{"title":"分权的市场价值","authors":"Matt Brigida","doi":"10.24135/afl.v12i1.682","DOIUrl":null,"url":null,"abstract":"A prominent motivation for the use of cryptocurrencies is the system of exchange does not require a central trusted authority. In fact there are a class of decentralised exchanges where participants can exchange cryptocurrencies using a protocol rather than a centralized exchange. This analysis uses the failure of the centralized FTX exchange to estimate the value the market assigns to decentralised versus centralised exchanges. We find the market assigns a significant value to decentralisation.","PeriodicalId":32128,"journal":{"name":"Applied Finance Letters","volume":"13 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2023-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"THE MARKET VALUE OF DECENTRALISATION\",\"authors\":\"Matt Brigida\",\"doi\":\"10.24135/afl.v12i1.682\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"A prominent motivation for the use of cryptocurrencies is the system of exchange does not require a central trusted authority. In fact there are a class of decentralised exchanges where participants can exchange cryptocurrencies using a protocol rather than a centralized exchange. This analysis uses the failure of the centralized FTX exchange to estimate the value the market assigns to decentralised versus centralised exchanges. We find the market assigns a significant value to decentralisation.\",\"PeriodicalId\":32128,\"journal\":{\"name\":\"Applied Finance Letters\",\"volume\":\"13 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2023-09-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Applied Finance Letters\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.24135/afl.v12i1.682\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Applied Finance Letters","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.24135/afl.v12i1.682","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
A prominent motivation for the use of cryptocurrencies is the system of exchange does not require a central trusted authority. In fact there are a class of decentralised exchanges where participants can exchange cryptocurrencies using a protocol rather than a centralized exchange. This analysis uses the failure of the centralized FTX exchange to estimate the value the market assigns to decentralised versus centralised exchanges. We find the market assigns a significant value to decentralisation.
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