英文标题：
《Monetary Stabilization in Cryptocurrencies - Design Approaches and Open
Questions》
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作者：
Ingolf G.A. Pernice, Sebastian Henningsen, Roman Proskalovich, Martin
Florian, Hermann Elendner, Bj\\\"orn Scheuermann
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最新提交年份：
2019
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英文摘要：
The price volatility of cryptocurrencies is often cited as a major hindrance to their wide-scale adoption. Consequently, during the last two years, multiple so called stablecoins have surfaced---cryptocurrencies focused on maintaining stable exchange rates. In this paper, we systematically explore and analyze the stablecoin landscape. Based on a survey of 24 specific stablecoin projects, we go beyond individual coins for extracting general concepts and approaches. We combine our findings with learnings from classical monetary policy, resulting in a comprehensive taxonomy of cryptocurrency stabilization. We use our taxonomy to highlight the current state of development from different perspectives and show blank spots. For instance, while over 91% of projects promote 1-to-1 stabilization targets to external assets, monetary policy literature suggests that the smoothing of short term volatility is often a more sustainable alternative. Our taxonomy bridges computer science and economics, fostering the transfer of expertise. For example, we find that 38% of the reviewed projects use a combination of exchange rate targeting and specific stabilization techniques that can render them vulnerable to speculative economic attacks - an avoidable design flaw.
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中文摘要：
加密货币的价格波动经常被认为是其广泛采用的主要障碍。因此，在过去两年中，出现了多个所谓的稳定货币——专注于维持稳定汇率的加密货币。本文对stablecoin景观进行了系统的探索和分析。基于对24个具体stablecoin项目的调查，我们超越了单个货币，提取了一般概念和方法。我们将我们的发现与经典货币政策的经验相结合，形成了加密货币稳定的综合分类法。我们使用我们的分类法从不同的角度强调当前的发展状态，并显示空白点。例如，尽管91%以上的项目将1比1的稳定目标推广至外部资产，但货币政策文献表明，平滑短期波动通常是一种更可持续的选择。我们的分类法连接了计算机科学和经济学，促进了专业知识的转移。例如，我们发现，38%的审查项目使用汇率目标和特定稳定技术的组合，使其容易受到投机性经济攻击，这是一个可以避免的设计缺陷。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Computer Science 计算机科学
二级分类：Cryptography and Security 密码学与安全
分类描述：Covers all areas of cryptography and security including authentication, public key cryptosytems, proof-carrying code, etc. Roughly includes material in ACM Subject Classes D.4.6 and E.3.
涵盖密码学和安全的所有领域，包括认证、公钥密码系统、携带证明的代码等。大致包括ACM主题课程D.4.6和E.3中的材料。
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