2014/03/24 by Stefan Bornholdt, Bornholdt, Stefan, Kim Sneppen +1
Computer Science · Economics, Econometrics and Finance · #Blockchain Technology Applications and Security #Complex Systems and Time Series Analysis #Computers and Society (cs.CY) #Economic theories and models #FOS: Computer and information sciences #FOS: Economics and business #FOS: Physical sciences #General Finance (q-fin.GN) #Monetary Policy and Economic Impact #Physics and Society (physics.soc-ph)
paper · pdf · doi:10.48550/arxiv.1403.6378
openalex publication_date 2014/03/24 · openalex created_date 2021/02/01 · openalex updated_date 2026/07/28
Bitcoins have emerged as a possible competitor to usual currencies, but other\ncrypto-currencies have likewise appeared as competitors to the Bitcoin\ncurrency. The expanding market of crypto-currencies now involves capital\nequivalent to 1010 US Dollars, providing academia with an unusual\nopportunity to study the emergence of value. Here we show that the Bitcoin\ncurrency in itself is not special, but may rather be understood as the\ncontemporary dominating crypto-currency that may well be replaced by other\ncurrencies. We suggest that perception of value in a social system is generated\nby a voter-like dynamics, where fashions form and disperse even in the case\nwhere information is only exchanged on a pairwise basis between agents.\n