英文标题：
《The evolving liaisons between the transaction networks of Bitcoin and
its price dynamics》
---
作者：
Alexandre Bovet, Carlo Campajola, Francesco Mottes, Valerio Restocchi,
Nicol\\`o Vallarano, Tiziano Squartini, Claudio J. Tessone
---
最新提交年份：
2019
---
英文摘要：
Cryptocurrencies are distributed systems that allow exchanges of native tokens among participants, or the exchange of such tokens for fiat currencies in markets external to these public ledgers. The availability of their complete historical bookkeeping opens up the possibility of understanding the relationship between aggregated users\' behaviour and the cryptocurrency pricing in exchange markets. This paper analyses the properties of the transaction network of Bitcoin. We consider four different representations of it, over a period of nine years since the Bitcoin creation and involving 16 million users and 283 million transactions. By analysing these networks, we show the existence of causal relationships between Bitcoin price movements and changes of its transaction network topology. Our results reveal the interplay between structural quantities, indicative of the collective behaviour of Bitcoin users, and price movements, showing that, during price drops, the system is characterised by a larger heterogeneity of nodes activity.
---
中文摘要：
加密货币是一种分布式系统，允许参与者之间交换本地代币，或在这些公共账本之外的市场中将这些代币交换为法定货币。其完整历史记账的可用性为理解聚合用户行为与外汇市场加密货币定价之间的关系提供了可能性。本文分析了比特币交易网络的性质。自比特币诞生以来的九年中，我们考虑了比特币的四种不同表现形式，涉及1600万用户和2.83亿交易。通过对这些网络的分析，我们发现比特币价格变动与其交易网络拓扑结构的变化之间存在因果关系。我们的结果揭示了结构性数量（表明比特币用户的集体行为）与价格变动之间的相互作用，表明在价格下跌期间，系统的特点是节点活动的更大异质性。
---
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
--
一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
--

---
PDF下载：
-->