday that the regulatory agency is going to practice more substantial enforcement of illegal ICOs. Avakian went on to mention that ICO’s are often high-risk investments masked by unrealistic assurances.
The US Securities and Exchange Commission (SEC) requested further comments regarding its decision on the listing and trading of a Bitcoin exchange traded fund (ETF) in a release Thursday. The Bitcoin ETF is backed by investment firm VanEck and financial company SolidX, with the initial request filed on June 6th of this year. In the SEC’s release, the regulating authority notes that it has not reached any conclusions on the Bitcoin ETF and asks for interested parties to send comments to the SEC in regards to the sufficiency and viability of a Bitcoin ETF. So far, the SEC has received over 1,400 letters.
Two of the largest cryptocurrency exchanges in the world, Coinbase and Binance, have been on hiring sprees of late despite a heavy bear market in cryptos. In an interview with Bloomberg, Binance’s Chief Financial Officer, Wei Ahou, said the company is in the process of hiring 50 new employees for its new headquarters in Malta while it is also recruiting for its fiat-to-crypto exchange in Singapore. Last week, Coinbase announced it would be hiring about 80 employees for its new headquarters in NYC.
Venezuelan President Nicolas Maduro said in television appearance that Venezuela will adopt the state-backed Petro Token in international trade. While it is unclear in which sectors of global trade Venezuela will use the Petro Token, economists and analysts have doubts whether the token will be accepted by international markets.
See all articles by David Yermack David Yermack. New York University (NYU) - Stern School of Business. Date Written: April 1, 2014. Abstract A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely fails to satisfy these criteria. Bitcoin has achieved only scant consumer transaction volume, with an average well below one daily ... Professor Yermack argues Bitcoin should not be considered money, for a number of reasons. These include Bitcoin’s inability to act as a medium of exchange or a store of value or act as a unit of ... David Yermack. NBER Working Paper No. 19747 Issued in December 2013, Revised in April 2014 NBER Program(s):Law and Economics, Monetary Economics. A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely fails to satisfy these criteria. Bitcoin has achieved only scant consumer transaction volume, with an average well below one daily ... Market value of one bitcoin in US dollars. The figure shows the value on a logarithmic scale of the bitcoin-dollar exchange rate, recorded daily at midnight on the Mt. Gox exchange in Japan from July 17, 2010 to February 6, 2014, and thereafter until March 21, 2014, on the Bitstamp exchange. While some criticize Bitcoin as a Ponzi scheme dominated by speculation and manipulation (Selgin 2015; Yermack 2015; Gandal, Hamrick, Moore, and Oberman 2018;Griffin and Shams 2018), 1 others are ...
David Yermack on whether Bitcoin is a real currency
Professor David Yermack joined us to tell us all about cryptocurrency and Bitcoin. While the mysterious story of Satoshi Nakamoto didn't make the final cut, this shadowy figure was too fascinating ... In 2013, bitcoin was worth just $150 when suddenly, the price spiked. Within two months, one bitcoin was worth $1,000. Four researchers from the Tandy School of Computer Science at The University ... Professor Yermack, of the Stern School of Business at New York University, argues that Bitcoin should not be considered money, for a number of reasons. These include Bitcoin’s inability to act ... Professor David Yermack from NYU Stern School of Business on the implications of Blockchains on financial markets. Hanken Centre for Corporate Governance is a research centre focused on public and ... Bitcoin 101 - Modelling the Price of Bitcoin - Is a $100,000 bitcoin possible? - Duration: 26:45. ... David Yermack on whether Bitcoin is a real currency - Duration: 6:54. The Conversation 1,796 ...