Bitcoin is gaining increasing popularity nowadays, even though the crypto-currencies field has plenty of digital currencies that have emerged before the adoption of Bitcoin idea. Bitcoin is a decentralized digital currency which relies on set of miners to maintain a distributed public ledger and peer-to-peer network to broadcast transactions. In this paper, we analyse how transaction validation...

Michael J. Naylor, Lawrence C. Rose, and Brendan J. Moyle (1) Corresponding Author, Dept of Finance, Banking and Property, Massey University, Palmerston North, New Zealand, [email protected] Department of Commerce, Massey University Abstract This paper uses two hierarchical techniques, a minimal spanning tree and an ultrametric hierarchical tree, to extract a topological influence map for...

Digital currencies have flourished in recent years, buoyed by the tremendous success of Bitcoin. These blockchain-based currencies, called altcoins, are associated with a few thousand to millions of dollars of market capitalization. Altcoins have attracted enthusiasts who enter the market by mining or buying them, but the risks and rewards could potentially be significant, especially when the m...

There is intense interest in understanding the stochastic and dynamical properties of the global Foreign Exchange (FX) market, whose daily transactions exceed 10 US dollars. This is a formidable task since the FX market is characterized by a web of fluctuating exchange rates, with subtle inter-dependencies which may change in time. In practice, traders talk of particular currencies being ‘in pl...

This paper examines price discovery for four Australian stocks cross-listed in New Zealand and five New Zealand stocks cross-listed in Australia for the period January 2002 to December 2005. Estimating Hasbrouck (1995) information shares over time reveals that the importance of the Australian market is growing. However, when incorporating the AUD/NZD cross-rate into the model, we find that this...

Decentralized ledger-based currencies such as Bitcoin provide a means to construct payment systems without requiring a trusted bank. Removing this trust assumption comes at the significant cost of transaction privacy. A number of academic works have sought to improve the privacy offered by ledger-based currencies using anonymous electronic cash (e-cash) techniques. Unfortunately, this strong de...

Money is an information system to value, record, and track economic transactions. It is an information system with minimal semantics and centralized control. Consequently, the monetary system fails to support many transactions directly, but requires intermediaries such as banks, brokers, insurance companies, credit card companies, and investment firms, increasing transaction costs greatly. Sema...