Browsing by Subject "Bitcoin"
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    On bitcoin and Simmel's idea of perfect money
    (Assumption University Press, 2019) Siwittra Chainiyom ; Giordano, John
    Georg Simmel in his book Philosophy of Money,described how money evolves through history and predicted that it will evolve to the point where it no longer relies on any substance. He called this stage “perfect money,” which he described as “money detached from every substantial value”. Today we are faced with the development of cryptocurrencies, of which Bitcoin is the best known. Bitcoin presents a new system of transaction which does not require governments or middlemen to regulate trade. Since such currencies are completely beyond substantial value, the philosophical question emerges whether Bitcoin is “perfect money.” This essay will argue that Bitcoin can be understood in connection with Simmel’s idea of “perfect money.” But will also consider Simmel’s claim that perfect money is only possible in a stable society and will show the limitations of cyrptocurrencies and Bitcoin in light of this.
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    Value at risk performance in cryptocurrencies
    (Assumption University Press, 2018) Danai Likitratcharoen ; Teerasak Na Ranong ; Ratikorn Chuensuksomboon ; Norrasate Sritanee ; Ariyapong Pansriwong
    Due to conclusion could not rely on only one test, in this study, we apply various approaches to verify the actuary of VaR model to find out whether VaR model, especially historical VaR and delta normal VaR model, can provide the accura te risk measurement results for cryptocurrencies risk , especially CRIX, BTC, ETH and XRP . We use Kupiec’s POF test, Independence Test - Christoffersen (1998) and Joint Test that widely use for backtesting VaR model. Performance test results for risk measurem ent by historical VaR provide a fairly accurate over delta normal VaR when we use Kupiec’s POF - test for the accuracy of VaR model. Christoffersen (1998) independence test, the exceptions (failures) of historical VaR and delta normal VaR model show independ ence exceptions in accordance with an only high confidence level of critical values (0.99). Otherwise , the low confidence level of critical values (0.90 and 0.95) appears dependence exceptions. For the Joint test, we combine POF - test and independence test because each model has different advantages and disadvantages. The results show that historical VaR model is suitable for measuring cryptocurrency risk over delta normal VaR only high confidence level of critical values.