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UID:5f5f459bf55b0eb6a168dbeca4a41cc8
CATEGORIES:Seminars
CREATED:20170426T185740
SUMMARY:Lunch Seminar: Gur Huberman - Columbia University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE: Monopoly without a Monopolist: An Economic Analysis of the Bitcoin Payment
  System (with Jacob D. Leshno and Ciamac Moallemi)\nAbstract:\n Bitcoin has
  emerged as the most prominent cryptocurrency. The underlying Blockchain te
 chnology enables a fully decentralized payment system, where the system’s i
 nfrastructure is provided by Miners. In the long term, Miners will be compe
 nsated by collecting transaction fees from users. The fees emerge only if t
 he system is congested. We set up a simplified model that shows how fees ar
 e determined by the equilibrium of a queueing game played by users. It high
 lights the tension between the need to finance the system’s infrastructure 
 and to minimize congestion costs and offers design modifications. Remarkabl
 y, the unregulated system offers a monopoly service through providers (the 
 miners) who act competitively. Nonetheless, the competitive supply of minin
 g need not be at the socially optimal level.\n
DTSTAMP:20260422T070513Z
DTSTART:20170329T130000Z
DTEND:20170329T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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