Cryptocurrency: A Mine of Controversies

Graziela Molling, Amarolinda Klein, Norberto Hoppen, Rafael Dalla Rosa

Resumo


Cryptocurrency is attracting the attention of many disciplines. Based on a systematic literature review, the state of art of academic research on cryptocurrency was investigated, demonstrating its complexity and the lack of consensus about several issues, as its definition, its operation without a financial institution, the impacts on economy and its future developments. Considering these issues, Actor-Network Theory was selected as a theory that can provide methods, such as controversy mapping, to understand this complex subject. The article analyzes this scenario, presenting a set of research topics that can be considered to study controversies related to cryptocurrency.

Palavras-chave


Cryptocurrency; Actor-Network Theory; Controversies; Controversy mapping.

Texto completo:

PDF (English)

Referências


Ahmedshareef, Z., Hughes, R., & Petridis, M. (2014). Exposing the influencing factors on software project delay with actor-network theory. Electronic Journal of Business Research Methods, 12(2), 132-146.

Aste, T., Tasca, P., & Di Matteo, T. (2017). Blockchain Technologies: The Foreseeable Impact on Society and Industry. Computer, 50(9), 18-28. doi:10.1109/mc.2017.3571064

Barber, S., Boyen, X., Shi, E., & Uzun, E. (2012). Bitter to better—how to make bitcoin a better currency. Paper presented at the International Conference on Financial Cryptography and Data Security.

Bariviera, A. F., Basgall, M. J., Hasperue, W., & Naiouf, M. (2017). Some stylized facts of the Bitcoin market. Physica a-Statistical Mechanics and Its Applications, 484, 82-90. doi:10.1016/j.physa.2017.04.159

Bariviera, A. F., Zunino, L., & Rosso, O. A. (2018). An analysis of high-frequency cryptocurrencies prices dynamics using permutation-information-theory quantifiers. Chaos, 28(7), 7. doi:10.1063/1.5027153

Baur, D. G., Hong, K., & Lee, A. D. (2018). Bitcoin: Medium of exchange or speculative assets? Journal of International Financial Markets Institutions & Money, 54, 177-189. doi:10.1016/j.intfin.2017.12.004

Bjerg, O. (2016). How is Bitcoin Money? Theory Culture & Society, 33(1), 53-72. doi:10.1177/0263276415619015

Bohme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, Technology, and Governance. Journal of Economic Perspectives, 29(2), 213-238. doi:10.1257/jep.29.2.213

Bonner, W. B. (2013). History and IS–Broadening our view and understanding: Actor–Network Theory as a methodology. Journal of information technology, 28(2), 111-123.

Callon, M. (1984). Some elements of a sociology of translation: domestication of the scallops and the fishermen of St Brieuc Bay. The Sociological Review, 32(1_suppl), 196-233.

Callon, M., Lascoumes, P., & Barthe, Y. (2009). Acting in an Uncertain World: An Essay on Technical Democracy: The MIT Press.

Cheah, E. T., & Fry, J. (2015). Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32-36. doi:10.1016/j.econlet.2015.02.029

Coinbase. (2017). Graphics. Retrieved November 2, 2017 from https://coinbase.com

Denning, P. J., & Lewis, T. G. (2017). Bitcoins Maybe; Blockchains Likely. American Scientist, 105(6), 335-339.

Elbanna, A. (2012). Applying Actor Network Theory and Managing Controversy. In W. M. Dwivedi Y., Schneberger S (Ed.), Information Systems Theory. Integrated Series in Information Systems (Vol. 29, pp. 117-129). New York, NY: Springer.

European Central Bank. (2012). Virtual currency schemes. Retrieved October 20, 2017 from https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf

Fry, J., & Cheah, E. T. (2016). Negative bubbles and shocks in cryptocurrency markets. International Review of Financial Analysis, 47, 343-352. doi:10.1016/j.irfa.2016.02.008

Gainsbury, S. M., & Blaszczynski, A. (2017). How Blockchain and cryptocurrency technology could revolutionize online gambling. Gaming Law Review-Economics Regulation Compliance and Policy, 21(7), 482-492. doi:10.1089/glr2.2017.2174

Garcia, D., Tessone, C. J., Mavrodiev, P., & Perony, N. (2014). The digital traces of bubbles: feedback cycles between socio-economic signals in the Bitcoin economy. Journal of the Royal Society Interface, 11(99), 8. doi:10.1098/rsif.2014.0623

Hanseth, O., Aanestad, M., & Berg, M. (2004). Guest editors’ introduction: Actor-network theory and information systems. What's so special? Information Technology & People, 17(2), 116-123.

Hendrickson, J. R., Hogan, T. L., & Luther, W. J. (2016). The political economy of Bitcoin. Economic Inquiry, 54(2), 925-939. doi:10.1111/ecin.12291

Hendrickson, J. R., & Luther, W. J. (2017). Banning bitcoin. Journal of Economic Behavior & Organization, 141, 188-195. doi:10.1016/j.jebo.2017.07.001

Ishikawa, M. (2017). Designing Virtual Currency Regulation in Japan: Lessons from the Mt Gox Case. Journal of Financial Regulation, 3(1), 125-131. doi:10.1093/jfr/fjw015

Kewell, B., & Ward, P. M. (2017). Blockchain futures: With or without Bitcoin? Strategic Change-Briefings in Entrepreneurial Finance, 26(5), 491-498. doi:10.1002/jsc.2149

Kim, T. (2015). The Predecessors of Bitcoin and Their Implications for the Prospect of Virtual Currencies. Plos One, 10(4), 18. doi:10.1371/journal.pone.0123071

Kim, Y. B., Kim, J. G., Kim, W., Im, J. H., Kim, T. H., Kang, S. J., & Kim, C. H. (2016). Predicting Fluctuations in Cryptocurrency Transactions Based on User Comments and Replies. Plos One, 11(8), 17. doi:10.1371/journal.pone.0161197

Kristoufek, L. (2013). BitCoin meets Google Trends and Wikipedia: Quantifying the relationship between phenomena of the Internet era. Scientific Reports, 3, 7. doi:10.1038/srep03415

Latour, B. (2005). Reassembling the social: An introduction to actor-network-theory: Oxford university press.

Law, J., & Bijker, W. E. (1992). Postscript: Technology, stability and social theory. WE Bijker & J. Law (Eds.), Shaping technology/building society: Studies in sociotechnical change, 290-308.

Li, X., & Wang, C. A. (2017). The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin. Decision Support Systems, 95, 49-60. doi:10.1016/j.dss.2016.12.001

Low, K. F., & Teo, E. G. (2017). Bitcoins and other cryptocurrencies as property? Law, Innovation and Technology, 9(2), 235-268.

Luther, W., & White, L. (2014). Can bitcoin become a major currency?

Luther, W. J. (2016). Bitcoin and the Future of Digital Payments. Independent Review, 20(3), 397-404.

Marian, O. (2013). Are Cryptocurrencies Super Tax Havens? Michigan Law Review First Impressions, 38, 112.

Maurer, B., Nelms, T. C., & Swartz, L. (2013). "When perhaps the real problem is money itself!": the practical materiality of Bitcoin. Social Semiotics, 23(2), 261-277. doi:10.1080/10350330.2013.777594

Meiklejohn, S., Pomarole, M., Jordan, G., Levchenko, K., McCoy, D., Voelker, G. M., & Savage, S. (2013). A fistful of bitcoins: characterizing payments among men with no names. Paper presented at the Proceedings of the 2013 conference on Internet measurement conference.

Moore, T. (2013). The promise and perils of digital currencies. International Journal of Critical Infrastructure Protection, 6(3-4), 147-149. doi:10.1016/j.ijcip.2013.08.002

Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Retrieved October 10, 2017 from https://bitcoin.org/bitcoin.pdf

Osterrieder, J., & Lorenz, J. (2017). A STATISTICAL RISK ASSESSMENT OF BITCOIN AND ITS EXTREME TAIL BEHAVIOR. Annals of Financial Economics, 12(1), 19. doi:10.1142/s2010495217500038

Pieters, G., & Vivanco, S. (2017). Financial regulations and price inconsistencies across Bitcoin markets. Information Economics and Policy, 39, 1-14. doi:10.1016/j.infoecopol.2017.02.002

Prasad, S., Shankar, R., Gupta, R., & Roy, S. (2018). A TISM modeling of critical success factors of blockchain based cloud services. Journal of Advances in Management Research, 15(4), 434-456. doi:10.1108/jamr-03-2018-0027

Rahman, A. J. (2018). Deflationary policy under digital and fiat currency competition. Research in Economics, 72(2), 171-180. doi:10.1016/j.rie.2018.04.004

Rajput, U., Abbas, F., & Oh, H. (2018). A Solution towards Eliminating Transaction Malleability in Bitcoin. Journal of Information Processing Systems, 14(4), 837-850. doi:10.3745/jips.03.0101

Redshaw, T. (2017). Bitcoin beyond ambivalence: Popular rationalization and Feenberg's technical politics. Thesis Eleven, 138(1), 46-64. doi:10.1177/0725513616689390

Reid, F., & Harrigan, M. (2013). An analysis of anonymity in the bitcoin system. In Security and privacy in social networks (pp. 197-223): Springer.

Ribeiro, R. M. L. (2018). Bitcoin in the Brazilian Financial System. Revista Tecnologia E Sociedade, 14(33), 16.

Sampaio, R. F., & Mancini, M. C. (2007). Estudos de revisão sistemática: um guia para síntese criteriosa da evidência científica. Revista brasileira de fisioterapia, 11(1), 83-89.

Scaillet, O., Treccani, A., & Trevisan, C. (2017). High-frequency jump analysis of the bitcoin market.

Scott, B., Loonam, J., & Kumar, V. (2017). Exploring the rise of blockchain technology: Towards distributed collaborative organizations. Strategic Change-Briefings in Entrepreneurial Finance, 26(5), 423-428. doi:10.1002/jsc.2142

Shim, Y., & Shin, D.-H. (2016). Analyzing China’s fintech industry from the perspective of actor–network theory. Telecommunications Policy, 40(2-3), 168-181.

Smit, J. P., Buekens, F., & Du Plessis, S. (2016). Cigarettes, dollars and bitcoins - an essay on the ontology of money. Journal of Institutional Economics, 12(2), 327-347. doi:10.1017/s1744137415000405

Šurda, P. (2014). The origin, classification and utility of Bitcoin.

Swartz, L. (2018). What was Bitcoin, what will it be? The techno-economic imaginaries of a new money technology. Cultural Studies, 32(4), 623-650. doi:10.1080/09502386.2017.1416420

Tschorsch, F., & Scheuermann, B. (2016). Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies. Ieee Communications Surveys and Tutorials, 18(3), 2084-2123. doi:10.1109/comst.2016.2535718

Twum-Darko, M., & Harker, L.-A. L. (2017). Understanding Knowledge Sharing in an Organization: A Perspective of Actor-Network Theory. International Journal of Knowledge Management (IJKM), 13(1), 53-74.

Urquhart, A. (2016). The inefficiency of Bitcoin. Economics Letters, 148, 80-82. doi:10.1016/j.econlet.2016.09.019

Van Hout, M. C., & Bingham, T. (2013). 'Surfing the Silk Road': A study of users' experiences. International Journal of Drug Policy, 24(6), 524-529. doi:10.1016/j.drugpo.2013.08.011

Venturini, T. (2010a). Building on faults: how to represent controversies with digital methods. Public understanding of science, 21(7), 796-812.

Venturini, T. (2010b). Diving in magma: how to explore controversies with actor-network theory. Public understanding of science, 19(3), 258-273.

Venturini, T., & Latour, B. (2010). The Social Fabric: Digital Footprints and Qualiquantitative Methods. Proceedings of futur en Seine, 87-101.

Walsham, G. (1997). Actor-network theory and IS research: current status and future prospects. In Information systems and qualitative research (pp. 466-480): Springer.

Wang, S., & Vergne, J. P. (2017). Buzz Factor or Innovation Potential: What Explains Cryptocurrencies' Returns? Plos One, 12(5), 1. doi:10.1371/journal.pone.0177659

Webster, J., & Watson, R. T. (2002). Analyzing the past to prepare for the future: Writing a literature review. MIS quarterly, xiii-xxiii.

World Economic Forum. (2016). All you need to know about blockchain, explained simply. Retrieved November 1, 2017 from https://goo.gl/bRLQhN

Zhu, Y. C., Dickinson, D., & Li, J. J. (2017a). Analysis on the influence factors of Bitcoin's price based on VEC model. Financial Innovation, 3(1), 13. doi:10.1186/s40854-017-0054-0

Zhu, Y. C., Dickinson, D., & Li, J. J. (2017b). Analysis on the influence factors of Bitcoin's price based on VEC model (vol 3, 3, 2017). Financial Innovation, 3(1), 1. doi:10.1186/s40854-017-0057-x

Zimmer, Z. (2017). Bitcoin and Potosi Silver Historical Perspectives on Cryptocurrency. Technology and Culture, 58(2), 307-334. doi:10.1353/tech.2017.0038




DOI: http://dx.doi.org/10.4301/S1807-1775202017010