Global financial markets are in the midst of a transformative movement. The creation Bitcoin and Facebook’s proposed distribution Diem mark watershed moment evolution ecosystem. Purportedly, peer-to-peer distributed digital ledger technology eliminates legacy market intermediaries such as investment banks, depository exchanges, clearinghouses, broker-dealers. Yet careful examination reveals ...

Abstract In recent years, the tendency of number financial institutions to include cryptocurrencies in their portfolios has accelerated. Cryptocurrencies are first pure digital assets be included by asset managers. Although they have some commonalities with more traditional assets, own separate nature and behaviour as an is still process being understood. It therefore important summarise existi...

Cryptocurrency blockchains like Bitcoin and Namecoin and their respective P2P networks have seen significant adoption in the past few years, and show promise as naming systems with no trusted parties. Users can register human-readable names and securely associate data with them; only the owner of a particular private-key can write or update the name/value pair. In theory, many decentralized sys...

• We examine the impact of uncertainties on dynamics cryptocurrency returns and volatilities. Apart from traditional uncertainty measures, we also considered UCRY_Price UCRY_Policy. Results indicate that policy is main transmitter return spillovers. Gold a net receiver both volatility These results are valid under bearish, bullish, normal market conditions. This paper examines dynamic connected...

Financial portfolio management is the process of constant redistribution of a fund into different financial products. This paper presents a financial-model-free Reinforcement Learning framework to provide a deep machine learning solution to the portfolio management problem. The framework consists of the Ensemble of Identical Independent Evaluators (EIIE) topology, a Portfolio-Vector Memory (PVM...

Bitcoin is the first and most popular decentralized cryptocurrency to date. In this work, we extract and analyze the core of the Bitcoin protocol, which we term the Bitcoin backbone, and prove two of its fundamental properties which we call common prefix and chain quality. Our proofs hinge on appropriate and novel assumptions on the “hashing power” of the adversary relative to network synchroni...

NeuCoin is a decentralized peer-to-peer cryptocurrency derived from Sunny King’s Peercoin, which itself was derived from Satoshi Nakamoto’s Bitcoin. As with Peercoin, proof-of-stake replaces proof-of-work as NeuCoin’s security model, effectively replacing the operating costs of Bitcoin miners (electricity, computers) with the capital costs of holding the currency. Proof-of-stake also avoids pro...