论文标题
基本比特币经济学：从生产和交易需求到价值
Elementary Bitcoin economics: from production and transaction demand to values
论文作者
论文摘要
在本文中，我们对比特币经济学进行了基础分析，该分析结合了消费者的交易需求和矿工的供应。我们认为，减少的区块奖励将对比特币的汇率（价格）没有重大影响，因此网络将过渡到一个政权，在该制度中，交易费用将在矿工的收入中发挥更大的作用。我们考虑了一个简单的模型，消费者需要比特币进行交易，而不是为了ho积比特币，我们分析了市场平衡，在这种市场平衡中，需求与矿工提供的载岩相匹配。我们的主要结论是，比特币的汇率不能从市场均衡中确定，因此我们的论点支持以下假设：比特币价格没有经济基本面，并且根据目前对ho积和投机的需求而自由波动。我们指出的是，增加的费用承担了比特币被其主要竞争对手以太坊胜过的风险，并且减少了对矿工的收入贬低比特币作为商店价值（ho积需求）的媒介的看法，这将影响其汇率。
In this paper we give an elementary analysis of economics of Bitcoin that combines the transaction demand by the consumers and the supply of hashrate by miners. We argue that the decreasing block reward will have no significant effect on the exchange rate (price) of Bitcoin and thus the network will be transitioning to a regime where transaction fees will play a bigger part of miners' revenue. We consider a simple model where consumers demand bitcoins for transactions, but not for hoarding bitcoins, and we analyze market equilibrium where the demand is matched with the hashrate supplied by miners. Our main conclusion is that the exchange rate of Bitcoin cannot be determined from the market equilibrium and so our arguments support the hypothesis that Bitcoin price has no economic fundamentals and is free to fluctuate according to the present demand for hoarding and speculation. We point out that increasing fees bear the risk of Bitcoin being outcompeted by its main rival Ethereum, and that decreasing revenues to miners depreciate the perception of Bitcoin as a medium for store value (hoarding demand) which will have effect its exchange rate.
