The ICO Paradox: Transactions Costs, Token Velocity, and Token Value
---- Acknowledgments ----
We thank Zhiguo He and Stacy Rosenbaum for helpful comments, and DJ Thornton for exceptional research assistance. Malani is an advisor to Perlin, a firm that offers a DAG-based blockchain ledger for various uses, including trade finance, but he does not presently have a financial stake in the firm. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.