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Investigating the Failed Stellar Inflation Experiment

By |2023-03-24T10:57:18-04:00January 7, 2020|Antoine Le Calvez, State of the Network|

Each blockchain has a unique process for issuing new supply. For some, like Bitcoin, the full issuance schedule and final supply are encoded into the protocol (and is unlikely to change, due to social consensus).  Bitcoin issues new supply through [...]

Analyzing the Supply Distributions of Projects with On-Chain Governance

By |2023-03-24T10:56:37-04:00December 10, 2019|Nate Maddrey, State of the Network|

It takes a whole network of people to make a public blockchain work. You need miners to validate and secure the ledger. You need developers to maintain and update the protocol’s code. And you need users and investors who use [...]

The Psychology of Bitcoin Bubbles as Measured by Investor Cost Basis

By |2023-03-24T10:56:09-04:00December 3, 2019|Kevin Lu, State of the Network|

Bubbles and subsequent crashes in financial assets occur with regular frequency in economic history, largely due to deeply-rooted cognitive biases in human psychology. In Bitcoin’s ten year history, at least three complete bubble-and-crash cycles have been observed.  We examine the [...]

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