Author Archives: rodneygarratt

A Distributed Version of Repugnance as a Constraint on Markets (September 1, 2015)

The 2012 Nobel Prize in economics was awarded to Alvin E. Roth and Lloyd S. Shapley for their work on matching problems. Two-sided matching problems, like assigning jobs to workers or dorm rooms to students, can be complicated enough. But … Continue reading

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Entry and Exit Leads to Zero Profit for Bitcoin Miners (August 28, 2015)

In a previous post, we discussed bitcoin miners’ incentives to undertake a 51 percent attack given the current condition of the bitcoin market. We also speculated that high profits and free entry would cause more miners to enter the market, … Continue reading

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Bitcoin: How Likely Is a 51 Percent Attack? (November 24, 2014)

In June 2014, the mining pool Ghash.IO briefly controlled more than half of all mining power in the Bitcoin network, awakening fears that it might attempt to manipulate the blockchain, the public record of all Bitcoin transactions. Alarming headlines splattered … Continue reading

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Turnover in Fedwire Funds Has Dropped Considerably since the Crisis, but It’s Okay (August 25, 2014)

The Fedwire® Funds Service is a large-value payment system, operated by the Federal Reserve Bank of New York, that facilitates more than $3 trillion a day in payments. Turnover in Fedwire Funds, the value of payments made for every dollar of … Continue reading

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