Publikationen

2020-10-26T20:17:38+00:00

Monetary Flows and Feedback Trading in Cryptocurrency Markets: Effects of Stablecoin Transfers on Return and Trading Volume of Bitcoin

A sample of 1,587 stablecoin transfers of one million dollars or more is analyzed to find out how they affect Bitcoin returns and trading volume. We find effects on trading volume and returns in the hours around transfers. The findings illustrate the feedback effects between cryptocurrency markets and stablecoin usage.

2020-10-01T11:13:11+00:00

Public Versus Private Blockchains

Public blockchains like Bitcoin and Ethereum continue to have an exaggerated influence on the overall perception of blockchain technology. As a consequence, trustlessness is often presented as the central characteristic of blockchain: It is claimed that blockchain designers must assume that users do not trust each other and that there is no trusted third party.

2020-10-02T06:52:15+00:00

Exclusive Mining of Blockchain Transactions

We study an unintended alternative to peer-to-peer propagation: Exclusive mining. Exclusive mining is a type of collusion between a transaction initiator and a single miner (or mining pool). The initiator sends transactions through a private channel directly to the miner instead of propagating them through the peer-to-peer network.

2020-06-30T08:00:30+00:00

Choosing a Distributed Ledger Technology: Looking at the Popularity and Activity of Major Players

The article provides information on non-technical characteristics of fifteen DLTs, including the activity of the developing community, the popularity of the DLTs, and available documentation.

2020-06-15T09:44:47+00:00

Bitcoin Transactions, Information Asymmetry and Trading Volume

The underlying transparency of the Bitcoin blockchain allows transactions in the network to be tracked in near real-time. When someone transfers a large number of Bitcoins, the market receives this information and traders can adjust their expectations based on the new information.

2020-06-03T05:18:22+00:00

Market Reaction to Large Transfers on the Bitcoin Blockchain – Do Size and Motive Matter?

Cryptocurrency markets are often deemed inefficient. This paper explores how the market reacts to a specific form of public information: large Bitcoin transactions. The event study examines the price effects of 2,132 transactions involving at least 500 Bitcoins...

2020-05-06T19:19:16+00:00

Perceptions towards the Digital Currency Project Libra: Germany Q4 2019

Based on a representative survey among 3,059 German adult Internet, this report captures users’ perceptions and anticipations towards Libra. Libra is a blockchain-based payment token that is backed by a basket of financial assets, such as the Dollar and the Euro. It is developed by...

2020-05-06T19:15:39+00:00

Effects of Initial Coin Offering Characteristics on Cross-listing Returns

This paper examines how initial coin offering (ICO) characteristics affect cross-listing returns, i.e. whether or not the available information is a valuable signal of quality. For this purpose, we analyze 250 cross-listings of 135 different tokens issued via ICOs and calculate abnormal returns for specific samples using event study methodology.

2020-05-06T19:33:40+00:00

Returns from Investing in Cryptocurrency: Evidence from German Individual Investors

We analyze a subpopulation of 225 cryptocurrency owners who classify as investors. 56% of them experienced positive returns, while 29% had negative results. The remaining respondents broke even. The average investment was €1,773 in a portfolio...