BEGIN:VCALENDAR VERSION:2.0 PRODID:-//jEvents 2.0 for Joomla//EN CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VEVENT UID:9583ef7519b4e1e62fa4e7ebecd7eb2c CATEGORIES:Seminars CREATED:20190115T095902 SUMMARY:Lunch Seminar: Sergei Kovbasyuk - EIEF DESCRIPTION;ENCODING=QUOTED-PRINTABLE:
Initial Coin Offerings and Seigniorage
Abstract:
Entrepreneurs start a finitely-lived trading platform, which can operate in fiat currency and get financed with debt or equity. Alternative ly, entrepreneurs can issue platform native tokens (cryptocurrency) and req uire their usage on the platform as a means of payment. I characterize prop erties of optimal tokens: transaction fees (subsidies) and dividends, that maximize the net present value of the platform’s cash flows. I show that op timal tokens improve the platform’s borrowing capacity relative to a platfo rm operating in fiat currency.
DTSTAMP:20240328T093526Z DTSTART:20190117T130000Z DTEND:20190117T140000Z SEQUENCE:0 TRANSP:OPAQUE END:VEVENT END:VCALENDAR