Bitcoin is digital energy. This is part metaphor, part description. It is part explanation, part prophecy. It is part engineering, part finance. The digital energy that is Bitcoin is not mechanical, chemical, or electrical. It is the same “stuff” that saves you time when you draw on a store...

The sharp correction in cryptocurrency markets in May (and June) 2022, especially the dramatic price collapse of ‘stablecoin’ terraUSD (or UST) and its sister token Luna, was covered extensively by the press. We looked at 4,400 reader comments that were posted in response to news and opinion...

For seven cryptocurrencies—Bitcoin (BTC), Ether (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE)—we compute the efficient set of portfolios for daily returns for the period January 2020 to September 2022. The paper reports the “background” statistics,...

Innovations must be worked into the existing order and then find their place in that order. Rejection, like a transplanted organ, is always possible. Or a long period where it is ‘touch and go’. There are at least four ways to represent the existing order in financial economics: (1)...