Forks and airdrops in cryptomarkets: Investment opportunities or thin air?
| Název práce v češtině: | Forky a airdropy na kryptotrzích: Investiční příležitost nebo investice do vzduchu? |
|---|---|
| Název v anglickém jazyce: | Forks and airdrops in cryptomarkets: Investment opportunities or thin air? |
| Klíčová slova: | kryptoměna, hard fork, airdrop |
| Klíčová slova anglicky: | cryptocurrency, hard fork, airdrop |
| Akademický rok vypsání: | 2017/2018 |
| Typ práce: | bakalářská práce |
| Jazyk práce: | angličtina |
| Ústav: | Institut ekonomických studií (23-IES) |
| Vedoucí / školitel: | prof. PhDr. Ladislav Krištoufek, Ph.D. |
| Řešitel: | skrytý - zadáno vedoucím/školitelem |
| Datum přihlášení: | 22.03.2018 |
| Datum zadání: | 22.03.2018 |
| Datum a čas obhajoby: | 10.06.2019 09:00 |
| Místo konání obhajoby: | Opletalova - Opletalova 26, O314, Opletalova - místn. č. 314 |
| Datum odevzdání elektronické podoby: | 09.05.2019 |
| Datum proběhlé obhajoby: | 10.06.2019 |
| Oponenti: | Mgr. Josef Kurka |
| Kontrola URKUND: | |
| Seznam odborné literatury |
| Wonglimpiyarat J., Bitcoin: The revolution of the payment system?, Journal of Payments Strategy & Systems, , Volume 9 / Number 4 / Winter, 2015-16
Tarasiewicz M., Newman A., Cryptocurrencies as Distributed Community Experiments, Bitcoin, Innovation, Financial Instruments, and Big Data 2015, Pages 201–222 Egorova N.E., Torzhevskiy K.A., Bitcoin: Main Trends and Perspectives, British Journal of Economics, Management & Trade 12(1): 1-11, 2016 Ciaian P., Rajcaniova M., The digital agenda of virtual currencies: Can BitCoin become a global currency?, Information Systems and e-Business Management November 2016, Volume 14, Issue 4, pp 883–919 Chiu, J., Koeppl , The Economics of Cryptocurrencies – Bitcoin and Beyond, https://www.chapman.edu/research/institutes-and-centers/economic-science-institute/_files/ifree-papers-and-photos/koeppel-april2017.pdf Hileman G., Rauchs M., Global Cryptocurrency Benchmarking Study, University of Cambridge judge business school https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf Poon J., Dryja T., The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, https://lightning.network/lightning-network-paper.pdf , January 2016 Zamyatin A., Stifter N., Judmayer A., Schindler P., Weippl E., Knottenbelt W.J., (Short Paper) A Wild Velvet Fork Appears! Inclusive Blockchain Protocol Changes in Practice, Imperial College London, United Kingdom, SBA Research, Austria, https://eprint.iacr.org/2018/087.pdf Nakamoto S., Bitcoin: A Peer-to-Peer Electronic Cash System, https://bitcoin.org/bitcoin.pdf |
| Předběžná náplň práce v anglickém jazyce |
| Research question and motivation
The thesis will analyse forks and airdrops as investment opportunities. A hard fork (or sometimes hardfork), as it relates to blockchain technology, is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa). Forks have emerged in summer 2017 as a positive fundament driving the price of coins and tokens. An airdrop for a cryptocurrency is a procedure of distributing tokens by awarding them to existing holders of a particular blockchain currency. I will analyse the effects of forks on the sample of coins which underwent it. My goal is to find whether there is a positive effect of announced fork on the coin and estimate when is the best time to sell the coin, whether it is before the fork or after the fork along with the new airdrop. As far as I am concerned I am about to be the first to study this completely new topic. Contribution Effects of forks and airdrops on price of cryptocurrencies have not been studied on academic level so far, therefore my thesis will be a pioneer. Since airdrops and fork emerged very recently, there is finally enough data to study the topic. The results of my work will show when is it most profitable to sell the forking cryptocurrencies. Whether before or after the fork/airdrop and when exactly. I believe I will be able to find whether the raise in price of coins which are about to fork is caused by the fork itself or if it is caused by random speculation. Methodology I will use data from coinmarketcap and various cryptocurrency exchanges, like binance, bittrex, kucoin, cryptopia and others. In my thesis I will analyze the price evolution of each cryptocurrency after the announcement of fork until certain point in time after the fork. I will also try to compile as many supportive data as I could including the reach of news about the fork and public reactions, for example number of likes that a facebook group dedicated to the coin got, or the number of twitter and reddit followers. Outline I plan to structure my thesis in 5 sections. In the beginning I will describe my topic, then comment on how I chose the data for my model, run the model and then decribe what the data showed me. 1) Introduction to forks/airdrops, cryptocurrencies 2) Data summary, comment on data 3) Data analysis 4) Outcome analysis 5) Conclusion |