Search results for "cryptocurrency"
showing 10 items of 43 documents
Bitcoin e cyber self-laundering: lo sguardo sospettoso della Cassazione sull'impiego di criptovaluta
2023
In Judgment n. 27023 of 2022, the italian Supreme Court recognized the confgurability of the crime of self-money laundering in the conduct of a person who uses the proceeds of crimes committed by him to purchase bitcoin, not directly, but through the intermediation of cryptocurrency exchange companies. The Author takes the pronouncement as a starting point to probe the extent to which the culture of suspicion, with which the anti-money laundering legislation is imbued, and the stigmatization of cryptocurrency have influenced the Supreme Court's guidance, in which there emerges a strong temptation to establish a kind of automatism between the input of illicit proceeds into the bitcoin system…
Next-Day Bitcoin Price Forecast
2019
This study analyzes forecasts of Bitcoin price using the autoregressive integrated moving average (ARIMA) and neural network autoregression (NNAR) models. Employing the static forecast approach, we forecast next-day Bitcoin price both with and without re-estimation of the forecast model for each step. For cross-validation of forecast results, we consider two different training and test samples. In the first training-sample, NNAR performs better than ARIMA, while ARIMA outperforms NNAR in the second training-sample. Additionally, ARIMA with model re-estimation at each step outperforms NNAR in the two test-sample forecast periods. The Diebold Mariano test confirms the superiority of forecast …
Virtual Currency: New Step in Monetary Development
2016
Abstract Money is perhaps the best recognized and at the same time less understood figure of economy. During the evolution of a monetary science starting from the eighteenth century and fundamental works on such questions as true nature and main functions of money, the approach and theories about monetary science have changed significantly up to date not reaching the final state. The twenty-first century can be characterized with a vast development of technologies and the increase use of the internet which significantly succeeded the development of monetary system introducing a new phenomenon - virtual currencies. While remaining rather illusive, virtual currencies have been broadly noted b…
Insufficiencies in European Union law and member state national law regarding cryptocurrency regulations and its illicit use
2022
Cryptocurrency market transactions and provided opportunities for individuals have highly increased the use of this new paradigm for pursuing illicit activities. The European Union has reacted to this situation and have started to imply certain regulations to restrict criminal activities such as tax evasion, money laundering, terrorist financing and others. The aim of this research is to recognize possible insufficiencies in directives, normative acts and proposals provided by the EU. Understanding the problems within these regulations will help in the constant development and creation of a unified legislation for cryptocurrency users within the EU, and possibly indicate a roadmap for other…
Predicting Cryptocurrency Defaults
2019
We examine all available 146 Proof-of-Work based cryptocurrencies that started trading prior to the end of 2014 and track their performance until December 2018. We find that about 60% of those cryptocurrencies were eventually in default. The substantial sums of money involved mean those bankruptcies will have an enormous societal impact. Employing cryptocurrency-specific data, we estimate a model based on linear discriminant analysis to predict such defaults. Our model is capable of explaining 87% of cryptocurrency bankruptcies after only one month of trading and could serve as a screening tool for investors keen to boost overall portfolio performance and avoid investing in unreliable crypt…
Analysis of the evolution of the EU regulatory approach on virtual assets
2022
The technological advancements of virtual assets are growing exponentially in numbers now providing better security and enhanced privacy for its users. Furthermore, users may scramble and tumble virtual assets disguising their records of transactions. Innovations such as these although allow users to enjoy enhanced privacy in a world of constant supervision and “liberalization” of currency from the state, has however also opened a milieu for criminals to operate in, allowing money laundering, terrorism financing, tax and sanctions evasion, and other financial crimes to go unnoticed. In that regard, this thesis focuses on how the European Union has managed to catch up with the continuous inn…
A bibliometric review of cryptocurrencies as a financial asset
2021
Within a decade, cryptocurrencies have captured significant attention. After Bitcoin's emergence in 2008, new cryptocurrencies started to enter the financial market. We use bibliometric analysis to...
Industry Emergence between Technology and Zeitgeist
2021
Abstract This chapter examines the dynamics of industry emergence using the case of the blockchain and crypto (BC) industry. The BC industry is a rapidly developing field that has—in less than a decade—transformed from initially being a volunteer project of a small group of cypherpunks to a global industry with a plethora of actors involving vivid entrepreneurial and corporate activity. Importantly, the review of the extant literature and evidence reveals that ideological driving forces, which have been neglected in prior industry emergence research, constitute a major catalyst of this rapid industry development. In this vein, the chapter shows that the ideological notion of ‘decentralizati…
Blockchain for power systems:Current trends and future applications
2020
Abstract Today, the blockchain is synonymous of technological innovation, being recognized among the 10 top strategy technologies in 2018 by the consulting company Gartner, it is more and more adopted in different sectors. However, the initial enthusiasm around this technology is going beyond the peak of inflated expectations, towards more stable applications in money transactions, cryptocurrencies and Digital Commodity Exchanges. Essentially, misguided efforts, the overuse of blockchain, and the Bitcoin's price drop have been the main reasons for this decay in expectations. Nevertheless, the exploitation of the blockchain technology in the power systems area appears largely underexplored, …
Herding in the cryptocurrency market: CSSD and CSAD approaches
2018
Abstract We analyse the existence of herding in the cryptocurrency market through the cross-sectional standard (absolute) deviation of returns. Our results show that extreme dispersion of returns is explained by rational asset pricing models although it is possible to observe herding during down markets, which highlights the inefficiency and risk of cryptocurrencies. We also observe that the smallest digital currencies are herding with the largest ones, thus traders base their decisions on the performance of the main cryptocurrencies. However, the herding phenomenon cannot be solely attributed to Bitcoin, since the rest of the market is not herding with the main cryptocurrency.