The False Promises of Terra-Luna (notice n° 1561860)
[ vue normale ]
| 000 -LEADER | |
|---|---|
| fixed length control field | 01336cam a2200169 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20251109010615.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Levy-Garboua, Vivien |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | The False Promises of Terra-Luna |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2023.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 4 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This article examens the features of algorithmic stablecoins by differentiating those like Terra-Luna, whose reference asset has an endogenous value, from those for which the price of this asset is exogenous and independent of the protocol that has been set up. With a simple model of the process, we show that the system adopted for Terra-Luna is akin to a Ponzi scheme, since the promise of returns on investments made is impossible to keep. However, if this “false promise” is corrected, an algorithmic stablecoin can provide its owners with greater stability than does Bitcoin, for example, which makes it more attractive. It nevertheless remains a very risky asset, whose long-term stability cannot be guaranteed, even in the absence of a speculative attack. Classification JEL: D02, G23. |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Maarek, Gérard |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue d'économie financière | o 149 | 1 | 2023-03-30 | p. 53-71 | 0987-3368 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-d-economie-financiere-2023-1-page-53?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-d-economie-financiere-2023-1-page-53?lang=en&redirect-ssocas=7080</a> |
Pas d'exemplaire disponible.
Réseaux sociaux