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1、GurHuberman–JacobD.Leshno–CiamacMoallemiMonopolywithoutamonopolist:AneconomicanalysisofthebitcoinpaymentsystemMonopolywithoutaMonopolist:AnEconomicAnalysisoftheBitcoinPaymentSystemGurHubermanJacobD.LeshnoCiamacMoallemiColumbiaBusinessSchoolAugust30,2017AbstractOwnedbynobodyandcontroll
2、edbyanalmostimmutableprotocoltheBitcoinpaymentsystemisaplatformwithtwomainconstituencies:usersandpro tseekingminerswhomaintainthesystem'sinfrastructure.Thepaperseekstounderstandtheeconomicsofthesystem:Howdoesthesystemraiserevenuetopayforitsinfras-tructure?Howareusagefeesdetermined?Howm
3、uchinfrastructureisdeployed?Whataretheimplicationsofchangingparametersintheprotocol?Asimpli edeconomicmodelthatcapturesthesystem'spropertiesanswersthesequestions.Transactionfeesandinfrastructurelevelaredeterminedinanequilib-riumofacongestionqueueinggamederivedfromthesystem'slimitedthro
4、ughput.Thesystemeliminatesdead-weightlossfrommonopoly,butintroducesotherin-ecienciesandrequirescongestiontoraiserevenueandfundinfrastructure.Weexplorethefuturepotentialofsuchsystemsandprovidedesignsuggestions.Keywords:Bitcoin,blockchain,queueing,two-sidedmarkets,marketdesign,cryptocur
5、rencyJELClassification:D40,D20,L10,L50_____________________________________________________________________WearegratefultoCampbellHarvey,RefaelHassin,SethStephens-DavidowitzandAvivZoharforhelpfulconversationsandtoseminarparticipantsattheCentralBankofFinland,Columbia,EIEF,MSR-NYC,NYCEa
6、ndStanfordforhelpfulcomments.11IntroductionAcrypto-currencyisadigitalcurrencystoredonanopenanddecentralizedelectronicpaymentsystem.FollowingNakamoto(2008),crypto-currencieshavecaughttheatten-tionofindustry,academiaandthepublicatlarge,withBitcoinbeingthemostprominent.Therearehundredsofs
7、uchcrypto-currencies,manyrunningonlargeandreliabledecen-tralizednetworksofanonymouscomputers.Thiswavehasbeenenabledbyaninnovativecomputersciencedesignnamedblockchain".Theblockchainsupportsthecreationofadecentralizedelectronicpaymentsystemthatcanbetrusted,althoughnoneofthesys-tem'sse
