Читать книгу DeFi and the Future of Finance - Campbell R. Harvey - Страница 12

1 1. Alan White, “David Graeber's Debt: The First 5000 Years,” Credit Slips: A Discussion on Credit, Finance, and Bankruptcy, June 18, 2020, https://www.creditslips.org/creditslips/2020/06/david-graebers-debt-the-first-5000-years.html.

2 2. Ibid. See also Euromoney. 2001. “Forex Goes into Future Shock.” (October), https://faculty.fuqua.duke.edu/~charvey/Media/2001/EuromoneyOct01.pdf.

3 3. PayPal, founded as Confinity in 1998, did not begin offering a payments function until it merged with X.com in 2000.

4 4. Other examples include Cash App, Braintree, Venmo, and Robinhood.

5 5. C. R. Harvey, “The History of Digital Money,” 2020, https://faculty.fuqua.duke.edu/~charvey/Teaching/697_2020/Public_Presentations_697/History_of_Digital_Money_2020_697.pdf.

6 6. Satoshi Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System,” 2008, https://bitcoin.org/bitcoin.pdf.

7 7. Stuart Haber and W. Scott Stornetta, “How to Time-Stamp a Digital Document,” Journal of Cryptology, 3, no. 2 (1991), https://dl.acm.org/doi/10.1007/BF00196791.

8 8. Adam Back, “Hashcash – A Denial of Service Counter-Measure,” August 1, 2002, http://www.hashcash.org/papers/hashcash.pdf.

9 9. Paul Jones and Lorenzo Giorgianni, “Market Outlook: Macro Perspective,” Jameson Lopp, n.d., https://www.lopp.net/pdf/BVI-Macro-Outlook.pdf.

10 10. C. Erb and C. R. Harvey, “The Golden Dilemma,” Financial Analysts Journal, 69, no. 4 (2013): 10–42, shows that gold is an unreliable inflation hedge over short- and medium-term horizons.

11 11. Similar to gold, Bitcoin is likely too volatile to be a reliable inflation hedge over short horizons. While theoretically decoupled from any country's money supply or economy, in the brief history of Bitcoin we have not experienced any inflation surge. Therefore, there is no empirical evidence of its efficacy.