The marginal cost of mining, Metcalfe's law and cryptocurrency value formation: causal inferences from the instrumental variable approach. [Working paper]
(2019)
Preprint / Working Paper
SHANAEV, S., SHARMA, S., SHURAEVA, A. and GHIMIRE, B. 2019. The marginal cost of mining, Metcalfe's law and cryptocurrency value formation: causal inferences from the instrumental variable approach. [Working paper]. SSRN [online]. Available from: https://doi.org/10.2139/ssrn.3432431
This paper is the first to rigorously test commonly cited simplistic theories of cryptocurrency pricing, namely, cost-based model and Metcalfe's law, using causal inferences from the instrumental variables approach on block-level data for six proof-o... Read More about The marginal cost of mining, Metcalfe's law and cryptocurrency value formation: causal inferences from the instrumental variable approach. [Working paper].