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Design and valuation of cryptocurrencies
Eska, Fabian
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Shi, Yanghua
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Theissen, Erik
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Uhrig-Homburg, Marliese
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Dokumenttyp:
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Präsentation auf Konferenz
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Erscheinungsjahr:
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2022
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Veranstaltungstitel:
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11th International Conference of the Financial Engineering and Banking Society
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Veranstaltungsort:
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Portsmouth, UK
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Veranstaltungsdatum:
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10.-12.06. 2022
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Verwandte URLs:
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Fakultät für Betriebswirtschaftslehre > ABWL u. Finanzierung (Theissen 2009-)
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Fachgebiet:
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330 Wirtschaft
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Abstract:
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The broad variety of cryptocurrencies is associated with very different designs. In this paper, we introduce a unique, hand-collected data set of cryptocurrency design features which we use to analyze the relative valuation of 79 cryptocurrencies. Controlling for general market movements during the coins’ different lifetimes, we are able to reduce the influence of age and associated network effects. Our approach identifies that transaction-fee-driven reward structures and, more notably, a lack of innovation, measured as whether the cryptocurrency is a spin-off from an existing network, significantly lessens market capitalization. The prospect for regulatory acceptance is a positive valuation driver. Furthermore, we identify Bitcoin-like combinations of design features as being favorable towards the accumulation of a remarkable market capitalization of the
respective cryptocurrency.
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 Suche Autoren in
BASE:
Eska, Fabian
;
Shi, Yanghua
;
Theissen, Erik
;
Uhrig-Homburg, Marliese
Google Scholar:
Eska, Fabian
;
Shi, Yanghua
;
Theissen, Erik
;
Uhrig-Homburg, Marliese
ORCID:
Eska, Fabian ; Shi, Yanghua  ORCID: 0000-0002-4921-9332 ; Theissen, Erik ORCID: 0000-0003-4460-8168 ; Uhrig-Homburg, Marliese
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