162
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Cryptocurrency: Still a Cause for Concern

Received 20 Dec 2023, Accepted 14 May 2024, Published online: 24 May 2024

References

  • Adkins, L. (2018). The time of money. Stanford University Press.
  • Arrow, K. J. (1994). Methodological individualism and social knowledge. The American Economic Review, 84(2), 1–9.
  • Baldwin, J. (2018). In digital we trust: Bitcoin discourse, digital currencies, and decentralized network fetishism. Palgrave Communications, 4(1), 1–10. https://doi.org/10.1057/s41599-018-0065-0
  • Basu, D., & Gabbay, M. (2021). Karl Marx and the blockchain. In A. Grech (Ed.), Media, technology and education in a post-truth society (Digital activism and society: Politics, economy and culture in network communication) (pp. 225–241). Emerald Publishing Limited.
  • Baur, D. G., Hong, K., & Lee, A. D. (2018). Bitcoin: Medium of exchange or speculative assets? Journal of International Financial Markets, Institutions and Money, 54, 177–189. https://doi.org/10.1016/j.intfin.2017.12.004
  • Bellofiore, R. (2005). The monetary aspects of the capitalist process in the Marxian system: An investigation from the point of view of the theory of the monetary circuit. In F. Moseley (Ed.), Marx’s theory of money (pp. 124–139). Palgrave Macmillan UK.
  • Berg, A., Markey-Towler, B., & Novak, M. (2020). Blockchains: Less government, more market. The Journal of Private Enterprise, 35(2), 1–21.
  • Bitros, G. C. (2021). From the Athenian silver to the bitcoin standard: Private Money in a state-enforced free banking model. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3836037
  • Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213–238. https://doi.org/10.1257/jep.29.2.213
  • Cahill, D. (2014). The end of Laissez-Faire?: On the durability of embedded neoliberalism. Edward Elgar Publishing.
  • Caliskan, K. (2020). Data money: The socio-technical infrastructure of cryptocurrency blockchains. Economy and Society, 49(4), 540–561. https://doi.org/10.1080/03085147.2020.1774258
  • Caliskan, K. (2022). The rise and fall of Electra: Emergence and transformation of a global cryptocurrency community. Review of Social Economy, 1–25. https://doi.org/10.1080/00346764.2022.203940
  • Catalini, C., & Gans, J. S. (2016). Some simple economics of the blockchain. (No. w22952). National Bureau of Economic Research.
  • Chohan, U. W. (2022). Cryptocurrencies: A brief thematic review. https://papers.ssrn.com/SOL3/PAPERS.CFM?ABSTRACT_ID=3024330
  • Chohan, U. W. (2017). A history of bitcoin. University of New South Wales, Discussion Paper.
  • Claeys, G., Demertzis, M., & Efstathiou, K. (2018). Cryptocurrencies and monetary policy. (No. 2018/10). Bruegel Policy Contribution.
  • Cohen, B. J. (1998). The geography of money. Cornell University Press.
  • Coinmarketcap. (2019/2021). Data available at https://coinmarketcap.com/currencies/bitcoin/.
  • Coinmarketcap. (2024). Data available at https://coinmarketcap.com/currencies/electra-protocol/.
  • Corbet, S., Meegan, A., Larkin, C., Lucey, B., & Yarovaya, L. (2018). Exploring the dynamic relationships between cryptocurrencies and other financial assets. Economics Letters, 165, 28–34. https://doi.org/10.1016/j.econlet.2018.01.004
  • Costantini, O. (2019). Cryptocurrencies: Will machines replace your banker? International Journal of Political Economy, 48(2), 101–104. https://doi.org/10.1080/08911916.2019.1624316
  • Davidson, S., De Filippi, P., & Potts, J. (2018). Blockchains and the economic institutions of capitalism. Journal of Institutional Economics, 14(4), 639–658. https://doi.org/10.1017/S1744137417000200
  • Davies, G. (1996). A history of money: From ancient times to the present day. University of Wales Press.
  • Dodd, N. (2018). The social life of Bitcoin. Theory, Culture & Society, 35(3), 35–56. https://doi.org/10.1177/0263276417746464
  • Dow, S. (2019). Monetary reform, central banks, and digital currencies. International Journal of Political Economy, 48(2), 153–173. https://doi.org/10.1080/08911916.2019.1624317
  • Duque, J. J. (2020). State involvement in cryptocurrencies. A potential world money? The Japanese Political Economy, 46(1), 65–82. https://doi.org/10.1080/2329194X.2020.1763185
  • Dwyer, G. P. (2015). The economics of Bitcoin and similar digital currencies. Journal of Financial Stability, 17, 81–91. https://doi.org/10.1016/j.jfs.2014.11.006
  • Economist (2018, 1 September). Riding the rollercoaster; Bitcoin. Economist.
  • Eyal, I. (2017). Blockchain technology: Transforming libertarian cryptocurrency dreams to finance and banking realities. Computer Magazine, 50(9), 38–49. https://doi.org/10.1109/MC.2017.3571042
  • Fama, M., Fumagalli, A., & Lucarelli, S. (2019). Cryptocurrencies, monetary policy, and new forms of monetary sovereignty. International Journal of Political Economy, 48(2), 174–194. https://doi.org/10.1080/08911916.2019.1624318
  • Fantacci, L. (2019). Cryptocurrencies and the denationalization of money. International Journal of Political Economy, 48(2), 105–126. https://doi.org/10.1080/08911916.2019.1624319
  • Fantacci, L., & Gobbi, L. (2021). Stablecoins, central bank digital currencies and US Dollar Hegemony: The geopolitical stake of innovations in money and payments. Accounting, Economics, and Law: A Convivium, 14(2), 173–200. https://doi.org/10.1515/ael-2020-0053
  • Farell, R. (2015). An analysis of the cryptocurrency industry. Wharton Research Scholars, 130, 1–23. https://repository.upenn.edu/wharton_research_scholars/130
  • Fligstein, N. (1996). Markets as politics: A political-cultural approach to market institutions. American Sociological Review, 61(4), 656–673. https://doi.org/10.2307/2096398
  • Fred. (2022). Data available from https://fred.stlouisfed.org/series/M1SL
  • Galbraith, J. K. (1995). Money: Whence it came, where it went. Penguin.
  • Ganssmann, H. (2012). Doing money: Elementary monetary theory from a sociological standpoint. Routledge.
  • Garrod, J. Z. (2019). On the property of blockchains: Comments on an emerging literature. Economy and Society, 48(4), 602–623. https://doi.org/10.1080/03085147.2019.1678316
  • Germer, C. (2005). The commodity nature of money. In F. Moseley (Ed.), Marx’s theory of money: Modern appraisals. Palgrave Macmillan.
  • Graziani, A. (1989). The theory of the monetary circuit. Thames papers in Political Economy
  • Halaburda, H. (2016). Digital currencies: Beyond Bitcoin. available at SSRN 2865004.
  • Harvey, D. (2003). A brief history of neoliberalism. Oxford University Press.
  • Hayek, F. A. (1976). Choice in currency: A way to stop inflation. Institute of Economic Affairs.
  • Herian, R. (2018). Taking blockchain seriously. Law and Critique, 29(2), 163–171. https://doi.org/10.1007/s10978-018-9226-y
  • Hoover, K. D. (2012). Applied intermediate marcoeconomics. CUP.
  • Howson, P., & de Vries, A. (2022). Preying on the poor? Opportunities and challenges for tackling the social and environmental threats of cryptocurrencies for vulnerable and low-income communities. Energy Research & Social Science, 84, 102394. https://doi.org/10.1016/j.erss.2021.102394
  • Hwang, I. (2018, August 4). Banking and finance news: NYSE owner putting muscle behind bitcoin. Wall Street Journal.
  • IMF. (2021). Global financial stability report, Oct 2021.
  • Ingham, G. (2004). The nature of money. John Wiley & Sons.
  • Ishmaev, G. (2017). Blockchain technology as an institution of property. Metaphilosophy, 48(5), 666–686. https://doi.org/10.1111/meta.12277
  • Joo, M. H., Nishikawa, Y., & Dandapani, K. (2019). Cryptocurrency, a successful application of blockchain technology. Managerial Finance, 46(6), 715–733. https://doi.org/10.1108/MF-09-2018-0451
  • Jun, M. (2018). Blockchain government-a next form of infrastructure for the twenty-first century. Journal of Open Innovation: Technology, Market, and Complexity, 4(1)p, 1–12. https://doi.org/10.1186/s40852-018-0086-3
  • Karlstrøm, H. (2014). Do libertarians dream of electric coins? The material embeddedness of Bitcoin. Distinktion: Scandinavian Journal of Social Theory, 15(1), 23–36.
  • Keynes, J. M. (1973). The general theory of employment, interest and money. MacMillan.
  • Keynes, J. M. (2011 [1930]). A treatise on money. Martino.
  • Lapavitsas, C. (2005). The universal equivalent as monopolist of the ability to buy. In F. Moseley (Ed.), Marx’s theory of money: Modern appraisals (pp. 95–110). Springer. (ebook)
  • Lapavitsas, C. (2013). Profiting without producing: How finance exploits us all. Verso.
  • Lawrence, C. J., & Mudge, S. L. (2019). Movement to market, currency to property: The rise and fall of Bitcoin as an anti-state movement, 2009–2014. Socio-Economic Review, 17(1), 109–134. https://doi.org/10.1093/ser/mwz023
  • Lee, J. Y. (2019). A decentralized token economy: How blockchain and cryptocurrency can revolutionize business. Business Horizons, 62(6), 773–784. https://doi.org/10.1016/j.bushor.2019.08.003
  • Lerner, A. P. (1947). Money as a creature of the state. The American Economic Review, 37(2), 312–317.
  • Lipietz, A. (1985). The enchanted world. Verso.
  • Malherbe, L., Montalban, M., Bédu, N., & Granier, C. (2019). Cryptocurrencies and blockchain: Opportunities and limits of a new monetary regime. International Journal of Political Economy, 48(2), 127–152. https://doi.org/10.1080/08911916.2019.1624320
  • Marx, K. (1976 [1867]). Capital: A critique of political economy (Vol. I). Penguin.
  • Marx, K. (2010). Marx and Engels collected works (Vol. 6). Lawrence & Wishart, Electronic Book.
  • Mehrling, P. (2012). The inherent hierarchy of money. In L. Taylor, A. Rezai, & T. Michl (Eds.), Social fairness and economics social fairness and Economics: economic essays in the spirit of Duncan Foley (pp.409–419). Routledge.
  • Mehrling, P. (2016). Beyond Bancor. Challenge, 59(1), 22–34.
  • Miraz, M. H., & Ali, M. (2018). Applications of blockchain technology beyond cryptocurrency. arXiv preprint arXiv:1801.03528.
  • Miyamura, S. (2000). Are we all rational, optimising agents. In K. Dean & E.V. Waeyenberge (Eds.), Recharting the history of economic thought (pp. 13–29). Macmillan.
  • Monrat, A. A., Schelen, O., & Andersson, K. (2019). A survey of blockchain from the perspectives of applications, challenges, and opportunities. IEEE Access, 7, 117134–117151. https://doi.org/10.1109/ACCESS.2019.2936094
  • Moore, B. J. (1988). The endogenous money supply. Journal of Post Keynesian Economics, 10(3), 372–385. https://doi.org/10.1080/01603477.1988.11489687
  • Nair, M., & Sutter, D. (2018). The blockchain and increasing cooperative efficacy. The Independent Review, 22(4), 529–550.
  • Nakamoto, S. (2008). A peer-to-peer electronic cash system. Bitcoin, https://bitcoin. org/bitcoin.pdf.
  • Parkin, J. (2019). The senatorial governance of Bitcoin: Making (de) centralized money. Economy and Society, 48(4), 463–487. https://doi.org/10.1080/03085147.2019.1678262
  • Patinkin, D. (1987). John Maynard Keynes. In J. Eatwell, M. Milgate, & P. Newman (Eds.), The New Palgrave dictionary of economics (Vol. 3, pp19–41). Macmillan.
  • Raskin, M. (2018, March 30). What the fed could learn from bitcoin. Wall Street Journal.
  • Rejeb, A., Rejeb, K., & Keogh, J. G. (2021). Cryptocurrencies in modern finance: A literature review. ETIKONOMI, 20(1), 93–118. https://doi.org/10.15408/etk.v20i1.16911
  • Rella, L. (2020). Steps towards an ecology of money infrastructures: Materiality and cultures of ripple. Journal of Cultural Economy, 13(2), 236–249. https://doi.org/10.1080/17530350.2020.1711532
  • Reuters. (2021, November 05). New York Mayor-elect Adams says he will take his first three paychecks in bitcoin. Reuters.
  • Rotta, T. N., & Paraná, E. (2022). Bitcoin as a digital commodity. New Political Economy, 27(6), 1046–1061. https://doi.org/10.1080/13563467.2022.2054966
  • Sanz-Bas, D. (2020). Hayek and the cryptocurrency revolution. Iberian Journal of the History of Economic Thought, 7(1), 15–28.
  • Scott, B. (2016). How can cryptocurrency and blockchain technology play a role in building social and solidarity finance? (No. 2016-1). UNRISD Working Paper.
  • Simmel, G. (1978 [1900]). The philosophy of money. Routledge.
  • Smithin, T. (2016). Endogenous money, fiscal policy, interest rates and the exchange rate regime: A comment on Pally, Tymoigne and Wray. Review of Political Economy, 28(1), 64–78. https://doi.org/10.1080/09538259.2015.1092780
  • Stinchcombe, K. (2018). Blockchain is not only crappy technology but a bad vision of the future. https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec.
  • Swartz, L. (2017). Blockchain dreams: Imagining techno-economic alternatives after Bitcoin. In M. Castells (Ed.), Another economy is possible: Culture and economy in a time of crisis. Polity ebook.
  • Thiemann, A. (2021). Cryptocurrencies: An empirical view from a tax perspective. (No. 12/2021). JRC Working Papers on Taxation and Structural Reforms.
  • Ur Rehman, M. H., Salah, K., Damiani, E., & Svetinovic, D. (2020). Trust in blockchain cryptocurrency ecosystem. IEEE Transactions on Engineering Management, 67(4), 1196–1212. https://doi.org/10.1109/TEM.2019.2948861
  • Urbina, D. A., & Ruiz-Villaverde, A. (2019). A critical review of homo economicus from five approaches. American Journal of Economics and Sociology, 78(1), 63–93.
  • Vigna, P. (2018, November 1). Bitcoin turns 10 and still isn’t all grown up. Wall Street Journal.
  • Wray, L. R. (2000). The neo-chartalist approach to money, Working Paper No. 10, Jul 2000, Center for full employment and price stability. http://www.cfeps.org/pubs/wp/wp10.html.
  • Yadav, S. P., Agrawal, K. K., Bhati, B. S., Al-Turjman, F., & Mostarda, L. (2022). Blockchain-based cryptocurrency regulation: An overview. Computational Economics, 59(4), 1659–1675. https://doi.org/10.1007/s10614-020-10050-0
  • Yahoo (2022). Data available from https://finance.yahoo.com/quote/BTC-USD/history?period1=1279288800&period2=1552395600&interval=1mo&filter=history&frequency=1mo
  • Yermack, D. (2015). Is Bitcoin a real currency? An economic appraisal. In D. L. K. Cheun (Ed.), Handbook of digital currency. Academic Press.
  • Zavoli, I. (2020). The use of cryptocurrencies in the UK real estate market: An assessment of money laundering risks. In K. Benson, C. King, & C. Walker (Eds.), Assets, crimes, and the state. Routledge.
  • Zelizer, V. A. (1997). The social meaning of money. Princeton University Press.
  • Zook, M. A., & Blankenship, J. (2018). New spaces of disruption? The failures of Bitcoin and the rhetorical power of algorithmic governance. Geoforum, 96, 248–255. https://doi.org/10.1016/j.geoforum.2018.08.023