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Day Market Night Market t t+1 n=0 n=1 n=2 ... ... ... ... n=N ̄ Figure 4.1: Time line relevant in practice. In each period, first a day market opens. This is a centralized competitive market for agents to trade a general good h which all agents can produce and consume. Then a night market opens. As shown in Figure 4.1, the night market is further divided into N ̄ + 1 consecutive subperiods with N ̄ ≥ 1. In the first subperiod, buyers and sellers are matched with the probability of a buyer being matched to a seller being σ to engage in a bilateral trade. Sellers can produce a good x for buyers at unit cost. To introduce heterogeneity of transactions, buyers’ preferences are now given by δN εu(x) (22) where ε ≤ ε ≤ ε ̄ is a preference parameter drawn from a distribution F (ε) at the beginning of each period and where N is the subperiod in which the good is delivered by the seller. We assume that ε is known to the buyer and seller in a match and that the seller can commit to deliver the good in subperiod N. Finally, buyers discount payoffs across subperiods according to δ ∈ (0,1) and all agents discount payoffs across periods with β = δN ̄+1. 4.2 Cryptocurrency A cryptocurrency is a digital record of ownership of nominal balances m that can be used to pay for transactions. For any transaction, the buyer gives instructions to transfer ownership of a certain amount of his balances to the seller. In the Appendix, we formalize the notion of a blockchain as a transaction-based ledger that records these transfers of cryptocurrency balances throughout time. In the day market, we assume that there is perfect monitoring in the sense that a person that transfers balances is liable for their authenticity. More precisely, if the balances get lost for the payee, the payer needs to reimburse the payee for the loss. This assumption rules out double spending in the day market.23 Due to the anonymity in the night market, the exchange of goods 23This reflects the basic premise that certain parties such as merchants accepting a cryptocurrency and using it could be held legally liable for the losses sustained by other parties. In general, payers in many settings are not fully 21PDF Image | The Economics of Cryptocurrencies Bitcoin and Beyond
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