id	sid	tid	token	lemma	pos
www-bis-org-8025	1	1	Beyond	beyond	IN
www-bis-org-8025	1	2	the	the	DT
www-bis-org-8025	1	3	doomsday	doomsday	NNP
www-bis-org-8025	1	4	economics	economic	NNS
www-bis-org-8025	1	5	of	of	IN
www-bis-org-8025	1	6	"	"	``
www-bis-org-8025	1	7	proof	proof	NN
www-bis-org-8025	1	8	-	-	HYPH
www-bis-org-8025	1	9	of	of	IN
www-bis-org-8025	1	10	-	-	HYPH
www-bis-org-8025	1	11	work	work	NN
www-bis-org-8025	1	12	"	"	''
www-bis-org-8025	1	13	in	in	IN
www-bis-org-8025	1	14	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	1	15	BIS	bis	VBP
www-bis-org-8025	1	16	Working	work	VBG
www-bis-org-8025	1	17	Papers	Papers	NNPS
www-bis-org-8025	1	18	No	no	DT
www-bis-org-8025	1	19	765	765	CD
www-bis-org-8025	1	20	Beyond	beyond	IN
www-bis-org-8025	1	21	the	the	DT
www-bis-org-8025	1	22	doomsday	doomsday	NNP
www-bis-org-8025	1	23	economics	economic	NNS
www-bis-org-8025	1	24	of	of	IN
www-bis-org-8025	1	25	“	"	``
www-bis-org-8025	1	26	proof	proof	NN
www-bis-org-8025	1	27	-	-	HYPH
www-bis-org-8025	1	28	of-	of-	CD
www-bis-org-8025	1	29	work	work	NN
www-bis-org-8025	1	30	”	"	''
www-bis-org-8025	1	31	in	in	IN
www-bis-org-8025	1	32	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	1	33	by	by	IN
www-bis-org-8025	1	34	Raphael	Raphael	NNP
www-bis-org-8025	1	35	Auer	Auer	NNP
www-bis-org-8025	1	36	Monetary	Monetary	NNP
www-bis-org-8025	1	37	and	and	CC
www-bis-org-8025	1	38	Economic	Economic	NNP
www-bis-org-8025	1	39	Department	Department	NNP
www-bis-org-8025	1	40	January	January	NNP
www-bis-org-8025	1	41	2019	2019	CD
www-bis-org-8025	1	42	JEL	JEL	NNP
www-bis-org-8025	1	43	classification	classification	NN
www-bis-org-8025	1	44	:	:	:
www-bis-org-8025	1	45	D40	D40	NNP
www-bis-org-8025	1	46	,	,	,
www-bis-org-8025	1	47	D20	D20	NNP
www-bis-org-8025	1	48	,	,	,
www-bis-org-8025	1	49	E42	E42	NNP
www-bis-org-8025	1	50	,	,	,
www-bis-org-8025	1	51	E51	E51	NNP
www-bis-org-8025	1	52	,	,	,
www-bis-org-8025	1	53	F31	F31	NNP
www-bis-org-8025	1	54	,	,	,
www-bis-org-8025	1	55	G12	G12	NNP
www-bis-org-8025	1	56	,	,	,
www-bis-org-8025	1	57	G28	G28	NNP
www-bis-org-8025	1	58	,	,	,
www-bis-org-8025	1	59	G32	G32	NNP
www-bis-org-8025	1	60	,	,	,
www-bis-org-8025	1	61	G38	G38	NNP
www-bis-org-8025	1	62	,	,	,
www-bis-org-8025	1	63	L10	L10	NNP
www-bis-org-8025	1	64	,	,	,
www-bis-org-8025	1	65	L50	L50	NNP
www-bis-org-8025	1	66	Keywords	Keywords	NNPS
www-bis-org-8025	1	67	:	:	:
www-bis-org-8025	1	68	Cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	1	69	,	,	,
www-bis-org-8025	1	70	cryptoassets	cryptoasset	NNS
www-bis-org-8025	1	71	,	,	,
www-bis-org-8025	1	72	digital	digital	JJ
www-bis-org-8025	1	73	currencies	currency	NNS
www-bis-org-8025	1	74	,	,	,
www-bis-org-8025	1	75	blockchain	blockchain	NNP
www-bis-org-8025	1	76	,	,	,
www-bis-org-8025	1	77	proof	proof	NN
www-bis-org-8025	1	78	-	-	HYPH
www-bis-org-8025	1	79	of	of	IN
www-bis-org-8025	1	80	-	-	HYPH
www-bis-org-8025	1	81	work	work	NN
www-bis-org-8025	1	82	,	,	,
www-bis-org-8025	1	83	proof	proof	NN
www-bis-org-8025	1	84	-	-	HYPH
www-bis-org-8025	1	85	of	of	IN
www-bis-org-8025	1	86	-	-	HYPH
www-bis-org-8025	1	87	stake	stake	NN
www-bis-org-8025	1	88	,	,	,
www-bis-org-8025	1	89	distributed	distribute	VBN
www-bis-org-8025	1	90	ledger	ledger	NNP
www-bis-org-8025	1	91	technology	technology	NN
www-bis-org-8025	1	92	,	,	,
www-bis-org-8025	1	93	consensus	consensus	NN
www-bis-org-8025	1	94	,	,	,
www-bis-org-8025	1	95	bitcoin	bitcoin	NN
www-bis-org-8025	1	96	,	,	,
www-bis-org-8025	1	97	ethereum	ethereum	NN
www-bis-org-8025	1	98	,	,	,
www-bis-org-8025	1	99	money	money	NN
www-bis-org-8025	1	100	,	,	,
www-bis-org-8025	1	101	digitalisation	digitalisation	NN
www-bis-org-8025	1	102	,	,	,
www-bis-org-8025	1	103	finance	finance	NN
www-bis-org-8025	1	104	,	,	,
www-bis-org-8025	1	105	history	history	NN
www-bis-org-8025	1	106	of	of	IN
www-bis-org-8025	1	107	money	money	NN
www-bis-org-8025	1	108	BIS	BIS	NNP
www-bis-org-8025	1	109	Working	Working	NNP
www-bis-org-8025	1	110	Papers	Papers	NNPS
www-bis-org-8025	1	111	are	be	VBP
www-bis-org-8025	1	112	written	write	VBN
www-bis-org-8025	1	113	by	by	IN
www-bis-org-8025	1	114	members	member	NNS
www-bis-org-8025	1	115	of	of	IN
www-bis-org-8025	1	116	the	the	DT
www-bis-org-8025	1	117	Monetary	Monetary	NNP
www-bis-org-8025	1	118	and	and	CC
www-bis-org-8025	1	119	Economic	Economic	NNP
www-bis-org-8025	1	120	Department	Department	NNP
www-bis-org-8025	1	121	of	of	IN
www-bis-org-8025	1	122	the	the	DT
www-bis-org-8025	1	123	Bank	Bank	NNP
www-bis-org-8025	1	124	for	for	IN
www-bis-org-8025	1	125	International	International	NNP
www-bis-org-8025	1	126	Settlements	Settlements	NNP
www-bis-org-8025	1	127	,	,	,
www-bis-org-8025	1	128	and	and	CC
www-bis-org-8025	1	129	from	from	IN
www-bis-org-8025	1	130	time	time	NN
www-bis-org-8025	1	131	to	to	IN
www-bis-org-8025	1	132	time	time	NN
www-bis-org-8025	1	133	by	by	IN
www-bis-org-8025	1	134	other	other	JJ
www-bis-org-8025	1	135	economists	economist	NNS
www-bis-org-8025	1	136	,	,	,
www-bis-org-8025	1	137	and	and	CC
www-bis-org-8025	1	138	are	be	VBP
www-bis-org-8025	1	139	published	publish	VBN
www-bis-org-8025	1	140	by	by	IN
www-bis-org-8025	1	141	the	the	DT
www-bis-org-8025	1	142	Bank	Bank	NNP
www-bis-org-8025	1	143	.	.	.
www-bis-org-8025	2	1	The	the	DT
www-bis-org-8025	2	2	papers	paper	NNS
www-bis-org-8025	2	3	are	be	VBP
www-bis-org-8025	2	4	on	on	IN
www-bis-org-8025	2	5	subjects	subject	NNS
www-bis-org-8025	2	6	of	of	IN
www-bis-org-8025	2	7	topical	topical	JJ
www-bis-org-8025	2	8	interest	interest	NN
www-bis-org-8025	2	9	and	and	CC
www-bis-org-8025	2	10	are	be	VBP
www-bis-org-8025	2	11	technical	technical	JJ
www-bis-org-8025	2	12	in	in	IN
www-bis-org-8025	2	13	character	character	NN
www-bis-org-8025	2	14	.	.	.
www-bis-org-8025	3	1	The	the	DT
www-bis-org-8025	3	2	views	view	NNS
www-bis-org-8025	3	3	expressed	express	VBN
www-bis-org-8025	3	4	in	in	IN
www-bis-org-8025	3	5	them	-PRON-	PRP
www-bis-org-8025	3	6	are	be	VBP
www-bis-org-8025	3	7	those	those	DT
www-bis-org-8025	3	8	of	of	IN
www-bis-org-8025	3	9	their	-PRON-	PRP$
www-bis-org-8025	3	10	authors	author	NNS
www-bis-org-8025	3	11	and	and	CC
www-bis-org-8025	3	12	not	not	RB
www-bis-org-8025	3	13	necessarily	necessarily	RB
www-bis-org-8025	3	14	the	the	DT
www-bis-org-8025	3	15	views	view	NNS
www-bis-org-8025	3	16	of	of	IN
www-bis-org-8025	3	17	the	the	DT
www-bis-org-8025	3	18	BIS	BIS	NNP
www-bis-org-8025	3	19	.	.	.
www-bis-org-8025	4	1	This	this	DT
www-bis-org-8025	4	2	publication	publication	NN
www-bis-org-8025	4	3	is	be	VBZ
www-bis-org-8025	4	4	available	available	JJ
www-bis-org-8025	4	5	on	on	IN
www-bis-org-8025	4	6	the	the	DT
www-bis-org-8025	4	7	BIS	BIS	NNP
www-bis-org-8025	4	8	website	website	NN
www-bis-org-8025	4	9	(	(	-LRB-
www-bis-org-8025	4	10	www.bis.org	www.bis.org	NNP
www-bis-org-8025	4	11	)	)	-RRB-
www-bis-org-8025	4	12	.	.	.
www-bis-org-8025	5	1	©	©	NNP
www-bis-org-8025	5	2	Bank	Bank	NNP
www-bis-org-8025	5	3	for	for	IN
www-bis-org-8025	5	4	International	International	NNP
www-bis-org-8025	5	5	Settlements	Settlements	NNP
www-bis-org-8025	5	6	2019	2019	CD
www-bis-org-8025	5	7	.	.	.
www-bis-org-8025	6	1	All	all	DT
www-bis-org-8025	6	2	rights	right	NNS
www-bis-org-8025	6	3	reserved	reserve	VBD
www-bis-org-8025	6	4	.	.	.
www-bis-org-8025	7	1	Brief	brief	JJ
www-bis-org-8025	7	2	excerpts	excerpt	NNS
www-bis-org-8025	7	3	may	may	MD
www-bis-org-8025	7	4	be	be	VB
www-bis-org-8025	7	5	reproduced	reproduce	VBN
www-bis-org-8025	7	6	or	or	CC
www-bis-org-8025	7	7	translated	translate	VBN
www-bis-org-8025	7	8	provided	provide	VBD
www-bis-org-8025	7	9	the	the	DT
www-bis-org-8025	7	10	source	source	NN
www-bis-org-8025	7	11	is	be	VBZ
www-bis-org-8025	7	12	stated	state	VBN
www-bis-org-8025	7	13	.	.	.
www-bis-org-8025	8	1	ISSN	ISSN	NNP
www-bis-org-8025	8	2	1020	1020	CD
www-bis-org-8025	8	3	-	-	HYPH
www-bis-org-8025	8	4	0959	0959	CD
www-bis-org-8025	8	5	(	(	-LRB-
www-bis-org-8025	8	6	print	print	NN
www-bis-org-8025	8	7	)	)	-RRB-
www-bis-org-8025	8	8	ISSN	ISSN	NNP
www-bis-org-8025	8	9	1682	1682	CD
www-bis-org-8025	8	10	-	-	SYM
www-bis-org-8025	8	11	7678	7678	CD
www-bis-org-8025	8	12	(	(	-LRB-
www-bis-org-8025	8	13	online	online	NN
www-bis-org-8025	8	14	)	)	-RRB-
www-bis-org-8025	8	15	http://www.bis.org/	http://www.bis.org/	NNP
www-bis-org-8025	8	16	WP765	WP765	NNP
www-bis-org-8025	8	17	Beyond	beyond	IN
www-bis-org-8025	8	18	the	the	DT
www-bis-org-8025	8	19	doomsday	doomsday	NNP
www-bis-org-8025	8	20	economics	economic	NNS
www-bis-org-8025	8	21	of	of	IN
www-bis-org-8025	8	22	“	"	``
www-bis-org-8025	8	23	proof	proof	NN
www-bis-org-8025	8	24	-	-	HYPH
www-bis-org-8025	8	25	of	of	IN
www-bis-org-8025	8	26	-	-	HYPH
www-bis-org-8025	8	27	work	work	NN
www-bis-org-8025	8	28	”	"	''
www-bis-org-8025	8	29	in	in	IN
www-bis-org-8025	8	30	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	8	31	1	1	CD
www-bis-org-8025	8	32	Beyond	beyond	IN
www-bis-org-8025	8	33	the	the	DT
www-bis-org-8025	8	34	doomsday	doomsday	NNP
www-bis-org-8025	8	35	economics	economic	NNS
www-bis-org-8025	8	36	of	of	IN
www-bis-org-8025	8	37	“	"	``
www-bis-org-8025	8	38	proof	proof	NN
www-bis-org-8025	8	39	-	-	HYPH
www-bis-org-8025	8	40	of	of	IN
www-bis-org-8025	8	41	-	-	HYPH
www-bis-org-8025	8	42	work	work	NN
www-bis-org-8025	8	43	”	"	''
www-bis-org-8025	8	44	in	in	IN
www-bis-org-8025	8	45	cryptocurrencies1	cryptocurrencies1	JJ
www-bis-org-8025	8	46	Raphael	Raphael	NNP
www-bis-org-8025	8	47	Auer	Auer	NNP
www-bis-org-8025	8	48	Abstract	Abstract	NNP
www-bis-org-8025	8	49	This	this	DT
www-bis-org-8025	8	50	paper	paper	NN
www-bis-org-8025	8	51	discusses	discuss	VBZ
www-bis-org-8025	8	52	the	the	DT
www-bis-org-8025	8	53	economics	economic	NNS
www-bis-org-8025	8	54	of	of	IN
www-bis-org-8025	8	55	how	how	WRB
www-bis-org-8025	8	56	Bitcoin	Bitcoin	NNP
www-bis-org-8025	8	57	achieves	achieve	VBZ
www-bis-org-8025	8	58	data	data	NN
www-bis-org-8025	8	59	immutability	immutability	NN
www-bis-org-8025	8	60	,	,	,
www-bis-org-8025	8	61	and	and	CC
www-bis-org-8025	8	62	thus	thus	RB
www-bis-org-8025	8	63	payment	payment	NN
www-bis-org-8025	8	64	finality	finality	NN
www-bis-org-8025	8	65	,	,	,
www-bis-org-8025	8	66	via	via	IN
www-bis-org-8025	8	67	costly	costly	JJ
www-bis-org-8025	8	68	computations	computation	NNS
www-bis-org-8025	8	69	,	,	,
www-bis-org-8025	8	70	ie	ie	FW
www-bis-org-8025	8	71	“	"	``
www-bis-org-8025	8	72	proof	proof	NN
www-bis-org-8025	8	73	-	-	HYPH
www-bis-org-8025	8	74	of	of	IN
www-bis-org-8025	8	75	-	-	HYPH
www-bis-org-8025	8	76	work	work	NN
www-bis-org-8025	8	77	”	"	''
www-bis-org-8025	8	78	.	.	.
www-bis-org-8025	9	1	Further	further	RB
www-bis-org-8025	9	2	,	,	,
www-bis-org-8025	9	3	it	-PRON-	PRP
www-bis-org-8025	9	4	explores	explore	VBZ
www-bis-org-8025	9	5	what	what	WP
www-bis-org-8025	9	6	the	the	DT
www-bis-org-8025	9	7	future	future	NN
www-bis-org-8025	9	8	might	may	MD
www-bis-org-8025	9	9	hold	hold	VB
www-bis-org-8025	9	10	for	for	IN
www-bis-org-8025	9	11	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	9	12	modelled	model	VBN
www-bis-org-8025	9	13	on	on	IN
www-bis-org-8025	9	14	this	this	DT
www-bis-org-8025	9	15	type	type	NN
www-bis-org-8025	9	16	of	of	IN
www-bis-org-8025	9	17	consensus	consensus	NN
www-bis-org-8025	9	18	algorithm	algorithm	NN
www-bis-org-8025	9	19	.	.	.
www-bis-org-8025	10	1	The	the	DT
www-bis-org-8025	10	2	conclusions	conclusion	NNS
www-bis-org-8025	10	3	are	be	VBP
www-bis-org-8025	10	4	,	,	,
www-bis-org-8025	10	5	first	first	RB
www-bis-org-8025	10	6	,	,	,
www-bis-org-8025	10	7	that	that	IN
www-bis-org-8025	10	8	Bitcoin	Bitcoin	NNP
www-bis-org-8025	10	9	counterfeiting	counterfeiting	NN
www-bis-org-8025	10	10	via	via	IN
www-bis-org-8025	10	11	“	"	``
www-bis-org-8025	10	12	double	double	JJ
www-bis-org-8025	10	13	-	-	HYPH
www-bis-org-8025	10	14	spending	spend	VBG
www-bis-org-8025	10	15	”	"	''
www-bis-org-8025	10	16	attacks	attack	NNS
www-bis-org-8025	10	17	is	be	VBZ
www-bis-org-8025	10	18	inherently	inherently	RB
www-bis-org-8025	10	19	profitable	profitable	JJ
www-bis-org-8025	10	20	,	,	,
www-bis-org-8025	10	21	making	make	VBG
www-bis-org-8025	10	22	payment	payment	NN
www-bis-org-8025	10	23	finality	finality	NN
www-bis-org-8025	10	24	based	base	VBN
www-bis-org-8025	10	25	on	on	IN
www-bis-org-8025	10	26	proof	proof	NN
www-bis-org-8025	10	27	-	-	HYPH
www-bis-org-8025	10	28	of	of	IN
www-bis-org-8025	10	29	-	-	HYPH
www-bis-org-8025	10	30	work	work	NN
www-bis-org-8025	10	31	extremely	extremely	RB
www-bis-org-8025	10	32	expensive	expensive	JJ
www-bis-org-8025	10	33	.	.	.
www-bis-org-8025	11	1	Second	second	JJ
www-bis-org-8025	11	2	,	,	,
www-bis-org-8025	11	3	the	the	DT
www-bis-org-8025	11	4	transaction	transaction	NN
www-bis-org-8025	11	5	market	market	NN
www-bis-org-8025	11	6	can	can	MD
www-bis-org-8025	11	7	not	not	RB
www-bis-org-8025	11	8	generate	generate	VB
www-bis-org-8025	11	9	an	an	DT
www-bis-org-8025	11	10	adequate	adequate	JJ
www-bis-org-8025	11	11	level	level	NN
www-bis-org-8025	11	12	of	of	IN
www-bis-org-8025	11	13	“	"	``
www-bis-org-8025	11	14	mining	mining	NN
www-bis-org-8025	11	15	”	"	''
www-bis-org-8025	11	16	income	income	NN
www-bis-org-8025	11	17	via	via	IN
www-bis-org-8025	11	18	fees	fee	NNS
www-bis-org-8025	11	19	as	as	IN
www-bis-org-8025	11	20	users	user	NNS
www-bis-org-8025	11	21	free	free	JJ
www-bis-org-8025	11	22	-	-	HYPH
www-bis-org-8025	11	23	ride	ride	NN
www-bis-org-8025	11	24	on	on	IN
www-bis-org-8025	11	25	the	the	DT
www-bis-org-8025	11	26	fees	fee	NNS
www-bis-org-8025	11	27	of	of	IN
www-bis-org-8025	11	28	other	other	JJ
www-bis-org-8025	11	29	transactions	transaction	NNS
www-bis-org-8025	11	30	in	in	IN
www-bis-org-8025	11	31	a	a	DT
www-bis-org-8025	11	32	block	block	NN
www-bis-org-8025	11	33	and	and	CC
www-bis-org-8025	11	34	in	in	IN
www-bis-org-8025	11	35	the	the	DT
www-bis-org-8025	11	36	subsequent	subsequent	JJ
www-bis-org-8025	11	37	blockchain	blockchain	NN
www-bis-org-8025	11	38	.	.	.
www-bis-org-8025	12	1	Instead	instead	RB
www-bis-org-8025	12	2	,	,	,
www-bis-org-8025	12	3	newly	newly	RB
www-bis-org-8025	12	4	minted	mint	VBN
www-bis-org-8025	12	5	bitcoins	bitcoin	NNS
www-bis-org-8025	12	6	,	,	,
www-bis-org-8025	12	7	known	know	VBN
www-bis-org-8025	12	8	as	as	IN
www-bis-org-8025	12	9	block	block	NN
www-bis-org-8025	12	10	rewards	reward	NNS
www-bis-org-8025	12	11	,	,	,
www-bis-org-8025	12	12	have	have	VBP
www-bis-org-8025	12	13	made	make	VBN
www-bis-org-8025	12	14	up	up	RP
www-bis-org-8025	12	15	the	the	DT
www-bis-org-8025	12	16	bulk	bulk	NN
www-bis-org-8025	12	17	of	of	IN
www-bis-org-8025	12	18	mining	mining	NN
www-bis-org-8025	12	19	income	income	NN
www-bis-org-8025	12	20	to	to	IN
www-bis-org-8025	12	21	date	date	NN
www-bis-org-8025	12	22	.	.	.
www-bis-org-8025	13	1	Looking	look	VBG
www-bis-org-8025	13	2	ahead	ahead	RB
www-bis-org-8025	13	3	,	,	,
www-bis-org-8025	13	4	these	these	DT
www-bis-org-8025	13	5	two	two	CD
www-bis-org-8025	13	6	limitations	limitation	NNS
www-bis-org-8025	13	7	imply	imply	VBP
www-bis-org-8025	13	8	that	that	IN
www-bis-org-8025	13	9	liquidity	liquidity	NN
www-bis-org-8025	13	10	is	be	VBZ
www-bis-org-8025	13	11	set	set	VBN
www-bis-org-8025	13	12	to	to	TO
www-bis-org-8025	13	13	fall	fall	VB
www-bis-org-8025	13	14	dramatically	dramatically	RB
www-bis-org-8025	13	15	as	as	IN
www-bis-org-8025	13	16	these	these	DT
www-bis-org-8025	13	17	block	block	NN
www-bis-org-8025	13	18	rewards	reward	NNS
www-bis-org-8025	13	19	are	be	VBP
www-bis-org-8025	13	20	phased	phase	VBN
www-bis-org-8025	13	21	out	out	RP
www-bis-org-8025	13	22	.	.	.
www-bis-org-8025	14	1	Simple	simple	JJ
www-bis-org-8025	14	2	calculations	calculation	NNS
www-bis-org-8025	14	3	suggest	suggest	VBP
www-bis-org-8025	14	4	that	that	IN
www-bis-org-8025	14	5	once	once	IN
www-bis-org-8025	14	6	block	block	NN
www-bis-org-8025	14	7	rewards	reward	NNS
www-bis-org-8025	14	8	are	be	VBP
www-bis-org-8025	14	9	zero	zero	CD
www-bis-org-8025	14	10	,	,	,
www-bis-org-8025	14	11	it	-PRON-	PRP
www-bis-org-8025	14	12	could	could	MD
www-bis-org-8025	14	13	take	take	VB
www-bis-org-8025	14	14	months	month	NNS
www-bis-org-8025	14	15	before	before	IN
www-bis-org-8025	14	16	a	a	DT
www-bis-org-8025	14	17	Bitcoin	Bitcoin	NNP
www-bis-org-8025	14	18	payment	payment	NN
www-bis-org-8025	14	19	is	be	VBZ
www-bis-org-8025	14	20	final	final	JJ
www-bis-org-8025	14	21	,	,	,
www-bis-org-8025	14	22	unless	unless	IN
www-bis-org-8025	14	23	new	new	JJ
www-bis-org-8025	14	24	technologies	technology	NNS
www-bis-org-8025	14	25	are	be	VBP
www-bis-org-8025	14	26	deployed	deploy	VBN
www-bis-org-8025	14	27	to	to	TO
www-bis-org-8025	14	28	speed	speed	VB
www-bis-org-8025	14	29	up	up	RP
www-bis-org-8025	14	30	payment	payment	NN
www-bis-org-8025	14	31	finality	finality	NN
www-bis-org-8025	14	32	.	.	.
www-bis-org-8025	15	1	Second	second	JJ
www-bis-org-8025	15	2	-	-	HYPH
www-bis-org-8025	15	3	layer	layer	NN
www-bis-org-8025	15	4	solutions	solution	NNS
www-bis-org-8025	15	5	such	such	JJ
www-bis-org-8025	15	6	as	as	IN
www-bis-org-8025	15	7	the	the	DT
www-bis-org-8025	15	8	Lightning	Lightning	NNP
www-bis-org-8025	15	9	Network	Network	NNP
www-bis-org-8025	15	10	might	may	MD
www-bis-org-8025	15	11	help	help	VB
www-bis-org-8025	15	12	,	,	,
www-bis-org-8025	15	13	but	but	CC
www-bis-org-8025	15	14	the	the	DT
www-bis-org-8025	15	15	only	only	JJ
www-bis-org-8025	15	16	fundamental	fundamental	JJ
www-bis-org-8025	15	17	remedy	remedy	NN
www-bis-org-8025	15	18	would	would	MD
www-bis-org-8025	15	19	be	be	VB
www-bis-org-8025	15	20	to	to	TO
www-bis-org-8025	15	21	depart	depart	VB
www-bis-org-8025	15	22	from	from	IN
www-bis-org-8025	15	23	proof	proof	NN
www-bis-org-8025	15	24	-	-	HYPH
www-bis-org-8025	15	25	of	of	IN
www-bis-org-8025	15	26	-	-	HYPH
www-bis-org-8025	15	27	work	work	NN
www-bis-org-8025	15	28	,	,	,
www-bis-org-8025	15	29	which	which	WDT
www-bis-org-8025	15	30	would	would	MD
www-bis-org-8025	15	31	probably	probably	RB
www-bis-org-8025	15	32	require	require	VB
www-bis-org-8025	15	33	some	some	DT
www-bis-org-8025	15	34	form	form	NN
www-bis-org-8025	15	35	of	of	IN
www-bis-org-8025	15	36	social	social	JJ
www-bis-org-8025	15	37	coordination	coordination	NN
www-bis-org-8025	15	38	or	or	CC
www-bis-org-8025	15	39	institutionalisation	institutionalisation	NN
www-bis-org-8025	15	40	.	.	.
www-bis-org-8025	16	1	JEL	JEL	NNP
www-bis-org-8025	16	2	classification	classification	NN
www-bis-org-8025	16	3	:	:	:
www-bis-org-8025	16	4	D40	D40	NNP
www-bis-org-8025	16	5	,	,	,
www-bis-org-8025	16	6	D20	D20	NNP
www-bis-org-8025	16	7	,	,	,
www-bis-org-8025	16	8	E42	E42	NNP
www-bis-org-8025	16	9	,	,	,
www-bis-org-8025	16	10	E51	E51	NNP
www-bis-org-8025	16	11	,	,	,
www-bis-org-8025	16	12	F31	F31	NNP
www-bis-org-8025	16	13	,	,	,
www-bis-org-8025	16	14	G12	G12	NNP
www-bis-org-8025	16	15	,	,	,
www-bis-org-8025	16	16	G28	G28	NNP
www-bis-org-8025	16	17	,	,	,
www-bis-org-8025	16	18	G32	G32	NNP
www-bis-org-8025	16	19	,	,	,
www-bis-org-8025	16	20	G38	G38	NNP
www-bis-org-8025	16	21	,	,	,
www-bis-org-8025	16	22	L10	L10	NNP
www-bis-org-8025	16	23	,	,	,
www-bis-org-8025	16	24	L50	L50	NNP
www-bis-org-8025	16	25	.	.	.
www-bis-org-8025	17	1	Keywords	keyword	NNS
www-bis-org-8025	17	2	:	:	:
www-bis-org-8025	17	3	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	17	4	,	,	,
www-bis-org-8025	17	5	crypto	crypto	NN
www-bis-org-8025	17	6	-	-	HYPH
www-bis-org-8025	17	7	assets	asset	NNS
www-bis-org-8025	17	8	,	,	,
www-bis-org-8025	17	9	digital	digital	JJ
www-bis-org-8025	17	10	currencies	currency	NNS
www-bis-org-8025	17	11	,	,	,
www-bis-org-8025	17	12	blockchain	blockchain	NNP
www-bis-org-8025	17	13	,	,	,
www-bis-org-8025	17	14	proof	proof	NN
www-bis-org-8025	17	15	-	-	HYPH
www-bis-org-8025	17	16	of	of	IN
www-bis-org-8025	17	17	-	-	HYPH
www-bis-org-8025	17	18	work	work	NN
www-bis-org-8025	17	19	,	,	,
www-bis-org-8025	17	20	proof	proof	NN
www-bis-org-8025	17	21	-	-	HYPH
www-bis-org-8025	17	22	of	of	IN
www-bis-org-8025	17	23	-	-	HYPH
www-bis-org-8025	17	24	stake	stake	NN
www-bis-org-8025	17	25	,	,	,
www-bis-org-8025	17	26	distributed	distribute	VBN
www-bis-org-8025	17	27	ledger	ledger	NNP
www-bis-org-8025	17	28	technology	technology	NN
www-bis-org-8025	17	29	,	,	,
www-bis-org-8025	17	30	consensus	consensus	NN
www-bis-org-8025	17	31	,	,	,
www-bis-org-8025	17	32	bitcoin	bitcoin	NN
www-bis-org-8025	17	33	,	,	,
www-bis-org-8025	17	34	ethereum	ethereum	NN
www-bis-org-8025	17	35	,	,	,
www-bis-org-8025	17	36	money	money	NN
www-bis-org-8025	17	37	,	,	,
www-bis-org-8025	17	38	digitalisation	digitalisation	NN
www-bis-org-8025	17	39	,	,	,
www-bis-org-8025	17	40	finance	finance	NN
www-bis-org-8025	17	41	,	,	,
www-bis-org-8025	17	42	history	history	NN
www-bis-org-8025	17	43	of	of	IN
www-bis-org-8025	17	44	money	money	NN
www-bis-org-8025	17	45	.	.	.
www-bis-org-8025	18	1	1	1	CD
www-bis-org-8025	18	2	Email	email	NN
www-bis-org-8025	18	3	:	:	:
www-bis-org-8025	18	4	Raphael.auer@bis.org	Raphael.auer@bis.org	NNP
www-bis-org-8025	18	5	.	.	.
www-bis-org-8025	19	1	An	an	DT
www-bis-org-8025	19	2	earlier	early	JJR
www-bis-org-8025	19	3	version	version	NN
www-bis-org-8025	19	4	of	of	IN
www-bis-org-8025	19	5	this	this	DT
www-bis-org-8025	19	6	paper	paper	NN
www-bis-org-8025	19	7	was	be	VBD
www-bis-org-8025	19	8	titled	title	VBN
www-bis-org-8025	19	9	“	"	``
www-bis-org-8025	19	10	The	the	DT
www-bis-org-8025	19	11	mechanics	mechanic	NNS
www-bis-org-8025	19	12	of	of	IN
www-bis-org-8025	19	13	decentralised	decentralised	JJ
www-bis-org-8025	19	14	trust	trust	NN
www-bis-org-8025	19	15	in	in	IN
www-bis-org-8025	19	16	Bitcoin	Bitcoin	NNP
www-bis-org-8025	19	17	and	and	CC
www-bis-org-8025	19	18	the	the	DT
www-bis-org-8025	19	19	blockchain	blockchain	NN
www-bis-org-8025	19	20	”	"	''
www-bis-org-8025	19	21	.	.	.
www-bis-org-8025	20	1	I	-PRON-	PRP
www-bis-org-8025	20	2	thank	thank	VBP
www-bis-org-8025	20	3	David	David	NNP
www-bis-org-8025	20	4	Archer	Archer	NNP
www-bis-org-8025	20	5	,	,	,
www-bis-org-8025	20	6	Morten	Morten	NNP
www-bis-org-8025	20	7	Bech	Bech	NNP
www-bis-org-8025	20	8	,	,	,
www-bis-org-8025	20	9	Stijn	Stijn	NNP
www-bis-org-8025	20	10	Claessens	Claessens	NNP
www-bis-org-8025	20	11	,	,	,
www-bis-org-8025	20	12	Jon	Jon	NNP
www-bis-org-8025	20	13	Frost	Frost	NNP
www-bis-org-8025	20	14	,	,	,
www-bis-org-8025	20	15	Giulio	Giulio	NNP
www-bis-org-8025	20	16	Cornelli	Cornelli	NNP
www-bis-org-8025	20	17	,	,	,
www-bis-org-8025	20	18	Henry	Henry	NNP
www-bis-org-8025	20	19	Holden	Holden	NNP
www-bis-org-8025	20	20	,	,	,
www-bis-org-8025	20	21	Krista	Krista	NNP
www-bis-org-8025	20	22	Hughes	Hughes	NNP
www-bis-org-8025	20	23	and	and	CC
www-bis-org-8025	20	24	Paul	Paul	NNP
www-bis-org-8025	20	25	Wong	Wong	NNP
www-bis-org-8025	20	26	for	for	IN
www-bis-org-8025	20	27	comments	comment	NNS
www-bis-org-8025	20	28	and	and	CC
www-bis-org-8025	20	29	seminar	seminar	NN
www-bis-org-8025	20	30	participants	participant	NNS
www-bis-org-8025	20	31	at	at	IN
www-bis-org-8025	20	32	the	the	DT
www-bis-org-8025	20	33	Bank	Bank	NNP
www-bis-org-8025	20	34	for	for	IN
www-bis-org-8025	20	35	International	International	NNP
www-bis-org-8025	20	36	Settlements	Settlements	NNP
www-bis-org-8025	20	37	and	and	CC
www-bis-org-8025	20	38	the	the	DT
www-bis-org-8025	20	39	2018	2018	CD
www-bis-org-8025	20	40	Annual	Annual	NNP
www-bis-org-8025	20	41	Meeting	Meeting	NNP
www-bis-org-8025	20	42	of	of	IN
www-bis-org-8025	20	43	the	the	DT
www-bis-org-8025	20	44	Central	Central	NNP
www-bis-org-8025	20	45	Bank	Bank	NNP
www-bis-org-8025	20	46	Research	Research	NNP
www-bis-org-8025	20	47	Association	Association	NNP
www-bis-org-8025	20	48	for	for	IN
www-bis-org-8025	20	49	comments	comment	NNS
www-bis-org-8025	20	50	;	;	:
www-bis-org-8025	20	51	and	and	CC
www-bis-org-8025	20	52	Codruta	Codruta	NNP
www-bis-org-8025	20	53	Boar	Boar	NNP
www-bis-org-8025	20	54	,	,	,
www-bis-org-8025	20	55	Alan	Alan	NNP
www-bis-org-8025	20	56	Villegas	Villegas	NNP
www-bis-org-8025	20	57	and	and	CC
www-bis-org-8025	20	58	Giulio	Giulio	NNP
www-bis-org-8025	20	59	Cornelli	Cornelli	NNP
www-bis-org-8025	20	60	for	for	IN
www-bis-org-8025	20	61	outstanding	outstanding	JJ
www-bis-org-8025	20	62	research	research	NN
www-bis-org-8025	20	63	support	support	NN
www-bis-org-8025	20	64	.	.	.
www-bis-org-8025	21	1	The	the	DT
www-bis-org-8025	21	2	views	view	NNS
www-bis-org-8025	21	3	expressed	express	VBN
www-bis-org-8025	21	4	in	in	IN
www-bis-org-8025	21	5	this	this	DT
www-bis-org-8025	21	6	paper	paper	NN
www-bis-org-8025	21	7	are	be	VBP
www-bis-org-8025	21	8	those	those	DT
www-bis-org-8025	21	9	of	of	IN
www-bis-org-8025	21	10	the	the	DT
www-bis-org-8025	21	11	author	author	NN
www-bis-org-8025	21	12	and	and	CC
www-bis-org-8025	21	13	not	not	RB
www-bis-org-8025	21	14	necessarily	necessarily	RB
www-bis-org-8025	21	15	those	those	DT
www-bis-org-8025	21	16	of	of	IN
www-bis-org-8025	21	17	the	the	DT
www-bis-org-8025	21	18	Bank	Bank	NNP
www-bis-org-8025	21	19	for	for	IN
www-bis-org-8025	21	20	International	International	NNP
www-bis-org-8025	21	21	Settlements	Settlements	NNP
www-bis-org-8025	21	22	.	.	.
www-bis-org-8025	22	1	mailto:Raphael.auer@bis.org	mailto:raphael.auer@bis.org	NN
www-bis-org-8025	22	2	2	2	CD
www-bis-org-8025	22	3	WP765	WP765	NNP
www-bis-org-8025	22	4	Beyond	beyond	IN
www-bis-org-8025	22	5	the	the	DT
www-bis-org-8025	22	6	doomsday	doomsday	NNP
www-bis-org-8025	22	7	economics	economic	NNS
www-bis-org-8025	22	8	of	of	IN
www-bis-org-8025	22	9	“	"	``
www-bis-org-8025	22	10	proof	proof	NN
www-bis-org-8025	22	11	-	-	HYPH
www-bis-org-8025	22	12	of	of	IN
www-bis-org-8025	22	13	-	-	HYPH
www-bis-org-8025	22	14	work	work	NN
www-bis-org-8025	22	15	”	"	''
www-bis-org-8025	22	16	in	in	IN
www-bis-org-8025	22	17	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	22	18	Introduction	introduction	NN
www-bis-org-8025	22	19	Judged	judge	VBN
www-bis-org-8025	22	20	by	by	IN
www-bis-org-8025	22	21	internet	internet	NN
www-bis-org-8025	22	22	searches	search	NNS
www-bis-org-8025	22	23	,	,	,
www-bis-org-8025	22	24	popular	popular	JJ
www-bis-org-8025	22	25	fascination	fascination	NN
www-bis-org-8025	22	26	with	with	IN
www-bis-org-8025	22	27	Bitcoin	Bitcoin	NNP
www-bis-org-8025	22	28	and	and	CC
www-bis-org-8025	22	29	other	other	JJ
www-bis-org-8025	22	30	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	22	31	soared	soar	VBD
www-bis-org-8025	22	32	in	in	IN
www-bis-org-8025	22	33	late	late	JJ
www-bis-org-8025	22	34	2017	2017	CD
www-bis-org-8025	22	35	,	,	,
www-bis-org-8025	22	36	outstripping	outstrip	VBG
www-bis-org-8025	22	37	interest	interest	NN
www-bis-org-8025	22	38	in	in	IN
www-bis-org-8025	22	39	sovereign	sovereign	JJ
www-bis-org-8025	22	40	currencies	currency	NNS
www-bis-org-8025	22	41	,	,	,
www-bis-org-8025	22	42	or	or	CC
www-bis-org-8025	22	43	even	even	RB
www-bis-org-8025	22	44	gold	gold	NN
www-bis-org-8025	22	45	(	(	-LRB-
www-bis-org-8025	22	46	see	see	VB
www-bis-org-8025	22	47	Graph	Graph	NNP
www-bis-org-8025	22	48	1	1	CD
www-bis-org-8025	22	49	,	,	,
www-bis-org-8025	22	50	left	left	JJ
www-bis-org-8025	22	51	-	-	HYPH
www-bis-org-8025	22	52	hand	hand	NN
www-bis-org-8025	22	53	and	and	CC
www-bis-org-8025	22	54	centre	centre	NN
www-bis-org-8025	22	55	panels).2	panels).2	NNP
www-bis-org-8025	22	56	Yet	yet	CC
www-bis-org-8025	22	57	few	few	JJ
www-bis-org-8025	22	58	people	people	NNS
www-bis-org-8025	22	59	were	be	VBD
www-bis-org-8025	22	60	actually	actually	RB
www-bis-org-8025	22	61	using	use	VBG
www-bis-org-8025	22	62	Bitcoin	Bitcoin	NNP
www-bis-org-8025	22	63	to	to	TO
www-bis-org-8025	22	64	buy	buy	VB
www-bis-org-8025	22	65	things	thing	NNS
www-bis-org-8025	22	66	(	(	-LRB-
www-bis-org-8025	22	67	see	see	VB
www-bis-org-8025	22	68	Graph	Graph	NNP
www-bis-org-8025	22	69	1	1	CD
www-bis-org-8025	22	70	,	,	,
www-bis-org-8025	22	71	right	right	JJ
www-bis-org-8025	22	72	-	-	HYPH
www-bis-org-8025	22	73	hand	hand	NN
www-bis-org-8025	22	74	panel).3	panel).3	NN
www-bis-org-8025	22	75	Much	much	JJ
www-bis-org-8025	22	76	of	of	IN
www-bis-org-8025	22	77	the	the	DT
www-bis-org-8025	22	78	allure	allure	NN
www-bis-org-8025	22	79	surrounding	surround	VBG
www-bis-org-8025	22	80	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	22	81	stems	stem	VBZ
www-bis-org-8025	22	82	from	from	IN
www-bis-org-8025	22	83	the	the	DT
www-bis-org-8025	22	84	fact	fact	NN
www-bis-org-8025	22	85	that	that	IN
www-bis-org-8025	22	86	no	no	DT
www-bis-org-8025	22	87	government	government	NN
www-bis-org-8025	22	88	is	be	VBZ
www-bis-org-8025	22	89	needed	need	VBN
www-bis-org-8025	22	90	to	to	TO
www-bis-org-8025	22	91	issue	issue	VB
www-bis-org-8025	22	92	them	-PRON-	PRP
www-bis-org-8025	22	93	.	.	.
www-bis-org-8025	23	1	And	and	CC
www-bis-org-8025	23	2	they	-PRON-	PRP
www-bis-org-8025	23	3	can	can	MD
www-bis-org-8025	23	4	be	be	VB
www-bis-org-8025	23	5	held	hold	VBN
www-bis-org-8025	23	6	and	and	CC
www-bis-org-8025	23	7	traded	trade	VBN
www-bis-org-8025	23	8	without	without	IN
www-bis-org-8025	23	9	a	a	DT
www-bis-org-8025	23	10	bank	bank	NN
www-bis-org-8025	23	11	account	account	NN
www-bis-org-8025	23	12	.	.	.
www-bis-org-8025	24	1	Instead	instead	RB
www-bis-org-8025	24	2	,	,	,
www-bis-org-8025	24	3	they	-PRON-	PRP
www-bis-org-8025	24	4	are	be	VBP
www-bis-org-8025	24	5	exchanged	exchange	VBN
www-bis-org-8025	24	6	via	via	IN
www-bis-org-8025	24	7	simple	simple	JJ
www-bis-org-8025	24	8	technical	technical	JJ
www-bis-org-8025	24	9	protocols	protocol	NNS
www-bis-org-8025	24	10	for	for	IN
www-bis-org-8025	24	11	communication	communication	NN
www-bis-org-8025	24	12	between	between	IN
www-bis-org-8025	24	13	participants	participant	NNS
www-bis-org-8025	24	14	,	,	,
www-bis-org-8025	24	15	as	as	RB
www-bis-org-8025	24	16	well	well	RB
www-bis-org-8025	24	17	as	as	IN
www-bis-org-8025	24	18	a	a	DT
www-bis-org-8025	24	19	publicly	publicly	RB
www-bis-org-8025	24	20	shared	share	VBN
www-bis-org-8025	24	21	ledger	ledger	NN
www-bis-org-8025	24	22	of	of	IN
www-bis-org-8025	24	23	transactions	transaction	NNS
www-bis-org-8025	24	24	(	(	-LRB-
www-bis-org-8025	24	25	the	the	DT
www-bis-org-8025	24	26	“	"	``
www-bis-org-8025	24	27	blockchain	blockchain	NNP
www-bis-org-8025	24	28	”	"	''
www-bis-org-8025	24	29	)	)	-RRB-
www-bis-org-8025	24	30	that	that	DT
www-bis-org-8025	24	31	is	be	VBZ
www-bis-org-8025	24	32	updated	update	VBN
www-bis-org-8025	24	33	by	by	IN
www-bis-org-8025	24	34	a	a	DT
www-bis-org-8025	24	35	decentralised	decentralised	JJ
www-bis-org-8025	24	36	network	network	NN
www-bis-org-8025	24	37	of	of	IN
www-bis-org-8025	24	38	“	"	``
www-bis-org-8025	24	39	miners	miner	NNS
www-bis-org-8025	24	40	”	"	''
www-bis-org-8025	24	41	via	via	IN
www-bis-org-8025	24	42	costly	costly	JJ
www-bis-org-8025	24	43	computations	computation	NNS
www-bis-org-8025	24	44	,	,	,
www-bis-org-8025	24	45	ie	ie	FW
www-bis-org-8025	24	46	“	"	``
www-bis-org-8025	24	47	proof	proof	NN
www-bis-org-8025	24	48	-	-	HYPH
www-bis-org-8025	24	49	of	of	IN
www-bis-org-8025	24	50	-	-	HYPH
www-bis-org-8025	24	51	work	work	NN
www-bis-org-8025	24	52	”	"	''
www-bis-org-8025	24	53	.	.	.
www-bis-org-8025	25	1	What	what	WP
www-bis-org-8025	25	2	is	be	VBZ
www-bis-org-8025	25	3	the	the	DT
www-bis-org-8025	25	4	economic	economic	JJ
www-bis-org-8025	25	5	potential	potential	NN
www-bis-org-8025	25	6	of	of	IN
www-bis-org-8025	25	7	this	this	DT
www-bis-org-8025	25	8	new	new	JJ
www-bis-org-8025	25	9	means	mean	NNS
www-bis-org-8025	25	10	of	of	IN
www-bis-org-8025	25	11	exchange	exchange	NN
www-bis-org-8025	25	12	?	?	.
www-bis-org-8025	26	1	This	this	DT
www-bis-org-8025	26	2	paper	paper	NN
www-bis-org-8025	26	3	analyses	analyse	VBZ
www-bis-org-8025	26	4	the	the	DT
www-bis-org-8025	26	5	underlying	underlie	VBG
www-bis-org-8025	26	6	economics	economic	NNS
www-bis-org-8025	26	7	of	of	IN
www-bis-org-8025	26	8	how	how	WRB
www-bis-org-8025	26	9	Bitcoin	Bitcoin	NNP
www-bis-org-8025	26	10	achieves	achieve	VBZ
www-bis-org-8025	26	11	payment	payment	NN
www-bis-org-8025	26	12	finality	finality	NN
www-bis-org-8025	26	13	,	,	,
www-bis-org-8025	26	14	ie	ie	VBZ
www-bis-org-8025	26	15	how	how	WRB
www-bis-org-8025	26	16	it	-PRON-	PRP
www-bis-org-8025	26	17	seeks	seek	VBZ
www-bis-org-8025	26	18	to	to	TO
www-bis-org-8025	26	19	make	make	VB
www-bis-org-8025	26	20	a	a	DT
www-bis-org-8025	26	21	payment	payment	NN
www-bis-org-8025	26	22	unalterable	unalterable	JJ
www-bis-org-8025	26	23	once	once	RB
www-bis-org-8025	26	24	included	include	VBN
www-bis-org-8025	26	25	in	in	IN
www-bis-org-8025	26	26	the	the	DT
www-bis-org-8025	26	27	blockchain	blockchain	NN
www-bis-org-8025	26	28	,	,	,
www-bis-org-8025	26	29	so	so	IN
www-bis-org-8025	26	30	that	that	IN
www-bis-org-8025	26	31	it	-PRON-	PRP
www-bis-org-8025	26	32	can	can	MD
www-bis-org-8025	26	33	be	be	VB
www-bis-org-8025	26	34	considered	consider	VBN
www-bis-org-8025	26	35	as	as	IN
www-bis-org-8025	26	36	irrevocable	irrevocable	JJ
www-bis-org-8025	26	37	.	.	.
www-bis-org-8025	27	1	It	-PRON-	PRP
www-bis-org-8025	27	2	then	then	RB
www-bis-org-8025	27	3	discusses	discuss	VBZ
www-bis-org-8025	27	4	the	the	DT
www-bis-org-8025	27	5	future	future	NN
www-bis-org-8025	27	6	of	of	IN
www-bis-org-8025	27	7	this	this	DT
www-bis-org-8025	27	8	type	type	NN
www-bis-org-8025	27	9	of	of	IN
www-bis-org-8025	27	10	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	27	11	in	in	IN
www-bis-org-8025	27	12	general	general	JJ
www-bis-org-8025	27	13	.	.	.
www-bis-org-8025	28	1	The	the	DT
www-bis-org-8025	28	2	focus	focus	NN
www-bis-org-8025	28	3	lies	lie	VBZ
www-bis-org-8025	28	4	on	on	IN
www-bis-org-8025	28	5	the	the	DT
www-bis-org-8025	28	6	technical	technical	JJ
www-bis-org-8025	28	7	elements	element	NNS
www-bis-org-8025	28	8	underlying	underlie	VBG
www-bis-org-8025	28	9	Bitcoin	Bitcoin	NNP
www-bis-org-8025	28	10	and	and	CC
www-bis-org-8025	28	11	its	-PRON-	PRP$
www-bis-org-8025	28	12	blockchain	blockchain	NN
www-bis-org-8025	28	13	,	,	,
www-bis-org-8025	28	14	as	as	IN
www-bis-org-8025	28	15	devised	devise	VBN
www-bis-org-8025	28	16	by	by	IN
www-bis-org-8025	28	17	Nakamoto	Nakamoto	NNP
www-bis-org-8025	28	18	(	(	-LRB-
www-bis-org-8025	28	19	2008	2008	CD
www-bis-org-8025	28	20	)	)	-RRB-
www-bis-org-8025	28	21	.	.	.
www-bis-org-8025	29	1	But	but	CC
www-bis-org-8025	29	2	its	-PRON-	PRP$
www-bis-org-8025	29	3	conclusions	conclusion	NNS
www-bis-org-8025	29	4	extend	extend	VBP
www-bis-org-8025	29	5	to	to	IN
www-bis-org-8025	29	6	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	29	7	that	that	WDT
www-bis-org-8025	29	8	are	be	VBP
www-bis-org-8025	29	9	slightly	slightly	RB
www-bis-org-8025	29	10	modified	modify	VBN
www-bis-org-8025	29	11	clones	clone	NNS
www-bis-org-8025	29	12	of	of	IN
www-bis-org-8025	29	13	Bitcoin	Bitcoin	NNP
www-bis-org-8025	29	14	(	(	-LRB-
www-bis-org-8025	29	15	eg	eg	NNP
www-bis-org-8025	29	16	Bitcoin	Bitcoin	NNP
www-bis-org-8025	29	17	Cash	Cash	NNP
www-bis-org-8025	29	18	,	,	,
www-bis-org-8025	29	19	Bitcoin	Bitcoin	NNP
www-bis-org-8025	29	20	SV	SV	NNP
www-bis-org-8025	29	21	,	,	,
www-bis-org-8025	29	22	or	or	CC
www-bis-org-8025	29	23	Litecoin	Litecoin	NNP
www-bis-org-8025	29	24	)	)	-RRB-
www-bis-org-8025	29	25	or	or	CC
www-bis-org-8025	29	26	digital	digital	JJ
www-bis-org-8025	29	27	tokens	token	NNS
www-bis-org-8025	29	28	that	that	WDT
www-bis-org-8025	29	29	,	,	,
www-bis-org-8025	29	30	so	so	RB
www-bis-org-8025	29	31	far	far	RB
www-bis-org-8025	29	32	at	at	IN
www-bis-org-8025	29	33	least	least	RBS
www-bis-org-8025	29	34	,	,	,
www-bis-org-8025	29	35	share	share	VB
www-bis-org-8025	29	36	the	the	DT
www-bis-org-8025	29	37	crucial	crucial	JJ
www-bis-org-8025	29	38	reliance	reliance	NN
www-bis-org-8025	29	39	on	on	IN
www-bis-org-8025	29	40	proof	proof	NN
www-bis-org-8025	29	41	-	-	HYPH
www-bis-org-8025	29	42	of	of	IN
www-bis-org-8025	29	43	-	-	HYPH
www-bis-org-8025	29	44	work	work	NN
www-bis-org-8025	29	45	to	to	TO
www-bis-org-8025	29	46	underpin	underpin	VB
www-bis-org-8025	29	47	their	-PRON-	PRP$
www-bis-org-8025	29	48	payment	payment	NN
www-bis-org-8025	29	49	finality	finality	NN
www-bis-org-8025	29	50	(	(	-LRB-
www-bis-org-8025	29	51	eg	eg	NNP
www-bis-org-8025	29	52	Ethereum	Ethereum	NNP
www-bis-org-8025	29	53	or	or	CC
www-bis-org-8025	29	54	Monero	Monero	NNP
www-bis-org-8025	29	55	)	)	-RRB-
www-bis-org-8025	29	56	.	.	.
www-bis-org-8025	30	1	2	2	CD
www-bis-org-8025	30	2	International	international	JJ
www-bis-org-8025	30	3	bodies	body	NNS
www-bis-org-8025	30	4	have	have	VBP
www-bis-org-8025	30	5	also	also	RB
www-bis-org-8025	30	6	turned	turn	VBN
www-bis-org-8025	30	7	their	-PRON-	PRP$
www-bis-org-8025	30	8	attention	attention	NN
www-bis-org-8025	30	9	to	to	IN
www-bis-org-8025	30	10	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	30	11	,	,	,
www-bis-org-8025	30	12	see	see	VB
www-bis-org-8025	30	13	,	,	,
www-bis-org-8025	30	14	for	for	IN
www-bis-org-8025	30	15	example	example	NN
www-bis-org-8025	30	16	,	,	,
www-bis-org-8025	30	17	Bank	Bank	NNP
www-bis-org-8025	30	18	for	for	IN
www-bis-org-8025	30	19	International	International	NNP
www-bis-org-8025	30	20	Settlements	Settlements	NNP
www-bis-org-8025	30	21	(	(	-LRB-
www-bis-org-8025	30	22	2018	2018	CD
www-bis-org-8025	30	23	)	)	-RRB-
www-bis-org-8025	30	24	,	,	,
www-bis-org-8025	30	25	Carstens	Carstens	NNP
www-bis-org-8025	30	26	(	(	-LRB-
www-bis-org-8025	30	27	2018a	2018a	CD
www-bis-org-8025	30	28	,	,	,
www-bis-org-8025	30	29	b	b	NN
www-bis-org-8025	30	30	,	,	,
www-bis-org-8025	30	31	c	c	NNP
www-bis-org-8025	30	32	)	)	-RRB-
www-bis-org-8025	30	33	,	,	,
www-bis-org-8025	30	34	Committee	Committee	NNP
www-bis-org-8025	30	35	on	on	IN
www-bis-org-8025	30	36	Payments	Payments	NNP
www-bis-org-8025	30	37	and	and	CC
www-bis-org-8025	30	38	Market	market	NN
www-bis-org-8025	30	39	Infrastructures	infrastructure	NNS
www-bis-org-8025	30	40	(	(	-LRB-
www-bis-org-8025	30	41	CPMI	CPMI	NNP
www-bis-org-8025	30	42	)	)	-RRB-
www-bis-org-8025	30	43	(	(	-LRB-
www-bis-org-8025	30	44	2015	2015	CD
www-bis-org-8025	30	45	,	,	,
www-bis-org-8025	30	46	2017	2017	CD
www-bis-org-8025	30	47	)	)	-RRB-
www-bis-org-8025	30	48	,	,	,
www-bis-org-8025	30	49	Financial	Financial	NNP
www-bis-org-8025	30	50	Action	Action	NNP
www-bis-org-8025	30	51	Task	Task	NNP
www-bis-org-8025	30	52	Force	Force	NNP
www-bis-org-8025	30	53	(	(	-LRB-
www-bis-org-8025	30	54	2015	2015	CD
www-bis-org-8025	30	55	)	)	-RRB-
www-bis-org-8025	30	56	,	,	,
www-bis-org-8025	30	57	Carney	Carney	NNP
www-bis-org-8025	30	58	(	(	-LRB-
www-bis-org-8025	30	59	2018	2018	CD
www-bis-org-8025	30	60	)	)	-RRB-
www-bis-org-8025	30	61	,	,	,
www-bis-org-8025	30	62	Financial	Financial	NNP
www-bis-org-8025	30	63	Stability	Stability	NNP
www-bis-org-8025	30	64	Board	Board	NNP
www-bis-org-8025	30	65	(	(	-LRB-
www-bis-org-8025	30	66	2018a	2018a	CD
www-bis-org-8025	30	67	,	,	,
www-bis-org-8025	30	68	b	b	NN
www-bis-org-8025	30	69	)	)	-RRB-
www-bis-org-8025	30	70	and	and	CC
www-bis-org-8025	30	71	G20	G20	NNP
www-bis-org-8025	30	72	Finance	Finance	NNP
www-bis-org-8025	30	73	Ministers	Ministers	NNPS
www-bis-org-8025	30	74	and	and	CC
www-bis-org-8025	30	75	Central	Central	NNP
www-bis-org-8025	30	76	Bank	Bank	NNP
www-bis-org-8025	30	77	Governors	Governors	NNPS
www-bis-org-8025	30	78	(	(	-LRB-
www-bis-org-8025	30	79	2018	2018	CD
www-bis-org-8025	30	80	)	)	-RRB-
www-bis-org-8025	30	81	.	.	.
www-bis-org-8025	31	1	3	3	LS
www-bis-org-8025	31	2	To	to	TO
www-bis-org-8025	31	3	put	put	VB
www-bis-org-8025	31	4	the	the	DT
www-bis-org-8025	31	5	magnitudes	magnitude	NNS
www-bis-org-8025	31	6	in	in	IN
www-bis-org-8025	31	7	the	the	DT
www-bis-org-8025	31	8	right	right	JJ
www-bis-org-8025	31	9	-	-	HYPH
www-bis-org-8025	31	10	hand	hand	NN
www-bis-org-8025	31	11	panel	panel	NN
www-bis-org-8025	31	12	of	of	IN
www-bis-org-8025	31	13	Graph	Graph	NNP
www-bis-org-8025	31	14	1	1	CD
www-bis-org-8025	31	15	in	in	IN
www-bis-org-8025	31	16	context	context	NN
www-bis-org-8025	31	17	,	,	,
www-bis-org-8025	31	18	the	the	DT
www-bis-org-8025	31	19	peak	peak	NN
www-bis-org-8025	31	20	of	of	IN
www-bis-org-8025	31	21	USD	USD	NNP
www-bis-org-8025	31	22	400	400	CD
www-bis-org-8025	31	23	million	million	CD
www-bis-org-8025	31	24	bitcoin	bitcoin	NN
www-bis-org-8025	31	25	payments	payment	NNS
www-bis-org-8025	31	26	processed	process	VBD
www-bis-org-8025	31	27	compares	compare	VBZ
www-bis-org-8025	31	28	with	with	IN
www-bis-org-8025	31	29	around	around	IN
www-bis-org-8025	31	30	USD	USD	NNP
www-bis-org-8025	31	31	500	500	CD
www-bis-org-8025	31	32	billion	billion	CD
www-bis-org-8025	31	33	processed	process	VBN
www-bis-org-8025	31	34	on	on	IN
www-bis-org-8025	31	35	average	average	JJ
www-bis-org-8025	31	36	in	in	IN
www-bis-org-8025	31	37	a	a	DT
www-bis-org-8025	31	38	month	month	NN
www-bis-org-8025	31	39	by	by	IN
www-bis-org-8025	31	40	just	just	RB
www-bis-org-8025	31	41	one	one	CD
www-bis-org-8025	31	42	conventional	conventional	JJ
www-bis-org-8025	31	43	payment	payment	NN
www-bis-org-8025	31	44	processor	processor	NN
www-bis-org-8025	31	45	,	,	,
www-bis-org-8025	31	46	VISA	VISA	NNP
www-bis-org-8025	31	47	.	.	.
www-bis-org-8025	32	1	Global	global	JJ
www-bis-org-8025	32	2	interest	interest	NN
www-bis-org-8025	32	3	in	in	IN
www-bis-org-8025	32	4	Bitcoin	Bitcoin	NNP
www-bis-org-8025	32	5	,	,	,
www-bis-org-8025	32	6	valuations	valuation	NNS
www-bis-org-8025	32	7	,	,	,
www-bis-org-8025	32	8	and	and	CC
www-bis-org-8025	32	9	use	use	VB
www-bis-org-8025	32	10	in	in	IN
www-bis-org-8025	32	11	retail	retail	JJ
www-bis-org-8025	32	12	payments	payment	NNS
www-bis-org-8025	32	13	Graph	Graph	NNP
www-bis-org-8025	32	14	1	1	CD
www-bis-org-8025	32	15	Interest	Interest	NNP
www-bis-org-8025	32	16	in	in	IN
www-bis-org-8025	32	17	Bitcoin	Bitcoin	NNP
www-bis-org-8025	32	18	has	have	VBZ
www-bis-org-8025	32	19	exceeded	exceed	VBN
www-bis-org-8025	32	20	that	that	DT
www-bis-org-8025	32	21	of	of	IN
www-bis-org-8025	32	22	sovereign	sovereign	JJ
www-bis-org-8025	32	23	currencies	currency	NNS
www-bis-org-8025	32	24	and	and	CC
www-bis-org-8025	32	25	gold1	gold1	NN
www-bis-org-8025	32	26	Valuations	valuation	NNS
www-bis-org-8025	32	27	have	have	VBP
www-bis-org-8025	32	28	been	be	VBN
www-bis-org-8025	32	29	on	on	IN
www-bis-org-8025	32	30	a	a	DT
www-bis-org-8025	32	31	roller	roller	NN
www-bis-org-8025	32	32	coaster	coaster	NN
www-bis-org-8025	32	33	Actual	actual	JJ
www-bis-org-8025	32	34	usage	usage	NN
www-bis-org-8025	32	35	in	in	IN
www-bis-org-8025	32	36	retail	retail	JJ
www-bis-org-8025	32	37	payments	payment	NNS
www-bis-org-8025	32	38	remained	remain	VBD
www-bis-org-8025	32	39	small3	small3	JJ
www-bis-org-8025	32	40	Interest	interest	NN
www-bis-org-8025	32	41	over	over	IN
www-bis-org-8025	32	42	time	time	NN
www-bis-org-8025	32	43	USD	usd	NN
www-bis-org-8025	32	44	USD	USD	NNP
www-bis-org-8025	32	45	mn	mn	NNP
www-bis-org-8025	32	46	per	per	IN
www-bis-org-8025	32	47	month	month	NN
www-bis-org-8025	32	48	1	1	CD
www-bis-org-8025	32	49	Numbers	number	NNS
www-bis-org-8025	32	50	represent	represent	VBP
www-bis-org-8025	32	51	search	search	NN
www-bis-org-8025	32	52	interest	interest	NN
www-bis-org-8025	32	53	relative	relative	JJ
www-bis-org-8025	32	54	to	to	IN
www-bis-org-8025	32	55	the	the	DT
www-bis-org-8025	32	56	highest	high	JJS
www-bis-org-8025	32	57	point	point	NN
www-bis-org-8025	32	58	on	on	IN
www-bis-org-8025	32	59	the	the	DT
www-bis-org-8025	32	60	chart	chart	NN
www-bis-org-8025	32	61	for	for	IN
www-bis-org-8025	32	62	the	the	DT
www-bis-org-8025	32	63	given	give	VBN
www-bis-org-8025	32	64	search	search	NN
www-bis-org-8025	32	65	term	term	NN
www-bis-org-8025	32	66	and	and	CC
www-bis-org-8025	32	67	time	time	NN
www-bis-org-8025	32	68	.	.	.
www-bis-org-8025	33	1	A	a	DT
www-bis-org-8025	33	2	value	value	NN
www-bis-org-8025	33	3	of	of	IN
www-bis-org-8025	33	4	100	100	CD
www-bis-org-8025	33	5	is	be	VBZ
www-bis-org-8025	33	6	the	the	DT
www-bis-org-8025	33	7	peak	peak	NN
www-bis-org-8025	33	8	popularity	popularity	NN
www-bis-org-8025	33	9	for	for	IN
www-bis-org-8025	33	10	the	the	DT
www-bis-org-8025	33	11	term	term	NN
www-bis-org-8025	33	12	.	.	.
www-bis-org-8025	34	1	A	a	DT
www-bis-org-8025	34	2	value	value	NN
www-bis-org-8025	34	3	of	of	IN
www-bis-org-8025	34	4	50	50	CD
www-bis-org-8025	34	5	means	mean	NNS
www-bis-org-8025	34	6	that	that	IN
www-bis-org-8025	34	7	the	the	DT
www-bis-org-8025	34	8	term	term	NN
www-bis-org-8025	34	9	attracts	attract	VBZ
www-bis-org-8025	34	10	half	half	RB
www-bis-org-8025	34	11	as	as	RB
www-bis-org-8025	34	12	many	many	JJ
www-bis-org-8025	34	13	searches	search	NNS
www-bis-org-8025	34	14	as	as	IN
www-bis-org-8025	34	15	a	a	DT
www-bis-org-8025	34	16	value	value	NN
www-bis-org-8025	34	17	of	of	IN
www-bis-org-8025	34	18	100	100	CD
www-bis-org-8025	34	19	.	.	.
www-bis-org-8025	35	1	A	a	DT
www-bis-org-8025	35	2	score	score	NN
www-bis-org-8025	35	3	of	of	IN
www-bis-org-8025	35	4	0	0	CD
www-bis-org-8025	35	5	means	mean	NNS
www-bis-org-8025	35	6	there	there	EX
www-bis-org-8025	35	7	were	be	VBD
www-bis-org-8025	35	8	not	not	RB
www-bis-org-8025	35	9	enough	enough	JJ
www-bis-org-8025	35	10	data	datum	NNS
www-bis-org-8025	35	11	for	for	IN
www-bis-org-8025	35	12	this	this	DT
www-bis-org-8025	35	13	term	term	NN
www-bis-org-8025	35	14	.	.	.
www-bis-org-8025	36	1	Google	Google	NNP
www-bis-org-8025	36	2	trends	trend	NNS
www-bis-org-8025	36	3	was	be	VBD
www-bis-org-8025	36	4	accessed	access	VBN
www-bis-org-8025	36	5	on	on	IN
www-bis-org-8025	36	6	5	5	CD
www-bis-org-8025	36	7	November	November	NNP
www-bis-org-8025	36	8	2018	2018	CD
www-bis-org-8025	36	9	with	with	IN
www-bis-org-8025	36	10	searches	search	NNS
www-bis-org-8025	36	11	for	for	IN
www-bis-org-8025	36	12	bitcoin	bitcoin	NNP
www-bis-org-8025	36	13	,	,	,
www-bis-org-8025	36	14	euro	euro	NNP
www-bis-org-8025	36	15	,	,	,
www-bis-org-8025	36	16	gold	gold	NN
www-bis-org-8025	36	17	,	,	,
www-bis-org-8025	36	18	usd	usd	NN
www-bis-org-8025	36	19	(	(	-LRB-
www-bis-org-8025	36	20	“	"	``
www-bis-org-8025	36	21	search	search	NN
www-bis-org-8025	36	22	term	term	NN
www-bis-org-8025	36	23	”	"	''
www-bis-org-8025	36	24	and	and	CC
www-bis-org-8025	36	25	worldwide	worldwide	JJ
www-bis-org-8025	36	26	search	search	NN
www-bis-org-8025	36	27	interest	interest	NN
www-bis-org-8025	36	28	,	,	,
www-bis-org-8025	36	29	respectively	respectively	RB
www-bis-org-8025	36	30	)	)	-RRB-
www-bis-org-8025	36	31	.	.	.
www-bis-org-8025	37	1	2	2	CD
www-bis-org-8025	37	2	Data	datum	NNS
www-bis-org-8025	37	3	from	from	IN
www-bis-org-8025	37	4	the	the	DT
www-bis-org-8025	37	5	CoinDesk	CoinDesk	NNP
www-bis-org-8025	37	6	Bitcoin	Bitcoin	NNP
www-bis-org-8025	37	7	Price	Price	NNP
www-bis-org-8025	37	8	Index	Index	NNP
www-bis-org-8025	37	9	.	.	.
www-bis-org-8025	38	1	BPI	BPI	NNP
www-bis-org-8025	38	2	value	value	NNP
www-bis-org-8025	38	3	data	datum	NNS
www-bis-org-8025	38	4	returned	return	VBD
www-bis-org-8025	38	5	as	as	IN
www-bis-org-8025	38	6	USD	USD	NNP
www-bis-org-8025	38	7	.	.	.
www-bis-org-8025	39	1	3	3	CD
www-bis-org-8025	39	2	The	the	DT
www-bis-org-8025	39	3	displayed	display	VBN
www-bis-org-8025	39	4	line	line	NN
www-bis-org-8025	39	5	shows	show	VBZ
www-bis-org-8025	39	6	the	the	DT
www-bis-org-8025	39	7	monthly	monthly	JJ
www-bis-org-8025	39	8	volume	volume	NN
www-bis-org-8025	39	9	of	of	IN
www-bis-org-8025	39	10	global	global	JJ
www-bis-org-8025	39	11	retail	retail	JJ
www-bis-org-8025	39	12	payment	payment	NN
www-bis-org-8025	39	13	transactions	transaction	NNS
www-bis-org-8025	39	14	made	make	VBN
www-bis-org-8025	39	15	in	in	IN
www-bis-org-8025	39	16	bitcoins	bitcoin	NNS
www-bis-org-8025	39	17	and	and	CC
www-bis-org-8025	39	18	handled	handle	VBN
www-bis-org-8025	39	19	by	by	IN
www-bis-org-8025	39	20	the	the	DT
www-bis-org-8025	39	21	major	major	JJ
www-bis-org-8025	39	22	bitcoin	bitcoin	NN
www-bis-org-8025	39	23	payment	payment	NN
www-bis-org-8025	39	24	-	-	HYPH
www-bis-org-8025	39	25	processing	processing	NN
www-bis-org-8025	39	26	firms	firm	NNS
www-bis-org-8025	39	27	(	(	-LRB-
www-bis-org-8025	39	28	volumes	volume	NNS
www-bis-org-8025	39	29	are	be	VBP
www-bis-org-8025	39	30	expressed	express	VBN
www-bis-org-8025	39	31	in	in	IN
www-bis-org-8025	39	32	dollars	dollar	NNS
www-bis-org-8025	39	33	)	)	-RRB-
www-bis-org-8025	39	34	.	.	.
www-bis-org-8025	40	1	Sources	source	NNS
www-bis-org-8025	40	2	:	:	:
www-bis-org-8025	40	3	CoinDesk	CoinDesk	NNP
www-bis-org-8025	40	4	;	;	:
www-bis-org-8025	40	5	Google	Google	NNP
www-bis-org-8025	40	6	trends	trend	NNS
www-bis-org-8025	40	7	(	(	-LRB-
www-bis-org-8025	40	8	site	site	NN
www-bis-org-8025	40	9	accessed	access	VBN
www-bis-org-8025	40	10	on	on	IN
www-bis-org-8025	40	11	05.11.2018	05.11.2018	NNP
www-bis-org-8025	40	12	)	)	-RRB-
www-bis-org-8025	40	13	;	;	:
www-bis-org-8025	40	14	chainanalysis.com	chainanalysis.com	ADD
www-bis-org-8025	40	15	(	(	-LRB-
www-bis-org-8025	40	16	site	site	NN
www-bis-org-8025	40	17	accessed	access	VBN
www-bis-org-8025	40	18	on	on	IN
www-bis-org-8025	40	19	05.11.2018	05.11.2018	NNP
www-bis-org-8025	40	20	)	)	-RRB-
www-bis-org-8025	40	21	.	.	.
www-bis-org-8025	41	1	100	100	CD
www-bis-org-8025	41	2	75	75	CD
www-bis-org-8025	41	3	50	50	CD
www-bis-org-8025	41	4	25	25	CD
www-bis-org-8025	41	5	0	0	CD
www-bis-org-8025	41	6	Q4	q4	NN
www-bis-org-8025	41	7	18Q2	18q2	CD
www-bis-org-8025	41	8	18Q4	18q4	CD
www-bis-org-8025	41	9	17Q2	17q2	CD
www-bis-org-8025	41	10	17	17	CD
www-bis-org-8025	41	11	Bitcoin	Bitcoin	NNP
www-bis-org-8025	41	12	Gold	Gold	NNP
www-bis-org-8025	41	13	Euro	Euro	NNP
www-bis-org-8025	41	14	US	US	NNP
www-bis-org-8025	41	15	dollar	dollar	NN
www-bis-org-8025	41	16	16,000	16,000	CD
www-bis-org-8025	41	17	12,000	12,000	CD
www-bis-org-8025	41	18	8,000	8,000	CD
www-bis-org-8025	41	19	4,000	4,000	CD
www-bis-org-8025	41	20	0	0	CD
www-bis-org-8025	41	21	2018201720162015	2018201720162015	CD
www-bis-org-8025	41	22	Bitcoin	Bitcoin	NNP
www-bis-org-8025	41	23	price	price	NN
www-bis-org-8025	41	24	index2	index2	NN
www-bis-org-8025	41	25	400	400	CD
www-bis-org-8025	41	26	300	300	CD
www-bis-org-8025	41	27	200	200	CD
www-bis-org-8025	41	28	100	100	CD
www-bis-org-8025	41	29	0	0	CD
www-bis-org-8025	41	30	2018201720162015	2018201720162015	CD
www-bis-org-8025	41	31	transactions	transaction	NNS
www-bis-org-8025	41	32	Monthly	monthly	JJ
www-bis-org-8025	41	33	volume	volume	NN
www-bis-org-8025	41	34	of	of	IN
www-bis-org-8025	41	35	payment	payment	NN
www-bis-org-8025	41	36	http://www.chainanalysis.com/	http://www.chainanalysis.com/	NN
www-bis-org-8025	41	37	WP765	WP765	NNP
www-bis-org-8025	41	38	Beyond	beyond	IN
www-bis-org-8025	41	39	the	the	DT
www-bis-org-8025	41	40	doomsday	doomsday	NNP
www-bis-org-8025	41	41	economics	economic	NNS
www-bis-org-8025	41	42	of	of	IN
www-bis-org-8025	41	43	“	"	``
www-bis-org-8025	41	44	proof	proof	NN
www-bis-org-8025	41	45	-	-	HYPH
www-bis-org-8025	41	46	of	of	IN
www-bis-org-8025	41	47	-	-	HYPH
www-bis-org-8025	41	48	work	work	NN
www-bis-org-8025	41	49	”	"	''
www-bis-org-8025	41	50	in	in	IN
www-bis-org-8025	41	51	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	41	52	3	3	CD
www-bis-org-8025	41	53	Nakamoto’s4	Nakamoto’s4	NNP
www-bis-org-8025	41	54	key	key	JJ
www-bis-org-8025	41	55	innovation	innovation	NN
www-bis-org-8025	41	56	is	be	VBZ
www-bis-org-8025	41	57	to	to	TO
www-bis-org-8025	41	58	balance	balance	VB
www-bis-org-8025	41	59	the	the	DT
www-bis-org-8025	41	60	cost	cost	NN
www-bis-org-8025	41	61	and	and	CC
www-bis-org-8025	41	62	reward	reward	NN
www-bis-org-8025	41	63	for	for	IN
www-bis-org-8025	41	64	updating	update	VBG
www-bis-org-8025	41	65	the	the	DT
www-bis-org-8025	41	66	blockchain	blockchain	NN
www-bis-org-8025	41	67	,	,	,
www-bis-org-8025	41	68	by	by	IN
www-bis-org-8025	41	69	creating	create	VBG
www-bis-org-8025	41	70	incentives	incentive	NNS
www-bis-org-8025	41	71	to	to	TO
www-bis-org-8025	41	72	ensure	ensure	VB
www-bis-org-8025	41	73	that	that	IN
www-bis-org-8025	41	74	updates	update	NNS
www-bis-org-8025	41	75	are	be	VBP
www-bis-org-8025	41	76	correct	correct	JJ
www-bis-org-8025	41	77	.	.	.
www-bis-org-8025	42	1	The	the	DT
www-bis-org-8025	42	2	updating	updating	JJ
www-bis-org-8025	42	3	process	process	NN
www-bis-org-8025	42	4	deters	deter	VBZ
www-bis-org-8025	42	5	forgeries	forgery	NNS
www-bis-org-8025	42	6	by	by	IN
www-bis-org-8025	42	7	imposing	impose	VBG
www-bis-org-8025	42	8	a	a	DT
www-bis-org-8025	42	9	cost	cost	NN
www-bis-org-8025	42	10	on	on	IN
www-bis-org-8025	42	11	updating	update	VBG
www-bis-org-8025	42	12	the	the	DT
www-bis-org-8025	42	13	blockchain	blockchain	NN
www-bis-org-8025	42	14	.	.	.
www-bis-org-8025	43	1	At	at	IN
www-bis-org-8025	43	2	the	the	DT
www-bis-org-8025	43	3	same	same	JJ
www-bis-org-8025	43	4	time	time	NN
www-bis-org-8025	43	5	,	,	,
www-bis-org-8025	43	6	accurate	accurate	JJ
www-bis-org-8025	43	7	updating	updating	NN
www-bis-org-8025	43	8	of	of	IN
www-bis-org-8025	43	9	the	the	DT
www-bis-org-8025	43	10	blockchain	blockchain	NNP
www-bis-org-8025	43	11	confers	confer	NNS
www-bis-org-8025	43	12	a	a	DT
www-bis-org-8025	43	13	reward	reward	NN
www-bis-org-8025	43	14	on	on	IN
www-bis-org-8025	43	15	the	the	DT
www-bis-org-8025	43	16	so	so	RB
www-bis-org-8025	43	17	-	-	HYPH
www-bis-org-8025	43	18	called	call	VBN
www-bis-org-8025	43	19	miners	miner	NNS
www-bis-org-8025	43	20	who	who	WP
www-bis-org-8025	43	21	do	do	VBP
www-bis-org-8025	43	22	the	the	DT
www-bis-org-8025	43	23	updating	updating	NN
www-bis-org-8025	43	24	.	.	.
www-bis-org-8025	44	1	Miners	miner	NNS
www-bis-org-8025	44	2	,	,	,
www-bis-org-8025	44	3	or	or	CC
www-bis-org-8025	44	4	their	-PRON-	PRP$
www-bis-org-8025	44	5	computers	computer	NNS
www-bis-org-8025	44	6	,	,	,
www-bis-org-8025	44	7	effectively	effectively	RB
www-bis-org-8025	44	8	compete	compete	VBP
www-bis-org-8025	44	9	to	to	TO
www-bis-org-8025	44	10	solve	solve	VB
www-bis-org-8025	44	11	a	a	DT
www-bis-org-8025	44	12	mathematical	mathematical	JJ
www-bis-org-8025	44	13	problem	problem	NN
www-bis-org-8025	44	14	.	.	.
www-bis-org-8025	45	1	Presenting	present	VBG
www-bis-org-8025	45	2	a	a	DT
www-bis-org-8025	45	3	solution	solution	NN
www-bis-org-8025	45	4	proves	prove	VBZ
www-bis-org-8025	45	5	that	that	IN
www-bis-org-8025	45	6	they	-PRON-	PRP
www-bis-org-8025	45	7	have	have	VBP
www-bis-org-8025	45	8	done	do	VBN
www-bis-org-8025	45	9	a	a	DT
www-bis-org-8025	45	10	certain	certain	JJ
www-bis-org-8025	45	11	amount	amount	NN
www-bis-org-8025	45	12	of	of	IN
www-bis-org-8025	45	13	computational	computational	JJ
www-bis-org-8025	45	14	work	work	NN
www-bis-org-8025	45	15	.	.	.
www-bis-org-8025	46	1	Such	such	JJ
www-bis-org-8025	46	2	“	"	``
www-bis-org-8025	46	3	proof	proof	NN
www-bis-org-8025	46	4	-	-	HYPH
www-bis-org-8025	46	5	of	of	IN
www-bis-org-8025	46	6	-	-	HYPH
www-bis-org-8025	46	7	work	work	NN
www-bis-org-8025	46	8	”	"	''
www-bis-org-8025	46	9	allows	allow	VBZ
www-bis-org-8025	46	10	a	a	DT
www-bis-org-8025	46	11	miner	miner	NN
www-bis-org-8025	46	12	to	to	TO
www-bis-org-8025	46	13	add	add	VB
www-bis-org-8025	46	14	a	a	DT
www-bis-org-8025	46	15	block	block	NN
www-bis-org-8025	46	16	of	of	IN
www-bis-org-8025	46	17	newly	newly	RB
www-bis-org-8025	46	18	processed	process	VBN
www-bis-org-8025	46	19	transactions	transaction	NNS
www-bis-org-8025	46	20	to	to	IN
www-bis-org-8025	46	21	the	the	DT
www-bis-org-8025	46	22	blockchain	blockchain	NN
www-bis-org-8025	46	23	,	,	,
www-bis-org-8025	46	24	collecting	collect	VBG
www-bis-org-8025	46	25	fees	fee	NNS
www-bis-org-8025	46	26	from	from	IN
www-bis-org-8025	46	27	the	the	DT
www-bis-org-8025	46	28	subject	subject	JJ
www-bis-org-8025	46	29	transactions	transaction	NNS
www-bis-org-8025	46	30	as	as	RB
www-bis-org-8025	46	31	well	well	RB
www-bis-org-8025	46	32	as	as	IN
www-bis-org-8025	46	33	“	"	``
www-bis-org-8025	46	34	block	block	NN
www-bis-org-8025	46	35	rewards	reward	NNS
www-bis-org-8025	46	36	”	"	''
www-bis-org-8025	46	37	–	–	:
www-bis-org-8025	46	38	newly	newly	RB
www-bis-org-8025	46	39	minted	mint	VBN
www-bis-org-8025	46	40	bitcoins	bitcoin	NNS
www-bis-org-8025	46	41	that	that	WDT
www-bis-org-8025	46	42	increase	increase	VBP
www-bis-org-8025	46	43	the	the	DT
www-bis-org-8025	46	44	outstanding	outstanding	JJ
www-bis-org-8025	46	45	supply	supply	NN
www-bis-org-8025	46	46	.	.	.
www-bis-org-8025	47	1	The	the	DT
www-bis-org-8025	47	2	costs	cost	NNS
www-bis-org-8025	47	3	and	and	CC
www-bis-org-8025	47	4	rewards	reward	NNS
www-bis-org-8025	47	5	of	of	IN
www-bis-org-8025	47	6	Nakamoto	Nakamoto	NNP
www-bis-org-8025	47	7	’s	’s	POS
www-bis-org-8025	47	8	updating	updating	JJ
www-bis-org-8025	47	9	process	process	NN
www-bis-org-8025	47	10	are	be	VBP
www-bis-org-8025	47	11	the	the	DT
www-bis-org-8025	47	12	focus	focus	NN
www-bis-org-8025	47	13	of	of	IN
www-bis-org-8025	47	14	our	-PRON-	PRP$
www-bis-org-8025	47	15	discussion	discussion	NN
www-bis-org-8025	47	16	here	here	RB
www-bis-org-8025	47	17	.	.	.
www-bis-org-8025	48	1	Two	two	CD
www-bis-org-8025	48	2	questions	question	NNS
www-bis-org-8025	48	3	are	be	VBP
www-bis-org-8025	48	4	raised	raise	VBN
www-bis-org-8025	48	5	.	.	.
www-bis-org-8025	49	1	First	first	RB
www-bis-org-8025	49	2	,	,	,
www-bis-org-8025	49	3	how	how	WRB
www-bis-org-8025	49	4	efficient	efficient	JJ
www-bis-org-8025	49	5	is	be	VBZ
www-bis-org-8025	49	6	the	the	DT
www-bis-org-8025	49	7	fundamental	fundamental	JJ
www-bis-org-8025	49	8	architecture	architecture	NN
www-bis-org-8025	49	9	of	of	IN
www-bis-org-8025	49	10	deterring	deter	VBG
www-bis-org-8025	49	11	forgeries	forgery	NNS
www-bis-org-8025	49	12	via	via	IN
www-bis-org-8025	49	13	costly	costly	JJ
www-bis-org-8025	49	14	proof	proof	NN
www-bis-org-8025	49	15	-	-	HYPH
www-bis-org-8025	49	16	of-	of-	CD
www-bis-org-8025	49	17	work	work	NN
www-bis-org-8025	49	18	?	?	.
www-bis-org-8025	50	1	And	and	CC
www-bis-org-8025	50	2	second	second	RB
www-bis-org-8025	50	3	,	,	,
www-bis-org-8025	50	4	can	can	MD
www-bis-org-8025	50	5	the	the	DT
www-bis-org-8025	50	6	market	market	NN
www-bis-org-8025	50	7	for	for	IN
www-bis-org-8025	50	8	transactions	transaction	NNS
www-bis-org-8025	50	9	actually	actually	RB
www-bis-org-8025	50	10	generate	generate	VBP
www-bis-org-8025	50	11	rewards	reward	NNS
www-bis-org-8025	50	12	that	that	WDT
www-bis-org-8025	50	13	are	be	VBP
www-bis-org-8025	50	14	valuable	valuable	JJ
www-bis-org-8025	50	15	enough	enough	RB
www-bis-org-8025	50	16	to	to	TO
www-bis-org-8025	50	17	ensure	ensure	VB
www-bis-org-8025	50	18	that	that	IN
www-bis-org-8025	50	19	payment	payment	NN
www-bis-org-8025	50	20	finality	finality	NN
www-bis-org-8025	50	21	is	be	VBZ
www-bis-org-8025	50	22	really	really	RB
www-bis-org-8025	50	23	achieved	achieve	VBN
www-bis-org-8025	50	24	?	?	.
www-bis-org-8025	51	1	Analysing	analyse	VBG
www-bis-org-8025	51	2	these	these	DT
www-bis-org-8025	51	3	two	two	CD
www-bis-org-8025	51	4	elements	element	NNS
www-bis-org-8025	51	5	uncovers	uncover	NNS
www-bis-org-8025	51	6	fundamental	fundamental	JJ
www-bis-org-8025	51	7	economic	economic	JJ
www-bis-org-8025	51	8	limitations	limitation	NNS
www-bis-org-8025	51	9	that	that	WDT
www-bis-org-8025	51	10	cloud	cloud	VBP
www-bis-org-8025	51	11	the	the	DT
www-bis-org-8025	51	12	future	future	NN
www-bis-org-8025	51	13	of	of	IN
www-bis-org-8025	51	14	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	51	15	based	base	VBN
www-bis-org-8025	51	16	on	on	IN
www-bis-org-8025	51	17	proof	proof	NN
www-bis-org-8025	51	18	-	-	HYPH
www-bis-org-8025	51	19	of	of	IN
www-bis-org-8025	51	20	-	-	HYPH
www-bis-org-8025	51	21	work	work	NN
www-bis-org-8025	51	22	.	.	.
www-bis-org-8025	52	1	In	in	IN
www-bis-org-8025	52	2	sum	sum	NN
www-bis-org-8025	52	3	,	,	,
www-bis-org-8025	52	4	with	with	IN
www-bis-org-8025	52	5	the	the	DT
www-bis-org-8025	52	6	current	current	JJ
www-bis-org-8025	52	7	technology	technology	NN
www-bis-org-8025	52	8	,	,	,
www-bis-org-8025	52	9	it	-PRON-	PRP
www-bis-org-8025	52	10	is	be	VBZ
www-bis-org-8025	52	11	not	not	RB
www-bis-org-8025	52	12	even	even	RB
www-bis-org-8025	52	13	clear	clear	JJ
www-bis-org-8025	52	14	whether	whether	IN
www-bis-org-8025	52	15	such	such	JJ
www-bis-org-8025	52	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	52	17	can	can	MD
www-bis-org-8025	52	18	keep	keep	VB
www-bis-org-8025	52	19	functioning	function	VBG
www-bis-org-8025	52	20	as	as	IN
www-bis-org-8025	52	21	they	-PRON-	PRP
www-bis-org-8025	52	22	do	do	VBP
www-bis-org-8025	52	23	at	at	IN
www-bis-org-8025	52	24	the	the	DT
www-bis-org-8025	52	25	time	time	NN
www-bis-org-8025	52	26	of	of	IN
www-bis-org-8025	52	27	writing	writing	NN
www-bis-org-8025	52	28	.	.	.
www-bis-org-8025	53	1	This	this	DT
www-bis-org-8025	53	2	statement	statement	NN
www-bis-org-8025	53	3	is	be	VBZ
www-bis-org-8025	53	4	unrelated	unrelated	JJ
www-bis-org-8025	53	5	to	to	IN
www-bis-org-8025	53	6	well	well	RB
www-bis-org-8025	53	7	known	know	VBN
www-bis-org-8025	53	8	restrictions	restriction	NNS
www-bis-org-8025	53	9	on	on	IN
www-bis-org-8025	53	10	the	the	DT
www-bis-org-8025	53	11	scale	scale	NN
www-bis-org-8025	53	12	of	of	IN
www-bis-org-8025	53	13	such	such	JJ
www-bis-org-8025	53	14	payment	payment	NN
www-bis-org-8025	53	15	systems	system	NNS
www-bis-org-8025	53	16	or	or	CC
www-bis-org-8025	53	17	the	the	DT
www-bis-org-8025	53	18	volatility	volatility	NN
www-bis-org-8025	53	19	of	of	IN
www-bis-org-8025	53	20	cryptocurrencies.5	cryptocurrencies.5	CD
www-bis-org-8025	53	21	Rather	rather	RB
www-bis-org-8025	53	22	,	,	,
www-bis-org-8025	53	23	it	-PRON-	PRP
www-bis-org-8025	53	24	concerns	concern	VBZ
www-bis-org-8025	53	25	the	the	DT
www-bis-org-8025	53	26	fundamentals	fundamental	NNS
www-bis-org-8025	53	27	of	of	IN
www-bis-org-8025	53	28	Nakamoto	Nakamoto	NNP
www-bis-org-8025	53	29	’s	’s	POS
www-bis-org-8025	53	30	updating	updating	NN
www-bis-org-8025	53	31	process	process	NN
www-bis-org-8025	53	32	,	,	,
www-bis-org-8025	53	33	which	which	WDT
www-bis-org-8025	53	34	has	have	VBZ
www-bis-org-8025	53	35	two	two	CD
www-bis-org-8025	53	36	limitations	limitation	NNS
www-bis-org-8025	53	37	that	that	WDT
www-bis-org-8025	53	38	interact	interact	VBP
www-bis-org-8025	53	39	in	in	IN
www-bis-org-8025	53	40	a	a	DT
www-bis-org-8025	53	41	fateful	fateful	JJ
www-bis-org-8025	53	42	manner	manner	NN
www-bis-org-8025	53	43	.	.	.
www-bis-org-8025	54	1	The	the	DT
www-bis-org-8025	54	2	first	first	JJ
www-bis-org-8025	54	3	limitation	limitation	NN
www-bis-org-8025	54	4	is	be	VBZ
www-bis-org-8025	54	5	that	that	IN
www-bis-org-8025	54	6	proof	proof	NN
www-bis-org-8025	54	7	-	-	HYPH
www-bis-org-8025	54	8	of	of	IN
www-bis-org-8025	54	9	-	-	HYPH
www-bis-org-8025	54	10	work	work	NN
www-bis-org-8025	54	11	axiomatically	axiomatically	RB
www-bis-org-8025	54	12	requires	require	VBZ
www-bis-org-8025	54	13	high	high	JJ
www-bis-org-8025	54	14	transaction	transaction	NN
www-bis-org-8025	54	15	costs	cost	NNS
www-bis-org-8025	54	16	to	to	TO
www-bis-org-8025	54	17	ensure	ensure	VB
www-bis-org-8025	54	18	payment	payment	NN
www-bis-org-8025	54	19	finality	finality	NN
www-bis-org-8025	54	20	(	(	-LRB-
www-bis-org-8025	54	21	see	see	VB
www-bis-org-8025	54	22	also	also	RB
www-bis-org-8025	54	23	the	the	DT
www-bis-org-8025	54	24	important	important	JJ
www-bis-org-8025	54	25	contribution	contribution	NN
www-bis-org-8025	54	26	by	by	IN
www-bis-org-8025	54	27	Budish	Budish	NNP
www-bis-org-8025	54	28	(	(	-LRB-
www-bis-org-8025	54	29	2018	2018	CD
www-bis-org-8025	54	30	)	)	-RRB-
www-bis-org-8025	54	31	on	on	IN
www-bis-org-8025	54	32	this	this	DT
www-bis-org-8025	54	33	issue	issue	NN
www-bis-org-8025	54	34	)	)	-RRB-
www-bis-org-8025	54	35	.	.	.
www-bis-org-8025	55	1	Counterfeiters	counterfeiter	NNS
www-bis-org-8025	55	2	can	can	MD
www-bis-org-8025	55	3	attack	attack	VB
www-bis-org-8025	55	4	bitcoin	bitcoin	NN
www-bis-org-8025	55	5	via	via	IN
www-bis-org-8025	55	6	a	a	DT
www-bis-org-8025	55	7	“	"	``
www-bis-org-8025	55	8	double	double	JJ
www-bis-org-8025	55	9	-	-	HYPH
www-bis-org-8025	55	10	spending	spend	VBG
www-bis-org-8025	55	11	”	"	''
www-bis-org-8025	55	12	strategy	strategy	NN
www-bis-org-8025	55	13	,	,	,
www-bis-org-8025	55	14	ie	ie	VBZ
www-bis-org-8025	55	15	spending	spending	NN
www-bis-org-8025	55	16	in	in	IN
www-bis-org-8025	55	17	one	one	CD
www-bis-org-8025	55	18	block	block	NN
www-bis-org-8025	55	19	and	and	CC
www-bis-org-8025	55	20	later	later	RB
www-bis-org-8025	55	21	undoing	undo	VBG
www-bis-org-8025	55	22	this	this	DT
www-bis-org-8025	55	23	by	by	IN
www-bis-org-8025	55	24	releasing	release	VBG
www-bis-org-8025	55	25	a	a	DT
www-bis-org-8025	55	26	forged	forge	VBN
www-bis-org-8025	55	27	blockchain	blockchain	NN
www-bis-org-8025	55	28	in	in	IN
www-bis-org-8025	55	29	which	which	WDT
www-bis-org-8025	55	30	the	the	DT
www-bis-org-8025	55	31	transactions	transaction	NNS
www-bis-org-8025	55	32	are	be	VBP
www-bis-org-8025	55	33	erased	erase	VBN
www-bis-org-8025	55	34	.	.	.
www-bis-org-8025	56	1	This	this	DT
www-bis-org-8025	56	2	paper	paper	NN
www-bis-org-8025	56	3	starts	start	VBZ
www-bis-org-8025	56	4	by	by	IN
www-bis-org-8025	56	5	introducing	introduce	VBG
www-bis-org-8025	56	6	the	the	DT
www-bis-org-8025	56	7	concept	concept	NN
www-bis-org-8025	56	8	of	of	IN
www-bis-org-8025	56	9	“	"	``
www-bis-org-8025	56	10	economic	economic	JJ
www-bis-org-8025	56	11	payment	payment	NN
www-bis-org-8025	56	12	finality	finality	NN
www-bis-org-8025	56	13	”	"	''
www-bis-org-8025	56	14	in	in	IN
www-bis-org-8025	56	15	the	the	DT
www-bis-org-8025	56	16	blockchain	blockchain	NN
www-bis-org-8025	56	17	.	.	.
www-bis-org-8025	57	1	That	that	RB
www-bis-org-8025	57	2	is	is	RB
www-bis-org-8025	57	3	,	,	,
www-bis-org-8025	57	4	a	a	DT
www-bis-org-8025	57	5	payment	payment	NN
www-bis-org-8025	57	6	can	can	MD
www-bis-org-8025	57	7	be	be	VB
www-bis-org-8025	57	8	considered	consider	VBN
www-bis-org-8025	57	9	final	final	JJ
www-bis-org-8025	57	10	only	only	RB
www-bis-org-8025	57	11	once	once	IN
www-bis-org-8025	57	12	it	-PRON-	PRP
www-bis-org-8025	57	13	is	be	VBZ
www-bis-org-8025	57	14	unprofitable	unprofitable	JJ
www-bis-org-8025	57	15	for	for	IN
www-bis-org-8025	57	16	any	any	DT
www-bis-org-8025	57	17	potential	potential	JJ
www-bis-org-8025	57	18	adversary	adversary	NN
www-bis-org-8025	57	19	to	to	TO
www-bis-org-8025	57	20	undo	undo	VB
www-bis-org-8025	57	21	it	-PRON-	PRP
www-bis-org-8025	57	22	with	with	IN
www-bis-org-8025	57	23	a	a	DT
www-bis-org-8025	57	24	double	double	JJ
www-bis-org-8025	57	25	-	-	HYPH
www-bis-org-8025	57	26	spending	spend	VBG
www-bis-org-8025	57	27	attack	attack	NN
www-bis-org-8025	57	28	.	.	.
www-bis-org-8025	58	1	This	this	DT
www-bis-org-8025	58	2	economic	economic	JJ
www-bis-org-8025	58	3	concept	concept	NN
www-bis-org-8025	58	4	differs	differ	VBZ
www-bis-org-8025	58	5	starkly	starkly	RB
www-bis-org-8025	58	6	from	from	IN
www-bis-org-8025	58	7	the	the	DT
www-bis-org-8025	58	8	operational	operational	JJ
www-bis-org-8025	58	9	considerations	consideration	NNS
www-bis-org-8025	58	10	of	of	IN
www-bis-org-8025	58	11	finality	finality	NN
www-bis-org-8025	58	12	in	in	IN
www-bis-org-8025	58	13	Nakamoto	Nakamoto	NNP
www-bis-org-8025	58	14	(	(	-LRB-
www-bis-org-8025	58	15	2008	2008	CD
www-bis-org-8025	58	16	)	)	-RRB-
www-bis-org-8025	58	17	,	,	,
www-bis-org-8025	58	18	who	who	WP
www-bis-org-8025	58	19	examines	examine	VBZ
www-bis-org-8025	58	20	a	a	DT
www-bis-org-8025	58	21	double	double	JJ
www-bis-org-8025	58	22	-	-	HYPH
www-bis-org-8025	58	23	spending	spending	NN
www-bis-org-8025	58	24	attack	attack	NN
www-bis-org-8025	58	25	by	by	IN
www-bis-org-8025	58	26	a	a	DT
www-bis-org-8025	58	27	large	large	JJ
www-bis-org-8025	58	28	miner	miner	NN
www-bis-org-8025	58	29	controlling	control	VBG
www-bis-org-8025	58	30	a	a	DT
www-bis-org-8025	58	31	significant	significant	JJ
www-bis-org-8025	58	32	fraction	fraction	NN
www-bis-org-8025	58	33	of	of	IN
www-bis-org-8025	58	34	the	the	DT
www-bis-org-8025	58	35	network	network	NN
www-bis-org-8025	58	36	’s	’s	POS
www-bis-org-8025	58	37	computational	computational	JJ
www-bis-org-8025	58	38	power	power	NN
www-bis-org-8025	58	39	.	.	.
www-bis-org-8025	59	1	Nakamoto	Nakamoto	NNP
www-bis-org-8025	59	2	’s	’s	POS
www-bis-org-8025	59	3	definition	definition	NN
www-bis-org-8025	59	4	of	of	IN
www-bis-org-8025	59	5	payment	payment	NN
www-bis-org-8025	59	6	finality	finality	NN
www-bis-org-8025	59	7	(	(	-LRB-
www-bis-org-8025	59	8	although	although	IN
www-bis-org-8025	59	9	not	not	RB
www-bis-org-8025	59	10	explicitly	explicitly	RB
www-bis-org-8025	59	11	spelled	spell	VBN
www-bis-org-8025	59	12	out	out	RP
www-bis-org-8025	59	13	as	as	IN
www-bis-org-8025	59	14	such	such	JJ
www-bis-org-8025	59	15	)	)	-RRB-
www-bis-org-8025	59	16	is	be	VBZ
www-bis-org-8025	59	17	thus	thus	RB
www-bis-org-8025	59	18	operational	operational	JJ
www-bis-org-8025	59	19	:	:	:
www-bis-org-8025	59	20	the	the	DT
www-bis-org-8025	59	21	deeper	deep	JJR
www-bis-org-8025	59	22	a	a	DT
www-bis-org-8025	59	23	payment	payment	NN
www-bis-org-8025	59	24	is	be	VBZ
www-bis-org-8025	59	25	buried	bury	VBN
www-bis-org-8025	59	26	in	in	IN
www-bis-org-8025	59	27	the	the	DT
www-bis-org-8025	59	28	ledger	ledger	NNP
www-bis-org-8025	59	29	,	,	,
www-bis-org-8025	59	30	the	the	DT
www-bis-org-8025	59	31	less	less	RBR
www-bis-org-8025	59	32	likely	likely	JJ
www-bis-org-8025	59	33	an	an	DT
www-bis-org-8025	59	34	adversary	adversary	NN
www-bis-org-8025	59	35	with	with	IN
www-bis-org-8025	59	36	given	give	VBN
www-bis-org-8025	59	37	computational	computational	JJ
www-bis-org-8025	59	38	resources	resource	NNS
www-bis-org-8025	59	39	will	will	MD
www-bis-org-8025	59	40	succeed	succeed	VB
www-bis-org-8025	59	41	in	in	IN
www-bis-org-8025	59	42	a	a	DT
www-bis-org-8025	59	43	double	double	JJ
www-bis-org-8025	59	44	-	-	HYPH
www-bis-org-8025	59	45	spending	spend	VBG
www-bis-org-8025	59	46	attack	attack	NN
www-bis-org-8025	59	47	.	.	.
www-bis-org-8025	60	1	If	if	IN
www-bis-org-8025	60	2	the	the	DT
www-bis-org-8025	60	3	incentives	incentive	NNS
www-bis-org-8025	60	4	of	of	IN
www-bis-org-8025	60	5	potential	potential	JJ
www-bis-org-8025	60	6	attackers	attacker	NNS
www-bis-org-8025	60	7	are	be	VBP
www-bis-org-8025	60	8	analysed	analyse	VBN
www-bis-org-8025	60	9	,	,	,
www-bis-org-8025	60	10	it	-PRON-	PRP
www-bis-org-8025	60	11	is	be	VBZ
www-bis-org-8025	60	12	clear	clear	JJ
www-bis-org-8025	60	13	that	that	IN
www-bis-org-8025	60	14	the	the	DT
www-bis-org-8025	60	15	cost	cost	NN
www-bis-org-8025	60	16	of	of	IN
www-bis-org-8025	60	17	economic	economic	JJ
www-bis-org-8025	60	18	payment	payment	NN
www-bis-org-8025	60	19	finality	finality	NN
www-bis-org-8025	60	20	is	be	VBZ
www-bis-org-8025	60	21	extreme	extreme	JJ
www-bis-org-8025	60	22	.	.	.
www-bis-org-8025	61	1	For	for	IN
www-bis-org-8025	61	2	example	example	NN
www-bis-org-8025	61	3	,	,	,
www-bis-org-8025	61	4	to	to	TO
www-bis-org-8025	61	5	achieve	achieve	VB
www-bis-org-8025	61	6	economic	economic	JJ
www-bis-org-8025	61	7	payment	payment	NN
www-bis-org-8025	61	8	finality	finality	NN
www-bis-org-8025	61	9	within	within	IN
www-bis-org-8025	61	10	six	six	CD
www-bis-org-8025	61	11	blocks	block	NNS
www-bis-org-8025	61	12	(	(	-LRB-
www-bis-org-8025	61	13	one	one	CD
www-bis-org-8025	61	14	hour	hour	NN
www-bis-org-8025	61	15	)	)	-RRB-
www-bis-org-8025	61	16	,	,	,
www-bis-org-8025	61	17	back	back	RB
www-bis-org-8025	61	18	of	of	IN
www-bis-org-8025	61	19	the	the	DT
www-bis-org-8025	61	20	envelope	envelope	NNP
www-bis-org-8025	61	21	calculations	calculation	NNS
www-bis-org-8025	61	22	suggest	suggest	VBP
www-bis-org-8025	61	23	that	that	IN
www-bis-org-8025	61	24	mining	mining	NN
www-bis-org-8025	61	25	income	income	NN
www-bis-org-8025	61	26	must	must	MD
www-bis-org-8025	61	27	amount	amount	VB
www-bis-org-8025	61	28	to	to	IN
www-bis-org-8025	61	29	8.3	8.3	CD
www-bis-org-8025	61	30	%	%	NN
www-bis-org-8025	61	31	of	of	IN
www-bis-org-8025	61	32	the	the	DT
www-bis-org-8025	61	33	transaction	transaction	NN
www-bis-org-8025	61	34	volume	volume	NN
www-bis-org-8025	61	35	–	–	:
www-bis-org-8025	61	36	a	a	DT
www-bis-org-8025	61	37	multiple	multiple	NN
www-bis-org-8025	61	38	of	of	IN
www-bis-org-8025	61	39	transaction	transaction	NN
www-bis-org-8025	61	40	fees	fee	NNS
www-bis-org-8025	61	41	in	in	IN
www-bis-org-8025	61	42	today	today	NN
www-bis-org-8025	61	43	’s	’s	POS
www-bis-org-8025	61	44	mainstream	mainstream	JJ
www-bis-org-8025	61	45	payment	payment	NN
www-bis-org-8025	61	46	services	service	NNS
www-bis-org-8025	61	47	.	.	.
www-bis-org-8025	62	1	The	the	DT
www-bis-org-8025	62	2	underlying	underlying	JJ
www-bis-org-8025	62	3	intuition	intuition	NN
www-bis-org-8025	62	4	is	be	VBZ
www-bis-org-8025	62	5	simple	simple	JJ
www-bis-org-8025	62	6	:	:	:
www-bis-org-8025	62	7	double	double	JJ
www-bis-org-8025	62	8	-	-	HYPH
www-bis-org-8025	62	9	spending	spending	NN
www-bis-org-8025	62	10	is	be	VBZ
www-bis-org-8025	62	11	very	very	RB
www-bis-org-8025	62	12	profitable	profitable	JJ
www-bis-org-8025	62	13	.	.	.
www-bis-org-8025	63	1	In	in	IN
www-bis-org-8025	63	2	fact	fact	NN
www-bis-org-8025	63	3	,	,	,
www-bis-org-8025	63	4	attackers	attacker	NNS
www-bis-org-8025	63	5	stand	stand	VBP
www-bis-org-8025	63	6	to	to	TO
www-bis-org-8025	63	7	gain	gain	VB
www-bis-org-8025	63	8	a	a	DT
www-bis-org-8025	63	9	much	much	RB
www-bis-org-8025	63	10	higher	high	JJR
www-bis-org-8025	63	11	bitcoin	bitcoin	NN
www-bis-org-8025	63	12	income	income	NN
www-bis-org-8025	63	13	than	than	IN
www-bis-org-8025	63	14	does	do	VBZ
www-bis-org-8025	63	15	an	an	DT
www-bis-org-8025	63	16	honest	honest	JJ
www-bis-org-8025	63	17	miner	miner	NN
www-bis-org-8025	63	18	.	.	.
www-bis-org-8025	64	1	While	while	IN
www-bis-org-8025	64	2	honest	honest	JJ
www-bis-org-8025	64	3	miners	miner	NNS
www-bis-org-8025	64	4	simply	simply	RB
www-bis-org-8025	64	5	collect	collect	VBP
www-bis-org-8025	64	6	block	block	NN
www-bis-org-8025	64	7	rewards	reward	NNS
www-bis-org-8025	64	8	and	and	CC
www-bis-org-8025	64	9	transaction	transaction	NN
www-bis-org-8025	64	10	fees	fee	NNS
www-bis-org-8025	64	11	,	,	,
www-bis-org-8025	64	12	counterfeiters	counterfeiter	NNS
www-bis-org-8025	64	13	collect	collect	VBP
www-bis-org-8025	64	14	not	not	RB
www-bis-org-8025	64	15	only	only	RB
www-bis-org-8025	64	16	any	any	DT
www-bis-org-8025	64	17	block	block	NN
www-bis-org-8025	64	18	rewards	reward	NNS
www-bis-org-8025	64	19	and	and	CC
www-bis-org-8025	64	20	transaction	transaction	NN
www-bis-org-8025	64	21	fees	fee	NNS
www-bis-org-8025	64	22	in	in	IN
www-bis-org-8025	64	23	the	the	DT
www-bis-org-8025	64	24	forged	forge	VBN
www-bis-org-8025	64	25	chain	chain	NN
www-bis-org-8025	64	26	,	,	,
www-bis-org-8025	64	27	but	but	CC
www-bis-org-8025	64	28	also	also	RB
www-bis-org-8025	64	29	the	the	DT
www-bis-org-8025	64	30	amount	amount	NN
www-bis-org-8025	64	31	that	that	WDT
www-bis-org-8025	64	32	was	be	VBD
www-bis-org-8025	64	33	double	double	RB
www-bis-org-8025	64	34	-	-	HYPH
www-bis-org-8025	64	35	spent	spend	VBN
www-bis-org-8025	64	36	,	,	,
www-bis-org-8025	64	37	ie	ie	IN
www-bis-org-8025	64	38	the	the	DT
www-bis-org-8025	64	39	value	value	NN
www-bis-org-8025	64	40	of	of	IN
www-bis-org-8025	64	41	the	the	DT
www-bis-org-8025	64	42	voided	voided	JJ
www-bis-org-8025	64	43	transactions	transaction	NNS
www-bis-org-8025	64	44	.	.	.
www-bis-org-8025	65	1	This	this	DT
www-bis-org-8025	65	2	“	"	``
www-bis-org-8025	65	3	attacker	attacker	NN
www-bis-org-8025	65	4	advantage	advantage	NN
www-bis-org-8025	65	5	”	"	''
www-bis-org-8025	65	6	ultimately	ultimately	RB
www-bis-org-8025	65	7	translates	translate	VBZ
www-bis-org-8025	65	8	into	into	IN
www-bis-org-8025	65	9	a	a	DT
www-bis-org-8025	65	10	very	very	RB
www-bis-org-8025	65	11	high	high	JJ
www-bis-org-8025	65	12	required	require	VBN
www-bis-org-8025	65	13	ratio	ratio	NN
www-bis-org-8025	65	14	for	for	IN
www-bis-org-8025	65	15	miners	miner	NNS
www-bis-org-8025	65	16	’	’	POS
www-bis-org-8025	65	17	income	income	NN
www-bis-org-8025	65	18	as	as	IN
www-bis-org-8025	65	19	compared	compare	VBN
www-bis-org-8025	65	20	with	with	IN
www-bis-org-8025	65	21	the	the	DT
www-bis-org-8025	65	22	transaction	transaction	NN
www-bis-org-8025	65	23	volume	volume	NN
www-bis-org-8025	65	24	(	(	-LRB-
www-bis-org-8025	65	25	the	the	DT
www-bis-org-8025	65	26	amount	amount	NN
www-bis-org-8025	65	27	that	that	WDT
www-bis-org-8025	65	28	can	can	MD
www-bis-org-8025	65	29	be	be	VB
www-bis-org-8025	65	30	double	double	RB
www-bis-org-8025	65	31	-	-	HYPH
www-bis-org-8025	65	32	spent	spend	VBN
www-bis-org-8025	65	33	)	)	-RRB-
www-bis-org-8025	65	34	.	.	.
www-bis-org-8025	66	1	4	4	CD
www-bis-org-8025	66	2	Nakamoto	Nakamoto	NNP
www-bis-org-8025	66	3	(	(	-LRB-
www-bis-org-8025	66	4	2008	2008	CD
www-bis-org-8025	66	5	)	)	-RRB-
www-bis-org-8025	66	6	–	–	:
www-bis-org-8025	66	7	a	a	DT
www-bis-org-8025	66	8	pseudonym	pseudonym	NN
www-bis-org-8025	66	9	for	for	IN
www-bis-org-8025	66	10	a	a	DT
www-bis-org-8025	66	11	hitherto	hitherto	JJ
www-bis-org-8025	66	12	unknown	unknown	JJ
www-bis-org-8025	66	13	person	person	NN
www-bis-org-8025	66	14	or	or	CC
www-bis-org-8025	66	15	group	group	NN
www-bis-org-8025	66	16	of	of	IN
www-bis-org-8025	66	17	persons	person	NNS
www-bis-org-8025	66	18	–	–	:
www-bis-org-8025	66	19	did	do	VBD
www-bis-org-8025	66	20	not	not	RB
www-bis-org-8025	66	21	invent	invent	VB
www-bis-org-8025	66	22	the	the	DT
www-bis-org-8025	66	23	individual	individual	JJ
www-bis-org-8025	66	24	technological	technological	JJ
www-bis-org-8025	66	25	elements	element	NNS
www-bis-org-8025	66	26	of	of	IN
www-bis-org-8025	66	27	bitcoin	bitcoin	NN
www-bis-org-8025	66	28	but	but	CC
www-bis-org-8025	66	29	rather	rather	RB
www-bis-org-8025	66	30	made	make	VBD
www-bis-org-8025	66	31	use	use	NN
www-bis-org-8025	66	32	of	of	IN
www-bis-org-8025	66	33	a	a	DT
www-bis-org-8025	66	34	novel	novel	JJ
www-bis-org-8025	66	35	combination	combination	NN
www-bis-org-8025	66	36	of	of	IN
www-bis-org-8025	66	37	existing	exist	VBG
www-bis-org-8025	66	38	technologies	technology	NNS
www-bis-org-8025	66	39	.	.	.
www-bis-org-8025	67	1	Proposals	proposal	NNS
www-bis-org-8025	67	2	for	for	IN
www-bis-org-8025	67	3	digital	digital	JJ
www-bis-org-8025	67	4	forms	form	NNS
www-bis-org-8025	67	5	of	of	IN
www-bis-org-8025	67	6	cash	cash	NN
www-bis-org-8025	67	7	date	date	NN
www-bis-org-8025	67	8	include	include	VBP
www-bis-org-8025	67	9	eg	eg	NNP
www-bis-org-8025	67	10	Chaum	Chaum	NNP
www-bis-org-8025	67	11	(	(	-LRB-
www-bis-org-8025	67	12	1983	1983	CD
www-bis-org-8025	67	13	)	)	-RRB-
www-bis-org-8025	67	14	.	.	.
www-bis-org-8025	68	1	The	the	DT
www-bis-org-8025	68	2	proof	proof	NN
www-bis-org-8025	68	3	-	-	HYPH
www-bis-org-8025	68	4	of	of	IN
www-bis-org-8025	68	5	-	-	HYPH
www-bis-org-8025	68	6	work	work	NN
www-bis-org-8025	68	7	concept	concept	NN
www-bis-org-8025	68	8	is	be	VBZ
www-bis-org-8025	68	9	commonly	commonly	RB
www-bis-org-8025	68	10	attributed	attribute	VBN
www-bis-org-8025	68	11	to	to	IN
www-bis-org-8025	68	12	Dwork	Dwork	NNP
www-bis-org-8025	68	13	and	and	CC
www-bis-org-8025	68	14	Naor	Naor	NNP
www-bis-org-8025	68	15	(	(	-LRB-
www-bis-org-8025	68	16	1992	1992	CD
www-bis-org-8025	68	17	)	)	-RRB-
www-bis-org-8025	68	18	,	,	,
www-bis-org-8025	68	19	while	while	IN
www-bis-org-8025	68	20	Szabo	Szabo	NNP
www-bis-org-8025	68	21	(	(	-LRB-
www-bis-org-8025	68	22	2005	2005	CD
www-bis-org-8025	68	23	)	)	-RRB-
www-bis-org-8025	68	24	too	too	RB
www-bis-org-8025	68	25	recognised	recognise	VBD
www-bis-org-8025	68	26	that	that	IN
www-bis-org-8025	68	27	this	this	DT
www-bis-org-8025	68	28	principle	principle	NN
www-bis-org-8025	68	29	(	(	-LRB-
www-bis-org-8025	68	30	initially	initially	RB
www-bis-org-8025	68	31	developed	develop	VBN
www-bis-org-8025	68	32	to	to	TO
www-bis-org-8025	68	33	deter	deter	VB
www-bis-org-8025	68	34	spam	spam	NN
www-bis-org-8025	68	35	)	)	-RRB-
www-bis-org-8025	68	36	could	could	MD
www-bis-org-8025	68	37	be	be	VB
www-bis-org-8025	68	38	used	use	VBN
www-bis-org-8025	68	39	in	in	IN
www-bis-org-8025	68	40	digital	digital	JJ
www-bis-org-8025	68	41	payment	payment	NN
www-bis-org-8025	68	42	systems	system	NNS
www-bis-org-8025	68	43	.	.	.
www-bis-org-8025	69	1	5	5	CD
www-bis-org-8025	69	2	On	on	IN
www-bis-org-8025	69	3	limited	limited	JJ
www-bis-org-8025	69	4	scale	scale	NN
www-bis-org-8025	69	5	and	and	CC
www-bis-org-8025	69	6	volatility	volatility	NN
www-bis-org-8025	69	7	,	,	,
www-bis-org-8025	69	8	see	see	VB
www-bis-org-8025	69	9	in	in	IN
www-bis-org-8025	69	10	particular	particular	JJ
www-bis-org-8025	69	11	Bank	Bank	NNP
www-bis-org-8025	69	12	for	for	IN
www-bis-org-8025	69	13	International	International	NNP
www-bis-org-8025	69	14	Settlements	Settlements	NNP
www-bis-org-8025	69	15	(	(	-LRB-
www-bis-org-8025	69	16	2018	2018	CD
www-bis-org-8025	69	17	)	)	-RRB-
www-bis-org-8025	69	18	.	.	.
www-bis-org-8025	70	1	For	for	IN
www-bis-org-8025	70	2	other	other	JJ
www-bis-org-8025	70	3	limitations	limitation	NNS
www-bis-org-8025	70	4	,	,	,
www-bis-org-8025	70	5	see	see	VB
www-bis-org-8025	70	6	eg	eg	NNP
www-bis-org-8025	70	7	Biais	Biais	NNP
www-bis-org-8025	70	8	et	et	NN
www-bis-org-8025	70	9	al	al	NNP
www-bis-org-8025	70	10	(	(	-LRB-
www-bis-org-8025	70	11	2017	2017	CD
www-bis-org-8025	70	12	)	)	-RRB-
www-bis-org-8025	70	13	,	,	,
www-bis-org-8025	70	14	Huberman	Huberman	NNP
www-bis-org-8025	70	15	et	et	NNP
www-bis-org-8025	70	16	al	al	NNP
www-bis-org-8025	70	17	(	(	-LRB-
www-bis-org-8025	70	18	2017	2017	CD
www-bis-org-8025	70	19	)	)	-RRB-
www-bis-org-8025	70	20	,	,	,
www-bis-org-8025	70	21	Budish	Budish	NNP
www-bis-org-8025	70	22	(	(	-LRB-
www-bis-org-8025	70	23	2018	2018	CD
www-bis-org-8025	70	24	)	)	-RRB-
www-bis-org-8025	70	25	,	,	,
www-bis-org-8025	70	26	and	and	CC
www-bis-org-8025	70	27	Morris	Morris	NNP
www-bis-org-8025	70	28	and	and	CC
www-bis-org-8025	70	29	Shin	Shin	NNP
www-bis-org-8025	70	30	(	(	-LRB-
www-bis-org-8025	70	31	2018	2018	CD
www-bis-org-8025	70	32	)	)	-RRB-
www-bis-org-8025	70	33	.	.	.
www-bis-org-8025	71	1	4	4	LS
www-bis-org-8025	71	2	WP765	WP765	NNP
www-bis-org-8025	71	3	Beyond	beyond	IN
www-bis-org-8025	71	4	the	the	DT
www-bis-org-8025	71	5	doomsday	doomsday	NNP
www-bis-org-8025	71	6	economics	economic	NNS
www-bis-org-8025	71	7	of	of	IN
www-bis-org-8025	71	8	“	"	``
www-bis-org-8025	71	9	proof	proof	NN
www-bis-org-8025	71	10	-	-	HYPH
www-bis-org-8025	71	11	of	of	IN
www-bis-org-8025	71	12	-	-	HYPH
www-bis-org-8025	71	13	work	work	NN
www-bis-org-8025	71	14	”	"	''
www-bis-org-8025	71	15	in	in	IN
www-bis-org-8025	71	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	71	17	The	the	DT
www-bis-org-8025	71	18	second	second	JJ
www-bis-org-8025	71	19	fundamental	fundamental	JJ
www-bis-org-8025	71	20	economic	economic	JJ
www-bis-org-8025	71	21	limitation	limitation	NN
www-bis-org-8025	71	22	is	be	VBZ
www-bis-org-8025	71	23	that	that	IN
www-bis-org-8025	71	24	the	the	DT
www-bis-org-8025	71	25	system	system	NN
www-bis-org-8025	71	26	can	can	MD
www-bis-org-8025	71	27	not	not	RB
www-bis-org-8025	71	28	generate	generate	VB
www-bis-org-8025	71	29	transaction	transaction	NN
www-bis-org-8025	71	30	fees	fee	NNS
www-bis-org-8025	71	31	in	in	IN
www-bis-org-8025	71	32	line	line	NN
www-bis-org-8025	71	33	with	with	IN
www-bis-org-8025	71	34	the	the	DT
www-bis-org-8025	71	35	goal	goal	NN
www-bis-org-8025	71	36	of	of	IN
www-bis-org-8025	71	37	guaranteeing	guarantee	VBG
www-bis-org-8025	71	38	payment	payment	NN
www-bis-org-8025	71	39	security	security	NN
www-bis-org-8025	71	40	.	.	.
www-bis-org-8025	72	1	Either	either	CC
www-bis-org-8025	72	2	,	,	,
www-bis-org-8025	72	3	the	the	DT
www-bis-org-8025	72	4	system	system	NN
www-bis-org-8025	72	5	works	work	VBZ
www-bis-org-8025	72	6	below	below	IN
www-bis-org-8025	72	7	capacity	capacity	NN
www-bis-org-8025	72	8	and	and	CC
www-bis-org-8025	72	9	users	user	NNS
www-bis-org-8025	72	10	’	’	POS
www-bis-org-8025	72	11	incentives	incentive	NNS
www-bis-org-8025	72	12	to	to	TO
www-bis-org-8025	72	13	set	set	VB
www-bis-org-8025	72	14	transaction	transaction	NN
www-bis-org-8025	72	15	fees	fee	NNS
www-bis-org-8025	72	16	are	be	VBP
www-bis-org-8025	72	17	very	very	RB
www-bis-org-8025	72	18	low	low	JJ
www-bis-org-8025	72	19	,	,	,
www-bis-org-8025	72	20	or	or	CC
www-bis-org-8025	72	21	the	the	DT
www-bis-org-8025	72	22	system	system	NN
www-bis-org-8025	72	23	becomes	become	VBZ
www-bis-org-8025	72	24	congested	congested	JJ
www-bis-org-8025	72	25	(	(	-LRB-
www-bis-org-8025	72	26	see	see	VB
www-bis-org-8025	72	27	Huberman	Huberman	NNP
www-bis-org-8025	72	28	et	et	NNP
www-bis-org-8025	72	29	al	al	NNP
www-bis-org-8025	72	30	(	(	-LRB-
www-bis-org-8025	72	31	2017	2017	CD
www-bis-org-8025	72	32	)	)	-RRB-
www-bis-org-8025	72	33	and	and	CC
www-bis-org-8025	72	34	Easley	Easley	NNP
www-bis-org-8025	72	35	et	et	NNP
www-bis-org-8025	72	36	al	al	NNP
www-bis-org-8025	72	37	(	(	-LRB-
www-bis-org-8025	72	38	2018	2018	CD
www-bis-org-8025	72	39	)	)	-RRB-
www-bis-org-8025	72	40	for	for	IN
www-bis-org-8025	72	41	analysis	analysis	NN
www-bis-org-8025	72	42	of	of	IN
www-bis-org-8025	72	43	the	the	DT
www-bis-org-8025	72	44	case	case	NN
www-bis-org-8025	72	45	of	of	IN
www-bis-org-8025	72	46	congestion	congestion	NN
www-bis-org-8025	72	47	and	and	CC
www-bis-org-8025	72	48	associated	associate	VBD
www-bis-org-8025	72	49	queuing	queuing	NN
www-bis-org-8025	72	50	)	)	-RRB-
www-bis-org-8025	72	51	.	.	.
www-bis-org-8025	73	1	Underlying	underlie	VBG
www-bis-org-8025	73	2	this	this	DT
www-bis-org-8025	73	3	is	be	VBZ
www-bis-org-8025	73	4	a	a	DT
www-bis-org-8025	73	5	key	key	JJ
www-bis-org-8025	73	6	externality	externality	NN
www-bis-org-8025	73	7	:	:	:
www-bis-org-8025	73	8	the	the	DT
www-bis-org-8025	73	9	proof	proof	NN
www-bis-org-8025	73	10	-	-	HYPH
www-bis-org-8025	73	11	of	of	IN
www-bis-org-8025	73	12	-	-	HYPH
www-bis-org-8025	73	13	work	work	NN
www-bis-org-8025	73	14	and	and	CC
www-bis-org-8025	73	15	hence	hence	RB
www-bis-org-8025	73	16	the	the	DT
www-bis-org-8025	73	17	level	level	NN
www-bis-org-8025	73	18	of	of	IN
www-bis-org-8025	73	19	security	security	NN
www-bis-org-8025	73	20	is	be	VBZ
www-bis-org-8025	73	21	determined	determine	VBN
www-bis-org-8025	73	22	at	at	IN
www-bis-org-8025	73	23	the	the	DT
www-bis-org-8025	73	24	level	level	NN
www-bis-org-8025	73	25	of	of	IN
www-bis-org-8025	73	26	the	the	DT
www-bis-org-8025	73	27	block	block	NN
www-bis-org-8025	73	28	one	one	NNP
www-bis-org-8025	73	29	’s	’s	POS
www-bis-org-8025	73	30	transaction	transaction	NN
www-bis-org-8025	73	31	is	be	VBZ
www-bis-org-8025	73	32	included	include	VBN
www-bis-org-8025	73	33	in	in	IN
www-bis-org-8025	73	34	,	,	,
www-bis-org-8025	73	35	with	with	IN
www-bis-org-8025	73	36	protection	protection	NN
www-bis-org-8025	73	37	also	also	RB
www-bis-org-8025	73	38	being	be	VBG
www-bis-org-8025	73	39	provided	provide	VBN
www-bis-org-8025	73	40	by	by	IN
www-bis-org-8025	73	41	the	the	DT
www-bis-org-8025	73	42	proofs	proofs	JJ
www-bis-org-8025	73	43	-	-	HYPH
www-bis-org-8025	73	44	of	of	IN
www-bis-org-8025	73	45	-	-	HYPH
www-bis-org-8025	73	46	work	work	NN
www-bis-org-8025	73	47	for	for	IN
www-bis-org-8025	73	48	subsequent	subsequent	JJ
www-bis-org-8025	73	49	blocks	block	NNS
www-bis-org-8025	73	50	.	.	.
www-bis-org-8025	74	1	In	in	IN
www-bis-org-8025	74	2	contrast	contrast	NN
www-bis-org-8025	74	3	,	,	,
www-bis-org-8025	74	4	the	the	DT
www-bis-org-8025	74	5	fee	fee	NN
www-bis-org-8025	74	6	is	be	VBZ
www-bis-org-8025	74	7	set	set	VBN
www-bis-org-8025	74	8	by	by	IN
www-bis-org-8025	74	9	each	each	DT
www-bis-org-8025	74	10	user	user	NN
www-bis-org-8025	74	11	privately	privately	RB
www-bis-org-8025	74	12	,	,	,
www-bis-org-8025	74	13	hence	hence	RB
www-bis-org-8025	74	14	creating	create	VBG
www-bis-org-8025	74	15	a	a	DT
www-bis-org-8025	74	16	classical	classical	JJ
www-bis-org-8025	74	17	free	free	JJ
www-bis-org-8025	74	18	-	-	HYPH
www-bis-org-8025	74	19	rider	rider	NN
www-bis-org-8025	74	20	problem	problem	NN
www-bis-org-8025	74	21	,	,	,
www-bis-org-8025	74	22	amounting	amount	VBG
www-bis-org-8025	74	23	to	to	IN
www-bis-org-8025	74	24	a	a	DT
www-bis-org-8025	74	25	veritable	veritable	JJ
www-bis-org-8025	74	26	“	"	``
www-bis-org-8025	74	27	tragedy	tragedy	NN
www-bis-org-8025	74	28	of	of	IN
www-bis-org-8025	74	29	the	the	DT
www-bis-org-8025	74	30	common	common	JJ
www-bis-org-8025	74	31	chain”.6	chain”.6	:
www-bis-org-8025	74	32	While	while	IN
www-bis-org-8025	74	33	each	each	DT
www-bis-org-8025	74	34	user	user	NN
www-bis-org-8025	74	35	would	would	MD
www-bis-org-8025	74	36	benefit	benefit	VB
www-bis-org-8025	74	37	from	from	IN
www-bis-org-8025	74	38	high	high	JJ
www-bis-org-8025	74	39	transaction	transaction	NN
www-bis-org-8025	74	40	fee	fee	NN
www-bis-org-8025	74	41	income	income	NN
www-bis-org-8025	74	42	for	for	IN
www-bis-org-8025	74	43	the	the	DT
www-bis-org-8025	74	44	miner	miner	NN
www-bis-org-8025	74	45	,	,	,
www-bis-org-8025	74	46	the	the	DT
www-bis-org-8025	74	47	incentives	incentive	NNS
www-bis-org-8025	74	48	to	to	TO
www-bis-org-8025	74	49	contribute	contribute	VB
www-bis-org-8025	74	50	with	with	IN
www-bis-org-8025	74	51	one	one	PRP
www-bis-org-8025	74	52	’s	’s	POS
www-bis-org-8025	74	53	own	own	JJ
www-bis-org-8025	74	54	fee	fee	NN
www-bis-org-8025	74	55	are	be	VBP
www-bis-org-8025	74	56	low	low	JJ
www-bis-org-8025	74	57	.	.	.
www-bis-org-8025	75	1	The	the	DT
www-bis-org-8025	75	2	key	key	JJ
www-bis-org-8025	75	3	takeaway	takeaway	NN
www-bis-org-8025	75	4	of	of	IN
www-bis-org-8025	75	5	this	this	DT
www-bis-org-8025	75	6	paper7	paper7	NN
www-bis-org-8025	75	7	concerns	concern	VBZ
www-bis-org-8025	75	8	the	the	DT
www-bis-org-8025	75	9	interaction	interaction	NN
www-bis-org-8025	75	10	of	of	IN
www-bis-org-8025	75	11	these	these	DT
www-bis-org-8025	75	12	two	two	CD
www-bis-org-8025	75	13	limitations	limitation	NNS
www-bis-org-8025	75	14	:	:	:
www-bis-org-8025	75	15	proof	proof	NN
www-bis-org-8025	75	16	-	-	HYPH
www-bis-org-8025	75	17	of	of	IN
www-bis-org-8025	75	18	-	-	HYPH
www-bis-org-8025	75	19	work	work	NN
www-bis-org-8025	75	20	can	can	MD
www-bis-org-8025	75	21	only	only	RB
www-bis-org-8025	75	22	achieve	achieve	VB
www-bis-org-8025	75	23	payment	payment	NN
www-bis-org-8025	75	24	security	security	NN
www-bis-org-8025	75	25	if	if	IN
www-bis-org-8025	75	26	mining	mining	NN
www-bis-org-8025	75	27	income	income	NN
www-bis-org-8025	75	28	is	be	VBZ
www-bis-org-8025	75	29	high	high	JJ
www-bis-org-8025	75	30	,	,	,
www-bis-org-8025	75	31	but	but	CC
www-bis-org-8025	75	32	the	the	DT
www-bis-org-8025	75	33	transaction	transaction	NN
www-bis-org-8025	75	34	market	market	NN
www-bis-org-8025	75	35	can	can	MD
www-bis-org-8025	75	36	not	not	RB
www-bis-org-8025	75	37	generate	generate	VB
www-bis-org-8025	75	38	an	an	DT
www-bis-org-8025	75	39	adequate	adequate	JJ
www-bis-org-8025	75	40	level	level	NN
www-bis-org-8025	75	41	of	of	IN
www-bis-org-8025	75	42	income	income	NN
www-bis-org-8025	75	43	.	.	.
www-bis-org-8025	76	1	As	as	IN
www-bis-org-8025	76	2	a	a	DT
www-bis-org-8025	76	3	result	result	NN
www-bis-org-8025	76	4	,	,	,
www-bis-org-8025	76	5	liquidity	liquidity	NN
www-bis-org-8025	76	6	is	be	VBZ
www-bis-org-8025	76	7	set	set	VBN
www-bis-org-8025	76	8	to	to	TO
www-bis-org-8025	76	9	deteriorate	deteriorate	VB
www-bis-org-8025	76	10	substantially	substantially	RB
www-bis-org-8025	76	11	in	in	IN
www-bis-org-8025	76	12	years	year	NNS
www-bis-org-8025	76	13	to	to	TO
www-bis-org-8025	76	14	come	come	VB
www-bis-org-8025	76	15	.	.	.
www-bis-org-8025	77	1	The	the	DT
www-bis-org-8025	77	2	backdrop	backdrop	NN
www-bis-org-8025	77	3	is	be	VBZ
www-bis-org-8025	77	4	that	that	IN
www-bis-org-8025	77	5	the	the	DT
www-bis-org-8025	77	6	bulk	bulk	NN
www-bis-org-8025	77	7	of	of	IN
www-bis-org-8025	77	8	miners	miner	NNS
www-bis-org-8025	77	9	’	’	POS
www-bis-org-8025	77	10	current	current	JJ
www-bis-org-8025	77	11	income	income	NN
www-bis-org-8025	77	12	consists	consist	VBZ
www-bis-org-8025	77	13	of	of	IN
www-bis-org-8025	77	14	block	block	NN
www-bis-org-8025	77	15	rewards	reward	NNS
www-bis-org-8025	77	16	.	.	.
www-bis-org-8025	78	1	But	but	CC
www-bis-org-8025	78	2	block	block	NN
www-bis-org-8025	78	3	rewards	reward	NNS
www-bis-org-8025	78	4	are	be	VBP
www-bis-org-8025	78	5	being	be	VBG
www-bis-org-8025	78	6	phased	phase	VBN
www-bis-org-8025	78	7	out	out	RP
www-bis-org-8025	78	8	.	.	.
www-bis-org-8025	79	1	For	for	IN
www-bis-org-8025	79	2	example	example	NN
www-bis-org-8025	79	3	,	,	,
www-bis-org-8025	79	4	in	in	IN
www-bis-org-8025	79	5	Bitcoin	Bitcoin	NNP
www-bis-org-8025	79	6	and	and	CC
www-bis-org-8025	79	7	many	many	JJ
www-bis-org-8025	79	8	of	of	IN
www-bis-org-8025	79	9	the	the	DT
www-bis-org-8025	79	10	clones	clone	NNS
www-bis-org-8025	79	11	that	that	WDT
www-bis-org-8025	79	12	have	have	VBP
www-bis-org-8025	79	13	“	"	``
www-bis-org-8025	79	14	forked	fork	VBN
www-bis-org-8025	79	15	”	"	''
www-bis-org-8025	79	16	from	from	IN
www-bis-org-8025	79	17	it	-PRON-	PRP
www-bis-org-8025	79	18	,	,	,
www-bis-org-8025	79	19	the	the	DT
www-bis-org-8025	79	20	next	next	JJ
www-bis-org-8025	79	21	time	time	NN
www-bis-org-8025	79	22	block	block	NN
www-bis-org-8025	79	23	rewards	reward	NNS
www-bis-org-8025	79	24	will	will	MD
www-bis-org-8025	79	25	halve	halve	VB
www-bis-org-8025	79	26	is	be	VBZ
www-bis-org-8025	79	27	in	in	IN
www-bis-org-8025	79	28	2020	2020	CD
www-bis-org-8025	79	29	.	.	.
www-bis-org-8025	80	1	Whenever	whenever	WRB
www-bis-org-8025	80	2	block	block	NN
www-bis-org-8025	80	3	rewards	reward	NNS
www-bis-org-8025	80	4	decrease	decrease	NN
www-bis-org-8025	80	5	,	,	,
www-bis-org-8025	80	6	the	the	DT
www-bis-org-8025	80	7	security	security	NN
www-bis-org-8025	80	8	of	of	IN
www-bis-org-8025	80	9	payments	payment	NNS
www-bis-org-8025	80	10	decreases	decrease	VBZ
www-bis-org-8025	80	11	and	and	CC
www-bis-org-8025	80	12	transaction	transaction	NN
www-bis-org-8025	80	13	fees	fee	NNS
www-bis-org-8025	80	14	become	become	VBP
www-bis-org-8025	80	15	more	more	RBR
www-bis-org-8025	80	16	important	important	JJ
www-bis-org-8025	80	17	to	to	TO
www-bis-org-8025	80	18	guarantee	guarantee	VB
www-bis-org-8025	80	19	the	the	DT
www-bis-org-8025	80	20	finality	finality	NN
www-bis-org-8025	80	21	of	of	IN
www-bis-org-8025	80	22	payments	payment	NNS
www-bis-org-8025	80	23	.	.	.
www-bis-org-8025	81	1	However	however	RB
www-bis-org-8025	81	2	the	the	DT
www-bis-org-8025	81	3	economic	economic	JJ
www-bis-org-8025	81	4	design	design	NN
www-bis-org-8025	81	5	of	of	IN
www-bis-org-8025	81	6	the	the	DT
www-bis-org-8025	81	7	transaction	transaction	NN
www-bis-org-8025	81	8	market	market	NN
www-bis-org-8025	81	9	fails	fail	VBZ
www-bis-org-8025	81	10	to	to	TO
www-bis-org-8025	81	11	generate	generate	VB
www-bis-org-8025	81	12	high	high	JJ
www-bis-org-8025	81	13	enough	enough	JJ
www-bis-org-8025	81	14	fees	fee	NNS
www-bis-org-8025	81	15	.	.	.
www-bis-org-8025	82	1	A	a	DT
www-bis-org-8025	82	2	simple	simple	JJ
www-bis-org-8025	82	3	model	model	NN
www-bis-org-8025	82	4	suggests	suggest	VBZ
www-bis-org-8025	82	5	that	that	IN
www-bis-org-8025	82	6	ultimately	ultimately	RB
www-bis-org-8025	82	7	,	,	,
www-bis-org-8025	82	8	it	-PRON-	PRP
www-bis-org-8025	82	9	could	could	MD
www-bis-org-8025	82	10	take	take	VB
www-bis-org-8025	82	11	nearly	nearly	RB
www-bis-org-8025	82	12	a	a	DT
www-bis-org-8025	82	13	year	year	NN
www-bis-org-8025	82	14	,	,	,
www-bis-org-8025	82	15	or	or	CC
www-bis-org-8025	82	16	50,000	50,000	CD
www-bis-org-8025	82	17	blocks	block	NNS
www-bis-org-8025	82	18	,	,	,
www-bis-org-8025	82	19	before	before	IN
www-bis-org-8025	82	20	a	a	DT
www-bis-org-8025	82	21	payment	payment	NN
www-bis-org-8025	82	22	could	could	MD
www-bis-org-8025	82	23	be	be	VB
www-bis-org-8025	82	24	considered	consider	VBN
www-bis-org-8025	82	25	“	"	``
www-bis-org-8025	82	26	final	final	JJ
www-bis-org-8025	82	27	”	"	''
www-bis-org-8025	82	28	.	.	.
www-bis-org-8025	83	1	Given	give	VBN
www-bis-org-8025	83	2	these	these	DT
www-bis-org-8025	83	3	considerations	consideration	NNS
www-bis-org-8025	83	4	,	,	,
www-bis-org-8025	83	5	the	the	DT
www-bis-org-8025	83	6	paper	paper	NN
www-bis-org-8025	83	7	concludes	conclude	VBZ
www-bis-org-8025	83	8	with	with	IN
www-bis-org-8025	83	9	a	a	DT
www-bis-org-8025	83	10	discussion	discussion	NN
www-bis-org-8025	83	11	of	of	IN
www-bis-org-8025	83	12	how	how	WRB
www-bis-org-8025	83	13	technological	technological	JJ
www-bis-org-8025	83	14	progress	progress	NN
www-bis-org-8025	83	15	is	be	VBZ
www-bis-org-8025	83	16	set	set	VBN
www-bis-org-8025	83	17	to	to	TO
www-bis-org-8025	83	18	affect	affect	VB
www-bis-org-8025	83	19	the	the	DT
www-bis-org-8025	83	20	efficiency	efficiency	NN
www-bis-org-8025	83	21	of	of	IN
www-bis-org-8025	83	22	Bitcoin	Bitcoin	NNP
www-bis-org-8025	83	23	and	and	CC
www-bis-org-8025	83	24	related	related	JJ
www-bis-org-8025	83	25	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	83	26	.	.	.
www-bis-org-8025	84	1	So	so	RB
www-bis-org-8025	84	2	-	-	HYPH
www-bis-org-8025	84	3	called	call	VBN
www-bis-org-8025	84	4	second	second	JJ
www-bis-org-8025	84	5	-	-	HYPH
www-bis-org-8025	84	6	layer	layer	NN
www-bis-org-8025	84	7	solutions	solution	NNS
www-bis-org-8025	84	8	such	such	JJ
www-bis-org-8025	84	9	as	as	IN
www-bis-org-8025	84	10	the	the	DT
www-bis-org-8025	84	11	Lightning	Lightning	NNP
www-bis-org-8025	84	12	Network	Network	NNP
www-bis-org-8025	84	13	can	can	MD
www-bis-org-8025	84	14	improve	improve	VB
www-bis-org-8025	84	15	the	the	DT
www-bis-org-8025	84	16	economics	economic	NNS
www-bis-org-8025	84	17	of	of	IN
www-bis-org-8025	84	18	payment	payment	NN
www-bis-org-8025	84	19	security	security	NN
www-bis-org-8025	84	20	(	(	-LRB-
www-bis-org-8025	84	21	in	in	IN
www-bis-org-8025	84	22	addition	addition	NN
www-bis-org-8025	84	23	to	to	IN
www-bis-org-8025	84	24	mitigating	mitigate	VBG
www-bis-org-8025	84	25	scaling	scale	VBG
www-bis-org-8025	84	26	limits	limit	NNS
www-bis-org-8025	84	27	)	)	-RRB-
www-bis-org-8025	84	28	.	.	.
www-bis-org-8025	85	1	However	however	RB
www-bis-org-8025	85	2	,	,	,
www-bis-org-8025	85	3	they	-PRON-	PRP
www-bis-org-8025	85	4	are	be	VBP
www-bis-org-8025	85	5	no	no	DT
www-bis-org-8025	85	6	magic	magic	JJ
www-bis-org-8025	85	7	bullets	bullet	NNS
www-bis-org-8025	85	8	,	,	,
www-bis-org-8025	85	9	as	as	IN
www-bis-org-8025	85	10	they	-PRON-	PRP
www-bis-org-8025	85	11	face	face	VBP
www-bis-org-8025	85	12	their	-PRON-	PRP$
www-bis-org-8025	85	13	own	own	JJ
www-bis-org-8025	85	14	scaling	scaling	NN
www-bis-org-8025	85	15	issues	issue	NNS
www-bis-org-8025	85	16	.	.	.
www-bis-org-8025	86	1	In	in	IN
www-bis-org-8025	86	2	order	order	NN
www-bis-org-8025	86	3	to	to	TO
www-bis-org-8025	86	4	prevent	prevent	VB
www-bis-org-8025	86	5	liquidity	liquidity	NN
www-bis-org-8025	86	6	from	from	IN
www-bis-org-8025	86	7	ebbing	ebb	VBG
www-bis-org-8025	86	8	away	away	RB
www-bis-org-8025	86	9	,	,	,
www-bis-org-8025	86	10	Bitcoin	Bitcoin	NNP
www-bis-org-8025	86	11	and	and	CC
www-bis-org-8025	86	12	other	other	JJ
www-bis-org-8025	86	13	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	86	14	would	would	MD
www-bis-org-8025	86	15	need	need	VB
www-bis-org-8025	86	16	to	to	TO
www-bis-org-8025	86	17	depart	depart	VB
www-bis-org-8025	86	18	from	from	IN
www-bis-org-8025	86	19	using	use	VBG
www-bis-org-8025	86	20	proof	proof	NN
www-bis-org-8025	86	21	-	-	HYPH
www-bis-org-8025	86	22	of	of	IN
www-bis-org-8025	86	23	-	-	HYPH
www-bis-org-8025	86	24	work	work	NN
www-bis-org-8025	86	25	–	–	:
www-bis-org-8025	86	26	a	a	DT
www-bis-org-8025	86	27	system	system	NN
www-bis-org-8025	86	28	that	that	WDT
www-bis-org-8025	86	29	is	be	VBZ
www-bis-org-8025	86	30	not	not	RB
www-bis-org-8025	86	31	sustainable	sustainable	JJ
www-bis-org-8025	86	32	without	without	IN
www-bis-org-8025	86	33	block	block	NN
www-bis-org-8025	86	34	rewards	reward	NNS
www-bis-org-8025	86	35	–	–	:
www-bis-org-8025	86	36	and	and	CC
www-bis-org-8025	86	37	embrace	embrace	VB
www-bis-org-8025	86	38	other	other	JJ
www-bis-org-8025	86	39	methods	method	NNS
www-bis-org-8025	86	40	for	for	IN
www-bis-org-8025	86	41	achieving	achieve	VBG
www-bis-org-8025	86	42	consensus	consensus	NN
www-bis-org-8025	86	43	on	on	IN
www-bis-org-8025	86	44	blockchain	blockchain	NNP
www-bis-org-8025	86	45	updates	updates	NNPS
www-bis-org-8025	86	46	.	.	.
www-bis-org-8025	87	1	Among	among	IN
www-bis-org-8025	87	2	many	many	JJ
www-bis-org-8025	87	3	proposed	propose	VBN
www-bis-org-8025	87	4	developments	development	NNS
www-bis-org-8025	87	5	,	,	,
www-bis-org-8025	87	6	the	the	DT
www-bis-org-8025	87	7	most	most	RBS
www-bis-org-8025	87	8	prominent	prominent	JJ
www-bis-org-8025	87	9	one	one	NN
www-bis-org-8025	87	10	is	be	VBZ
www-bis-org-8025	87	11	“	"	``
www-bis-org-8025	87	12	proof	proof	NN
www-bis-org-8025	87	13	-	-	HYPH
www-bis-org-8025	87	14	of	of	IN
www-bis-org-8025	87	15	-	-	HYPH
www-bis-org-8025	87	16	stake	stake	NN
www-bis-org-8025	87	17	,	,	,
www-bis-org-8025	87	18	”	"	''
www-bis-org-8025	87	19	a	a	DT
www-bis-org-8025	87	20	system	system	NN
www-bis-org-8025	87	21	in	in	IN
www-bis-org-8025	87	22	which	which	WDT
www-bis-org-8025	87	23	coordination	coordination	NN
www-bis-org-8025	87	24	on	on	IN
www-bis-org-8025	87	25	blockchain	blockchain	NNP
www-bis-org-8025	87	26	updates	update	NNS
www-bis-org-8025	87	27	is	be	VBZ
www-bis-org-8025	87	28	enforced	enforce	VBN
www-bis-org-8025	87	29	by	by	IN
www-bis-org-8025	87	30	ensuring	ensure	VBG
www-bis-org-8025	87	31	that	that	IN
www-bis-org-8025	87	32	transaction	transaction	NN
www-bis-org-8025	87	33	verifiers	verifier	NNS
www-bis-org-8025	87	34	pledge	pledge	VBP
www-bis-org-8025	87	35	their	-PRON-	PRP$
www-bis-org-8025	87	36	coin	coin	NN
www-bis-org-8025	87	37	holdings	holding	NNS
www-bis-org-8025	87	38	as	as	IN
www-bis-org-8025	87	39	guarantees	guarantee	NNS
www-bis-org-8025	87	40	that	that	IN
www-bis-org-8025	87	41	their	-PRON-	PRP$
www-bis-org-8025	87	42	payment	payment	NN
www-bis-org-8025	87	43	confirmations	confirmation	NNS
www-bis-org-8025	87	44	are	be	VBP
www-bis-org-8025	87	45	accurate	accurate	JJ
www-bis-org-8025	87	46	.	.	.
www-bis-org-8025	88	1	Yet	yet	RB
www-bis-org-8025	88	2	,	,	,
www-bis-org-8025	88	3	because	because	IN
www-bis-org-8025	88	4	such	such	PDT
www-bis-org-8025	88	5	a	a	DT
www-bis-org-8025	88	6	system	system	NN
www-bis-org-8025	88	7	lacks	lack	VBZ
www-bis-org-8025	88	8	the	the	DT
www-bis-org-8025	88	9	solid	solid	JJ
www-bis-org-8025	88	10	grounding	grounding	NN
www-bis-org-8025	88	11	offered	offer	VBN
www-bis-org-8025	88	12	by	by	IN
www-bis-org-8025	88	13	proof	proof	NN
www-bis-org-8025	88	14	-	-	HYPH
www-bis-org-8025	88	15	of	of	IN
www-bis-org-8025	88	16	-	-	HYPH
www-bis-org-8025	88	17	work	work	NN
www-bis-org-8025	88	18	(	(	-LRB-
www-bis-org-8025	88	19	which	which	WDT
www-bis-org-8025	88	20	proves	prove	VBZ
www-bis-org-8025	88	21	actual	actual	JJ
www-bis-org-8025	88	22	offline	offline	NN
www-bis-org-8025	88	23	activity	activity	NN
www-bis-org-8025	88	24	)	)	-RRB-
www-bis-org-8025	88	25	,	,	,
www-bis-org-8025	88	26	its	-PRON-	PRP$
www-bis-org-8025	88	27	success	success	NN
www-bis-org-8025	88	28	may	may	MD
www-bis-org-8025	88	29	rest	rest	VB
www-bis-org-8025	88	30	on	on	IN
www-bis-org-8025	88	31	additional	additional	JJ
www-bis-org-8025	88	32	overarching	overarching	JJ
www-bis-org-8025	88	33	coordination	coordination	NN
www-bis-org-8025	88	34	mechanisms	mechanism	NNS
www-bis-org-8025	88	35	,	,	,
www-bis-org-8025	88	36	ie	ie	NN
www-bis-org-8025	88	37	some	some	DT
www-bis-org-8025	88	38	degree	degree	NN
www-bis-org-8025	88	39	of	of	IN
www-bis-org-8025	88	40	implicit	implicit	JJ
www-bis-org-8025	88	41	or	or	CC
www-bis-org-8025	88	42	explicit	explicit	JJ
www-bis-org-8025	88	43	coordination	coordination	NN
www-bis-org-8025	88	44	by	by	IN
www-bis-org-8025	88	45	an	an	DT
www-bis-org-8025	88	46	institution.8	institution.8	NNP
www-bis-org-8025	88	47	Judging	judging	NN
www-bis-org-8025	88	48	based	base	VBN
www-bis-org-8025	88	49	on	on	IN
www-bis-org-8025	88	50	the	the	DT
www-bis-org-8025	88	51	current	current	JJ
www-bis-org-8025	88	52	technology	technology	NN
www-bis-org-8025	88	53	,	,	,
www-bis-org-8025	88	54	the	the	DT
www-bis-org-8025	88	55	overall	overall	JJ
www-bis-org-8025	88	56	conclusion	conclusion	NN
www-bis-org-8025	88	57	is	be	VBZ
www-bis-org-8025	88	58	that	that	IN
www-bis-org-8025	88	59	in	in	IN
www-bis-org-8025	88	60	the	the	DT
www-bis-org-8025	88	61	digital	digital	JJ
www-bis-org-8025	88	62	age	age	NN
www-bis-org-8025	88	63	too	too	RB
www-bis-org-8025	88	64	,	,	,
www-bis-org-8025	88	65	good	good	JJ
www-bis-org-8025	88	66	money	money	NN
www-bis-org-8025	88	67	is	be	VBZ
www-bis-org-8025	88	68	likely	likely	JJ
www-bis-org-8025	88	69	to	to	TO
www-bis-org-8025	88	70	remain	remain	VB
www-bis-org-8025	88	71	a	a	DT
www-bis-org-8025	88	72	social	social	JJ
www-bis-org-8025	88	73	rather	rather	RB
www-bis-org-8025	88	74	than	than	IN
www-bis-org-8025	88	75	a	a	DT
www-bis-org-8025	88	76	purely	purely	RB
www-bis-org-8025	88	77	technological	technological	JJ
www-bis-org-8025	88	78	construct	construct	NN
www-bis-org-8025	88	79	(	(	-LRB-
www-bis-org-8025	88	80	see	see	VB
www-bis-org-8025	88	81	eg	eg	NNP
www-bis-org-8025	88	82	Carstens	Carstens	NNP
www-bis-org-8025	88	83	(	(	-LRB-
www-bis-org-8025	88	84	2018a	2018a	CD
www-bis-org-8025	88	85	)	)	-RRB-
www-bis-org-8025	88	86	and	and	CC
www-bis-org-8025	88	87	Borio	Borio	NNP
www-bis-org-8025	88	88	(	(	-LRB-
www-bis-org-8025	88	89	2018	2018	CD
www-bis-org-8025	88	90	)	)	-RRB-
www-bis-org-8025	88	91	)	)	-RRB-
www-bis-org-8025	88	92	.	.	.
www-bis-org-8025	89	1	9	9	CD
www-bis-org-8025	89	2	That	that	IN
www-bis-org-8025	89	3	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	89	4	might	may	MD
www-bis-org-8025	89	5	in	in	IN
www-bis-org-8025	89	6	future	future	JJ
www-bis-org-8025	89	7	profit	profit	NN
www-bis-org-8025	89	8	from	from	IN
www-bis-org-8025	89	9	social	social	JJ
www-bis-org-8025	89	10	coordination	coordination	NN
www-bis-org-8025	89	11	or	or	CC
www-bis-org-8025	89	12	institutions	institution	NNS
www-bis-org-8025	89	13	is	be	VBZ
www-bis-org-8025	89	14	also	also	RB
www-bis-org-8025	89	15	6	6	CD
www-bis-org-8025	89	16	The	the	DT
www-bis-org-8025	89	17	tragedy	tragedy	NN
www-bis-org-8025	89	18	of	of	IN
www-bis-org-8025	89	19	the	the	DT
www-bis-org-8025	89	20	commons	common	NNS
www-bis-org-8025	89	21	is	be	VBZ
www-bis-org-8025	89	22	a	a	DT
www-bis-org-8025	89	23	frequently	frequently	RB
www-bis-org-8025	89	24	encountered	encounter	VBN
www-bis-org-8025	89	25	problem	problem	NN
www-bis-org-8025	89	26	in	in	IN
www-bis-org-8025	89	27	economics	economic	NNS
www-bis-org-8025	89	28	when	when	WRB
www-bis-org-8025	89	29	individuals	individual	NNS
www-bis-org-8025	89	30	try	try	VBP
www-bis-org-8025	89	31	to	to	TO
www-bis-org-8025	89	32	reap	reap	VB
www-bis-org-8025	89	33	benefits	benefit	NNS
www-bis-org-8025	89	34	from	from	IN
www-bis-org-8025	89	35	a	a	DT
www-bis-org-8025	89	36	commonly	commonly	RB
www-bis-org-8025	89	37	accessible	accessible	JJ
www-bis-org-8025	89	38	resource	resource	NN
www-bis-org-8025	89	39	in	in	IN
www-bis-org-8025	89	40	fixed	fix	VBN
www-bis-org-8025	89	41	supply	supply	NN
www-bis-org-8025	89	42	without	without	IN
www-bis-org-8025	89	43	taking	take	VBG
www-bis-org-8025	89	44	into	into	IN
www-bis-org-8025	89	45	account	account	NN
www-bis-org-8025	89	46	the	the	DT
www-bis-org-8025	89	47	effect	effect	NN
www-bis-org-8025	89	48	of	of	IN
www-bis-org-8025	89	49	one	one	NN
www-bis-org-8025	89	50	’s	’s	POS
www-bis-org-8025	89	51	consumption	consumption	NN
www-bis-org-8025	89	52	on	on	IN
www-bis-org-8025	89	53	the	the	DT
www-bis-org-8025	89	54	well	well	NN
www-bis-org-8025	89	55	-	-	HYPH
www-bis-org-8025	89	56	being	being	NN
www-bis-org-8025	89	57	of	of	IN
www-bis-org-8025	89	58	others	other	NNS
www-bis-org-8025	89	59	.	.	.
www-bis-org-8025	90	1	The	the	DT
www-bis-org-8025	90	2	name	name	NN
www-bis-org-8025	90	3	originates	originate	VBZ
www-bis-org-8025	90	4	from	from	IN
www-bis-org-8025	90	5	over	over	RB
www-bis-org-8025	90	6	-	-	HYPH
www-bis-org-8025	90	7	grazing	grazing	NN
www-bis-org-8025	90	8	of	of	IN
www-bis-org-8025	90	9	common	common	JJ
www-bis-org-8025	90	10	land	land	NN
www-bis-org-8025	90	11	(	(	-LRB-
www-bis-org-8025	90	12	see	see	VB
www-bis-org-8025	90	13	Lloyd	Lloyd	NNP
www-bis-org-8025	90	14	(	(	-LRB-
www-bis-org-8025	90	15	1833	1833	CD
www-bis-org-8025	90	16	)	)	-RRB-
www-bis-org-8025	90	17	)	)	-RRB-
www-bis-org-8025	90	18	.	.	.
www-bis-org-8025	91	1	7	7	CD
www-bis-org-8025	91	2	Note	note	NN
www-bis-org-8025	91	3	that	that	IN
www-bis-org-8025	91	4	Huberman	Huberman	NNP
www-bis-org-8025	91	5	et	et	NNP
www-bis-org-8025	91	6	al	al	NNP
www-bis-org-8025	91	7	(	(	-LRB-
www-bis-org-8025	91	8	2017	2017	CD
www-bis-org-8025	91	9	)	)	-RRB-
www-bis-org-8025	91	10	examine	examine	VB
www-bis-org-8025	91	11	congestion	congestion	NN
www-bis-org-8025	91	12	in	in	IN
www-bis-org-8025	91	13	the	the	DT
www-bis-org-8025	91	14	market	market	NN
www-bis-org-8025	91	15	for	for	IN
www-bis-org-8025	91	16	transaction	transaction	NN
www-bis-org-8025	91	17	fees	fee	NNS
www-bis-org-8025	91	18	while	while	IN
www-bis-org-8025	91	19	assuming	assume	VBG
www-bis-org-8025	91	20	that	that	IN
www-bis-org-8025	91	21	“	"	``
www-bis-org-8025	91	22	the	the	DT
www-bis-org-8025	91	23	mining	mining	NN
www-bis-org-8025	91	24	resources	resource	NNS
www-bis-org-8025	91	25	are	be	VBP
www-bis-org-8025	91	26	sufficient	sufficient	JJ
www-bis-org-8025	91	27	to	to	TO
www-bis-org-8025	91	28	guarantee	guarantee	VB
www-bis-org-8025	91	29	the	the	DT
www-bis-org-8025	91	30	system	system	NN
www-bis-org-8025	91	31	's	's	POS
www-bis-org-8025	91	32	reliability	reliability	NN
www-bis-org-8025	91	33	and	and	CC
www-bis-org-8025	91	34	security	security	NN
www-bis-org-8025	91	35	”	"	''
www-bis-org-8025	91	36	(	(	-LRB-
www-bis-org-8025	91	37	see	see	VB
www-bis-org-8025	91	38	p	p	NNP
www-bis-org-8025	91	39	4	4	CD
www-bis-org-8025	91	40	)	)	-RRB-
www-bis-org-8025	91	41	,	,	,
www-bis-org-8025	91	42	a	a	DT
www-bis-org-8025	91	43	focus	focus	NN
www-bis-org-8025	91	44	very	very	RB
www-bis-org-8025	91	45	similar	similar	JJ
www-bis-org-8025	91	46	to	to	IN
www-bis-org-8025	91	47	Easley	Easley	NNP
www-bis-org-8025	91	48	et	et	NNP
www-bis-org-8025	91	49	al	al	NNP
www-bis-org-8025	91	50	(	(	-LRB-
www-bis-org-8025	91	51	2018	2018	CD
www-bis-org-8025	91	52	)	)	-RRB-
www-bis-org-8025	91	53	.	.	.
www-bis-org-8025	92	1	In	in	IN
www-bis-org-8025	92	2	contrast	contrast	NN
www-bis-org-8025	92	3	,	,	,
www-bis-org-8025	92	4	Budish	Budish	NNP
www-bis-org-8025	92	5	(	(	-LRB-
www-bis-org-8025	92	6	2018	2018	CD
www-bis-org-8025	92	7	)	)	-RRB-
www-bis-org-8025	92	8	examines	examine	VBZ
www-bis-org-8025	92	9	the	the	DT
www-bis-org-8025	92	10	economics	economic	NNS
www-bis-org-8025	92	11	of	of	IN
www-bis-org-8025	92	12	security	security	NN
www-bis-org-8025	92	13	,	,	,
www-bis-org-8025	92	14	ie	ie	IN
www-bis-org-8025	92	15	of	of	IN
www-bis-org-8025	92	16	double	double	JJ
www-bis-org-8025	92	17	-	-	HYPH
www-bis-org-8025	92	18	spending	spend	VBG
www-bis-org-8025	92	19	attacks	attack	NNS
www-bis-org-8025	92	20	,	,	,
www-bis-org-8025	92	21	but	but	CC
www-bis-org-8025	92	22	not	not	RB
www-bis-org-8025	92	23	how	how	WRB
www-bis-org-8025	92	24	mining	mining	NN
www-bis-org-8025	92	25	income	income	NN
www-bis-org-8025	92	26	is	be	VBZ
www-bis-org-8025	92	27	determined	determine	VBN
www-bis-org-8025	92	28	.	.	.
www-bis-org-8025	93	1	In	in	IN
www-bis-org-8025	93	2	this	this	DT
www-bis-org-8025	93	3	paper	paper	NN
www-bis-org-8025	93	4	,	,	,
www-bis-org-8025	93	5	I	-PRON-	PRP
www-bis-org-8025	93	6	combine	combine	VBP
www-bis-org-8025	93	7	these	these	DT
www-bis-org-8025	93	8	approaches	approach	NNS
www-bis-org-8025	93	9	to	to	TO
www-bis-org-8025	93	10	show	show	VB
www-bis-org-8025	93	11	how	how	WRB
www-bis-org-8025	93	12	the	the	DT
www-bis-org-8025	93	13	economics	economic	NNS
www-bis-org-8025	93	14	of	of	IN
www-bis-org-8025	93	15	security	security	NN
www-bis-org-8025	93	16	and	and	CC
www-bis-org-8025	93	17	the	the	DT
www-bis-org-8025	93	18	market	market	NN
www-bis-org-8025	93	19	for	for	IN
www-bis-org-8025	93	20	transaction	transaction	NN
www-bis-org-8025	93	21	fees	fee	NNS
www-bis-org-8025	93	22	interact	interact	VBP
www-bis-org-8025	93	23	,	,	,
www-bis-org-8025	93	24	ie	ie	VBZ
www-bis-org-8025	93	25	how	how	WRB
www-bis-org-8025	93	26	the	the	DT
www-bis-org-8025	93	27	market	market	NN
www-bis-org-8025	93	28	of	of	IN
www-bis-org-8025	93	29	transactions	transaction	NNS
www-bis-org-8025	93	30	determines	determine	VBZ
www-bis-org-8025	93	31	payment	payment	NN
www-bis-org-8025	93	32	security	security	NN
www-bis-org-8025	93	33	and	and	CC
www-bis-org-8025	93	34	what	what	WP
www-bis-org-8025	93	35	this	this	DT
www-bis-org-8025	93	36	implies	imply	VBZ
www-bis-org-8025	93	37	for	for	IN
www-bis-org-8025	93	38	the	the	DT
www-bis-org-8025	93	39	future	future	JJ
www-bis-org-8025	93	40	liquidity	liquidity	NN
www-bis-org-8025	93	41	of	of	IN
www-bis-org-8025	93	42	bitcoin	bitcoin	NN
www-bis-org-8025	93	43	.	.	.
www-bis-org-8025	94	1	8	8	CD
www-bis-org-8025	94	2	Other	other	JJ
www-bis-org-8025	94	3	proposals	proposal	NNS
www-bis-org-8025	94	4	,	,	,
www-bis-org-8025	94	5	such	such	JJ
www-bis-org-8025	94	6	as	as	IN
www-bis-org-8025	94	7	“	"	``
www-bis-org-8025	94	8	delegated	delegate	VBD
www-bis-org-8025	94	9	proof	proof	NN
www-bis-org-8025	94	10	of	of	IN
www-bis-org-8025	94	11	stake	stake	NN
www-bis-org-8025	94	12	”	"	''
www-bis-org-8025	94	13	or	or	CC
www-bis-org-8025	94	14	“	"	``
www-bis-org-8025	94	15	proof	proof	NN
www-bis-org-8025	94	16	of	of	IN
www-bis-org-8025	94	17	importance	importance	NN
www-bis-org-8025	94	18	”	"	''
www-bis-org-8025	94	19	,	,	,
www-bis-org-8025	94	20	directly	directly	RB
www-bis-org-8025	94	21	aim	aim	VBP
www-bis-org-8025	94	22	at	at	IN
www-bis-org-8025	94	23	implementing	implement	VBG
www-bis-org-8025	94	24	such	such	JJ
www-bis-org-8025	94	25	institutionalisation	institutionalisation	NN
www-bis-org-8025	94	26	via	via	IN
www-bis-org-8025	94	27	a	a	DT
www-bis-org-8025	94	28	variety	variety	NN
www-bis-org-8025	94	29	of	of	IN
www-bis-org-8025	94	30	voting	voting	NN
www-bis-org-8025	94	31	mechanisms	mechanism	NNS
www-bis-org-8025	94	32	.	.	.
www-bis-org-8025	95	1	9	9	CD
www-bis-org-8025	95	2	Certainly	certainly	RB
www-bis-org-8025	95	3	,	,	,
www-bis-org-8025	95	4	above	above	IN
www-bis-org-8025	95	5	all	all	DT
www-bis-org-8025	95	6	,	,	,
www-bis-org-8025	95	7	even	even	RB
www-bis-org-8025	95	8	if	if	IN
www-bis-org-8025	95	9	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	95	10	should	should	MD
www-bis-org-8025	95	11	one	one	CD
www-bis-org-8025	95	12	day	day	NN
www-bis-org-8025	95	13	become	become	VB
www-bis-org-8025	95	14	an	an	DT
www-bis-org-8025	95	15	economically	economically	RB
www-bis-org-8025	95	16	efficient	efficient	JJ
www-bis-org-8025	95	17	payment	payment	NN
www-bis-org-8025	95	18	means	mean	NNS
www-bis-org-8025	95	19	,	,	,
www-bis-org-8025	95	20	the	the	DT
www-bis-org-8025	95	21	economic	economic	JJ
www-bis-org-8025	95	22	and	and	CC
www-bis-org-8025	95	23	ethical	ethical	JJ
www-bis-org-8025	95	24	problem	problem	NN
www-bis-org-8025	95	25	of	of	IN
www-bis-org-8025	95	26	whether	whether	IN
www-bis-org-8025	95	27	this	this	DT
www-bis-org-8025	95	28	is	be	VBZ
www-bis-org-8025	95	29	actually	actually	RB
www-bis-org-8025	95	30	desirable	desirable	JJ
www-bis-org-8025	95	31	remains	remain	NNS
www-bis-org-8025	95	32	.	.	.
www-bis-org-8025	96	1	Given	give	VBN
www-bis-org-8025	96	2	the	the	DT
www-bis-org-8025	96	3	impossibility	impossibility	NN
www-bis-org-8025	96	4	of	of	IN
www-bis-org-8025	96	5	dealing	deal	VBG
www-bis-org-8025	96	6	with	with	IN
www-bis-org-8025	96	7	this	this	DT
www-bis-org-8025	96	8	issue	issue	NN
www-bis-org-8025	96	9	in	in	IN
www-bis-org-8025	96	10	a	a	DT
www-bis-org-8025	96	11	few	few	JJ
www-bis-org-8025	96	12	pages	page	NNS
www-bis-org-8025	96	13	,	,	,
www-bis-org-8025	96	14	this	this	DT
www-bis-org-8025	96	15	paper	paper	NN
www-bis-org-8025	96	16	sidesteps	sidestep	VBZ
www-bis-org-8025	96	17	it	-PRON-	PRP
www-bis-org-8025	96	18	entirely	entirely	RB
www-bis-org-8025	96	19	.	.	.
www-bis-org-8025	97	1	One	one	CD
www-bis-org-8025	97	2	aspect	aspect	NN
www-bis-org-8025	97	3	is	be	VBZ
www-bis-org-8025	97	4	illicit	illicit	JJ
www-bis-org-8025	97	5	payments	payment	NNS
www-bis-org-8025	97	6	.	.	.
www-bis-org-8025	98	1	Landau	Landau	NNS
www-bis-org-8025	98	2	and	and	CC
www-bis-org-8025	98	3	Genais	Genais	NNP
www-bis-org-8025	98	4	(	(	-LRB-
www-bis-org-8025	98	5	2017	2017	CD
www-bis-org-8025	98	6	)	)	-RRB-
www-bis-org-8025	98	7	,	,	,
www-bis-org-8025	98	8	Auer	Auer	NNP
www-bis-org-8025	98	9	and	and	CC
www-bis-org-8025	98	10	Claessens	Claessens	NNP
www-bis-org-8025	98	11	(	(	-LRB-
www-bis-org-8025	98	12	2018	2018	CD
www-bis-org-8025	98	13	,	,	,
www-bis-org-8025	98	14	2019	2019	CD
www-bis-org-8025	98	15	)	)	-RRB-
www-bis-org-8025	98	16	,	,	,
www-bis-org-8025	98	17	Clayton	Clayton	NNP
www-bis-org-8025	98	18	(	(	-LRB-
www-bis-org-8025	98	19	2018	2018	CD
www-bis-org-8025	98	20	)	)	-RRB-
www-bis-org-8025	98	21	,	,	,
www-bis-org-8025	98	22	Fanusie	Fanusie	NNP
www-bis-org-8025	98	23	,	,	,
www-bis-org-8025	98	24	and	and	CC
www-bis-org-8025	98	25	Robinson	Robinson	NNP
www-bis-org-8025	98	26	(	(	-LRB-
www-bis-org-8025	98	27	2018	2018	CD
www-bis-org-8025	98	28	)	)	-RRB-
www-bis-org-8025	98	29	and	and	CC
www-bis-org-8025	98	30	Foley	Foley	NNP
www-bis-org-8025	98	31	et	et	FW
www-bis-org-8025	98	32	al	al	NNP
www-bis-org-8025	98	33	(	(	-LRB-
www-bis-org-8025	98	34	2018	2018	CD
www-bis-org-8025	98	35	)	)	-RRB-
www-bis-org-8025	98	36	discuss	discuss	VBP
www-bis-org-8025	98	37	cases	case	NNS
www-bis-org-8025	98	38	where	where	WRB
www-bis-org-8025	98	39	Bitcoin	Bitcoin	NNP
www-bis-org-8025	98	40	has	have	VBZ
www-bis-org-8025	98	41	been	be	VBN
www-bis-org-8025	98	42	used	use	VBN
www-bis-org-8025	98	43	for	for	IN
www-bis-org-8025	98	44	illicit	illicit	JJ
www-bis-org-8025	98	45	payments	payment	NNS
www-bis-org-8025	98	46	.	.	.
www-bis-org-8025	99	1	Another	another	DT
www-bis-org-8025	99	2	aspect	aspect	NN
www-bis-org-8025	99	3	regards	regard	VBZ
www-bis-org-8025	99	4	the	the	DT
www-bis-org-8025	99	5	macroeconomic	macroeconomic	JJ
www-bis-org-8025	99	6	implications	implication	NNS
www-bis-org-8025	99	7	of	of	IN
www-bis-org-8025	99	8	privately	privately	RB
www-bis-org-8025	99	9	issued	issue	VBN
www-bis-org-8025	99	10	currencies	currency	NNS
www-bis-org-8025	99	11	(	(	-LRB-
www-bis-org-8025	99	12	see	see	VB
www-bis-org-8025	99	13	Amihud	Amihud	NNP
www-bis-org-8025	99	14	and	and	CC
www-bis-org-8025	99	15	Cukierman	Cukierman	NNP
www-bis-org-8025	99	16	(	(	-LRB-
www-bis-org-8025	99	17	2018	2018	CD
www-bis-org-8025	99	18	)	)	-RRB-
www-bis-org-8025	99	19	,	,	,
www-bis-org-8025	99	20	Fernández	Fernández	NNP
www-bis-org-8025	99	21	-	-	HYPH
www-bis-org-8025	99	22	Villaverde	Villaverde	NNP
www-bis-org-8025	99	23	and	and	CC
www-bis-org-8025	99	24	Sanches	Sanches	NNP
www-bis-org-8025	99	25	(	(	-LRB-
www-bis-org-8025	99	26	2016	2016	CD
www-bis-org-8025	99	27	)	)	-RRB-
www-bis-org-8025	99	28	,	,	,
www-bis-org-8025	99	29	and	and	CC
www-bis-org-8025	99	30	Schilling	Schilling	NNP
www-bis-org-8025	99	31	and	and	CC
www-bis-org-8025	99	32	Uhlig	Uhlig	NNP
www-bis-org-8025	99	33	(	(	-LRB-
www-bis-org-8025	99	34	2018	2018	CD
www-bis-org-8025	99	35	)	)	-RRB-
www-bis-org-8025	99	36	on	on	IN
www-bis-org-8025	99	37	the	the	DT
www-bis-org-8025	99	38	implications	implication	NNS
www-bis-org-8025	99	39	of	of	IN
www-bis-org-8025	99	40	currency	currency	NN
www-bis-org-8025	99	41	competition	competition	NN
www-bis-org-8025	99	42	)	)	-RRB-
www-bis-org-8025	99	43	.	.	.
www-bis-org-8025	100	1	http://www.bis.org/	http://www.bis.org/	NNP
www-bis-org-8025	100	2	WP765	wp765	NN
www-bis-org-8025	100	3	Beyond	beyond	IN
www-bis-org-8025	100	4	the	the	DT
www-bis-org-8025	100	5	doomsday	doomsday	NNP
www-bis-org-8025	100	6	economics	economic	NNS
www-bis-org-8025	100	7	of	of	IN
www-bis-org-8025	100	8	“	"	``
www-bis-org-8025	100	9	proof	proof	NN
www-bis-org-8025	100	10	-	-	HYPH
www-bis-org-8025	100	11	of	of	IN
www-bis-org-8025	100	12	-	-	HYPH
www-bis-org-8025	100	13	work	work	NN
www-bis-org-8025	100	14	”	"	''
www-bis-org-8025	100	15	in	in	IN
www-bis-org-8025	100	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	100	17	5	5	CD
www-bis-org-8025	100	18	highlighted	highlight	VBN
www-bis-org-8025	100	19	by	by	IN
www-bis-org-8025	100	20	the	the	DT
www-bis-org-8025	100	21	very	very	RB
www-bis-org-8025	100	22	same	same	JJ
www-bis-org-8025	100	23	algebra	algebra	NN
www-bis-org-8025	100	24	that	that	WDT
www-bis-org-8025	100	25	shows	show	VBZ
www-bis-org-8025	100	26	the	the	DT
www-bis-org-8025	100	27	doomsday	doomsday	NNP
www-bis-org-8025	100	28	economics	economic	NNS
www-bis-org-8025	100	29	of	of	IN
www-bis-org-8025	100	30	pure	pure	JJ
www-bis-org-8025	100	31	proof	proof	NN
www-bis-org-8025	100	32	-	-	HYPH
www-bis-org-8025	100	33	of	of	IN
www-bis-org-8025	100	34	-	-	HYPH
www-bis-org-8025	100	35	work	work	NN
www-bis-org-8025	100	36	.	.	.
www-bis-org-8025	101	1	The	the	DT
www-bis-org-8025	101	2	point	point	NN
www-bis-org-8025	101	3	is	be	VBZ
www-bis-org-8025	101	4	that	that	IN
www-bis-org-8025	101	5	their	-PRON-	PRP$
www-bis-org-8025	101	6	payment	payment	NN
www-bis-org-8025	101	7	efficiency	efficiency	NN
www-bis-org-8025	101	8	could	could	MD
www-bis-org-8025	101	9	be	be	VB
www-bis-org-8025	101	10	greatly	greatly	RB
www-bis-org-8025	101	11	improved	improve	VBN
www-bis-org-8025	101	12	by	by	IN
www-bis-org-8025	101	13	introducing	introduce	VBG
www-bis-org-8025	101	14	an	an	DT
www-bis-org-8025	101	15	institutional	institutional	JJ
www-bis-org-8025	101	16	underpinning	underpinning	NN
www-bis-org-8025	101	17	to	to	TO
www-bis-org-8025	101	18	undo	undo	VB
www-bis-org-8025	101	19	double	double	JJ
www-bis-org-8025	101	20	-	-	HYPH
www-bis-org-8025	101	21	spending	spend	VBG
www-bis-org-8025	101	22	attacks	attack	NNS
www-bis-org-8025	101	23	should	should	MD
www-bis-org-8025	101	24	they	-PRON-	PRP
www-bis-org-8025	101	25	occur	occur	VB
www-bis-org-8025	101	26	.	.	.
www-bis-org-8025	102	1	In	in	IN
www-bis-org-8025	102	2	this	this	DT
www-bis-org-8025	102	3	light	light	NN
www-bis-org-8025	102	4	,	,	,
www-bis-org-8025	102	5	one	one	CD
www-bis-org-8025	102	6	key	key	JJ
www-bis-org-8025	102	7	question	question	NN
www-bis-org-8025	102	8	for	for	IN
www-bis-org-8025	102	9	future	future	JJ
www-bis-org-8025	102	10	research	research	NN
www-bis-org-8025	102	11	is	be	VBZ
www-bis-org-8025	102	12	whether	whether	IN
www-bis-org-8025	102	13	and	and	CC
www-bis-org-8025	102	14	how	how	WRB
www-bis-org-8025	102	15	technology	technology	NN
www-bis-org-8025	102	16	-	-	HYPH
www-bis-org-8025	102	17	supported	support	VBN
www-bis-org-8025	102	18	distributed	distribute	VBN
www-bis-org-8025	102	19	exchange	exchange	NN
www-bis-org-8025	102	20	could	could	MD
www-bis-org-8025	102	21	complement	complement	VB
www-bis-org-8025	102	22	the	the	DT
www-bis-org-8025	102	23	existing	exist	VBG
www-bis-org-8025	102	24	monetary	monetary	JJ
www-bis-org-8025	102	25	and	and	CC
www-bis-org-8025	102	26	financial	financial	JJ
www-bis-org-8025	102	27	infrastructure	infrastructure	NN
www-bis-org-8025	102	28	.	.	.
www-bis-org-8025	103	1	Technology	technology	NN
www-bis-org-8025	103	2	basics	basic	NNS
www-bis-org-8025	103	3	and	and	CC
www-bis-org-8025	103	4	the	the	DT
www-bis-org-8025	103	5	economics	economic	NNS
www-bis-org-8025	103	6	of	of	IN
www-bis-org-8025	103	7	mining	mining	NN
www-bis-org-8025	103	8	This	this	DT
www-bis-org-8025	103	9	section	section	NN
www-bis-org-8025	103	10	starts	start	VBZ
www-bis-org-8025	103	11	by	by	IN
www-bis-org-8025	103	12	giving	give	VBG
www-bis-org-8025	103	13	an	an	DT
www-bis-org-8025	103	14	overview	overview	NN
www-bis-org-8025	103	15	of	of	IN
www-bis-org-8025	103	16	how	how	WRB
www-bis-org-8025	103	17	bitcoin	bitcoin	NN
www-bis-org-8025	103	18	transactions	transaction	NNS
www-bis-org-8025	103	19	work	work	VBP
www-bis-org-8025	103	20	.	.	.
www-bis-org-8025	104	1	It	-PRON-	PRP
www-bis-org-8025	104	2	then	then	RB
www-bis-org-8025	104	3	zooms	zoom	VBZ
www-bis-org-8025	104	4	in	in	RP
www-bis-org-8025	104	5	on	on	IN
www-bis-org-8025	104	6	the	the	DT
www-bis-org-8025	104	7	basic	basic	JJ
www-bis-org-8025	104	8	economics	economic	NNS
www-bis-org-8025	104	9	of	of	IN
www-bis-org-8025	104	10	proof	proof	NN
www-bis-org-8025	104	11	-	-	HYPH
www-bis-org-8025	104	12	of	of	IN
www-bis-org-8025	104	13	-	-	HYPH
www-bis-org-8025	104	14	work	work	NN
www-bis-org-8025	104	15	,	,	,
www-bis-org-8025	104	16	mining	mining	NN
www-bis-org-8025	104	17	,	,	,
www-bis-org-8025	104	18	and	and	CC
www-bis-org-8025	104	19	equilibrium	equilibrium	NN
www-bis-org-8025	104	20	“	"	``
www-bis-org-8025	104	21	difficulty”.10	difficulty”.10	NNP
www-bis-org-8025	104	22	A	A	NNP
www-bis-org-8025	104	23	payment	payment	NN
www-bis-org-8025	104	24	transaction	transaction	NN
www-bis-org-8025	104	25	in	in	IN
www-bis-org-8025	104	26	Bitcoin	Bitcoin	NNP
www-bis-org-8025	104	27	and	and	CC
www-bis-org-8025	104	28	its	-PRON-	PRP$
www-bis-org-8025	104	29	blockchain	blockchain	NN
www-bis-org-8025	104	30	:	:	:
www-bis-org-8025	104	31	system	system	NN
www-bis-org-8025	104	32	overview	overview	NN
www-bis-org-8025	104	33	At	at	IN
www-bis-org-8025	104	34	face	face	NN
www-bis-org-8025	104	35	value	value	NN
www-bis-org-8025	104	36	,	,	,
www-bis-org-8025	104	37	the	the	DT
www-bis-org-8025	104	38	idea	idea	NN
www-bis-org-8025	104	39	underlying	underlie	VBG
www-bis-org-8025	104	40	Bitcoin	Bitcoin	NNP
www-bis-org-8025	104	41	is	be	VBZ
www-bis-org-8025	104	42	simple	simple	JJ
www-bis-org-8025	104	43	:	:	:
www-bis-org-8025	104	44	instead	instead	RB
www-bis-org-8025	104	45	of	of	IN
www-bis-org-8025	104	46	a	a	DT
www-bis-org-8025	104	47	bank	bank	NN
www-bis-org-8025	104	48	centrally	centrally	RB
www-bis-org-8025	104	49	recording	record	VBG
www-bis-org-8025	104	50	transactions	transaction	NNS
www-bis-org-8025	104	51	,	,	,
www-bis-org-8025	104	52	a	a	DT
www-bis-org-8025	104	53	publicly	publicly	RB
www-bis-org-8025	104	54	shared	share	VBN
www-bis-org-8025	104	55	blockchain	blockchain	NNP
www-bis-org-8025	104	56	(	(	-LRB-
www-bis-org-8025	104	57	a	a	DT
www-bis-org-8025	104	58	chain	chain	NN
www-bis-org-8025	104	59	of	of	IN
www-bis-org-8025	104	60	files	file	NNS
www-bis-org-8025	104	61	)	)	-RRB-
www-bis-org-8025	104	62	records	record	VBZ
www-bis-org-8025	104	63	successive	successive	JJ
www-bis-org-8025	104	64	transactions	transaction	NNS
www-bis-org-8025	104	65	.	.	.
www-bis-org-8025	105	1	Graph	Graph	NNP
www-bis-org-8025	105	2	2	2	CD
www-bis-org-8025	105	3	depicts	depict	VBZ
www-bis-org-8025	105	4	the	the	DT
www-bis-org-8025	105	5	basic	basic	JJ
www-bis-org-8025	105	6	concepts	concept	NNS
www-bis-org-8025	105	7	of	of	IN
www-bis-org-8025	105	8	a	a	DT
www-bis-org-8025	105	9	purchase	purchase	NN
www-bis-org-8025	105	10	with	with	IN
www-bis-org-8025	105	11	a	a	DT
www-bis-org-8025	105	12	central	central	JJ
www-bis-org-8025	105	13	ledger	ledger	NN
www-bis-org-8025	105	14	updated	update	VBN
www-bis-org-8025	105	15	by	by	IN
www-bis-org-8025	105	16	a	a	DT
www-bis-org-8025	105	17	bank	bank	NN
www-bis-org-8025	105	18	(	(	-LRB-
www-bis-org-8025	105	19	left	left	JJ
www-bis-org-8025	105	20	-	-	HYPH
www-bis-org-8025	105	21	hand	hand	NN
www-bis-org-8025	105	22	panel	panel	NN
www-bis-org-8025	105	23	)	)	-RRB-
www-bis-org-8025	105	24	and	and	CC
www-bis-org-8025	105	25	a	a	DT
www-bis-org-8025	105	26	distributed	distribute	VBN
www-bis-org-8025	105	27	blockchain	blockchain	NN
www-bis-org-8025	105	28	(	(	-LRB-
www-bis-org-8025	105	29	right	right	JJ
www-bis-org-8025	105	30	-	-	HYPH
www-bis-org-8025	105	31	hand	hand	NN
www-bis-org-8025	105	32	panel	panel	NN
www-bis-org-8025	105	33	)	)	-RRB-
www-bis-org-8025	105	34	.	.	.
www-bis-org-8025	106	1	10	10	CD
www-bis-org-8025	106	2	For	for	IN
www-bis-org-8025	106	3	other	other	JJ
www-bis-org-8025	106	4	introductions	introduction	NNS
www-bis-org-8025	106	5	by	by	IN
www-bis-org-8025	106	6	economists	economist	NNS
www-bis-org-8025	106	7	,	,	,
www-bis-org-8025	106	8	see	see	VB
www-bis-org-8025	106	9	Andalfatto	Andalfatto	NNP
www-bis-org-8025	106	10	(	(	-LRB-
www-bis-org-8025	106	11	2013	2013	CD
www-bis-org-8025	106	12	)	)	-RRB-
www-bis-org-8025	106	13	,	,	,
www-bis-org-8025	106	14	Böhme	Böhme	NNP
www-bis-org-8025	106	15	et	et	FW
www-bis-org-8025	106	16	al	al	NNP
www-bis-org-8025	106	17	(	(	-LRB-
www-bis-org-8025	106	18	2015	2015	CD
www-bis-org-8025	106	19	)	)	-RRB-
www-bis-org-8025	106	20	,	,	,
www-bis-org-8025	106	21	Athey	Athey	NNP
www-bis-org-8025	106	22	et	et	NNP
www-bis-org-8025	106	23	al	al	NNP
www-bis-org-8025	106	24	(	(	-LRB-
www-bis-org-8025	106	25	2016	2016	CD
www-bis-org-8025	106	26	)	)	-RRB-
www-bis-org-8025	106	27	,	,	,
www-bis-org-8025	106	28	Bolt	Bolt	NNP
www-bis-org-8025	106	29	and	and	CC
www-bis-org-8025	106	30	van	van	NNP
www-bis-org-8025	106	31	Oordt	Oordt	NNP
www-bis-org-8025	106	32	(	(	-LRB-
www-bis-org-8025	106	33	2016	2016	CD
www-bis-org-8025	106	34	)	)	-RRB-
www-bis-org-8025	106	35	,	,	,
www-bis-org-8025	106	36	Bech	Bech	NNP
www-bis-org-8025	106	37	and	and	CC
www-bis-org-8025	106	38	Garrat	Garrat	NNP
www-bis-org-8025	106	39	(	(	-LRB-
www-bis-org-8025	106	40	2017	2017	CD
www-bis-org-8025	106	41	)	)	-RRB-
www-bis-org-8025	106	42	,	,	,
www-bis-org-8025	106	43	Catlini	Catlini	NNP
www-bis-org-8025	106	44	and	and	CC
www-bis-org-8025	106	45	Gans	Gans	NNPS
www-bis-org-8025	106	46	(	(	-LRB-
www-bis-org-8025	106	47	2017	2017	CD
www-bis-org-8025	106	48	)	)	-RRB-
www-bis-org-8025	106	49	,	,	,
www-bis-org-8025	106	50	and	and	CC
www-bis-org-8025	106	51	Chiu	Chiu	NNP
www-bis-org-8025	106	52	and	and	CC
www-bis-org-8025	106	53	Koeppl	Koeppl	NNP
www-bis-org-8025	106	54	(	(	-LRB-
www-bis-org-8025	106	55	2017	2017	CD
www-bis-org-8025	106	56	)	)	-RRB-
www-bis-org-8025	106	57	,	,	,
www-bis-org-8025	106	58	Andalfatto	Andalfatto	NNP
www-bis-org-8025	106	59	(	(	-LRB-
www-bis-org-8025	106	60	2017	2017	CD
www-bis-org-8025	106	61	)	)	-RRB-
www-bis-org-8025	106	62	,	,	,
www-bis-org-8025	106	63	Berentsen	Berentsen	NNP
www-bis-org-8025	106	64	and	and	CC
www-bis-org-8025	106	65	Schaer	Schaer	NNP
www-bis-org-8025	106	66	(	(	-LRB-
www-bis-org-8025	106	67	2017	2017	CD
www-bis-org-8025	106	68	,	,	,
www-bis-org-8025	106	69	2018	2018	CD
www-bis-org-8025	106	70	)	)	-RRB-
www-bis-org-8025	106	71	,	,	,
www-bis-org-8025	106	72	Pichler	Pichler	NNP
www-bis-org-8025	106	73	et	et	NNP
www-bis-org-8025	106	74	al	al	NNP
www-bis-org-8025	106	75	(	(	-LRB-
www-bis-org-8025	106	76	2018	2018	CD
www-bis-org-8025	106	77	)	)	-RRB-
www-bis-org-8025	106	78	,	,	,
www-bis-org-8025	106	79	Abadi	Abadi	NNP
www-bis-org-8025	106	80	and	and	CC
www-bis-org-8025	106	81	Brunnermeier	Brunnermeier	NNP
www-bis-org-8025	106	82	(	(	-LRB-
www-bis-org-8025	106	83	2018	2018	CD
www-bis-org-8025	106	84	)	)	-RRB-
www-bis-org-8025	106	85	,	,	,
www-bis-org-8025	106	86	and	and	CC
www-bis-org-8025	106	87	Lewis	Lewis	NNP
www-bis-org-8025	106	88	(	(	-LRB-
www-bis-org-8025	106	89	2018	2018	CD
www-bis-org-8025	106	90	)	)	-RRB-
www-bis-org-8025	106	91	.	.	.
www-bis-org-8025	107	1	Making	make	VBG
www-bis-org-8025	107	2	a	a	DT
www-bis-org-8025	107	3	payment	payment	NN
www-bis-org-8025	107	4	transaction	transaction	NN
www-bis-org-8025	107	5	via	via	IN
www-bis-org-8025	107	6	a	a	DT
www-bis-org-8025	107	7	bank	bank	NN
www-bis-org-8025	107	8	account	account	NN
www-bis-org-8025	107	9	and	and	CC
www-bis-org-8025	107	10	via	via	IN
www-bis-org-8025	107	11	Bitcoin	Bitcoin	NNP
www-bis-org-8025	107	12	Graph	Graph	NNP
www-bis-org-8025	107	13	2	2	CD
www-bis-org-8025	107	14	Centralised	centralise	VBN
www-bis-org-8025	107	15	ledger	ledger	NN
www-bis-org-8025	107	16	(	(	-LRB-
www-bis-org-8025	107	17	bank	bank	NN
www-bis-org-8025	107	18	)	)	-RRB-
www-bis-org-8025	107	19	Distributed	distribute	VBN
www-bis-org-8025	107	20	ledger	ledger	RB
www-bis-org-8025	107	21	(	(	-LRB-
www-bis-org-8025	107	22	Bitcoin	Bitcoin	NNP
www-bis-org-8025	107	23	)	)	-RRB-
www-bis-org-8025	107	24	A	a	DT
www-bis-org-8025	107	25	buyer	buyer	NN
www-bis-org-8025	107	26	purchases	purchase	VBZ
www-bis-org-8025	107	27	a	a	DT
www-bis-org-8025	107	28	good	good	NN
www-bis-org-8025	107	29	from	from	IN
www-bis-org-8025	107	30	the	the	DT
www-bis-org-8025	107	31	seller	seller	NN
www-bis-org-8025	107	32	,	,	,
www-bis-org-8025	107	33	who	who	WP
www-bis-org-8025	107	34	initiates	initiate	VBZ
www-bis-org-8025	107	35	shipment	shipment	NN
www-bis-org-8025	107	36	upon	upon	IN
www-bis-org-8025	107	37	perceived	perceive	VBN
www-bis-org-8025	107	38	confirmation	confirmation	NN
www-bis-org-8025	107	39	of	of	IN
www-bis-org-8025	107	40	the	the	DT
www-bis-org-8025	107	41	payment	payment	NN
www-bis-org-8025	107	42	.	.	.
www-bis-org-8025	108	1	If	if	IN
www-bis-org-8025	108	2	the	the	DT
www-bis-org-8025	108	3	payment	payment	NN
www-bis-org-8025	108	4	takes	take	VBZ
www-bis-org-8025	108	5	place	place	NN
www-bis-org-8025	108	6	via	via	IN
www-bis-org-8025	108	7	bank	bank	NN
www-bis-org-8025	108	8	accounts	account	NNS
www-bis-org-8025	108	9	(	(	-LRB-
www-bis-org-8025	108	10	left	left	JJ
www-bis-org-8025	108	11	-	-	HYPH
www-bis-org-8025	108	12	hand	hand	NN
www-bis-org-8025	108	13	panel	panel	NN
www-bis-org-8025	108	14	)	)	-RRB-
www-bis-org-8025	108	15	the	the	DT
www-bis-org-8025	108	16	buyer	buyer	NN
www-bis-org-8025	108	17	sends	send	VBZ
www-bis-org-8025	108	18	the	the	DT
www-bis-org-8025	108	19	payment	payment	NN
www-bis-org-8025	108	20	instruction	instruction	NN
www-bis-org-8025	108	21	to	to	IN
www-bis-org-8025	108	22	the	the	DT
www-bis-org-8025	108	23	bank	bank	NN
www-bis-org-8025	108	24	,	,	,
www-bis-org-8025	108	25	which	which	WDT
www-bis-org-8025	108	26	adjusts	adjust	VBZ
www-bis-org-8025	108	27	account	account	VBP
www-bis-org-8025	108	28	balances	balance	NNS
www-bis-org-8025	108	29	by	by	IN
www-bis-org-8025	108	30	debiting	debit	VBG
www-bis-org-8025	108	31	the	the	DT
www-bis-org-8025	108	32	amount	amount	NN
www-bis-org-8025	108	33	paid	pay	VBN
www-bis-org-8025	108	34	from	from	IN
www-bis-org-8025	108	35	the	the	DT
www-bis-org-8025	108	36	buyer	buyer	NN
www-bis-org-8025	108	37	’s	’s	POS
www-bis-org-8025	108	38	account	account	NN
www-bis-org-8025	108	39	and	and	CC
www-bis-org-8025	108	40	crediting	credit	VBG
www-bis-org-8025	108	41	it	-PRON-	PRP
www-bis-org-8025	108	42	to	to	IN
www-bis-org-8025	108	43	the	the	DT
www-bis-org-8025	108	44	seller	seller	NN
www-bis-org-8025	108	45	’s	’s	POS
www-bis-org-8025	108	46	account	account	NN
www-bis-org-8025	108	47	.	.	.
www-bis-org-8025	109	1	The	the	DT
www-bis-org-8025	109	2	bank	bank	NN
www-bis-org-8025	109	3	then	then	RB
www-bis-org-8025	109	4	confirms	confirm	VBZ
www-bis-org-8025	109	5	payment	payment	NN
www-bis-org-8025	109	6	to	to	IN
www-bis-org-8025	109	7	the	the	DT
www-bis-org-8025	109	8	seller	seller	NN
www-bis-org-8025	109	9	.	.	.
www-bis-org-8025	110	1	In	in	IN
www-bis-org-8025	110	2	contrast	contrast	NN
www-bis-org-8025	110	3	,	,	,
www-bis-org-8025	110	4	if	if	IN
www-bis-org-8025	110	5	payment	payment	NN
www-bis-org-8025	110	6	takes	take	VBZ
www-bis-org-8025	110	7	place	place	NN
www-bis-org-8025	110	8	via	via	IN
www-bis-org-8025	110	9	Bitcoin	Bitcoin	NNP
www-bis-org-8025	110	10	(	(	-LRB-
www-bis-org-8025	110	11	right	right	JJ
www-bis-org-8025	110	12	-	-	HYPH
www-bis-org-8025	110	13	hand	hand	NN
www-bis-org-8025	110	14	panel	panel	NN
www-bis-org-8025	110	15	)	)	-RRB-
www-bis-org-8025	110	16	,	,	,
www-bis-org-8025	110	17	the	the	DT
www-bis-org-8025	110	18	buyer	buyer	NN
www-bis-org-8025	110	19	first	first	RB
www-bis-org-8025	110	20	publicly	publicly	RB
www-bis-org-8025	110	21	announces	announce	VBZ
www-bis-org-8025	110	22	a	a	DT
www-bis-org-8025	110	23	payment	payment	NN
www-bis-org-8025	110	24	instruction	instruction	NN
www-bis-org-8025	110	25	stating	state	VBG
www-bis-org-8025	110	26	that	that	IN
www-bis-org-8025	110	27	the	the	DT
www-bis-org-8025	110	28	bitcoin	bitcoin	NN
www-bis-org-8025	110	29	holdings	holding	NNS
www-bis-org-8025	110	30	of	of	IN
www-bis-org-8025	110	31	the	the	DT
www-bis-org-8025	110	32	buyer	buyer	NN
www-bis-org-8025	110	33	are	be	VBP
www-bis-org-8025	110	34	reduced	reduce	VBN
www-bis-org-8025	110	35	by	by	IN
www-bis-org-8025	110	36	one	one	CD
www-bis-org-8025	110	37	,	,	,
www-bis-org-8025	110	38	while	while	IN
www-bis-org-8025	110	39	those	those	DT
www-bis-org-8025	110	40	of	of	IN
www-bis-org-8025	110	41	the	the	DT
www-bis-org-8025	110	42	seller	seller	NN
www-bis-org-8025	110	43	are	be	VBP
www-bis-org-8025	110	44	increased	increase	VBN
www-bis-org-8025	110	45	by	by	IN
www-bis-org-8025	110	46	one	one	CD
www-bis-org-8025	110	47	.	.	.
www-bis-org-8025	111	1	After	after	IN
www-bis-org-8025	111	2	a	a	DT
www-bis-org-8025	111	3	delay	delay	NN
www-bis-org-8025	111	4	,	,	,
www-bis-org-8025	111	5	a	a	DT
www-bis-org-8025	111	6	so	so	RB
www-bis-org-8025	111	7	-	-	HYPH
www-bis-org-8025	111	8	called	call	VBN
www-bis-org-8025	111	9	miner	miner	NN
www-bis-org-8025	111	10	includes	include	VBZ
www-bis-org-8025	111	11	this	this	DT
www-bis-org-8025	111	12	payment	payment	NN
www-bis-org-8025	111	13	information	information	NN
www-bis-org-8025	111	14	in	in	IN
www-bis-org-8025	111	15	a	a	DT
www-bis-org-8025	111	16	new	new	JJ
www-bis-org-8025	111	17	block	block	NN
www-bis-org-8025	111	18	of	of	IN
www-bis-org-8025	111	19	transactions	transaction	NNS
www-bis-org-8025	111	20	,	,	,
www-bis-org-8025	111	21	which	which	WDT
www-bis-org-8025	111	22	is	be	VBZ
www-bis-org-8025	111	23	added	add	VBN
www-bis-org-8025	111	24	to	to	IN
www-bis-org-8025	111	25	the	the	DT
www-bis-org-8025	111	26	blockchain	blockchain	NN
www-bis-org-8025	111	27	.	.	.
www-bis-org-8025	112	1	The	the	DT
www-bis-org-8025	112	2	updated	updated	JJ
www-bis-org-8025	112	3	blockchain	blockchain	NN
www-bis-org-8025	112	4	is	be	VBZ
www-bis-org-8025	112	5	subsequently	subsequently	RB
www-bis-org-8025	112	6	shared	share	VBN
www-bis-org-8025	112	7	with	with	IN
www-bis-org-8025	112	8	other	other	JJ
www-bis-org-8025	112	9	miners	miner	NNS
www-bis-org-8025	112	10	and	and	CC
www-bis-org-8025	112	11	users	user	NNS
www-bis-org-8025	112	12	,	,	,
www-bis-org-8025	112	13	each	each	DT
www-bis-org-8025	112	14	verifying	verify	VBG
www-bis-org-8025	112	15	that	that	IN
www-bis-org-8025	112	16	the	the	DT
www-bis-org-8025	112	17	newly	newly	RB
www-bis-org-8025	112	18	added	add	VBN
www-bis-org-8025	112	19	payment	payment	NN
www-bis-org-8025	112	20	instruction	instruction	NN
www-bis-org-8025	112	21	is	be	VBZ
www-bis-org-8025	112	22	authorised	authorise	VBN
www-bis-org-8025	112	23	by	by	IN
www-bis-org-8025	112	24	the	the	DT
www-bis-org-8025	112	25	buyer	buyer	NN
www-bis-org-8025	112	26	and	and	CC
www-bis-org-8025	112	27	is	be	VBZ
www-bis-org-8025	112	28	not	not	RB
www-bis-org-8025	112	29	a	a	DT
www-bis-org-8025	112	30	double	double	JJ
www-bis-org-8025	112	31	-	-	HYPH
www-bis-org-8025	112	32	spending	spending	NN
www-bis-org-8025	112	33	attempt	attempt	NN
www-bis-org-8025	112	34	.	.	.
www-bis-org-8025	113	1	Finally	finally	RB
www-bis-org-8025	113	2	,	,	,
www-bis-org-8025	113	3	the	the	DT
www-bis-org-8025	113	4	seller	seller	NN
www-bis-org-8025	113	5	observes	observe	VBZ
www-bis-org-8025	113	6	that	that	IN
www-bis-org-8025	113	7	the	the	DT
www-bis-org-8025	113	8	blockchain	blockchain	NN
www-bis-org-8025	113	9	including	include	VBG
www-bis-org-8025	113	10	the	the	DT
www-bis-org-8025	113	11	payment	payment	NN
www-bis-org-8025	113	12	instruction	instruction	NN
www-bis-org-8025	113	13	emerges	emerge	VBZ
www-bis-org-8025	113	14	as	as	IN
www-bis-org-8025	113	15	the	the	DT
www-bis-org-8025	113	16	one	one	NN
www-bis-org-8025	113	17	used	use	VBN
www-bis-org-8025	113	18	by	by	IN
www-bis-org-8025	113	19	the	the	DT
www-bis-org-8025	113	20	entire	entire	JJ
www-bis-org-8025	113	21	network	network	NN
www-bis-org-8025	113	22	of	of	IN
www-bis-org-8025	113	23	miners	miner	NNS
www-bis-org-8025	113	24	and	and	CC
www-bis-org-8025	113	25	users	user	NNS
www-bis-org-8025	113	26	.	.	.
www-bis-org-8025	114	1	Source	source	NN
www-bis-org-8025	114	2	:	:	:
www-bis-org-8025	114	3	Author	author	NN
www-bis-org-8025	114	4	’s	’s	POS
www-bis-org-8025	114	5	elaboration	elaboration	NN
www-bis-org-8025	114	6	.	.	.
www-bis-org-8025	115	1	Bank	Bank	NNP
www-bis-org-8025	115	2	Buyer	Buyer	NNP
www-bis-org-8025	115	3	authorises	authorise	VBZ
www-bis-org-8025	115	4	payment	payment	NN
www-bis-org-8025	115	5	Bank	Bank	NNP
www-bis-org-8025	115	6	informs	inform	VBZ
www-bis-org-8025	115	7	seller	seller	NN
www-bis-org-8025	115	8	of	of	IN
www-bis-org-8025	115	9	payment	payment	NN
www-bis-org-8025	115	10	Buyer	Buyer	NNP
www-bis-org-8025	115	11	account	account	NN
www-bis-org-8025	115	12	balance	balance	NN
www-bis-org-8025	115	13	1	1	CD
www-bis-org-8025	115	14	–	–	:
www-bis-org-8025	115	15	Seller	seller	NN
www-bis-org-8025	115	16	account	account	NN
www-bis-org-8025	115	17	balance	balance	NN
www-bis-org-8025	115	18	+1	+1	VBZ
www-bis-org-8025	115	19	$	$	$
www-bis-org-8025	115	20	Ship	ship	NN
www-bis-org-8025	115	21	goods	good	NNS
www-bis-org-8025	115	22	Buyer	Buyer	NNP
www-bis-org-8025	115	23	announces	announce	VBZ
www-bis-org-8025	115	24	payment	payment	NN
www-bis-org-8025	115	25	Blockchain	Blockchain	NNP
www-bis-org-8025	115	26	update	update	NN
www-bis-org-8025	115	27	:	:	:
www-bis-org-8025	115	28	Buyer	buyer	NN
www-bis-org-8025	115	29	holdings	holding	NNS
www-bis-org-8025	115	30	1	1	CD
www-bis-org-8025	115	31	–	–	:
www-bis-org-8025	115	32	Seller	seller	NN
www-bis-org-8025	115	33	holdings	holding	NNS
www-bis-org-8025	115	34	+1	+1	NNS
www-bis-org-8025	115	35	Miner	Miner	NNP
www-bis-org-8025	115	36	Sees	see	VBZ
www-bis-org-8025	115	37	new	new	JJ
www-bis-org-8025	115	38	consensus	consensus	NN
www-bis-org-8025	115	39	Multiple	multiple	JJ
www-bis-org-8025	115	40	verifications	verification	NNS
www-bis-org-8025	115	41	Ship	Ship	NNP
www-bis-org-8025	115	42	goods	good	NNS
www-bis-org-8025	115	43	Miner	Miner	NNP
www-bis-org-8025	115	44	Miner	Miner	NNP
www-bis-org-8025	115	45	Miner	Miner	NNP
www-bis-org-8025	115	46	Miner	Miner	NNP
www-bis-org-8025	115	47	Miner	Miner	NNP
www-bis-org-8025	115	48	Miner	Miner	NNP
www-bis-org-8025	115	49	Miner	Miner	NNP
www-bis-org-8025	115	50	Miner	Miner	NNP
www-bis-org-8025	115	51	Miner	Miner	NNP
www-bis-org-8025	115	52	Miner	Miner	NNP
www-bis-org-8025	115	53	mailto:Robert.McCauley@bis.org	mailto:Robert.McCauley@bis.org	NNP
www-bis-org-8025	115	54	6	6	CD
www-bis-org-8025	115	55	WP765	WP765	NNP
www-bis-org-8025	115	56	Beyond	beyond	IN
www-bis-org-8025	115	57	the	the	DT
www-bis-org-8025	115	58	doomsday	doomsday	NNP
www-bis-org-8025	115	59	economics	economic	NNS
www-bis-org-8025	115	60	of	of	IN
www-bis-org-8025	115	61	“	"	``
www-bis-org-8025	115	62	proof	proof	NN
www-bis-org-8025	115	63	-	-	HYPH
www-bis-org-8025	115	64	of	of	IN
www-bis-org-8025	115	65	-	-	HYPH
www-bis-org-8025	115	66	work	work	NN
www-bis-org-8025	115	67	”	"	''
www-bis-org-8025	115	68	in	in	IN
www-bis-org-8025	115	69	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	115	70	In	in	IN
www-bis-org-8025	115	71	more	more	JJR
www-bis-org-8025	115	72	detail	detail	NN
www-bis-org-8025	115	73	,	,	,
www-bis-org-8025	115	74	the	the	DT
www-bis-org-8025	115	75	transaction	transaction	NN
www-bis-org-8025	115	76	on	on	IN
www-bis-org-8025	115	77	the	the	DT
www-bis-org-8025	115	78	right	right	JJ
www-bis-org-8025	115	79	-	-	HYPH
www-bis-org-8025	115	80	hand	hand	NN
www-bis-org-8025	115	81	side	side	NN
www-bis-org-8025	115	82	of	of	IN
www-bis-org-8025	115	83	Graph	Graph	NNP
www-bis-org-8025	115	84	2	2	CD
www-bis-org-8025	115	85	plays	play	VBZ
www-bis-org-8025	115	86	out	out	RP
www-bis-org-8025	115	87	as	as	IN
www-bis-org-8025	115	88	follows	follow	VBZ
www-bis-org-8025	115	89	:	:	:
www-bis-org-8025	115	90	1	1	CD
www-bis-org-8025	115	91	.	.	.
www-bis-org-8025	116	1	The	the	DT
www-bis-org-8025	116	2	buyer	buyer	NN
www-bis-org-8025	116	3	’s	’s	POS
www-bis-org-8025	116	4	“	"	``
www-bis-org-8025	116	5	cryptographic	cryptographic	JJ
www-bis-org-8025	116	6	digital	digital	JJ
www-bis-org-8025	116	7	signature	signature	NN
www-bis-org-8025	116	8	”	"	''
www-bis-org-8025	116	9	publicly	publicly	RB
www-bis-org-8025	116	10	announces	announce	VBZ
www-bis-org-8025	116	11	the	the	DT
www-bis-org-8025	116	12	payment	payment	NN
www-bis-org-8025	116	13	transaction	transaction	NN
www-bis-org-8025	116	14	,	,	,
www-bis-org-8025	116	15	including	include	VBG
www-bis-org-8025	116	16	the	the	DT
www-bis-org-8025	116	17	payee	payee	NN
www-bis-org-8025	116	18	,	,	,
www-bis-org-8025	116	19	the	the	DT
www-bis-org-8025	116	20	paid	pay	VBN
www-bis-org-8025	116	21	amount	amount	NN
www-bis-org-8025	116	22	,	,	,
www-bis-org-8025	116	23	and	and	CC
www-bis-org-8025	116	24	the	the	DT
www-bis-org-8025	116	25	transaction	transaction	NN
www-bis-org-8025	116	26	fee	fee	VBP
www-bis-org-8025	116	27	the	the	DT
www-bis-org-8025	116	28	payer	payer	NN
www-bis-org-8025	116	29	is	be	VBZ
www-bis-org-8025	116	30	willing	willing	JJ
www-bis-org-8025	116	31	to	to	TO
www-bis-org-8025	116	32	pay	pay	VB
www-bis-org-8025	116	33	to	to	IN
www-bis-org-8025	116	34	the	the	DT
www-bis-org-8025	116	35	miner	miner	NN
www-bis-org-8025	116	36	.	.	.
www-bis-org-8025	117	1	2	2	LS
www-bis-org-8025	117	2	.	.	.
www-bis-org-8025	118	1	Miners	miner	NNS
www-bis-org-8025	118	2	select	select	VBP
www-bis-org-8025	118	3	the	the	DT
www-bis-org-8025	118	4	unprocessed	unprocessed	JJ
www-bis-org-8025	118	5	transactions	transaction	NNS
www-bis-org-8025	118	6	that	that	WDT
www-bis-org-8025	118	7	will	will	MD
www-bis-org-8025	118	8	maximise	maximise	VB
www-bis-org-8025	118	9	their	-PRON-	PRP$
www-bis-org-8025	118	10	income	income	NN
www-bis-org-8025	118	11	from	from	IN
www-bis-org-8025	118	12	fees	fee	NNS
www-bis-org-8025	118	13	and	and	CC
www-bis-org-8025	118	14	engage	engage	VB
www-bis-org-8025	118	15	in	in	IN
www-bis-org-8025	118	16	computations	computation	NNS
www-bis-org-8025	118	17	until	until	IN
www-bis-org-8025	118	18	the	the	DT
www-bis-org-8025	118	19	first	first	JJ
www-bis-org-8025	118	20	miner	miner	NN
www-bis-org-8025	118	21	emerges	emerge	VBZ
www-bis-org-8025	118	22	with	with	IN
www-bis-org-8025	118	23	a	a	DT
www-bis-org-8025	118	24	valid	valid	JJ
www-bis-org-8025	118	25	proof	proof	NN
www-bis-org-8025	118	26	-	-	HYPH
www-bis-org-8025	118	27	of	of	IN
www-bis-org-8025	118	28	-	-	HYPH
www-bis-org-8025	118	29	work	work	NN
www-bis-org-8025	118	30	.	.	.
www-bis-org-8025	119	1	3	3	LS
www-bis-org-8025	119	2	.	.	.
www-bis-org-8025	120	1	The	the	DT
www-bis-org-8025	120	2	successful	successful	JJ
www-bis-org-8025	120	3	proof	proof	NN
www-bis-org-8025	120	4	-	-	HYPH
www-bis-org-8025	120	5	of	of	IN
www-bis-org-8025	120	6	-	-	HYPH
www-bis-org-8025	120	7	work	work	NN
www-bis-org-8025	120	8	allows	allow	VBZ
www-bis-org-8025	120	9	the	the	DT
www-bis-org-8025	120	10	miner	miner	NN
www-bis-org-8025	120	11	to	to	TO
www-bis-org-8025	120	12	add	add	VB
www-bis-org-8025	120	13	a	a	DT
www-bis-org-8025	120	14	block	block	NN
www-bis-org-8025	120	15	of	of	IN
www-bis-org-8025	120	16	transactions	transaction	NNS
www-bis-org-8025	120	17	to	to	IN
www-bis-org-8025	120	18	the	the	DT
www-bis-org-8025	120	19	blockchain	blockchain	NN
www-bis-org-8025	120	20	,	,	,
www-bis-org-8025	120	21	collecting	collect	VBG
www-bis-org-8025	120	22	the	the	DT
www-bis-org-8025	120	23	fees	fee	NNS
www-bis-org-8025	120	24	of	of	IN
www-bis-org-8025	120	25	the	the	DT
www-bis-org-8025	120	26	included	include	VBN
www-bis-org-8025	120	27	transactions	transaction	NNS
www-bis-org-8025	120	28	and	and	CC
www-bis-org-8025	120	29	the	the	DT
www-bis-org-8025	120	30	block	block	NN
www-bis-org-8025	120	31	reward	reward	NN
www-bis-org-8025	120	32	.	.	.
www-bis-org-8025	121	1	4	4	LS
www-bis-org-8025	121	2	.	.	.
www-bis-org-8025	122	1	The	the	DT
www-bis-org-8025	122	2	new	new	JJ
www-bis-org-8025	122	3	blockchain	blockchain	NN
www-bis-org-8025	122	4	is	be	VBZ
www-bis-org-8025	122	5	shared	share	VBN
www-bis-org-8025	122	6	among	among	IN
www-bis-org-8025	122	7	the	the	DT
www-bis-org-8025	122	8	network	network	NN
www-bis-org-8025	122	9	of	of	IN
www-bis-org-8025	122	10	miners	miner	NNS
www-bis-org-8025	122	11	and	and	CC
www-bis-org-8025	122	12	other	other	JJ
www-bis-org-8025	122	13	uses	use	NNS
www-bis-org-8025	122	14	,	,	,
www-bis-org-8025	122	15	who	who	WP
www-bis-org-8025	122	16	also	also	RB
www-bis-org-8025	122	17	verify	verify	VBP
www-bis-org-8025	122	18	the	the	DT
www-bis-org-8025	122	19	update	update	NN
www-bis-org-8025	122	20	(	(	-LRB-
www-bis-org-8025	122	21	verify	verify	VB
www-bis-org-8025	122	22	the	the	DT
www-bis-org-8025	122	23	proof	proof	NN
www-bis-org-8025	122	24	-	-	HYPH
www-bis-org-8025	122	25	of	of	IN
www-bis-org-8025	122	26	-	-	HYPH
www-bis-org-8025	122	27	work	work	NN
www-bis-org-8025	122	28	,	,	,
www-bis-org-8025	122	29	the	the	DT
www-bis-org-8025	122	30	signatures	signature	NNS
www-bis-org-8025	122	31	,	,	,
www-bis-org-8025	122	32	and	and	CC
www-bis-org-8025	122	33	the	the	DT
www-bis-org-8025	122	34	absence	absence	NN
www-bis-org-8025	122	35	of	of	IN
www-bis-org-8025	122	36	double	double	JJ
www-bis-org-8025	122	37	-	-	HYPH
www-bis-org-8025	122	38	spending	spending	NN
www-bis-org-8025	122	39	)	)	-RRB-
www-bis-org-8025	122	40	.	.	.
www-bis-org-8025	123	1	If	if	IN
www-bis-org-8025	123	2	this	this	DT
www-bis-org-8025	123	3	new	new	JJ
www-bis-org-8025	123	4	blockchain	blockchain	NN
www-bis-org-8025	123	5	emerges	emerge	VBZ
www-bis-org-8025	123	6	as	as	IN
www-bis-org-8025	123	7	the	the	DT
www-bis-org-8025	123	8	consensus	consensus	NN
www-bis-org-8025	123	9	version	version	NN
www-bis-org-8025	123	10	,	,	,
www-bis-org-8025	123	11	the	the	DT
www-bis-org-8025	123	12	majority	majority	NN
www-bis-org-8025	123	13	of	of	IN
www-bis-org-8025	123	14	miners	miner	NNS
www-bis-org-8025	123	15	keep	keep	VBP
www-bis-org-8025	123	16	on	on	RP
www-bis-org-8025	123	17	adding	add	VBG
www-bis-org-8025	123	18	to	to	IN
www-bis-org-8025	123	19	it	-PRON-	PRP
www-bis-org-8025	123	20	.	.	.
www-bis-org-8025	124	1	In	in	IN
www-bis-org-8025	124	2	the	the	DT
www-bis-org-8025	124	3	above	above	JJ
www-bis-org-8025	124	4	steps	step	NNS
www-bis-org-8025	124	5	,	,	,
www-bis-org-8025	124	6	any	any	DT
www-bis-org-8025	124	7	bitcoin	bitcoin	NN
www-bis-org-8025	124	8	owner	owner	NN
www-bis-org-8025	124	9	should	should	MD
www-bis-org-8025	124	10	be	be	VB
www-bis-org-8025	124	11	able	able	JJ
www-bis-org-8025	124	12	to	to	TO
www-bis-org-8025	124	13	spend	spend	VB
www-bis-org-8025	124	14	their	-PRON-	PRP$
www-bis-org-8025	124	15	funds	fund	NNS
www-bis-org-8025	124	16	,	,	,
www-bis-org-8025	124	17	but	but	CC
www-bis-org-8025	124	18	only	only	RB
www-bis-org-8025	124	19	once	once	RB
www-bis-org-8025	124	20	so	so	RB
www-bis-org-8025	124	21	.	.	.
www-bis-org-8025	125	1	“	"	``
www-bis-org-8025	125	2	Cryptographic	cryptographic	JJ
www-bis-org-8025	125	3	digital	digital	JJ
www-bis-org-8025	125	4	signatures	signature	NNS
www-bis-org-8025	125	5	”	"	''
www-bis-org-8025	125	6	are	be	VBP
www-bis-org-8025	125	7	used	use	VBN
www-bis-org-8025	125	8	to	to	TO
www-bis-org-8025	125	9	verify	verify	VB
www-bis-org-8025	125	10	payment	payment	NN
www-bis-org-8025	125	11	transactions	transaction	NNS
www-bis-org-8025	125	12	such	such	JJ
www-bis-org-8025	125	13	as	as	IN
www-bis-org-8025	125	14	“	"	``
www-bis-org-8025	125	15	C	C	NNP
www-bis-org-8025	125	16	pays	pay	VBZ
www-bis-org-8025	125	17	1	1	CD
www-bis-org-8025	125	18	to	to	IN
www-bis-org-8025	125	19	S.	S.	NNP
www-bis-org-8025	125	20	”	"	''
www-bis-org-8025	125	21	This	this	DT
www-bis-org-8025	125	22	digital	digital	JJ
www-bis-org-8025	125	23	signature	signature	NN
www-bis-org-8025	125	24	proves	prove	VBZ
www-bis-org-8025	125	25	that	that	IN
www-bis-org-8025	125	26	the	the	DT
www-bis-org-8025	125	27	payment	payment	NN
www-bis-org-8025	125	28	has	have	VBZ
www-bis-org-8025	125	29	been	be	VBN
www-bis-org-8025	125	30	authorised	authorise	VBN
www-bis-org-8025	125	31	by	by	IN
www-bis-org-8025	125	32	whoever	whoever	WP
www-bis-org-8025	125	33	controls	control	VBZ
www-bis-org-8025	125	34	the	the	DT
www-bis-org-8025	125	35	bitcoins	bitcoin	NNS
www-bis-org-8025	125	36	that	that	WDT
www-bis-org-8025	125	37	are	be	VBP
www-bis-org-8025	125	38	being	be	VBG
www-bis-org-8025	125	39	spent	spend	VBN
www-bis-org-8025	125	40	.	.	.
www-bis-org-8025	126	1	That	that	DT
www-bis-org-8025	126	2	leaves	leave	VBZ
www-bis-org-8025	126	3	the	the	DT
www-bis-org-8025	126	4	problem	problem	NN
www-bis-org-8025	126	5	of	of	IN
www-bis-org-8025	126	6	double	double	JJ
www-bis-org-8025	126	7	-	-	HYPH
www-bis-org-8025	126	8	spending	spending	NN
www-bis-org-8025	126	9	,	,	,
www-bis-org-8025	126	10	which	which	WDT
www-bis-org-8025	126	11	might	may	MD
www-bis-org-8025	126	12	occur	occur	VB
www-bis-org-8025	126	13	,	,	,
www-bis-org-8025	126	14	for	for	IN
www-bis-org-8025	126	15	example	example	NN
www-bis-org-8025	126	16	,	,	,
www-bis-org-8025	126	17	if	if	IN
www-bis-org-8025	126	18	C	C	NNP
www-bis-org-8025	126	19	were	be	VBD
www-bis-org-8025	126	20	to	to	TO
www-bis-org-8025	126	21	simultaneously	simultaneously	RB
www-bis-org-8025	126	22	broadcast	broadcast	VB
www-bis-org-8025	126	23	the	the	DT
www-bis-org-8025	126	24	payment	payment	NN
www-bis-org-8025	126	25	instructions	instruction	NNS
www-bis-org-8025	126	26	“	"	``
www-bis-org-8025	126	27	C	C	NNP
www-bis-org-8025	126	28	pays	pay	VBZ
www-bis-org-8025	126	29	1	1	CD
www-bis-org-8025	126	30	to	to	IN
www-bis-org-8025	126	31	S	S	NNP
www-bis-org-8025	126	32	”	"	''
www-bis-org-8025	126	33	and	and	CC
www-bis-org-8025	126	34	“	"	``
www-bis-org-8025	126	35	C	C	NNP
www-bis-org-8025	126	36	pays	pay	VBZ
www-bis-org-8025	126	37	1	1	CD
www-bis-org-8025	126	38	to	to	IN
www-bis-org-8025	126	39	Y	Y	NNP
www-bis-org-8025	126	40	”	"	''
www-bis-org-8025	126	41	for	for	IN
www-bis-org-8025	126	42	one	one	CD
www-bis-org-8025	126	43	and	and	CC
www-bis-org-8025	126	44	the	the	DT
www-bis-org-8025	126	45	same	same	JJ
www-bis-org-8025	126	46	bitcoin	bitcoin	NN
www-bis-org-8025	126	47	.	.	.
www-bis-org-8025	127	1	Because	because	IN
www-bis-org-8025	127	2	C	C	NNP
www-bis-org-8025	127	3	uses	use	VBZ
www-bis-org-8025	127	4	the	the	DT
www-bis-org-8025	127	5	correct	correct	JJ
www-bis-org-8025	127	6	digital	digital	JJ
www-bis-org-8025	127	7	signature	signature	NN
www-bis-org-8025	127	8	to	to	TO
www-bis-org-8025	127	9	sign	sign	VB
www-bis-org-8025	127	10	both	both	DT
www-bis-org-8025	127	11	payment	payment	NN
www-bis-org-8025	127	12	messages	message	NNS
www-bis-org-8025	127	13	,	,	,
www-bis-org-8025	127	14	both	both	DT
www-bis-org-8025	127	15	are	be	VBP
www-bis-org-8025	127	16	valid	valid	JJ
www-bis-org-8025	127	17	.	.	.
www-bis-org-8025	128	1	But	but	CC
www-bis-org-8025	128	2	the	the	DT
www-bis-org-8025	128	3	blockchain	blockchain	NN
www-bis-org-8025	128	4	would	would	MD
www-bis-org-8025	128	5	be	be	VB
www-bis-org-8025	128	6	compromised	compromise	VBN
www-bis-org-8025	128	7	if	if	IN
www-bis-org-8025	128	8	both	both	DT
www-bis-org-8025	128	9	transactions	transaction	NNS
www-bis-org-8025	128	10	are	be	VBP
www-bis-org-8025	128	11	entered	enter	VBN
www-bis-org-8025	128	12	into	into	IN
www-bis-org-8025	128	13	it	-PRON-	PRP
www-bis-org-8025	128	14	,	,	,
www-bis-org-8025	128	15	and	and	CC
www-bis-org-8025	128	16	a	a	DT
www-bis-org-8025	128	17	way	way	NN
www-bis-org-8025	128	18	needs	need	VBZ
www-bis-org-8025	128	19	to	to	TO
www-bis-org-8025	128	20	be	be	VB
www-bis-org-8025	128	21	found	find	VBN
www-bis-org-8025	128	22	to	to	TO
www-bis-org-8025	128	23	stop	stop	VB
www-bis-org-8025	128	24	this	this	DT
www-bis-org-8025	128	25	from	from	IN
www-bis-org-8025	128	26	happening	happen	VBG
www-bis-org-8025	128	27	.	.	.
www-bis-org-8025	129	1	One	one	CD
www-bis-org-8025	129	2	part	part	NN
www-bis-org-8025	129	3	of	of	IN
www-bis-org-8025	129	4	the	the	DT
www-bis-org-8025	129	5	solution	solution	NN
www-bis-org-8025	129	6	is	be	VBZ
www-bis-org-8025	129	7	that	that	IN
www-bis-org-8025	129	8	merchants	merchant	NNS
www-bis-org-8025	129	9	check	check	VBP
www-bis-org-8025	129	10	the	the	DT
www-bis-org-8025	129	11	public	public	NNP
www-bis-org-8025	129	12	blockchain	blockchain	NN
www-bis-org-8025	129	13	,	,	,
www-bis-org-8025	129	14	verifying	verify	VBG
www-bis-org-8025	129	15	that	that	IN
www-bis-org-8025	129	16	their	-PRON-	PRP$
www-bis-org-8025	129	17	counterparties	counterpartie	NNS
www-bis-org-8025	129	18	actually	actually	RB
www-bis-org-8025	129	19	own	own	VBP
www-bis-org-8025	129	20	the	the	DT
www-bis-org-8025	129	21	amount	amount	NN
www-bis-org-8025	129	22	of	of	IN
www-bis-org-8025	129	23	funds	fund	NNS
www-bis-org-8025	129	24	they	-PRON-	PRP
www-bis-org-8025	129	25	claim	claim	VBP
www-bis-org-8025	129	26	to	to	TO
www-bis-org-8025	129	27	be	be	VB
www-bis-org-8025	129	28	transferring	transfer	VBG
www-bis-org-8025	129	29	.	.	.
www-bis-org-8025	130	1	The	the	DT
www-bis-org-8025	130	2	second	second	JJ
www-bis-org-8025	130	3	,	,	,
www-bis-org-8025	130	4	and	and	CC
www-bis-org-8025	130	5	crucial	crucial	JJ
www-bis-org-8025	130	6	,	,	,
www-bis-org-8025	130	7	part	part	NN
www-bis-org-8025	130	8	is	be	VBZ
www-bis-org-8025	130	9	an	an	DT
www-bis-org-8025	130	10	algorithm	algorithm	NN
www-bis-org-8025	130	11	that	that	WDT
www-bis-org-8025	130	12	incentivises	incentivise	VBZ
www-bis-org-8025	130	13	miners	miner	NNS
www-bis-org-8025	130	14	to	to	TO
www-bis-org-8025	130	15	add	add	VB
www-bis-org-8025	130	16	only	only	RB
www-bis-org-8025	130	17	correct	correct	JJ
www-bis-org-8025	130	18	updates	update	NNS
www-bis-org-8025	130	19	to	to	IN
www-bis-org-8025	130	20	the	the	DT
www-bis-org-8025	130	21	blockchain	blockchain	NNP
www-bis-org-8025	130	22	.	.	.
www-bis-org-8025	131	1	In	in	IN
www-bis-org-8025	131	2	a	a	DT
www-bis-org-8025	131	3	decentralised	decentralised	JJ
www-bis-org-8025	131	4	system	system	NN
www-bis-org-8025	131	5	,	,	,
www-bis-org-8025	131	6	there	there	EX
www-bis-org-8025	131	7	is	be	VBZ
www-bis-org-8025	131	8	no	no	DT
www-bis-org-8025	131	9	reputation	reputation	NN
www-bis-org-8025	131	10	to	to	TO
www-bis-org-8025	131	11	lose	lose	VB
www-bis-org-8025	131	12	and	and	CC
www-bis-org-8025	131	13	laws	law	NNS
www-bis-org-8025	131	14	can	can	MD
www-bis-org-8025	131	15	not	not	RB
www-bis-org-8025	131	16	be	be	VB
www-bis-org-8025	131	17	enforced	enforce	VBN
www-bis-org-8025	131	18	easily	easily	RB
www-bis-org-8025	131	19	.	.	.
www-bis-org-8025	132	1	The	the	DT
www-bis-org-8025	132	2	risk	risk	NN
www-bis-org-8025	132	3	is	be	VBZ
www-bis-org-8025	132	4	that	that	IN
www-bis-org-8025	132	5	counterfeiters	counterfeiter	NNS
www-bis-org-8025	132	6	would	would	MD
www-bis-org-8025	132	7	spend	spend	VB
www-bis-org-8025	132	8	bitcoins	bitcoin	NNS
www-bis-org-8025	132	9	and	and	CC
www-bis-org-8025	132	10	simultaneously	simultaneously	RB
www-bis-org-8025	132	11	disseminate	disseminate	VBP
www-bis-org-8025	132	12	fake	fake	JJ
www-bis-org-8025	132	13	versions	version	NNS
www-bis-org-8025	132	14	of	of	IN
www-bis-org-8025	132	15	the	the	DT
www-bis-org-8025	132	16	blockchain	blockchain	NN
www-bis-org-8025	132	17	to	to	IN
www-bis-org-8025	132	18	the	the	DT
www-bis-org-8025	132	19	network	network	NN
www-bis-org-8025	132	20	,	,	,
www-bis-org-8025	132	21	in	in	IN
www-bis-org-8025	132	22	the	the	DT
www-bis-org-8025	132	23	hope	hope	NN
www-bis-org-8025	132	24	that	that	IN
www-bis-org-8025	132	25	merchants	merchant	NNS
www-bis-org-8025	132	26	will	will	MD
www-bis-org-8025	132	27	accept	accept	VB
www-bis-org-8025	132	28	these	these	DT
www-bis-org-8025	132	29	fake	fake	JJ
www-bis-org-8025	132	30	blockchain	blockchain	JJ
www-bis-org-8025	132	31	versions	version	NNS
www-bis-org-8025	132	32	and	and	CC
www-bis-org-8025	132	33	transfer	transfer	VB
www-bis-org-8025	132	34	goods	good	NNS
www-bis-org-8025	132	35	to	to	IN
www-bis-org-8025	132	36	the	the	DT
www-bis-org-8025	132	37	counterfeiters	counterfeiter	NNS
www-bis-org-8025	132	38	.	.	.
www-bis-org-8025	133	1	Hence	hence	RB
www-bis-org-8025	133	2	,	,	,
www-bis-org-8025	133	3	updating	update	VBG
www-bis-org-8025	133	4	the	the	DT
www-bis-org-8025	133	5	blockchain	blockchain	NN
www-bis-org-8025	133	6	must	must	MD
www-bis-org-8025	133	7	be	be	VB
www-bis-org-8025	133	8	expensive	expensive	JJ
www-bis-org-8025	133	9	enough	enough	RB
www-bis-org-8025	133	10	to	to	TO
www-bis-org-8025	133	11	deter	deter	VB
www-bis-org-8025	133	12	fake	fake	JJ
www-bis-org-8025	133	13	updating	update	VBG
www-bis-org-8025	133	14	attempts	attempt	NNS
www-bis-org-8025	133	15	.	.	.
www-bis-org-8025	134	1	Yet	yet	CC
www-bis-org-8025	134	2	,	,	,
www-bis-org-8025	134	3	if	if	IN
www-bis-org-8025	134	4	updating	update	VBG
www-bis-org-8025	134	5	the	the	DT
www-bis-org-8025	134	6	blockchain	blockchain	NN
www-bis-org-8025	134	7	is	be	VBZ
www-bis-org-8025	134	8	costly	costly	JJ
www-bis-org-8025	134	9	,	,	,
www-bis-org-8025	134	10	there	there	EX
www-bis-org-8025	134	11	must	must	MD
www-bis-org-8025	134	12	also	also	RB
www-bis-org-8025	134	13	be	be	VB
www-bis-org-8025	134	14	a	a	DT
www-bis-org-8025	134	15	reward	reward	NN
www-bis-org-8025	134	16	in	in	IN
www-bis-org-8025	134	17	place	place	NN
www-bis-org-8025	134	18	to	to	TO
www-bis-org-8025	134	19	incentivise	incentivise	VB
www-bis-org-8025	134	20	truthful	truthful	JJ
www-bis-org-8025	134	21	updates	update	NNS
www-bis-org-8025	134	22	.	.	.
www-bis-org-8025	135	1	The	the	DT
www-bis-org-8025	135	2	bitcoin	bitcoin	NN
www-bis-org-8025	135	3	protocol	protocol	NN
www-bis-org-8025	135	4	solves	solve	VBZ
www-bis-org-8025	135	5	this	this	DT
www-bis-org-8025	135	6	by	by	IN
www-bis-org-8025	135	7	creating	create	VBG
www-bis-org-8025	135	8	a	a	DT
www-bis-org-8025	135	9	class	class	NN
www-bis-org-8025	135	10	of	of	IN
www-bis-org-8025	135	11	agents	agent	NNS
www-bis-org-8025	135	12	known	know	VBN
www-bis-org-8025	135	13	as	as	IN
www-bis-org-8025	135	14	miners	miner	NNS
www-bis-org-8025	135	15	,	,	,
www-bis-org-8025	135	16	who	who	WP
www-bis-org-8025	135	17	update	update	VBP
www-bis-org-8025	135	18	the	the	DT
www-bis-org-8025	135	19	blockchain	blockchain	NN
www-bis-org-8025	135	20	via	via	IN
www-bis-org-8025	135	21	computational	computational	JJ
www-bis-org-8025	135	22	work	work	NN
www-bis-org-8025	135	23	,	,	,
www-bis-org-8025	135	24	and	and	CC
www-bis-org-8025	135	25	in	in	IN
www-bis-org-8025	135	26	return	return	NN
www-bis-org-8025	135	27	receive	receive	JJ
www-bis-org-8025	135	28	block	block	NN
www-bis-org-8025	135	29	rewards	reward	NNS
www-bis-org-8025	135	30	and	and	CC
www-bis-org-8025	135	31	transaction	transaction	NN
www-bis-org-8025	135	32	fees	fee	NNS
www-bis-org-8025	135	33	when	when	WRB
www-bis-org-8025	135	34	they	-PRON-	PRP
www-bis-org-8025	135	35	add	add	VBP
www-bis-org-8025	135	36	batches	batch	NNS
www-bis-org-8025	135	37	of	of	IN
www-bis-org-8025	135	38	valid	valid	JJ
www-bis-org-8025	135	39	transactions	transaction	NNS
www-bis-org-8025	135	40	(	(	-LRB-
www-bis-org-8025	135	41	“	"	``
www-bis-org-8025	135	42	blocks	block	NNS
www-bis-org-8025	135	43	”	"	''
www-bis-org-8025	135	44	)	)	-RRB-
www-bis-org-8025	135	45	to	to	IN
www-bis-org-8025	135	46	the	the	DT
www-bis-org-8025	135	47	blockchain.11	blockchain.11	NNP
www-bis-org-8025	135	48	Graph	Graph	NNP
www-bis-org-8025	135	49	3	3	NNP
www-bis-org-8025	135	50	gives	give	VBZ
www-bis-org-8025	135	51	a	a	DT
www-bis-org-8025	135	52	schematic	schematic	JJ
www-bis-org-8025	135	53	overview	overview	NN
www-bis-org-8025	135	54	of	of	IN
www-bis-org-8025	135	55	the	the	DT
www-bis-org-8025	135	56	resulting	result	VBG
www-bis-org-8025	135	57	blockchain	blockchain	NN
www-bis-org-8025	135	58	and	and	CC
www-bis-org-8025	135	59	its	-PRON-	PRP$
www-bis-org-8025	135	60	main	main	JJ
www-bis-org-8025	135	61	elements	element	NNS
www-bis-org-8025	135	62	:	:	:
www-bis-org-8025	135	63	the	the	DT
www-bis-org-8025	135	64	publicly	publicly	RB
www-bis-org-8025	135	65	available	available	JJ
www-bis-org-8025	135	66	blockchain	blockchain	NNP
www-bis-org-8025	135	67	is	be	VBZ
www-bis-org-8025	135	68	updated	update	VBN
www-bis-org-8025	135	69	in	in	IN
www-bis-org-8025	135	70	blocks	block	NNS
www-bis-org-8025	135	71	of	of	IN
www-bis-org-8025	135	72	transactions	transaction	NNS
www-bis-org-8025	135	73	.	.	.
www-bis-org-8025	136	1	Each	each	DT
www-bis-org-8025	136	2	block	block	NN
www-bis-org-8025	136	3	is	be	VBZ
www-bis-org-8025	136	4	a	a	DT
www-bis-org-8025	136	5	small	small	JJ
www-bis-org-8025	136	6	file	file	NN
www-bis-org-8025	136	7	that	that	WDT
www-bis-org-8025	136	8	includes	include	VBZ
www-bis-org-8025	136	9	a	a	DT
www-bis-org-8025	136	10	number	number	NN
www-bis-org-8025	136	11	of	of	IN
www-bis-org-8025	136	12	payment	payment	NN
www-bis-org-8025	136	13	transactions	transaction	NNS
www-bis-org-8025	136	14	,	,	,
www-bis-org-8025	136	15	stating	state	VBG
www-bis-org-8025	136	16	the	the	DT
www-bis-org-8025	136	17	amount	amount	NN
www-bis-org-8025	136	18	,	,	,
www-bis-org-8025	136	19	the	the	DT
www-bis-org-8025	136	20	payer	payer	NN
www-bis-org-8025	136	21	and	and	CC
www-bis-org-8025	136	22	the	the	DT
www-bis-org-8025	136	23	payee	payee	NN
www-bis-org-8025	136	24	.	.	.
www-bis-org-8025	137	1	Blocks	Blocks	NNP
www-bis-org-8025	137	2	,	,	,
www-bis-org-8025	137	3	in	in	IN
www-bis-org-8025	137	4	turn	turn	NN
www-bis-org-8025	137	5	,	,	,
www-bis-org-8025	137	6	are	be	VBP
www-bis-org-8025	137	7	chained	chain	VBN
www-bis-org-8025	137	8	to	to	IN
www-bis-org-8025	137	9	each	each	DT
www-bis-org-8025	137	10	other	other	JJ
www-bis-org-8025	137	11	sequentially	sequentially	RB
www-bis-org-8025	137	12	,	,	,
www-bis-org-8025	137	13	thus	thus	RB
www-bis-org-8025	137	14	forming	form	VBG
www-bis-org-8025	137	15	the	the	DT
www-bis-org-8025	137	16	blockchain	blockchain	NNP
www-bis-org-8025	137	17	.	.	.
www-bis-org-8025	138	1	11	11	CD
www-bis-org-8025	138	2	Miners	miner	NNS
www-bis-org-8025	138	3	face	face	VBP
www-bis-org-8025	138	4	strong	strong	JJ
www-bis-org-8025	138	5	incentives	incentive	NNS
www-bis-org-8025	138	6	to	to	TO
www-bis-org-8025	138	7	check	check	VB
www-bis-org-8025	138	8	the	the	DT
www-bis-org-8025	138	9	validity	validity	NN
www-bis-org-8025	138	10	of	of	IN
www-bis-org-8025	138	11	the	the	DT
www-bis-org-8025	138	12	transactions	transaction	NNS
www-bis-org-8025	138	13	that	that	WDT
www-bis-org-8025	138	14	they	-PRON-	PRP
www-bis-org-8025	138	15	include	include	VBP
www-bis-org-8025	138	16	in	in	IN
www-bis-org-8025	138	17	their	-PRON-	PRP$
www-bis-org-8025	138	18	block	block	NN
www-bis-org-8025	138	19	,	,	,
www-bis-org-8025	138	20	for	for	IN
www-bis-org-8025	138	21	if	if	IN
www-bis-org-8025	138	22	any	any	DT
www-bis-org-8025	138	23	of	of	IN
www-bis-org-8025	138	24	the	the	DT
www-bis-org-8025	138	25	included	include	VBN
www-bis-org-8025	138	26	transactions	transaction	NNS
www-bis-org-8025	138	27	turns	turn	VBZ
www-bis-org-8025	138	28	out	out	RP
www-bis-org-8025	138	29	to	to	TO
www-bis-org-8025	138	30	be	be	VB
www-bis-org-8025	138	31	invalid	invalid	JJ
www-bis-org-8025	138	32	(	(	-LRB-
www-bis-org-8025	138	33	because	because	IN
www-bis-org-8025	138	34	either	either	CC
www-bis-org-8025	138	35	the	the	DT
www-bis-org-8025	138	36	signature	signature	NN
www-bis-org-8025	138	37	is	be	VBZ
www-bis-org-8025	138	38	invalid	invalid	JJ
www-bis-org-8025	138	39	or	or	CC
www-bis-org-8025	138	40	somebody	somebody	NN
www-bis-org-8025	138	41	has	have	VBZ
www-bis-org-8025	138	42	spent	spend	VBN
www-bis-org-8025	138	43	funds	fund	NNS
www-bis-org-8025	138	44	that	that	IN
www-bis-org-8025	138	45	they	-PRON-	PRP
www-bis-org-8025	138	46	do	do	VBP
www-bis-org-8025	138	47	n’t	not	RB
www-bis-org-8025	138	48	actually	actually	RB
www-bis-org-8025	138	49	own	own	VB
www-bis-org-8025	138	50	)	)	-RRB-
www-bis-org-8025	138	51	the	the	DT
www-bis-org-8025	138	52	entire	entire	JJ
www-bis-org-8025	138	53	block	block	NN
www-bis-org-8025	138	54	is	be	VBZ
www-bis-org-8025	138	55	invalid	invalid	JJ
www-bis-org-8025	138	56	,	,	,
www-bis-org-8025	138	57	thus	thus	RB
www-bis-org-8025	138	58	also	also	RB
www-bis-org-8025	138	59	invalidating	invalidate	VBG
www-bis-org-8025	138	60	the	the	DT
www-bis-org-8025	138	61	transaction	transaction	NN
www-bis-org-8025	138	62	fees	fee	NNS
www-bis-org-8025	138	63	and	and	CC
www-bis-org-8025	138	64	the	the	DT
www-bis-org-8025	138	65	block	block	NN
www-bis-org-8025	138	66	reward	reward	NN
www-bis-org-8025	138	67	.	.	.
www-bis-org-8025	139	1	But	but	CC
www-bis-org-8025	139	2	the	the	DT
www-bis-org-8025	139	3	validation	validation	NN
www-bis-org-8025	139	4	itself	-PRON-	PRP
www-bis-org-8025	139	5	is	be	VBZ
www-bis-org-8025	139	6	not	not	RB
www-bis-org-8025	139	7	computationally	computationally	RB
www-bis-org-8025	139	8	intensive	intensive	JJ
www-bis-org-8025	139	9	when	when	WRB
www-bis-org-8025	139	10	compared	compare	VBN
www-bis-org-8025	139	11	with	with	IN
www-bis-org-8025	139	12	the	the	DT
www-bis-org-8025	139	13	computational	computational	JJ
www-bis-org-8025	139	14	effort	effort	NN
www-bis-org-8025	139	15	involved	involve	VBN
www-bis-org-8025	139	16	in	in	IN
www-bis-org-8025	139	17	proof	proof	NN
www-bis-org-8025	139	18	-	-	HYPH
www-bis-org-8025	139	19	of	of	IN
www-bis-org-8025	139	20	-	-	HYPH
www-bis-org-8025	139	21	work	work	NN
www-bis-org-8025	139	22	.	.	.
www-bis-org-8025	140	1	WP765	WP765	NNP
www-bis-org-8025	140	2	Beyond	beyond	IN
www-bis-org-8025	140	3	the	the	DT
www-bis-org-8025	140	4	doomsday	doomsday	NNP
www-bis-org-8025	140	5	economics	economic	NNS
www-bis-org-8025	140	6	of	of	IN
www-bis-org-8025	140	7	“	"	``
www-bis-org-8025	140	8	proof	proof	NN
www-bis-org-8025	140	9	-	-	HYPH
www-bis-org-8025	140	10	of	of	IN
www-bis-org-8025	140	11	-	-	HYPH
www-bis-org-8025	140	12	work	work	NN
www-bis-org-8025	140	13	”	"	''
www-bis-org-8025	140	14	in	in	IN
www-bis-org-8025	140	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	140	16	7	7	CD
www-bis-org-8025	140	17	Proof	Proof	NNP
www-bis-org-8025	140	18	-	-	HYPH
www-bis-org-8025	140	19	of	of	IN
www-bis-org-8025	140	20	-	-	HYPH
www-bis-org-8025	140	21	work	work	NN
www-bis-org-8025	140	22	:	:	:
www-bis-org-8025	140	23	rolling	roll	VBG
www-bis-org-8025	140	24	a	a	DT
www-bis-org-8025	140	25	dice	dice	NN
www-bis-org-8025	140	26	Proof	Proof	NNP
www-bis-org-8025	140	27	-	-	HYPH
www-bis-org-8025	140	28	of	of	IN
www-bis-org-8025	140	29	-	-	HYPH
www-bis-org-8025	140	30	work	work	NN
www-bis-org-8025	140	31	is	be	VBZ
www-bis-org-8025	140	32	a	a	DT
www-bis-org-8025	140	33	simple	simple	JJ
www-bis-org-8025	140	34	cryptographic	cryptographic	JJ
www-bis-org-8025	140	35	tool	tool	NN
www-bis-org-8025	140	36	that	that	WDT
www-bis-org-8025	140	37	allows	allow	VBZ
www-bis-org-8025	140	38	to	to	TO
www-bis-org-8025	140	39	send	send	VB
www-bis-org-8025	140	40	a	a	DT
www-bis-org-8025	140	41	credible	credible	JJ
www-bis-org-8025	140	42	signal	signal	NN
www-bis-org-8025	140	43	to	to	IN
www-bis-org-8025	140	44	others	other	NNS
www-bis-org-8025	140	45	that	that	IN
www-bis-org-8025	140	46	a	a	DT
www-bis-org-8025	140	47	certain	certain	JJ
www-bis-org-8025	140	48	amount	amount	NN
www-bis-org-8025	140	49	of	of	IN
www-bis-org-8025	140	50	money	money	NN
www-bis-org-8025	140	51	has	have	VBZ
www-bis-org-8025	140	52	been	be	VBN
www-bis-org-8025	140	53	wasted	waste	VBN
www-bis-org-8025	140	54	on	on	IN
www-bis-org-8025	140	55	electricity	electricity	NN
www-bis-org-8025	140	56	and	and	CC
www-bis-org-8025	140	57	equipment	equipment	NN
www-bis-org-8025	140	58	.	.	.
www-bis-org-8025	141	1	An	an	DT
www-bis-org-8025	141	2	analogy	analogy	NN
www-bis-org-8025	141	3	is	be	VBZ
www-bis-org-8025	141	4	a	a	DT
www-bis-org-8025	141	5	dice	dice	NN
www-bis-org-8025	141	6	with	with	IN
www-bis-org-8025	141	7	a	a	DT
www-bis-org-8025	141	8	large	large	JJ
www-bis-org-8025	141	9	number	number	NN
www-bis-org-8025	141	10	of	of	IN
www-bis-org-8025	141	11	sides	side	NNS
www-bis-org-8025	141	12	that	that	IN
www-bis-org-8025	141	13	each	each	DT
www-bis-org-8025	141	14	have	have	VBP
www-bis-org-8025	141	15	an	an	DT
www-bis-org-8025	141	16	equal	equal	JJ
www-bis-org-8025	141	17	probability	probability	NN
www-bis-org-8025	141	18	of	of	IN
www-bis-org-8025	141	19	coming	come	VBG
www-bis-org-8025	141	20	out	out	RP
www-bis-org-8025	141	21	on	on	IN
www-bis-org-8025	141	22	top	top	NN
www-bis-org-8025	141	23	.	.	.
www-bis-org-8025	142	1	If	if	IN
www-bis-org-8025	142	2	there	there	EX
www-bis-org-8025	142	3	are	be	VBP
www-bis-org-8025	142	4	1,000	1,000	CD
www-bis-org-8025	142	5	sides	side	NNS
www-bis-org-8025	142	6	numbered	number	VBN
www-bis-org-8025	142	7	from	from	IN
www-bis-org-8025	142	8	1	1	CD
www-bis-org-8025	142	9	to	to	IN
www-bis-org-8025	142	10	1,000	1,000	CD
www-bis-org-8025	142	11	,	,	,
www-bis-org-8025	142	12	on	on	IN
www-bis-org-8025	142	13	average	average	JJ
www-bis-org-8025	142	14	,	,	,
www-bis-org-8025	142	15	one	one	PRP
www-bis-org-8025	142	16	would	would	MD
www-bis-org-8025	142	17	have	have	VB
www-bis-org-8025	142	18	to	to	TO
www-bis-org-8025	142	19	roll	roll	VB
www-bis-org-8025	142	20	the	the	DT
www-bis-org-8025	142	21	dice	dice	NN
www-bis-org-8025	142	22	100	100	CD
www-bis-org-8025	142	23	times	time	NNS
www-bis-org-8025	142	24	until	until	IN
www-bis-org-8025	142	25	a	a	DT
www-bis-org-8025	142	26	number	number	NN
www-bis-org-8025	142	27	between	between	IN
www-bis-org-8025	142	28	1	1	CD
www-bis-org-8025	142	29	and	and	CC
www-bis-org-8025	142	30	10	10	CD
www-bis-org-8025	142	31	comes	come	VBZ
www-bis-org-8025	142	32	out	out	RP
www-bis-org-8025	142	33	on	on	IN
www-bis-org-8025	142	34	top	top	NN
www-bis-org-8025	142	35	.	.	.
www-bis-org-8025	143	1	Showing	show	VBG
www-bis-org-8025	143	2	a	a	DT
www-bis-org-8025	143	3	dice	dice	NN
www-bis-org-8025	143	4	with	with	IN
www-bis-org-8025	143	5	any	any	DT
www-bis-org-8025	143	6	number	number	NN
www-bis-org-8025	143	7	between	between	IN
www-bis-org-8025	143	8	1	1	CD
www-bis-org-8025	143	9	to	to	IN
www-bis-org-8025	143	10	10	10	CD
www-bis-org-8025	143	11	on	on	IN
www-bis-org-8025	143	12	top	top	NN
www-bis-org-8025	143	13	thus	thus	RB
www-bis-org-8025	143	14	shows	show	VBZ
www-bis-org-8025	143	15	that	that	IN
www-bis-org-8025	143	16	one	one	CD
www-bis-org-8025	143	17	in	in	IN
www-bis-org-8025	143	18	all	all	DT
www-bis-org-8025	143	19	likelihood	likelihood	NN
www-bis-org-8025	143	20	has	have	VBZ
www-bis-org-8025	143	21	rolled	roll	VBN
www-bis-org-8025	143	22	the	the	DT
www-bis-org-8025	143	23	dice	dice	NN
www-bis-org-8025	143	24	about	about	RB
www-bis-org-8025	143	25	100	100	CD
www-bis-org-8025	143	26	times	time	NNS
www-bis-org-8025	143	27	.	.	.
www-bis-org-8025	144	1	Proof	proof	NN
www-bis-org-8025	144	2	-	-	HYPH
www-bis-org-8025	144	3	of	of	IN
www-bis-org-8025	144	4	-	-	HYPH
www-bis-org-8025	144	5	work	work	NN
www-bis-org-8025	144	6	is	be	VBZ
www-bis-org-8025	144	7	the	the	DT
www-bis-org-8025	144	8	mathematical	mathematical	JJ
www-bis-org-8025	144	9	equivalent	equivalent	NN
www-bis-org-8025	144	10	of	of	IN
www-bis-org-8025	144	11	credibly	credibly	RB
www-bis-org-8025	144	12	rolling	roll	VBG
www-bis-org-8025	144	13	the	the	DT
www-bis-org-8025	144	14	dice	dice	NN
www-bis-org-8025	144	15	.	.	.
www-bis-org-8025	145	1	It	-PRON-	PRP
www-bis-org-8025	145	2	relies	rely	VBZ
www-bis-org-8025	145	3	on	on	IN
www-bis-org-8025	145	4	asymmetrical	asymmetrical	JJ
www-bis-org-8025	145	5	mathematical	mathematical	JJ
www-bis-org-8025	145	6	problems	problem	NNS
www-bis-org-8025	145	7	with	with	IN
www-bis-org-8025	145	8	solutions	solution	NNS
www-bis-org-8025	145	9	that	that	WDT
www-bis-org-8025	145	10	are	be	VBP
www-bis-org-8025	145	11	difficult	difficult	JJ
www-bis-org-8025	145	12	to	to	TO
www-bis-org-8025	145	13	come	come	VB
www-bis-org-8025	145	14	up	up	RP
www-bis-org-8025	145	15	with	with	IN
www-bis-org-8025	145	16	,	,	,
www-bis-org-8025	145	17	but	but	CC
www-bis-org-8025	145	18	easy	easy	JJ
www-bis-org-8025	145	19	to	to	TO
www-bis-org-8025	145	20	verify	verify	VB
www-bis-org-8025	145	21	.	.	.
www-bis-org-8025	146	1	This	this	DT
www-bis-org-8025	146	2	is	be	VBZ
www-bis-org-8025	146	3	the	the	DT
www-bis-org-8025	146	4	process	process	NN
www-bis-org-8025	146	5	of	of	IN
www-bis-org-8025	146	6	hashing	hash	VBG
www-bis-org-8025	146	7	.	.	.
www-bis-org-8025	147	1	A	a	DT
www-bis-org-8025	147	2	“	"	``
www-bis-org-8025	147	3	hash	hash	NN
www-bis-org-8025	147	4	”	"	''
www-bis-org-8025	147	5	function	function	NN
www-bis-org-8025	147	6	takes	take	VBZ
www-bis-org-8025	147	7	a	a	DT
www-bis-org-8025	147	8	random	random	JJ
www-bis-org-8025	147	9	text	text	NN
www-bis-org-8025	147	10	input	input	NN
www-bis-org-8025	147	11	and	and	CC
www-bis-org-8025	147	12	produces	produce	VBZ
www-bis-org-8025	147	13	from	from	IN
www-bis-org-8025	147	14	it	-PRON-	PRP
www-bis-org-8025	147	15	a	a	DT
www-bis-org-8025	147	16	hash	hash	NN
www-bis-org-8025	147	17	output	output	NN
www-bis-org-8025	147	18	according	accord	VBG
www-bis-org-8025	147	19	to	to	IN
www-bis-org-8025	147	20	set	set	VBN
www-bis-org-8025	147	21	rules.12	rules.12	NNP
www-bis-org-8025	147	22	The	the	DT
www-bis-org-8025	147	23	hash	hash	NN
www-bis-org-8025	147	24	function	function	NN
www-bis-org-8025	147	25	used	use	VBN
www-bis-org-8025	147	26	in	in	IN
www-bis-org-8025	147	27	the	the	DT
www-bis-org-8025	147	28	Bitcoin	Bitcoin	NNP
www-bis-org-8025	147	29	protocol	protocol	NN
www-bis-org-8025	147	30	–	–	:
www-bis-org-8025	147	31	known	know	VBN
www-bis-org-8025	147	32	as	as	IN
www-bis-org-8025	147	33	SHA256	SHA256	NNP
www-bis-org-8025	147	34	–	–	:
www-bis-org-8025	147	35	satisfies	satisfy	VBZ
www-bis-org-8025	147	36	the	the	DT
www-bis-org-8025	147	37	property	property	NN
www-bis-org-8025	147	38	that	that	WDT
www-bis-org-8025	147	39	it	-PRON-	PRP
www-bis-org-8025	147	40	is	be	VBZ
www-bis-org-8025	147	41	not	not	RB
www-bis-org-8025	147	42	possible	possible	JJ
www-bis-org-8025	147	43	to	to	TO
www-bis-org-8025	147	44	deduce	deduce	VB
www-bis-org-8025	147	45	the	the	DT
www-bis-org-8025	147	46	input	input	NN
www-bis-org-8025	147	47	from	from	IN
www-bis-org-8025	147	48	the	the	DT
www-bis-org-8025	147	49	specific	specific	JJ
www-bis-org-8025	147	50	hash	hash	NN
www-bis-org-8025	147	51	output.13	output.13	NNP
www-bis-org-8025	147	52	12	12	CD
www-bis-org-8025	147	53	For	for	IN
www-bis-org-8025	147	54	example	example	NN
www-bis-org-8025	147	55	,	,	,
www-bis-org-8025	147	56	a	a	DT
www-bis-org-8025	147	57	simple	simple	JJ
www-bis-org-8025	147	58	hash	hash	NN
www-bis-org-8025	147	59	function	function	NN
www-bis-org-8025	147	60	is	be	VBZ
www-bis-org-8025	147	61	to	to	TO
www-bis-org-8025	147	62	take	take	VB
www-bis-org-8025	147	63	the	the	DT
www-bis-org-8025	147	64	second	second	JJ
www-bis-org-8025	147	65	and	and	CC
www-bis-org-8025	147	66	fourth	fourth	JJ
www-bis-org-8025	147	67	letter	letter	NN
www-bis-org-8025	147	68	from	from	IN
www-bis-org-8025	147	69	any	any	DT
www-bis-org-8025	147	70	input	input	NN
www-bis-org-8025	147	71	.	.	.
www-bis-org-8025	148	1	For	for	IN
www-bis-org-8025	148	2	the	the	DT
www-bis-org-8025	148	3	input	input	NN
www-bis-org-8025	148	4	“	"	``
www-bis-org-8025	148	5	ABcDSEFfdfff	abcdseffdfff	NN
www-bis-org-8025	148	6	…	…	NFP
www-bis-org-8025	148	7	”	"	''
www-bis-org-8025	148	8	,	,	,
www-bis-org-8025	148	9	the	the	DT
www-bis-org-8025	148	10	output	output	NN
www-bis-org-8025	148	11	of	of	IN
www-bis-org-8025	148	12	this	this	DT
www-bis-org-8025	148	13	hash	hash	NN
www-bis-org-8025	148	14	function	function	NN
www-bis-org-8025	148	15	is	be	VBZ
www-bis-org-8025	148	16	“	"	``
www-bis-org-8025	148	17	BD	BD	NNP
www-bis-org-8025	148	18	”	"	''
www-bis-org-8025	148	19	.	.	.
www-bis-org-8025	149	1	13	13	CD
www-bis-org-8025	149	2	Note	note	VBP
www-bis-org-8025	149	3	that	that	IN
www-bis-org-8025	149	4	the	the	DT
www-bis-org-8025	149	5	security	security	NN
www-bis-org-8025	149	6	of	of	IN
www-bis-org-8025	149	7	the	the	DT
www-bis-org-8025	149	8	SHA256	SHA256	NNP
www-bis-org-8025	149	9	is	be	VBZ
www-bis-org-8025	149	10	not	not	RB
www-bis-org-8025	149	11	guaranteed	guarantee	VBN
www-bis-org-8025	149	12	axiomatically	axiomatically	RB
www-bis-org-8025	149	13	.	.	.
www-bis-org-8025	150	1	Other	other	JJ
www-bis-org-8025	150	2	hash	hash	NN
www-bis-org-8025	150	3	functions	function	NNS
www-bis-org-8025	150	4	once	once	RB
www-bis-org-8025	150	5	thought	think	VBD
www-bis-org-8025	150	6	safe	safe	JJ
www-bis-org-8025	150	7	have	have	VBP
www-bis-org-8025	150	8	,	,	,
www-bis-org-8025	150	9	in	in	IN
www-bis-org-8025	150	10	fact	fact	NN
www-bis-org-8025	150	11	,	,	,
www-bis-org-8025	150	12	been	be	VBN
www-bis-org-8025	150	13	broken	break	VBN
www-bis-org-8025	150	14	.	.	.
www-bis-org-8025	151	1	Cryptographically	cryptographically	RB
www-bis-org-8025	151	2	chained	chain	VBN
www-bis-org-8025	151	3	,	,	,
www-bis-org-8025	151	4	valid	valid	JJ
www-bis-org-8025	151	5	blocks	block	NNS
www-bis-org-8025	151	6	of	of	IN
www-bis-org-8025	151	7	transactions	transaction	NNS
www-bis-org-8025	151	8	form	form	NN
www-bis-org-8025	151	9	Bitcoin	Bitcoin	NNP
www-bis-org-8025	151	10	’s	’s	POS
www-bis-org-8025	151	11	blockchain	blockchain	NNP
www-bis-org-8025	151	12	Graph	Graph	NNP
www-bis-org-8025	151	13	3	3	CD
www-bis-org-8025	151	14	The	the	DT
www-bis-org-8025	151	15	publicly	publicly	RB
www-bis-org-8025	151	16	available	available	JJ
www-bis-org-8025	151	17	ledger	ledger	NNP
www-bis-org-8025	151	18	is	be	VBZ
www-bis-org-8025	151	19	updated	update	VBN
www-bis-org-8025	151	20	in	in	IN
www-bis-org-8025	151	21	bunches	bunche	NNS
www-bis-org-8025	151	22	of	of	IN
www-bis-org-8025	151	23	transactions	transaction	NNS
www-bis-org-8025	151	24	,	,	,
www-bis-org-8025	151	25	and	and	CC
www-bis-org-8025	151	26	each	each	DT
www-bis-org-8025	151	27	update	update	NN
www-bis-org-8025	151	28	is	be	VBZ
www-bis-org-8025	151	29	termed	term	VBN
www-bis-org-8025	151	30	a	a	DT
www-bis-org-8025	151	31	“	"	``
www-bis-org-8025	151	32	block	block	NN
www-bis-org-8025	151	33	.	.	.
www-bis-org-8025	151	34	”	"	''
www-bis-org-8025	151	35	Blocks	Blocks	NNP
www-bis-org-8025	151	36	,	,	,
www-bis-org-8025	151	37	in	in	IN
www-bis-org-8025	151	38	turn	turn	NN
www-bis-org-8025	151	39	,	,	,
www-bis-org-8025	151	40	are	be	VBP
www-bis-org-8025	151	41	chained	chain	VBN
www-bis-org-8025	151	42	to	to	IN
www-bis-org-8025	151	43	each	each	DT
www-bis-org-8025	151	44	other	other	JJ
www-bis-org-8025	151	45	sequentially	sequentially	RB
www-bis-org-8025	151	46	,	,	,
www-bis-org-8025	151	47	thus	thus	RB
www-bis-org-8025	151	48	forming	form	VBG
www-bis-org-8025	151	49	the	the	DT
www-bis-org-8025	151	50	“	"	``
www-bis-org-8025	151	51	blockchain	blockchain	NNP
www-bis-org-8025	151	52	.	.	.
www-bis-org-8025	151	53	”	"	''
www-bis-org-8025	151	54	The	the	DT
www-bis-org-8025	151	55	blockchain	blockchain	NN
www-bis-org-8025	151	56	is	be	VBZ
www-bis-org-8025	151	57	updated	update	VBN
www-bis-org-8025	151	58	much	much	RB
www-bis-org-8025	151	59	like	like	IN
www-bis-org-8025	151	60	adding	add	VBG
www-bis-org-8025	151	61	individual	individual	JJ
www-bis-org-8025	151	62	pages	page	NNS
www-bis-org-8025	151	63	with	with	IN
www-bis-org-8025	151	64	new	new	JJ
www-bis-org-8025	151	65	transactions	transaction	NNS
www-bis-org-8025	151	66	to	to	IN
www-bis-org-8025	151	67	a	a	DT
www-bis-org-8025	151	68	ledger	ledger	NN
www-bis-org-8025	151	69	,	,	,
www-bis-org-8025	151	70	with	with	IN
www-bis-org-8025	151	71	page	page	NN
www-bis-org-8025	151	72	numbers	number	NNS
www-bis-org-8025	151	73	determining	determine	VBG
www-bis-org-8025	151	74	the	the	DT
www-bis-org-8025	151	75	order	order	NN
www-bis-org-8025	151	76	of	of	IN
www-bis-org-8025	151	77	the	the	DT
www-bis-org-8025	151	78	individual	individual	JJ
www-bis-org-8025	151	79	pages	page	NNS
www-bis-org-8025	151	80	.	.	.
www-bis-org-8025	152	1	Each	each	DT
www-bis-org-8025	152	2	block	block	NN
www-bis-org-8025	152	3	is	be	VBZ
www-bis-org-8025	152	4	a	a	DT
www-bis-org-8025	152	5	small	small	JJ
www-bis-org-8025	152	6	file	file	NN
www-bis-org-8025	152	7	that	that	WDT
www-bis-org-8025	152	8	includes	include	VBZ
www-bis-org-8025	152	9	a	a	DT
www-bis-org-8025	152	10	number	number	NN
www-bis-org-8025	152	11	of	of	IN
www-bis-org-8025	152	12	payment	payment	NN
www-bis-org-8025	152	13	transactions	transaction	NNS
www-bis-org-8025	152	14	,	,	,
www-bis-org-8025	152	15	stating	state	VBG
www-bis-org-8025	152	16	the	the	DT
www-bis-org-8025	152	17	amount	amount	NN
www-bis-org-8025	152	18	,	,	,
www-bis-org-8025	152	19	the	the	DT
www-bis-org-8025	152	20	payer	payer	NN
www-bis-org-8025	152	21	and	and	CC
www-bis-org-8025	152	22	the	the	DT
www-bis-org-8025	152	23	payee	payee	NN
www-bis-org-8025	152	24	,	,	,
www-bis-org-8025	152	25	and	and	CC
www-bis-org-8025	152	26	also	also	RB
www-bis-org-8025	152	27	the	the	DT
www-bis-org-8025	152	28	transaction	transaction	NN
www-bis-org-8025	152	29	fee	fee	NN
www-bis-org-8025	152	30	.	.	.
www-bis-org-8025	153	1	The	the	DT
www-bis-org-8025	153	2	original	original	JJ
www-bis-org-8025	153	3	Bitcoin	Bitcoin	NNP
www-bis-org-8025	153	4	protocol	protocol	NN
www-bis-org-8025	153	5	restricts	restrict	VBZ
www-bis-org-8025	153	6	each	each	DT
www-bis-org-8025	153	7	block	block	NN
www-bis-org-8025	153	8	to	to	IN
www-bis-org-8025	153	9	a	a	DT
www-bis-org-8025	153	10	maximum	maximum	JJ
www-bis-org-8025	153	11	file	file	NN
www-bis-org-8025	153	12	size	size	NN
www-bis-org-8025	153	13	of	of	IN
www-bis-org-8025	153	14	1	1	CD
www-bis-org-8025	153	15	MB	mb	NN
www-bis-org-8025	153	16	,	,	,
www-bis-org-8025	153	17	which	which	WDT
www-bis-org-8025	153	18	in	in	IN
www-bis-org-8025	153	19	practice	practice	NN
www-bis-org-8025	153	20	implies	imply	VBZ
www-bis-org-8025	153	21	that	that	IN
www-bis-org-8025	153	22	around	around	IN
www-bis-org-8025	153	23	2,000	2,000	CD
www-bis-org-8025	153	24	transactions	transaction	NNS
www-bis-org-8025	153	25	can	can	MD
www-bis-org-8025	153	26	be	be	VB
www-bis-org-8025	153	27	included	include	VBN
www-bis-org-8025	153	28	in	in	IN
www-bis-org-8025	153	29	each	each	DT
www-bis-org-8025	153	30	block	block	NN
www-bis-org-8025	153	31	.	.	.
www-bis-org-8025	154	1	Only	only	RB
www-bis-org-8025	154	2	transactions	transaction	NNS
www-bis-org-8025	154	3	including	include	VBG
www-bis-org-8025	154	4	the	the	DT
www-bis-org-8025	154	5	valid	valid	JJ
www-bis-org-8025	154	6	digital	digital	JJ
www-bis-org-8025	154	7	signature	signature	NN
www-bis-org-8025	154	8	associated	associate	VBN
www-bis-org-8025	154	9	with	with	IN
www-bis-org-8025	154	10	the	the	DT
www-bis-org-8025	154	11	transferred	transfer	VBN
www-bis-org-8025	154	12	funds	fund	NNS
www-bis-org-8025	154	13	are	be	VBP
www-bis-org-8025	154	14	accepted	accept	VBN
www-bis-org-8025	154	15	into	into	IN
www-bis-org-8025	154	16	a	a	DT
www-bis-org-8025	154	17	block	block	NN
www-bis-org-8025	154	18	.	.	.
www-bis-org-8025	155	1	A	a	DT
www-bis-org-8025	155	2	new	new	JJ
www-bis-org-8025	155	3	block	block	NN
www-bis-org-8025	155	4	is	be	VBZ
www-bis-org-8025	155	5	added	add	VBN
www-bis-org-8025	155	6	to	to	IN
www-bis-org-8025	155	7	the	the	DT
www-bis-org-8025	155	8	blockchain	blockchain	NN
www-bis-org-8025	155	9	only	only	RB
www-bis-org-8025	155	10	about	about	IN
www-bis-org-8025	155	11	once	once	RB
www-bis-org-8025	155	12	every	every	DT
www-bis-org-8025	155	13	10	10	CD
www-bis-org-8025	155	14	minutes	minute	NNS
www-bis-org-8025	155	15	.	.	.
www-bis-org-8025	156	1	Adding	add	VBG
www-bis-org-8025	156	2	a	a	DT
www-bis-org-8025	156	3	block	block	NN
www-bis-org-8025	156	4	to	to	IN
www-bis-org-8025	156	5	the	the	DT
www-bis-org-8025	156	6	existing	exist	VBG
www-bis-org-8025	156	7	block	block	NN
www-bis-org-8025	156	8	chain	chain	NN
www-bis-org-8025	156	9	requires	require	VBZ
www-bis-org-8025	156	10	a	a	DT
www-bis-org-8025	156	11	valid	valid	JJ
www-bis-org-8025	156	12	proof	proof	NN
www-bis-org-8025	156	13	-	-	HYPH
www-bis-org-8025	156	14	of	of	IN
www-bis-org-8025	156	15	-	-	HYPH
www-bis-org-8025	156	16	work	work	NN
www-bis-org-8025	156	17	(	(	-LRB-
www-bis-org-8025	156	18	also	also	RB
www-bis-org-8025	156	19	called	call	VBN
www-bis-org-8025	156	20	a	a	DT
www-bis-org-8025	156	21	“	"	``
www-bis-org-8025	156	22	nonce	nonce	NN
www-bis-org-8025	156	23	”	"	''
www-bis-org-8025	156	24	)	)	-RRB-
www-bis-org-8025	156	25	,	,	,
www-bis-org-8025	156	26	which	which	WDT
www-bis-org-8025	156	27	involves	involve	VBZ
www-bis-org-8025	156	28	a	a	DT
www-bis-org-8025	156	29	hash	hash	NN
www-bis-org-8025	156	30	function	function	NN
www-bis-org-8025	156	31	that	that	WDT
www-bis-org-8025	156	32	takes	take	VBZ
www-bis-org-8025	156	33	a	a	DT
www-bis-org-8025	156	34	random	random	JJ
www-bis-org-8025	156	35	text	text	NN
www-bis-org-8025	156	36	input	input	NN
www-bis-org-8025	156	37	and	and	CC
www-bis-org-8025	156	38	produces	produce	VBZ
www-bis-org-8025	156	39	from	from	IN
www-bis-org-8025	156	40	this	this	DT
www-bis-org-8025	156	41	an	an	DT
www-bis-org-8025	156	42	output	output	NN
www-bis-org-8025	156	43	according	accord	VBG
www-bis-org-8025	156	44	to	to	IN
www-bis-org-8025	156	45	set	set	NN
www-bis-org-8025	156	46	rules	rule	NNS
www-bis-org-8025	156	47	.	.	.
www-bis-org-8025	157	1	The	the	DT
www-bis-org-8025	157	2	key	key	JJ
www-bis-org-8025	157	3	property	property	NN
www-bis-org-8025	157	4	of	of	IN
www-bis-org-8025	157	5	the	the	DT
www-bis-org-8025	157	6	SHA256	SHA256	NNP
www-bis-org-8025	157	7	hash	hash	NN
www-bis-org-8025	157	8	function	function	NN
www-bis-org-8025	157	9	used	use	VBN
www-bis-org-8025	157	10	in	in	IN
www-bis-org-8025	157	11	the	the	DT
www-bis-org-8025	157	12	Bitcoin	Bitcoin	NNP
www-bis-org-8025	157	13	protocol	protocol	NN
www-bis-org-8025	157	14	is	be	VBZ
www-bis-org-8025	157	15	that	that	IN
www-bis-org-8025	157	16	the	the	DT
www-bis-org-8025	157	17	output	output	NN
www-bis-org-8025	157	18	is	be	VBZ
www-bis-org-8025	157	19	unpredictable	unpredictable	JJ
www-bis-org-8025	157	20	:	:	:
www-bis-org-8025	157	21	to	to	TO
www-bis-org-8025	157	22	get	get	VB
www-bis-org-8025	157	23	a	a	DT
www-bis-org-8025	157	24	desired	desire	VBN
www-bis-org-8025	157	25	result	result	NN
www-bis-org-8025	157	26	,	,	,
www-bis-org-8025	157	27	the	the	DT
www-bis-org-8025	157	28	only	only	JJ
www-bis-org-8025	157	29	solution	solution	NN
www-bis-org-8025	157	30	is	be	VBZ
www-bis-org-8025	157	31	thus	thus	RB
www-bis-org-8025	157	32	to	to	TO
www-bis-org-8025	157	33	try	try	VB
www-bis-org-8025	157	34	many	many	JJ
www-bis-org-8025	157	35	starting	start	VBG
www-bis-org-8025	157	36	values	value	NNS
www-bis-org-8025	157	37	randomly	randomly	RB
www-bis-org-8025	157	38	,	,	,
www-bis-org-8025	157	39	which	which	WDT
www-bis-org-8025	157	40	creates	create	VBZ
www-bis-org-8025	157	41	a	a	DT
www-bis-org-8025	157	42	computing	computing	NN
www-bis-org-8025	157	43	cost	cost	NN
www-bis-org-8025	157	44	.	.	.
www-bis-org-8025	158	1	Cryptographic	cryptographic	JJ
www-bis-org-8025	158	2	chaining	chaining	NN
www-bis-org-8025	158	3	of	of	IN
www-bis-org-8025	158	4	blocks	block	NNS
www-bis-org-8025	158	5	is	be	VBZ
www-bis-org-8025	158	6	achieved	achieve	VBN
www-bis-org-8025	158	7	by	by	IN
www-bis-org-8025	158	8	including	include	VBG
www-bis-org-8025	158	9	summary	summary	NN
www-bis-org-8025	158	10	information	information	NN
www-bis-org-8025	158	11	from	from	IN
www-bis-org-8025	158	12	the	the	DT
www-bis-org-8025	158	13	previous	previous	JJ
www-bis-org-8025	158	14	block	block	NN
www-bis-org-8025	158	15	in	in	IN
www-bis-org-8025	158	16	the	the	DT
www-bis-org-8025	158	17	proof	proof	NN
www-bis-org-8025	158	18	-	-	HYPH
www-bis-org-8025	158	19	of	of	IN
www-bis-org-8025	158	20	-	-	HYPH
www-bis-org-8025	158	21	work	work	NN
www-bis-org-8025	158	22	of	of	IN
www-bis-org-8025	158	23	the	the	DT
www-bis-org-8025	158	24	current	current	JJ
www-bis-org-8025	158	25	block	block	NN
www-bis-org-8025	158	26	.	.	.
www-bis-org-8025	159	1	Source	source	NN
www-bis-org-8025	159	2	:	:	:
www-bis-org-8025	159	3	Author	author	NN
www-bis-org-8025	159	4	’s	’s	POS
www-bis-org-8025	159	5	elaboration	elaboration	NN
www-bis-org-8025	159	6	.	.	.
www-bis-org-8025	160	1	Hash	hash	NN
www-bis-org-8025	160	2	of	of	IN
www-bis-org-8025	160	3	previous	previous	JJ
www-bis-org-8025	160	4	block	block	NN
www-bis-org-8025	160	5	Proof	Proof	NNP
www-bis-org-8025	160	6	-	-	HYPH
www-bis-org-8025	160	7	of	of	IN
www-bis-org-8025	160	8	-	-	HYPH
www-bis-org-8025	160	9	work/	work/	NN
www-bis-org-8025	160	10	Nonce	Nonce	NNP
www-bis-org-8025	160	11	970ba0c43	970ba0c43	CD
www-bis-org-8025	160	12	…	…	NFP
www-bis-org-8025	160	13	2b12fcf	2b12fcf	CD
www-bis-org-8025	160	14	…	…	NFP
www-bis-org-8025	160	15	93fe37f69	93fe37f69	LS
www-bis-org-8025	160	16	…	…	NFP
www-bis-org-8025	160	17	b09288f	b09288f	UH
www-bis-org-8025	160	18	…	…	NFP
www-bis-org-8025	160	19	7cf037547	7cf037547	NN
www-bis-org-8025	160	20	…	…	NFP
www-bis-org-8025	160	21	aff797d	aff797d	NNP
www-bis-org-8025	160	22	…	…	NFP
www-bis-org-8025	160	23	8ead53e77	8ead53e77	CD
www-bis-org-8025	160	24	…	…	NFP
www-bis-org-8025	160	25	e950e71	e950e71	NFP
www-bis-org-8025	160	26	…	…	NFP
www-bis-org-8025	160	27	171352a4b	171352a4b	NNS
www-bis-org-8025	160	28	…	…	NFP
www-bis-org-8025	160	29	e42b91i	e42b91i	XX
www-bis-org-8025	160	30	…	…	NFP
www-bis-org-8025	160	31	No	no	DT
www-bis-org-8025	160	32	Details	detail	NNS
www-bis-org-8025	160	33	Signatures	signature	VBZ
www-bis-org-8025	160	34	No	no	DT
www-bis-org-8025	160	35	Details	detail	NNS
www-bis-org-8025	160	36	Signatures	signature	VBZ
www-bis-org-8025	160	37	No	no	DT
www-bis-org-8025	160	38	Details	detail	NNS
www-bis-org-8025	160	39	Signatures	signature	VBZ
www-bis-org-8025	160	40	No	no	DT
www-bis-org-8025	160	41	Details	detail	NNS
www-bis-org-8025	160	42	Signatures	signature	VBZ
www-bis-org-8025	160	43	No	no	DT
www-bis-org-8025	160	44	Details	detail	NNS
www-bis-org-8025	160	45	Signatures	signature	NNS
www-bis-org-8025	160	46	1	1	CD
www-bis-org-8025	160	47	0.45	0.45	CD
www-bis-org-8025	160	48	...	...	:
www-bis-org-8025	160	49	po7x	po7x	NNP
www-bis-org-8025	160	50	...	...	:
www-bis-org-8025	160	51	1	1	CD
www-bis-org-8025	160	52	0.63	0.63	CD
www-bis-org-8025	160	53	…	…	NFP
www-bis-org-8025	160	54	mGp0	mGp0	NNS
www-bis-org-8025	160	55	…	…	NFP
www-bis-org-8025	160	56	1	1	CD
www-bis-org-8025	160	57	0.3400BTC	0.3400btc	NN
www-bis-org-8025	160	58	from	from	IN
www-bis-org-8025	160	59	A	a	NN
www-bis-org-8025	160	60	to	to	IN
www-bis-org-8025	160	61	C	C	NNP
www-bis-org-8025	160	62	Xsfsdl1f	xsfsdl1f	NN
www-bis-org-8025	160	63	sdfsdfas	sdfsdfa	NNS
www-bis-org-8025	160	64	1	1	CD
www-bis-org-8025	160	65	0.18	0.18	CD
www-bis-org-8025	160	66	…	…	SYM
www-bis-org-8025	160	67	2Mzf	2mzf	CD
www-bis-org-8025	160	68	...	...	SYM
www-bis-org-8025	160	69	1	1	CD
www-bis-org-8025	160	70	0.06	0.06	CD
www-bis-org-8025	160	71	…	…	NFP
www-bis-org-8025	160	72	lbvI	lbvI	NNS
www-bis-org-8025	160	73	…	…	NFP
www-bis-org-8025	160	74	2	2	CD
www-bis-org-8025	160	75	0.08	0.08	CD
www-bis-org-8025	160	76	...	...	NFP
www-bis-org-8025	160	77	lteU	lteu	CD
www-bis-org-8025	160	78	…	…	NFP
www-bis-org-8025	160	79	2	2	CD
www-bis-org-8025	160	80	0.78	0.78	CD
www-bis-org-8025	160	81	…	…	NFP
www-bis-org-8025	160	82	QgWt	QgWt	NNP
www-bis-org-8025	160	83	...	...	NFP
www-bis-org-8025	160	84	2	2	CD
www-bis-org-8025	160	85	0.001BTC	0.001btc	CD
www-bis-org-8025	160	86	from	from	IN
www-bis-org-8025	160	87	D	d	NN
www-bis-org-8025	160	88	to	to	IN
www-bis-org-8025	160	89	G	g	NN
www-bis-org-8025	160	90	Df32m4	Df32m4	NNP
www-bis-org-8025	160	91	bsg3451	bsg3451	NN
www-bis-org-8025	160	92	2	2	CD
www-bis-org-8025	160	93	0.32	0.32	CD
www-bis-org-8025	160	94	…	…	NFP
www-bis-org-8025	160	95	tNZ4	tnz4	NN
www-bis-org-8025	160	96	...	...	:
www-bis-org-8025	160	97	2	2	CD
www-bis-org-8025	160	98	0.41	0.41	CD
www-bis-org-8025	160	99	…	…	NFP
www-bis-org-8025	160	100	F9ly	f9ly	NN
www-bis-org-8025	160	101	...	...	NFP
www-bis-org-8025	160	102	⋮	⋮	NNP
www-bis-org-8025	160	103	⋮	⋮	NNP
www-bis-org-8025	160	104	⋮	⋮	NNP
www-bis-org-8025	160	105	⋮	⋮	NNP
www-bis-org-8025	160	106	⋮	⋮	NNP
www-bis-org-8025	160	107	⋮	⋮	NNP
www-bis-org-8025	160	108	⋮	⋮	NNP
www-bis-org-8025	160	109	⋮	⋮	NNP
www-bis-org-8025	160	110	⋮	⋮	NNP
www-bis-org-8025	160	111	⋮	⋮	NNP
www-bis-org-8025	160	112	⋮	⋮	NNP
www-bis-org-8025	160	113	⋮	⋮	NNP
www-bis-org-8025	160	114	⋮	⋮	NNP
www-bis-org-8025	160	115	⋮	⋮	NNP
www-bis-org-8025	160	116	⋮	⋮	NNP
www-bis-org-8025	160	117	≈2,000	≈2,000	NNP
www-bis-org-8025	160	118	.	.	.
www-bis-org-8025	161	1	.	.	.
www-bis-org-8025	162	1	≈2,000	≈2,000	NNP
www-bis-org-8025	162	2	.	.	.
www-bis-org-8025	163	1	.	.	.
www-bis-org-8025	164	1	≈2,000	≈2,000	NNP
www-bis-org-8025	164	2	.	.	.
www-bis-org-8025	165	1	.	.	.
www-bis-org-8025	166	1	≈2,000	≈2,000	NNP
www-bis-org-8025	166	2	.	.	.
www-bis-org-8025	167	1	.	.	.
www-bis-org-8025	168	1	≈2,000	≈2,000	NNP
www-bis-org-8025	168	2	.	.	.
www-bis-org-8025	169	1	.	.	.
www-bis-org-8025	170	1	1	1	CD
www-bis-org-8025	170	2	MB	mb	NN
www-bis-org-8025	170	3	block	block	NN
www-bis-org-8025	170	4	size	size	NN
www-bis-org-8025	170	5	limit	limit	NN
www-bis-org-8025	170	6	allows	allow	VBZ
www-bis-org-8025	170	7	for	for	IN
www-bis-org-8025	170	8	about	about	RB
www-bis-org-8025	170	9	2000	2000	CD
www-bis-org-8025	170	10	transactions	transaction	NNS
www-bis-org-8025	170	11	8	8	CD
www-bis-org-8025	170	12	WP765	wp765	NN
www-bis-org-8025	170	13	Beyond	beyond	IN
www-bis-org-8025	170	14	the	the	DT
www-bis-org-8025	170	15	doomsday	doomsday	NNP
www-bis-org-8025	170	16	economics	economic	NNS
www-bis-org-8025	170	17	of	of	IN
www-bis-org-8025	170	18	“	"	``
www-bis-org-8025	170	19	proof	proof	NN
www-bis-org-8025	170	20	-	-	HYPH
www-bis-org-8025	170	21	of	of	IN
www-bis-org-8025	170	22	-	-	HYPH
www-bis-org-8025	170	23	work	work	NN
www-bis-org-8025	170	24	”	"	''
www-bis-org-8025	170	25	in	in	IN
www-bis-org-8025	170	26	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	170	27	A	a	DT
www-bis-org-8025	170	28	specific	specific	JJ
www-bis-org-8025	170	29	SHA256	SHA256	NNP
www-bis-org-8025	170	30	output	output	NN
www-bis-org-8025	170	31	can	can	MD
www-bis-org-8025	170	32	thus	thus	RB
www-bis-org-8025	170	33	be	be	VB
www-bis-org-8025	170	34	found	find	VBN
www-bis-org-8025	170	35	only	only	RB
www-bis-org-8025	170	36	by	by	IN
www-bis-org-8025	170	37	trial	trial	NN
www-bis-org-8025	170	38	and	and	CC
www-bis-org-8025	170	39	error	error	NN
www-bis-org-8025	170	40	,	,	,
www-bis-org-8025	170	41	which	which	WDT
www-bis-org-8025	170	42	proves	prove	VBZ
www-bis-org-8025	170	43	that	that	IN
www-bis-org-8025	170	44	a	a	DT
www-bis-org-8025	170	45	miner	miner	NN
www-bis-org-8025	170	46	has	have	VBZ
www-bis-org-8025	170	47	done	do	VBN
www-bis-org-8025	170	48	a	a	DT
www-bis-org-8025	170	49	certain	certain	JJ
www-bis-org-8025	170	50	amount	amount	NN
www-bis-org-8025	170	51	of	of	IN
www-bis-org-8025	170	52	computational	computational	JJ
www-bis-org-8025	170	53	work	work	NN
www-bis-org-8025	170	54	.	.	.
www-bis-org-8025	171	1	Conceptually	conceptually	RB
www-bis-org-8025	171	2	,	,	,
www-bis-org-8025	171	3	the	the	DT
www-bis-org-8025	171	4	Bitcoin	Bitcoin	NNP
www-bis-org-8025	171	5	protocol	protocol	NN
www-bis-org-8025	171	6	will	will	MD
www-bis-org-8025	171	7	only	only	RB
www-bis-org-8025	171	8	add	add	VB
www-bis-org-8025	171	9	blocks	block	NNS
www-bis-org-8025	171	10	to	to	IN
www-bis-org-8025	171	11	the	the	DT
www-bis-org-8025	171	12	blockchain	blockchain	NN
www-bis-org-8025	171	13	that	that	WDT
www-bis-org-8025	171	14	are	be	VBP
www-bis-org-8025	171	15	accompanied	accompany	VBN
www-bis-org-8025	171	16	by	by	IN
www-bis-org-8025	171	17	a	a	DT
www-bis-org-8025	171	18	rare	rare	JJ
www-bis-org-8025	171	19	hash	hash	NN
www-bis-org-8025	171	20	output	output	NN
www-bis-org-8025	171	21	.	.	.
www-bis-org-8025	172	1	This	this	DT
www-bis-org-8025	172	2	is	be	VBZ
www-bis-org-8025	172	3	defined	define	VBN
www-bis-org-8025	172	4	as	as	IN
www-bis-org-8025	172	5	one	one	CD
www-bis-org-8025	172	6	starting	start	VBG
www-bis-org-8025	172	7	with	with	IN
www-bis-org-8025	172	8	many	many	JJ
www-bis-org-8025	172	9	0s	0	NNS
www-bis-org-8025	172	10	(	(	-LRB-
www-bis-org-8025	172	11	or	or	CC
www-bis-org-8025	172	12	more	more	RBR
www-bis-org-8025	172	13	precisely	precisely	RB
www-bis-org-8025	172	14	,	,	,
www-bis-org-8025	172	15	the	the	DT
www-bis-org-8025	172	16	value	value	NN
www-bis-org-8025	172	17	of	of	IN
www-bis-org-8025	172	18	which	which	WDT
www-bis-org-8025	172	19	expressed	express	VBN
www-bis-org-8025	172	20	in	in	IN
www-bis-org-8025	172	21	binary	binary	JJ
www-bis-org-8025	172	22	numbers	number	NNS
www-bis-org-8025	172	23	is	be	VBZ
www-bis-org-8025	172	24	below	below	IN
www-bis-org-8025	172	25	some	some	DT
www-bis-org-8025	172	26	“	"	``
www-bis-org-8025	172	27	target	target	NN
www-bis-org-8025	172	28	”	"	''
www-bis-org-8025	172	29	level	level	NN
www-bis-org-8025	172	30	)	)	-RRB-
www-bis-org-8025	172	31	.	.	.
www-bis-org-8025	173	1	The	the	DT
www-bis-org-8025	173	2	expected	expected	JJ
www-bis-org-8025	173	3	number	number	NN
www-bis-org-8025	173	4	of	of	IN
www-bis-org-8025	173	5	hashes	hash	NNS
www-bis-org-8025	173	6	that	that	WDT
www-bis-org-8025	173	7	needs	need	VBZ
www-bis-org-8025	173	8	to	to	TO
www-bis-org-8025	173	9	be	be	VB
www-bis-org-8025	173	10	performed	perform	VBN
www-bis-org-8025	173	11	to	to	TO
www-bis-org-8025	173	12	obtain	obtain	VB
www-bis-org-8025	173	13	a	a	DT
www-bis-org-8025	173	14	hash	hash	NN
www-bis-org-8025	173	15	result	result	NN
www-bis-org-8025	173	16	below	below	IN
www-bis-org-8025	173	17	target	target	NN
www-bis-org-8025	173	18	is	be	VBZ
www-bis-org-8025	173	19	called	call	VBN
www-bis-org-8025	173	20	“	"	``
www-bis-org-8025	173	21	difficulty	difficulty	NN
www-bis-org-8025	173	22	”	"	''
www-bis-org-8025	173	23	(	(	-LRB-
www-bis-org-8025	173	24	difficulty	difficulty	NN
www-bis-org-8025	173	25	is	be	VBZ
www-bis-org-8025	173	26	thus	thus	RB
www-bis-org-8025	173	27	proportional	proportional	JJ
www-bis-org-8025	173	28	to	to	IN
www-bis-org-8025	173	29	1	1	CD
www-bis-org-8025	173	30	/	/	SYM
www-bis-org-8025	173	31	target	target	NN
www-bis-org-8025	173	32	)	)	-RRB-
www-bis-org-8025	173	33	.	.	.
www-bis-org-8025	174	1	By	by	IN
www-bis-org-8025	174	2	adjusting	adjust	VBG
www-bis-org-8025	174	3	the	the	DT
www-bis-org-8025	174	4	target	target	NN
www-bis-org-8025	174	5	level	level	NN
www-bis-org-8025	174	6	,	,	,
www-bis-org-8025	174	7	it	-PRON-	PRP
www-bis-org-8025	174	8	is	be	VBZ
www-bis-org-8025	174	9	possible	possible	JJ
www-bis-org-8025	174	10	to	to	TO
www-bis-org-8025	174	11	change	change	VB
www-bis-org-8025	174	12	the	the	DT
www-bis-org-8025	174	13	cost	cost	NN
www-bis-org-8025	174	14	of	of	IN
www-bis-org-8025	174	15	adding	add	VBG
www-bis-org-8025	174	16	a	a	DT
www-bis-org-8025	174	17	block	block	NN
www-bis-org-8025	174	18	to	to	IN
www-bis-org-8025	174	19	the	the	DT
www-bis-org-8025	174	20	blockchain	blockchain	NNP
www-bis-org-8025	174	21	.	.	.
www-bis-org-8025	175	1	To	to	TO
www-bis-org-8025	175	2	translate	translate	VB
www-bis-org-8025	175	3	this	this	DT
www-bis-org-8025	175	4	difficulty	difficulty	NN
www-bis-org-8025	175	5	into	into	IN
www-bis-org-8025	175	6	the	the	DT
www-bis-org-8025	175	7	expected	expect	VBN
www-bis-org-8025	175	8	cost	cost	NN
www-bis-org-8025	175	9	to	to	TO
www-bis-org-8025	175	10	add	add	VB
www-bis-org-8025	175	11	block	block	NN
www-bis-org-8025	175	12	b	b	NNP
www-bis-org-8025	175	13	to	to	IN
www-bis-org-8025	175	14	the	the	DT
www-bis-org-8025	175	15	chain	chain	NN
www-bis-org-8025	175	16	,	,	,
www-bis-org-8025	175	17	one	one	PRP
www-bis-org-8025	175	18	needs	need	VBZ
www-bis-org-8025	175	19	to	to	TO
www-bis-org-8025	175	20	know	know	VB
www-bis-org-8025	175	21	the	the	DT
www-bis-org-8025	175	22	cost	cost	NN
www-bis-org-8025	175	23	per	per	IN
www-bis-org-8025	175	24	hash	hash	NN
www-bis-org-8025	175	25	,	,	,
www-bis-org-8025	175	26	ie	ie	IN
www-bis-org-8025	175	27	the	the	DT
www-bis-org-8025	175	28	cost	cost	NN
www-bis-org-8025	175	29	of	of	IN
www-bis-org-8025	175	30	performing	perform	VBG
www-bis-org-8025	175	31	one	one	CD
www-bis-org-8025	175	32	SHA256	SHA256	NNP
www-bis-org-8025	175	33	computation	computation	NN
www-bis-org-8025	175	34	:	:	:
www-bis-org-8025	175	35	=	=	NFP
www-bis-org-8025	175	36	ℎℎ	ℎℎ	IN
www-bis-org-8025	175	37	=	=	SYM
www-bis-org-8025	175	38	ℎ	ℎ	XX
www-bis-org-8025	175	39	∗	∗	.
www-bis-org-8025	175	40	The	the	DT
www-bis-org-8025	175	41	cost	cost	NN
www-bis-org-8025	175	42	per	per	IN
www-bis-org-8025	175	43	hash	hash	NN
www-bis-org-8025	175	44	is	be	VBZ
www-bis-org-8025	175	45	the	the	DT
www-bis-org-8025	175	46	cost	cost	NN
www-bis-org-8025	175	47	of	of	IN
www-bis-org-8025	175	48	the	the	DT
www-bis-org-8025	175	49	computational	computational	JJ
www-bis-org-8025	175	50	equipment	equipment	NN
www-bis-org-8025	175	51	required	require	VBN
www-bis-org-8025	175	52	to	to	TO
www-bis-org-8025	175	53	perform	perform	VB
www-bis-org-8025	175	54	the	the	DT
www-bis-org-8025	175	55	hash	hash	NN
www-bis-org-8025	175	56	calculations	calculation	NNS
www-bis-org-8025	175	57	,	,	,
www-bis-org-8025	175	58	as	as	RB
www-bis-org-8025	175	59	well	well	RB
www-bis-org-8025	175	60	as	as	IN
www-bis-org-8025	175	61	the	the	DT
www-bis-org-8025	175	62	cost	cost	NN
www-bis-org-8025	175	63	of	of	IN
www-bis-org-8025	175	64	electricity	electricity	NN
www-bis-org-8025	175	65	and	and	CC
www-bis-org-8025	175	66	other	other	JJ
www-bis-org-8025	175	67	operating	operating	NN
www-bis-org-8025	175	68	costs	cost	NNS
www-bis-org-8025	175	69	.	.	.
www-bis-org-8025	176	1	To	to	TO
www-bis-org-8025	176	2	get	get	VB
www-bis-org-8025	176	3	a	a	DT
www-bis-org-8025	176	4	sense	sense	NN
www-bis-org-8025	176	5	of	of	IN
www-bis-org-8025	176	6	the	the	DT
www-bis-org-8025	176	7	magnitudes	magnitude	NNS
www-bis-org-8025	176	8	,	,	,
www-bis-org-8025	176	9	in	in	IN
www-bis-org-8025	176	10	mid-2018	mid-2018	NN
www-bis-org-8025	176	11	,	,	,
www-bis-org-8025	176	12	the	the	DT
www-bis-org-8025	176	13	Antminer	Antminer	NNP
www-bis-org-8025	176	14	S9	s9	NN
www-bis-org-8025	176	15	,	,	,
www-bis-org-8025	176	16	a	a	DT
www-bis-org-8025	176	17	frequently	frequently	RB
www-bis-org-8025	176	18	purchased	purchase	VBN
www-bis-org-8025	176	19	item	item	NN
www-bis-org-8025	176	20	of	of	IN
www-bis-org-8025	176	21	mining	mine	VBG
www-bis-org-8025	176	22	hardware	hardware	NN
www-bis-org-8025	176	23	,	,	,
www-bis-org-8025	176	24	could	could	MD
www-bis-org-8025	176	25	perform	perform	VB
www-bis-org-8025	176	26	an	an	DT
www-bis-org-8025	176	27	advertised	advertise	VBN
www-bis-org-8025	176	28	13.5	13.5	CD
www-bis-org-8025	176	29	x	x	SYM
www-bis-org-8025	176	30	1012	1012	CD
www-bis-org-8025	176	31	SHA256	SHA256	NNP
www-bis-org-8025	176	32	hashes	hash	NNS
www-bis-org-8025	176	33	per	per	IN
www-bis-org-8025	176	34	second	second	JJ
www-bis-org-8025	176	35	while	while	IN
www-bis-org-8025	176	36	using	use	VBG
www-bis-org-8025	176	37	around	around	RB
www-bis-org-8025	176	38	1,300	1,300	CD
www-bis-org-8025	176	39	watts	watt	NNS
www-bis-org-8025	176	40	of	of	IN
www-bis-org-8025	176	41	power	power	NN
www-bis-org-8025	176	42	.	.	.
www-bis-org-8025	177	1	Assuming	assume	VBG
www-bis-org-8025	177	2	an	an	DT
www-bis-org-8025	177	3	electricity	electricity	NN
www-bis-org-8025	177	4	cost	cost	NN
www-bis-org-8025	177	5	of	of	IN
www-bis-org-8025	177	6	0.05	0.05	CD
www-bis-org-8025	177	7	,	,	,
www-bis-org-8025	177	8	a	a	DT
www-bis-org-8025	177	9	price	price	NN
www-bis-org-8025	177	10	tag	tag	NN
www-bis-org-8025	177	11	of	of	IN
www-bis-org-8025	177	12	USD	usd	NN
www-bis-org-8025	177	13	1,000	1,000	CD
www-bis-org-8025	177	14	for	for	IN
www-bis-org-8025	177	15	the	the	DT
www-bis-org-8025	177	16	hardware	hardware	NN
www-bis-org-8025	177	17	,	,	,
www-bis-org-8025	177	18	no	no	DT
www-bis-org-8025	177	19	other	other	JJ
www-bis-org-8025	177	20	costs	cost	NNS
www-bis-org-8025	177	21	,	,	,
www-bis-org-8025	177	22	and	and	CC
www-bis-org-8025	177	23	a	a	DT
www-bis-org-8025	177	24	life	life	NN
www-bis-org-8025	177	25	expectancy	expectancy	NN
www-bis-org-8025	177	26	for	for	IN
www-bis-org-8025	177	27	the	the	DT
www-bis-org-8025	177	28	equipment	equipment	NN
www-bis-org-8025	177	29	of	of	IN
www-bis-org-8025	177	30	three	three	CD
www-bis-org-8025	177	31	years	year	NNS
www-bis-org-8025	177	32	,	,	,
www-bis-org-8025	177	33	the	the	DT
www-bis-org-8025	177	34	cost	cost	NN
www-bis-org-8025	177	35	per	per	IN
www-bis-org-8025	177	36	hash	hash	NN
www-bis-org-8025	177	37	emerges	emerge	NNS
www-bis-org-8025	177	38	as	as	IN
www-bis-org-8025	177	39	.	.	.
www-bis-org-8025	178	1	∗	∗	NNP
www-bis-org-8025	178	2	.	.	.
www-bis-org-8025	179	1	∗	∗	NNP
www-bis-org-8025	179	2	∗	∗	NNP
www-bis-org-8025	179	3	.	.	.
www-bis-org-8025	180	1	∗	∗	NNP
www-bis-org-8025	180	2	/	/	SYM
www-bis-org-8025	180	3	≈	≈	NNP
www-bis-org-8025	180	4	2.12	2.12	CD
www-bis-org-8025	180	5	∗	∗	NNP
www-bis-org-8025	180	6	10	10	CD
www-bis-org-8025	180	7	/ℎ	/ℎ	NN
www-bis-org-8025	180	8	ℎ	ℎ	NNP
www-bis-org-8025	180	9	(	(	-LRB-
www-bis-org-8025	180	10	1	1	CD
www-bis-org-8025	180	11	)	)	-RRB-
www-bis-org-8025	180	12	If	if	IN
www-bis-org-8025	180	13	a	a	DT
www-bis-org-8025	180	14	miner	miner	NN
www-bis-org-8025	180	15	comes	come	VBZ
www-bis-org-8025	180	16	up	up	RP
www-bis-org-8025	180	17	with	with	IN
www-bis-org-8025	180	18	an	an	DT
www-bis-org-8025	180	19	input	input	NN
www-bis-org-8025	180	20	that	that	WDT
www-bis-org-8025	180	21	solves	solve	VBZ
www-bis-org-8025	180	22	to	to	IN
www-bis-org-8025	180	23	a	a	DT
www-bis-org-8025	180	24	low	low	JJ
www-bis-org-8025	180	25	hash	hash	NN
www-bis-org-8025	180	26	value	value	NN
www-bis-org-8025	180	27	,	,	,
www-bis-org-8025	180	28	this	this	DT
www-bis-org-8025	180	29	signals	signal	VBZ
www-bis-org-8025	180	30	that	that	IN
www-bis-org-8025	180	31	the	the	DT
www-bis-org-8025	180	32	person	person	NN
www-bis-org-8025	180	33	,	,	,
www-bis-org-8025	180	34	group	group	NN
www-bis-org-8025	180	35	,	,	,
www-bis-org-8025	180	36	or	or	CC
www-bis-org-8025	180	37	company	company	NN
www-bis-org-8025	180	38	has	have	VBZ
www-bis-org-8025	180	39	done	do	VBN
www-bis-org-8025	180	40	a	a	DT
www-bis-org-8025	180	41	certain	certain	JJ
www-bis-org-8025	180	42	amount	amount	NN
www-bis-org-8025	180	43	of	of	IN
www-bis-org-8025	180	44	computational	computational	JJ
www-bis-org-8025	180	45	work	work	NN
www-bis-org-8025	180	46	.	.	.
www-bis-org-8025	181	1	An	an	DT
www-bis-org-8025	181	2	input	input	NN
www-bis-org-8025	181	3	text	text	NN
www-bis-org-8025	181	4	that	that	WDT
www-bis-org-8025	181	5	solves	solve	VBZ
www-bis-org-8025	181	6	for	for	IN
www-bis-org-8025	181	7	a	a	DT
www-bis-org-8025	181	8	hash	hash	NN
www-bis-org-8025	181	9	result	result	NN
www-bis-org-8025	181	10	below	below	IN
www-bis-org-8025	181	11	target	target	NN
www-bis-org-8025	181	12	is	be	VBZ
www-bis-org-8025	181	13	called	call	VBN
www-bis-org-8025	181	14	a	a	DT
www-bis-org-8025	181	15	proof	proof	NN
www-bis-org-8025	181	16	-	-	HYPH
www-bis-org-8025	181	17	of	of	IN
www-bis-org-8025	181	18	-	-	HYPH
www-bis-org-8025	181	19	work	work	NN
www-bis-org-8025	181	20	(	(	-LRB-
www-bis-org-8025	181	21	or	or	CC
www-bis-org-8025	181	22	“	"	``
www-bis-org-8025	181	23	nonce	nonce	NN
www-bis-org-8025	181	24	”	"	''
www-bis-org-8025	181	25	)	)	-RRB-
www-bis-org-8025	181	26	,	,	,
www-bis-org-8025	181	27	and	and	CC
www-bis-org-8025	181	28	it	-PRON-	PRP
www-bis-org-8025	181	29	allows	allow	VBZ
www-bis-org-8025	181	30	a	a	DT
www-bis-org-8025	181	31	block	block	NN
www-bis-org-8025	181	32	of	of	IN
www-bis-org-8025	181	33	transactions	transaction	NNS
www-bis-org-8025	181	34	to	to	TO
www-bis-org-8025	181	35	be	be	VB
www-bis-org-8025	181	36	added	add	VBN
www-bis-org-8025	181	37	to	to	IN
www-bis-org-8025	181	38	the	the	DT
www-bis-org-8025	181	39	blockchain	blockchain	NN
www-bis-org-8025	181	40	.	.	.
www-bis-org-8025	182	1	The	the	DT
www-bis-org-8025	182	2	final	final	JJ
www-bis-org-8025	182	3	piece	piece	NN
www-bis-org-8025	182	4	of	of	IN
www-bis-org-8025	182	5	the	the	DT
www-bis-org-8025	182	6	updating	updating	JJ
www-bis-org-8025	182	7	game	game	NN
www-bis-org-8025	182	8	is	be	VBZ
www-bis-org-8025	182	9	a	a	DT
www-bis-org-8025	182	10	coordination	coordination	NN
www-bis-org-8025	182	11	algorithm	algorithm	NN
www-bis-org-8025	182	12	ensuring	ensure	VBG
www-bis-org-8025	182	13	that	that	IN
www-bis-org-8025	182	14	a	a	DT
www-bis-org-8025	182	15	unique	unique	JJ
www-bis-org-8025	182	16	consensus	consensus	NN
www-bis-org-8025	182	17	emerges	emerge	VBZ
www-bis-org-8025	182	18	between	between	IN
www-bis-org-8025	182	19	the	the	DT
www-bis-org-8025	182	20	many	many	JJ
www-bis-org-8025	182	21	actors	actor	NNS
www-bis-org-8025	182	22	exchanging	exchange	VBG
www-bis-org-8025	182	23	information	information	NN
www-bis-org-8025	182	24	.	.	.
www-bis-org-8025	183	1	Note	note	VB
www-bis-org-8025	183	2	that	that	IN
www-bis-org-8025	183	3	,	,	,
www-bis-org-8025	183	4	although	although	IN
www-bis-org-8025	183	5	the	the	DT
www-bis-org-8025	183	6	above	above	JJ
www-bis-org-8025	183	7	elements	element	NNS
www-bis-org-8025	183	8	show	show	VBP
www-bis-org-8025	183	9	how	how	WRB
www-bis-org-8025	183	10	one	one	CD
www-bis-org-8025	183	11	blockchain	blockchain	NN
www-bis-org-8025	183	12	is	be	VBZ
www-bis-org-8025	183	13	updated	update	VBN
www-bis-org-8025	183	14	,	,	,
www-bis-org-8025	183	15	it	-PRON-	PRP
www-bis-org-8025	183	16	can	can	MD
www-bis-org-8025	183	17	not	not	RB
www-bis-org-8025	183	18	be	be	VB
www-bis-org-8025	183	19	taken	take	VBN
www-bis-org-8025	183	20	for	for	IN
www-bis-org-8025	183	21	granted	grant	VBN
www-bis-org-8025	183	22	that	that	IN
www-bis-org-8025	183	23	there	there	EX
www-bis-org-8025	183	24	exists	exist	VBZ
www-bis-org-8025	183	25	only	only	RB
www-bis-org-8025	183	26	one	one	CD
www-bis-org-8025	183	27	version	version	NN
www-bis-org-8025	183	28	of	of	IN
www-bis-org-8025	183	29	the	the	DT
www-bis-org-8025	183	30	blockchain	blockchain	NNP
www-bis-org-8025	183	31	.	.	.
www-bis-org-8025	184	1	In	in	IN
www-bis-org-8025	184	2	fact	fact	NN
www-bis-org-8025	184	3	,	,	,
www-bis-org-8025	184	4	due	due	IN
www-bis-org-8025	184	5	to	to	IN
www-bis-org-8025	184	6	errors	error	NNS
www-bis-org-8025	184	7	,	,	,
www-bis-org-8025	184	8	coordination	coordination	NN
www-bis-org-8025	184	9	issues	issue	NNS
www-bis-org-8025	184	10	,	,	,
www-bis-org-8025	184	11	and	and	CC
www-bis-org-8025	184	12	attacks	attack	NNS
www-bis-org-8025	184	13	,	,	,
www-bis-org-8025	184	14	there	there	EX
www-bis-org-8025	184	15	are	be	VBP
www-bis-org-8025	184	16	often	often	RB
www-bis-org-8025	184	17	competing	compete	VBG
www-bis-org-8025	184	18	versions	version	NNS
www-bis-org-8025	184	19	.	.	.
www-bis-org-8025	185	1	Bitcoin	Bitcoin	NNP
www-bis-org-8025	185	2	solves	solve	VBZ
www-bis-org-8025	185	3	this	this	DT
www-bis-org-8025	185	4	issue	issue	NN
www-bis-org-8025	185	5	by	by	IN
www-bis-org-8025	185	6	adopting	adopt	VBG
www-bis-org-8025	185	7	the	the	DT
www-bis-org-8025	185	8	rule	rule	NN
www-bis-org-8025	185	9	that	that	IN
www-bis-org-8025	185	10	,	,	,
www-bis-org-8025	185	11	if	if	IN
www-bis-org-8025	185	12	competing	compete	VBG
www-bis-org-8025	185	13	versions	version	NNS
www-bis-org-8025	185	14	are	be	VBP
www-bis-org-8025	185	15	observed	observe	VBN
www-bis-org-8025	185	16	,	,	,
www-bis-org-8025	185	17	the	the	DT
www-bis-org-8025	185	18	one	one	NN
www-bis-org-8025	185	19	which	which	WDT
www-bis-org-8025	185	20	is	be	VBZ
www-bis-org-8025	185	21	the	the	DT
www-bis-org-8025	185	22	most	most	RBS
www-bis-org-8025	185	23	expensive	expensive	JJ
www-bis-org-8025	185	24	to	to	TO
www-bis-org-8025	185	25	forge	forge	VB
www-bis-org-8025	185	26	continues	continue	VBZ
www-bis-org-8025	185	27	to	to	TO
www-bis-org-8025	185	28	be	be	VB
www-bis-org-8025	185	29	used	use	VBN
www-bis-org-8025	185	30	.	.	.
www-bis-org-8025	186	1	Since	since	IN
www-bis-org-8025	186	2	this	this	DT
www-bis-org-8025	186	3	is	be	VBZ
www-bis-org-8025	186	4	generally	generally	RB
www-bis-org-8025	186	5	the	the	DT
www-bis-org-8025	186	6	blockchain	blockchain	NN
www-bis-org-8025	186	7	with	with	IN
www-bis-org-8025	186	8	the	the	DT
www-bis-org-8025	186	9	most	most	JJS
www-bis-org-8025	186	10	blocks	block	NNS
www-bis-org-8025	186	11	,	,	,
www-bis-org-8025	186	12	this	this	DT
www-bis-org-8025	186	13	rule	rule	NN
www-bis-org-8025	186	14	can	can	MD
www-bis-org-8025	186	15	be	be	VB
www-bis-org-8025	186	16	summarised	summarise	VBN
www-bis-org-8025	186	17	as	as	IN
www-bis-org-8025	186	18	:	:	:
www-bis-org-8025	186	19	“	"	``
www-bis-org-8025	186	20	follow	follow	VB
www-bis-org-8025	186	21	the	the	DT
www-bis-org-8025	186	22	longest	long	JJS
www-bis-org-8025	186	23	chain	chain	NN
www-bis-org-8025	186	24	.	.	.
www-bis-org-8025	186	25	”14	”14	NNP
www-bis-org-8025	186	26	Bitcoin	Bitcoin	NNP
www-bis-org-8025	186	27	thus	thus	RB
www-bis-org-8025	186	28	solves	solve	VBZ
www-bis-org-8025	186	29	a	a	DT
www-bis-org-8025	186	30	coordination	coordination	NN
www-bis-org-8025	186	31	issue	issue	NN
www-bis-org-8025	186	32	via	via	IN
www-bis-org-8025	186	33	an	an	DT
www-bis-org-8025	186	34	economic	economic	JJ
www-bis-org-8025	186	35	approach	approach	NN
www-bis-org-8025	186	36	:	:	:
www-bis-org-8025	186	37	it	-PRON-	PRP
www-bis-org-8025	186	38	coordinates	coordinate	VBZ
www-bis-org-8025	186	39	on	on	IN
www-bis-org-8025	186	40	the	the	DT
www-bis-org-8025	186	41	version	version	NN
www-bis-org-8025	186	42	into	into	IN
www-bis-org-8025	186	43	which	which	WDT
www-bis-org-8025	186	44	the	the	DT
www-bis-org-8025	186	45	most	most	JJS
www-bis-org-8025	186	46	resources	resource	NNS
www-bis-org-8025	186	47	have	have	VBP
www-bis-org-8025	186	48	been	be	VBN
www-bis-org-8025	186	49	invested.15	invested.15	NNP
www-bis-org-8025	186	50	Mining	Mining	NNP
www-bis-org-8025	186	51	economics	economic	NNS
www-bis-org-8025	186	52	and	and	CC
www-bis-org-8025	186	53	equilibrium	equilibrium	NN
www-bis-org-8025	186	54	“	"	``
www-bis-org-8025	186	55	difficulty	difficulty	NN
www-bis-org-8025	186	56	”	"	''
www-bis-org-8025	186	57	How	how	WRB
www-bis-org-8025	186	58	is	be	VBZ
www-bis-org-8025	186	59	equilibrium	equilibrium	NN
www-bis-org-8025	186	60	on	on	IN
www-bis-org-8025	186	61	the	the	DT
www-bis-org-8025	186	62	market	market	NN
www-bis-org-8025	186	63	for	for	IN
www-bis-org-8025	186	64	blockchain	blockchain	NNP
www-bis-org-8025	186	65	updates	update	NNS
www-bis-org-8025	186	66	determined	determine	VBN
www-bis-org-8025	186	67	?	?	.
www-bis-org-8025	187	1	A	a	DT
www-bis-org-8025	187	2	formal	formal	JJ
www-bis-org-8025	187	3	analysis	analysis	NN
www-bis-org-8025	187	4	requires	require	VBZ
www-bis-org-8025	187	5	some	some	DT
www-bis-org-8025	187	6	notation	notation	NN
www-bis-org-8025	187	7	to	to	TO
www-bis-org-8025	187	8	be	be	VB
www-bis-org-8025	187	9	introduced	introduce	VBN
www-bis-org-8025	187	10	.	.	.
www-bis-org-8025	188	1	Let	let	VB
www-bis-org-8025	188	2	blocks	block	NNS
www-bis-org-8025	188	3	be	be	VB
www-bis-org-8025	188	4	represented	represent	VBN
www-bis-org-8025	188	5	by	by	IN
www-bis-org-8025	188	6	an	an	DT
www-bis-org-8025	188	7	integer	integer	NN
www-bis-org-8025	188	8	number	number	NN
www-bis-org-8025	188	9	b	b	NN
www-bis-org-8025	188	10	that	that	WDT
www-bis-org-8025	188	11	starts	start	VBZ
www-bis-org-8025	188	12	at	at	IN
www-bis-org-8025	188	13	0	0	CD
www-bis-org-8025	188	14	(	(	-LRB-
www-bis-org-8025	188	15	the	the	DT
www-bis-org-8025	188	16	“	"	``
www-bis-org-8025	188	17	genesis	genesis	NNP
www-bis-org-8025	188	18	”	"	''
www-bis-org-8025	188	19	block	block	NN
www-bis-org-8025	188	20	)	)	-RRB-
www-bis-org-8025	188	21	and	and	CC
www-bis-org-8025	188	22	then	then	RB
www-bis-org-8025	188	23	increases	increase	VBZ
www-bis-org-8025	188	24	in	in	IN
www-bis-org-8025	188	25	steps	step	NNS
www-bis-org-8025	188	26	of	of	IN
www-bis-org-8025	188	27	one	one	CD
www-bis-org-8025	188	28	.	.	.
www-bis-org-8025	189	1	Each	each	DT
www-bis-org-8025	189	2	transaction	transaction	NN
www-bis-org-8025	189	3	in	in	IN
www-bis-org-8025	189	4	a	a	DT
www-bis-org-8025	189	5	block	block	NN
www-bis-org-8025	189	6	is	be	VBZ
www-bis-org-8025	189	7	indexed	index	VBN
www-bis-org-8025	189	8	by	by	IN
www-bis-org-8025	189	9	t.	t.	NN
www-bis-org-8025	189	10	The	the	DT
www-bis-org-8025	189	11	revenue	revenue	NN
www-bis-org-8025	189	12	to	to	IN
www-bis-org-8025	189	13	the	the	DT
www-bis-org-8025	189	14	miner	miner	NN
www-bis-org-8025	189	15	(	(	-LRB-
www-bis-org-8025	189	16	denoted	denote	VBN
www-bis-org-8025	189	17	by	by	IN
www-bis-org-8025	189	18	and	and	CC
www-bis-org-8025	189	19	expressed	express	VBN
www-bis-org-8025	189	20	in	in	IN
www-bis-org-8025	189	21	bitcoin	bitcoin	NNP
www-bis-org-8025	189	22	(	(	-LRB-
www-bis-org-8025	189	23	BTC	BTC	NNP
www-bis-org-8025	189	24	)	)	-RRB-
www-bis-org-8025	189	25	)	)	-RRB-
www-bis-org-8025	189	26	for	for	IN
www-bis-org-8025	189	27	coming	come	VBG
www-bis-org-8025	189	28	up	up	RP
www-bis-org-8025	189	29	with	with	IN
www-bis-org-8025	189	30	the	the	DT
www-bis-org-8025	189	31	proof	proof	NN
www-bis-org-8025	189	32	-	-	HYPH
www-bis-org-8025	189	33	of-	of-	CD
www-bis-org-8025	189	34	work	work	NN
www-bis-org-8025	189	35	for	for	IN
www-bis-org-8025	189	36	block	block	NNP
www-bis-org-8025	189	37	b	b	NNP
www-bis-org-8025	189	38	is	be	VBZ
www-bis-org-8025	189	39	:	:	:
www-bis-org-8025	189	40	=	=	NFP
www-bis-org-8025	189	41	+	+	ADD
www-bis-org-8025	189	42	∑	∑	.
www-bis-org-8025	189	43	(	(	-LRB-
www-bis-org-8025	189	44	2	2	CD
www-bis-org-8025	189	45	)	)	-RRB-
www-bis-org-8025	189	46	14	14	CD
www-bis-org-8025	189	47	Calling	call	VBG
www-bis-org-8025	189	48	this	this	DT
www-bis-org-8025	189	49	the	the	DT
www-bis-org-8025	189	50	rule	rule	NN
www-bis-org-8025	189	51	of	of	IN
www-bis-org-8025	189	52	following	follow	VBG
www-bis-org-8025	189	53	the	the	DT
www-bis-org-8025	189	54	longest	long	JJS
www-bis-org-8025	189	55	chain	chain	NN
www-bis-org-8025	189	56	is	be	VBZ
www-bis-org-8025	189	57	slightly	slightly	RB
www-bis-org-8025	189	58	misleading	misleading	JJ
www-bis-org-8025	189	59	:	:	:
www-bis-org-8025	189	60	the	the	DT
www-bis-org-8025	189	61	actual	actual	JJ
www-bis-org-8025	189	62	rule	rule	NN
www-bis-org-8025	189	63	is	be	VBZ
www-bis-org-8025	189	64	not	not	RB
www-bis-org-8025	189	65	that	that	IN
www-bis-org-8025	189	66	the	the	DT
www-bis-org-8025	189	67	longest	long	JJS
www-bis-org-8025	189	68	chain	chain	NN
www-bis-org-8025	189	69	should	should	MD
www-bis-org-8025	189	70	continue	continue	VB
www-bis-org-8025	189	71	to	to	TO
www-bis-org-8025	189	72	be	be	VB
www-bis-org-8025	189	73	used	use	VBN
www-bis-org-8025	189	74	but	but	CC
www-bis-org-8025	189	75	the	the	DT
www-bis-org-8025	189	76	one	one	NN
www-bis-org-8025	189	77	that	that	WDT
www-bis-org-8025	189	78	is	be	VBZ
www-bis-org-8025	189	79	the	the	DT
www-bis-org-8025	189	80	most	most	RBS
www-bis-org-8025	189	81	difficult	difficult	JJ
www-bis-org-8025	189	82	to	to	TO
www-bis-org-8025	189	83	forge	forge	VB
www-bis-org-8025	189	84	.	.	.
www-bis-org-8025	190	1	A	a	DT
www-bis-org-8025	190	2	chain	chain	NN
www-bis-org-8025	190	3	with	with	IN
www-bis-org-8025	190	4	a	a	DT
www-bis-org-8025	190	5	small	small	JJ
www-bis-org-8025	190	6	number	number	NN
www-bis-org-8025	190	7	of	of	IN
www-bis-org-8025	190	8	blocks	block	NNS
www-bis-org-8025	190	9	but	but	CC
www-bis-org-8025	190	10	of	of	IN
www-bis-org-8025	190	11	high	high	JJ
www-bis-org-8025	190	12	difficulty	difficulty	NN
www-bis-org-8025	190	13	can	can	MD
www-bis-org-8025	190	14	be	be	VB
www-bis-org-8025	190	15	more	more	RBR
www-bis-org-8025	190	16	costly	costly	JJ
www-bis-org-8025	190	17	to	to	TO
www-bis-org-8025	190	18	forge	forge	VB
www-bis-org-8025	190	19	than	than	IN
www-bis-org-8025	190	20	a	a	DT
www-bis-org-8025	190	21	long	long	JJ
www-bis-org-8025	190	22	chain	chain	NN
www-bis-org-8025	190	23	with	with	IN
www-bis-org-8025	190	24	low	low	JJ
www-bis-org-8025	190	25	average	average	JJ
www-bis-org-8025	190	26	difficulty	difficulty	NN
www-bis-org-8025	190	27	.	.	.
www-bis-org-8025	191	1	15	15	CD
www-bis-org-8025	191	2	Note	note	NN
www-bis-org-8025	191	3	that	that	IN
www-bis-org-8025	191	4	game	game	NN
www-bis-org-8025	191	5	-	-	HYPH
www-bis-org-8025	191	6	theoretic	theoretic	NN
www-bis-org-8025	191	7	analysis	analysis	NN
www-bis-org-8025	191	8	,	,	,
www-bis-org-8025	191	9	as	as	IN
www-bis-org-8025	191	10	presented	present	VBN
www-bis-org-8025	191	11	in	in	IN
www-bis-org-8025	191	12	Biais	Biais	NNP
www-bis-org-8025	191	13	et	et	NNP
www-bis-org-8025	191	14	al	al	NNP
www-bis-org-8025	191	15	(	(	-LRB-
www-bis-org-8025	191	16	2018	2018	CD
www-bis-org-8025	191	17	)	)	-RRB-
www-bis-org-8025	191	18	,	,	,
www-bis-org-8025	191	19	shows	show	VBZ
www-bis-org-8025	191	20	that	that	IN
www-bis-org-8025	191	21	the	the	DT
www-bis-org-8025	191	22	consensus	consensus	NN
www-bis-org-8025	191	23	mechanism	mechanism	NN
www-bis-org-8025	191	24	developed	develop	VBN
www-bis-org-8025	191	25	by	by	IN
www-bis-org-8025	191	26	Nakamoto	Nakamoto	NNP
www-bis-org-8025	191	27	(	(	-LRB-
www-bis-org-8025	191	28	2008	2008	CD
www-bis-org-8025	191	29	)	)	-RRB-
www-bis-org-8025	191	30	is	be	VBZ
www-bis-org-8025	191	31	not	not	RB
www-bis-org-8025	191	32	unique	unique	JJ
www-bis-org-8025	191	33	:	:	:
www-bis-org-8025	191	34	other	other	JJ
www-bis-org-8025	191	35	equilibria	equilibria	NN
www-bis-org-8025	191	36	in	in	IN
www-bis-org-8025	191	37	which	which	WDT
www-bis-org-8025	191	38	miners	miner	NNS
www-bis-org-8025	191	39	coordinate	coordinate	VBP
www-bis-org-8025	191	40	on	on	IN
www-bis-org-8025	191	41	random	random	JJ
www-bis-org-8025	191	42	“	"	``
www-bis-org-8025	191	43	sunspot	sunspot	NN
www-bis-org-8025	191	44	”	"	''
www-bis-org-8025	191	45	events	event	NNS
www-bis-org-8025	191	46	and	and	CC
www-bis-org-8025	191	47	branch	branch	NN
www-bis-org-8025	191	48	off	off	RP
www-bis-org-8025	191	49	(	(	-LRB-
www-bis-org-8025	191	50	ie	ie	FW
www-bis-org-8025	191	51	“	"	``
www-bis-org-8025	191	52	fork	fork	NN
www-bis-org-8025	191	53	”	"	''
www-bis-org-8025	191	54	)	)	-RRB-
www-bis-org-8025	191	55	the	the	DT
www-bis-org-8025	191	56	blockchain	blockchain	NNP
www-bis-org-8025	191	57	can	can	MD
www-bis-org-8025	191	58	emerge	emerge	VB
www-bis-org-8025	191	59	.	.	.
www-bis-org-8025	192	1	WP765	WP765	NNP
www-bis-org-8025	192	2	Beyond	beyond	IN
www-bis-org-8025	192	3	the	the	DT
www-bis-org-8025	192	4	doomsday	doomsday	NNP
www-bis-org-8025	192	5	economics	economic	NNS
www-bis-org-8025	192	6	of	of	IN
www-bis-org-8025	192	7	“	"	``
www-bis-org-8025	192	8	proof	proof	NN
www-bis-org-8025	192	9	-	-	HYPH
www-bis-org-8025	192	10	of	of	IN
www-bis-org-8025	192	11	-	-	HYPH
www-bis-org-8025	192	12	work	work	NN
www-bis-org-8025	192	13	”	"	''
www-bis-org-8025	192	14	in	in	IN
www-bis-org-8025	192	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	192	16	9	9	CD
www-bis-org-8025	192	17	The	the	DT
www-bis-org-8025	192	18	evolution	evolution	NN
www-bis-org-8025	192	19	of	of	IN
www-bis-org-8025	192	20	block	block	NN
www-bis-org-8025	192	21	rewards	reward	NNS
www-bis-org-8025	192	22	(	(	-LRB-
www-bis-org-8025	192	23	)	)	-RRB-
www-bis-org-8025	192	24	,	,	,
www-bis-org-8025	192	25	was	be	VBD
www-bis-org-8025	192	26	specified	specify	VBN
www-bis-org-8025	192	27	at	at	IN
www-bis-org-8025	192	28	the	the	DT
www-bis-org-8025	192	29	outset	outset	NN
www-bis-org-8025	192	30	in	in	IN
www-bis-org-8025	192	31	Nakamoto	Nakamoto	NNP
www-bis-org-8025	192	32	(	(	-LRB-
www-bis-org-8025	192	33	2008	2008	CD
www-bis-org-8025	192	34	)	)	-RRB-
www-bis-org-8025	192	35	(	(	-LRB-
www-bis-org-8025	192	36	see	see	VB
www-bis-org-8025	192	37	Graph	Graph	NNP
www-bis-org-8025	192	38	4	4	CD
www-bis-org-8025	192	39	for	for	IN
www-bis-org-8025	192	40	their	-PRON-	PRP$
www-bis-org-8025	192	41	path	path	NN
www-bis-org-8025	192	42	)	)	-RRB-
www-bis-org-8025	192	43	and	and	CC
www-bis-org-8025	192	44	is	be	VBZ
www-bis-org-8025	192	45	given	give	VBN
www-bis-org-8025	192	46	only	only	RB
www-bis-org-8025	192	47	by	by	IN
www-bis-org-8025	192	48	the	the	DT
www-bis-org-8025	192	49	block	block	NN
www-bis-org-8025	192	50	number	number	NN
www-bis-org-8025	192	51	:	:	:
www-bis-org-8025	192	52	block	block	NN
www-bis-org-8025	192	53	rewards	reward	NNS
www-bis-org-8025	192	54	were	be	VBD
www-bis-org-8025	192	55	originally	originally	RB
www-bis-org-8025	192	56	set	set	VBN
www-bis-org-8025	192	57	at	at	IN
www-bis-org-8025	192	58	50	50	CD
www-bis-org-8025	192	59	bitcoins	bitcoin	NNS
www-bis-org-8025	192	60	per	per	IN
www-bis-org-8025	192	61	block	block	NN
www-bis-org-8025	192	62	,	,	,
www-bis-org-8025	192	63	and	and	CC
www-bis-org-8025	192	64	halve	halve	NN
www-bis-org-8025	192	65	every	every	DT
www-bis-org-8025	192	66	210,000	210,000	CD
www-bis-org-8025	192	67	blocks	block	NNS
www-bis-org-8025	192	68	(	(	-LRB-
www-bis-org-8025	192	69	around	around	IN
www-bis-org-8025	192	70	every	every	DT
www-bis-org-8025	192	71	four	four	CD
www-bis-org-8025	192	72	years	year	NNS
www-bis-org-8025	192	73	)	)	-RRB-
www-bis-org-8025	192	74	.	.	.
www-bis-org-8025	193	1	They	-PRON-	PRP
www-bis-org-8025	193	2	will	will	MD
www-bis-org-8025	193	3	be	be	VB
www-bis-org-8025	193	4	set	set	VBN
www-bis-org-8025	193	5	to	to	IN
www-bis-org-8025	193	6	zero	zero	CD
www-bis-org-8025	193	7	once	once	IN
www-bis-org-8025	193	8	the	the	DT
www-bis-org-8025	193	9	halving	halving	NN
www-bis-org-8025	193	10	results	result	NNS
www-bis-org-8025	193	11	in	in	IN
www-bis-org-8025	193	12	less	less	JJR
www-bis-org-8025	193	13	than	than	IN
www-bis-org-8025	193	14	1/100,000,000	1/100,000,000	NNP
www-bis-org-8025	193	15	of	of	IN
www-bis-org-8025	193	16	bitcoin	bitcoin	NN
www-bis-org-8025	193	17	(	(	-LRB-
www-bis-org-8025	193	18	the	the	DT
www-bis-org-8025	193	19	smallest	small	JJS
www-bis-org-8025	193	20	denomination	denomination	NN
www-bis-org-8025	193	21	possible	possible	JJ
www-bis-org-8025	193	22	)	)	-RRB-
www-bis-org-8025	193	23	.	.	.
www-bis-org-8025	194	1	By	by	IN
www-bis-org-8025	194	2	then	then	RB
www-bis-org-8025	194	3	(	(	-LRB-
www-bis-org-8025	194	4	probably	probably	RB
www-bis-org-8025	194	5	at	at	IN
www-bis-org-8025	194	6	some	some	DT
www-bis-org-8025	194	7	point	point	NN
www-bis-org-8025	194	8	in	in	IN
www-bis-org-8025	194	9	the	the	DT
www-bis-org-8025	194	10	year	year	NN
www-bis-org-8025	194	11	2140	2140	CD
www-bis-org-8025	194	12	)	)	-RRB-
www-bis-org-8025	194	13	,	,	,
www-bis-org-8025	194	14	the	the	DT
www-bis-org-8025	194	15	total	total	JJ
www-bis-org-8025	194	16	supply	supply	NN
www-bis-org-8025	194	17	of	of	IN
www-bis-org-8025	194	18	bitcoin	bitcoin	NN
www-bis-org-8025	194	19	will	will	MD
www-bis-org-8025	194	20	reach	reach	VB
www-bis-org-8025	194	21	its	-PRON-	PRP$
www-bis-org-8025	194	22	upper	upper	JJ
www-bis-org-8025	194	23	limit	limit	NN
www-bis-org-8025	194	24	of	of	IN
www-bis-org-8025	194	25	21,000,000	21,000,000	CD
www-bis-org-8025	194	26	.	.	.
www-bis-org-8025	195	1	Miners	miner	NNS
www-bis-org-8025	195	2	also	also	RB
www-bis-org-8025	195	3	collect	collect	VBP
www-bis-org-8025	195	4	the	the	DT
www-bis-org-8025	195	5	transactions	transaction	NNS
www-bis-org-8025	195	6	fees	fee	NNS
www-bis-org-8025	195	7	(	(	-LRB-
www-bis-org-8025	195	8	∑	∑	.
www-bis-org-8025	195	9	)	)	-RRB-
www-bis-org-8025	195	10	in	in	IN
www-bis-org-8025	195	11	equation	equation	NN
www-bis-org-8025	195	12	(	(	-LRB-
www-bis-org-8025	195	13	2	2	CD
www-bis-org-8025	195	14	)	)	-RRB-
www-bis-org-8025	195	15	,	,	,
www-bis-org-8025	195	16	but	but	CC
www-bis-org-8025	195	17	these	these	DT
www-bis-org-8025	195	18	are	be	VBP
www-bis-org-8025	195	19	currently	currently	RB
www-bis-org-8025	195	20	very	very	RB
www-bis-org-8025	195	21	meagre	meagre	JJ
www-bis-org-8025	195	22	compared	compare	VBN
www-bis-org-8025	195	23	with	with	IN
www-bis-org-8025	195	24	the	the	DT
www-bis-org-8025	195	25	block	block	NN
www-bis-org-8025	195	26	rewards	reward	NNS
www-bis-org-8025	195	27	(	(	-LRB-
www-bis-org-8025	195	28	see	see	VB
www-bis-org-8025	195	29	Graph	Graph	NNP
www-bis-org-8025	195	30	4	4	CD
www-bis-org-8025	195	31	)	)	-RRB-
www-bis-org-8025	195	32	.	.	.
www-bis-org-8025	196	1	Fees	fee	NNS
www-bis-org-8025	196	2	are	be	VBP
www-bis-org-8025	196	3	determined	determine	VBN
www-bis-org-8025	196	4	endogenously	endogenously	RB
www-bis-org-8025	196	5	by	by	IN
www-bis-org-8025	196	6	the	the	DT
www-bis-org-8025	196	7	system	system	NN
www-bis-org-8025	196	8	(	(	-LRB-
www-bis-org-8025	196	9	see	see	VB
www-bis-org-8025	196	10	the	the	DT
www-bis-org-8025	196	11	section	section	NN
www-bis-org-8025	196	12	below	below	RB
www-bis-org-8025	196	13	on	on	IN
www-bis-org-8025	196	14	the	the	DT
www-bis-org-8025	196	15	transaction	transaction	NN
www-bis-org-8025	196	16	market	market	NN
www-bis-org-8025	196	17	)	)	-RRB-
www-bis-org-8025	196	18	.	.	.
www-bis-org-8025	197	1	Importantly	importantly	RB
www-bis-org-8025	197	2	,	,	,
www-bis-org-8025	197	3	the	the	DT
www-bis-org-8025	197	4	difficulty	difficulty	NN
www-bis-org-8025	197	5	of	of	IN
www-bis-org-8025	197	6	adding	add	VBG
www-bis-org-8025	197	7	a	a	DT
www-bis-org-8025	197	8	new	new	JJ
www-bis-org-8025	197	9	block	block	NN
www-bis-org-8025	197	10	to	to	IN
www-bis-org-8025	197	11	the	the	DT
www-bis-org-8025	197	12	blockchain	blockchain	NNP
www-bis-org-8025	197	13	is	be	VBZ
www-bis-org-8025	197	14	self	self	NN
www-bis-org-8025	197	15	-	-	HYPH
www-bis-org-8025	197	16	calibrating	calibrate	VBG
www-bis-org-8025	197	17	.	.	.
www-bis-org-8025	198	1	This	this	DT
www-bis-org-8025	198	2	ensures	ensure	VBZ
www-bis-org-8025	198	3	that	that	IN
www-bis-org-8025	198	4	the	the	DT
www-bis-org-8025	198	5	number	number	NN
www-bis-org-8025	198	6	of	of	IN
www-bis-org-8025	198	7	blocks	block	NNS
www-bis-org-8025	198	8	added	add	VBN
www-bis-org-8025	198	9	tends	tend	VBZ
www-bis-org-8025	198	10	to	to	TO
www-bis-org-8025	198	11	be	be	VB
www-bis-org-8025	198	12	stable	stable	JJ
www-bis-org-8025	198	13	over	over	IN
www-bis-org-8025	198	14	time	time	NN
www-bis-org-8025	198	15	.	.	.
www-bis-org-8025	199	1	The	the	DT
www-bis-org-8025	199	2	number	number	NN
www-bis-org-8025	199	3	of	of	IN
www-bis-org-8025	199	4	miners	miner	NNS
www-bis-org-8025	199	5	in	in	IN
www-bis-org-8025	199	6	Bitcoin	Bitcoin	NNP
www-bis-org-8025	199	7	may	may	MD
www-bis-org-8025	199	8	fluctuate	fluctuate	VB
www-bis-org-8025	199	9	over	over	IN
www-bis-org-8025	199	10	time	time	NN
www-bis-org-8025	199	11	,	,	,
www-bis-org-8025	199	12	while	while	IN
www-bis-org-8025	199	13	technological	technological	JJ
www-bis-org-8025	199	14	advances	advance	NNS
www-bis-org-8025	199	15	are	be	VBP
www-bis-org-8025	199	16	likely	likely	JJ
www-bis-org-8025	199	17	to	to	TO
www-bis-org-8025	199	18	reduce	reduce	VB
www-bis-org-8025	199	19	the	the	DT
www-bis-org-8025	199	20	cost	cost	NN
www-bis-org-8025	199	21	of	of	IN
www-bis-org-8025	199	22	hashing	hash	VBG
www-bis-org-8025	199	23	.	.	.
www-bis-org-8025	200	1	The	the	DT
www-bis-org-8025	200	2	Bitcoin	Bitcoin	NNP
www-bis-org-8025	200	3	protocol	protocol	NN
www-bis-org-8025	200	4	has	have	VBZ
www-bis-org-8025	200	5	an	an	DT
www-bis-org-8025	200	6	in-	in-	JJ
www-bis-org-8025	200	7	built	build	VBN
www-bis-org-8025	200	8	formula	formula	NN
www-bis-org-8025	200	9	that	that	IN
www-bis-org-8025	200	10	,	,	,
www-bis-org-8025	200	11	every	every	DT
www-bis-org-8025	200	12	2,016	2,016	CD
www-bis-org-8025	200	13	blocks	block	NNS
www-bis-org-8025	200	14	(	(	-LRB-
www-bis-org-8025	200	15	about	about	RB
www-bis-org-8025	200	16	every	every	DT
www-bis-org-8025	200	17	two	two	CD
www-bis-org-8025	200	18	weeks	week	NNS
www-bis-org-8025	200	19	)	)	-RRB-
www-bis-org-8025	200	20	,	,	,
www-bis-org-8025	200	21	adjusts	adjust	VBZ
www-bis-org-8025	200	22	the	the	DT
www-bis-org-8025	200	23	difficulty	difficulty	NN
www-bis-org-8025	200	24	of	of	IN
www-bis-org-8025	200	25	finding	find	VBG
www-bis-org-8025	200	26	a	a	DT
www-bis-org-8025	200	27	rare	rare	JJ
www-bis-org-8025	200	28	hash	hash	NN
www-bis-org-8025	200	29	result	result	NN
www-bis-org-8025	200	30	.	.	.
www-bis-org-8025	201	1	The	the	DT
www-bis-org-8025	201	2	difficulty	difficulty	NN
www-bis-org-8025	201	3	is	be	VBZ
www-bis-org-8025	201	4	increased	increase	VBN
www-bis-org-8025	201	5	if	if	IN
www-bis-org-8025	201	6	blocks	block	NNS
www-bis-org-8025	201	7	have	have	VBP
www-bis-org-8025	201	8	been	be	VBN
www-bis-org-8025	201	9	added	add	VBN
www-bis-org-8025	201	10	more	more	RBR
www-bis-org-8025	201	11	quickly	quickly	RB
www-bis-org-8025	201	12	than	than	IN
www-bis-org-8025	201	13	one	one	CD
www-bis-org-8025	201	14	block	block	NN
www-bis-org-8025	201	15	every	every	DT
www-bis-org-8025	201	16	10	10	CD
www-bis-org-8025	201	17	minutes	minute	NNS
www-bis-org-8025	201	18	,	,	,
www-bis-org-8025	201	19	and	and	CC
www-bis-org-8025	201	20	reduces	reduce	VBZ
www-bis-org-8025	201	21	the	the	DT
www-bis-org-8025	201	22	difficulty	difficulty	NN
www-bis-org-8025	201	23	otherwise	otherwise	RB
www-bis-org-8025	201	24	.	.	.
www-bis-org-8025	202	1	This	this	DT
www-bis-org-8025	202	2	means	mean	VBZ
www-bis-org-8025	202	3	that	that	IN
www-bis-org-8025	202	4	the	the	DT
www-bis-org-8025	202	5	implicit	implicit	JJ
www-bis-org-8025	202	6	cost	cost	NN
www-bis-org-8025	202	7	of	of	IN
www-bis-org-8025	202	8	finding	find	VBG
www-bis-org-8025	202	9	a	a	DT
www-bis-org-8025	202	10	valid	valid	JJ
www-bis-org-8025	202	11	proof	proof	NN
www-bis-org-8025	202	12	-	-	HYPH
www-bis-org-8025	202	13	of	of	IN
www-bis-org-8025	202	14	-	-	HYPH
www-bis-org-8025	202	15	work	work	NN
www-bis-org-8025	202	16	,	,	,
www-bis-org-8025	202	17	and	and	CC
www-bis-org-8025	202	18	also	also	RB
www-bis-org-8025	202	19	the	the	DT
www-bis-org-8025	202	20	required	require	VBN
www-bis-org-8025	202	21	break	break	NN
www-bis-org-8025	202	22	-	-	HYPH
www-bis-org-8025	202	23	even	even	RB
www-bis-org-8025	202	24	mining	mining	NN
www-bis-org-8025	202	25	revenue	revenue	NN
www-bis-org-8025	202	26	,	,	,
www-bis-org-8025	202	27	fluctuate	fluctuate	VBP
www-bis-org-8025	202	28	over	over	IN
www-bis-org-8025	202	29	time	time	NN
www-bis-org-8025	202	30	and	and	CC
www-bis-org-8025	202	31	with	with	IN
www-bis-org-8025	202	32	the	the	DT
www-bis-org-8025	202	33	entry	entry	NN
www-bis-org-8025	202	34	and	and	CC
www-bis-org-8025	202	35	exit	exit	NN
www-bis-org-8025	202	36	of	of	IN
www-bis-org-8025	202	37	miners	miner	NNS
www-bis-org-8025	202	38	.	.	.
www-bis-org-8025	203	1	If	if	IN
www-bis-org-8025	203	2	we	-PRON-	PRP
www-bis-org-8025	203	3	assume	assume	VBP
www-bis-org-8025	203	4	that	that	IN
www-bis-org-8025	203	5	miners	miner	NNS
www-bis-org-8025	203	6	are	be	VBP
www-bis-org-8025	203	7	risk	risk	NN
www-bis-org-8025	203	8	-	-	HYPH
www-bis-org-8025	203	9	neutral	neutral	JJ
www-bis-org-8025	203	10	and	and	CC
www-bis-org-8025	203	11	that	that	IN
www-bis-org-8025	203	12	the	the	DT
www-bis-org-8025	203	13	mining	mining	NN
www-bis-org-8025	203	14	process	process	NN
www-bis-org-8025	203	15	is	be	VBZ
www-bis-org-8025	203	16	competitive	competitive	JJ
www-bis-org-8025	203	17	,	,	,
www-bis-org-8025	203	18	the	the	DT
www-bis-org-8025	203	19	break	break	NN
www-bis-org-8025	203	20	-	-	HYPH
www-bis-org-8025	203	21	even	even	RB
www-bis-org-8025	203	22	or	or	CC
www-bis-org-8025	203	23	free	free	JJ
www-bis-org-8025	203	24	entry	entry	NN
www-bis-org-8025	203	25	condition	condition	NN
www-bis-org-8025	203	26	is	be	VBZ
www-bis-org-8025	203	27	that	that	IN
www-bis-org-8025	203	28	the	the	DT
www-bis-org-8025	203	29	expected	expect	VBN
www-bis-org-8025	203	30	mining	mining	NN
www-bis-org-8025	203	31	revenue	revenue	NN
www-bis-org-8025	203	32	for	for	IN
www-bis-org-8025	203	33	block	block	NNP
www-bis-org-8025	203	34	b	b	NNP
www-bis-org-8025	203	35	is	be	VBZ
www-bis-org-8025	203	36	equal	equal	JJ
www-bis-org-8025	203	37	to	to	IN
www-bis-org-8025	203	38	the	the	DT
www-bis-org-8025	203	39	expected	expect	VBN
www-bis-org-8025	203	40	mining	mining	NN
www-bis-org-8025	203	41	cost	cost	NN
www-bis-org-8025	203	42	:	:	:
www-bis-org-8025	203	43	=	=	NFP
www-bis-org-8025	203	44	Expected	expect	VBN
www-bis-org-8025	203	45	where	where	WRB
www-bis-org-8025	203	46	is	be	VBZ
www-bis-org-8025	203	47	the	the	DT
www-bis-org-8025	203	48	value	value	NN
www-bis-org-8025	203	49	of	of	IN
www-bis-org-8025	203	50	one	one	CD
www-bis-org-8025	203	51	bitcoin	bitcoin	NN
www-bis-org-8025	203	52	in	in	IN
www-bis-org-8025	203	53	US	US	NNP
www-bis-org-8025	203	54	dollars	dollar	NNS
www-bis-org-8025	203	55	.	.	.
www-bis-org-8025	204	1	Taking	take	VBG
www-bis-org-8025	204	2	into	into	IN
www-bis-org-8025	204	3	account	account	NN
www-bis-org-8025	204	4	the	the	DT
www-bis-org-8025	204	5	above	above	IN
www-bis-org-8025	204	6	free	free	JJ
www-bis-org-8025	204	7	entry	entry	NN
www-bis-org-8025	204	8	condition	condition	NN
www-bis-org-8025	204	9	together	together	RB
www-bis-org-8025	204	10	with	with	IN
www-bis-org-8025	204	11	the	the	DT
www-bis-org-8025	204	12	determinants	determinant	NNS
www-bis-org-8025	204	13	of	of	IN
www-bis-org-8025	204	14	the	the	DT
www-bis-org-8025	204	15	mining	mining	NN
www-bis-org-8025	204	16	revenue	revenue	NN
www-bis-org-8025	204	17	,	,	,
www-bis-org-8025	204	18	this	this	DT
www-bis-org-8025	204	19	solves	solve	VBZ
www-bis-org-8025	204	20	to	to	IN
www-bis-org-8025	204	21	the	the	DT
www-bis-org-8025	204	22	equilibrium	equilibrium	NN
www-bis-org-8025	204	23	difficulty	difficulty	NN
www-bis-org-8025	204	24	of	of	IN
www-bis-org-8025	204	25	Bitcoin	Bitcoin	NNP
www-bis-org-8025	204	26	.	.	.
www-bis-org-8025	205	1	In	in	IN
www-bis-org-8025	205	2	this	this	DT
www-bis-org-8025	205	3	equilibrium	equilibrium	NN
www-bis-org-8025	205	4	,	,	,
www-bis-org-8025	205	5	the	the	DT
www-bis-org-8025	205	6	cost	cost	NN
www-bis-org-8025	205	7	of	of	IN
www-bis-org-8025	205	8	updating	update	VBG
www-bis-org-8025	205	9	the	the	DT
www-bis-org-8025	205	10	blockchain	blockchain	NNP
www-bis-org-8025	205	11	(	(	-LRB-
www-bis-org-8025	205	12	the	the	DT
www-bis-org-8025	205	13	difficulty	difficulty	NN
www-bis-org-8025	205	14	of	of	IN
www-bis-org-8025	205	15	the	the	DT
www-bis-org-8025	205	16	updating	update	VBG
www-bis-org-8025	205	17	game	game	NN
www-bis-org-8025	205	18	times	time	NNS
www-bis-org-8025	205	19	the	the	DT
www-bis-org-8025	205	20	cost	cost	NN
www-bis-org-8025	205	21	to	to	TO
www-bis-org-8025	205	22	produce	produce	VB
www-bis-org-8025	205	23	one	one	CD
www-bis-org-8025	205	24	hash	hash	NN
www-bis-org-8025	205	25	in	in	IN
www-bis-org-8025	205	26	USD	usd	NN
www-bis-org-8025	205	27	)	)	-RRB-
www-bis-org-8025	205	28	is	be	VBZ
www-bis-org-8025	205	29	equal	equal	JJ
www-bis-org-8025	205	30	to	to	IN
www-bis-org-8025	205	31	the	the	DT
www-bis-org-8025	205	32	reward	reward	NN
www-bis-org-8025	205	33	(	(	-LRB-
www-bis-org-8025	205	34	the	the	DT
www-bis-org-8025	205	35	sum	sum	NN
www-bis-org-8025	205	36	of	of	IN
www-bis-org-8025	205	37	all	all	DT
www-bis-org-8025	205	38	transaction	transaction	NN
www-bis-org-8025	205	39	fees	fee	NNS
www-bis-org-8025	205	40	in	in	IN
www-bis-org-8025	205	41	a	a	DT
www-bis-org-8025	205	42	block	block	NN
www-bis-org-8025	205	43	plus	plus	CC
www-bis-org-8025	205	44	the	the	DT
www-bis-org-8025	205	45	block	block	NN
www-bis-org-8025	205	46	reward	reward	NN
www-bis-org-8025	205	47	,	,	,
www-bis-org-8025	205	48	and	and	CC
www-bis-org-8025	205	49	all	all	PDT
www-bis-org-8025	205	50	this	this	DT
www-bis-org-8025	205	51	multiplied	multiply	VBN
www-bis-org-8025	205	52	by	by	IN
www-bis-org-8025	205	53	the	the	DT
www-bis-org-8025	205	54	USD	USD	NNP
www-bis-org-8025	205	55	price	price	NN
www-bis-org-8025	205	56	of	of	IN
www-bis-org-8025	205	57	one	one	CD
www-bis-org-8025	205	58	bitcoin	bitcoin	NN
www-bis-org-8025	205	59	)	)	-RRB-
www-bis-org-8025	205	60	:	:	:
www-bis-org-8025	205	61	∗	∗	NNP
www-bis-org-8025	205	62	ℎ	ℎ	NNP
www-bis-org-8025	205	63	=	=	SYM
www-bis-org-8025	205	64	+	+	SYM
www-bis-org-8025	205	65	∑	∑	.
www-bis-org-8025	205	66	)	)	-RRB-
www-bis-org-8025	205	67	(	(	-LRB-
www-bis-org-8025	205	68	3	3	LS
www-bis-org-8025	205	69	)	)	-RRB-
www-bis-org-8025	205	70	Block	Block	NNP
www-bis-org-8025	205	71	rewards	reward	NNS
www-bis-org-8025	205	72	,	,	,
www-bis-org-8025	205	73	bitcoin	bitcoin	NN
www-bis-org-8025	205	74	circulation	circulation	NN
www-bis-org-8025	205	75	,	,	,
www-bis-org-8025	205	76	and	and	CC
www-bis-org-8025	205	77	mining	mining	NN
www-bis-org-8025	205	78	income	income	NN
www-bis-org-8025	205	79	Graph	Graph	NNP
www-bis-org-8025	205	80	4	4	CD
www-bis-org-8025	205	81	Bitcoins	Bitcoins	NNPS
www-bis-org-8025	205	82	are	be	VBP
www-bis-org-8025	205	83	brought	bring	VBN
www-bis-org-8025	205	84	into	into	IN
www-bis-org-8025	205	85	circulation	circulation	NN
www-bis-org-8025	205	86	via	via	IN
www-bis-org-8025	205	87	block	block	NN
www-bis-org-8025	205	88	rewards	reward	NNS
www-bis-org-8025	205	89	,	,	,
www-bis-org-8025	205	90	but	but	CC
www-bis-org-8025	205	91	at	at	IN
www-bis-org-8025	205	92	a	a	DT
www-bis-org-8025	205	93	decelerating	decelerating	JJ
www-bis-org-8025	205	94	speed	speed	NN
www-bis-org-8025	205	95	Miners	Miners	NNP
www-bis-org-8025	205	96	’	’	POS
www-bis-org-8025	205	97	income	income	NN
www-bis-org-8025	205	98	is	be	VBZ
www-bis-org-8025	205	99	made	make	VBN
www-bis-org-8025	205	100	up	up	RP
www-bis-org-8025	205	101	of	of	IN
www-bis-org-8025	205	102	block	block	NN
www-bis-org-8025	205	103	rewards	reward	NNS
www-bis-org-8025	205	104	and	and	CC
www-bis-org-8025	205	105	transaction	transaction	NN
www-bis-org-8025	205	106	fees	fee	NNS
www-bis-org-8025	205	107	BTC	BTC	NNP
www-bis-org-8025	205	108	mn	mn	NNP
www-bis-org-8025	205	109	Bitcoin	Bitcoin	NNP
www-bis-org-8025	205	110	per	per	IN
www-bis-org-8025	205	111	block	block	NN
www-bis-org-8025	205	112	All	all	DT
www-bis-org-8025	205	113	bitcoins	bitcoin	NNS
www-bis-org-8025	205	114	in	in	IN
www-bis-org-8025	205	115	existence	existence	NN
www-bis-org-8025	205	116	have	have	VBP
www-bis-org-8025	205	117	been	be	VBN
www-bis-org-8025	205	118	issued	issue	VBN
www-bis-org-8025	205	119	via	via	IN
www-bis-org-8025	205	120	“	"	``
www-bis-org-8025	205	121	block	block	NN
www-bis-org-8025	205	122	rewards	reward	NNS
www-bis-org-8025	205	123	.	.	.
www-bis-org-8025	205	124	”	"	''
www-bis-org-8025	205	125	Every	every	DT
www-bis-org-8025	205	126	new	new	JJ
www-bis-org-8025	205	127	block	block	NN
www-bis-org-8025	205	128	added	add	VBN
www-bis-org-8025	205	129	to	to	IN
www-bis-org-8025	205	130	the	the	DT
www-bis-org-8025	205	131	block	block	NN
www-bis-org-8025	205	132	chain	chain	NN
www-bis-org-8025	205	133	increases	increase	VBZ
www-bis-org-8025	205	134	the	the	DT
www-bis-org-8025	205	135	total	total	JJ
www-bis-org-8025	205	136	supply	supply	NN
www-bis-org-8025	205	137	,	,	,
www-bis-org-8025	205	138	with	with	IN
www-bis-org-8025	205	139	the	the	DT
www-bis-org-8025	205	140	newly	newly	RB
www-bis-org-8025	205	141	created	create	VBN
www-bis-org-8025	205	142	bitcoins	bitcoin	NNS
www-bis-org-8025	205	143	being	be	VBG
www-bis-org-8025	205	144	credited	credit	VBN
www-bis-org-8025	205	145	to	to	IN
www-bis-org-8025	205	146	the	the	DT
www-bis-org-8025	205	147	miner	miner	NN
www-bis-org-8025	205	148	who	who	WP
www-bis-org-8025	205	149	adds	add	VBZ
www-bis-org-8025	205	150	the	the	DT
www-bis-org-8025	205	151	block	block	NN
www-bis-org-8025	205	152	.	.	.
www-bis-org-8025	206	1	Block	Block	NNP
www-bis-org-8025	206	2	rewards	reward	NNS
www-bis-org-8025	206	3	were	be	VBD
www-bis-org-8025	206	4	set	set	VBN
www-bis-org-8025	206	5	to	to	IN
www-bis-org-8025	206	6	50	50	CD
www-bis-org-8025	206	7	bitcoins	bitcoin	NNS
www-bis-org-8025	206	8	per	per	IN
www-bis-org-8025	206	9	block	block	NN
www-bis-org-8025	206	10	initially	initially	RB
www-bis-org-8025	206	11	and	and	CC
www-bis-org-8025	206	12	are	be	VBP
www-bis-org-8025	206	13	halving	halve	VBG
www-bis-org-8025	206	14	every	every	DT
www-bis-org-8025	206	15	210,000	210,000	CD
www-bis-org-8025	206	16	blocks	block	NNS
www-bis-org-8025	206	17	.	.	.
www-bis-org-8025	207	1	They	-PRON-	PRP
www-bis-org-8025	207	2	will	will	MD
www-bis-org-8025	207	3	be	be	VB
www-bis-org-8025	207	4	set	set	VBN
www-bis-org-8025	207	5	to	to	IN
www-bis-org-8025	207	6	zero	zero	CD
www-bis-org-8025	207	7	once	once	IN
www-bis-org-8025	207	8	the	the	DT
www-bis-org-8025	207	9	halving	halving	NN
www-bis-org-8025	207	10	results	result	NNS
www-bis-org-8025	207	11	in	in	IN
www-bis-org-8025	207	12	less	less	JJR
www-bis-org-8025	207	13	than	than	IN
www-bis-org-8025	207	14	1/100,000,000	1/100,000,000	NNP
www-bis-org-8025	207	15	of	of	IN
www-bis-org-8025	207	16	bitcoin	bitcoin	NN
www-bis-org-8025	207	17	(	(	-LRB-
www-bis-org-8025	207	18	one	one	CD
www-bis-org-8025	207	19	Satoshi	Satoshi	NNP
www-bis-org-8025	207	20	)	)	-RRB-
www-bis-org-8025	207	21	,	,	,
www-bis-org-8025	207	22	meaning	mean	VBG
www-bis-org-8025	207	23	that	that	IN
www-bis-org-8025	207	24	the	the	DT
www-bis-org-8025	207	25	total	total	JJ
www-bis-org-8025	207	26	supply	supply	NN
www-bis-org-8025	207	27	of	of	IN
www-bis-org-8025	207	28	bitcoins	bitcoin	NNS
www-bis-org-8025	207	29	will	will	MD
www-bis-org-8025	207	30	be	be	VB
www-bis-org-8025	207	31	21,000,000	21,000,000	CD
www-bis-org-8025	207	32	.	.	.
www-bis-org-8025	208	1	Miners	miner	NNS
www-bis-org-8025	208	2	’	’	POS
www-bis-org-8025	208	3	income	income	NN
www-bis-org-8025	208	4	is	be	VBZ
www-bis-org-8025	208	5	made	make	VBN
www-bis-org-8025	208	6	up	up	RP
www-bis-org-8025	208	7	of	of	IN
www-bis-org-8025	208	8	block	block	NN
www-bis-org-8025	208	9	rewards	reward	NNS
www-bis-org-8025	208	10	and	and	CC
www-bis-org-8025	208	11	transaction	transaction	NN
www-bis-org-8025	208	12	fees	fee	NNS
www-bis-org-8025	208	13	.	.	.
www-bis-org-8025	209	1	Dashed	dash	VBN
www-bis-org-8025	209	2	pattern	pattern	NN
www-bis-org-8025	209	3	indicates	indicate	VBZ
www-bis-org-8025	209	4	estimated	estimate	VBN
www-bis-org-8025	209	5	future	future	JJ
www-bis-org-8025	209	6	values	value	NNS
www-bis-org-8025	209	7	.	.	.
www-bis-org-8025	210	1	1	1	CD
www-bis-org-8025	210	2	Thirty	thirty	CD
www-bis-org-8025	210	3	-	-	HYPH
www-bis-org-8025	210	4	day	day	NN
www-bis-org-8025	210	5	moving	move	VBG
www-bis-org-8025	210	6	average	average	NN
www-bis-org-8025	210	7	of	of	IN
www-bis-org-8025	210	8	the	the	DT
www-bis-org-8025	210	9	sum	sum	NN
www-bis-org-8025	210	10	of	of	IN
www-bis-org-8025	210	11	all	all	DT
www-bis-org-8025	210	12	transactions	transaction	NNS
www-bis-org-8025	210	13	fees	fee	NNS
www-bis-org-8025	210	14	in	in	IN
www-bis-org-8025	210	15	each	each	DT
www-bis-org-8025	210	16	block	block	NN
www-bis-org-8025	210	17	(	(	-LRB-
www-bis-org-8025	210	18	in	in	IN
www-bis-org-8025	210	19	bitcoin	bitcoin	NNP
www-bis-org-8025	210	20	)	)	-RRB-
www-bis-org-8025	210	21	.	.	.
www-bis-org-8025	211	1	Source	source	NN
www-bis-org-8025	211	2	:	:	:
www-bis-org-8025	211	3	https://bitinfocharts.com	https://bitinfocharts.com	ADD
www-bis-org-8025	211	4	;	;	:
www-bis-org-8025	211	5	https://coinmetrics.io	https://coinmetrics.io	NNP
www-bis-org-8025	211	6	;	;	:
www-bis-org-8025	211	7	author	author	NN
www-bis-org-8025	211	8	’s	’s	POS
www-bis-org-8025	211	9	calculation	calculation	NN
www-bis-org-8025	211	10	.	.	.
www-bis-org-8025	212	1	18.0	18.0	CD
www-bis-org-8025	212	2	13.5	13.5	CD
www-bis-org-8025	212	3	9.0	9.0	CD
www-bis-org-8025	212	4	4.5	4.5	CD
www-bis-org-8025	212	5	0.0	0.0	CD
www-bis-org-8025	212	6	2024202220202018201620142012	2024202220202018201620142012	CD
www-bis-org-8025	212	7	Bitcoin	Bitcoin	NNP
www-bis-org-8025	212	8	supply	supply	NN
www-bis-org-8025	212	9	50.0	50.0	CD
www-bis-org-8025	212	10	37.5	37.5	CD
www-bis-org-8025	212	11	25.0	25.0	CD
www-bis-org-8025	212	12	12.5	12.5	CD
www-bis-org-8025	212	13	0.0	0.0	CD
www-bis-org-8025	212	14	2024202220202018201620142012	2024202220202018201620142012	CD
www-bis-org-8025	212	15	Block	Block	NNP
www-bis-org-8025	212	16	reward	reward	NN
www-bis-org-8025	212	17	Transaction	Transaction	NNP
www-bis-org-8025	212	18	fees	fee	NNS
www-bis-org-8025	212	19	per	per	IN
www-bis-org-8025	212	20	block1	block1	NN
www-bis-org-8025	212	21	https://coinmetrics.io/	https://coinmetrics.io/	NNP
www-bis-org-8025	212	22	https://bitinfocharts.com/	https://bitinfocharts.com/	NNP
www-bis-org-8025	212	23	10	10	CD
www-bis-org-8025	212	24	WP765	wp765	NN
www-bis-org-8025	212	25	Beyond	beyond	IN
www-bis-org-8025	212	26	the	the	DT
www-bis-org-8025	212	27	doomsday	doomsday	NNP
www-bis-org-8025	212	28	economics	economic	NNS
www-bis-org-8025	212	29	of	of	IN
www-bis-org-8025	212	30	“	"	``
www-bis-org-8025	212	31	proof	proof	NN
www-bis-org-8025	212	32	-	-	HYPH
www-bis-org-8025	212	33	of	of	IN
www-bis-org-8025	212	34	-	-	HYPH
www-bis-org-8025	212	35	work	work	NN
www-bis-org-8025	212	36	”	"	''
www-bis-org-8025	212	37	in	in	IN
www-bis-org-8025	212	38	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	212	39	Equation	Equation	NNP
www-bis-org-8025	212	40	(	(	-LRB-
www-bis-org-8025	212	41	3	3	LS
www-bis-org-8025	212	42	)	)	-RRB-
www-bis-org-8025	212	43	shows	show	VBZ
www-bis-org-8025	212	44	that	that	IN
www-bis-org-8025	212	45	,	,	,
www-bis-org-8025	212	46	with	with	IN
www-bis-org-8025	212	47	endogenous	endogenous	JJ
www-bis-org-8025	212	48	difficulty	difficulty	NN
www-bis-org-8025	212	49	,	,	,
www-bis-org-8025	212	50	proof	proof	NN
www-bis-org-8025	212	51	-	-	HYPH
www-bis-org-8025	212	52	of	of	IN
www-bis-org-8025	212	53	-	-	HYPH
www-bis-org-8025	212	54	work	work	NN
www-bis-org-8025	212	55	becomes	become	VBZ
www-bis-org-8025	212	56	a	a	DT
www-bis-org-8025	212	57	purely	purely	RB
www-bis-org-8025	212	58	economic	economic	JJ
www-bis-org-8025	212	59	concept	concept	NN
www-bis-org-8025	212	60	.	.	.
www-bis-org-8025	213	1	The	the	DT
www-bis-org-8025	213	2	difficulty	difficulty	NN
www-bis-org-8025	213	3	adjusts	adjust	VBZ
www-bis-org-8025	213	4	so	so	IN
www-bis-org-8025	213	5	that	that	IN
www-bis-org-8025	213	6	miners	miner	NNS
www-bis-org-8025	213	7	,	,	,
www-bis-org-8025	213	8	on	on	IN
www-bis-org-8025	213	9	average	average	JJ
www-bis-org-8025	213	10	,	,	,
www-bis-org-8025	213	11	break	break	VBP
www-bis-org-8025	213	12	even	even	RB
www-bis-org-8025	213	13	and	and	CC
www-bis-org-8025	213	14	the	the	DT
www-bis-org-8025	213	15	average	average	JJ
www-bis-org-8025	213	16	expenses	expense	NNS
www-bis-org-8025	213	17	of	of	IN
www-bis-org-8025	213	18	the	the	DT
www-bis-org-8025	213	19	computational	computational	JJ
www-bis-org-8025	213	20	work	work	NN
www-bis-org-8025	213	21	equal	equal	VB
www-bis-org-8025	213	22	the	the	DT
www-bis-org-8025	213	23	block	block	NN
www-bis-org-8025	213	24	reward	reward	NN
www-bis-org-8025	213	25	plus	plus	CC
www-bis-org-8025	213	26	the	the	DT
www-bis-org-8025	213	27	transaction	transaction	NN
www-bis-org-8025	213	28	fees	fee	NNS
www-bis-org-8025	213	29	times	time	VBZ
www-bis-org-8025	213	30	the	the	DT
www-bis-org-8025	213	31	price	price	NN
www-bis-org-8025	213	32	of	of	IN
www-bis-org-8025	213	33	bitcoin.16	bitcoin.16	NNP
www-bis-org-8025	213	34	Developments	Developments	NNPS
www-bis-org-8025	213	35	in	in	IN
www-bis-org-8025	213	36	late	late	JJ
www-bis-org-8025	213	37	2018	2018	CD
www-bis-org-8025	213	38	offer	offer	NN
www-bis-org-8025	213	39	a	a	DT
www-bis-org-8025	213	40	window	window	NN
www-bis-org-8025	213	41	of	of	IN
www-bis-org-8025	213	42	opportunity	opportunity	NN
www-bis-org-8025	213	43	to	to	TO
www-bis-org-8025	213	44	study	study	VB
www-bis-org-8025	213	45	how	how	WRB
www-bis-org-8025	213	46	the	the	DT
www-bis-org-8025	213	47	economics	economic	NNS
www-bis-org-8025	213	48	underlying	underlie	VBG
www-bis-org-8025	213	49	equation	equation	NN
www-bis-org-8025	213	50	(	(	-LRB-
www-bis-org-8025	213	51	3	3	LS
www-bis-org-8025	213	52	)	)	-RRB-
www-bis-org-8025	213	53	play	play	VB
www-bis-org-8025	213	54	out	out	RP
www-bis-org-8025	213	55	in	in	IN
www-bis-org-8025	213	56	practice	practice	NN
www-bis-org-8025	213	57	.	.	.
www-bis-org-8025	214	1	The	the	DT
www-bis-org-8025	214	2	price	price	NN
www-bis-org-8025	214	3	of	of	IN
www-bis-org-8025	214	4	bitcoin	bitcoin	NN
www-bis-org-8025	214	5	,	,	,
www-bis-org-8025	214	6	which	which	WDT
www-bis-org-8025	214	7	had	have	VBD
www-bis-org-8025	214	8	fluctuated	fluctuate	VBN
www-bis-org-8025	214	9	around	around	IN
www-bis-org-8025	214	10	USD	usd	NN
www-bis-org-8025	214	11	6,000–6,500	6,000–6,500	CD
www-bis-org-8025	214	12	from	from	IN
www-bis-org-8025	214	13	April	April	NNP
www-bis-org-8025	214	14	to	to	IN
www-bis-org-8025	214	15	early	early	JJ
www-bis-org-8025	214	16	November	November	NNP
www-bis-org-8025	214	17	,	,	,
www-bis-org-8025	214	18	collapsed	collapse	VBD
www-bis-org-8025	214	19	first	first	RB
www-bis-org-8025	214	20	to	to	IN
www-bis-org-8025	214	21	around	around	IN
www-bis-org-8025	214	22	USD	usd	NN
www-bis-org-8025	214	23	4,500	4,500	CD
www-bis-org-8025	214	24	in	in	IN
www-bis-org-8025	214	25	late	late	JJ
www-bis-org-8025	214	26	November	November	NNP
www-bis-org-8025	214	27	,	,	,
www-bis-org-8025	214	28	and	and	CC
www-bis-org-8025	214	29	then	then	RB
www-bis-org-8025	214	30	to	to	IN
www-bis-org-8025	214	31	USD	usd	NN
www-bis-org-8025	214	32	3,500	3,500	CD
www-bis-org-8025	214	33	and	and	CC
www-bis-org-8025	214	34	below	below	RB
www-bis-org-8025	214	35	in	in	IN
www-bis-org-8025	214	36	mid	mid	NNP
www-bis-org-8025	214	37	-	-	NN
www-bis-org-8025	214	38	December	December	NNP
www-bis-org-8025	214	39	.	.	.
www-bis-org-8025	215	1	This	this	DT
www-bis-org-8025	215	2	resulted	result	VBD
www-bis-org-8025	215	3	in	in	IN
www-bis-org-8025	215	4	a	a	DT
www-bis-org-8025	215	5	massive	massive	JJ
www-bis-org-8025	215	6	exodus	exodus	NN
www-bis-org-8025	215	7	of	of	IN
www-bis-org-8025	215	8	miners	miner	NNS
www-bis-org-8025	215	9	who	who	WP
www-bis-org-8025	215	10	were	be	VBD
www-bis-org-8025	215	11	no	no	RB
www-bis-org-8025	215	12	longer	long	RBR
www-bis-org-8025	215	13	able	able	JJ
www-bis-org-8025	215	14	to	to	TO
www-bis-org-8025	215	15	recover	recover	VB
www-bis-org-8025	215	16	the	the	DT
www-bis-org-8025	215	17	power	power	NN
www-bis-org-8025	215	18	costs	cost	NNS
www-bis-org-8025	215	19	of	of	IN
www-bis-org-8025	215	20	running	run	VBG
www-bis-org-8025	215	21	their	-PRON-	PRP$
www-bis-org-8025	215	22	mining	mining	NN
www-bis-org-8025	215	23	equipment	equipment	NN
www-bis-org-8025	215	24	.	.	.
www-bis-org-8025	216	1	As	as	IN
www-bis-org-8025	216	2	a	a	DT
www-bis-org-8025	216	3	result	result	NN
www-bis-org-8025	216	4	,	,	,
www-bis-org-8025	216	5	proof	proof	NN
www-bis-org-8025	216	6	-	-	HYPH
www-bis-org-8025	216	7	of	of	IN
www-bis-org-8025	216	8	-	-	HYPH
www-bis-org-8025	216	9	works	work	NNS
www-bis-org-8025	216	10	were	be	VBD
www-bis-org-8025	216	11	discovered	discover	VBN
www-bis-org-8025	216	12	at	at	IN
www-bis-org-8025	216	13	a	a	DT
www-bis-org-8025	216	14	speed	speed	NN
www-bis-org-8025	216	15	of	of	IN
www-bis-org-8025	216	16	less	less	JJR
www-bis-org-8025	216	17	than	than	IN
www-bis-org-8025	216	18	one	one	CD
www-bis-org-8025	216	19	every	every	DT
www-bis-org-8025	216	20	10	10	CD
www-bis-org-8025	216	21	minutes	minute	NNS
www-bis-org-8025	216	22	,	,	,
www-bis-org-8025	216	23	and	and	CC
www-bis-org-8025	216	24	Bitcoin	Bitcoin	NNP
www-bis-org-8025	216	25	’s	’s	POS
www-bis-org-8025	216	26	difficulty	difficulty	NN
www-bis-org-8025	216	27	decreased	decrease	VBD
www-bis-org-8025	216	28	substantially	substantially	RB
www-bis-org-8025	216	29	until	until	IN
www-bis-org-8025	216	30	the	the	DT
www-bis-org-8025	216	31	free	free	JJ
www-bis-org-8025	216	32	entry	entry	NN
www-bis-org-8025	216	33	condition	condition	NN
www-bis-org-8025	216	34	in	in	IN
www-bis-org-8025	216	35	(	(	-LRB-
www-bis-org-8025	216	36	3	3	CD
www-bis-org-8025	216	37	)	)	-RRB-
www-bis-org-8025	216	38	was	be	VBD
www-bis-org-8025	216	39	restored.17	restored.17	NNP
www-bis-org-8025	216	40	Attacker	Attacker	NNP
www-bis-org-8025	216	41	advantage	advantage	NN
www-bis-org-8025	216	42	:	:	:
www-bis-org-8025	216	43	the	the	DT
www-bis-org-8025	216	44	high	high	JJ
www-bis-org-8025	216	45	cost	cost	NN
www-bis-org-8025	216	46	of	of	IN
www-bis-org-8025	216	47	economic	economic	JJ
www-bis-org-8025	216	48	finality	finality	NN
www-bis-org-8025	216	49	via	via	IN
www-bis-org-8025	216	50	proof	proof	NN
www-bis-org-8025	216	51	-	-	HYPH
www-bis-org-8025	216	52	of	of	IN
www-bis-org-8025	216	53	-	-	HYPH
www-bis-org-8025	216	54	work	work	NN
www-bis-org-8025	216	55	How	how	WRB
www-bis-org-8025	216	56	good	good	JJ
www-bis-org-8025	216	57	is	be	VBZ
www-bis-org-8025	216	58	the	the	DT
www-bis-org-8025	216	59	security	security	NN
www-bis-org-8025	216	60	provided	provide	VBN
www-bis-org-8025	216	61	by	by	IN
www-bis-org-8025	216	62	a	a	DT
www-bis-org-8025	216	63	specific	specific	JJ
www-bis-org-8025	216	64	“	"	``
www-bis-org-8025	216	65	difficulty	difficulty	NN
www-bis-org-8025	216	66	”	"	''
www-bis-org-8025	216	67	and	and	CC
www-bis-org-8025	216	68	what	what	WP
www-bis-org-8025	216	69	is	be	VBZ
www-bis-org-8025	216	70	the	the	DT
www-bis-org-8025	216	71	economic	economic	JJ
www-bis-org-8025	216	72	cost	cost	NN
www-bis-org-8025	216	73	of	of	IN
www-bis-org-8025	216	74	achieving	achieve	VBG
www-bis-org-8025	216	75	finality	finality	NN
www-bis-org-8025	216	76	via	via	IN
www-bis-org-8025	216	77	such	such	JJ
www-bis-org-8025	216	78	costly	costly	JJ
www-bis-org-8025	216	79	signals	signal	NNS
www-bis-org-8025	216	80	?	?	.
www-bis-org-8025	217	1	This	this	DT
www-bis-org-8025	217	2	section	section	NN
www-bis-org-8025	217	3	starts	start	VBZ
www-bis-org-8025	217	4	by	by	IN
www-bis-org-8025	217	5	introducing	introduce	VBG
www-bis-org-8025	217	6	the	the	DT
www-bis-org-8025	217	7	concept	concept	NN
www-bis-org-8025	217	8	of	of	IN
www-bis-org-8025	217	9	“	"	``
www-bis-org-8025	217	10	economic	economic	JJ
www-bis-org-8025	217	11	payment	payment	NN
www-bis-org-8025	217	12	finality	finality	NN
www-bis-org-8025	217	13	”	"	''
www-bis-org-8025	217	14	,	,	,
www-bis-org-8025	217	15	by	by	IN
www-bis-org-8025	217	16	which	which	WDT
www-bis-org-8025	217	17	a	a	DT
www-bis-org-8025	217	18	payment	payment	NN
www-bis-org-8025	217	19	can	can	MD
www-bis-org-8025	217	20	be	be	VB
www-bis-org-8025	217	21	considered	consider	VBN
www-bis-org-8025	217	22	irrevocable	irrevocable	JJ
www-bis-org-8025	217	23	only	only	RB
www-bis-org-8025	217	24	once	once	IN
www-bis-org-8025	217	25	it	-PRON-	PRP
www-bis-org-8025	217	26	is	be	VBZ
www-bis-org-8025	217	27	unprofitable	unprofitable	JJ
www-bis-org-8025	217	28	to	to	TO
www-bis-org-8025	217	29	reverse	reverse	VB
www-bis-org-8025	217	30	it	-PRON-	PRP
www-bis-org-8025	217	31	.	.	.
www-bis-org-8025	218	1	This	this	DT
www-bis-org-8025	218	2	concept	concept	NN
www-bis-org-8025	218	3	takes	take	VBZ
www-bis-org-8025	218	4	as	as	IN
www-bis-org-8025	218	5	its	-PRON-	PRP$
www-bis-org-8025	218	6	starting	starting	NN
www-bis-org-8025	218	7	point	point	NN
www-bis-org-8025	218	8	the	the	DT
www-bis-org-8025	218	9	double	double	JJ
www-bis-org-8025	218	10	-	-	HYPH
www-bis-org-8025	218	11	spending	spend	VBG
www-bis-org-8025	218	12	attacks	attack	NNS
www-bis-org-8025	218	13	outlined	outline	VBN
www-bis-org-8025	218	14	in	in	IN
www-bis-org-8025	218	15	Nakamoto	Nakamoto	NNP
www-bis-org-8025	218	16	(	(	-LRB-
www-bis-org-8025	218	17	2008	2008	CD
www-bis-org-8025	218	18	)	)	-RRB-
www-bis-org-8025	218	19	.	.	.
www-bis-org-8025	219	1	However	however	RB
www-bis-org-8025	219	2	,	,	,
www-bis-org-8025	219	3	16	16	CD
www-bis-org-8025	219	4	Equation	Equation	NNP
www-bis-org-8025	219	5	(	(	-LRB-
www-bis-org-8025	219	6	3	3	LS
www-bis-org-8025	219	7	)	)	-RRB-
www-bis-org-8025	219	8	also	also	RB
www-bis-org-8025	219	9	shows	show	VBZ
www-bis-org-8025	219	10	that	that	IN
www-bis-org-8025	219	11	technological	technological	JJ
www-bis-org-8025	219	12	progress	progress	NN
www-bis-org-8025	219	13	,	,	,
www-bis-org-8025	219	14	for	for	IN
www-bis-org-8025	219	15	example	example	NN
www-bis-org-8025	219	16	in	in	IN
www-bis-org-8025	219	17	the	the	DT
www-bis-org-8025	219	18	form	form	NN
www-bis-org-8025	219	19	of	of	IN
www-bis-org-8025	219	20	cheaper	cheap	JJR
www-bis-org-8025	219	21	computing	computing	NN
www-bis-org-8025	219	22	power	power	NN
www-bis-org-8025	219	23	and	and	CC
www-bis-org-8025	219	24	a	a	DT
www-bis-org-8025	219	25	lower	low	JJR
www-bis-org-8025	219	26	cost	cost	NN
www-bis-org-8025	219	27	per	per	IN
www-bis-org-8025	219	28	hash	hash	NN
www-bis-org-8025	219	29	,	,	,
www-bis-org-8025	219	30	is	be	VBZ
www-bis-org-8025	219	31	simply	simply	RB
www-bis-org-8025	219	32	offset	offset	VBN
www-bis-org-8025	219	33	by	by	IN
www-bis-org-8025	219	34	higher	high	JJR
www-bis-org-8025	219	35	difficulty	difficulty	NN
www-bis-org-8025	219	36	:	:	:
www-bis-org-8025	219	37	self	self	NN
www-bis-org-8025	219	38	-	-	HYPH
www-bis-org-8025	219	39	calibrating	calibrate	VBG
www-bis-org-8025	219	40	proof	proof	NN
www-bis-org-8025	219	41	-	-	HYPH
www-bis-org-8025	219	42	of	of	IN
www-bis-org-8025	219	43	-	-	HYPH
www-bis-org-8025	219	44	work	work	NN
www-bis-org-8025	219	45	ultimately	ultimately	RB
www-bis-org-8025	219	46	proves	prove	VBZ
www-bis-org-8025	219	47	that	that	IN
www-bis-org-8025	219	48	a	a	DT
www-bis-org-8025	219	49	certain	certain	JJ
www-bis-org-8025	219	50	amount	amount	NN
www-bis-org-8025	219	51	of	of	IN
www-bis-org-8025	219	52	actual	actual	JJ
www-bis-org-8025	219	53	resources	resource	NNS
www-bis-org-8025	219	54	has	have	VBZ
www-bis-org-8025	219	55	been	be	VBN
www-bis-org-8025	219	56	spent	spend	VBN
www-bis-org-8025	219	57	and	and	CC
www-bis-org-8025	219	58	,	,	,
www-bis-org-8025	219	59	on	on	IN
www-bis-org-8025	219	60	balance	balance	NN
www-bis-org-8025	219	61	,	,	,
www-bis-org-8025	219	62	this	this	DT
www-bis-org-8025	219	63	amount	amount	NN
www-bis-org-8025	219	64	of	of	IN
www-bis-org-8025	219	65	money	money	NN
www-bis-org-8025	219	66	is	be	VBZ
www-bis-org-8025	219	67	equal	equal	JJ
www-bis-org-8025	219	68	to	to	IN
www-bis-org-8025	219	69	the	the	DT
www-bis-org-8025	219	70	expected	expected	JJ
www-bis-org-8025	219	71	reward	reward	NN
www-bis-org-8025	219	72	.	.	.
www-bis-org-8025	220	1	17	17	CD
www-bis-org-8025	220	2	Note	note	NN
www-bis-org-8025	220	3	that	that	IN
www-bis-org-8025	220	4	the	the	DT
www-bis-org-8025	220	5	difficulty	difficulty	NN
www-bis-org-8025	220	6	was	be	VBD
www-bis-org-8025	220	7	still	still	RB
www-bis-org-8025	220	8	increasing	increase	VBG
www-bis-org-8025	220	9	until	until	IN
www-bis-org-8025	220	10	August	August	NNP
www-bis-org-8025	220	11	2018	2018	CD
www-bis-org-8025	220	12	,	,	,
www-bis-org-8025	220	13	despite	despite	IN
www-bis-org-8025	220	14	prices	price	NNS
www-bis-org-8025	220	15	being	be	VBG
www-bis-org-8025	220	16	much	much	RB
www-bis-org-8025	220	17	below	below	IN
www-bis-org-8025	220	18	the	the	DT
www-bis-org-8025	220	19	2017	2017	CD
www-bis-org-8025	220	20	peak	peak	NN
www-bis-org-8025	220	21	.	.	.
www-bis-org-8025	221	1	This	this	DT
www-bis-org-8025	221	2	is	be	VBZ
www-bis-org-8025	221	3	evidence	evidence	NN
www-bis-org-8025	221	4	of	of	IN
www-bis-org-8025	221	5	the	the	DT
www-bis-org-8025	221	6	time	time	NN
www-bis-org-8025	221	7	it	-PRON-	PRP
www-bis-org-8025	221	8	takes	take	VBZ
www-bis-org-8025	221	9	time	time	NN
www-bis-org-8025	221	10	to	to	TO
www-bis-org-8025	221	11	accumulate	accumulate	VB
www-bis-org-8025	221	12	a	a	DT
www-bis-org-8025	221	13	stock	stock	NN
www-bis-org-8025	221	14	of	of	IN
www-bis-org-8025	221	15	mining	mining	NN
www-bis-org-8025	221	16	equipment	equipment	NN
www-bis-org-8025	221	17	.	.	.
www-bis-org-8025	222	1	Prat	Prat	NNP
www-bis-org-8025	222	2	and	and	CC
www-bis-org-8025	222	3	Benjamin	Benjamin	NNP
www-bis-org-8025	222	4	(	(	-LRB-
www-bis-org-8025	222	5	2017	2017	CD
www-bis-org-8025	222	6	)	)	-RRB-
www-bis-org-8025	222	7	provide	provide	VB
www-bis-org-8025	222	8	an	an	DT
www-bis-org-8025	222	9	in	in	IN
www-bis-org-8025	222	10	-	-	HYPH
www-bis-org-8025	222	11	depth	depth	NN
www-bis-org-8025	222	12	analysis	analysis	NN
www-bis-org-8025	222	13	of	of	IN
www-bis-org-8025	222	14	the	the	DT
www-bis-org-8025	222	15	dynamics	dynamic	NNS
www-bis-org-8025	222	16	of	of	IN
www-bis-org-8025	222	17	entry	entry	NN
www-bis-org-8025	222	18	into	into	IN
www-bis-org-8025	222	19	the	the	DT
www-bis-org-8025	222	20	mining	mining	NN
www-bis-org-8025	222	21	industry	industry	NN
www-bis-org-8025	222	22	.	.	.
www-bis-org-8025	223	1	Bitcoin	bitcoin	JJ
www-bis-org-8025	223	2	price	price	NN
www-bis-org-8025	223	3	developments	development	NNS
www-bis-org-8025	223	4	,	,	,
www-bis-org-8025	223	5	difficulty	difficulty	NN
www-bis-org-8025	223	6	,	,	,
www-bis-org-8025	223	7	and	and	CC
www-bis-org-8025	223	8	block	block	NN
www-bis-org-8025	223	9	discovery	discovery	NN
www-bis-org-8025	223	10	time	time	NN
www-bis-org-8025	223	11	during	during	IN
www-bis-org-8025	223	12	late	late	JJ
www-bis-org-8025	223	13	2018	2018	CD
www-bis-org-8025	223	14	Graph	Graph	NNP
www-bis-org-8025	223	15	5	5	CD
www-bis-org-8025	223	16	Proof	Proof	NNP
www-bis-org-8025	223	17	-	-	HYPH
www-bis-org-8025	223	18	of	of	IN
www-bis-org-8025	223	19	-	-	HYPH
www-bis-org-8025	223	20	work	work	NN
www-bis-org-8025	223	21	difficulty	difficulty	NN
www-bis-org-8025	223	22	follows	follow	VBZ
www-bis-org-8025	223	23	the	the	DT
www-bis-org-8025	223	24	USD	usd	NN
www-bis-org-8025	223	25	price	price	NN
www-bis-org-8025	223	26	of	of	IN
www-bis-org-8025	223	27	bitcoin	bitcoin	NN
www-bis-org-8025	223	28	as	as	IN
www-bis-org-8025	223	29	…	…	NFP
www-bis-org-8025	223	30	…	…	NFP
www-bis-org-8025	223	31	falling	fall	VBG
www-bis-org-8025	223	32	bitcoin	bitcoin	NN
www-bis-org-8025	223	33	prices	price	NNS
www-bis-org-8025	223	34	cause	cause	VBP
www-bis-org-8025	223	35	miners	miner	NNS
www-bis-org-8025	223	36	to	to	TO
www-bis-org-8025	223	37	shut	shut	VB
www-bis-org-8025	223	38	down	down	RP
www-bis-org-8025	223	39	equipment	equipment	NN
www-bis-org-8025	223	40	,	,	,
www-bis-org-8025	223	41	resulting	result	VBG
www-bis-org-8025	223	42	in	in	IN
www-bis-org-8025	223	43	fewer	few	JJR
www-bis-org-8025	223	44	block	block	NN
www-bis-org-8025	223	45	discoveries	discovery	NNS
www-bis-org-8025	223	46	,	,	,
www-bis-org-8025	223	47	and	and	CC
www-bis-org-8025	223	48	thus	thus	RB
www-bis-org-8025	223	49	a	a	DT
www-bis-org-8025	223	50	downward	downward	JJ
www-bis-org-8025	223	51	re	re	NN
www-bis-org-8025	223	52	-	-	NN
www-bis-org-8025	223	53	calibration	calibration	NN
www-bis-org-8025	223	54	of	of	IN
www-bis-org-8025	223	55	difficulty2	difficulty2	NN
www-bis-org-8025	223	56	USD	usd	NN
www-bis-org-8025	223	57	10	10	CD
www-bis-org-8025	223	58	^	^	SYM
www-bis-org-8025	223	59	12	12	CD
www-bis-org-8025	223	60	Minutes	minute	NNS
www-bis-org-8025	223	61	1	1	CD
www-bis-org-8025	223	62	Data	datum	NNS
www-bis-org-8025	223	63	from	from	IN
www-bis-org-8025	223	64	the	the	DT
www-bis-org-8025	223	65	CoinDesk	CoinDesk	NNP
www-bis-org-8025	223	66	Bitcoin	Bitcoin	NNP
www-bis-org-8025	223	67	Price	Price	NNP
www-bis-org-8025	223	68	Index	Index	NNP
www-bis-org-8025	223	69	.	.	.
www-bis-org-8025	224	1	2	2	CD
www-bis-org-8025	224	2	The	the	DT
www-bis-org-8025	224	3	bitcoin	bitcoin	NN
www-bis-org-8025	224	4	protocol	protocol	NN
www-bis-org-8025	224	5	adjusts	adjust	VBZ
www-bis-org-8025	224	6	the	the	DT
www-bis-org-8025	224	7	difficulty	difficulty	NN
www-bis-org-8025	224	8	of	of	IN
www-bis-org-8025	224	9	the	the	DT
www-bis-org-8025	224	10	proof	proof	NN
www-bis-org-8025	224	11	-	-	HYPH
www-bis-org-8025	224	12	of	of	IN
www-bis-org-8025	224	13	-	-	HYPH
www-bis-org-8025	224	14	work	work	NN
www-bis-org-8025	224	15	required	require	VBN
www-bis-org-8025	224	16	to	to	TO
www-bis-org-8025	224	17	add	add	VB
www-bis-org-8025	224	18	a	a	DT
www-bis-org-8025	224	19	block	block	NN
www-bis-org-8025	224	20	to	to	IN
www-bis-org-8025	224	21	the	the	DT
www-bis-org-8025	224	22	blockchain	blockchain	NN
www-bis-org-8025	224	23	such	such	JJ
www-bis-org-8025	224	24	as	as	IN
www-bis-org-8025	224	25	to	to	TO
www-bis-org-8025	224	26	keep	keep	VB
www-bis-org-8025	224	27	the	the	DT
www-bis-org-8025	224	28	average	average	JJ
www-bis-org-8025	224	29	arrival	arrival	NN
www-bis-org-8025	224	30	time	time	NN
www-bis-org-8025	224	31	steady	steady	JJ
www-bis-org-8025	224	32	at	at	IN
www-bis-org-8025	224	33	one	one	CD
www-bis-org-8025	224	34	per	per	IN
www-bis-org-8025	224	35	10	10	CD
www-bis-org-8025	224	36	minutes	minute	NNS
www-bis-org-8025	224	37	.	.	.
www-bis-org-8025	225	1	The	the	DT
www-bis-org-8025	225	2	adjustment	adjustment	NN
www-bis-org-8025	225	3	of	of	IN
www-bis-org-8025	225	4	the	the	DT
www-bis-org-8025	225	5	difficulty	difficulty	NN
www-bis-org-8025	225	6	takes	take	VBZ
www-bis-org-8025	225	7	place	place	NN
www-bis-org-8025	225	8	every	every	DT
www-bis-org-8025	225	9	2,016	2,016	CD
www-bis-org-8025	225	10	blocks	block	NNS
www-bis-org-8025	225	11	(	(	-LRB-
www-bis-org-8025	225	12	ie	ie	NNS
www-bis-org-8025	225	13	around	around	RB
www-bis-org-8025	225	14	every	every	DT
www-bis-org-8025	225	15	two	two	CD
www-bis-org-8025	225	16	weeks	week	NNS
www-bis-org-8025	225	17	)	)	-RRB-
www-bis-org-8025	225	18	.	.	.
www-bis-org-8025	226	1	If	if	IN
www-bis-org-8025	226	2	over	over	IN
www-bis-org-8025	226	3	the	the	DT
www-bis-org-8025	226	4	most	most	RBS
www-bis-org-8025	226	5	recent	recent	JJ
www-bis-org-8025	226	6	2,016	2,016	CD
www-bis-org-8025	226	7	blocks	block	NNS
www-bis-org-8025	226	8	,	,	,
www-bis-org-8025	226	9	the	the	DT
www-bis-org-8025	226	10	average	average	JJ
www-bis-org-8025	226	11	arrival	arrival	NN
www-bis-org-8025	226	12	time	time	NN
www-bis-org-8025	226	13	was	be	VBD
www-bis-org-8025	226	14	faster	fast	JJR
www-bis-org-8025	226	15	than	than	IN
www-bis-org-8025	226	16	one	one	CD
www-bis-org-8025	226	17	per	per	IN
www-bis-org-8025	226	18	10	10	CD
www-bis-org-8025	226	19	minutes	minute	NNS
www-bis-org-8025	226	20	,	,	,
www-bis-org-8025	226	21	the	the	DT
www-bis-org-8025	226	22	difficulty	difficulty	NN
www-bis-org-8025	226	23	increases	increase	VBZ
www-bis-org-8025	226	24	.	.	.
www-bis-org-8025	227	1	If	if	IN
www-bis-org-8025	227	2	the	the	DT
www-bis-org-8025	227	3	arrival	arrival	NN
www-bis-org-8025	227	4	time	time	NN
www-bis-org-8025	227	5	was	be	VBD
www-bis-org-8025	227	6	slower	slow	JJR
www-bis-org-8025	227	7	,	,	,
www-bis-org-8025	227	8	it	-PRON-	PRP
www-bis-org-8025	227	9	eases	ease	VBZ
www-bis-org-8025	227	10	.	.	.
www-bis-org-8025	228	1	During	during	IN
www-bis-org-8025	228	2	the	the	DT
www-bis-org-8025	228	3	price	price	NN
www-bis-org-8025	228	4	collapse	collapse	NN
www-bis-org-8025	228	5	in	in	IN
www-bis-org-8025	228	6	late	late	JJ
www-bis-org-8025	228	7	2018	2018	CD
www-bis-org-8025	228	8	,	,	,
www-bis-org-8025	228	9	many	many	JJ
www-bis-org-8025	228	10	miners	miner	NNS
www-bis-org-8025	228	11	shut	shut	VBD
www-bis-org-8025	228	12	down	down	RP
www-bis-org-8025	228	13	their	-PRON-	PRP$
www-bis-org-8025	228	14	equipment	equipment	NN
www-bis-org-8025	228	15	as	as	IN
www-bis-org-8025	228	16	they	-PRON-	PRP
www-bis-org-8025	228	17	could	could	MD
www-bis-org-8025	228	18	not	not	RB
www-bis-org-8025	228	19	recover	recover	VB
www-bis-org-8025	228	20	their	-PRON-	PRP$
www-bis-org-8025	228	21	power	power	NN
www-bis-org-8025	228	22	costs	cost	NNS
www-bis-org-8025	228	23	.	.	.
www-bis-org-8025	229	1	This	this	DT
www-bis-org-8025	229	2	lead	lead	NN
www-bis-org-8025	229	3	to	to	IN
www-bis-org-8025	229	4	a	a	DT
www-bis-org-8025	229	5	decline	decline	NN
www-bis-org-8025	229	6	in	in	IN
www-bis-org-8025	229	7	the	the	DT
www-bis-org-8025	229	8	block	block	NN
www-bis-org-8025	229	9	arrival	arrival	NN
www-bis-org-8025	229	10	time	time	NN
www-bis-org-8025	229	11	(	(	-LRB-
www-bis-org-8025	229	12	see	see	VB
www-bis-org-8025	229	13	right	right	JJ
www-bis-org-8025	229	14	-	-	HYPH
www-bis-org-8025	229	15	hand	hand	NN
www-bis-org-8025	229	16	panel	panel	NN
www-bis-org-8025	229	17	)	)	-RRB-
www-bis-org-8025	229	18	,	,	,
www-bis-org-8025	229	19	and	and	CC
www-bis-org-8025	229	20	thus	thus	RB
www-bis-org-8025	229	21	eventually	eventually	RB
www-bis-org-8025	229	22	a	a	DT
www-bis-org-8025	229	23	decline	decline	NN
www-bis-org-8025	229	24	in	in	IN
www-bis-org-8025	229	25	difficulty	difficulty	NN
www-bis-org-8025	229	26	.	.	.
www-bis-org-8025	230	1	Sources	source	NNS
www-bis-org-8025	230	2	:	:	:
www-bis-org-8025	230	3	bitcoinwisdom.com	bitcoinwisdom.com	ADD
www-bis-org-8025	230	4	;	;	:
www-bis-org-8025	230	5	CoinDesk	CoinDesk	NNP
www-bis-org-8025	230	6	;	;	:
www-bis-org-8025	230	7	data.bitcoinity.org	data.bitcoinity.org	NNP
www-bis-org-8025	230	8	(	(	-LRB-
www-bis-org-8025	230	9	site	site	NN
www-bis-org-8025	230	10	accessed	access	VBN
www-bis-org-8025	230	11	on	on	IN
www-bis-org-8025	230	12	4	4	CD
www-bis-org-8025	230	13	Jan	Jan	NNP
www-bis-org-8025	230	14	2019	2019	CD
www-bis-org-8025	230	15	)	)	-RRB-
www-bis-org-8025	230	16	.	.	.
www-bis-org-8025	231	1	7,000	7,000	CD
www-bis-org-8025	231	2	6,000	6,000	CD
www-bis-org-8025	231	3	5,000	5,000	CD
www-bis-org-8025	231	4	4,000	4,000	CD
www-bis-org-8025	231	5	3,000	3,000	CD
www-bis-org-8025	231	6	7.0	7.0	CD
www-bis-org-8025	231	7	6.5	6.5	CD
www-bis-org-8025	231	8	6.0	6.0	CD
www-bis-org-8025	231	9	5.5	5.5	CD
www-bis-org-8025	231	10	5.0	5.0	CD
www-bis-org-8025	231	11	Dec	Dec	NNP
www-bis-org-8025	231	12	2018Nov	2018Nov	NNP
www-bis-org-8025	231	13	2018Oct	2018oct	CD
www-bis-org-8025	231	14	2018Sep	2018sep	CD
www-bis-org-8025	231	15	2018	2018	CD
www-bis-org-8025	231	16	Bitcoin	Bitcoin	NNP
www-bis-org-8025	231	17	price	price	NN
www-bis-org-8025	231	18	index1Lhs	index1lhs	NN
www-bis-org-8025	231	19	:	:	:
www-bis-org-8025	231	20	Bitcoin	Bitcoin	NNP
www-bis-org-8025	231	21	difficultyRhs	difficultyRhs	NNP
www-bis-org-8025	231	22	:	:	:
www-bis-org-8025	231	23	12	12	CD
www-bis-org-8025	231	24	11	11	CD
www-bis-org-8025	231	25	10	10	CD
www-bis-org-8025	231	26	9	9	CD
www-bis-org-8025	231	27	8	8	CD
www-bis-org-8025	231	28	Dec	Dec	NNP
www-bis-org-8025	231	29	2018Nov	2018Nov	NNP
www-bis-org-8025	231	30	2018Oct	2018oct	CD
www-bis-org-8025	231	31	2018Sep	2018sep	CD
www-bis-org-8025	231	32	2018	2018	CD
www-bis-org-8025	231	33	_	_	NNP
www-bis-org-8025	231	34	_	_	NNP
www-bis-org-8025	231	35	_	_	NNP
www-bis-org-8025	231	36	_	_	NNP
www-bis-org-8025	231	37	_	_	NNP
www-bis-org-8025	231	38	difficulty	difficulty	NN
www-bis-org-8025	231	39	decreases	decrease	VBZ
www-bis-org-8025	231	40	Slow	slow	JJ
www-bis-org-8025	231	41	block	block	NN
www-bis-org-8025	231	42	arrival	arrival	NN
www-bis-org-8025	231	43	means	mean	VBZ
www-bis-org-8025	231	44	_	_	NNP
www-bis-org-8025	231	45	_	_	NNP
www-bis-org-8025	231	46	_	_	NNP
www-bis-org-8025	231	47	_	_	NNP
www-bis-org-8025	231	48	_	_	NNP
www-bis-org-8025	231	49	difficulty	difficulty	NN
www-bis-org-8025	231	50	increases	increase	VBZ
www-bis-org-8025	231	51	Fast	fast	JJ
www-bis-org-8025	231	52	block	block	NN
www-bis-org-8025	231	53	arrival	arrival	NN
www-bis-org-8025	231	54	means	mean	VBZ
www-bis-org-8025	231	55	Average	average	JJ
www-bis-org-8025	231	56	block	block	NN
www-bis-org-8025	231	57	discovery	discovery	NN
www-bis-org-8025	231	58	time	time	NN
www-bis-org-8025	231	59	https://data.bitcoinity.org/	https://data.bitcoinity.org/	ADD
www-bis-org-8025	231	60	https://www.bitcoinwisdom.com/	https://www.bitcoinwisdom.com/	NNP
www-bis-org-8025	231	61	WP765	WP765	NNP
www-bis-org-8025	231	62	Beyond	beyond	IN
www-bis-org-8025	231	63	the	the	DT
www-bis-org-8025	231	64	doomsday	doomsday	NNP
www-bis-org-8025	231	65	economics	economic	NNS
www-bis-org-8025	231	66	of	of	IN
www-bis-org-8025	231	67	“	"	``
www-bis-org-8025	231	68	proof	proof	NN
www-bis-org-8025	231	69	-	-	HYPH
www-bis-org-8025	231	70	of	of	IN
www-bis-org-8025	231	71	-	-	HYPH
www-bis-org-8025	231	72	work	work	NN
www-bis-org-8025	231	73	”	"	''
www-bis-org-8025	231	74	in	in	IN
www-bis-org-8025	231	75	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	231	76	11	11	CD
www-bis-org-8025	231	77	instead	instead	RB
www-bis-org-8025	231	78	of	of	IN
www-bis-org-8025	231	79	asking	ask	VBG
www-bis-org-8025	231	80	what	what	WP
www-bis-org-8025	231	81	the	the	DT
www-bis-org-8025	231	82	chances	chance	NNS
www-bis-org-8025	231	83	of	of	IN
www-bis-org-8025	231	84	an	an	DT
www-bis-org-8025	231	85	attack	attack	NN
www-bis-org-8025	231	86	succeeding	succeed	VBG
www-bis-org-8025	231	87	are	be	VBP
www-bis-org-8025	231	88	,	,	,
www-bis-org-8025	231	89	as	as	IN
www-bis-org-8025	231	90	Nakamoto	Nakamoto	NNP
www-bis-org-8025	231	91	does	do	VBZ
www-bis-org-8025	231	92	,	,	,
www-bis-org-8025	231	93	it	-PRON-	PRP
www-bis-org-8025	231	94	raises	raise	VBZ
www-bis-org-8025	231	95	the	the	DT
www-bis-org-8025	231	96	question	question	NN
www-bis-org-8025	231	97	of	of	IN
www-bis-org-8025	231	98	what	what	WP
www-bis-org-8025	231	99	the	the	DT
www-bis-org-8025	231	100	incentives	incentive	NNS
www-bis-org-8025	231	101	of	of	IN
www-bis-org-8025	231	102	potential	potential	JJ
www-bis-org-8025	231	103	adversaries	adversary	NNS
www-bis-org-8025	231	104	might	may	MD
www-bis-org-8025	231	105	be	be	VB
www-bis-org-8025	231	106	(	(	-LRB-
www-bis-org-8025	231	107	see	see	VB
www-bis-org-8025	231	108	also	also	RB
www-bis-org-8025	231	109	Budish	Budish	NNP
www-bis-org-8025	231	110	(	(	-LRB-
www-bis-org-8025	231	111	2018	2018	CD
www-bis-org-8025	231	112	)	)	-RRB-
www-bis-org-8025	231	113	for	for	IN
www-bis-org-8025	231	114	a	a	DT
www-bis-org-8025	231	115	closely	closely	RB
www-bis-org-8025	231	116	related	related	JJ
www-bis-org-8025	231	117	analysis	analysis	NN
www-bis-org-8025	231	118	)	)	-RRB-
www-bis-org-8025	231	119	.	.	.
www-bis-org-8025	232	1	An	an	DT
www-bis-org-8025	232	2	economic	economic	JJ
www-bis-org-8025	232	3	definition	definition	NN
www-bis-org-8025	232	4	of	of	IN
www-bis-org-8025	232	5	payment	payment	NN
www-bis-org-8025	232	6	finality	finality	NN
www-bis-org-8025	232	7	Finality	finality	NN
www-bis-org-8025	232	8	in	in	IN
www-bis-org-8025	232	9	exchange	exchange	NN
www-bis-org-8025	232	10	generally	generally	RB
www-bis-org-8025	232	11	means	mean	VBZ
www-bis-org-8025	232	12	that	that	IN
www-bis-org-8025	232	13	“	"	``
www-bis-org-8025	232	14	a	a	DT
www-bis-org-8025	232	15	transfer	transfer	NN
www-bis-org-8025	232	16	of	of	IN
www-bis-org-8025	232	17	funds	fund	NNS
www-bis-org-8025	232	18	[	[	-LRB-
www-bis-org-8025	232	19	or	or	CC
www-bis-org-8025	232	20	]	]	-RRB-
www-bis-org-8025	232	21	a	a	DT
www-bis-org-8025	232	22	transfer	transfer	NN
www-bis-org-8025	232	23	of	of	IN
www-bis-org-8025	232	24	securities	security	NNS
www-bis-org-8025	232	25	that	that	WDT
www-bis-org-8025	232	26	have	have	VBP
www-bis-org-8025	232	27	become	become	VBN
www-bis-org-8025	232	28	irrevocable	irrevocable	JJ
www-bis-org-8025	232	29	and	and	CC
www-bis-org-8025	232	30	unconditional	unconditional	JJ
www-bis-org-8025	232	31	”	"	''
www-bis-org-8025	232	32	(	(	-LRB-
www-bis-org-8025	232	33	see	see	VB
www-bis-org-8025	232	34	CPSS	CPSS	NNP
www-bis-org-8025	232	35	(	(	-LRB-
www-bis-org-8025	232	36	2003	2003	CD
www-bis-org-8025	232	37	,	,	,
www-bis-org-8025	232	38	p	p	NNP
www-bis-org-8025	232	39	496	496	CD
www-bis-org-8025	232	40	)	)	-RRB-
www-bis-org-8025	232	41	)	)	-RRB-
www-bis-org-8025	232	42	.	.	.
www-bis-org-8025	233	1	The	the	DT
www-bis-org-8025	233	2	key	key	NN
www-bis-org-8025	233	3	here	here	RB
www-bis-org-8025	233	4	is	be	VBZ
www-bis-org-8025	233	5	that	that	IN
www-bis-org-8025	233	6	a	a	DT
www-bis-org-8025	233	7	traditional	traditional	JJ
www-bis-org-8025	233	8	payment	payment	NN
www-bis-org-8025	233	9	or	or	CC
www-bis-org-8025	233	10	other	other	JJ
www-bis-org-8025	233	11	transfer	transfer	NN
www-bis-org-8025	233	12	is	be	VBZ
www-bis-org-8025	233	13	not	not	RB
www-bis-org-8025	233	14	protected	protect	VBN
www-bis-org-8025	233	15	by	by	IN
www-bis-org-8025	233	16	market	market	NN
www-bis-org-8025	233	17	mechanisms	mechanism	NNS
www-bis-org-8025	233	18	,	,	,
www-bis-org-8025	233	19	but	but	CC
www-bis-org-8025	233	20	rather	rather	RB
www-bis-org-8025	233	21	by	by	IN
www-bis-org-8025	233	22	the	the	DT
www-bis-org-8025	233	23	legal	legal	JJ
www-bis-org-8025	233	24	system	system	NN
www-bis-org-8025	233	25	:	:	:
www-bis-org-8025	233	26	once	once	IN
www-bis-org-8025	233	27	a	a	DT
www-bis-org-8025	233	28	payment	payment	NN
www-bis-org-8025	233	29	has	have	VBZ
www-bis-org-8025	233	30	made	make	VBN
www-bis-org-8025	233	31	its	-PRON-	PRP$
www-bis-org-8025	233	32	way	way	NN
www-bis-org-8025	233	33	through	through	IN
www-bis-org-8025	233	34	the	the	DT
www-bis-org-8025	233	35	national	national	JJ
www-bis-org-8025	233	36	payment	payment	NN
www-bis-org-8025	233	37	system	system	NN
www-bis-org-8025	233	38	and	and	CC
www-bis-org-8025	233	39	into	into	IN
www-bis-org-8025	233	40	the	the	DT
www-bis-org-8025	233	41	books	book	NNS
www-bis-org-8025	233	42	of	of	IN
www-bis-org-8025	233	43	the	the	DT
www-bis-org-8025	233	44	central	central	JJ
www-bis-org-8025	233	45	bank	bank	NN
www-bis-org-8025	233	46	,	,	,
www-bis-org-8025	233	47	it	-PRON-	PRP
www-bis-org-8025	233	48	is	be	VBZ
www-bis-org-8025	233	49	final	final	JJ
www-bis-org-8025	233	50	by	by	IN
www-bis-org-8025	233	51	law	law	NN
www-bis-org-8025	233	52	and	and	CC
www-bis-org-8025	233	53	can	can	MD
www-bis-org-8025	233	54	not	not	RB
www-bis-org-8025	233	55	be	be	VB
www-bis-org-8025	233	56	revoked.18	revoked.18	NNP
www-bis-org-8025	233	57	In	in	IN
www-bis-org-8025	233	58	a	a	DT
www-bis-org-8025	233	59	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	233	60	,	,	,
www-bis-org-8025	233	61	finality	finality	NN
www-bis-org-8025	233	62	is	be	VBZ
www-bis-org-8025	233	63	a	a	DT
www-bis-org-8025	233	64	starkly	starkly	RB
www-bis-org-8025	233	65	different	different	JJ
www-bis-org-8025	233	66	concept	concept	NN
www-bis-org-8025	233	67	.	.	.
www-bis-org-8025	234	1	Broadly	broadly	RB
www-bis-org-8025	234	2	,	,	,
www-bis-org-8025	234	3	it	-PRON-	PRP
www-bis-org-8025	234	4	signifies	signify	VBZ
www-bis-org-8025	234	5	that	that	IN
www-bis-org-8025	234	6	once	once	RB
www-bis-org-8025	234	7	a	a	DT
www-bis-org-8025	234	8	transaction	transaction	NN
www-bis-org-8025	234	9	is	be	VBZ
www-bis-org-8025	234	10	included	include	VBN
www-bis-org-8025	234	11	in	in	IN
www-bis-org-8025	234	12	the	the	DT
www-bis-org-8025	234	13	blockchain	blockchain	NN
www-bis-org-8025	234	14	,	,	,
www-bis-org-8025	234	15	there	there	EX
www-bis-org-8025	234	16	is	be	VBZ
www-bis-org-8025	234	17	certainty	certainty	NN
www-bis-org-8025	234	18	that	that	IN
www-bis-org-8025	234	19	it	-PRON-	PRP
www-bis-org-8025	234	20	will	will	MD
www-bis-org-8025	234	21	not	not	RB
www-bis-org-8025	234	22	be	be	VB
www-bis-org-8025	234	23	undone	undo	VBN
www-bis-org-8025	234	24	later	later	RB
www-bis-org-8025	234	25	by	by	IN
www-bis-org-8025	234	26	the	the	DT
www-bis-org-8025	234	27	emergence	emergence	NN
www-bis-org-8025	234	28	of	of	IN
www-bis-org-8025	234	29	an	an	DT
www-bis-org-8025	234	30	alternative	alternative	NN
www-bis-org-8025	234	31	“	"	``
www-bis-org-8025	234	32	longer	long	JJR
www-bis-org-8025	234	33	”	"	''
www-bis-org-8025	234	34	blockchain	blockchain	NNP
www-bis-org-8025	234	35	which	which	WDT
www-bis-org-8025	234	36	does	do	VBZ
www-bis-org-8025	234	37	not	not	RB
www-bis-org-8025	234	38	include	include	VB
www-bis-org-8025	234	39	the	the	DT
www-bis-org-8025	234	40	subject	subject	JJ
www-bis-org-8025	234	41	transaction	transaction	NN
www-bis-org-8025	234	42	.	.	.
www-bis-org-8025	235	1	Nakamoto	Nakamoto	NNP
www-bis-org-8025	235	2	(	(	-LRB-
www-bis-org-8025	235	3	2008	2008	CD
www-bis-org-8025	235	4	)	)	-RRB-
www-bis-org-8025	235	5	considers	consider	VBZ
www-bis-org-8025	235	6	a	a	DT
www-bis-org-8025	235	7	change	change	NN
www-bis-org-8025	235	8	-	-	HYPH
www-bis-org-8025	235	9	of	of	IN
www-bis-org-8025	235	10	-	-	HYPH
www-bis-org-8025	235	11	history	history	NN
www-bis-org-8025	235	12	attack	attack	NN
www-bis-org-8025	235	13	by	by	IN
www-bis-org-8025	235	14	a	a	DT
www-bis-org-8025	235	15	large	large	JJ
www-bis-org-8025	235	16	miner	miner	NN
www-bis-org-8025	235	17	controlling	control	VBG
www-bis-org-8025	235	18	a	a	DT
www-bis-org-8025	235	19	significant	significant	JJ
www-bis-org-8025	235	20	fraction	fraction	NN
www-bis-org-8025	235	21	of	of	IN
www-bis-org-8025	235	22	computational	computational	JJ
www-bis-org-8025	235	23	power	power	NN
www-bis-org-8025	235	24	of	of	IN
www-bis-org-8025	235	25	the	the	DT
www-bis-org-8025	235	26	network	network	NN
www-bis-org-8025	235	27	.	.	.
www-bis-org-8025	236	1	In	in	IN
www-bis-org-8025	236	2	this	this	DT
www-bis-org-8025	236	3	type	type	NN
www-bis-org-8025	236	4	of	of	IN
www-bis-org-8025	236	5	“	"	``
www-bis-org-8025	236	6	operational	operational	JJ
www-bis-org-8025	236	7	attack	attack	NN
www-bis-org-8025	236	8	”	"	''
www-bis-org-8025	236	9	,	,	,
www-bis-org-8025	236	10	the	the	DT
www-bis-org-8025	236	11	adversary	adversary	NN
www-bis-org-8025	236	12	spends	spend	VBZ
www-bis-org-8025	236	13	bitcoins	bitcoin	NNS
www-bis-org-8025	236	14	while	while	IN
www-bis-org-8025	236	15	simultaneously	simultaneously	RB
www-bis-org-8025	236	16	and	and	CC
www-bis-org-8025	236	17	covertly	covertly	RB
www-bis-org-8025	236	18	mining	mine	VBG
www-bis-org-8025	236	19	and	and	CC
www-bis-org-8025	236	20	building	build	VBG
www-bis-org-8025	236	21	an	an	DT
www-bis-org-8025	236	22	alternative	alternative	NN
www-bis-org-8025	236	23	“	"	``
www-bis-org-8025	236	24	longest	long	JJS
www-bis-org-8025	236	25	chain	chain	NN
www-bis-org-8025	236	26	”	"	''
www-bis-org-8025	236	27	that	that	WDT
www-bis-org-8025	236	28	does	do	VBZ
www-bis-org-8025	236	29	not	not	RB
www-bis-org-8025	236	30	include	include	VB
www-bis-org-8025	236	31	these	these	DT
www-bis-org-8025	236	32	transactions	transaction	NNS
www-bis-org-8025	236	33	.	.	.
www-bis-org-8025	237	1	In	in	IN
www-bis-org-8025	237	2	this	this	DT
www-bis-org-8025	237	3	scenario	scenario	NN
www-bis-org-8025	237	4	,	,	,
www-bis-org-8025	237	5	merchants	merchant	NNS
www-bis-org-8025	237	6	would	would	MD
www-bis-org-8025	237	7	wait	wait	VB
www-bis-org-8025	237	8	for	for	IN
www-bis-org-8025	237	9	the	the	DT
www-bis-org-8025	237	10	payments	payment	NNS
www-bis-org-8025	237	11	to	to	TO
www-bis-org-8025	237	12	be	be	VB
www-bis-org-8025	237	13	included	include	VBN
www-bis-org-8025	237	14	in	in	IN
www-bis-org-8025	237	15	a	a	DT
www-bis-org-8025	237	16	block	block	NN
www-bis-org-8025	237	17	,	,	,
www-bis-org-8025	237	18	and	and	CC
www-bis-org-8025	237	19	then	then	RB
www-bis-org-8025	237	20	wait	wait	VB
www-bis-org-8025	237	21	for	for	IN
www-bis-org-8025	237	22	a	a	DT
www-bis-org-8025	237	23	certain	certain	JJ
www-bis-org-8025	237	24	number	number	NN
www-bis-org-8025	237	25	of	of	IN
www-bis-org-8025	237	26	subsequent	subsequent	JJ
www-bis-org-8025	237	27	blocks	block	NNS
www-bis-org-8025	237	28	to	to	TO
www-bis-org-8025	237	29	be	be	VB
www-bis-org-8025	237	30	added	add	VBN
www-bis-org-8025	237	31	to	to	IN
www-bis-org-8025	237	32	the	the	DT
www-bis-org-8025	237	33	blockchain	blockchain	NNP
www-bis-org-8025	237	34	(	(	-LRB-
www-bis-org-8025	237	35	each	each	DT
www-bis-org-8025	237	36	additional	additional	JJ
www-bis-org-8025	237	37	block	block	NN
www-bis-org-8025	237	38	is	be	VBZ
www-bis-org-8025	237	39	called	call	VBN
www-bis-org-8025	237	40	a	a	DT
www-bis-org-8025	237	41	“	"	``
www-bis-org-8025	237	42	confirmation	confirmation	NN
www-bis-org-8025	237	43	”	"	''
www-bis-org-8025	237	44	)	)	-RRB-
www-bis-org-8025	237	45	.	.	.
www-bis-org-8025	238	1	The	the	DT
www-bis-org-8025	238	2	attacker	attacker	NN
www-bis-org-8025	238	3	would	would	MD
www-bis-org-8025	238	4	wait	wait	VB
www-bis-org-8025	238	5	until	until	IN
www-bis-org-8025	238	6	all	all	DT
www-bis-org-8025	238	7	merchants	merchant	NNS
www-bis-org-8025	238	8	accept	accept	VBP
www-bis-org-8025	238	9	the	the	DT
www-bis-org-8025	238	10	payment	payment	NN
www-bis-org-8025	238	11	,	,	,
www-bis-org-8025	238	12	and	and	CC
www-bis-org-8025	238	13	then	then	RB
www-bis-org-8025	238	14	release	release	VB
www-bis-org-8025	238	15	the	the	DT
www-bis-org-8025	238	16	secretly	secretly	RB
www-bis-org-8025	238	17	mined	mined	JJ
www-bis-org-8025	238	18	blockchain	blockchain	NNP
www-bis-org-8025	238	19	in	in	IN
www-bis-org-8025	238	20	which	which	WDT
www-bis-org-8025	238	21	the	the	DT
www-bis-org-8025	238	22	original	original	JJ
www-bis-org-8025	238	23	payment	payment	NN
www-bis-org-8025	238	24	instructions	instruction	NNS
www-bis-org-8025	238	25	are	be	VBP
www-bis-org-8025	238	26	not	not	RB
www-bis-org-8025	238	27	included	include	VBN
www-bis-org-8025	238	28	.	.	.
www-bis-org-8025	239	1	If	if	IN
www-bis-org-8025	239	2	the	the	DT
www-bis-org-8025	239	3	attacker	attacker	NN
www-bis-org-8025	239	4	was	be	VBD
www-bis-org-8025	239	5	successful	successful	JJ
www-bis-org-8025	239	6	in	in	IN
www-bis-org-8025	239	7	outmining	outmine	VBG
www-bis-org-8025	239	8	the	the	DT
www-bis-org-8025	239	9	rest	rest	NN
www-bis-org-8025	239	10	of	of	IN
www-bis-org-8025	239	11	the	the	DT
www-bis-org-8025	239	12	network	network	NN
www-bis-org-8025	239	13	,	,	,
www-bis-org-8025	239	14	the	the	DT
www-bis-org-8025	239	15	secret	secret	JJ
www-bis-org-8025	239	16	chain	chain	NN
www-bis-org-8025	239	17	would	would	MD
www-bis-org-8025	239	18	be	be	VB
www-bis-org-8025	239	19	accepted	accept	VBN
www-bis-org-8025	239	20	as	as	IN
www-bis-org-8025	239	21	the	the	DT
www-bis-org-8025	239	22	consensus	consensus	NN
www-bis-org-8025	239	23	upon	upon	IN
www-bis-org-8025	239	24	release	release	NN
www-bis-org-8025	239	25	.	.	.
www-bis-org-8025	240	1	Nakamoto	Nakamoto	NNP
www-bis-org-8025	240	2	’s	’s	POS
www-bis-org-8025	240	3	definition	definition	NN
www-bis-org-8025	240	4	of	of	IN
www-bis-org-8025	240	5	payment	payment	NN
www-bis-org-8025	240	6	finality	finality	NN
www-bis-org-8025	240	7	(	(	-LRB-
www-bis-org-8025	240	8	although	although	IN
www-bis-org-8025	240	9	not	not	RB
www-bis-org-8025	240	10	explicitly	explicitly	RB
www-bis-org-8025	240	11	spelled	spell	VBN
www-bis-org-8025	240	12	out	out	RP
www-bis-org-8025	240	13	)	)	-RRB-
www-bis-org-8025	240	14	is	be	VBZ
www-bis-org-8025	240	15	thus	thus	RB
www-bis-org-8025	240	16	probabilistic	probabilistic	JJ
www-bis-org-8025	240	17	:	:	:
www-bis-org-8025	240	18	if	if	IN
www-bis-org-8025	240	19	a	a	DT
www-bis-org-8025	240	20	payment	payment	NN
www-bis-org-8025	240	21	is	be	VBZ
www-bis-org-8025	240	22	buried	bury	VBN
www-bis-org-8025	240	23	deep	deep	RB
www-bis-org-8025	240	24	in	in	IN
www-bis-org-8025	240	25	the	the	DT
www-bis-org-8025	240	26	ledger	ledger	NN
www-bis-org-8025	240	27	,	,	,
www-bis-org-8025	240	28	it	-PRON-	PRP
www-bis-org-8025	240	29	is	be	VBZ
www-bis-org-8025	240	30	unlikely	unlikely	JJ
www-bis-org-8025	240	31	(	(	-LRB-
www-bis-org-8025	240	32	though	though	IN
www-bis-org-8025	240	33	not	not	RB
www-bis-org-8025	240	34	impossible	impossible	JJ
www-bis-org-8025	240	35	)	)	-RRB-
www-bis-org-8025	240	36	that	that	IN
www-bis-org-8025	240	37	a	a	DT
www-bis-org-8025	240	38	longer	long	JJR
www-bis-org-8025	240	39	rival	rival	JJ
www-bis-org-8025	240	40	chain	chain	NN
www-bis-org-8025	240	41	without	without	IN
www-bis-org-8025	240	42	the	the	DT
www-bis-org-8025	240	43	payment	payment	NN
www-bis-org-8025	240	44	transaction	transaction	NN
www-bis-org-8025	240	45	exists	exist	VBZ
www-bis-org-8025	240	46	.	.	.
www-bis-org-8025	241	1	Thus	thus	RB
www-bis-org-8025	241	2	,	,	,
www-bis-org-8025	241	3	the	the	DT
www-bis-org-8025	241	4	probability	probability	NN
www-bis-org-8025	241	5	of	of	IN
www-bis-org-8025	241	6	an	an	DT
www-bis-org-8025	241	7	operational	operational	JJ
www-bis-org-8025	241	8	attack	attack	NN
www-bis-org-8025	241	9	succeeding	succeed	VBG
www-bis-org-8025	241	10	depends	depend	VBZ
www-bis-org-8025	241	11	on	on	IN
www-bis-org-8025	241	12	the	the	DT
www-bis-org-8025	241	13	adversary	adversary	NN
www-bis-org-8025	241	14	’s	’s	POS
www-bis-org-8025	241	15	share	share	NN
www-bis-org-8025	241	16	of	of	IN
www-bis-org-8025	241	17	the	the	DT
www-bis-org-8025	241	18	total	total	JJ
www-bis-org-8025	241	19	computational	computational	JJ
www-bis-org-8025	241	20	power	power	NN
www-bis-org-8025	241	21	available	available	JJ
www-bis-org-8025	241	22	,	,	,
www-bis-org-8025	241	23	and	and	CC
www-bis-org-8025	241	24	on	on	IN
www-bis-org-8025	241	25	how	how	WRB
www-bis-org-8025	241	26	fast	fast	JJ
www-bis-org-8025	241	27	payments	payment	NNS
www-bis-org-8025	241	28	are	be	VBP
www-bis-org-8025	241	29	accepted	accept	VBN
www-bis-org-8025	241	30	as	as	IN
www-bis-org-8025	241	31	being	be	VBG
www-bis-org-8025	241	32	final	final	JJ
www-bis-org-8025	241	33	.	.	.
www-bis-org-8025	242	1	It	-PRON-	PRP
www-bis-org-8025	242	2	declines	decline	VBZ
www-bis-org-8025	242	3	exponentially	exponentially	RB
www-bis-org-8025	242	4	with	with	IN
www-bis-org-8025	242	5	the	the	DT
www-bis-org-8025	242	6	length	length	NN
www-bis-org-8025	242	7	of	of	IN
www-bis-org-8025	242	8	time	time	NN
www-bis-org-8025	242	9	that	that	WDT
www-bis-org-8025	242	10	merchants	merchant	NNS
www-bis-org-8025	242	11	are	be	VBP
www-bis-org-8025	242	12	willing	willing	JJ
www-bis-org-8025	242	13	to	to	TO
www-bis-org-8025	242	14	wait	wait	VB
www-bis-org-8025	242	15	before	before	IN
www-bis-org-8025	242	16	releasing	release	VBG
www-bis-org-8025	242	17	the	the	DT
www-bis-org-8025	242	18	payment	payment	NN
www-bis-org-8025	242	19	.	.	.
www-bis-org-8025	243	1	For	for	IN
www-bis-org-8025	243	2	example	example	NN
www-bis-org-8025	243	3	,	,	,
www-bis-org-8025	243	4	if	if	IN
www-bis-org-8025	243	5	merchants	merchant	NNS
www-bis-org-8025	243	6	follow	follow	VBP
www-bis-org-8025	243	7	a	a	DT
www-bis-org-8025	243	8	rule	rule	NN
www-bis-org-8025	243	9	to	to	TO
www-bis-org-8025	243	10	release	release	VB
www-bis-org-8025	243	11	merchandise	merchandise	NN
www-bis-org-8025	243	12	after	after	IN
www-bis-org-8025	243	13	a	a	DT
www-bis-org-8025	243	14	waiting	wait	VBG
www-bis-org-8025	243	15	time	time	NN
www-bis-org-8025	243	16	of	of	IN
www-bis-org-8025	243	17	n	n	NN
www-bis-org-8025	243	18	confirmations	confirmation	NNS
www-bis-org-8025	243	19	and	and	CC
www-bis-org-8025	243	20	the	the	DT
www-bis-org-8025	243	21	attacker	attacker	NN
www-bis-org-8025	243	22	controls	control	VBZ
www-bis-org-8025	243	23	a	a	DT
www-bis-org-8025	243	24	share	share	NN
www-bis-org-8025	243	25	0	0	CD
www-bis-org-8025	243	26	<	<	XX
www-bis-org-8025	243	27	x<0.5	x<0.5	NNP
www-bis-org-8025	243	28	of	of	IN
www-bis-org-8025	243	29	the	the	DT
www-bis-org-8025	243	30	mining	mining	NN
www-bis-org-8025	243	31	power	power	NN
www-bis-org-8025	243	32	,	,	,
www-bis-org-8025	243	33	the	the	DT
www-bis-org-8025	243	34	chance	chance	NN
www-bis-org-8025	243	35	of	of	IN
www-bis-org-8025	243	36	this	this	DT
www-bis-org-8025	243	37	type	type	NN
www-bis-org-8025	243	38	of	of	IN
www-bis-org-8025	243	39	attack	attack	NN
www-bis-org-8025	243	40	succeeding	succeed	VBG
www-bis-org-8025	243	41	is	be	VBZ
www-bis-org-8025	243	42	related	relate	VBN
www-bis-org-8025	243	43	to	to	IN
www-bis-org-8025	243	44	(	(	-LRB-
www-bis-org-8025	243	45	x	x	NN
www-bis-org-8025	243	46	/	/	SYM
www-bis-org-8025	243	47	x-1)n+1.19	x-1)n+1.19	.
www-bis-org-8025	243	48	By	by	IN
www-bis-org-8025	243	49	contrast	contrast	NN
www-bis-org-8025	243	50	,	,	,
www-bis-org-8025	243	51	the	the	DT
www-bis-org-8025	243	52	economic	economic	JJ
www-bis-org-8025	243	53	notion	notion	NN
www-bis-org-8025	243	54	of	of	IN
www-bis-org-8025	243	55	payment	payment	NN
www-bis-org-8025	243	56	finality	finality	NN
www-bis-org-8025	243	57	can	can	MD
www-bis-org-8025	243	58	be	be	VB
www-bis-org-8025	243	59	defined	define	VBN
www-bis-org-8025	243	60	as	as	IN
www-bis-org-8025	243	61	follows	follow	VBZ
www-bis-org-8025	243	62	:	:	:
www-bis-org-8025	243	63	a	a	DT
www-bis-org-8025	243	64	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	243	65	payment	payment	NN
www-bis-org-8025	243	66	can	can	MD
www-bis-org-8025	243	67	be	be	VB
www-bis-org-8025	243	68	considered	consider	VBN
www-bis-org-8025	243	69	as	as	RB
www-bis-org-8025	243	70	final	final	JJ
www-bis-org-8025	243	71	once	once	IN
www-bis-org-8025	243	72	it	-PRON-	PRP
www-bis-org-8025	243	73	is	be	VBZ
www-bis-org-8025	243	74	certain	certain	JJ
www-bis-org-8025	243	75	that	that	IN
www-bis-org-8025	243	76	from	from	IN
www-bis-org-8025	243	77	a	a	DT
www-bis-org-8025	243	78	certain	certain	JJ
www-bis-org-8025	243	79	moment	moment	NN
www-bis-org-8025	243	80	of	of	IN
www-bis-org-8025	243	81	time	time	NN
www-bis-org-8025	243	82	onwards	onwards	RB
www-bis-org-8025	243	83	,	,	,
www-bis-org-8025	243	84	it	-PRON-	PRP
www-bis-org-8025	243	85	will	will	MD
www-bis-org-8025	243	86	never	never	RB
www-bis-org-8025	243	87	be	be	VB
www-bis-org-8025	243	88	profitable	profitable	JJ
www-bis-org-8025	243	89	to	to	TO
www-bis-org-8025	243	90	undo	undo	VB
www-bis-org-8025	243	91	the	the	DT
www-bis-org-8025	243	92	payment	payment	NN
www-bis-org-8025	243	93	via	via	IN
www-bis-org-8025	243	94	a	a	DT
www-bis-org-8025	243	95	double	double	JJ
www-bis-org-8025	243	96	-	-	HYPH
www-bis-org-8025	243	97	spending	spend	VBG
www-bis-org-8025	243	98	attack	attack	NN
www-bis-org-8025	243	99	.	.	.
www-bis-org-8025	244	1	Thus	thus	RB
www-bis-org-8025	244	2	,	,	,
www-bis-org-8025	244	3	to	to	TO
www-bis-org-8025	244	4	establish	establish	VB
www-bis-org-8025	244	5	payment	payment	NN
www-bis-org-8025	244	6	finality	finality	NN
www-bis-org-8025	244	7	in	in	IN
www-bis-org-8025	244	8	this	this	DT
www-bis-org-8025	244	9	way	way	NN
www-bis-org-8025	244	10	,	,	,
www-bis-org-8025	244	11	it	-PRON-	PRP
www-bis-org-8025	244	12	is	be	VBZ
www-bis-org-8025	244	13	necessary	necessary	JJ
www-bis-org-8025	244	14	to	to	TO
www-bis-org-8025	244	15	evaluate	evaluate	VB
www-bis-org-8025	244	16	what	what	WP
www-bis-org-8025	244	17	the	the	DT
www-bis-org-8025	244	18	costs	cost	NNS
www-bis-org-8025	244	19	and	and	CC
www-bis-org-8025	244	20	gains	gain	NNS
www-bis-org-8025	244	21	to	to	IN
www-bis-org-8025	244	22	a	a	DT
www-bis-org-8025	244	23	potential	potential	JJ
www-bis-org-8025	244	24	attacker	attacker	NN
www-bis-org-8025	244	25	might	may	MD
www-bis-org-8025	244	26	be	be	VB
www-bis-org-8025	244	27	.	.	.
www-bis-org-8025	245	1	In	in	IN
www-bis-org-8025	245	2	other	other	JJ
www-bis-org-8025	245	3	words	word	NNS
www-bis-org-8025	245	4	,	,	,
www-bis-org-8025	245	5	a	a	DT
www-bis-org-8025	245	6	payment	payment	NN
www-bis-org-8025	245	7	is	be	VBZ
www-bis-org-8025	245	8	considered	consider	VBN
www-bis-org-8025	245	9	safe	safe	JJ
www-bis-org-8025	245	10	from	from	IN
www-bis-org-8025	245	11	attack	attack	NN
www-bis-org-8025	245	12	as	as	RB
www-bis-org-8025	245	13	soon	soon	RB
www-bis-org-8025	245	14	as	as	IN
www-bis-org-8025	245	15	an	an	DT
www-bis-org-8025	245	16	attack	attack	NN
www-bis-org-8025	245	17	would	would	MD
www-bis-org-8025	245	18	no	no	RB
www-bis-org-8025	245	19	longer	longer	RB
www-bis-org-8025	245	20	be	be	VB
www-bis-org-8025	245	21	profitable	profitable	JJ
www-bis-org-8025	245	22	.	.	.
www-bis-org-8025	246	1	This	this	DT
www-bis-org-8025	246	2	perspective	perspective	NN
www-bis-org-8025	246	3	gives	give	VBZ
www-bis-org-8025	246	4	a	a	DT
www-bis-org-8025	246	5	radically	radically	RB
www-bis-org-8025	246	6	different	different	JJ
www-bis-org-8025	246	7	answer	answer	NN
www-bis-org-8025	246	8	as	as	IN
www-bis-org-8025	246	9	to	to	IN
www-bis-org-8025	246	10	when	when	WRB
www-bis-org-8025	246	11	a	a	DT
www-bis-org-8025	246	12	payment	payment	NN
www-bis-org-8025	246	13	can	can	MD
www-bis-org-8025	246	14	be	be	VB
www-bis-org-8025	246	15	considered	consider	VBN
www-bis-org-8025	246	16	final	final	JJ
www-bis-org-8025	246	17	compared	compare	VBN
www-bis-org-8025	246	18	to	to	IN
www-bis-org-8025	246	19	the	the	DT
www-bis-org-8025	246	20	operational	operational	JJ
www-bis-org-8025	246	21	considerations	consideration	NNS
www-bis-org-8025	246	22	in	in	IN
www-bis-org-8025	246	23	Nakamoto	Nakamoto	NNP
www-bis-org-8025	246	24	(	(	-LRB-
www-bis-org-8025	246	25	2008	2008	CD
www-bis-org-8025	246	26	)	)	-RRB-
www-bis-org-8025	246	27	(	(	-LRB-
www-bis-org-8025	246	28	see	see	VB
www-bis-org-8025	246	29	Table	table	NN
www-bis-org-8025	246	30	1	1	CD
www-bis-org-8025	246	31	for	for	IN
www-bis-org-8025	246	32	an	an	DT
www-bis-org-8025	246	33	overview	overview	NN
www-bis-org-8025	246	34	)	)	-RRB-
www-bis-org-8025	246	35	.	.	.
www-bis-org-8025	247	1	To	to	TO
www-bis-org-8025	247	2	exemplify	exemplify	VB
www-bis-org-8025	247	3	an	an	DT
www-bis-org-8025	247	4	economic	economic	JJ
www-bis-org-8025	247	5	attack	attack	NN
www-bis-org-8025	247	6	on	on	IN
www-bis-org-8025	247	7	bitcoin	bitcoin	NN
www-bis-org-8025	247	8	,	,	,
www-bis-org-8025	247	9	take	take	VB
www-bis-org-8025	247	10	the	the	DT
www-bis-org-8025	247	11	following	follow	VBG
www-bis-org-8025	247	12	stylised	stylise	VBN
www-bis-org-8025	247	13	example	example	NN
www-bis-org-8025	247	14	of	of	IN
www-bis-org-8025	247	15	an	an	DT
www-bis-org-8025	247	16	adversary	adversary	NN
www-bis-org-8025	247	17	who	who	WP
www-bis-org-8025	247	18	rents	rent	VBZ
www-bis-org-8025	247	19	mining	mining	NN
www-bis-org-8025	247	20	equipment	equipment	NN
www-bis-org-8025	247	21	for	for	IN
www-bis-org-8025	247	22	a	a	DT
www-bis-org-8025	247	23	short	short	JJ
www-bis-org-8025	247	24	period	period	NN
www-bis-org-8025	247	25	of	of	IN
www-bis-org-8025	247	26	time	time	NN
www-bis-org-8025	247	27	to	to	TO
www-bis-org-8025	247	28	conduct	conduct	VB
www-bis-org-8025	247	29	a	a	DT
www-bis-org-8025	247	30	double	double	JJ
www-bis-org-8025	247	31	-	-	HYPH
www-bis-org-8025	247	32	spending	spend	VBG
www-bis-org-8025	247	33	attack	attack	NN
www-bis-org-8025	247	34	.	.	.
www-bis-org-8025	248	1	Consider	consider	VB
www-bis-org-8025	248	2	a	a	DT
www-bis-org-8025	248	3	simple	simple	JJ
www-bis-org-8025	248	4	strategy	strategy	NN
www-bis-org-8025	248	5	to	to	TO
www-bis-org-8025	248	6	undo	undo	VB
www-bis-org-8025	248	7	all	all	DT
www-bis-org-8025	248	8	transactions	transaction	NNS
www-bis-org-8025	248	9	in	in	IN
www-bis-org-8025	248	10	block	block	NN
www-bis-org-8025	248	11	number	number	NN
www-bis-org-8025	248	12	b	b	NN
www-bis-org-8025	248	13	by	by	IN
www-bis-org-8025	248	14	renting	rent	VBG
www-bis-org-8025	248	15	computational	computational	JJ
www-bis-org-8025	248	16	equipment	equipment	NN
www-bis-org-8025	248	17	and	and	CC
www-bis-org-8025	248	18	mining	mining	NN
www-bis-org-8025	248	19	faster	fast	RBR
www-bis-org-8025	248	20	than	than	IN
www-bis-org-8025	248	21	the	the	DT
www-bis-org-8025	248	22	rest	rest	NN
www-bis-org-8025	248	23	of	of	IN
www-bis-org-8025	248	24	the	the	DT
www-bis-org-8025	248	25	network	network	NN
www-bis-org-8025	248	26	until	until	IN
www-bis-org-8025	248	27	block	block	NN
www-bis-org-8025	248	28	number	number	NN
www-bis-org-8025	248	29	b+waittime	b+waittime	NNS
www-bis-org-8025	248	30	,	,	,
www-bis-org-8025	248	31	where	where	WRB
www-bis-org-8025	248	32	waittime	waittime	NN
www-bis-org-8025	248	33	is	be	VBZ
www-bis-org-8025	248	34	the	the	DT
www-bis-org-8025	248	35	time	time	NN
www-bis-org-8025	248	36	expressed	express	VBN
www-bis-org-8025	248	37	in	in	IN
www-bis-org-8025	248	38	blocks	block	NNS
www-bis-org-8025	248	39	18	18	CD
www-bis-org-8025	248	40	This	this	DT
www-bis-org-8025	248	41	is	be	VBZ
www-bis-org-8025	248	42	not	not	RB
www-bis-org-8025	248	43	to	to	TO
www-bis-org-8025	248	44	say	say	VB
www-bis-org-8025	248	45	that	that	IN
www-bis-org-8025	248	46	errors	error	NNS
www-bis-org-8025	248	47	can	can	MD
www-bis-org-8025	248	48	not	not	RB
www-bis-org-8025	248	49	be	be	VB
www-bis-org-8025	248	50	corrected	correct	VBN
www-bis-org-8025	248	51	ex	ex	FW
www-bis-org-8025	248	52	post	post	NN
www-bis-org-8025	248	53	.	.	.
www-bis-org-8025	249	1	Erroneous	erroneous	JJ
www-bis-org-8025	249	2	payments	payment	NNS
www-bis-org-8025	249	3	can	can	MD
www-bis-org-8025	249	4	be	be	VB
www-bis-org-8025	249	5	reversed	reverse	VBN
www-bis-org-8025	249	6	via	via	IN
www-bis-org-8025	249	7	legal	legal	JJ
www-bis-org-8025	249	8	challenge	challenge	NN
www-bis-org-8025	249	9	and	and	CC
www-bis-org-8025	249	10	associated	associated	JJ
www-bis-org-8025	249	11	re	re	NNS
www-bis-org-8025	249	12	-	-	NNS
www-bis-org-8025	249	13	payments	payment	NNS
www-bis-org-8025	249	14	,	,	,
www-bis-org-8025	249	15	but	but	CC
www-bis-org-8025	249	16	this	this	DT
www-bis-org-8025	249	17	does	do	VBZ
www-bis-org-8025	249	18	not	not	RB
www-bis-org-8025	249	19	invalidate	invalidate	VB
www-bis-org-8025	249	20	the	the	DT
www-bis-org-8025	249	21	original	original	JJ
www-bis-org-8025	249	22	payment	payment	NN
www-bis-org-8025	249	23	.	.	.
www-bis-org-8025	250	1	19	19	CD
www-bis-org-8025	250	2	The	the	DT
www-bis-org-8025	250	3	chance	chance	NN
www-bis-org-8025	250	4	of	of	IN
www-bis-org-8025	250	5	an	an	DT
www-bis-org-8025	250	6	attack	attack	NN
www-bis-org-8025	250	7	succeeding	succeed	VBG
www-bis-org-8025	250	8	is	be	VBZ
www-bis-org-8025	250	9	not	not	RB
www-bis-org-8025	250	10	exactly	exactly	RB
www-bis-org-8025	250	11	equal	equal	JJ
www-bis-org-8025	250	12	to	to	IN
www-bis-org-8025	250	13	xn	xn	NNP
www-bis-org-8025	250	14	+1	+1	NNP
www-bis-org-8025	250	15	as	as	IN
www-bis-org-8025	250	16	the	the	DT
www-bis-org-8025	250	17	adversary	adversary	NN
www-bis-org-8025	250	18	might	may	MD
www-bis-org-8025	250	19	lose	lose	VB
www-bis-org-8025	250	20	ground	ground	NN
www-bis-org-8025	250	21	against	against	IN
www-bis-org-8025	250	22	the	the	DT
www-bis-org-8025	250	23	network	network	NN
www-bis-org-8025	250	24	of	of	IN
www-bis-org-8025	250	25	miners	miner	NNS
www-bis-org-8025	250	26	,	,	,
www-bis-org-8025	250	27	but	but	CC
www-bis-org-8025	250	28	eventually	eventually	RB
www-bis-org-8025	250	29	catch	catch	VBP
www-bis-org-8025	250	30	up	up	RP
www-bis-org-8025	250	31	and	and	CC
www-bis-org-8025	250	32	out	out	RB
www-bis-org-8025	250	33	-	-	:
www-bis-org-8025	250	34	mine	-PRON-	PRP
www-bis-org-8025	250	35	the	the	DT
www-bis-org-8025	250	36	network	network	NN
www-bis-org-8025	250	37	later	later	RB
www-bis-org-8025	250	38	on	on	RB
www-bis-org-8025	250	39	.	.	.
www-bis-org-8025	251	1	For	for	IN
www-bis-org-8025	251	2	example	example	NN
www-bis-org-8025	251	3	,	,	,
www-bis-org-8025	251	4	the	the	DT
www-bis-org-8025	251	5	chance	chance	NN
www-bis-org-8025	251	6	of	of	IN
www-bis-org-8025	251	7	successfully	successfully	RB
www-bis-org-8025	251	8	out	out	RB
www-bis-org-8025	251	9	-	-	HYPH
www-bis-org-8025	251	10	mining	mine	VBG
www-bis-org-8025	251	11	the	the	DT
www-bis-org-8025	251	12	rest	rest	NN
www-bis-org-8025	251	13	of	of	IN
www-bis-org-8025	251	14	the	the	DT
www-bis-org-8025	251	15	network	network	NN
www-bis-org-8025	251	16	for	for	IN
www-bis-org-8025	251	17	six	six	CD
www-bis-org-8025	251	18	blocks	block	NNS
www-bis-org-8025	251	19	is	be	VBZ
www-bis-org-8025	251	20	around	around	IN
www-bis-org-8025	251	21	5	5	CD
www-bis-org-8025	251	22	%	%	NN
www-bis-org-8025	251	23	for	for	IN
www-bis-org-8025	251	24	an	an	DT
www-bis-org-8025	251	25	adversary	adversary	NN
www-bis-org-8025	251	26	controlling	control	VBG
www-bis-org-8025	251	27	25	25	CD
www-bis-org-8025	251	28	%	%	NN
www-bis-org-8025	251	29	of	of	IN
www-bis-org-8025	251	30	the	the	DT
www-bis-org-8025	251	31	network	network	NN
www-bis-org-8025	251	32	’s	’s	POS
www-bis-org-8025	251	33	CPU	cpu	NN
www-bis-org-8025	251	34	power	power	NN
www-bis-org-8025	251	35	.	.	.
www-bis-org-8025	252	1	12	12	CD
www-bis-org-8025	252	2	WP765	WP765	NNP
www-bis-org-8025	252	3	Beyond	beyond	IN
www-bis-org-8025	252	4	the	the	DT
www-bis-org-8025	252	5	doomsday	doomsday	NNP
www-bis-org-8025	252	6	economics	economic	NNS
www-bis-org-8025	252	7	of	of	IN
www-bis-org-8025	252	8	“	"	``
www-bis-org-8025	252	9	proof	proof	NN
www-bis-org-8025	252	10	-	-	HYPH
www-bis-org-8025	252	11	of	of	IN
www-bis-org-8025	252	12	-	-	HYPH
www-bis-org-8025	252	13	work	work	NN
www-bis-org-8025	252	14	”	"	''
www-bis-org-8025	252	15	in	in	IN
www-bis-org-8025	252	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	252	17	until	until	IN
www-bis-org-8025	252	18	merchants	merchant	NNS
www-bis-org-8025	252	19	irreversibly	irreversibly	RB
www-bis-org-8025	252	20	release	release	VBP
www-bis-org-8025	252	21	the	the	DT
www-bis-org-8025	252	22	merchandise	merchandise	NN
www-bis-org-8025	252	23	plus	plus	CC
www-bis-org-8025	252	24	one	one	CD
www-bis-org-8025	252	25	block	block	NN
www-bis-org-8025	252	26	(	(	-LRB-
www-bis-org-8025	252	27	as	as	IN
www-bis-org-8025	252	28	the	the	DT
www-bis-org-8025	252	29	forged	forge	VBN
www-bis-org-8025	252	30	block	block	NN
www-bis-org-8025	252	31	chain	chain	NN
www-bis-org-8025	252	32	needs	need	VBZ
www-bis-org-8025	252	33	to	to	TO
www-bis-org-8025	252	34	be	be	VB
www-bis-org-8025	252	35	longer	long	JJR
www-bis-org-8025	252	36	than	than	IN
www-bis-org-8025	252	37	the	the	DT
www-bis-org-8025	252	38	one	one	NN
www-bis-org-8025	252	39	the	the	DT
www-bis-org-8025	252	40	rest	rest	NN
www-bis-org-8025	252	41	of	of	IN
www-bis-org-8025	252	42	the	the	DT
www-bis-org-8025	252	43	network	network	NN
www-bis-org-8025	252	44	has	have	VBZ
www-bis-org-8025	252	45	been	be	VBN
www-bis-org-8025	252	46	mining	mine	VBG
www-bis-org-8025	252	47	)	)	-RRB-
www-bis-org-8025	252	48	.	.	.
www-bis-org-8025	253	1	The	the	DT
www-bis-org-8025	253	2	cost	cost	NN
www-bis-org-8025	253	3	of	of	IN
www-bis-org-8025	253	4	an	an	DT
www-bis-org-8025	253	5	attack	attack	NN
www-bis-org-8025	253	6	would	would	MD
www-bis-org-8025	253	7	be	be	VB
www-bis-org-8025	253	8	as	as	IN
www-bis-org-8025	253	9	follows	follow	VBZ
www-bis-org-8025	253	10	:	:	:
www-bis-org-8025	253	11	if	if	IN
www-bis-org-8025	253	12	the	the	DT
www-bis-org-8025	253	13	attacker	attacker	NN
www-bis-org-8025	253	14	is	be	VBZ
www-bis-org-8025	253	15	able	able	JJ
www-bis-org-8025	253	16	to	to	TO
www-bis-org-8025	253	17	rent	rent	VB
www-bis-org-8025	253	18	equipment	equipment	NN
www-bis-org-8025	253	19	for	for	IN
www-bis-org-8025	253	20	a	a	DT
www-bis-org-8025	253	21	ℎ	ℎ	NN
www-bis-org-8025	253	22	ℎ	ℎ	NN
www-bis-org-8025	253	23	(	(	-LRB-
www-bis-org-8025	253	24	which	which	WDT
www-bis-org-8025	253	25	would	would	MD
www-bis-org-8025	253	26	likely	likely	RB
www-bis-org-8025	253	27	exceed	exceed	VB
www-bis-org-8025	253	28	the	the	DT
www-bis-org-8025	253	29	previously	previously	RB
www-bis-org-8025	253	30	introduced	introduce	VBN
www-bis-org-8025	253	31	ℎ	ℎ	NN
www-bis-org-8025	253	32	of	of	IN
www-bis-org-8025	253	33	normal	normal	JJ
www-bis-org-8025	253	34	miners	miner	NNS
www-bis-org-8025	253	35	)	)	-RRB-
www-bis-org-8025	253	36	,	,	,
www-bis-org-8025	253	37	the	the	DT
www-bis-org-8025	253	38	expected	expect	VBN
www-bis-org-8025	253	39	cost	cost	NN
www-bis-org-8025	253	40	to	to	TO
www-bis-org-8025	253	41	forge	forge	VB
www-bis-org-8025	253	42	a	a	DT
www-bis-org-8025	253	43	blockchain	blockchain	NN
www-bis-org-8025	253	44	from	from	IN
www-bis-org-8025	253	45	block	block	NNP
www-bis-org-8025	253	46	b	b	NNP
www-bis-org-8025	253	47	onwards	onwards	RB
www-bis-org-8025	253	48	and	and	CC
www-bis-org-8025	253	49	until	until	IN
www-bis-org-8025	253	50	block	block	NN
www-bis-org-8025	253	51	b+waittime	b+waittime	NNS
www-bis-org-8025	253	52	is	be	VBZ
www-bis-org-8025	253	53	equal	equal	JJ
www-bis-org-8025	253	54	to20	to20	NN
www-bis-org-8025	253	55	=	=	SYM
www-bis-org-8025	253	56	ℎ	ℎ	FW
www-bis-org-8025	253	57	ℎ	ℎ	NN
www-bis-org-8025	253	58	∗	∗	NNP
www-bis-org-8025	253	59	∑	∑	.
www-bis-org-8025	253	60	(	(	-LRB-
www-bis-org-8025	253	61	4	4	LS
www-bis-org-8025	253	62	)	)	-RRB-
www-bis-org-8025	253	63	Inserting	insert	VBG
www-bis-org-8025	253	64	the	the	DT
www-bis-org-8025	253	65	free	free	JJ
www-bis-org-8025	253	66	entry	entry	NN
www-bis-org-8025	253	67	condition	condition	NN
www-bis-org-8025	253	68	(	(	-LRB-
www-bis-org-8025	253	69	3	3	LS
www-bis-org-8025	253	70	)	)	-RRB-
www-bis-org-8025	253	71	that	that	WDT
www-bis-org-8025	253	72	relates	relate	VBZ
www-bis-org-8025	253	73	the	the	DT
www-bis-org-8025	253	74	mining	mining	NN
www-bis-org-8025	253	75	difficulty	difficulty	NN
www-bis-org-8025	253	76	to	to	IN
www-bis-org-8025	253	77	mining	mining	NN
www-bis-org-8025	253	78	income	income	NN
www-bis-org-8025	253	79	yields	yield	NNS
www-bis-org-8025	253	80	that	that	IN
www-bis-org-8025	253	81	the	the	DT
www-bis-org-8025	253	82	cost	cost	NN
www-bis-org-8025	253	83	of	of	IN
www-bis-org-8025	253	84	an	an	DT
www-bis-org-8025	253	85	attack	attack	NN
www-bis-org-8025	253	86	increases	increase	VBZ
www-bis-org-8025	253	87	with	with	IN
www-bis-org-8025	253	88	the	the	DT
www-bis-org-8025	253	89	waiting	wait	VBG
www-bis-org-8025	253	90	time	time	NN
www-bis-org-8025	253	91	(	(	-LRB-
www-bis-org-8025	253	92	ie	ie	PRP$
www-bis-org-8025	253	93	how	how	WRB
www-bis-org-8025	253	94	long	long	RB
www-bis-org-8025	253	95	any	any	DT
www-bis-org-8025	253	96	forged	forge	VBN
www-bis-org-8025	253	97	block	block	NN
www-bis-org-8025	253	98	chain	chain	NN
www-bis-org-8025	253	99	would	would	MD
www-bis-org-8025	253	100	have	have	VB
www-bis-org-8025	253	101	to	to	TO
www-bis-org-8025	253	102	be	be	VB
www-bis-org-8025	253	103	to	to	TO
www-bis-org-8025	253	104	20	20	CD
www-bis-org-8025	253	105	Note	note	VB
www-bis-org-8025	253	106	that	that	IN
www-bis-org-8025	253	107	,	,	,
www-bis-org-8025	253	108	in	in	IN
www-bis-org-8025	253	109	this	this	DT
www-bis-org-8025	253	110	attack	attack	NN
www-bis-org-8025	253	111	vector	vector	NN
www-bis-org-8025	253	112	,	,	,
www-bis-org-8025	253	113	it	-PRON-	PRP
www-bis-org-8025	253	114	is	be	VBZ
www-bis-org-8025	253	115	crucially	crucially	RB
www-bis-org-8025	253	116	assumed	assume	VBN
www-bis-org-8025	253	117	that	that	IN
www-bis-org-8025	253	118	attackers	attacker	NNS
www-bis-org-8025	253	119	can	can	MD
www-bis-org-8025	253	120	rent	rent	VB
www-bis-org-8025	253	121	any	any	DT
www-bis-org-8025	253	122	equipment	equipment	NN
www-bis-org-8025	253	123	they	-PRON-	PRP
www-bis-org-8025	253	124	want	want	VBP
www-bis-org-8025	253	125	at	at	IN
www-bis-org-8025	253	126	a	a	DT
www-bis-org-8025	253	127	stated	stated	JJ
www-bis-org-8025	253	128	price	price	NN
www-bis-org-8025	253	129	.	.	.
www-bis-org-8025	254	1	The	the	DT
www-bis-org-8025	254	2	attack	attack	NN
www-bis-org-8025	254	3	vector	vector	NN
www-bis-org-8025	254	4	is	be	VBZ
www-bis-org-8025	254	5	thus	thus	RB
www-bis-org-8025	254	6	certain	certain	JJ
www-bis-org-8025	254	7	to	to	TO
www-bis-org-8025	254	8	succeed	succeed	VB
www-bis-org-8025	254	9	.	.	.
www-bis-org-8025	255	1	The	the	DT
www-bis-org-8025	255	2	calculations	calculation	NNS
www-bis-org-8025	255	3	also	also	RB
www-bis-org-8025	255	4	assume	assume	VBP
www-bis-org-8025	255	5	that	that	IN
www-bis-org-8025	255	6	the	the	DT
www-bis-org-8025	255	7	difficulty	difficulty	NN
www-bis-org-8025	255	8	is	be	VBZ
www-bis-org-8025	255	9	determined	determine	VBN
www-bis-org-8025	255	10	instantaneously	instantaneously	RB
www-bis-org-8025	255	11	and	and	CC
www-bis-org-8025	255	12	constantly	constantly	RB
www-bis-org-8025	255	13	for	for	IN
www-bis-org-8025	255	14	the	the	DT
www-bis-org-8025	255	15	subsequent	subsequent	JJ
www-bis-org-8025	255	16	blocks	block	NNS
www-bis-org-8025	255	17	.	.	.
www-bis-org-8025	256	1	Approaches	approach	NNS
www-bis-org-8025	256	2	to	to	TO
www-bis-org-8025	256	3	payment	payment	NN
www-bis-org-8025	256	4	finality	finality	NN
www-bis-org-8025	256	5	:	:	:
www-bis-org-8025	256	6	legal	legal	JJ
www-bis-org-8025	256	7	,	,	,
www-bis-org-8025	256	8	operational	operational	JJ
www-bis-org-8025	256	9	,	,	,
www-bis-org-8025	256	10	and	and	CC
www-bis-org-8025	256	11	economic	economic	JJ
www-bis-org-8025	256	12	definitions	definition	NNS
www-bis-org-8025	256	13	Table	table	NN
www-bis-org-8025	256	14	1	1	CD
www-bis-org-8025	256	15	Legal	legal	JJ
www-bis-org-8025	256	16	finality	finality	NN
www-bis-org-8025	256	17	Concept	concept	NN
www-bis-org-8025	256	18	:	:	:
www-bis-org-8025	256	19	Legal	legal	JJ
www-bis-org-8025	256	20	or	or	CC
www-bis-org-8025	256	21	procedural	procedural	JJ
www-bis-org-8025	256	22	definition	definition	NN
www-bis-org-8025	256	23	Logic	logic	NN
www-bis-org-8025	256	24	:	:	:
www-bis-org-8025	256	25	A	a	DT
www-bis-org-8025	256	26	transaction	transaction	NN
www-bis-org-8025	256	27	is	be	VBZ
www-bis-org-8025	256	28	considered	consider	VBN
www-bis-org-8025	256	29	final	final	JJ
www-bis-org-8025	256	30	once	once	IN
www-bis-org-8025	256	31	specific	specific	JJ
www-bis-org-8025	256	32	legal	legal	JJ
www-bis-org-8025	256	33	requirements	requirement	NNS
www-bis-org-8025	256	34	have	have	VBP
www-bis-org-8025	256	35	been	be	VBN
www-bis-org-8025	256	36	met	meet	VBN
www-bis-org-8025	256	37	implying	imply	VBG
www-bis-org-8025	256	38	that	that	IN
www-bis-org-8025	256	39	a	a	DT
www-bis-org-8025	256	40	transfer	transfer	NN
www-bis-org-8025	256	41	is	be	VBZ
www-bis-org-8025	256	42	unconditional	unconditional	JJ
www-bis-org-8025	256	43	and	and	CC
www-bis-org-8025	256	44	irrevocable	irrevocable	JJ
www-bis-org-8025	256	45	even	even	RB
www-bis-org-8025	256	46	if	if	IN
www-bis-org-8025	256	47	one	one	CD
www-bis-org-8025	256	48	of	of	IN
www-bis-org-8025	256	49	the	the	DT
www-bis-org-8025	256	50	involved	involved	JJ
www-bis-org-8025	256	51	parties	party	NNS
www-bis-org-8025	256	52	becomes	become	VBZ
www-bis-org-8025	256	53	insolvent	insolvent	JJ
www-bis-org-8025	256	54	or	or	CC
www-bis-org-8025	256	55	enters	enter	VBZ
www-bis-org-8025	256	56	into	into	IN
www-bis-org-8025	256	57	bankruptcy	bankruptcy	NN
www-bis-org-8025	256	58	(	(	-LRB-
www-bis-org-8025	256	59	see	see	VB
www-bis-org-8025	256	60	CPMI	CPMI	NNP
www-bis-org-8025	256	61	-	-	HYPH
www-bis-org-8025	256	62	IOSCO	IOSCO	NNP
www-bis-org-8025	256	63	(	(	-LRB-
www-bis-org-8025	256	64	2012	2012	CD
www-bis-org-8025	256	65	)	)	-RRB-
www-bis-org-8025	256	66	)	)	-RRB-
www-bis-org-8025	256	67	.	.	.
www-bis-org-8025	257	1	Criterion	criterion	NN
www-bis-org-8025	257	2	:	:	:
www-bis-org-8025	257	3	The	the	DT
www-bis-org-8025	257	4	specific	specific	JJ
www-bis-org-8025	257	5	criteria	criterion	NNS
www-bis-org-8025	257	6	for	for	IN
www-bis-org-8025	257	7	settlement	settlement	NN
www-bis-org-8025	257	8	finality	finality	NN
www-bis-org-8025	257	9	differ	differ	VBP
www-bis-org-8025	257	10	by	by	IN
www-bis-org-8025	257	11	jurisdiction	jurisdiction	NN
www-bis-org-8025	257	12	,	,	,
www-bis-org-8025	257	13	involved	involved	JJ
www-bis-org-8025	257	14	counterparties	counterpartie	NNS
www-bis-org-8025	257	15	,	,	,
www-bis-org-8025	257	16	mode	mode	NN
www-bis-org-8025	257	17	of	of	IN
www-bis-org-8025	257	18	payment	payment	NN
www-bis-org-8025	257	19	,	,	,
www-bis-org-8025	257	20	and	and	CC
www-bis-org-8025	257	21	asset	asset	NN
www-bis-org-8025	257	22	class	class	NN
www-bis-org-8025	257	23	(	(	-LRB-
www-bis-org-8025	257	24	see	see	VB
www-bis-org-8025	257	25	CPMI	CPMI	NNP
www-bis-org-8025	257	26	(	(	-LRB-
www-bis-org-8025	257	27	2012	2012	CD
www-bis-org-8025	257	28	)	)	-RRB-
www-bis-org-8025	257	29	for	for	IN
www-bis-org-8025	257	30	examples	example	NNS
www-bis-org-8025	257	31	)	)	-RRB-
www-bis-org-8025	257	32	.	.	.
www-bis-org-8025	258	1	Operational	operational	JJ
www-bis-org-8025	258	2	/	/	SYM
www-bis-org-8025	258	3	probabilistic	probabilistic	JJ
www-bis-org-8025	258	4	finality	finality	NN
www-bis-org-8025	258	5	Concept	Concept	NNP
www-bis-org-8025	258	6	:	:	:
www-bis-org-8025	258	7	Probabilistic	probabilistic	NN
www-bis-org-8025	258	8	–	–	:
www-bis-org-8025	258	9	no	no	DT
www-bis-org-8025	258	10	formal	formal	JJ
www-bis-org-8025	258	11	definition	definition	NN
www-bis-org-8025	258	12	of	of	IN
www-bis-org-8025	258	13	finality	finality	NN
www-bis-org-8025	258	14	,	,	,
www-bis-org-8025	258	15	only	only	RB
www-bis-org-8025	258	16	the	the	DT
www-bis-org-8025	258	17	idea	idea	NN
www-bis-org-8025	258	18	that	that	IN
www-bis-org-8025	258	19	a	a	DT
www-bis-org-8025	258	20	transaction	transaction	NN
www-bis-org-8025	258	21	buried	bury	VBN
www-bis-org-8025	258	22	“	"	``
www-bis-org-8025	258	23	deep	deep	JJ
www-bis-org-8025	258	24	”	"	''
www-bis-org-8025	258	25	in	in	IN
www-bis-org-8025	258	26	the	the	DT
www-bis-org-8025	258	27	ledger	ledger	NNP
www-bis-org-8025	258	28	is	be	VBZ
www-bis-org-8025	258	29	unlikely	unlikely	JJ
www-bis-org-8025	258	30	to	to	TO
www-bis-org-8025	258	31	be	be	VB
www-bis-org-8025	258	32	reversed	reverse	VBN
www-bis-org-8025	258	33	.	.	.
www-bis-org-8025	259	1	Logic	logic	NN
www-bis-org-8025	259	2	:	:	:
www-bis-org-8025	259	3	If	if	IN
www-bis-org-8025	259	4	an	an	DT
www-bis-org-8025	259	5	adversary	adversary	NN
www-bis-org-8025	259	6	controls	control	VBZ
www-bis-org-8025	259	7	a	a	DT
www-bis-org-8025	259	8	given	give	VBN
www-bis-org-8025	259	9	share	share	NN
www-bis-org-8025	259	10	of	of	IN
www-bis-org-8025	259	11	the	the	DT
www-bis-org-8025	259	12	total	total	JJ
www-bis-org-8025	259	13	mining	mining	NN
www-bis-org-8025	259	14	power	power	NN
www-bis-org-8025	259	15	and	and	CC
www-bis-org-8025	259	16	merchants	merchant	NNS
www-bis-org-8025	259	17	wait	wait	VBP
www-bis-org-8025	259	18	for	for	IN
www-bis-org-8025	259	19	Waittime	Waittime	NNP
www-bis-org-8025	259	20	blocks	block	NNS
www-bis-org-8025	259	21	before	before	IN
www-bis-org-8025	259	22	shipping	shipping	NN
www-bis-org-8025	259	23	goods	good	NNS
www-bis-org-8025	259	24	,	,	,
www-bis-org-8025	259	25	the	the	DT
www-bis-org-8025	259	26	probability	probability	NN
www-bis-org-8025	259	27	can	can	MD
www-bis-org-8025	259	28	be	be	VB
www-bis-org-8025	259	29	calculated	calculate	VBN
www-bis-org-8025	259	30	that	that	IN
www-bis-org-8025	259	31	the	the	DT
www-bis-org-8025	259	32	adversary	adversary	NN
www-bis-org-8025	259	33	can	can	MD
www-bis-org-8025	259	34	mine	mine	VB
www-bis-org-8025	259	35	enough	enough	JJ
www-bis-org-8025	259	36	blocks	block	NNS
www-bis-org-8025	259	37	to	to	TO
www-bis-org-8025	259	38	overtake	overtake	VB
www-bis-org-8025	259	39	the	the	DT
www-bis-org-8025	259	40	rest	rest	NN
www-bis-org-8025	259	41	of	of	IN
www-bis-org-8025	259	42	the	the	DT
www-bis-org-8025	259	43	network	network	NN
www-bis-org-8025	259	44	of	of	IN
www-bis-org-8025	259	45	miners	miner	NNS
www-bis-org-8025	259	46	and	and	CC
www-bis-org-8025	259	47	undo	undo	VB
www-bis-org-8025	259	48	a	a	DT
www-bis-org-8025	259	49	payment	payment	NN
www-bis-org-8025	259	50	via	via	IN
www-bis-org-8025	259	51	the	the	DT
www-bis-org-8025	259	52	release	release	NN
www-bis-org-8025	259	53	of	of	IN
www-bis-org-8025	259	54	a	a	DT
www-bis-org-8025	259	55	longer	long	JJR
www-bis-org-8025	259	56	blockchain	blockchain	NNP
www-bis-org-8025	259	57	.	.	.
www-bis-org-8025	260	1	Formula	formula	NN
www-bis-org-8025	260	2	for	for	IN
www-bis-org-8025	260	3	likelihood	likelihood	NN
www-bis-org-8025	260	4	of	of	IN
www-bis-org-8025	260	5	finality	finality	NN
www-bis-org-8025	260	6	(	(	-LRB-
www-bis-org-8025	260	7	from	from	IN
www-bis-org-8025	260	8	Nakamoto	Nakamoto	NNP
www-bis-org-8025	260	9	(	(	-LRB-
www-bis-org-8025	260	10	2008	2008	CD
www-bis-org-8025	260	11	)	)	-RRB-
www-bis-org-8025	260	12	)	)	-RRB-
www-bis-org-8025	260	13	:	:	:
www-bis-org-8025	260	14	1	1	CD
www-bis-org-8025	260	15	−	−	NNP
www-bis-org-8025	260	16	!	!	.
www-bis-org-8025	261	1	1	1	CD
www-bis-org-8025	261	2	−	−	NNP
www-bis-org-8025	261	3	1	1	CD
www-bis-org-8025	261	4	−	−	NNP
www-bis-org-8025	261	5	)	)	-RRB-
www-bis-org-8025	261	6	Parameters	parameter	NNS
www-bis-org-8025	261	7	:	:	:
www-bis-org-8025	261	8	-	-	:
www-bis-org-8025	261	9	Share	share	VB
www-bis-org-8025	261	10	x	x	NNS
www-bis-org-8025	261	11	(	(	-LRB-
www-bis-org-8025	261	12	0	0	NFP
www-bis-org-8025	261	13	<	<	XX
www-bis-org-8025	261	14	x<50	x<50	NNP
www-bis-org-8025	261	15	%	%	NN
www-bis-org-8025	261	16	)	)	-RRB-
www-bis-org-8025	261	17	of	of	IN
www-bis-org-8025	261	18	the	the	DT
www-bis-org-8025	261	19	network	network	NN
www-bis-org-8025	261	20	’s	’s	POS
www-bis-org-8025	261	21	hashing	hash	VBG
www-bis-org-8025	261	22	capacity	capacity	NN
www-bis-org-8025	261	23	that	that	WDT
www-bis-org-8025	261	24	is	be	VBZ
www-bis-org-8025	261	25	controlled	control	VBN
www-bis-org-8025	261	26	by	by	IN
www-bis-org-8025	261	27	the	the	DT
www-bis-org-8025	261	28	adversary	adversary	NN
www-bis-org-8025	261	29	.	.	.
www-bis-org-8025	262	1	-	-	:
www-bis-org-8025	262	2	Merchants	Merchants	NNPS
www-bis-org-8025	262	3	wait	wait	VBP
www-bis-org-8025	262	4	for	for	IN
www-bis-org-8025	262	5	Waittime	Waittime	NNP
www-bis-org-8025	262	6	blocks	block	NNS
www-bis-org-8025	262	7	until	until	IN
www-bis-org-8025	262	8	goods	good	NNS
www-bis-org-8025	262	9	are	be	VBP
www-bis-org-8025	262	10	shipped	ship	VBN
www-bis-org-8025	262	11	.	.	.
www-bis-org-8025	263	1	Economic	economic	JJ
www-bis-org-8025	263	2	finality	finality	NN
www-bis-org-8025	263	3	Concept	concept	NN
www-bis-org-8025	263	4	:	:	:
www-bis-org-8025	263	5	Incentives	incentive	NNS
www-bis-org-8025	263	6	–	–	:
www-bis-org-8025	263	7	a	a	DT
www-bis-org-8025	263	8	transaction	transaction	NN
www-bis-org-8025	263	9	is	be	VBZ
www-bis-org-8025	263	10	final	final	JJ
www-bis-org-8025	263	11	once	once	IN
www-bis-org-8025	263	12	it	-PRON-	PRP
www-bis-org-8025	263	13	is	be	VBZ
www-bis-org-8025	263	14	no	no	RB
www-bis-org-8025	263	15	longer	long	RBR
www-bis-org-8025	263	16	profitable	profitable	JJ
www-bis-org-8025	263	17	to	to	TO
www-bis-org-8025	263	18	reverse	reverse	VB
www-bis-org-8025	263	19	it	-PRON-	PRP
www-bis-org-8025	263	20	.	.	.
www-bis-org-8025	264	1	Logic	logic	NN
www-bis-org-8025	264	2	:	:	:
www-bis-org-8025	264	3	If	if	IN
www-bis-org-8025	264	4	potential	potential	JJ
www-bis-org-8025	264	5	attackers	attacker	NNS
www-bis-org-8025	264	6	can	can	MD
www-bis-org-8025	264	7	rent	rent	VB
www-bis-org-8025	264	8	mining	mining	NN
www-bis-org-8025	264	9	equipment	equipment	NN
www-bis-org-8025	264	10	on	on	IN
www-bis-org-8025	264	11	a	a	DT
www-bis-org-8025	264	12	short	short	JJ
www-bis-org-8025	264	13	-	-	HYPH
www-bis-org-8025	264	14	term	term	NN
www-bis-org-8025	264	15	basis	basis	NN
www-bis-org-8025	264	16	,	,	,
www-bis-org-8025	264	17	how	how	WRB
www-bis-org-8025	264	18	long	long	RB
www-bis-org-8025	264	19	do	do	VBP
www-bis-org-8025	264	20	merchants	merchant	NNS
www-bis-org-8025	264	21	have	have	VB
www-bis-org-8025	264	22	to	to	TO
www-bis-org-8025	264	23	wait	wait	VB
www-bis-org-8025	264	24	until	until	IN
www-bis-org-8025	264	25	is	be	VBZ
www-bis-org-8025	264	26	unprofitable	unprofitable	JJ
www-bis-org-8025	264	27	to	to	TO
www-bis-org-8025	264	28	undo	undo	VB
www-bis-org-8025	264	29	the	the	DT
www-bis-org-8025	264	30	payment	payment	NN
www-bis-org-8025	264	31	via	via	IN
www-bis-org-8025	264	32	a	a	DT
www-bis-org-8025	264	33	double-	double-	NN
www-bis-org-8025	264	34	spending	spend	VBG
www-bis-org-8025	264	35	attack	attack	NN
www-bis-org-8025	264	36	?	?	.
www-bis-org-8025	265	1	Formula	formula	NN
www-bis-org-8025	265	2	:	:	:
www-bis-org-8025	265	3	see	see	VB
www-bis-org-8025	265	4	equation	equation	NN
www-bis-org-8025	265	5	(	(	-LRB-
www-bis-org-8025	265	6	7	7	CD
www-bis-org-8025	265	7	)	)	-RRB-
www-bis-org-8025	265	8	:	:	:
www-bis-org-8025	265	9	>	>	XX
www-bis-org-8025	265	10	ℎ	ℎ	NN
www-bis-org-8025	265	11	ℎ	ℎ	NN
www-bis-org-8025	265	12	ℎ	ℎ	NN
www-bis-org-8025	265	13	ℎ	ℎ	NN
www-bis-org-8025	265	14	1	1	CD
www-bis-org-8025	265	15	−	−	NNP
www-bis-org-8025	265	16	Π	π	CD
www-bis-org-8025	265	17	)	)	-RRB-
www-bis-org-8025	265	18	−	−	NNP
www-bis-org-8025	265	19	1	1	CD
www-bis-org-8025	265	20	Parameters	parameter	NNS
www-bis-org-8025	265	21	:	:	:
www-bis-org-8025	265	22	-	-	:
www-bis-org-8025	265	23	Ratio	ratio	NN
www-bis-org-8025	265	24	of	of	IN
www-bis-org-8025	265	25	miner	miner	NN
www-bis-org-8025	265	26	’s	’s	POS
www-bis-org-8025	265	27	income	income	NN
www-bis-org-8025	265	28	compared	compare	VBN
www-bis-org-8025	265	29	to	to	IN
www-bis-org-8025	265	30	transaction	transaction	NN
www-bis-org-8025	265	31	volume	volume	NN
www-bis-org-8025	265	32	.	.	.
www-bis-org-8025	266	1	-	-	:
www-bis-org-8025	266	2	Adversary	adversary	NN
www-bis-org-8025	266	3	cost	cost	NN
www-bis-org-8025	266	4	disadvantage	disadvantage	NN
www-bis-org-8025	266	5	for	for	IN
www-bis-org-8025	266	6	short	short	JJ
www-bis-org-8025	266	7	-	-	HYPH
www-bis-org-8025	266	8	term	term	NN
www-bis-org-8025	266	9	mining	mining	NN
www-bis-org-8025	266	10	equipment	equipment	NN
www-bis-org-8025	266	11	rentals	rental	NNS
www-bis-org-8025	266	12	.	.	.
www-bis-org-8025	267	1	-	-	:
www-bis-org-8025	267	2	Price	price	NN
www-bis-org-8025	267	3	decline	decline	NN
www-bis-org-8025	267	4	following	follow	VBG
www-bis-org-8025	267	5	successful	successful	JJ
www-bis-org-8025	267	6	attacks	attack	NNS
www-bis-org-8025	267	7	.	.	.
www-bis-org-8025	268	1	-	-	:
www-bis-org-8025	268	2	Probability	probability	NN
www-bis-org-8025	268	3	of	of	IN
www-bis-org-8025	268	4	social	social	JJ
www-bis-org-8025	268	5	coordination	coordination	NN
www-bis-org-8025	268	6	to	to	TO
www-bis-org-8025	268	7	undo	undo	VB
www-bis-org-8025	268	8	a	a	DT
www-bis-org-8025	268	9	double	double	JJ
www-bis-org-8025	268	10	-	-	HYPH
www-bis-org-8025	268	11	spending	spend	VBG
www-bis-org-8025	268	12	attack	attack	NN
www-bis-org-8025	268	13	.	.	.
www-bis-org-8025	269	1	Sources	source	NNS
www-bis-org-8025	269	2	:	:	:
www-bis-org-8025	269	3	Nakamoto	Nakamoto	NNP
www-bis-org-8025	269	4	(	(	-LRB-
www-bis-org-8025	269	5	2008	2008	CD
www-bis-org-8025	269	6	)	)	-RRB-
www-bis-org-8025	269	7	;	;	:
www-bis-org-8025	269	8	author	author	NN
www-bis-org-8025	269	9	’s	’s	POS
www-bis-org-8025	269	10	calculations	calculation	NNS
www-bis-org-8025	269	11	.	.	.
www-bis-org-8025	270	1	WP765	WP765	NNP
www-bis-org-8025	270	2	Beyond	beyond	IN
www-bis-org-8025	270	3	the	the	DT
www-bis-org-8025	270	4	doomsday	doomsday	NNP
www-bis-org-8025	270	5	economics	economic	NNS
www-bis-org-8025	270	6	of	of	IN
www-bis-org-8025	270	7	“	"	``
www-bis-org-8025	270	8	proof	proof	NN
www-bis-org-8025	270	9	-	-	HYPH
www-bis-org-8025	270	10	of	of	IN
www-bis-org-8025	270	11	-	-	HYPH
www-bis-org-8025	270	12	work	work	NN
www-bis-org-8025	270	13	”	"	''
www-bis-org-8025	270	14	in	in	IN
www-bis-org-8025	270	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	270	16	13	13	CD
www-bis-org-8025	270	17	convince	convince	NN
www-bis-org-8025	270	18	counterparties	counterpartie	NNS
www-bis-org-8025	270	19	to	to	TO
www-bis-org-8025	270	20	release	release	VB
www-bis-org-8025	270	21	the	the	DT
www-bis-org-8025	270	22	merchandise	merchandise	NN
www-bis-org-8025	270	23	)	)	-RRB-
www-bis-org-8025	270	24	,	,	,
www-bis-org-8025	270	25	with	with	IN
www-bis-org-8025	270	26	the	the	DT
www-bis-org-8025	270	27	attacker	attacker	NN
www-bis-org-8025	270	28	’s	’s	POS
www-bis-org-8025	270	29	cost	cost	NN
www-bis-org-8025	270	30	disadvantage	disadvantage	NN
www-bis-org-8025	270	31	,	,	,
www-bis-org-8025	270	32	and	and	CC
www-bis-org-8025	270	33	with	with	IN
www-bis-org-8025	270	34	the	the	DT
www-bis-org-8025	270	35	revenues	revenue	NNS
www-bis-org-8025	270	36	from	from	IN
www-bis-org-8025	270	37	mining	mining	NN
www-bis-org-8025	270	38	:	:	:
www-bis-org-8025	270	39	=	=	NFP
www-bis-org-8025	270	40	∗	∗	NNP
www-bis-org-8025	270	41	∗	∗	NNP
www-bis-org-8025	270	42	∑	∑	.
www-bis-org-8025	270	43	(	(	-LRB-
www-bis-org-8025	270	44	5	5	CD
www-bis-org-8025	270	45	)	)	-RRB-
www-bis-org-8025	270	46	Equation	Equation	NNP
www-bis-org-8025	270	47	(	(	-LRB-
www-bis-org-8025	270	48	5	5	CD
www-bis-org-8025	270	49	)	)	-RRB-
www-bis-org-8025	270	50	shows	show	VBZ
www-bis-org-8025	270	51	that	that	IN
www-bis-org-8025	270	52	the	the	DT
www-bis-org-8025	270	53	higher	high	JJR
www-bis-org-8025	270	54	the	the	DT
www-bis-org-8025	270	55	miner	miner	NN
www-bis-org-8025	270	56	’s	’s	POS
www-bis-org-8025	270	57	income	income	NN
www-bis-org-8025	270	58	per	per	IN
www-bis-org-8025	270	59	block	block	NN
www-bis-org-8025	270	60	is	be	VBZ
www-bis-org-8025	270	61	,	,	,
www-bis-org-8025	270	62	the	the	DT
www-bis-org-8025	270	63	higher	high	JJR
www-bis-org-8025	270	64	are	be	VBP
www-bis-org-8025	270	65	the	the	DT
www-bis-org-8025	270	66	equilibrium	equilibrium	NN
www-bis-org-8025	270	67	expenses	expense	NNS
www-bis-org-8025	270	68	that	that	IN
www-bis-org-8025	270	69	an	an	DT
www-bis-org-8025	270	70	adversary	adversary	NN
www-bis-org-8025	270	71	would	would	MD
www-bis-org-8025	270	72	need	need	VB
www-bis-org-8025	270	73	to	to	TO
www-bis-org-8025	270	74	incur	incur	VB
www-bis-org-8025	270	75	in	in	IN
www-bis-org-8025	270	76	order	order	NN
www-bis-org-8025	270	77	to	to	TO
www-bis-org-8025	270	78	forge	forge	VB
www-bis-org-8025	270	79	the	the	DT
www-bis-org-8025	270	80	blockchain	blockchain	NN
www-bis-org-8025	270	81	.	.	.
www-bis-org-8025	271	1	On	on	IN
www-bis-org-8025	271	2	the	the	DT
www-bis-org-8025	271	3	other	other	JJ
www-bis-org-8025	271	4	hand	hand	NN
www-bis-org-8025	271	5	,	,	,
www-bis-org-8025	271	6	the	the	DT
www-bis-org-8025	271	7	gain	gain	NN
www-bis-org-8025	271	8	from	from	IN
www-bis-org-8025	271	9	an	an	DT
www-bis-org-8025	271	10	attack	attack	NN
www-bis-org-8025	271	11	is	be	VBZ
www-bis-org-8025	271	12	not	not	RB
www-bis-org-8025	271	13	only	only	RB
www-bis-org-8025	271	14	the	the	DT
www-bis-org-8025	271	15	double	double	RB
www-bis-org-8025	271	16	-	-	HYPH
www-bis-org-8025	271	17	spent	spend	VBN
www-bis-org-8025	271	18	coins	coin	NNS
www-bis-org-8025	271	19	(	(	-LRB-
www-bis-org-8025	271	20	the	the	DT
www-bis-org-8025	271	21	sum	sum	NN
www-bis-org-8025	271	22	of	of	IN
www-bis-org-8025	271	23	all	all	DT
www-bis-org-8025	271	24	transactions	transaction	NNS
www-bis-org-8025	271	25	t	t	NNP
www-bis-org-8025	271	26	in	in	IN
www-bis-org-8025	271	27	block	block	NNP
www-bis-org-8025	271	28	b	b	NNP
www-bis-org-8025	271	29	,	,	,
www-bis-org-8025	271	30	∑	∑	.
www-bis-org-8025	271	31	)	)	-RRB-
www-bis-org-8025	271	32	,	,	,
www-bis-org-8025	271	33	but	but	CC
www-bis-org-8025	271	34	also	also	RB
www-bis-org-8025	271	35	the	the	DT
www-bis-org-8025	271	36	mining	mining	NN
www-bis-org-8025	271	37	income	income	NN
www-bis-org-8025	271	38	(	(	-LRB-
www-bis-org-8025	271	39	block	block	NN
www-bis-org-8025	271	40	rewards	reward	NNS
www-bis-org-8025	271	41	plus	plus	CC
www-bis-org-8025	271	42	transaction	transaction	NN
www-bis-org-8025	271	43	fees	fee	NNS
www-bis-org-8025	271	44	)	)	-RRB-
www-bis-org-8025	271	45	for	for	IN
www-bis-org-8025	271	46	the	the	DT
www-bis-org-8025	271	47	forged	forge	VBN
www-bis-org-8025	271	48	wait	wait	NN
www-bis-org-8025	271	49	-	-	HYPH
www-bis-org-8025	271	50	time	time	NN
www-bis-org-8025	271	51	blocks	block	NNS
www-bis-org-8025	271	52	.	.	.
www-bis-org-8025	272	1	The	the	DT
www-bis-org-8025	272	2	gain	gain	NN
www-bis-org-8025	272	3	from	from	IN
www-bis-org-8025	272	4	this	this	DT
www-bis-org-8025	272	5	economic	economic	JJ
www-bis-org-8025	272	6	attack	attack	NN
www-bis-org-8025	272	7	is	be	VBZ
www-bis-org-8025	272	8	thus	thus	RB
www-bis-org-8025	272	9	=	=	SYM
www-bis-org-8025	272	10	1	1	CD
www-bis-org-8025	272	11	−	−	NNP
www-bis-org-8025	272	12	Π	π	CD
www-bis-org-8025	272	13	)	)	-RRB-
www-bis-org-8025	272	14	∑	∑	.
www-bis-org-8025	272	15	+	+	XX
www-bis-org-8025	272	16	∑	∑	.
www-bis-org-8025	272	17	(	(	-LRB-
www-bis-org-8025	272	18	6	6	CD
www-bis-org-8025	272	19	)	)	-RRB-
www-bis-org-8025	272	20	One	one	CD
www-bis-org-8025	272	21	important	important	JJ
www-bis-org-8025	272	22	thing	thing	NN
www-bis-org-8025	272	23	to	to	TO
www-bis-org-8025	272	24	note	note	VB
www-bis-org-8025	272	25	is	be	VBZ
www-bis-org-8025	272	26	that	that	IN
www-bis-org-8025	272	27	,	,	,
www-bis-org-8025	272	28	because	because	IN
www-bis-org-8025	272	29	the	the	DT
www-bis-org-8025	272	30	attacker	attacker	NN
www-bis-org-8025	272	31	forging	forge	VBG
www-bis-org-8025	272	32	the	the	DT
www-bis-org-8025	272	33	blockchain	blockchain	NNP
www-bis-org-8025	272	34	collects	collect	VBZ
www-bis-org-8025	272	35	not	not	RB
www-bis-org-8025	272	36	only	only	RB
www-bis-org-8025	272	37	the	the	DT
www-bis-org-8025	272	38	double	double	RB
www-bis-org-8025	272	39	-	-	HYPH
www-bis-org-8025	272	40	spent	spend	VBN
www-bis-org-8025	272	41	bitcoins	bitcoin	NNS
www-bis-org-8025	272	42	,	,	,
www-bis-org-8025	272	43	but	but	CC
www-bis-org-8025	272	44	also	also	RB
www-bis-org-8025	272	45	the	the	DT
www-bis-org-8025	272	46	block	block	NN
www-bis-org-8025	272	47	rewards	reward	NNS
www-bis-org-8025	272	48	and	and	CC
www-bis-org-8025	272	49	transaction	transaction	NN
www-bis-org-8025	272	50	fees	fee	NNS
www-bis-org-8025	272	51	in	in	IN
www-bis-org-8025	272	52	the	the	DT
www-bis-org-8025	272	53	forged	forge	VBN
www-bis-org-8025	272	54	chain	chain	NN
www-bis-org-8025	272	55	,	,	,
www-bis-org-8025	272	56	the	the	DT
www-bis-org-8025	272	57	attacker	attacker	NN
www-bis-org-8025	272	58	collects	collect	VBZ
www-bis-org-8025	272	59	a	a	DT
www-bis-org-8025	272	60	higher	high	JJR
www-bis-org-8025	272	61	bitcoin	bitcoin	NN
www-bis-org-8025	272	62	income	income	NN
www-bis-org-8025	272	63	than	than	IN
www-bis-org-8025	272	64	an	an	DT
www-bis-org-8025	272	65	honest	honest	JJ
www-bis-org-8025	272	66	miner	miner	NN
www-bis-org-8025	272	67	.	.	.
www-bis-org-8025	273	1	However	however	RB
www-bis-org-8025	273	2	,	,	,
www-bis-org-8025	273	3	an	an	DT
www-bis-org-8025	273	4	offsetting	offset	VBG
www-bis-org-8025	273	5	force	force	NN
www-bis-org-8025	273	6	is	be	VBZ
www-bis-org-8025	273	7	that	that	IN
www-bis-org-8025	273	8	,	,	,
www-bis-org-8025	273	9	the	the	DT
www-bis-org-8025	273	10	price	price	NN
www-bis-org-8025	273	11	of	of	IN
www-bis-org-8025	273	12	bitcoin	bitcoin	NN
www-bis-org-8025	273	13	in	in	IN
www-bis-org-8025	273	14	USD	usd	NN
www-bis-org-8025	273	15	after	after	IN
www-bis-org-8025	273	16	an	an	DT
www-bis-org-8025	273	17	attack	attack	NN
www-bis-org-8025	273	18	,	,	,
www-bis-org-8025	273	19	is	be	VBZ
www-bis-org-8025	273	20	potentially	potentially	RB
www-bis-org-8025	273	21	much	much	RB
www-bis-org-8025	273	22	lower	low	JJR
www-bis-org-8025	273	23	than	than	IN
www-bis-org-8025	273	24	the	the	DT
www-bis-org-8025	273	25	pre	pre	JJ
www-bis-org-8025	273	26	-	-	JJ
www-bis-org-8025	273	27	attack	attack	JJ
www-bis-org-8025	273	28	price	price	NN
www-bis-org-8025	273	29	.	.	.
www-bis-org-8025	274	1	This	this	DT
www-bis-org-8025	274	2	price	price	NN
www-bis-org-8025	274	3	drop	drop	NN
www-bis-org-8025	274	4	reflects	reflect	VBZ
www-bis-org-8025	274	5	the	the	DT
www-bis-org-8025	274	6	collapse	collapse	NN
www-bis-org-8025	274	7	of	of	IN
www-bis-org-8025	274	8	confidence	confidence	NN
www-bis-org-8025	274	9	in	in	IN
www-bis-org-8025	274	10	Bitcoin	Bitcoin	NNP
www-bis-org-8025	274	11	that	that	WDT
www-bis-org-8025	274	12	would	would	MD
www-bis-org-8025	274	13	probably	probably	RB
www-bis-org-8025	274	14	ensue	ensue	VB
www-bis-org-8025	274	15	after	after	IN
www-bis-org-8025	274	16	a	a	DT
www-bis-org-8025	274	17	successful	successful	JJ
www-bis-org-8025	274	18	double	double	JJ
www-bis-org-8025	274	19	-	-	HYPH
www-bis-org-8025	274	20	spending	spend	VBG
www-bis-org-8025	274	21	attack	attack	NN
www-bis-org-8025	274	22	.	.	.
www-bis-org-8025	275	1	Also	also	RB
www-bis-org-8025	275	2	overarching	overarch	VBG
www-bis-org-8025	275	3	coordination	coordination	NN
www-bis-org-8025	275	4	mechanisms	mechanism	NNS
www-bis-org-8025	275	5	by	by	IN
www-bis-org-8025	275	6	the	the	DT
www-bis-org-8025	275	7	network	network	NN
www-bis-org-8025	275	8	of	of	IN
www-bis-org-8025	275	9	users	user	NNS
www-bis-org-8025	275	10	provide	provide	VBP
www-bis-org-8025	275	11	protection	protection	NN
www-bis-org-8025	275	12	for	for	IN
www-bis-org-8025	275	13	payments	payment	NNS
www-bis-org-8025	275	14	(	(	-LRB-
www-bis-org-8025	275	15	see	see	VB
www-bis-org-8025	275	16	more	more	JJR
www-bis-org-8025	275	17	on	on	IN
www-bis-org-8025	275	18	this	this	DT
www-bis-org-8025	275	19	in	in	IN
www-bis-org-8025	275	20	the	the	DT
www-bis-org-8025	275	21	conclusion	conclusion	NN
www-bis-org-8025	275	22	)	)	-RRB-
www-bis-org-8025	275	23	.	.	.
www-bis-org-8025	276	1	This	this	DT
www-bis-org-8025	276	2	is	be	VBZ
www-bis-org-8025	276	3	captured	capture	VBN
www-bis-org-8025	276	4	by	by	IN
www-bis-org-8025	276	5	the	the	DT
www-bis-org-8025	276	6	term	term	NN
www-bis-org-8025	276	7	1	1	CD
www-bis-org-8025	276	8	−	−	NNP
www-bis-org-8025	276	9	Π	Π	NNP
www-bis-org-8025	276	10	)	)	-RRB-
www-bis-org-8025	276	11	,	,	,
www-bis-org-8025	276	12	where	where	WRB
www-bis-org-8025	276	13	Π	π	PRP
www-bis-org-8025	276	14	represents	represent	VBZ
www-bis-org-8025	276	15	the	the	DT
www-bis-org-8025	276	16	probability	probability	NN
www-bis-org-8025	276	17	that	that	WDT
www-bis-org-8025	276	18	,	,	,
www-bis-org-8025	276	19	following	follow	VBG
www-bis-org-8025	276	20	a	a	DT
www-bis-org-8025	276	21	successful	successful	JJ
www-bis-org-8025	276	22	double	double	JJ
www-bis-org-8025	276	23	-	-	HYPH
www-bis-org-8025	276	24	spending	spending	NN
www-bis-org-8025	276	25	attack	attack	NN
www-bis-org-8025	276	26	,	,	,
www-bis-org-8025	276	27	the	the	DT
www-bis-org-8025	276	28	network	network	NN
www-bis-org-8025	276	29	of	of	IN
www-bis-org-8025	276	30	users	user	NNS
www-bis-org-8025	276	31	would	would	MD
www-bis-org-8025	276	32	collaborate	collaborate	VB
www-bis-org-8025	276	33	to	to	TO
www-bis-org-8025	276	34	ignore	ignore	VB
www-bis-org-8025	276	35	the	the	DT
www-bis-org-8025	276	36	forged	forge	VBN
www-bis-org-8025	276	37	chain	chain	NN
www-bis-org-8025	276	38	(	(	-LRB-
www-bis-org-8025	276	39	even	even	RB
www-bis-org-8025	276	40	though	though	IN
www-bis-org-8025	276	41	it	-PRON-	PRP
www-bis-org-8025	276	42	is	be	VBZ
www-bis-org-8025	276	43	the	the	DT
www-bis-org-8025	276	44	longest	long	JJS
www-bis-org-8025	276	45	chain	chain	NN
www-bis-org-8025	276	46	)	)	-RRB-
www-bis-org-8025	276	47	,	,	,
www-bis-org-8025	276	48	ie	ie	FW
www-bis-org-8025	276	49	by	by	IN
www-bis-org-8025	276	50	initiating	initiate	VBG
www-bis-org-8025	276	51	a	a	DT
www-bis-org-8025	276	52	so	so	RB
www-bis-org-8025	276	53	-	-	HYPH
www-bis-org-8025	276	54	called	call	VBN
www-bis-org-8025	276	55	hard	hard	JJ
www-bis-org-8025	276	56	fork	fork	NN
www-bis-org-8025	276	57	.	.	.
www-bis-org-8025	277	1	An	an	DT
www-bis-org-8025	277	2	attack	attack	NN
www-bis-org-8025	277	3	is	be	VBZ
www-bis-org-8025	277	4	unprofitable	unprofitable	JJ
www-bis-org-8025	277	5	as	as	RB
www-bis-org-8025	277	6	long	long	RB
www-bis-org-8025	277	7	as	as	IN
www-bis-org-8025	277	8	the	the	DT
www-bis-org-8025	277	9	expected	expect	VBN
www-bis-org-8025	277	10	cost	cost	NN
www-bis-org-8025	277	11	of	of	IN
www-bis-org-8025	277	12	an	an	DT
www-bis-org-8025	277	13	attack	attack	NN
www-bis-org-8025	277	14	exceeds	exceed	VBZ
www-bis-org-8025	277	15	the	the	DT
www-bis-org-8025	277	16	expected	expect	VBN
www-bis-org-8025	277	17	gain	gain	NN
www-bis-org-8025	277	18	:	:	:
www-bis-org-8025	277	19	>	>	XX
www-bis-org-8025	277	20	We	-PRON-	PRP
www-bis-org-8025	277	21	can	can	MD
www-bis-org-8025	277	22	rearrange	rearrange	VB
www-bis-org-8025	277	23	this	this	DT
www-bis-org-8025	277	24	expression	expression	NN
www-bis-org-8025	277	25	to	to	TO
www-bis-org-8025	277	26	show	show	VB
www-bis-org-8025	277	27	that	that	DT
www-bis-org-8025	277	28	bitcoin	bitcoin	NN
www-bis-org-8025	277	29	or	or	CC
www-bis-org-8025	277	30	any	any	DT
www-bis-org-8025	277	31	other	other	JJ
www-bis-org-8025	277	32	proof	proof	NN
www-bis-org-8025	277	33	-	-	HYPH
www-bis-org-8025	277	34	of	of	IN
www-bis-org-8025	277	35	-	-	HYPH
www-bis-org-8025	277	36	work	work	NN
www-bis-org-8025	277	37	-	-	HYPH
www-bis-org-8025	277	38	based	base	VBN
www-bis-org-8025	277	39	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	277	40	is	be	VBZ
www-bis-org-8025	277	41	safe	safe	JJ
www-bis-org-8025	277	42	from	from	IN
www-bis-org-8025	277	43	such	such	PDT
www-bis-org-8025	277	44	an	an	DT
www-bis-org-8025	277	45	attack	attack	NN
www-bis-org-8025	277	46	as	as	RB
www-bis-org-8025	277	47	long	long	RB
www-bis-org-8025	277	48	as	as	IN
www-bis-org-8025	277	49	:	:	:
www-bis-org-8025	277	50	>	>	XX
www-bis-org-8025	277	51	∑	∑	.
www-bis-org-8025	277	52	∗	∗	NNP
www-bis-org-8025	277	53	−	−	NNP
www-bis-org-8025	277	54	(	(	-LRB-
www-bis-org-8025	277	55	7	7	LS
www-bis-org-8025	277	56	)	)	-RRB-
www-bis-org-8025	277	57	The	the	DT
www-bis-org-8025	277	58	left	left	JJ
www-bis-org-8025	277	59	-	-	HYPH
www-bis-org-8025	277	60	hand	hand	NN
www-bis-org-8025	277	61	side	side	NN
www-bis-org-8025	277	62	of	of	IN
www-bis-org-8025	277	63	equation	equation	NN
www-bis-org-8025	277	64	(	(	-LRB-
www-bis-org-8025	277	65	7	7	LS
www-bis-org-8025	277	66	)	)	-RRB-
www-bis-org-8025	277	67	shows	show	VBZ
www-bis-org-8025	277	68	that	that	IN
www-bis-org-8025	277	69	Bitcoin	Bitcoin	NNP
www-bis-org-8025	277	70	is	be	VBZ
www-bis-org-8025	277	71	safe	safe	JJ
www-bis-org-8025	277	72	from	from	IN
www-bis-org-8025	277	73	an	an	DT
www-bis-org-8025	277	74	economic	economic	JJ
www-bis-org-8025	277	75	attack	attack	NN
www-bis-org-8025	277	76	if	if	IN
www-bis-org-8025	277	77	the	the	DT
www-bis-org-8025	277	78	costs	cost	NNS
www-bis-org-8025	277	79	of	of	IN
www-bis-org-8025	277	80	forging	forge	VBG
www-bis-org-8025	277	81	the	the	DT
www-bis-org-8025	277	82	blockchain	blockchain	NN
www-bis-org-8025	277	83	is	be	VBZ
www-bis-org-8025	277	84	high	high	JJ
www-bis-org-8025	277	85	,	,	,
www-bis-org-8025	277	86	which	which	WDT
www-bis-org-8025	277	87	can	can	MD
www-bis-org-8025	277	88	either	either	CC
www-bis-org-8025	277	89	be	be	VB
www-bis-org-8025	277	90	a	a	DT
www-bis-org-8025	277	91	result	result	NN
www-bis-org-8025	277	92	of	of	IN
www-bis-org-8025	277	93	each	each	DT
www-bis-org-8025	277	94	block	block	NN
www-bis-org-8025	277	95	coming	come	VBG
www-bis-org-8025	277	96	with	with	IN
www-bis-org-8025	277	97	high	high	JJ
www-bis-org-8025	277	98	block	block	NN
www-bis-org-8025	277	99	reward	reward	NN
www-bis-org-8025	277	100	and	and	CC
www-bis-org-8025	277	101	transaction	transaction	NN
www-bis-org-8025	277	102	fees	fee	NNS
www-bis-org-8025	277	103	or	or	CC
www-bis-org-8025	277	104	because	because	IN
www-bis-org-8025	277	105	the	the	DT
www-bis-org-8025	277	106	number	number	NN
www-bis-org-8025	277	107	of	of	IN
www-bis-org-8025	277	108	blocks	block	NNS
www-bis-org-8025	277	109	that	that	WDT
www-bis-org-8025	277	110	need	need	VBP
www-bis-org-8025	277	111	to	to	TO
www-bis-org-8025	277	112	be	be	VB
www-bis-org-8025	277	113	forged	forge	VBN
www-bis-org-8025	277	114	is	be	VBZ
www-bis-org-8025	277	115	large	large	JJ
www-bis-org-8025	277	116	(	(	-LRB-
www-bis-org-8025	277	117	high	high	JJ
www-bis-org-8025	277	118	waittime	waittime	NN
www-bis-org-8025	277	119	)	)	-RRB-
www-bis-org-8025	277	120	.	.	.
www-bis-org-8025	278	1	On	on	IN
www-bis-org-8025	278	2	the	the	DT
www-bis-org-8025	278	3	other	other	JJ
www-bis-org-8025	278	4	hand	hand	NN
www-bis-org-8025	278	5	,	,	,
www-bis-org-8025	278	6	the	the	DT
www-bis-org-8025	278	7	first	first	JJ
www-bis-org-8025	278	8	term	term	NN
www-bis-org-8025	278	9	on	on	IN
www-bis-org-8025	278	10	the	the	DT
www-bis-org-8025	278	11	right	right	JJ
www-bis-org-8025	278	12	-	-	HYPH
www-bis-org-8025	278	13	hand	hand	NN
www-bis-org-8025	278	14	side	side	NN
www-bis-org-8025	278	15	of	of	IN
www-bis-org-8025	278	16	equation	equation	NN
www-bis-org-8025	278	17	(	(	-LRB-
www-bis-org-8025	278	18	7	7	LS
www-bis-org-8025	278	19	)	)	-RRB-
www-bis-org-8025	278	20	shows	show	VBZ
www-bis-org-8025	278	21	that	that	IN
www-bis-org-8025	278	22	Bitcoin	Bitcoin	NNP
www-bis-org-8025	278	23	is	be	VBZ
www-bis-org-8025	278	24	more	more	RBR
www-bis-org-8025	278	25	susceptible	susceptible	JJ
www-bis-org-8025	278	26	to	to	IN
www-bis-org-8025	278	27	an	an	DT
www-bis-org-8025	278	28	attack	attack	NN
www-bis-org-8025	278	29	if	if	IN
www-bis-org-8025	278	30	the	the	DT
www-bis-org-8025	278	31	total	total	JJ
www-bis-org-8025	278	32	value	value	NN
www-bis-org-8025	278	33	of	of	IN
www-bis-org-8025	278	34	the	the	DT
www-bis-org-8025	278	35	transactions	transaction	NNS
www-bis-org-8025	278	36	included	include	VBN
www-bis-org-8025	278	37	in	in	IN
www-bis-org-8025	278	38	this	this	DT
www-bis-org-8025	278	39	block	block	NN
www-bis-org-8025	278	40	is	be	VBZ
www-bis-org-8025	278	41	large	large	JJ
www-bis-org-8025	278	42	,	,	,
www-bis-org-8025	278	43	ie	ie	NFP
www-bis-org-8025	278	44	if	if	IN
www-bis-org-8025	278	45	the	the	DT
www-bis-org-8025	278	46	amount	amount	NN
www-bis-org-8025	278	47	that	that	WDT
www-bis-org-8025	278	48	can	can	MD
www-bis-org-8025	278	49	be	be	VB
www-bis-org-8025	278	50	double	double	RB
www-bis-org-8025	278	51	-	-	HYPH
www-bis-org-8025	278	52	spent	spend	VBN
www-bis-org-8025	278	53	is	be	VBZ
www-bis-org-8025	278	54	large.21	large.21	NNP
www-bis-org-8025	278	55	The	the	DT
www-bis-org-8025	278	56	second	second	JJ
www-bis-org-8025	278	57	term	term	NN
www-bis-org-8025	278	58	on	on	IN
www-bis-org-8025	278	59	the	the	DT
www-bis-org-8025	278	60	right	right	JJ
www-bis-org-8025	278	61	-	-	HYPH
www-bis-org-8025	278	62	hand	hand	NN
www-bis-org-8025	278	63	side	side	NN
www-bis-org-8025	278	64	of	of	IN
www-bis-org-8025	278	65	equation	equation	NN
www-bis-org-8025	278	66	(	(	-LRB-
www-bis-org-8025	278	67	7	7	LS
www-bis-org-8025	278	68	)	)	-RRB-
www-bis-org-8025	278	69	summarises	summarise	VBZ
www-bis-org-8025	278	70	that	that	IN
www-bis-org-8025	278	71	the	the	DT
www-bis-org-8025	278	72	attacker	attacker	NN
www-bis-org-8025	278	73	is	be	VBZ
www-bis-org-8025	278	74	at	at	IN
www-bis-org-8025	278	75	a	a	DT
www-bis-org-8025	278	76	cost	cost	NN
www-bis-org-8025	278	77	disadvantage	disadvantage	NN
www-bis-org-8025	278	78	:	:	:
www-bis-org-8025	278	79	renting	rent	VBG
www-bis-org-8025	278	80	mining	mining	NN
www-bis-org-8025	278	81	equipment	equipment	NN
www-bis-org-8025	278	82	at	at	IN
www-bis-org-8025	278	83	short	short	JJ
www-bis-org-8025	278	84	notice	notice	NN
www-bis-org-8025	278	85	is	be	VBZ
www-bis-org-8025	278	86	expensive	expensive	JJ
www-bis-org-8025	278	87	,	,	,
www-bis-org-8025	278	88	and	and	CC
www-bis-org-8025	278	89	is	be	VBZ
www-bis-org-8025	278	90	likely	likely	JJ
www-bis-org-8025	278	91	above	above	IN
www-bis-org-8025	278	92	one	one	CD
www-bis-org-8025	278	93	.	.	.
www-bis-org-8025	279	1	Offering	offer	VBG
www-bis-org-8025	279	2	further	further	JJ
www-bis-org-8025	279	3	protection	protection	NN
www-bis-org-8025	279	4	from	from	IN
www-bis-org-8025	279	5	an	an	DT
www-bis-org-8025	279	6	economic	economic	JJ
www-bis-org-8025	279	7	attack	attack	NN
www-bis-org-8025	279	8	is	be	VBZ
www-bis-org-8025	279	9	the	the	DT
www-bis-org-8025	279	10	consideration	consideration	NN
www-bis-org-8025	279	11	that	that	IN
www-bis-org-8025	279	12	>	>	XX
www-bis-org-8025	279	13	1	1	CD
www-bis-org-8025	279	14	,	,	,
www-bis-org-8025	279	15	ie	ie	VBZ
www-bis-org-8025	279	16	that	that	IN
www-bis-org-8025	279	17	the	the	DT
www-bis-org-8025	279	18	value	value	NN
www-bis-org-8025	279	19	of	of	IN
www-bis-org-8025	279	20	bitcoin	bitcoin	NN
www-bis-org-8025	279	21	would	would	MD
www-bis-org-8025	279	22	collapse	collapse	VB
www-bis-org-8025	279	23	after	after	IN
www-bis-org-8025	279	24	a	a	DT
www-bis-org-8025	279	25	successful	successful	JJ
www-bis-org-8025	279	26	attack	attack	NN
www-bis-org-8025	279	27	.	.	.
www-bis-org-8025	280	1	This	this	DT
www-bis-org-8025	280	2	proceeds	proceed	VBZ
www-bis-org-8025	280	3	from	from	IN
www-bis-org-8025	280	4	the	the	DT
www-bis-org-8025	280	5	fact	fact	NN
www-bis-org-8025	280	6	that	that	IN
www-bis-org-8025	280	7	part	part	NN
www-bis-org-8025	280	8	of	of	IN
www-bis-org-8025	280	9	the	the	DT
www-bis-org-8025	280	10	gains	gain	NNS
www-bis-org-8025	280	11	from	from	IN
www-bis-org-8025	280	12	21	21	CD
www-bis-org-8025	280	13	Note	note	NN
www-bis-org-8025	280	14	that	that	IN
www-bis-org-8025	280	15	many	many	JJ
www-bis-org-8025	280	16	guidelines	guideline	NNS
www-bis-org-8025	280	17	regarding	regard	VBG
www-bis-org-8025	280	18	the	the	DT
www-bis-org-8025	280	19	safe	safe	JJ
www-bis-org-8025	280	20	use	use	NN
www-bis-org-8025	280	21	of	of	IN
www-bis-org-8025	280	22	bitcoin	bitcoin	NN
www-bis-org-8025	280	23	recommend	recommend	NN
www-bis-org-8025	280	24	making	make	VBG
www-bis-org-8025	280	25	the	the	DT
www-bis-org-8025	280	26	waiting	wait	VBG
www-bis-org-8025	280	27	time	time	NN
www-bis-org-8025	280	28	dependent	dependent	JJ
www-bis-org-8025	280	29	on	on	IN
www-bis-org-8025	280	30	the	the	DT
www-bis-org-8025	280	31	amount	amount	NN
www-bis-org-8025	280	32	of	of	IN
www-bis-org-8025	280	33	transactions	transaction	NNS
www-bis-org-8025	280	34	,	,	,
www-bis-org-8025	280	35	but	but	CC
www-bis-org-8025	280	36	equation	equation	NN
www-bis-org-8025	280	37	5	5	CD
www-bis-org-8025	280	38	shows	show	VBZ
www-bis-org-8025	280	39	that	that	IN
www-bis-org-8025	280	40	the	the	DT
www-bis-org-8025	280	41	size	size	NN
www-bis-org-8025	280	42	of	of	IN
www-bis-org-8025	280	43	an	an	DT
www-bis-org-8025	280	44	individual	individual	JJ
www-bis-org-8025	280	45	transaction	transaction	NN
www-bis-org-8025	280	46	is	be	VBZ
www-bis-org-8025	280	47	not	not	RB
www-bis-org-8025	280	48	relevant	relevant	JJ
www-bis-org-8025	280	49	.	.	.
www-bis-org-8025	281	1	The	the	DT
www-bis-org-8025	281	2	maximal	maximal	JJ
www-bis-org-8025	281	3	gain	gain	NN
www-bis-org-8025	281	4	from	from	IN
www-bis-org-8025	281	5	a	a	DT
www-bis-org-8025	281	6	successful	successful	JJ
www-bis-org-8025	281	7	double	double	JJ
www-bis-org-8025	281	8	-	-	HYPH
www-bis-org-8025	281	9	spending	spend	VBG
www-bis-org-8025	281	10	attack	attack	NN
www-bis-org-8025	281	11	depends	depend	VBZ
www-bis-org-8025	281	12	on	on	IN
www-bis-org-8025	281	13	the	the	DT
www-bis-org-8025	281	14	total	total	JJ
www-bis-org-8025	281	15	value	value	NN
www-bis-org-8025	281	16	of	of	IN
www-bis-org-8025	281	17	all	all	PDT
www-bis-org-8025	281	18	the	the	DT
www-bis-org-8025	281	19	transactions	transaction	NNS
www-bis-org-8025	281	20	in	in	IN
www-bis-org-8025	281	21	a	a	DT
www-bis-org-8025	281	22	block	block	NN
www-bis-org-8025	281	23	.	.	.
www-bis-org-8025	282	1	Thus	thus	RB
www-bis-org-8025	282	2	,	,	,
www-bis-org-8025	282	3	the	the	DT
www-bis-org-8025	282	4	waiting	wait	VBG
www-bis-org-8025	282	5	time	time	NN
www-bis-org-8025	282	6	depends	depend	VBZ
www-bis-org-8025	282	7	on	on	IN
www-bis-org-8025	282	8	the	the	DT
www-bis-org-8025	282	9	total	total	JJ
www-bis-org-8025	282	10	value	value	NN
www-bis-org-8025	282	11	of	of	IN
www-bis-org-8025	282	12	all	all	DT
www-bis-org-8025	282	13	transactions	transaction	NNS
www-bis-org-8025	282	14	in	in	IN
www-bis-org-8025	282	15	a	a	DT
www-bis-org-8025	282	16	block	block	NN
www-bis-org-8025	282	17	rather	rather	RB
www-bis-org-8025	282	18	than	than	IN
www-bis-org-8025	282	19	on	on	IN
www-bis-org-8025	282	20	the	the	DT
www-bis-org-8025	282	21	value	value	NN
www-bis-org-8025	282	22	of	of	IN
www-bis-org-8025	282	23	an	an	DT
www-bis-org-8025	282	24	individual	individual	JJ
www-bis-org-8025	282	25	transaction	transaction	NN
www-bis-org-8025	282	26	.	.	.
www-bis-org-8025	283	1	14	14	CD
www-bis-org-8025	283	2	WP765	WP765	NNP
www-bis-org-8025	283	3	Beyond	beyond	IN
www-bis-org-8025	283	4	the	the	DT
www-bis-org-8025	283	5	doomsday	doomsday	NNP
www-bis-org-8025	283	6	economics	economic	NNS
www-bis-org-8025	283	7	of	of	IN
www-bis-org-8025	283	8	“	"	``
www-bis-org-8025	283	9	proof	proof	NN
www-bis-org-8025	283	10	-	-	HYPH
www-bis-org-8025	283	11	of	of	IN
www-bis-org-8025	283	12	-	-	HYPH
www-bis-org-8025	283	13	work	work	NN
www-bis-org-8025	283	14	”	"	''
www-bis-org-8025	283	15	in	in	IN
www-bis-org-8025	283	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	283	17	a	a	DT
www-bis-org-8025	283	18	double	double	JJ
www-bis-org-8025	283	19	-	-	HYPH
www-bis-org-8025	283	20	spending	spend	VBG
www-bis-org-8025	283	21	attack	attack	NN
www-bis-org-8025	283	22	come	come	VBN
www-bis-org-8025	283	23	from	from	IN
www-bis-org-8025	283	24	bitcoins	bitcoin	NNS
www-bis-org-8025	283	25	that	that	WDT
www-bis-org-8025	283	26	have	have	VBP
www-bis-org-8025	283	27	been	be	VBN
www-bis-org-8025	283	28	“	"	``
www-bis-org-8025	283	29	unspent	unspent	JJ
www-bis-org-8025	283	30	”	"	''
www-bis-org-8025	283	31	in	in	IN
www-bis-org-8025	283	32	the	the	DT
www-bis-org-8025	283	33	forged	forge	VBN
www-bis-org-8025	283	34	blockchain	blockchain	NN
www-bis-org-8025	283	35	and	and	CC
www-bis-org-8025	283	36	which	which	WDT
www-bis-org-8025	283	37	can	can	MD
www-bis-org-8025	283	38	be	be	VB
www-bis-org-8025	283	39	spent	spend	VBN
www-bis-org-8025	283	40	again	again	RB
www-bis-org-8025	283	41	in	in	IN
www-bis-org-8025	283	42	the	the	DT
www-bis-org-8025	283	43	future	future	NN
www-bis-org-8025	283	44	.	.	.
www-bis-org-8025	284	1	Yet	yet	RB
www-bis-org-8025	284	2	,	,	,
www-bis-org-8025	284	3	if	if	IN
www-bis-org-8025	284	4	bitcoin	bitcoin	NN
www-bis-org-8025	284	5	were	be	VBD
www-bis-org-8025	284	6	to	to	TO
www-bis-org-8025	284	7	lose	lose	VB
www-bis-org-8025	284	8	its	-PRON-	PRP$
www-bis-org-8025	284	9	value	value	NN
www-bis-org-8025	284	10	after	after	IN
www-bis-org-8025	284	11	an	an	DT
www-bis-org-8025	284	12	attack	attack	NN
www-bis-org-8025	284	13	on	on	IN
www-bis-org-8025	284	14	Bitcoin	Bitcoin	NNP
www-bis-org-8025	284	15	,	,	,
www-bis-org-8025	284	16	there	there	EX
www-bis-org-8025	284	17	would	would	MD
www-bis-org-8025	284	18	be	be	VB
www-bis-org-8025	284	19	no	no	DT
www-bis-org-8025	284	20	point	point	NN
www-bis-org-8025	284	21	in	in	IN
www-bis-org-8025	284	22	attacking	attack	VBG
www-bis-org-8025	284	23	it	-PRON-	PRP
www-bis-org-8025	284	24	in	in	IN
www-bis-org-8025	284	25	the	the	DT
www-bis-org-8025	284	26	first	first	JJ
www-bis-org-8025	284	27	place	place	NN
www-bis-org-8025	284	28	.	.	.
www-bis-org-8025	285	1	While	while	IN
www-bis-org-8025	285	2	nobody	nobody	NN
www-bis-org-8025	285	3	can	can	MD
www-bis-org-8025	285	4	say	say	VB
www-bis-org-8025	285	5	for	for	IN
www-bis-org-8025	285	6	sure	sure	JJ
www-bis-org-8025	285	7	what	what	WP
www-bis-org-8025	285	8	would	would	MD
www-bis-org-8025	285	9	happen	happen	VB
www-bis-org-8025	285	10	after	after	IN
www-bis-org-8025	285	11	a	a	DT
www-bis-org-8025	285	12	successful	successful	JJ
www-bis-org-8025	285	13	attack	attack	NN
www-bis-org-8025	285	14	,	,	,
www-bis-org-8025	285	15	a	a	DT
www-bis-org-8025	285	16	series	series	NN
www-bis-org-8025	285	17	of	of	IN
www-bis-org-8025	285	18	attacks	attack	NNS
www-bis-org-8025	285	19	on	on	IN
www-bis-org-8025	285	20	“	"	``
www-bis-org-8025	285	21	Bitcoin	Bitcoin	NNP
www-bis-org-8025	285	22	Gold	Gold	NNP
www-bis-org-8025	285	23	“	"	''
www-bis-org-8025	285	24	shows	show	VBZ
www-bis-org-8025	285	25	what	what	WP
www-bis-org-8025	285	26	might	may	MD
www-bis-org-8025	285	27	happen	happen	VB
www-bis-org-8025	285	28	.	.	.
www-bis-org-8025	286	1	After	after	IN
www-bis-org-8025	286	2	the	the	DT
www-bis-org-8025	286	3	attacks	attack	NNS
www-bis-org-8025	286	4	took	take	VBD
www-bis-org-8025	286	5	place	place	NN
www-bis-org-8025	286	6	on	on	IN
www-bis-org-8025	286	7	10–20	10–20	CD
www-bis-org-8025	286	8	May	May	NNP
www-bis-org-8025	286	9	2018	2018	CD
www-bis-org-8025	286	10	,	,	,
www-bis-org-8025	286	11	the	the	DT
www-bis-org-8025	286	12	cumulative	cumulative	JJ
www-bis-org-8025	286	13	price	price	NN
www-bis-org-8025	286	14	of	of	IN
www-bis-org-8025	286	15	this	this	DT
www-bis-org-8025	286	16	smaller	small	JJR
www-bis-org-8025	286	17	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	286	18	fell	fall	VBD
www-bis-org-8025	286	19	by	by	IN
www-bis-org-8025	286	20	more	more	JJR
www-bis-org-8025	286	21	than	than	IN
www-bis-org-8025	286	22	one	one	CD
www-bis-org-8025	286	23	fifth	fifth	NN
www-bis-org-8025	286	24	.	.	.
www-bis-org-8025	287	1	Last	last	JJ
www-bis-org-8025	287	2	,	,	,
www-bis-org-8025	287	3	Bitcoin	Bitcoin	NNP
www-bis-org-8025	287	4	would	would	MD
www-bis-org-8025	287	5	be	be	VB
www-bis-org-8025	287	6	harder	hard	JJR
www-bis-org-8025	287	7	to	to	TO
www-bis-org-8025	287	8	attack	attack	VB
www-bis-org-8025	287	9	if	if	IN
www-bis-org-8025	287	10	Π	π	CD
www-bis-org-8025	287	11	>	>	XX
www-bis-org-8025	287	12	0	0	CD
www-bis-org-8025	287	13	,	,	,
www-bis-org-8025	287	14	ie	ie	NN
www-bis-org-8025	287	15	if	if	IN
www-bis-org-8025	287	16	users	user	NNS
www-bis-org-8025	287	17	could	could	MD
www-bis-org-8025	287	18	be	be	VB
www-bis-org-8025	287	19	persuaded	persuade	VBN
www-bis-org-8025	287	20	to	to	TO
www-bis-org-8025	287	21	ignore	ignore	VB
www-bis-org-8025	287	22	the	the	DT
www-bis-org-8025	287	23	rules	rule	NNS
www-bis-org-8025	287	24	of	of	IN
www-bis-org-8025	287	25	Nakamoto	Nakamoto	NNP
www-bis-org-8025	287	26	(	(	-LRB-
www-bis-org-8025	287	27	2008	2008	CD
www-bis-org-8025	287	28	)	)	-RRB-
www-bis-org-8025	287	29	in	in	IN
www-bis-org-8025	287	30	case	case	NN
www-bis-org-8025	287	31	of	of	IN
www-bis-org-8025	287	32	a	a	DT
www-bis-org-8025	287	33	successful	successful	JJ
www-bis-org-8025	287	34	double	double	JJ
www-bis-org-8025	287	35	-	-	HYPH
www-bis-org-8025	287	36	spending	spend	VBG
www-bis-org-8025	287	37	attack	attack	NN
www-bis-org-8025	287	38	.	.	.
www-bis-org-8025	288	1	It	-PRON-	PRP
www-bis-org-8025	288	2	is	be	VBZ
www-bis-org-8025	288	3	noteworthy	noteworthy	JJ
www-bis-org-8025	288	4	that	that	IN
www-bis-org-8025	288	5	,	,	,
www-bis-org-8025	288	6	while	while	IN
www-bis-org-8025	288	7	nobody	nobody	NN
www-bis-org-8025	288	8	can	can	MD
www-bis-org-8025	288	9	say	say	VB
www-bis-org-8025	288	10	whether	whether	IN
www-bis-org-8025	288	11	this	this	DT
www-bis-org-8025	288	12	would	would	MD
www-bis-org-8025	288	13	actually	actually	RB
www-bis-org-8025	288	14	happen	happen	VB
www-bis-org-8025	288	15	,	,	,
www-bis-org-8025	288	16	there	there	EX
www-bis-org-8025	288	17	have	have	VBP
www-bis-org-8025	288	18	been	be	VBN
www-bis-org-8025	288	19	instances	instance	NNS
www-bis-org-8025	288	20	in	in	IN
www-bis-org-8025	288	21	the	the	DT
www-bis-org-8025	288	22	past	past	NN
www-bis-org-8025	288	23	where	where	WRB
www-bis-org-8025	288	24	the	the	DT
www-bis-org-8025	288	25	Bitcoin	Bitcoin	NNP
www-bis-org-8025	288	26	community	community	NN
www-bis-org-8025	288	27	has	have	VBZ
www-bis-org-8025	288	28	ignored	ignore	VBN
www-bis-org-8025	288	29	the	the	DT
www-bis-org-8025	288	30	rule	rule	NN
www-bis-org-8025	288	31	to	to	TO
www-bis-org-8025	288	32	follow	follow	VB
www-bis-org-8025	288	33	the	the	DT
www-bis-org-8025	288	34	longest	long	JJS
www-bis-org-8025	288	35	chain	chain	NN
www-bis-org-8025	288	36	(	(	-LRB-
www-bis-org-8025	288	37	see	see	VB
www-bis-org-8025	288	38	below	below	RB
www-bis-org-8025	288	39	)	)	-RRB-
www-bis-org-8025	288	40	.	.	.
www-bis-org-8025	289	1	Equation	equation	NN
www-bis-org-8025	289	2	(	(	-LRB-
www-bis-org-8025	289	3	7	7	CD
www-bis-org-8025	289	4	)	)	-RRB-
www-bis-org-8025	289	5	offers	offer	VBZ
www-bis-org-8025	289	6	three	three	CD
www-bis-org-8025	289	7	key	key	JJ
www-bis-org-8025	289	8	insights	insight	NNS
www-bis-org-8025	289	9	regarding	regard	VBG
www-bis-org-8025	289	10	the	the	DT
www-bis-org-8025	289	11	security	security	NN
www-bis-org-8025	289	12	of	of	IN
www-bis-org-8025	289	13	payments	payment	NNS
www-bis-org-8025	289	14	in	in	IN
www-bis-org-8025	289	15	the	the	DT
www-bis-org-8025	289	16	blockchain	blockchain	NN
www-bis-org-8025	289	17	.	.	.
www-bis-org-8025	290	1	First	first	RB
www-bis-org-8025	290	2	,	,	,
www-bis-org-8025	290	3	assuming	assume	VBG
www-bis-org-8025	290	4	that	that	IN
www-bis-org-8025	290	5	users	user	NNS
www-bis-org-8025	290	6	are	be	VBP
www-bis-org-8025	290	7	true	true	JJ
www-bis-org-8025	290	8	to	to	IN
www-bis-org-8025	290	9	Nakamoto	Nakamoto	NNP
www-bis-org-8025	290	10	(	(	-LRB-
www-bis-org-8025	290	11	2008	2008	CD
www-bis-org-8025	290	12	)	)	-RRB-
www-bis-org-8025	290	13	and	and	CC
www-bis-org-8025	290	14	will	will	MD
www-bis-org-8025	290	15	not	not	RB
www-bis-org-8025	290	16	initiate	initiate	VB
www-bis-org-8025	290	17	a	a	DT
www-bis-org-8025	290	18	hard	hard	JJ
www-bis-org-8025	290	19	fork	fork	NN
www-bis-org-8025	290	20	(	(	-LRB-
www-bis-org-8025	290	21	Π	π	NN
www-bis-org-8025	290	22	=	=	SYM
www-bis-org-8025	290	23	0	0	CD
www-bis-org-8025	290	24	)	)	-RRB-
www-bis-org-8025	290	25	,	,	,
www-bis-org-8025	290	26	and	and	CC
www-bis-org-8025	290	27	assuming	assume	VBG
www-bis-org-8025	290	28	that	that	DT
www-bis-org-8025	290	29	mining	mining	NN
www-bis-org-8025	290	30	revenue	revenue	NN
www-bis-org-8025	290	31	and	and	CC
www-bis-org-8025	290	32	the	the	DT
www-bis-org-8025	290	33	amount	amount	NN
www-bis-org-8025	290	34	that	that	WDT
www-bis-org-8025	290	35	is	be	VBZ
www-bis-org-8025	290	36	spent	spend	VBN
www-bis-org-8025	290	37	is	be	VBZ
www-bis-org-8025	290	38	constant	constant	JJ
www-bis-org-8025	290	39	,	,	,
www-bis-org-8025	290	40	rewriting	rewrite	VBG
www-bis-org-8025	290	41	(	(	-LRB-
www-bis-org-8025	290	42	7	7	LS
www-bis-org-8025	290	43	)	)	-RRB-
www-bis-org-8025	290	44	highlights	highlight	VBZ
www-bis-org-8025	290	45	the	the	DT
www-bis-org-8025	290	46	high	high	JJ
www-bis-org-8025	290	47	required	require	VBN
www-bis-org-8025	290	48	transaction	transaction	NN
www-bis-org-8025	290	49	costs	cost	NNS
www-bis-org-8025	290	50	:	:	:
www-bis-org-8025	290	51	∑	∑	LS
www-bis-org-8025	290	52	.	.	.
www-bis-org-8025	291	1	%	%	NNP
www-bis-org-8025	291	2	>	>	XX
www-bis-org-8025	291	3	)	)	-RRB-
www-bis-org-8025	291	4	∗	∗	NNP
www-bis-org-8025	291	5	−	−	NNP
www-bis-org-8025	291	6	1	1	CD
www-bis-org-8025	291	7	(	(	-LRB-
www-bis-org-8025	291	8	8)	8)	CD
www-bis-org-8025	291	9	Equation	Equation	NNP
www-bis-org-8025	291	10	(	(	-LRB-
www-bis-org-8025	291	11	8)	8)	CD
www-bis-org-8025	291	12	documents	document	NNS
www-bis-org-8025	291	13	the	the	DT
www-bis-org-8025	291	14	high	high	JJ
www-bis-org-8025	291	15	cost	cost	NN
www-bis-org-8025	291	16	of	of	IN
www-bis-org-8025	291	17	decentralised	decentralised	JJ
www-bis-org-8025	291	18	payment	payment	NN
www-bis-org-8025	291	19	security	security	NN
www-bis-org-8025	291	20	.	.	.
www-bis-org-8025	292	1	For	for	IN
www-bis-org-8025	292	2	example	example	NN
www-bis-org-8025	292	3	,	,	,
www-bis-org-8025	292	4	say	say	VBP
www-bis-org-8025	292	5	that	that	IN
www-bis-org-8025	292	6	Bitcoin	Bitcoin	NNP
www-bis-org-8025	292	7	users	user	NNS
www-bis-org-8025	292	8	are	be	VBP
www-bis-org-8025	292	9	on	on	IN
www-bis-org-8025	292	10	average	average	JJ
www-bis-org-8025	292	11	prepared	prepare	VBN
www-bis-org-8025	292	12	to	to	TO
www-bis-org-8025	292	13	pay	pay	VB
www-bis-org-8025	292	14	transaction	transaction	NN
www-bis-org-8025	292	15	costs	cost	NNS
www-bis-org-8025	292	16	of	of	IN
www-bis-org-8025	292	17	1	1	CD
www-bis-org-8025	292	18	%	%	NN
www-bis-org-8025	292	19	,	,	,
www-bis-org-8025	292	20	that	that	WDT
www-bis-org-8025	292	21	rented	rent	VBD
www-bis-org-8025	292	22	hash	hash	NN
www-bis-org-8025	292	23	power	power	NN
www-bis-org-8025	292	24	is	be	VBZ
www-bis-org-8025	292	25	twice	twice	RB
www-bis-org-8025	292	26	as	as	RB
www-bis-org-8025	292	27	expensive	expensive	JJ
www-bis-org-8025	292	28	as	as	IN
www-bis-org-8025	292	29	the	the	DT
www-bis-org-8025	292	30	underlying	underlie	VBG
www-bis-org-8025	292	31	price	price	NN
www-bis-org-8025	292	32	of	of	IN
www-bis-org-8025	292	33	equipment	equipment	NN
www-bis-org-8025	292	34	and	and	CC
www-bis-org-8025	292	35	electricity	electricity	NN
www-bis-org-8025	292	36	for	for	IN
www-bis-org-8025	292	37	honest	honest	JJ
www-bis-org-8025	292	38	miners	miner	NNS
www-bis-org-8025	292	39	,	,	,
www-bis-org-8025	292	40	and	and	CC
www-bis-org-8025	292	41	that	that	DT
www-bis-org-8025	292	42	bitcoin	bitcoin	NN
www-bis-org-8025	292	43	would	would	MD
www-bis-org-8025	292	44	lose	lose	VB
www-bis-org-8025	292	45	one	one	CD
www-bis-org-8025	292	46	third	third	NN
www-bis-org-8025	292	47	of	of	IN
www-bis-org-8025	292	48	its	-PRON-	PRP$
www-bis-org-8025	292	49	value	value	NN
www-bis-org-8025	292	50	after	after	IN
www-bis-org-8025	292	51	a	a	DT
www-bis-org-8025	292	52	successful	successful	JJ
www-bis-org-8025	292	53	attack	attack	NN
www-bis-org-8025	292	54	.	.	.
www-bis-org-8025	293	1	Then	then	RB
www-bis-org-8025	293	2	,	,	,
www-bis-org-8025	293	3	the	the	DT
www-bis-org-8025	293	4	required	require	VBN
www-bis-org-8025	293	5	waiting	waiting	NN
www-bis-org-8025	293	6	time	time	NN
www-bis-org-8025	293	7	is	be	VBZ
www-bis-org-8025	293	8	50	50	CD
www-bis-org-8025	293	9	blocks	block	NNS
www-bis-org-8025	293	10	(	(	-LRB-
www-bis-org-8025	293	11	over	over	IN
www-bis-org-8025	293	12	eight	eight	CD
www-bis-org-8025	293	13	hours	hour	NNS
www-bis-org-8025	293	14	)	)	-RRB-
www-bis-org-8025	293	15	.	.	.
www-bis-org-8025	294	1	But	but	CC
www-bis-org-8025	294	2	if	if	IN
www-bis-org-8025	294	3	the	the	DT
www-bis-org-8025	294	4	average	average	JJ
www-bis-org-8025	294	5	transaction	transaction	NN
www-bis-org-8025	294	6	cost	cost	NN
www-bis-org-8025	294	7	is	be	VBZ
www-bis-org-8025	294	8	0.1	0.1	CD
www-bis-org-8025	294	9	%	%	NN
www-bis-org-8025	294	10	,	,	,
www-bis-org-8025	294	11	the	the	DT
www-bis-org-8025	294	12	required	require	VBN
www-bis-org-8025	294	13	waiting	waiting	NN
www-bis-org-8025	294	14	time	time	NN
www-bis-org-8025	294	15	is	be	VBZ
www-bis-org-8025	294	16	500	500	CD
www-bis-org-8025	294	17	blocks	block	NNS
www-bis-org-8025	294	18	,	,	,
www-bis-org-8025	294	19	ie	ie	FW
www-bis-org-8025	294	20	around	around	RB
www-bis-org-8025	294	21	three	three	CD
www-bis-org-8025	294	22	and	and	CC
www-bis-org-8025	294	23	a	a	DT
www-bis-org-8025	294	24	half	half	NN
www-bis-org-8025	294	25	days	day	NNS
www-bis-org-8025	294	26	!	!	.
www-bis-org-8025	295	1	Equation	equation	NN
www-bis-org-8025	295	2	(	(	-LRB-
www-bis-org-8025	295	3	8)	8)	CD
www-bis-org-8025	295	4	also	also	RB
www-bis-org-8025	295	5	shows	show	VBZ
www-bis-org-8025	295	6	that	that	IN
www-bis-org-8025	295	7	one	one	PRP
www-bis-org-8025	295	8	needs	need	VBZ
www-bis-org-8025	295	9	to	to	TO
www-bis-org-8025	295	10	be	be	VB
www-bis-org-8025	295	11	quite	quite	RB
www-bis-org-8025	295	12	wary	wary	JJ
www-bis-org-8025	295	13	about	about	IN
www-bis-org-8025	295	14	the	the	DT
www-bis-org-8025	295	15	recommendation	recommendation	NN
www-bis-org-8025	295	16	seen	see	VBN
www-bis-org-8025	295	17	on	on	IN
www-bis-org-8025	295	18	many	many	JJ
www-bis-org-8025	295	19	websites	website	NNS
www-bis-org-8025	295	20	that	that	IN
www-bis-org-8025	295	21	users	user	NNS
www-bis-org-8025	295	22	should	should	MD
www-bis-org-8025	295	23	wait	wait	VB
www-bis-org-8025	295	24	until	until	IN
www-bis-org-8025	295	25	their	-PRON-	PRP$
www-bis-org-8025	295	26	payment	payment	NN
www-bis-org-8025	295	27	is	be	VBZ
www-bis-org-8025	295	28	included	include	VBN
www-bis-org-8025	295	29	in	in	IN
www-bis-org-8025	295	30	a	a	DT
www-bis-org-8025	295	31	block	block	NN
www-bis-org-8025	295	32	,	,	,
www-bis-org-8025	295	33	and	and	CC
www-bis-org-8025	295	34	then	then	RB
www-bis-org-8025	295	35	for	for	IN
www-bis-org-8025	295	36	at	at	RB
www-bis-org-8025	295	37	least	least	RBS
www-bis-org-8025	295	38	five	five	CD
www-bis-org-8025	295	39	additional	additional	JJ
www-bis-org-8025	295	40	subsequent	subsequent	JJ
www-bis-org-8025	295	41	confirmations	confirmation	NNS
www-bis-org-8025	295	42	,	,	,
www-bis-org-8025	295	43	implying	imply	VBG
www-bis-org-8025	295	44	a	a	DT
www-bis-org-8025	295	45	waiting	wait	VBG
www-bis-org-8025	295	46	time	time	NN
www-bis-org-8025	295	47	of	of	IN
www-bis-org-8025	295	48	about	about	RB
www-bis-org-8025	295	49	one	one	CD
www-bis-org-8025	295	50	hour	hour	NN
www-bis-org-8025	295	51	on	on	IN
www-bis-org-8025	295	52	average	average	JJ
www-bis-org-8025	295	53	.	.	.
www-bis-org-8025	296	1	If	if	IN
www-bis-org-8025	296	2	users	user	NNS
www-bis-org-8025	296	3	wait	wait	VBP
www-bis-org-8025	296	4	for	for	IN
www-bis-org-8025	296	5	six	six	CD
www-bis-org-8025	296	6	blocks	block	NNS
www-bis-org-8025	296	7	or	or	CC
www-bis-org-8025	296	8	fewer	few	JJR
www-bis-org-8025	296	9	(	(	-LRB-
www-bis-org-8025	296	10	about	about	RB
www-bis-org-8025	296	11	one	one	CD
www-bis-org-8025	296	12	hour	hour	NN
www-bis-org-8025	296	13	)	)	-RRB-
www-bis-org-8025	296	14	,	,	,
www-bis-org-8025	296	15	the	the	DT
www-bis-org-8025	296	16	required	require	VBN
www-bis-org-8025	296	17	average	average	JJ
www-bis-org-8025	296	18	transaction	transaction	NN
www-bis-org-8025	296	19	costs	cost	NNS
www-bis-org-8025	296	20	(	(	-LRB-
www-bis-org-8025	296	21	as	as	IN
www-bis-org-8025	296	22	a	a	DT
www-bis-org-8025	296	23	percentage	percentage	NN
www-bis-org-8025	296	24	of	of	IN
www-bis-org-8025	296	25	the	the	DT
www-bis-org-8025	296	26	transaction	transaction	NN
www-bis-org-8025	296	27	amount	amount	NN
www-bis-org-8025	296	28	)	)	-RRB-
www-bis-org-8025	296	29	are	be	VBP
www-bis-org-8025	296	30	about	about	RB
www-bis-org-8025	296	31	8.3	8.3	CD
www-bis-org-8025	296	32	%	%	NN
www-bis-org-8025	296	33	!	!	.
www-bis-org-8025	297	1	Note	note	VB
www-bis-org-8025	297	2	that	that	IN
www-bis-org-8025	297	3	the	the	DT
www-bis-org-8025	297	4	economic	economic	JJ
www-bis-org-8025	297	5	attack	attack	NN
www-bis-org-8025	297	6	vector	vector	NN
www-bis-org-8025	297	7	outlined	outline	VBN
www-bis-org-8025	297	8	above	above	IN
www-bis-org-8025	297	9	crucially	crucially	RB
www-bis-org-8025	297	10	assumes	assume	VBZ
www-bis-org-8025	297	11	that	that	IN
www-bis-org-8025	297	12	any	any	DT
www-bis-org-8025	297	13	amount	amount	NN
www-bis-org-8025	297	14	of	of	IN
www-bis-org-8025	297	15	hash	hash	NN
www-bis-org-8025	297	16	power	power	NN
www-bis-org-8025	297	17	can	can	MD
www-bis-org-8025	297	18	be	be	VB
www-bis-org-8025	297	19	rented	rent	VBN
www-bis-org-8025	297	20	at	at	IN
www-bis-org-8025	297	21	short	short	JJ
www-bis-org-8025	297	22	notice	notice	NN
www-bis-org-8025	297	23	.	.	.
www-bis-org-8025	298	1	Up	up	IN
www-bis-org-8025	298	2	to	to	IN
www-bis-org-8025	298	3	December	December	NNP
www-bis-org-8025	298	4	2018	2018	CD
www-bis-org-8025	298	5	,	,	,
www-bis-org-8025	298	6	this	this	DT
www-bis-org-8025	298	7	would	would	MD
www-bis-org-8025	298	8	only	only	RB
www-bis-org-8025	298	9	have	have	VB
www-bis-org-8025	298	10	been	be	VBN
www-bis-org-8025	298	11	a	a	DT
www-bis-org-8025	298	12	realistic	realistic	JJ
www-bis-org-8025	298	13	possibility	possibility	NN
www-bis-org-8025	298	14	for	for	IN
www-bis-org-8025	298	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	298	16	with	with	IN
www-bis-org-8025	298	17	a	a	DT
www-bis-org-8025	298	18	modest	modest	JJ
www-bis-org-8025	298	19	network	network	NN
www-bis-org-8025	298	20	of	of	IN
www-bis-org-8025	298	21	users	user	NNS
www-bis-org-8025	298	22	(	(	-LRB-
www-bis-org-8025	298	23	some	some	DT
www-bis-org-8025	298	24	of	of	IN
www-bis-org-8025	298	25	which	which	WDT
www-bis-org-8025	298	26	were	be	VBD
www-bis-org-8025	298	27	,	,	,
www-bis-org-8025	298	28	in	in	IN
www-bis-org-8025	298	29	fact	fact	NN
www-bis-org-8025	298	30	,	,	,
www-bis-org-8025	298	31	attacked	attack	VBN
www-bis-org-8025	298	32	)	)	-RRB-
www-bis-org-8025	298	33	,	,	,
www-bis-org-8025	298	34	but	but	CC
www-bis-org-8025	298	35	not	not	RB
www-bis-org-8025	298	36	for	for	IN
www-bis-org-8025	298	37	Bitcoin.22	bitcoin.22	NN
www-bis-org-8025	298	38	Since	since	IN
www-bis-org-8025	298	39	then	then	RB
www-bis-org-8025	298	40	,	,	,
www-bis-org-8025	298	41	however	however	RB
www-bis-org-8025	298	42	,	,	,
www-bis-org-8025	298	43	as	as	IN
www-bis-org-8025	298	44	the	the	DT
www-bis-org-8025	298	45	price	price	NN
www-bis-org-8025	298	46	of	of	IN
www-bis-org-8025	298	47	bitcoin	bitcoin	NN
www-bis-org-8025	298	48	has	have	VBZ
www-bis-org-8025	298	49	collapsed	collapse	VBN
www-bis-org-8025	298	50	,	,	,
www-bis-org-8025	298	51	many	many	JJ
www-bis-org-8025	298	52	miners	miner	NNS
www-bis-org-8025	298	53	located	locate	VBN
www-bis-org-8025	298	54	in	in	IN
www-bis-org-8025	298	55	countries	country	NNS
www-bis-org-8025	298	56	with	with	IN
www-bis-org-8025	298	57	high	high	JJ
www-bis-org-8025	298	58	energy	energy	NN
www-bis-org-8025	298	59	costs	cost	NNS
www-bis-org-8025	298	60	can	can	MD
www-bis-org-8025	298	61	no	no	RB
www-bis-org-8025	298	62	longer	longer	RB
www-bis-org-8025	298	63	recover	recover	VB
www-bis-org-8025	298	64	the	the	DT
www-bis-org-8025	298	65	cost	cost	NN
www-bis-org-8025	298	66	of	of	IN
www-bis-org-8025	298	67	electricity	electricity	NN
www-bis-org-8025	298	68	and	and	CC
www-bis-org-8025	298	69	have	have	VBP
www-bis-org-8025	298	70	turned	turn	VBN
www-bis-org-8025	298	71	off	off	RP
www-bis-org-8025	298	72	their	-PRON-	PRP$
www-bis-org-8025	298	73	equipment	equipment	NN
www-bis-org-8025	298	74	,	,	,
www-bis-org-8025	298	75	as	as	IN
www-bis-org-8025	298	76	is	be	VBZ
www-bis-org-8025	298	77	evident	evident	JJ
www-bis-org-8025	298	78	from	from	IN
www-bis-org-8025	298	79	the	the	DT
www-bis-org-8025	298	80	decline	decline	NN
www-bis-org-8025	298	81	in	in	IN
www-bis-org-8025	298	82	the	the	DT
www-bis-org-8025	298	83	total	total	JJ
www-bis-org-8025	298	84	hash	hash	NN
www-bis-org-8025	298	85	power	power	NN
www-bis-org-8025	298	86	of	of	IN
www-bis-org-8025	298	87	Bitcoin	Bitcoin	NNP
www-bis-org-8025	298	88	’s	’s	POS
www-bis-org-8025	298	89	network	network	NN
www-bis-org-8025	298	90	of	of	IN
www-bis-org-8025	298	91	miners	miner	NNS
www-bis-org-8025	298	92	(	(	-LRB-
www-bis-org-8025	298	93	see	see	VB
www-bis-org-8025	298	94	Graph	Graph	NNP
www-bis-org-8025	298	95	6	6	CD
www-bis-org-8025	298	96	,	,	,
www-bis-org-8025	298	97	left	left	JJ
www-bis-org-8025	298	98	-	-	HYPH
www-bis-org-8025	298	99	hand	hand	NN
www-bis-org-8025	298	100	side	side	NN
www-bis-org-8025	298	101	,	,	,
www-bis-org-8025	298	102	and	and	CC
www-bis-org-8025	298	103	also	also	RB
www-bis-org-8025	298	104	Graph	Graph	NNP
www-bis-org-8025	298	105	5	5	CD
www-bis-org-8025	298	106	above	above	RB
www-bis-org-8025	298	107	)	)	-RRB-
www-bis-org-8025	298	108	.	.	.
www-bis-org-8025	299	1	As	as	IN
www-bis-org-8025	299	2	a	a	DT
www-bis-org-8025	299	3	result	result	NN
www-bis-org-8025	299	4	,	,	,
www-bis-org-8025	299	5	the	the	DT
www-bis-org-8025	299	6	surplus	surplus	NN
www-bis-org-8025	299	7	of	of	IN
www-bis-org-8025	299	8	mining	mining	NN
www-bis-org-8025	299	9	equipment	equipment	NN
www-bis-org-8025	299	10	that	that	WDT
www-bis-org-8025	299	11	could	could	MD
www-bis-org-8025	299	12	be	be	VB
www-bis-org-8025	299	13	switched	switch	VBN
www-bis-org-8025	299	14	on	on	IN
www-bis-org-8025	299	15	any	any	DT
www-bis-org-8025	299	16	time	time	NN
www-bis-org-8025	299	17	for	for	IN
www-bis-org-8025	299	18	high	high	JJ
www-bis-org-8025	299	19	-	-	HYPH
www-bis-org-8025	299	20	return	return	NN
www-bis-org-8025	299	21	double	double	JJ
www-bis-org-8025	299	22	-	-	HYPH
www-bis-org-8025	299	23	spending	spend	VBG
www-bis-org-8025	299	24	attacks	attack	NNS
www-bis-org-8025	299	25	might	may	MD
www-bis-org-8025	299	26	even	even	RB
www-bis-org-8025	299	27	bring	bring	VB
www-bis-org-8025	299	28	an	an	DT
www-bis-org-8025	299	29	attack	attack	NN
www-bis-org-8025	299	30	on	on	IN
www-bis-org-8025	299	31	Bitcoin	Bitcoin	NNP
www-bis-org-8025	299	32	within	within	IN
www-bis-org-8025	299	33	the	the	DT
www-bis-org-8025	299	34	realms	realm	NNS
www-bis-org-8025	299	35	of	of	IN
www-bis-org-8025	299	36	possibility	possibility	NN
www-bis-org-8025	299	37	.	.	.
www-bis-org-8025	300	1	And	and	CC
www-bis-org-8025	300	2	this	this	DT
www-bis-org-8025	300	3	issue	issue	NN
www-bis-org-8025	300	4	is	be	VBZ
www-bis-org-8025	300	5	set	set	VBN
www-bis-org-8025	300	6	to	to	TO
www-bis-org-8025	300	7	intensify	intensify	VB
www-bis-org-8025	300	8	during	during	IN
www-bis-org-8025	300	9	mid-2020	mid-2020	NN
www-bis-org-8025	300	10	,	,	,
www-bis-org-8025	300	11	when	when	WRB
www-bis-org-8025	300	12	the	the	DT
www-bis-org-8025	300	13	block	block	NN
www-bis-org-8025	300	14	rewards	reward	NNS
www-bis-org-8025	300	15	are	be	VBP
www-bis-org-8025	300	16	halved	halve	VBN
www-bis-org-8025	300	17	,	,	,
www-bis-org-8025	300	18	pushing	push	VBG
www-bis-org-8025	300	19	further	further	JJ
www-bis-org-8025	300	20	mining	mining	NN
www-bis-org-8025	300	21	equipment	equipment	NN
www-bis-org-8025	300	22	out	out	IN
www-bis-org-8025	300	23	of	of	IN
www-bis-org-8025	300	24	the	the	DT
www-bis-org-8025	300	25	regular	regular	JJ
www-bis-org-8025	300	26	mining	mining	NN
www-bis-org-8025	300	27	market	market	NN
www-bis-org-8025	300	28	.	.	.
www-bis-org-8025	301	1	Furthermore	furthermore	RB
www-bis-org-8025	301	2	,	,	,
www-bis-org-8025	301	3	other	other	JJ
www-bis-org-8025	301	4	forms	form	NNS
www-bis-org-8025	301	5	of	of	IN
www-bis-org-8025	301	6	attack	attack	NN
www-bis-org-8025	301	7	on	on	IN
www-bis-org-8025	301	8	bitcoin	bitcoin	NN
www-bis-org-8025	301	9	have	have	VBP
www-bis-org-8025	301	10	become	become	VBN
www-bis-org-8025	301	11	substantially	substantially	RB
www-bis-org-8025	301	12	cheaper	cheap	JJR
www-bis-org-8025	301	13	in	in	IN
www-bis-org-8025	301	14	recent	recent	JJ
www-bis-org-8025	301	15	months	month	NNS
www-bis-org-8025	301	16	.	.	.
www-bis-org-8025	302	1	As	as	IN
www-bis-org-8025	302	2	an	an	DT
www-bis-org-8025	302	3	extreme	extreme	JJ
www-bis-org-8025	302	4	example	example	NN
www-bis-org-8025	302	5	,	,	,
www-bis-org-8025	302	6	consider	consider	VB
www-bis-org-8025	302	7	how	how	WRB
www-bis-org-8025	302	8	expensive	expensive	JJ
www-bis-org-8025	302	9	it	-PRON-	PRP
www-bis-org-8025	302	10	would	would	MD
www-bis-org-8025	302	11	be	be	VB
www-bis-org-8025	302	12	to	to	TO
www-bis-org-8025	302	13	amass	amass	VB
www-bis-org-8025	302	14	equipment	equipment	NN
www-bis-org-8025	302	15	that	that	WDT
www-bis-org-8025	302	16	,	,	,
www-bis-org-8025	302	17	in	in	IN
www-bis-org-8025	302	18	total	total	NN
www-bis-org-8025	302	19	,	,	,
www-bis-org-8025	302	20	would	would	MD
www-bis-org-8025	302	21	wield	wield	VB
www-bis-org-8025	302	22	101	101	CD
www-bis-org-8025	302	23	%	%	NN
www-bis-org-8025	302	24	of	of	IN
www-bis-org-8025	302	25	the	the	DT
www-bis-org-8025	302	26	hash	hash	NN
www-bis-org-8025	302	27	power	power	NN
www-bis-org-8025	302	28	of	of	IN
www-bis-org-8025	302	29	all	all	DT
www-bis-org-8025	302	30	current	current	JJ
www-bis-org-8025	302	31	bitcoin	bitcoin	NN
www-bis-org-8025	302	32	miners	miner	NNS
www-bis-org-8025	302	33	.	.	.
www-bis-org-8025	303	1	This	this	DT
www-bis-org-8025	303	2	could	could	MD
www-bis-org-8025	303	3	then	then	RB
www-bis-org-8025	303	4	be	be	VB
www-bis-org-8025	303	5	used	use	VBN
www-bis-org-8025	303	6	to	to	TO
www-bis-org-8025	303	7	launch	launch	VB
www-bis-org-8025	303	8	double	double	JJ
www-bis-org-8025	303	9	-	-	HYPH
www-bis-org-8025	303	10	spending	spend	VBG
www-bis-org-8025	303	11	attacks	attack	NNS
www-bis-org-8025	303	12	and	and	CC
www-bis-org-8025	303	13	essentially	essentially	RB
www-bis-org-8025	303	14	hold	hold	VB
www-bis-org-8025	303	15	Bitcoin	Bitcoin	NNP
www-bis-org-8025	303	16	hostage	hostage	NN
www-bis-org-8025	303	17	.	.	.
www-bis-org-8025	304	1	Although	although	IN
www-bis-org-8025	304	2	substantial	substantial	JJ
www-bis-org-8025	304	3	,	,	,
www-bis-org-8025	304	4	the	the	DT
www-bis-org-8025	304	5	cost	cost	NN
www-bis-org-8025	304	6	of	of	IN
www-bis-org-8025	304	7	doing	do	VBG
www-bis-org-8025	304	8	this	this	DT
www-bis-org-8025	304	9	has	have	VBZ
www-bis-org-8025	304	10	come	come	VBN
www-bis-org-8025	304	11	down	down	RP
www-bis-org-8025	304	12	dramatically	dramatically	RB
www-bis-org-8025	304	13	,	,	,
www-bis-org-8025	304	14	not	not	RB
www-bis-org-8025	304	15	just	just	RB
www-bis-org-8025	304	16	because	because	IN
www-bis-org-8025	304	17	the	the	DT
www-bis-org-8025	304	18	hash	hash	NN
www-bis-org-8025	304	19	rate	rate	NN
www-bis-org-8025	304	20	of	of	IN
www-bis-org-8025	304	21	bitcoin	bitcoin	NN
www-bis-org-8025	304	22	’s	’s	POS
www-bis-org-8025	304	23	network	network	NN
www-bis-org-8025	304	24	of	of	IN
www-bis-org-8025	304	25	miners	miner	NNS
www-bis-org-8025	304	26	has	have	VBZ
www-bis-org-8025	304	27	peaked	peak	VBN
www-bis-org-8025	304	28	,	,	,
www-bis-org-8025	304	29	but	but	CC
www-bis-org-8025	304	30	thanks	thank	NNS
www-bis-org-8025	304	31	mainly	mainly	RB
www-bis-org-8025	304	32	to	to	IN
www-bis-org-8025	304	33	the	the	DT
www-bis-org-8025	304	34	steep	steep	JJ
www-bis-org-8025	304	35	recent	recent	JJ
www-bis-org-8025	304	36	fall	fall	NN
www-bis-org-8025	304	37	in	in	IN
www-bis-org-8025	304	38	the	the	DT
www-bis-org-8025	304	39	price	price	NN
www-bis-org-8025	304	40	of	of	IN
www-bis-org-8025	304	41	mining	mining	NN
www-bis-org-8025	304	42	equipment	equipment	NN
www-bis-org-8025	304	43	(	(	-LRB-
www-bis-org-8025	304	44	see	see	VB
www-bis-org-8025	304	45	Graph	Graph	NNP
www-bis-org-8025	304	46	6	6	CD
www-bis-org-8025	304	47	,	,	,
www-bis-org-8025	304	48	centre	centre	NN
www-bis-org-8025	304	49	and	and	CC
www-bis-org-8025	304	50	right	right	JJ
www-bis-org-8025	304	51	-	-	HYPH
www-bis-org-8025	304	52	hand	hand	NN
www-bis-org-8025	304	53	panels	panel	NNS
www-bis-org-8025	304	54	)	)	-RRB-
www-bis-org-8025	304	55	.	.	.
www-bis-org-8025	305	1	Aside	aside	RB
www-bis-org-8025	305	2	from	from	IN
www-bis-org-8025	305	3	the	the	DT
www-bis-org-8025	305	4	discussion	discussion	NN
www-bis-org-8025	305	5	on	on	IN
www-bis-org-8025	305	6	the	the	DT
www-bis-org-8025	305	7	type	type	NN
www-bis-org-8025	305	8	of	of	IN
www-bis-org-8025	305	9	attack	attack	NN
www-bis-org-8025	305	10	vector	vector	NN
www-bis-org-8025	305	11	,	,	,
www-bis-org-8025	305	12	two	two	CD
www-bis-org-8025	305	13	fundamental	fundamental	JJ
www-bis-org-8025	305	14	insights	insight	NNS
www-bis-org-8025	305	15	emerge	emerge	VBP
www-bis-org-8025	305	16	from	from	IN
www-bis-org-8025	305	17	all	all	DT
www-bis-org-8025	305	18	economic	economic	JJ
www-bis-org-8025	305	19	considerations	consideration	NNS
www-bis-org-8025	305	20	of	of	IN
www-bis-org-8025	305	21	an	an	DT
www-bis-org-8025	305	22	attack	attack	NN
www-bis-org-8025	305	23	.	.	.
www-bis-org-8025	306	1	The	the	DT
www-bis-org-8025	306	2	first	first	JJ
www-bis-org-8025	306	3	is	be	VBZ
www-bis-org-8025	306	4	that	that	IN
www-bis-org-8025	306	5	attackers	attacker	NNS
www-bis-org-8025	306	6	gain	gain	VBP
www-bis-org-8025	306	7	not	not	RB
www-bis-org-8025	306	8	only	only	RB
www-bis-org-8025	306	9	the	the	DT
www-bis-org-8025	306	10	double	double	RB
www-bis-org-8025	306	11	-	-	HYPH
www-bis-org-8025	306	12	spent	spend	VBN
www-bis-org-8025	306	13	coins	coin	NNS
www-bis-org-8025	306	14	but	but	CC
www-bis-org-8025	306	15	also	also	RB
www-bis-org-8025	306	16	,	,	,
www-bis-org-8025	306	17	like	like	IN
www-bis-org-8025	306	18	regular	regular	JJ
www-bis-org-8025	306	19	miners	miner	NNS
www-bis-org-8025	306	20	,	,	,
www-bis-org-8025	306	21	the	the	DT
www-bis-org-8025	306	22	transaction	transaction	NN
www-bis-org-8025	306	23	fees	fee	NNS
www-bis-org-8025	306	24	and	and	CC
www-bis-org-8025	306	25	the	the	DT
www-bis-org-8025	306	26	block	block	NN
www-bis-org-8025	306	27	rewards	reward	NNS
www-bis-org-8025	306	28	.	.	.
www-bis-org-8025	307	1	This	this	DT
www-bis-org-8025	307	2	makes	make	VBZ
www-bis-org-8025	307	3	an	an	DT
www-bis-org-8025	307	4	attack	attack	NN
www-bis-org-8025	307	5	inherently	inherently	RB
www-bis-org-8025	307	6	more	more	RBR
www-bis-org-8025	307	7	profitable	profitable	JJ
www-bis-org-8025	307	8	22	22	CD
www-bis-org-8025	307	9	On	on	IN
www-bis-org-8025	307	10	the	the	DT
www-bis-org-8025	307	11	other	other	JJ
www-bis-org-8025	307	12	hand	hand	NN
www-bis-org-8025	307	13	,	,	,
www-bis-org-8025	307	14	it	-PRON-	PRP
www-bis-org-8025	307	15	should	should	MD
www-bis-org-8025	307	16	be	be	VB
www-bis-org-8025	307	17	noted	note	VBN
www-bis-org-8025	307	18	that	that	IN
www-bis-org-8025	307	19	the	the	DT
www-bis-org-8025	307	20	above	above	JJ
www-bis-org-8025	307	21	example	example	NN
www-bis-org-8025	307	22	describes	describe	VBZ
www-bis-org-8025	307	23	only	only	RB
www-bis-org-8025	307	24	a	a	DT
www-bis-org-8025	307	25	very	very	RB
www-bis-org-8025	307	26	basic	basic	JJ
www-bis-org-8025	307	27	economic	economic	JJ
www-bis-org-8025	307	28	attack	attack	NN
www-bis-org-8025	307	29	in	in	IN
www-bis-org-8025	307	30	which	which	WDT
www-bis-org-8025	307	31	the	the	DT
www-bis-org-8025	307	32	transaction	transaction	NN
www-bis-org-8025	307	33	is	be	VBZ
www-bis-org-8025	307	34	undone	undo	VBN
www-bis-org-8025	307	35	in	in	IN
www-bis-org-8025	307	36	a	a	DT
www-bis-org-8025	307	37	single	single	JJ
www-bis-org-8025	307	38	block	block	NN
www-bis-org-8025	307	39	and	and	CC
www-bis-org-8025	307	40	legitimate	legitimate	JJ
www-bis-org-8025	307	41	blocks	block	NNS
www-bis-org-8025	307	42	are	be	VBP
www-bis-org-8025	307	43	mined	mine	VBN
www-bis-org-8025	307	44	thereafter	thereafter	RB
www-bis-org-8025	307	45	.	.	.
www-bis-org-8025	308	1	An	an	DT
www-bis-org-8025	308	2	even	even	RB
www-bis-org-8025	308	3	more	more	RBR
www-bis-org-8025	308	4	profitable	profitable	JJ
www-bis-org-8025	308	5	strategy	strategy	NN
www-bis-org-8025	308	6	would	would	MD
www-bis-org-8025	308	7	be	be	VB
www-bis-org-8025	308	8	to	to	TO
www-bis-org-8025	308	9	spend	spend	VB
www-bis-org-8025	308	10	coins	coin	NNS
www-bis-org-8025	308	11	in	in	IN
www-bis-org-8025	308	12	several	several	JJ
www-bis-org-8025	308	13	successive	successive	JJ
www-bis-org-8025	308	14	blocks	block	NNS
www-bis-org-8025	308	15	and	and	CC
www-bis-org-8025	308	16	then	then	RB
www-bis-org-8025	308	17	undo	undo	VB
www-bis-org-8025	308	18	all	all	DT
www-bis-org-8025	308	19	of	of	IN
www-bis-org-8025	308	20	these	these	DT
www-bis-org-8025	308	21	transactions	transaction	NNS
www-bis-org-8025	308	22	.	.	.
www-bis-org-8025	309	1	WP765	WP765	NNP
www-bis-org-8025	309	2	Beyond	beyond	IN
www-bis-org-8025	309	3	the	the	DT
www-bis-org-8025	309	4	doomsday	doomsday	NNP
www-bis-org-8025	309	5	economics	economic	NNS
www-bis-org-8025	309	6	of	of	IN
www-bis-org-8025	309	7	“	"	``
www-bis-org-8025	309	8	proof	proof	NN
www-bis-org-8025	309	9	-	-	HYPH
www-bis-org-8025	309	10	of	of	IN
www-bis-org-8025	309	11	-	-	HYPH
www-bis-org-8025	309	12	work	work	NN
www-bis-org-8025	309	13	”	"	''
www-bis-org-8025	309	14	in	in	IN
www-bis-org-8025	309	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	309	16	15	15	CD
www-bis-org-8025	309	17	than	than	IN
www-bis-org-8025	309	18	honest	honest	JJ
www-bis-org-8025	309	19	mining	mining	NN
www-bis-org-8025	309	20	unless	unless	IN
www-bis-org-8025	309	21	there	there	EX
www-bis-org-8025	309	22	are	be	VBP
www-bis-org-8025	309	23	strong	strong	JJ
www-bis-org-8025	309	24	disadvantages	disadvantage	NNS
www-bis-org-8025	309	25	in	in	IN
www-bis-org-8025	309	26	terms	term	NNS
www-bis-org-8025	309	27	of	of	IN
www-bis-org-8025	309	28	costs	cost	NNS
www-bis-org-8025	309	29	for	for	IN
www-bis-org-8025	309	30	short	short	JJ
www-bis-org-8025	309	31	-	-	HYPH
www-bis-org-8025	309	32	term	term	NN
www-bis-org-8025	309	33	rentals	rental	NNS
www-bis-org-8025	309	34	,	,	,
www-bis-org-8025	309	35	a	a	DT
www-bis-org-8025	309	36	price	price	NN
www-bis-org-8025	309	37	collapse	collapse	NN
www-bis-org-8025	309	38	following	follow	VBG
www-bis-org-8025	309	39	any	any	DT
www-bis-org-8025	309	40	double	double	JJ
www-bis-org-8025	309	41	-	-	HYPH
www-bis-org-8025	309	42	spending	spending	NN
www-bis-org-8025	309	43	,	,	,
www-bis-org-8025	309	44	or	or	CC
www-bis-org-8025	309	45	deterrence	deterrence	NN
www-bis-org-8025	309	46	through	through	IN
www-bis-org-8025	309	47	overarching	overarching	JJ
www-bis-org-8025	309	48	coordination	coordination	NN
www-bis-org-8025	309	49	.	.	.
www-bis-org-8025	310	1	Second	second	JJ
www-bis-org-8025	310	2	,	,	,
www-bis-org-8025	310	3	from	from	IN
www-bis-org-8025	310	4	an	an	DT
www-bis-org-8025	310	5	economic	economic	JJ
www-bis-org-8025	310	6	point	point	NN
www-bis-org-8025	310	7	of	of	IN
www-bis-org-8025	310	8	view	view	NN
www-bis-org-8025	310	9	,	,	,
www-bis-org-8025	310	10	the	the	DT
www-bis-org-8025	310	11	consideration	consideration	NN
www-bis-org-8025	310	12	in	in	IN
www-bis-org-8025	310	13	Nakamoto	Nakamoto	NNP
www-bis-org-8025	310	14	(	(	-LRB-
www-bis-org-8025	310	15	2008	2008	CD
www-bis-org-8025	310	16	)	)	-RRB-
www-bis-org-8025	310	17	that	that	IN
www-bis-org-8025	310	18	waiting	wait	VBG
www-bis-org-8025	310	19	time	time	NN
www-bis-org-8025	310	20	adds	add	VBZ
www-bis-org-8025	310	21	exponentially	exponentially	RB
www-bis-org-8025	310	22	to	to	IN
www-bis-org-8025	310	23	the	the	DT
www-bis-org-8025	310	24	security	security	NN
www-bis-org-8025	310	25	of	of	IN
www-bis-org-8025	310	26	bitcoin	bitcoin	NN
www-bis-org-8025	310	27	payments	payment	NNS
www-bis-org-8025	310	28	does	do	VBZ
www-bis-org-8025	310	29	not	not	RB
www-bis-org-8025	310	30	hold	hold	VB
www-bis-org-8025	310	31	true	true	JJ
www-bis-org-8025	310	32	:	:	:
www-bis-org-8025	310	33	equation	equation	NN
www-bis-org-8025	310	34	(	(	-LRB-
www-bis-org-8025	310	35	8)	8)	CD
www-bis-org-8025	310	36	shows	show	VBZ
www-bis-org-8025	310	37	that	that	IN
www-bis-org-8025	310	38	waiting	wait	VBG
www-bis-org-8025	310	39	times	time	NNS
www-bis-org-8025	310	40	only	only	RB
www-bis-org-8025	310	41	add	add	VB
www-bis-org-8025	310	42	linearly	linearly	RB
www-bis-org-8025	310	43	to	to	IN
www-bis-org-8025	310	44	the	the	DT
www-bis-org-8025	310	45	cost	cost	NN
www-bis-org-8025	310	46	of	of	IN
www-bis-org-8025	310	47	a	a	DT
www-bis-org-8025	310	48	forgery	forgery	NN
www-bis-org-8025	310	49	,	,	,
www-bis-org-8025	310	50	so	so	IN
www-bis-org-8025	310	51	that	that	IN
www-bis-org-8025	310	52	the	the	DT
www-bis-org-8025	310	53	system	system	NN
www-bis-org-8025	310	54	can	can	MD
www-bis-org-8025	310	55	sustain	sustain	VB
www-bis-org-8025	310	56	low	low	JJ
www-bis-org-8025	310	57	transaction	transaction	NN
www-bis-org-8025	310	58	costs	cost	NNS
www-bis-org-8025	310	59	only	only	RB
www-bis-org-8025	310	60	by	by	IN
www-bis-org-8025	310	61	means	mean	NNS
www-bis-org-8025	310	62	of	of	IN
www-bis-org-8025	310	63	extremely	extremely	RB
www-bis-org-8025	310	64	long	long	JJ
www-bis-org-8025	310	65	waiting	wait	VBG
www-bis-org-8025	310	66	times	time	NNS
www-bis-org-8025	310	67	.	.	.
www-bis-org-8025	311	1	This	this	DT
www-bis-org-8025	311	2	second	second	JJ
www-bis-org-8025	311	3	consideration	consideration	NN
www-bis-org-8025	311	4	is	be	VBZ
www-bis-org-8025	311	5	crucial	crucial	JJ
www-bis-org-8025	311	6	for	for	IN
www-bis-org-8025	311	7	Bitcoin	Bitcoin	NNP
www-bis-org-8025	311	8	’s	’s	POS
www-bis-org-8025	311	9	future	future	NN
www-bis-org-8025	311	10	,	,	,
www-bis-org-8025	311	11	as	as	IN
www-bis-org-8025	311	12	explained	explain	VBN
www-bis-org-8025	311	13	in	in	IN
www-bis-org-8025	311	14	detail	detail	NN
www-bis-org-8025	311	15	below	below	RB
www-bis-org-8025	311	16	.	.	.
www-bis-org-8025	312	1	The	the	DT
www-bis-org-8025	312	2	“	"	``
www-bis-org-8025	312	3	tragedy	tragedy	NN
www-bis-org-8025	312	4	of	of	IN
www-bis-org-8025	312	5	the	the	DT
www-bis-org-8025	312	6	common	common	JJ
www-bis-org-8025	312	7	chain	chain	NN
www-bis-org-8025	312	8	”	"	''
www-bis-org-8025	312	9	in	in	IN
www-bis-org-8025	312	10	the	the	DT
www-bis-org-8025	312	11	market	market	NN
www-bis-org-8025	312	12	for	for	IN
www-bis-org-8025	312	13	transactions	transaction	NNS
www-bis-org-8025	312	14	The	the	DT
www-bis-org-8025	312	15	second	second	JJ
www-bis-org-8025	312	16	main	main	JJ
www-bis-org-8025	312	17	economic	economic	JJ
www-bis-org-8025	312	18	limitation	limitation	NN
www-bis-org-8025	312	19	relates	relate	VBZ
www-bis-org-8025	312	20	to	to	IN
www-bis-org-8025	312	21	the	the	DT
www-bis-org-8025	312	22	inability	inability	NN
www-bis-org-8025	312	23	of	of	IN
www-bis-org-8025	312	24	bitcoin	bitcoin	NN
www-bis-org-8025	312	25	to	to	TO
www-bis-org-8025	312	26	generate	generate	VB
www-bis-org-8025	312	27	non	non	JJ
www-bis-org-8025	312	28	-	-	JJ
www-bis-org-8025	312	29	negligible	negligible	JJ
www-bis-org-8025	312	30	transaction	transaction	NN
www-bis-org-8025	312	31	fees	fee	NNS
www-bis-org-8025	312	32	other	other	JJ
www-bis-org-8025	312	33	than	than	IN
www-bis-org-8025	312	34	via	via	IN
www-bis-org-8025	312	35	congestion	congestion	NN
www-bis-org-8025	312	36	.	.	.
www-bis-org-8025	313	1	That	that	RB
www-bis-org-8025	313	2	is	is	RB
www-bis-org-8025	313	3	,	,	,
www-bis-org-8025	313	4	although	although	IN
www-bis-org-8025	313	5	miners	miner	NNS
www-bis-org-8025	313	6	compete	compete	VBP
www-bis-org-8025	313	7	to	to	TO
www-bis-org-8025	313	8	update	update	VB
www-bis-org-8025	313	9	the	the	DT
www-bis-org-8025	313	10	blockchain	blockchain	NN
www-bis-org-8025	313	11	,	,	,
www-bis-org-8025	313	12	they	-PRON-	PRP
www-bis-org-8025	313	13	can	can	MD
www-bis-org-8025	313	14	not	not	RB
www-bis-org-8025	313	15	affect	affect	VB
www-bis-org-8025	313	16	the	the	DT
www-bis-org-8025	313	17	maximum	maximum	JJ
www-bis-org-8025	313	18	number	number	NN
www-bis-org-8025	313	19	of	of	IN
www-bis-org-8025	313	20	transactions	transaction	NNS
www-bis-org-8025	313	21	that	that	WDT
www-bis-org-8025	313	22	are	be	VBP
www-bis-org-8025	313	23	being	be	VBG
www-bis-org-8025	313	24	processed.23	processed.23	NNP
www-bis-org-8025	313	25	The	the	DT
www-bis-org-8025	313	26	basics	basic	NNS
www-bis-org-8025	313	27	of	of	IN
www-bis-org-8025	313	28	the	the	DT
www-bis-org-8025	313	29	transaction	transaction	NN
www-bis-org-8025	313	30	market	market	NN
www-bis-org-8025	313	31	Each	each	DT
www-bis-org-8025	313	32	bitcoin	bitcoin	NN
www-bis-org-8025	313	33	owner	owner	NN
www-bis-org-8025	313	34	wanting	want	VBG
www-bis-org-8025	313	35	to	to	IN
www-bis-org-8025	313	36	transact	transact	NN
www-bis-org-8025	313	37	sets	set	NNS
www-bis-org-8025	313	38	a	a	DT
www-bis-org-8025	313	39	transaction	transaction	NN
www-bis-org-8025	313	40	fee.24	fee.24	NNP
www-bis-org-8025	313	41	Miners	Miners	NNPS
www-bis-org-8025	313	42	see	see	VBP
www-bis-org-8025	313	43	all	all	DT
www-bis-org-8025	313	44	pending	pende	VBG
www-bis-org-8025	313	45	transactions	transaction	NNS
www-bis-org-8025	313	46	and	and	CC
www-bis-org-8025	313	47	choose	choose	VB
www-bis-org-8025	313	48	those	those	DT
www-bis-org-8025	313	49	maximising	maximise	VBG
www-bis-org-8025	313	50	their	-PRON-	PRP$
www-bis-org-8025	313	51	fee	fee	NN
www-bis-org-8025	313	52	income	income	NN
www-bis-org-8025	313	53	,	,	,
www-bis-org-8025	313	54	thus	thus	RB
www-bis-org-8025	313	55	generating	generate	VBG
www-bis-org-8025	313	56	an	an	DT
www-bis-org-8025	313	57	endogenous	endogenous	JJ
www-bis-org-8025	313	58	average	average	JJ
www-bis-org-8025	313	59	transaction	transaction	NN
www-bis-org-8025	313	60	cost	cost	NN
www-bis-org-8025	313	61	.	.	.
www-bis-org-8025	314	1	But	but	CC
www-bis-org-8025	314	2	as	as	RB
www-bis-org-8025	314	3	long	long	RB
www-bis-org-8025	314	4	as	as	IN
www-bis-org-8025	314	5	blocks	block	NNS
www-bis-org-8025	314	6	still	still	RB
www-bis-org-8025	314	7	have	have	VBP
www-bis-org-8025	314	8	free	free	JJ
www-bis-org-8025	314	9	space	space	NN
www-bis-org-8025	314	10	,	,	,
www-bis-org-8025	314	11	the	the	DT
www-bis-org-8025	314	12	marginal	marginal	JJ
www-bis-org-8025	314	13	cost	cost	NN
www-bis-org-8025	314	14	to	to	IN
www-bis-org-8025	314	15	the	the	DT
www-bis-org-8025	314	16	miner	miner	NN
www-bis-org-8025	314	17	to	to	TO
www-bis-org-8025	314	18	include	include	VB
www-bis-org-8025	314	19	a	a	DT
www-bis-org-8025	314	20	transaction	transaction	NN
www-bis-org-8025	314	21	is	be	VBZ
www-bis-org-8025	314	22	0	0	CD
www-bis-org-8025	314	23	,	,	,
www-bis-org-8025	314	24	and	and	CC
www-bis-org-8025	314	25	the	the	DT
www-bis-org-8025	314	26	miners	miner	NNS
www-bis-org-8025	314	27	include	include	VBP
www-bis-org-8025	314	28	any	any	DT
www-bis-org-8025	314	29	transaction	transaction	NN
www-bis-org-8025	314	30	with	with	IN
www-bis-org-8025	314	31	a	a	DT
www-bis-org-8025	314	32	non	non	JJ
www-bis-org-8025	314	33	-	-	JJ
www-bis-org-8025	314	34	zero	zero	JJ
www-bis-org-8025	314	35	fee	fee	NN
www-bis-org-8025	314	36	.	.	.
www-bis-org-8025	315	1	Because	because	IN
www-bis-org-8025	315	2	the	the	DT
www-bis-org-8025	315	3	supply	supply	NN
www-bis-org-8025	315	4	of	of	IN
www-bis-org-8025	315	5	transaction	transaction	NN
www-bis-org-8025	315	6	throughput	throughput	NN
www-bis-org-8025	315	7	is	be	VBZ
www-bis-org-8025	315	8	fixed	fix	VBN
www-bis-org-8025	315	9	,	,	,
www-bis-org-8025	315	10	while	while	IN
www-bis-org-8025	315	11	demand	demand	NN
www-bis-org-8025	315	12	for	for	IN
www-bis-org-8025	315	13	transactions	transaction	NNS
www-bis-org-8025	315	14	has	have	VBZ
www-bis-org-8025	315	15	fluctuated	fluctuate	VBN
www-bis-org-8025	315	16	substantially	substantially	RB
www-bis-org-8025	315	17	over	over	IN
www-bis-org-8025	315	18	time	time	NN
www-bis-org-8025	315	19	,	,	,
www-bis-org-8025	315	20	the	the	DT
www-bis-org-8025	315	21	market	market	NN
www-bis-org-8025	315	22	for	for	IN
www-bis-org-8025	315	23	transactions	transaction	NNS
www-bis-org-8025	315	24	fluctuates	fluctuate	VBZ
www-bis-org-8025	315	25	between	between	IN
www-bis-org-8025	315	26	two	two	CD
www-bis-org-8025	315	27	extremes	extreme	NNS
www-bis-org-8025	315	28	,	,	,
www-bis-org-8025	315	29	as	as	IN
www-bis-org-8025	315	30	seen	see	VBN
www-bis-org-8025	315	31	in	in	IN
www-bis-org-8025	315	32	Graph	Graph	NNP
www-bis-org-8025	315	33	7	7	CD
www-bis-org-8025	315	34	.	.	.
www-bis-org-8025	316	1	23	23	CD
www-bis-org-8025	316	2	Although	although	IN
www-bis-org-8025	316	3	a	a	DT
www-bis-org-8025	316	4	nuance	nuance	NN
www-bis-org-8025	316	5	is	be	VBZ
www-bis-org-8025	316	6	that	that	IN
www-bis-org-8025	316	7	,	,	,
www-bis-org-8025	316	8	as	as	IN
www-bis-org-8025	316	9	the	the	DT
www-bis-org-8025	316	10	difficulty	difficulty	NN
www-bis-org-8025	316	11	of	of	IN
www-bis-org-8025	316	12	the	the	DT
www-bis-org-8025	316	13	proof	proof	NN
www-bis-org-8025	316	14	of	of	IN
www-bis-org-8025	316	15	work	work	NN
www-bis-org-8025	316	16	adjusts	adjust	NNS
www-bis-org-8025	316	17	only	only	RB
www-bis-org-8025	316	18	once	once	RB
www-bis-org-8025	316	19	every	every	DT
www-bis-org-8025	316	20	two	two	CD
www-bis-org-8025	316	21	weeks	week	NNS
www-bis-org-8025	316	22	,	,	,
www-bis-org-8025	316	23	rapid	rapid	JJ
www-bis-org-8025	316	24	entry	entry	NN
www-bis-org-8025	316	25	by	by	IN
www-bis-org-8025	316	26	miners	miner	NNS
www-bis-org-8025	316	27	can	can	MD
www-bis-org-8025	316	28	in	in	IN
www-bis-org-8025	316	29	fact	fact	NN
www-bis-org-8025	316	30	affect	affect	VB
www-bis-org-8025	316	31	the	the	DT
www-bis-org-8025	316	32	number	number	NN
www-bis-org-8025	316	33	of	of	IN
www-bis-org-8025	316	34	transactions	transaction	NNS
www-bis-org-8025	316	35	that	that	WDT
www-bis-org-8025	316	36	are	be	VBP
www-bis-org-8025	316	37	being	be	VBG
www-bis-org-8025	316	38	processed	process	VBN
www-bis-org-8025	316	39	for	for	IN
www-bis-org-8025	316	40	up	up	IN
www-bis-org-8025	316	41	to	to	TO
www-bis-org-8025	316	42	two	two	CD
www-bis-org-8025	316	43	weeks	week	NNS
www-bis-org-8025	316	44	at	at	IN
www-bis-org-8025	316	45	a	a	DT
www-bis-org-8025	316	46	time	time	NN
www-bis-org-8025	316	47	.	.	.
www-bis-org-8025	317	1	24	24	CD
www-bis-org-8025	317	2	Any	any	DT
www-bis-org-8025	317	3	payment	payment	NN
www-bis-org-8025	317	4	transaction	transaction	NN
www-bis-org-8025	317	5	also	also	RB
www-bis-org-8025	317	6	includes	include	VBZ
www-bis-org-8025	317	7	a	a	DT
www-bis-org-8025	317	8	separate	separate	JJ
www-bis-org-8025	317	9	transaction	transaction	NN
www-bis-org-8025	317	10	fee	fee	NN
www-bis-org-8025	317	11	payable	payable	JJ
www-bis-org-8025	317	12	to	to	TO
www-bis-org-8025	317	13	whomever	whomever	VB
www-bis-org-8025	317	14	successfully	successfully	RB
www-bis-org-8025	317	15	mines	mine	VBZ
www-bis-org-8025	317	16	the	the	DT
www-bis-org-8025	317	17	block	block	NN
www-bis-org-8025	317	18	in	in	IN
www-bis-org-8025	317	19	which	which	WDT
www-bis-org-8025	317	20	the	the	DT
www-bis-org-8025	317	21	transaction	transaction	NN
www-bis-org-8025	317	22	is	be	VBZ
www-bis-org-8025	317	23	included	include	VBN
www-bis-org-8025	317	24	.	.	.
www-bis-org-8025	318	1	Overall	overall	JJ
www-bis-org-8025	318	2	hashing	hashing	NN
www-bis-org-8025	318	3	rate	rate	NN
www-bis-org-8025	318	4	,	,	,
www-bis-org-8025	318	5	equipment	equipment	NN
www-bis-org-8025	318	6	prices	price	NNS
www-bis-org-8025	318	7	,	,	,
www-bis-org-8025	318	8	and	and	CC
www-bis-org-8025	318	9	the	the	DT
www-bis-org-8025	318	10	cost	cost	NN
www-bis-org-8025	318	11	of	of	IN
www-bis-org-8025	318	12	a	a	DT
www-bis-org-8025	318	13	large	large	JJ
www-bis-org-8025	318	14	-	-	HYPH
www-bis-org-8025	318	15	scale	scale	NN
www-bis-org-8025	318	16	attack	attack	NN
www-bis-org-8025	318	17	Graph	Graph	NNP
www-bis-org-8025	318	18	6	6	CD
www-bis-org-8025	318	19	Total	total	JJ
www-bis-org-8025	318	20	hashing	hash	VBG
www-bis-org-8025	318	21	rate	rate	NN
www-bis-org-8025	318	22	of	of	IN
www-bis-org-8025	318	23	the	the	DT
www-bis-org-8025	318	24	Bitcoin	Bitcoin	NNP
www-bis-org-8025	318	25	network	network	NN
www-bis-org-8025	318	26	peaked	peak	VBD
www-bis-org-8025	318	27	in	in	IN
www-bis-org-8025	318	28	August	August	NNP
www-bis-org-8025	318	29	2018	2018	CD
www-bis-org-8025	318	30	The	the	DT
www-bis-org-8025	318	31	price	price	NN
www-bis-org-8025	318	32	of	of	IN
www-bis-org-8025	318	33	mining	mining	NN
www-bis-org-8025	318	34	equipment	equipment	NN
www-bis-org-8025	318	35	dropped	drop	VBD
www-bis-org-8025	318	36	substantially1	substantially1	NN
www-bis-org-8025	318	37	As	as	IN
www-bis-org-8025	318	38	a	a	DT
www-bis-org-8025	318	39	result	result	NN
www-bis-org-8025	318	40	,	,	,
www-bis-org-8025	318	41	the	the	DT
www-bis-org-8025	318	42	cost	cost	NN
www-bis-org-8025	318	43	of	of	IN
www-bis-org-8025	318	44	acquiring	acquire	VBG
www-bis-org-8025	318	45	the	the	DT
www-bis-org-8025	318	46	network	network	NN
www-bis-org-8025	318	47	’s	’s	POS
www-bis-org-8025	318	48	hash	hash	NN
www-bis-org-8025	318	49	rate	rate	NN
www-bis-org-8025	318	50	collapsed2	collapsed2	NN
www-bis-org-8025	318	51	Millions	Millions	NNPS
www-bis-org-8025	318	52	of	of	IN
www-bis-org-8025	318	53	terahash	terahash	NN
www-bis-org-8025	318	54	per	per	IN
www-bis-org-8025	318	55	second	second	JJ
www-bis-org-8025	318	56	USD	usd	NN
www-bis-org-8025	318	57	USD	USD	NNP
www-bis-org-8025	318	58	bn	bn	NNP
www-bis-org-8025	318	59	1	1	CD
www-bis-org-8025	318	60	Price	price	NN
www-bis-org-8025	318	61	history	history	NN
www-bis-org-8025	318	62	of	of	IN
www-bis-org-8025	318	63	Antminer	Antminer	NNP
www-bis-org-8025	318	64	S9	s9	NN
www-bis-org-8025	318	65	mining	mining	NN
www-bis-org-8025	318	66	equipment	equipment	NN
www-bis-org-8025	318	67	with	with	IN
www-bis-org-8025	318	68	advertised	advertise	VBN
www-bis-org-8025	318	69	capacity	capacity	NN
www-bis-org-8025	318	70	of	of	IN
www-bis-org-8025	318	71	13.5	13.5	CD
www-bis-org-8025	318	72	tera	tera	NN
www-bis-org-8025	318	73	-	-	HYPH
www-bis-org-8025	318	74	hash	hash	NN
www-bis-org-8025	318	75	per	per	IN
www-bis-org-8025	318	76	second	second	NN
www-bis-org-8025	318	77	on	on	IN
www-bis-org-8025	318	78	Geizhals.de	Geizhals.de	NNP
www-bis-org-8025	318	79	(	(	-LRB-
www-bis-org-8025	318	80	price	price	NN
www-bis-org-8025	318	81	in	in	IN
www-bis-org-8025	318	82	Germany	Germany	NNP
www-bis-org-8025	318	83	)	)	-RRB-
www-bis-org-8025	318	84	.	.	.
www-bis-org-8025	319	1	2	2	CD
www-bis-org-8025	319	2	The	the	DT
www-bis-org-8025	319	3	cost	cost	NN
www-bis-org-8025	319	4	of	of	IN
www-bis-org-8025	319	5	acquiring	acquire	VBG
www-bis-org-8025	319	6	equipment	equipment	NN
www-bis-org-8025	319	7	capable	capable	JJ
www-bis-org-8025	319	8	of	of	IN
www-bis-org-8025	319	9	performing	perform	VBG
www-bis-org-8025	319	10	calculations	calculation	NNS
www-bis-org-8025	319	11	at	at	IN
www-bis-org-8025	319	12	the	the	DT
www-bis-org-8025	319	13	same	same	JJ
www-bis-org-8025	319	14	rate	rate	NN
www-bis-org-8025	319	15	as	as	IN
www-bis-org-8025	319	16	bitcoin	bitcoin	NN
www-bis-org-8025	319	17	’s	’s	POS
www-bis-org-8025	319	18	total	total	JJ
www-bis-org-8025	319	19	hashing	hash	VBG
www-bis-org-8025	319	20	rate	rate	NN
www-bis-org-8025	319	21	.	.	.
www-bis-org-8025	320	1	Calculated	calculate	VBN
www-bis-org-8025	320	2	as	as	IN
www-bis-org-8025	320	3	(	(	-LRB-
www-bis-org-8025	320	4	network	network	NN
www-bis-org-8025	320	5	hashing	hash	VBG
www-bis-org-8025	320	6	rate	rate	NN
www-bis-org-8025	320	7	in	in	IN
www-bis-org-8025	320	8	TH	TH	NNP
www-bis-org-8025	320	9	/	/	SYM
www-bis-org-8025	320	10	S	s	NN
www-bis-org-8025	320	11	*	*	NFP
www-bis-org-8025	320	12	price	price	NN
www-bis-org-8025	320	13	per	per	IN
www-bis-org-8025	320	14	Antminer	Antminer	NNP
www-bis-org-8025	320	15	S9	s9	NN
www-bis-org-8025	320	16	)	)	-RRB-
www-bis-org-8025	320	17	/	/	SYM
www-bis-org-8025	320	18	13.5	13.5	CD
www-bis-org-8025	320	19	TH	TH	NNP
www-bis-org-8025	320	20	/	/	SYM
www-bis-org-8025	320	21	s	s	NN
www-bis-org-8025	320	22	.	.	.
www-bis-org-8025	321	1	Sources	source	NNS
www-bis-org-8025	321	2	:	:	:
www-bis-org-8025	321	3	https://bitinfocharts.com	https://bitinfocharts.com	ADD
www-bis-org-8025	321	4	;	;	:
www-bis-org-8025	321	5	https://geizhals.de/bitmain-antminer-s9-a1768361.html	https://geizhals.de/bitmain-antminer-s9-a1768361.html	NN
www-bis-org-8025	321	6	;	;	:
www-bis-org-8025	321	7	author	author	NN
www-bis-org-8025	321	8	’s	’s	POS
www-bis-org-8025	321	9	calculations	calculation	NNS
www-bis-org-8025	321	10	.	.	.
www-bis-org-8025	322	1	60	60	CD
www-bis-org-8025	322	2	45	45	CD
www-bis-org-8025	322	3	30	30	CD
www-bis-org-8025	322	4	15	15	CD
www-bis-org-8025	322	5	0	0	CD
www-bis-org-8025	322	6	20182017	20182017	CD
www-bis-org-8025	322	7	Hashrate	hashrate	NN
www-bis-org-8025	322	8	5,000	5,000	CD
www-bis-org-8025	322	9	3,750	3,750	CD
www-bis-org-8025	322	10	2,500	2,500	CD
www-bis-org-8025	322	11	1,250	1,250	CD
www-bis-org-8025	322	12	0	0	CD
www-bis-org-8025	322	13	Q4	q4	NN
www-bis-org-8025	322	14	2018Q3	2018q3	CD
www-bis-org-8025	322	15	2018Q2	2018q2	CD
www-bis-org-8025	322	16	2018	2018	CD
www-bis-org-8025	322	17	12	12	CD
www-bis-org-8025	322	18	9	9	CD
www-bis-org-8025	322	19	6	6	CD
www-bis-org-8025	322	20	3	3	CD
www-bis-org-8025	322	21	0	0	CD
www-bis-org-8025	322	22	Q4	q4	NN
www-bis-org-8025	322	23	2018Q3	2018q3	CD
www-bis-org-8025	322	24	2018Q2	2018q2	CD
www-bis-org-8025	322	25	2018	2018	CD
www-bis-org-8025	322	26	https://geizhals.de/bitmain-antminer-s9-a1768361.html	https://geizhals.de/bitmain-antminer-s9-a1768361.html	NNP
www-bis-org-8025	322	27	https://bitinfocharts.com/	https://bitinfocharts.com/	NNP
www-bis-org-8025	322	28	16	16	CD
www-bis-org-8025	322	29	WP765	wp765	NN
www-bis-org-8025	322	30	Beyond	beyond	IN
www-bis-org-8025	322	31	the	the	DT
www-bis-org-8025	322	32	doomsday	doomsday	NNP
www-bis-org-8025	322	33	economics	economic	NNS
www-bis-org-8025	322	34	of	of	IN
www-bis-org-8025	322	35	“	"	``
www-bis-org-8025	322	36	proof	proof	NN
www-bis-org-8025	322	37	-	-	HYPH
www-bis-org-8025	322	38	of	of	IN
www-bis-org-8025	322	39	-	-	HYPH
www-bis-org-8025	322	40	work	work	NN
www-bis-org-8025	322	41	”	"	''
www-bis-org-8025	322	42	in	in	IN
www-bis-org-8025	322	43	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	322	44	On	on	IN
www-bis-org-8025	322	45	the	the	DT
www-bis-org-8025	322	46	one	one	CD
www-bis-org-8025	322	47	hand	hand	NN
www-bis-org-8025	322	48	,	,	,
www-bis-org-8025	322	49	positive	positive	JJ
www-bis-org-8025	322	50	and	and	CC
www-bis-org-8025	322	51	very	very	RB
www-bis-org-8025	322	52	high	high	JJ
www-bis-org-8025	322	53	fees	fee	NNS
www-bis-org-8025	322	54	can	can	MD
www-bis-org-8025	322	55	result	result	VB
www-bis-org-8025	322	56	when	when	WRB
www-bis-org-8025	322	57	the	the	DT
www-bis-org-8025	322	58	system	system	NN
www-bis-org-8025	322	59	gets	get	VBZ
www-bis-org-8025	322	60	congested	congest	VBN
www-bis-org-8025	322	61	(	(	-LRB-
www-bis-org-8025	322	62	on	on	IN
www-bis-org-8025	322	63	the	the	DT
www-bis-org-8025	322	64	case	case	NN
www-bis-org-8025	322	65	of	of	IN
www-bis-org-8025	322	66	congestion	congestion	NN
www-bis-org-8025	322	67	,	,	,
www-bis-org-8025	322	68	see	see	VB
www-bis-org-8025	322	69	in	in	IN
www-bis-org-8025	322	70	particular	particular	JJ
www-bis-org-8025	322	71	Easley	Easley	NNP
www-bis-org-8025	322	72	et	et	FW
www-bis-org-8025	322	73	al	al	NNP
www-bis-org-8025	322	74	(	(	-LRB-
www-bis-org-8025	322	75	2018	2018	CD
www-bis-org-8025	322	76	)	)	-RRB-
www-bis-org-8025	322	77	and	and	CC
www-bis-org-8025	322	78	Huberman	Huberman	NNP
www-bis-org-8025	322	79	et	et	NNP
www-bis-org-8025	322	80	al	al	NNP
www-bis-org-8025	322	81	(	(	-LRB-
www-bis-org-8025	322	82	2017	2017	CD
www-bis-org-8025	322	83	)	)	-RRB-
www-bis-org-8025	322	84	)	)	-RRB-
www-bis-org-8025	322	85	.	.	.
www-bis-org-8025	323	1	When	when	WRB
www-bis-org-8025	323	2	newly	newly	RB
www-bis-org-8025	323	3	added	add	VBN
www-bis-org-8025	323	4	blocks	block	NNS
www-bis-org-8025	323	5	are	be	VBP
www-bis-org-8025	323	6	already	already	RB
www-bis-org-8025	323	7	at	at	IN
www-bis-org-8025	323	8	the	the	DT
www-bis-org-8025	323	9	maximum	maximum	JJ
www-bis-org-8025	323	10	size	size	NN
www-bis-org-8025	323	11	permitted	permit	VBN
www-bis-org-8025	323	12	by	by	IN
www-bis-org-8025	323	13	the	the	DT
www-bis-org-8025	323	14	protocol	protocol	NN
www-bis-org-8025	323	15	,	,	,
www-bis-org-8025	323	16	the	the	DT
www-bis-org-8025	323	17	system	system	NN
www-bis-org-8025	323	18	congests	congest	VBZ
www-bis-org-8025	323	19	and	and	CC
www-bis-org-8025	323	20	many	many	JJ
www-bis-org-8025	323	21	transactions	transaction	NNS
www-bis-org-8025	323	22	go	go	VBP
www-bis-org-8025	323	23	into	into	IN
www-bis-org-8025	323	24	a	a	DT
www-bis-org-8025	323	25	queue	queue	NN
www-bis-org-8025	323	26	.	.	.
www-bis-org-8025	324	1	Users	user	NNS
www-bis-org-8025	324	2	who	who	WP
www-bis-org-8025	324	3	want	want	VBP
www-bis-org-8025	324	4	to	to	TO
www-bis-org-8025	324	5	have	have	VB
www-bis-org-8025	324	6	their	-PRON-	PRP$
www-bis-org-8025	324	7	fees	fee	NNS
www-bis-org-8025	324	8	transacted	transact	VBN
www-bis-org-8025	324	9	immediately	immediately	RB
www-bis-org-8025	324	10	start	start	VBP
www-bis-org-8025	324	11	setting	set	VBG
www-bis-org-8025	324	12	higher	high	JJR
www-bis-org-8025	324	13	fees	fee	NNS
www-bis-org-8025	324	14	.	.	.
www-bis-org-8025	325	1	During	during	IN
www-bis-org-8025	325	2	peak	peak	NN
www-bis-org-8025	325	3	crypto	crypto	NN
www-bis-org-8025	325	4	-	-	HYPH
www-bis-org-8025	325	5	hype	hype	NN
www-bis-org-8025	325	6	in	in	IN
www-bis-org-8025	325	7	late	late	JJ
www-bis-org-8025	325	8	2017	2017	CD
www-bis-org-8025	325	9	,	,	,
www-bis-org-8025	325	10	transaction	transaction	NN
www-bis-org-8025	325	11	fees	fee	NNS
www-bis-org-8025	325	12	spiked	spike	VBN
www-bis-org-8025	325	13	in	in	IN
www-bis-org-8025	325	14	this	this	DT
www-bis-org-8025	325	15	way	way	NN
www-bis-org-8025	325	16	at	at	IN
www-bis-org-8025	325	17	more	more	JJR
www-bis-org-8025	325	18	than	than	IN
www-bis-org-8025	325	19	USD	usd	NN
www-bis-org-8025	325	20	50	50	CD
www-bis-org-8025	325	21	per	per	IN
www-bis-org-8025	325	22	transaction	transaction	NN
www-bis-org-8025	325	23	(	(	-LRB-
www-bis-org-8025	325	24	!	!	.
www-bis-org-8025	326	1	)	)	-RRB-
www-bis-org-8025	326	2	,	,	,
www-bis-org-8025	326	3	a	a	DT
www-bis-org-8025	326	4	situation	situation	NN
www-bis-org-8025	326	5	that	that	WDT
www-bis-org-8025	326	6	persisted	persist	VBD
www-bis-org-8025	326	7	for	for	IN
www-bis-org-8025	326	8	some	some	DT
www-bis-org-8025	326	9	time	time	NN
www-bis-org-8025	326	10	(	(	-LRB-
www-bis-org-8025	326	11	see	see	VB
www-bis-org-8025	326	12	Graph	Graph	NNP
www-bis-org-8025	326	13	8)	8)	CD
www-bis-org-8025	326	14	.	.	.
www-bis-org-8025	327	1	On	on	IN
www-bis-org-8025	327	2	the	the	DT
www-bis-org-8025	327	3	other	other	JJ
www-bis-org-8025	327	4	hand	hand	NN
www-bis-org-8025	327	5	,	,	,
www-bis-org-8025	327	6	whenever	whenever	WRB
www-bis-org-8025	327	7	demand	demand	NN
www-bis-org-8025	327	8	for	for	IN
www-bis-org-8025	327	9	transactions	transaction	NNS
www-bis-org-8025	327	10	is	be	VBZ
www-bis-org-8025	327	11	such	such	JJ
www-bis-org-8025	327	12	that	that	IN
www-bis-org-8025	327	13	,	,	,
www-bis-org-8025	327	14	even	even	RB
www-bis-org-8025	327	15	with	with	IN
www-bis-org-8025	327	16	a	a	DT
www-bis-org-8025	327	17	fee	fee	NN
www-bis-org-8025	327	18	of	of	IN
www-bis-org-8025	327	19	zero	zero	CD
www-bis-org-8025	327	20	,	,	,
www-bis-org-8025	327	21	blocks	block	NNS
www-bis-org-8025	327	22	are	be	VBP
www-bis-org-8025	327	23	not	not	RB
www-bis-org-8025	327	24	full	full	JJ
www-bis-org-8025	327	25	,	,	,
www-bis-org-8025	327	26	and	and	CC
www-bis-org-8025	327	27	the	the	DT
www-bis-org-8025	327	28	equilibrium	equilibrium	NN
www-bis-org-8025	327	29	fee	fee	NN
www-bis-org-8025	327	30	has	have	VBZ
www-bis-org-8025	327	31	remained	remain	VBN
www-bis-org-8025	327	32	at	at	IN
www-bis-org-8025	327	33	around	around	IN
www-bis-org-8025	327	34	zero	zero	CD
www-bis-org-8025	327	35	.	.	.
www-bis-org-8025	328	1	The	the	DT
www-bis-org-8025	328	2	market	market	NN
www-bis-org-8025	328	3	for	for	IN
www-bis-org-8025	328	4	Bitcoin	Bitcoin	NNP
www-bis-org-8025	328	5	transactions	transaction	NNS
www-bis-org-8025	328	6	Graph	Graph	NNP
www-bis-org-8025	328	7	7	7	CD
www-bis-org-8025	328	8	Transaction	Transaction	NNP
www-bis-org-8025	328	9	demand	demand	NN
www-bis-org-8025	328	10	fluctuates	fluctuate	VBZ
www-bis-org-8025	328	11	widely1	widely1	NN
www-bis-org-8025	328	12	With	with	IN
www-bis-org-8025	328	13	capped	cap	VBN
www-bis-org-8025	328	14	supply	supply	NN
www-bis-org-8025	328	15	,	,	,
www-bis-org-8025	328	16	demand	demand	NN
www-bis-org-8025	328	17	fluctuations	fluctuation	NNS
www-bis-org-8025	328	18	shift	shift	NN
www-bis-org-8025	328	19	fees	fee	NNS
www-bis-org-8025	328	20	only	only	RB
www-bis-org-8025	328	21	when	when	WRB
www-bis-org-8025	328	22	blocks	block	NNS
www-bis-org-8025	328	23	are	be	VBP
www-bis-org-8025	328	24	full	full	JJ
www-bis-org-8025	328	25	…	…	NFP
www-bis-org-8025	328	26	…	…	NFP
www-bis-org-8025	328	27	which	which	WDT
www-bis-org-8025	328	28	explains	explain	VBZ
www-bis-org-8025	328	29	the	the	DT
www-bis-org-8025	328	30	kinked	kinked	JJ
www-bis-org-8025	328	31	relationship	relationship	NN
www-bis-org-8025	328	32	between	between	IN
www-bis-org-8025	328	33	block	block	NN
www-bis-org-8025	328	34	size	size	NN
www-bis-org-8025	328	35	and	and	CC
www-bis-org-8025	328	36	fees	fee	VBZ
www-bis-org-8025	328	37	MB	mb	NN
www-bis-org-8025	328	38	1	1	CD
www-bis-org-8025	328	39	Thirty	thirty	CD
www-bis-org-8025	328	40	-	-	HYPH
www-bis-org-8025	328	41	day	day	NN
www-bis-org-8025	328	42	moving	moving	NN
www-bis-org-8025	328	43	average	average	NN
www-bis-org-8025	328	44	.	.	.
www-bis-org-8025	329	1	2	2	LS
www-bis-org-8025	329	2	Transaction	transaction	NN
www-bis-org-8025	329	3	fee	fee	NN
www-bis-org-8025	329	4	paid	pay	VBN
www-bis-org-8025	329	5	to	to	IN
www-bis-org-8025	329	6	miners	miner	NNS
www-bis-org-8025	329	7	over	over	IN
www-bis-org-8025	329	8	the	the	DT
www-bis-org-8025	329	9	period	period	NN
www-bis-org-8025	329	10	1	1	CD
www-bis-org-8025	329	11	Aug	Aug	NNP
www-bis-org-8025	329	12	2010–22	2010–22	.
www-bis-org-8025	329	13	Oct	Oct	NNP
www-bis-org-8025	329	14	2018	2018	CD
www-bis-org-8025	329	15	;	;	:
www-bis-org-8025	329	16	daily	daily	JJ
www-bis-org-8025	329	17	averages	average	NNS
www-bis-org-8025	329	18	.	.	.
www-bis-org-8025	330	1	Sources	source	NNS
www-bis-org-8025	330	2	:	:	:
www-bis-org-8025	330	3	www.bitinfocharts.com	www.bitinfocharts.com	ADD
www-bis-org-8025	330	4	;	;	:
www-bis-org-8025	330	5	author	author	NN
www-bis-org-8025	330	6	’s	’s	POS
www-bis-org-8025	330	7	elaboration	elaboration	NN
www-bis-org-8025	330	8	.	.	.
www-bis-org-8025	331	1	Spiking	spiking	NN
www-bis-org-8025	331	2	fees	fee	NNS
www-bis-org-8025	331	3	and	and	CC
www-bis-org-8025	331	4	congestion	congestion	NN
www-bis-org-8025	331	5	of	of	IN
www-bis-org-8025	331	6	the	the	DT
www-bis-org-8025	331	7	payment	payment	NN
www-bis-org-8025	331	8	process	process	NN
www-bis-org-8025	331	9	Graph	Graph	NNP
www-bis-org-8025	331	10	8	8	CD
www-bis-org-8025	331	11	As	as	IN
www-bis-org-8025	331	12	fees	fee	NNS
www-bis-org-8025	331	13	spike	spike	VBP
www-bis-org-8025	331	14	…	…	NFP
www-bis-org-8025	331	15	1	1	CD
www-bis-org-8025	331	16	…	…	NFP
www-bis-org-8025	331	17	waiting	wait	VBG
www-bis-org-8025	331	18	times	time	NNS
www-bis-org-8025	331	19	lengthen2	lengthen2	VBP
www-bis-org-8025	331	20	USD	USD	NNP
www-bis-org-8025	331	21	Hours	hour	NNS
www-bis-org-8025	331	22	1	1	CD
www-bis-org-8025	331	23	Average	average	JJ
www-bis-org-8025	331	24	fee	fee	NN
www-bis-org-8025	331	25	per	per	IN
www-bis-org-8025	331	26	transaction	transaction	NN
www-bis-org-8025	331	27	(	(	-LRB-
www-bis-org-8025	331	28	in	in	IN
www-bis-org-8025	331	29	USD	usd	NN
www-bis-org-8025	331	30	)	)	-RRB-
www-bis-org-8025	331	31	.	.	.
www-bis-org-8025	332	1	2	2	CD
www-bis-org-8025	332	2	Seven	seven	CD
www-bis-org-8025	332	3	-	-	HYPH
www-bis-org-8025	332	4	day	day	NN
www-bis-org-8025	332	5	moving	move	VBG
www-bis-org-8025	332	6	average	average	NN
www-bis-org-8025	332	7	of	of	IN
www-bis-org-8025	332	8	how	how	WRB
www-bis-org-8025	332	9	long	long	RB
www-bis-org-8025	332	10	it	-PRON-	PRP
www-bis-org-8025	332	11	would	would	MD
www-bis-org-8025	332	12	take	take	VB
www-bis-org-8025	332	13	for	for	IN
www-bis-org-8025	332	14	Bitcoin	Bitcoin	NNP
www-bis-org-8025	332	15	miners	miner	NNS
www-bis-org-8025	332	16	to	to	TO
www-bis-org-8025	332	17	process	process	VB
www-bis-org-8025	332	18	all	all	DT
www-bis-org-8025	332	19	pending	pende	VBG
www-bis-org-8025	332	20	transactions	transaction	NNS
www-bis-org-8025	332	21	.	.	.
www-bis-org-8025	333	1	Source	source	NN
www-bis-org-8025	333	2	:	:	:
www-bis-org-8025	333	3	www.bitinfocharts.com	www.bitinfocharts.com	ADD
www-bis-org-8025	333	4	;	;	:
www-bis-org-8025	333	5	author	author	NN
www-bis-org-8025	333	6	’s	’s	POS
www-bis-org-8025	333	7	calculations	calculation	NNS
www-bis-org-8025	333	8	.	.	.
www-bis-org-8025	334	1	0.8	0.8	CD
www-bis-org-8025	334	2	0.6	0.6	CD
www-bis-org-8025	334	3	0.4	0.4	CD
www-bis-org-8025	334	4	0.2	0.2	CD
www-bis-org-8025	334	5	0.0	0.0	CD
www-bis-org-8025	334	6	1817161514131211	1817161514131211	CD
www-bis-org-8025	334	7	BTC	BTC	NNP
www-bis-org-8025	334	8	average	average	JJ
www-bis-org-8025	334	9	block	block	NN
www-bis-org-8025	334	10	size	size	NN
www-bis-org-8025	334	11	F	F	NNP
www-bis-org-8025	334	12	e	e	NNP
www-bis-org-8025	334	13	e	e	NNP
www-bis-org-8025	334	14	T	T	NNP
www-bis-org-8025	334	15	max	max	NN
www-bis-org-8025	334	16	throughput	throughput	NN
www-bis-org-8025	334	17	Transaction	transaction	NN
www-bis-org-8025	334	18	S	S	NNP
www-bis-org-8025	334	19	D	d	NN
www-bis-org-8025	334	20	1	1	CD
www-bis-org-8025	334	21	D	d	NN
www-bis-org-8025	334	22	2	2	CD
www-bis-org-8025	334	23	Demand	demand	NN
www-bis-org-8025	334	24	for	for	IN
www-bis-org-8025	334	25	transactions	transaction	NNS
www-bis-org-8025	334	26	Supply	supply	NN
www-bis-org-8025	334	27	of	of	IN
www-bis-org-8025	334	28	transactions	transaction	NNS
www-bis-org-8025	334	29	60	60	CD
www-bis-org-8025	334	30	45	45	CD
www-bis-org-8025	334	31	30	30	CD
www-bis-org-8025	334	32	15	15	CD
www-bis-org-8025	334	33	0	0	CD
www-bis-org-8025	334	34	3.3	3.3	CD
www-bis-org-8025	334	35	trans	tran	NNS
www-bis-org-8025	334	36	/	/	SYM
www-bis-org-8025	334	37	sec	sec	NNP
www-bis-org-8025	334	38	1.67	1.67	CD
www-bis-org-8025	334	39	trans	tran	NNS
www-bis-org-8025	334	40	/	/	SYM
www-bis-org-8025	334	41	sec	sec	NNP
www-bis-org-8025	334	42	1	1	CD
www-bis-org-8025	334	43	MB0.5	MB0.5	NNP
www-bis-org-8025	334	44	MB	MB	NNP
www-bis-org-8025	334	45	≈	≈	NNP
www-bis-org-8025	334	46	≈	≈	NNP
www-bis-org-8025	334	47	Block	Block	NNP
www-bis-org-8025	334	48	size	size	NN
www-bis-org-8025	334	49	Tr	Tr	NNP
www-bis-org-8025	334	50	an	an	DT
www-bis-org-8025	334	51	sa	sa	NN
www-bis-org-8025	334	52	ct	ct	FW
www-bis-org-8025	334	53	io	io	NNP
www-bis-org-8025	334	54	n	n	NNP
www-bis-org-8025	334	55	fe	fe	FW
www-bis-org-8025	334	56	e	e	FW
www-bis-org-8025	334	57	(	(	-LRB-
www-bis-org-8025	334	58	U	U	NNP
www-bis-org-8025	334	59	SD	SD	NNP
www-bis-org-8025	334	60	)	)	-RRB-
www-bis-org-8025	334	61	2	2	CD
www-bis-org-8025	334	62	45	45	CD
www-bis-org-8025	334	63	30	30	CD
www-bis-org-8025	334	64	15	15	CD
www-bis-org-8025	334	65	0	0	CD
www-bis-org-8025	334	66	Q2	q2	NN
www-bis-org-8025	334	67	18Q4	18q4	CD
www-bis-org-8025	334	68	17Q2	17q2	CD
www-bis-org-8025	334	69	17Q4	17q4	CD
www-bis-org-8025	334	70	16Q2	16q2	CD
www-bis-org-8025	334	71	16	16	CD
www-bis-org-8025	334	72	12	12	CD
www-bis-org-8025	334	73	8	8	CD
www-bis-org-8025	334	74	4	4	CD
www-bis-org-8025	334	75	0	0	CD
www-bis-org-8025	334	76	Q2	q2	NN
www-bis-org-8025	334	77	18Q4	18q4	CD
www-bis-org-8025	334	78	17Q2	17q2	CD
www-bis-org-8025	334	79	17Q4	17q4	CD
www-bis-org-8025	334	80	16	16	CD
www-bis-org-8025	334	81	WP765	WP765	NNP
www-bis-org-8025	334	82	Beyond	beyond	IN
www-bis-org-8025	334	83	the	the	DT
www-bis-org-8025	334	84	doomsday	doomsday	NNP
www-bis-org-8025	334	85	economics	economic	NNS
www-bis-org-8025	334	86	of	of	IN
www-bis-org-8025	334	87	“	"	``
www-bis-org-8025	334	88	proof	proof	NN
www-bis-org-8025	334	89	-	-	HYPH
www-bis-org-8025	334	90	of	of	IN
www-bis-org-8025	334	91	-	-	HYPH
www-bis-org-8025	334	92	work	work	NN
www-bis-org-8025	334	93	”	"	''
www-bis-org-8025	334	94	in	in	IN
www-bis-org-8025	334	95	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	334	96	17	17	CD
www-bis-org-8025	334	97	A	a	DT
www-bis-org-8025	334	98	simple	simple	JJ
www-bis-org-8025	334	99	model	model	NN
www-bis-org-8025	334	100	of	of	IN
www-bis-org-8025	334	101	free	free	RB
www-bis-org-8025	334	102	-	-	HYPH
www-bis-org-8025	334	103	riding	riding	NN
www-bis-org-8025	334	104	in	in	IN
www-bis-org-8025	334	105	the	the	DT
www-bis-org-8025	334	106	market	market	NN
www-bis-org-8025	334	107	for	for	IN
www-bis-org-8025	334	108	transactions	transaction	NNS
www-bis-org-8025	334	109	Underlying	underlie	VBG
www-bis-org-8025	334	110	very	very	RB
www-bis-org-8025	334	111	low	low	JJ
www-bis-org-8025	334	112	fees	fee	NNS
www-bis-org-8025	334	113	is	be	VBZ
www-bis-org-8025	334	114	a	a	DT
www-bis-org-8025	334	115	key	key	JJ
www-bis-org-8025	334	116	externality	externality	NN
www-bis-org-8025	334	117	that	that	WDT
www-bis-org-8025	334	118	might	may	MD
www-bis-org-8025	334	119	be	be	VB
www-bis-org-8025	334	120	termed	term	VBN
www-bis-org-8025	334	121	the	the	DT
www-bis-org-8025	334	122	“	"	``
www-bis-org-8025	334	123	tragedy	tragedy	NN
www-bis-org-8025	334	124	of	of	IN
www-bis-org-8025	334	125	the	the	DT
www-bis-org-8025	334	126	common	common	JJ
www-bis-org-8025	334	127	chain	chain	NN
www-bis-org-8025	334	128	”	"	''
www-bis-org-8025	334	129	.	.	.
www-bis-org-8025	335	1	The	the	DT
www-bis-org-8025	335	2	problem	problem	NN
www-bis-org-8025	335	3	is	be	VBZ
www-bis-org-8025	335	4	that	that	IN
www-bis-org-8025	335	5	,	,	,
www-bis-org-8025	335	6	although	although	IN
www-bis-org-8025	335	7	higher	high	JJR
www-bis-org-8025	335	8	transaction	transaction	NN
www-bis-org-8025	335	9	fees	fee	NNS
www-bis-org-8025	335	10	offer	offer	VBP
www-bis-org-8025	335	11	higher	high	JJR
www-bis-org-8025	335	12	security	security	NN
www-bis-org-8025	335	13	,	,	,
www-bis-org-8025	335	14	the	the	DT
www-bis-org-8025	335	15	benefits	benefit	NNS
www-bis-org-8025	335	16	accrue	accrue	RB
www-bis-org-8025	335	17	to	to	IN
www-bis-org-8025	335	18	all	all	DT
www-bis-org-8025	335	19	transactions	transaction	NNS
www-bis-org-8025	335	20	in	in	IN
www-bis-org-8025	335	21	the	the	DT
www-bis-org-8025	335	22	block	block	NN
www-bis-org-8025	335	23	equally	equally	RB
www-bis-org-8025	335	24	(	(	-LRB-
www-bis-org-8025	335	25	because	because	IN
www-bis-org-8025	335	26	the	the	DT
www-bis-org-8025	335	27	cost	cost	NN
www-bis-org-8025	335	28	of	of	IN
www-bis-org-8025	335	29	counterfeiting	counterfeiting	NN
www-bis-org-8025	335	30	is	be	VBZ
www-bis-org-8025	335	31	to	to	TO
www-bis-org-8025	335	32	reproduce	reproduce	VB
www-bis-org-8025	335	33	the	the	DT
www-bis-org-8025	335	34	proof	proof	NN
www-bis-org-8025	335	35	-	-	HYPH
www-bis-org-8025	335	36	of	of	IN
www-bis-org-8025	335	37	-	-	HYPH
www-bis-org-8025	335	38	work	work	NN
www-bis-org-8025	335	39	)	)	-RRB-
www-bis-org-8025	335	40	,	,	,
www-bis-org-8025	335	41	while	while	IN
www-bis-org-8025	335	42	the	the	DT
www-bis-org-8025	335	43	fee	fee	NN
www-bis-org-8025	335	44	accrues	accrue	VBZ
www-bis-org-8025	335	45	to	to	IN
www-bis-org-8025	335	46	each	each	DT
www-bis-org-8025	335	47	transaction	transaction	NN
www-bis-org-8025	335	48	individually	individually	RB
www-bis-org-8025	335	49	.	.	.
www-bis-org-8025	336	1	Even	even	RB
www-bis-org-8025	336	2	worse	bad	JJR
www-bis-org-8025	336	3	,	,	,
www-bis-org-8025	336	4	not	not	RB
www-bis-org-8025	336	5	only	only	RB
www-bis-org-8025	336	6	does	do	VBZ
www-bis-org-8025	336	7	one	one	NN
www-bis-org-8025	336	8	’s	’s	''
www-bis-org-8025	336	9	security	security	NN
www-bis-org-8025	336	10	depend	depend	VB
www-bis-org-8025	336	11	on	on	IN
www-bis-org-8025	336	12	the	the	DT
www-bis-org-8025	336	13	sum	sum	NN
www-bis-org-8025	336	14	of	of	IN
www-bis-org-8025	336	15	fees	fee	NNS
www-bis-org-8025	336	16	in	in	IN
www-bis-org-8025	336	17	the	the	DT
www-bis-org-8025	336	18	block	block	NN
www-bis-org-8025	336	19	the	the	DT
www-bis-org-8025	336	20	transaction	transaction	NN
www-bis-org-8025	336	21	is	be	VBZ
www-bis-org-8025	336	22	included	include	VBN
www-bis-org-8025	336	23	in	in	IN
www-bis-org-8025	336	24	(	(	-LRB-
www-bis-org-8025	336	25	which	which	WDT
www-bis-org-8025	336	26	one	one	PRP
www-bis-org-8025	336	27	can	can	MD
www-bis-org-8025	336	28	affect	affect	VB
www-bis-org-8025	336	29	)	)	-RRB-
www-bis-org-8025	336	30	,	,	,
www-bis-org-8025	336	31	but	but	CC
www-bis-org-8025	336	32	also	also	RB
www-bis-org-8025	336	33	on	on	IN
www-bis-org-8025	336	34	the	the	DT
www-bis-org-8025	336	35	fees	fee	NNS
www-bis-org-8025	336	36	for	for	IN
www-bis-org-8025	336	37	future	future	JJ
www-bis-org-8025	336	38	blocks	block	NNS
www-bis-org-8025	336	39	(	(	-LRB-
www-bis-org-8025	336	40	over	over	IN
www-bis-org-8025	336	41	which	which	WDT
www-bis-org-8025	336	42	one	one	NN
www-bis-org-8025	336	43	has	have	VBZ
www-bis-org-8025	336	44	no	no	DT
www-bis-org-8025	336	45	control	control	NN
www-bis-org-8025	336	46	)	)	-RRB-
www-bis-org-8025	336	47	.	.	.
www-bis-org-8025	337	1	In	in	IN
www-bis-org-8025	337	2	sum	sum	NN
www-bis-org-8025	337	3	,	,	,
www-bis-org-8025	337	4	this	this	DT
www-bis-org-8025	337	5	is	be	VBZ
www-bis-org-8025	337	6	a	a	DT
www-bis-org-8025	337	7	classical	classical	JJ
www-bis-org-8025	337	8	free	free	JJ
www-bis-org-8025	337	9	-	-	HYPH
www-bis-org-8025	337	10	rider	rider	NN
www-bis-org-8025	337	11	problem	problem	NN
www-bis-org-8025	337	12	.	.	.
www-bis-org-8025	338	1	To	to	TO
www-bis-org-8025	338	2	put	put	VB
www-bis-org-8025	338	3	this	this	DT
www-bis-org-8025	338	4	free	free	JJ
www-bis-org-8025	338	5	-	-	HYPH
www-bis-org-8025	338	6	rider	rider	NN
www-bis-org-8025	338	7	game	game	NN
www-bis-org-8025	338	8	into	into	IN
www-bis-org-8025	338	9	a	a	DT
www-bis-org-8025	338	10	formal	formal	JJ
www-bis-org-8025	338	11	context	context	NN
www-bis-org-8025	338	12	,	,	,
www-bis-org-8025	338	13	consider	consider	VB
www-bis-org-8025	338	14	again	again	RB
www-bis-org-8025	338	15	equation	equation	NN
www-bis-org-8025	338	16	(	(	-LRB-
www-bis-org-8025	338	17	7	7	CD
www-bis-org-8025	338	18	)	)	-RRB-
www-bis-org-8025	338	19	and	and	CC
www-bis-org-8025	338	20	,	,	,
www-bis-org-8025	338	21	for	for	IN
www-bis-org-8025	338	22	simplicity	simplicity	NN
www-bis-org-8025	338	23	,	,	,
www-bis-org-8025	338	24	assume	assume	VBP
www-bis-org-8025	338	25	that	that	IN
www-bis-org-8025	338	26	block	block	NN
www-bis-org-8025	338	27	rewards	reward	NNS
www-bis-org-8025	338	28	are	be	VBP
www-bis-org-8025	338	29	0	0	CD
www-bis-org-8025	338	30	(	(	-LRB-
www-bis-org-8025	338	31	so	so	IN
www-bis-org-8025	338	32	that	that	IN
www-bis-org-8025	338	33	fees	fee	NNS
www-bis-org-8025	338	34	are	be	VBP
www-bis-org-8025	338	35	miners	miner	NNS
www-bis-org-8025	338	36	’	’	POS
www-bis-org-8025	338	37	only	only	JJ
www-bis-org-8025	338	38	income	income	NN
www-bis-org-8025	338	39	)	)	-RRB-
www-bis-org-8025	338	40	,	,	,
www-bis-org-8025	338	41	that	that	IN
www-bis-org-8025	338	42	there	there	EX
www-bis-org-8025	338	43	are	be	VBP
www-bis-org-8025	338	44	N	n	CD
www-bis-org-8025	338	45	pending	pende	VBG
www-bis-org-8025	338	46	transactions	transaction	NNS
www-bis-org-8025	338	47	that	that	WDT
www-bis-org-8025	338	48	are	be	VBP
www-bis-org-8025	338	49	all	all	DT
www-bis-org-8025	338	50	of	of	IN
www-bis-org-8025	338	51	equal	equal	JJ
www-bis-org-8025	338	52	size	size	NN
www-bis-org-8025	338	53	S	s	NN
www-bis-org-8025	338	54	(	(	-LRB-
www-bis-org-8025	338	55	so	so	IN
www-bis-org-8025	338	56	that	that	IN
www-bis-org-8025	338	57	the	the	DT
www-bis-org-8025	338	58	total	total	JJ
www-bis-org-8025	338	59	amount	amount	NN
www-bis-org-8025	338	60	being	be	VBG
www-bis-org-8025	338	61	spent	spend	VBN
www-bis-org-8025	338	62	is	be	VBZ
www-bis-org-8025	338	63	equal	equal	JJ
www-bis-org-8025	338	64	to	to	IN
www-bis-org-8025	338	65	SN	SN	NNP
www-bis-org-8025	338	66	)	)	-RRB-
www-bis-org-8025	338	67	,	,	,
www-bis-org-8025	338	68	and	and	CC
www-bis-org-8025	338	69	that	that	IN
www-bis-org-8025	338	70	the	the	DT
www-bis-org-8025	338	71	users	user	NNS
www-bis-org-8025	338	72	waiting	wait	VBG
www-bis-org-8025	338	73	to	to	TO
www-bis-org-8025	338	74	be	be	VB
www-bis-org-8025	338	75	processed	process	VBN
www-bis-org-8025	338	76	are	be	VBP
www-bis-org-8025	338	77	impatient	impatient	JJ
www-bis-org-8025	338	78	:	:	:
www-bis-org-8025	338	79	each	each	DT
www-bis-org-8025	338	80	additional	additional	JJ
www-bis-org-8025	338	81	block	block	NN
www-bis-org-8025	338	82	for	for	IN
www-bis-org-8025	338	83	which	which	WDT
www-bis-org-8025	338	84	they	-PRON-	PRP
www-bis-org-8025	338	85	need	need	VBP
www-bis-org-8025	338	86	to	to	TO
www-bis-org-8025	338	87	wait	wait	VB
www-bis-org-8025	338	88	until	until	IN
www-bis-org-8025	338	89	the	the	DT
www-bis-org-8025	338	90	payment	payment	NN
www-bis-org-8025	338	91	can	can	MD
www-bis-org-8025	338	92	be	be	VB
www-bis-org-8025	338	93	considered	consider	VBN
www-bis-org-8025	338	94	final25	final25	NNP
www-bis-org-8025	338	95	has	have	VBZ
www-bis-org-8025	338	96	a	a	DT
www-bis-org-8025	338	97	cost	cost	NN
www-bis-org-8025	338	98	of	of	IN
www-bis-org-8025	338	99	µ	µ	NN
www-bis-org-8025	338	100	S.	S.	NNP
www-bis-org-8025	338	101	Rewriting	Rewriting	NNP
www-bis-org-8025	338	102	equation	equation	NN
www-bis-org-8025	338	103	(	(	-LRB-
www-bis-org-8025	338	104	7	7	CD
www-bis-org-8025	338	105	)	)	-RRB-
www-bis-org-8025	338	106	with	with	IN
www-bis-org-8025	338	107	these	these	DT
www-bis-org-8025	338	108	assumptions	assumption	NNS
www-bis-org-8025	338	109	yields	yield	NNS
www-bis-org-8025	338	110	∑	∑	.
www-bis-org-8025	338	111	∑	∑	.
www-bis-org-8025	338	112	>	>	XX
www-bis-org-8025	338	113	∗	∗	NNP
www-bis-org-8025	338	114	−	−	NNP
www-bis-org-8025	338	115	1	1	CD
www-bis-org-8025	338	116	(	(	-LRB-
www-bis-org-8025	338	117	9	9	CD
www-bis-org-8025	338	118	)	)	-RRB-
www-bis-org-8025	338	119	Let	let	VB
www-bis-org-8025	338	120	us	-PRON-	PRP
www-bis-org-8025	338	121	first	first	RB
www-bis-org-8025	338	122	consider	consider	VB
www-bis-org-8025	338	123	a	a	DT
www-bis-org-8025	338	124	game	game	NN
www-bis-org-8025	338	125	in	in	IN
www-bis-org-8025	338	126	which	which	WDT
www-bis-org-8025	338	127	the	the	DT
www-bis-org-8025	338	128	user	user	NN
www-bis-org-8025	338	129	wanting	want	VBG
www-bis-org-8025	338	130	to	to	IN
www-bis-org-8025	338	131	transact	transact	NN
www-bis-org-8025	338	132	can	can	MD
www-bis-org-8025	338	133	coordinate	coordinate	VB
www-bis-org-8025	338	134	and	and	CC
www-bis-org-8025	338	135	agree	agree	VB
www-bis-org-8025	338	136	on	on	IN
www-bis-org-8025	338	137	a	a	DT
www-bis-org-8025	338	138	common	common	JJ
www-bis-org-8025	338	139	fee	fee	NN
www-bis-org-8025	338	140	,	,	,
www-bis-org-8025	338	141	resulting	result	VBG
www-bis-org-8025	338	142	in	in	IN
www-bis-org-8025	338	143	a	a	DT
www-bis-org-8025	338	144	waittime	waittime	NN
www-bis-org-8025	338	145	of	of	IN
www-bis-org-8025	338	146	>	>	XX
www-bis-org-8025	338	147	−	−	NNP
www-bis-org-8025	338	148	1	1	CD
www-bis-org-8025	338	149	(	(	-LRB-
www-bis-org-8025	338	150	10	10	CD
www-bis-org-8025	338	151	)	)	-RRB-
www-bis-org-8025	338	152	Users	user	NNS
www-bis-org-8025	338	153	reduce	reduce	VBP
www-bis-org-8025	338	154	to	to	IN
www-bis-org-8025	338	155	a	a	DT
www-bis-org-8025	338	156	minimum	minimum	NN
www-bis-org-8025	338	157	the	the	DT
www-bis-org-8025	338	158	sum	sum	NN
www-bis-org-8025	338	159	of	of	IN
www-bis-org-8025	338	160	the	the	DT
www-bis-org-8025	338	161	common	common	JJ
www-bis-org-8025	338	162	fee	fee	NN
www-bis-org-8025	338	163	and	and	CC
www-bis-org-8025	338	164	the	the	DT
www-bis-org-8025	338	165	cost	cost	NN
www-bis-org-8025	338	166	of	of	IN
www-bis-org-8025	338	167	waiting	wait	VBG
www-bis-org-8025	338	168	,	,	,
www-bis-org-8025	338	169	μ	μ	NN
www-bis-org-8025	338	170	:	:	:
www-bis-org-8025	338	171	min	min	NNP
www-bis-org-8025	338	172	+	+	SYM
www-bis-org-8025	338	173	μ	μ	NN
www-bis-org-8025	338	174	,	,	,
www-bis-org-8025	338	175	Optimisation	Optimisation	NNP
www-bis-org-8025	338	176	results	result	VBZ
www-bis-org-8025	338	177	in	in	IN
www-bis-org-8025	338	178	an	an	DT
www-bis-org-8025	338	179	optimal	optimal	JJ
www-bis-org-8025	338	180	fee26	fee26	NNS
www-bis-org-8025	338	181	equal	equal	JJ
www-bis-org-8025	338	182	to	to	IN
www-bis-org-8025	338	183	μ	μ	NN
www-bis-org-8025	338	184	−	−	NNP
www-bis-org-8025	338	185	1	1	CD
www-bis-org-8025	338	186	,	,	,
www-bis-org-8025	338	187	ie	ie	IN
www-bis-org-8025	338	188	the	the	DT
www-bis-org-8025	338	189	optimal	optimal	JJ
www-bis-org-8025	338	190	choice	choice	NN
www-bis-org-8025	338	191	is	be	VBZ
www-bis-org-8025	338	192	to	to	TO
www-bis-org-8025	338	193	pay	pay	VB
www-bis-org-8025	338	194	a	a	DT
www-bis-org-8025	338	195	fraction	fraction	NN
www-bis-org-8025	338	196	of	of	IN
www-bis-org-8025	338	197	the	the	DT
www-bis-org-8025	338	198	transaction	transaction	NN
www-bis-org-8025	338	199	size	size	NN
www-bis-org-8025	338	200	S	S	NNP
www-bis-org-8025	338	201	,	,	,
www-bis-org-8025	338	202	which	which	WDT
www-bis-org-8025	338	203	is	be	VBZ
www-bis-org-8025	338	204	increasing	increase	VBG
www-bis-org-8025	338	205	in	in	IN
www-bis-org-8025	338	206	impatience	impatience	NN
www-bis-org-8025	338	207	(	(	-LRB-
www-bis-org-8025	338	208	high	high	NNP
www-bis-org-8025	338	209	μ	μ	NNP
www-bis-org-8025	338	210	)	)	-RRB-
www-bis-org-8025	338	211	and	and	CC
www-bis-org-8025	338	212	increasing	increase	VBG
www-bis-org-8025	338	213	to	to	IN
www-bis-org-8025	338	214	the	the	DT
www-bis-org-8025	338	215	attackers	attacker	NNS
www-bis-org-8025	338	216	’	’	POS
www-bis-org-8025	338	217	disadvantage	disadvantage	NN
www-bis-org-8025	338	218	(	(	-LRB-
www-bis-org-8025	338	219	if	if	IN
www-bis-org-8025	338	220	attackers	attacker	NNS
www-bis-org-8025	338	221	are	be	VBP
www-bis-org-8025	338	222	at	at	IN
www-bis-org-8025	338	223	a	a	DT
www-bis-org-8025	338	224	low	low	JJ
www-bis-org-8025	338	225	disadvantage	disadvantage	NN
www-bis-org-8025	338	226	,	,	,
www-bis-org-8025	338	227	high	high	JJ
www-bis-org-8025	338	228	fees	fee	NNS
www-bis-org-8025	338	229	are	be	VBP
www-bis-org-8025	338	230	required	require	VBN
www-bis-org-8025	338	231	)	)	-RRB-
www-bis-org-8025	338	232	.	.	.
www-bis-org-8025	339	1	On	on	IN
www-bis-org-8025	339	2	the	the	DT
www-bis-org-8025	339	3	other	other	JJ
www-bis-org-8025	339	4	hand	hand	NN
www-bis-org-8025	339	5	,	,	,
www-bis-org-8025	339	6	consider	consider	VB
www-bis-org-8025	339	7	a	a	DT
www-bis-org-8025	339	8	decentralised	decentralised	JJ
www-bis-org-8025	339	9	game	game	NN
www-bis-org-8025	339	10	in	in	IN
www-bis-org-8025	339	11	which	which	WDT
www-bis-org-8025	339	12	each	each	DT
www-bis-org-8025	339	13	user	user	NN
www-bis-org-8025	339	14	sets	set	VBZ
www-bis-org-8025	339	15	their	-PRON-	PRP$
www-bis-org-8025	339	16	fee	fee	NN
www-bis-org-8025	339	17	privately	privately	RB
www-bis-org-8025	339	18	,	,	,
www-bis-org-8025	339	19	taking	take	VBG
www-bis-org-8025	339	20	into	into	IN
www-bis-org-8025	339	21	account	account	NN
www-bis-org-8025	339	22	only	only	RB
www-bis-org-8025	339	23	the	the	DT
www-bis-org-8025	339	24	benefit	benefit	NN
www-bis-org-8025	339	25	to	to	IN
www-bis-org-8025	339	26	themselves	-PRON-	PRP
www-bis-org-8025	339	27	.	.	.
www-bis-org-8025	340	1	Users	user	NNS
www-bis-org-8025	340	2	are	be	VBP
www-bis-org-8025	340	3	symmetrical	symmetrical	JJ
www-bis-org-8025	340	4	,	,	,
www-bis-org-8025	340	5	so	so	RB
www-bis-org-8025	340	6	in	in	IN
www-bis-org-8025	340	7	this	this	DT
www-bis-org-8025	340	8	game	game	NN
www-bis-org-8025	340	9	too	too	RB
www-bis-org-8025	340	10	,	,	,
www-bis-org-8025	340	11	the	the	DT
www-bis-org-8025	340	12	equilibrium	equilibrium	NN
www-bis-org-8025	340	13	will	will	MD
www-bis-org-8025	340	14	be	be	VB
www-bis-org-8025	340	15	one	one	CD
www-bis-org-8025	340	16	in	in	IN
www-bis-org-8025	340	17	which	which	WDT
www-bis-org-8025	340	18	all	all	DT
www-bis-org-8025	340	19	users	user	NNS
www-bis-org-8025	340	20	post	post	VBP
www-bis-org-8025	340	21	a	a	DT
www-bis-org-8025	340	22	fee	fee	NN
www-bis-org-8025	340	23	.	.	.
www-bis-org-8025	341	1	But	but	CC
www-bis-org-8025	341	2	,	,	,
www-bis-org-8025	341	3	when	when	WRB
www-bis-org-8025	341	4	setting	set	VBG
www-bis-org-8025	341	5	this	this	DT
www-bis-org-8025	341	6	fee	fee	NN
www-bis-org-8025	341	7	,	,	,
www-bis-org-8025	341	8	each	each	DT
www-bis-org-8025	341	9	user	user	NN
www-bis-org-8025	341	10	considers	consider	VBZ
www-bis-org-8025	341	11	deviating	deviate	VBG
www-bis-org-8025	341	12	from	from	IN
www-bis-org-8025	341	13	the	the	DT
www-bis-org-8025	341	14	common	common	JJ
www-bis-org-8025	341	15	rule	rule	NN
www-bis-org-8025	341	16	.	.	.
www-bis-org-8025	342	1	Denote	denote	VB
www-bis-org-8025	342	2	the	the	DT
www-bis-org-8025	342	3	fee	fee	NN
www-bis-org-8025	342	4	that	that	WDT
www-bis-org-8025	342	5	individual	individual	JJ
www-bis-org-8025	342	6	j	j	NNP
www-bis-org-8025	342	7	is	be	VBZ
www-bis-org-8025	342	8	paying	pay	VBG
www-bis-org-8025	342	9	by	by	IN
www-bis-org-8025	342	10	and	and	CC
www-bis-org-8025	342	11	that	that	IN
www-bis-org-8025	342	12	everyone	everyone	NN
www-bis-org-8025	342	13	else	else	RB
www-bis-org-8025	342	14	is	be	VBZ
www-bis-org-8025	342	15	paying	pay	VBG
www-bis-org-8025	342	16	by	by	RB
www-bis-org-8025	342	17	,	,	,
www-bis-org-8025	342	18	it	-PRON-	PRP
www-bis-org-8025	342	19	holds	hold	VBZ
www-bis-org-8025	342	20	that	that	IN
www-bis-org-8025	342	21	the	the	DT
www-bis-org-8025	342	22	waittime	waittime	NN
www-bis-org-8025	342	23	has	have	VBZ
www-bis-org-8025	342	24	to	to	TO
www-bis-org-8025	342	25	be	be	VB
www-bis-org-8025	342	26	such	such	JJ
www-bis-org-8025	342	27	that	that	IN
www-bis-org-8025	342	28	+	+	SYM
www-bis-org-8025	342	29	−	−	NNP
www-bis-org-8025	342	30	>	>	XX
www-bis-org-8025	342	31	∗	∗	NNP
www-bis-org-8025	342	32	ℎ	ℎ	NN
www-bis-org-8025	342	33	ℎ	ℎ	NN
www-bis-org-8025	342	34	ℎ	ℎ	NN
www-bis-org-8025	342	35	ℎ	ℎ	NN
www-bis-org-8025	342	36	−	−	NNP
www-bis-org-8025	342	37	1	1	CD
www-bis-org-8025	342	38	And	and	CC
www-bis-org-8025	342	39	the	the	DT
www-bis-org-8025	342	40	minimisation	minimisation	NN
www-bis-org-8025	342	41	problem	problem	NN
www-bis-org-8025	342	42	of	of	IN
www-bis-org-8025	342	43	each	each	DT
www-bis-org-8025	342	44	individual	individual	NN
www-bis-org-8025	342	45	is	be	VBZ
www-bis-org-8025	342	46	min	min	NN
www-bis-org-8025	342	47	+	+	SYM
www-bis-org-8025	342	48	μ	μ	NN
www-bis-org-8025	342	49	,	,	,
www-bis-org-8025	342	50	which	which	WDT
www-bis-org-8025	342	51	solves	solve	VBZ
www-bis-org-8025	342	52	to	to	IN
www-bis-org-8025	342	53	a	a	DT
www-bis-org-8025	342	54	peculiar	peculiar	JJ
www-bis-org-8025	342	55	first	first	JJ
www-bis-org-8025	342	56	-	-	HYPH
www-bis-org-8025	342	57	order	order	NN
www-bis-org-8025	342	58	condition	condition	NN
www-bis-org-8025	342	59	:	:	:
www-bis-org-8025	342	60	=	=	SYM
www-bis-org-8025	342	61	1	1	CD
www-bis-org-8025	342	62	−	−	NNP
www-bis-org-8025	342	63	(	(	-LRB-
www-bis-org-8025	342	64	11	11	CD
www-bis-org-8025	342	65	)	)	-RRB-
www-bis-org-8025	342	66	25	25	CD
www-bis-org-8025	342	67	Note	note	VBP
www-bis-org-8025	342	68	that	that	IN
www-bis-org-8025	342	69	this	this	DT
www-bis-org-8025	342	70	waiting	wait	VBG
www-bis-org-8025	342	71	game	game	NN
www-bis-org-8025	342	72	is	be	VBZ
www-bis-org-8025	342	73	distinct	distinct	JJ
www-bis-org-8025	342	74	from	from	IN
www-bis-org-8025	342	75	the	the	DT
www-bis-org-8025	342	76	congestion	congestion	NN
www-bis-org-8025	342	77	games	game	NNS
www-bis-org-8025	342	78	of	of	IN
www-bis-org-8025	342	79	Easley	Easley	NNP
www-bis-org-8025	342	80	et	et	NNP
www-bis-org-8025	342	81	al	al	NNP
www-bis-org-8025	342	82	(	(	-LRB-
www-bis-org-8025	342	83	2018	2018	CD
www-bis-org-8025	342	84	)	)	-RRB-
www-bis-org-8025	342	85	and	and	CC
www-bis-org-8025	342	86	Huberman	Huberman	NNP
www-bis-org-8025	342	87	et	et	NNP
www-bis-org-8025	342	88	al	al	NNP
www-bis-org-8025	342	89	(	(	-LRB-
www-bis-org-8025	342	90	2017	2017	CD
www-bis-org-8025	342	91	)	)	-RRB-
www-bis-org-8025	342	92	,	,	,
www-bis-org-8025	342	93	where	where	WRB
www-bis-org-8025	342	94	blocks	block	NNS
www-bis-org-8025	342	95	may	may	MD
www-bis-org-8025	342	96	be	be	VB
www-bis-org-8025	342	97	at	at	IN
www-bis-org-8025	342	98	their	-PRON-	PRP$
www-bis-org-8025	342	99	maximum	maximum	JJ
www-bis-org-8025	342	100	size	size	NN
www-bis-org-8025	342	101	,	,	,
www-bis-org-8025	342	102	thus	thus	RB
www-bis-org-8025	342	103	resulting	result	VBG
www-bis-org-8025	342	104	in	in	IN
www-bis-org-8025	342	105	a	a	DT
www-bis-org-8025	342	106	waiting	wait	VBG
www-bis-org-8025	342	107	time	time	NN
www-bis-org-8025	342	108	until	until	IN
www-bis-org-8025	342	109	a	a	DT
www-bis-org-8025	342	110	transaction	transaction	NN
www-bis-org-8025	342	111	is	be	VBZ
www-bis-org-8025	342	112	included	include	VBN
www-bis-org-8025	342	113	in	in	IN
www-bis-org-8025	342	114	the	the	DT
www-bis-org-8025	342	115	block	block	NN
www-bis-org-8025	342	116	chain	chain	NN
www-bis-org-8025	342	117	,	,	,
www-bis-org-8025	342	118	but	but	CC
www-bis-org-8025	342	119	once	once	IN
www-bis-org-8025	342	120	this	this	DT
www-bis-org-8025	342	121	has	have	VBZ
www-bis-org-8025	342	122	happened	happen	VBN
www-bis-org-8025	342	123	a	a	DT
www-bis-org-8025	342	124	transaction	transaction	NN
www-bis-org-8025	342	125	is	be	VBZ
www-bis-org-8025	342	126	considered	consider	VBN
www-bis-org-8025	342	127	to	to	TO
www-bis-org-8025	342	128	be	be	VB
www-bis-org-8025	342	129	final	final	JJ
www-bis-org-8025	342	130	.	.	.
www-bis-org-8025	343	1	Here	here	RB
www-bis-org-8025	343	2	,	,	,
www-bis-org-8025	343	3	the	the	DT
www-bis-org-8025	343	4	number	number	NN
www-bis-org-8025	343	5	of	of	IN
www-bis-org-8025	343	6	transactions	transaction	NNS
www-bis-org-8025	343	7	is	be	VBZ
www-bis-org-8025	343	8	assumed	assume	VBN
www-bis-org-8025	343	9	to	to	TO
www-bis-org-8025	343	10	be	be	VB
www-bis-org-8025	343	11	such	such	JJ
www-bis-org-8025	343	12	that	that	IN
www-bis-org-8025	343	13	any	any	DT
www-bis-org-8025	343	14	transaction	transaction	NN
www-bis-org-8025	343	15	is	be	VBZ
www-bis-org-8025	343	16	included	include	VBN
www-bis-org-8025	343	17	in	in	IN
www-bis-org-8025	343	18	the	the	DT
www-bis-org-8025	343	19	next	next	JJ
www-bis-org-8025	343	20	block	block	NN
www-bis-org-8025	343	21	,	,	,
www-bis-org-8025	343	22	but	but	CC
www-bis-org-8025	343	23	those	those	DT
www-bis-org-8025	343	24	receiving	receive	VBG
www-bis-org-8025	343	25	the	the	DT
www-bis-org-8025	343	26	funds	fund	NNS
www-bis-org-8025	343	27	need	need	VBP
www-bis-org-8025	343	28	to	to	TO
www-bis-org-8025	343	29	wait	wait	VB
www-bis-org-8025	343	30	for	for	IN
www-bis-org-8025	343	31	some	some	DT
www-bis-org-8025	343	32	time	time	NN
www-bis-org-8025	343	33	until	until	IN
www-bis-org-8025	343	34	they	-PRON-	PRP
www-bis-org-8025	343	35	can	can	MD
www-bis-org-8025	343	36	consider	consider	VB
www-bis-org-8025	343	37	the	the	DT
www-bis-org-8025	343	38	payment	payment	NN
www-bis-org-8025	343	39	to	to	TO
www-bis-org-8025	343	40	be	be	VB
www-bis-org-8025	343	41	final	final	JJ
www-bis-org-8025	343	42	.	.	.
www-bis-org-8025	344	1	26	26	CD
www-bis-org-8025	344	2	This	this	DT
www-bis-org-8025	344	3	is	be	VBZ
www-bis-org-8025	344	4	not	not	RB
www-bis-org-8025	344	5	the	the	DT
www-bis-org-8025	344	6	social	social	JJ
www-bis-org-8025	344	7	optimum	optimum	NN
www-bis-org-8025	344	8	,	,	,
www-bis-org-8025	344	9	but	but	CC
www-bis-org-8025	344	10	the	the	DT
www-bis-org-8025	344	11	constrained	constrained	JJ
www-bis-org-8025	344	12	optimum	optimum	JJ
www-bis-org-8025	344	13	satisfying	satisfy	VBG
www-bis-org-8025	344	14	the	the	DT
www-bis-org-8025	344	15	condition	condition	NN
www-bis-org-8025	344	16	of	of	IN
www-bis-org-8025	344	17	deterring	deter	VBG
www-bis-org-8025	344	18	attacks	attack	NNS
www-bis-org-8025	344	19	.	.	.
www-bis-org-8025	345	1	The	the	DT
www-bis-org-8025	345	2	calculation	calculation	NN
www-bis-org-8025	345	3	below	below	IN
www-bis-org-8025	345	4	ignores	ignore	VBZ
www-bis-org-8025	345	5	any	any	DT
www-bis-org-8025	345	6	integer	integer	NN
www-bis-org-8025	345	7	constraints	constraint	NNS
www-bis-org-8025	345	8	for	for	IN
www-bis-org-8025	345	9	waittimes	waittime	NNS
www-bis-org-8025	345	10	.	.	.
www-bis-org-8025	346	1	18	18	CD
www-bis-org-8025	346	2	WP765	WP765	NNP
www-bis-org-8025	346	3	Beyond	beyond	IN
www-bis-org-8025	346	4	the	the	DT
www-bis-org-8025	346	5	doomsday	doomsday	NNP
www-bis-org-8025	346	6	economics	economic	NNS
www-bis-org-8025	346	7	of	of	IN
www-bis-org-8025	346	8	“	"	``
www-bis-org-8025	346	9	proof	proof	NN
www-bis-org-8025	346	10	-	-	HYPH
www-bis-org-8025	346	11	of	of	IN
www-bis-org-8025	346	12	-	-	HYPH
www-bis-org-8025	346	13	work	work	NN
www-bis-org-8025	346	14	”	"	''
www-bis-org-8025	346	15	in	in	IN
www-bis-org-8025	346	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	346	17	Consider	consider	VBP
www-bis-org-8025	346	18	first	first	RB
www-bis-org-8025	346	19	the	the	DT
www-bis-org-8025	346	20	problem	problem	NN
www-bis-org-8025	346	21	of	of	IN
www-bis-org-8025	346	22	user	user	NN
www-bis-org-8025	346	23	j	j	NNP
www-bis-org-8025	346	24	taking	take	VBG
www-bis-org-8025	346	25	as	as	IN
www-bis-org-8025	346	26	given	give	VBN
www-bis-org-8025	346	27	the	the	DT
www-bis-org-8025	346	28	fee	fee	NN
www-bis-org-8025	346	29	set	set	VBN
www-bis-org-8025	346	30	by	by	IN
www-bis-org-8025	346	31	others	other	NNS
www-bis-org-8025	346	32	.	.	.
www-bis-org-8025	347	1	The	the	DT
www-bis-org-8025	347	2	first	first	JJ
www-bis-org-8025	347	3	-	-	HYPH
www-bis-org-8025	347	4	order	order	NN
www-bis-org-8025	347	5	condition	condition	NN
www-bis-org-8025	347	6	is	be	VBZ
www-bis-org-8025	347	7	such	such	JJ
www-bis-org-8025	347	8	that	that	IN
www-bis-org-8025	347	9	,	,	,
www-bis-org-8025	347	10	if	if	IN
www-bis-org-8025	347	11	an	an	DT
www-bis-org-8025	347	12	individual	individual	NN
www-bis-org-8025	347	13	is	be	VBZ
www-bis-org-8025	347	14	impatient	impatient	JJ
www-bis-org-8025	347	15	(	(	-LRB-
www-bis-org-8025	347	16	high	high	NNP
www-bis-org-8025	347	17	μ	μ	NNP
www-bis-org-8025	347	18	)	)	-RRB-
www-bis-org-8025	347	19	,	,	,
www-bis-org-8025	347	20	or	or	CC
www-bis-org-8025	347	21	if	if	IN
www-bis-org-8025	347	22	the	the	DT
www-bis-org-8025	347	23	average	average	JJ
www-bis-org-8025	347	24	block	block	NN
www-bis-org-8025	347	25	fee	fee	NN
www-bis-org-8025	347	26	income	income	NN
www-bis-org-8025	347	27	(	(	-LRB-
www-bis-org-8025	347	28	equal	equal	JJ
www-bis-org-8025	347	29	to	to	IN
www-bis-org-8025	347	30	the	the	DT
www-bis-org-8025	347	31	fee	fee	NN
www-bis-org-8025	347	32	times	time	NNS
www-bis-org-8025	347	33	the	the	DT
www-bis-org-8025	347	34	number	number	NN
www-bis-org-8025	347	35	of	of	IN
www-bis-org-8025	347	36	transactions	transaction	NNS
www-bis-org-8025	347	37	N	n	CD
www-bis-org-8025	347	38	)	)	-RRB-
www-bis-org-8025	347	39	the	the	DT
www-bis-org-8025	347	40	others	other	NNS
www-bis-org-8025	347	41	pay	pay	VBP
www-bis-org-8025	347	42	is	be	VBZ
www-bis-org-8025	347	43	low	low	JJ
www-bis-org-8025	347	44	,	,	,
www-bis-org-8025	347	45	the	the	DT
www-bis-org-8025	347	46	user	user	NN
www-bis-org-8025	347	47	anticipates	anticipate	VBZ
www-bis-org-8025	347	48	that	that	IN
www-bis-org-8025	347	49	,	,	,
www-bis-org-8025	347	50	in	in	IN
www-bis-org-8025	347	51	the	the	DT
www-bis-org-8025	347	52	absence	absence	NN
www-bis-org-8025	347	53	of	of	IN
www-bis-org-8025	347	54	a	a	DT
www-bis-org-8025	347	55	high	high	JJ
www-bis-org-8025	347	56	own	own	JJ
www-bis-org-8025	347	57	fee	fee	NN
www-bis-org-8025	347	58	,	,	,
www-bis-org-8025	347	59	the	the	DT
www-bis-org-8025	347	60	waiting	wait	VBG
www-bis-org-8025	347	61	time	time	NN
www-bis-org-8025	347	62	will	will	MD
www-bis-org-8025	347	63	be	be	VB
www-bis-org-8025	347	64	extremely	extremely	RB
www-bis-org-8025	347	65	long	long	JJ
www-bis-org-8025	347	66	.	.	.
www-bis-org-8025	348	1	If	if	IN
www-bis-org-8025	348	2	μ	μ	NNP
www-bis-org-8025	348	3	>	>	XX
www-bis-org-8025	348	4	,	,	,
www-bis-org-8025	348	5	the	the	DT
www-bis-org-8025	348	6	user	user	NN
www-bis-org-8025	348	7	thus	thus	RB
www-bis-org-8025	348	8	decides	decide	VBZ
www-bis-org-8025	348	9	to	to	TO
www-bis-org-8025	348	10	set	set	VB
www-bis-org-8025	348	11	a	a	DT
www-bis-org-8025	348	12	fee	fee	NN
www-bis-org-8025	348	13	such	such	JJ
www-bis-org-8025	348	14	that	that	IN
www-bis-org-8025	348	15	the	the	DT
www-bis-org-8025	348	16	waiting	waiting	NN
www-bis-org-8025	348	17	time	time	NN
www-bis-org-8025	348	18	is	be	VBZ
www-bis-org-8025	348	19	the	the	DT
www-bis-org-8025	348	20	minimum	minimum	JJ
www-bis-org-8025	348	21	(	(	-LRB-
www-bis-org-8025	348	22	one	one	CD
www-bis-org-8025	348	23	block	block	NN
www-bis-org-8025	348	24	)	)	-RRB-
www-bis-org-8025	348	25	,	,	,
www-bis-org-8025	348	26	essentially	essentially	RB
www-bis-org-8025	348	27	putting	put	VBG
www-bis-org-8025	348	28	up	up	RP
www-bis-org-8025	348	29	the	the	DT
www-bis-org-8025	348	30	entire	entire	JJ
www-bis-org-8025	348	31	bill	bill	NN
www-bis-org-8025	348	32	by	by	IN
www-bis-org-8025	348	33	themselves	-PRON-	PRP
www-bis-org-8025	348	34	.	.	.
www-bis-org-8025	349	1	Another	another	DT
www-bis-org-8025	349	2	extreme	extreme	NN
www-bis-org-8025	349	3	–	–	:
www-bis-org-8025	349	4	that	that	IN
www-bis-org-8025	349	5	the	the	DT
www-bis-org-8025	349	6	users	user	NNS
www-bis-org-8025	349	7	set	set	VBD
www-bis-org-8025	349	8	the	the	DT
www-bis-org-8025	349	9	lowest	low	JJS
www-bis-org-8025	349	10	non	non	JJ
www-bis-org-8025	349	11	-	-	JJ
www-bis-org-8025	349	12	zero	zero	JJ
www-bis-org-8025	349	13	fee	fee	NN
www-bis-org-8025	349	14	possible	possible	JJ
www-bis-org-8025	349	15	(	(	-LRB-
www-bis-org-8025	349	16	one	one	CD
www-bis-org-8025	349	17	Satoshi	Satoshi	NNP
www-bis-org-8025	349	18	,	,	,
www-bis-org-8025	349	19	or	or	CC
www-bis-org-8025	349	20	1/100’000’000	1/100’000’000	CD
www-bis-org-8025	349	21	bitcoin	bitcoin	NN
www-bis-org-8025	349	22	)	)	-RRB-
www-bis-org-8025	349	23	–	–	:
www-bis-org-8025	349	24	results	result	NNS
www-bis-org-8025	349	25	whenever	whenever	WRB
www-bis-org-8025	349	26	μ	μ	NNP
www-bis-org-8025	349	27	<	<	XX
www-bis-org-8025	349	28	.	.	.
www-bis-org-8025	350	1	Of	of	RB
www-bis-org-8025	350	2	course	course	RB
www-bis-org-8025	350	3	,	,	,
www-bis-org-8025	350	4	everybody	everybody	NN
www-bis-org-8025	350	5	else	else	RB
www-bis-org-8025	350	6	is	be	VBZ
www-bis-org-8025	350	7	making	make	VBG
www-bis-org-8025	350	8	just	just	RB
www-bis-org-8025	350	9	the	the	DT
www-bis-org-8025	350	10	same	same	JJ
www-bis-org-8025	350	11	calculation	calculation	NN
www-bis-org-8025	350	12	,	,	,
www-bis-org-8025	350	13	which	which	WDT
www-bis-org-8025	350	14	regulates	regulate	VBZ
www-bis-org-8025	350	15	the	the	DT
www-bis-org-8025	350	16	fee	fee	NN
www-bis-org-8025	350	17	market	market	NN
www-bis-org-8025	350	18	.	.	.
www-bis-org-8025	351	1	If	if	IN
www-bis-org-8025	351	2	everybody	everybody	NN
www-bis-org-8025	351	3	else	else	RB
www-bis-org-8025	351	4	was	be	VBD
www-bis-org-8025	351	5	to	to	TO
www-bis-org-8025	351	6	set	set	VB
www-bis-org-8025	351	7	the	the	DT
www-bis-org-8025	351	8	fee	fee	NN
www-bis-org-8025	351	9	just	just	RB
www-bis-org-8025	351	10	marginally	marginally	RB
www-bis-org-8025	351	11	above	above	IN
www-bis-org-8025	351	12	0	0	CD
www-bis-org-8025	351	13	,	,	,
www-bis-org-8025	351	14	future	future	JJ
www-bis-org-8025	351	15	blocks	block	NNS
www-bis-org-8025	351	16	would	would	MD
www-bis-org-8025	351	17	provide	provide	VB
www-bis-org-8025	351	18	almost	almost	RB
www-bis-org-8025	351	19	no	no	DT
www-bis-org-8025	351	20	security	security	NN
www-bis-org-8025	351	21	,	,	,
www-bis-org-8025	351	22	and	and	CC
www-bis-org-8025	351	23	j	j	NNP
www-bis-org-8025	351	24	would	would	MD
www-bis-org-8025	351	25	decide	decide	VB
www-bis-org-8025	351	26	to	to	TO
www-bis-org-8025	351	27	set	set	VB
www-bis-org-8025	351	28	a	a	DT
www-bis-org-8025	351	29	high	high	JJ
www-bis-org-8025	351	30	fee	fee	NN
www-bis-org-8025	351	31	to	to	TO
www-bis-org-8025	351	32	protect	protect	VB
www-bis-org-8025	351	33	their	-PRON-	PRP$
www-bis-org-8025	351	34	payment	payment	NN
www-bis-org-8025	351	35	.	.	.
www-bis-org-8025	352	1	Vice	Vice	NNP
www-bis-org-8025	352	2	versa	versa	RB
www-bis-org-8025	352	3	,	,	,
www-bis-org-8025	352	4	if	if	IN
www-bis-org-8025	352	5	everybody	everybody	NN
www-bis-org-8025	352	6	else	else	RB
www-bis-org-8025	352	7	was	be	VBD
www-bis-org-8025	352	8	to	to	TO
www-bis-org-8025	352	9	set	set	VB
www-bis-org-8025	352	10	a	a	DT
www-bis-org-8025	352	11	high	high	JJ
www-bis-org-8025	352	12	fee	fee	NN
www-bis-org-8025	352	13	,	,	,
www-bis-org-8025	352	14	future	future	JJ
www-bis-org-8025	352	15	blocks	block	NNS
www-bis-org-8025	352	16	would	would	MD
www-bis-org-8025	352	17	provide	provide	VB
www-bis-org-8025	352	18	ample	ample	JJ
www-bis-org-8025	352	19	security	security	NN
www-bis-org-8025	352	20	anyway	anyway	RB
www-bis-org-8025	352	21	,	,	,
www-bis-org-8025	352	22	and	and	CC
www-bis-org-8025	352	23	,	,	,
www-bis-org-8025	352	24	since	since	IN
www-bis-org-8025	352	25	the	the	DT
www-bis-org-8025	352	26	expected	expect	VBN
www-bis-org-8025	352	27	waiting	waiting	NN
www-bis-org-8025	352	28	time	time	NN
www-bis-org-8025	352	29	is	be	VBZ
www-bis-org-8025	352	30	very	very	RB
www-bis-org-8025	352	31	short	short	JJ
www-bis-org-8025	352	32	,	,	,
www-bis-org-8025	352	33	incentives	incentive	NNS
www-bis-org-8025	352	34	are	be	VBP
www-bis-org-8025	352	35	such	such	JJ
www-bis-org-8025	352	36	that	that	IN
www-bis-org-8025	352	37	j	j	NNP
www-bis-org-8025	352	38	will	will	MD
www-bis-org-8025	352	39	set	set	VB
www-bis-org-8025	352	40	a	a	DT
www-bis-org-8025	352	41	fee	fee	NN
www-bis-org-8025	352	42	as	as	RB
www-bis-org-8025	352	43	close	close	JJ
www-bis-org-8025	352	44	as	as	IN
www-bis-org-8025	352	45	possible	possible	JJ
www-bis-org-8025	352	46	to	to	IN
www-bis-org-8025	352	47	zero	zero	CD
www-bis-org-8025	352	48	.	.	.
www-bis-org-8025	353	1	In	in	IN
www-bis-org-8025	353	2	equilibrium	equilibrium	NN
www-bis-org-8025	353	3	,	,	,
www-bis-org-8025	353	4	agents	agent	NNS
www-bis-org-8025	353	5	are	be	VBP
www-bis-org-8025	353	6	symmetrical	symmetrical	JJ
www-bis-org-8025	353	7	and	and	CC
www-bis-org-8025	353	8	the	the	DT
www-bis-org-8025	353	9	fee	fee	NN
www-bis-org-8025	353	10	adjusts	adjust	NNS
www-bis-org-8025	353	11	such	such	JJ
www-bis-org-8025	353	12	that	that	IN
www-bis-org-8025	353	13	=	=	SYM
www-bis-org-8025	353	14	=	=	SYM
www-bis-org-8025	353	15	.	.	.
www-bis-org-8025	354	1	The	the	DT
www-bis-org-8025	354	2	key	key	JJ
www-bis-org-8025	354	3	result	result	NN
www-bis-org-8025	354	4	is	be	VBZ
www-bis-org-8025	354	5	that	that	IN
www-bis-org-8025	354	6	the	the	DT
www-bis-org-8025	354	7	fee	fee	NN
www-bis-org-8025	354	8	set	set	VBN
www-bis-org-8025	354	9	on	on	IN
www-bis-org-8025	354	10	a	a	DT
www-bis-org-8025	354	11	decentralised	decentralised	JJ
www-bis-org-8025	354	12	basis	basis	NN
www-bis-org-8025	354	13	is	be	VBZ
www-bis-org-8025	354	14	much	much	RB
www-bis-org-8025	354	15	lower	low	JJR
www-bis-org-8025	354	16	than	than	IN
www-bis-org-8025	354	17	the	the	DT
www-bis-org-8025	354	18	optimal	optimal	JJ
www-bis-org-8025	354	19	fee	fee	NN
www-bis-org-8025	354	20	,	,	,
www-bis-org-8025	354	21	resulting	result	VBG
www-bis-org-8025	354	22	in	in	IN
www-bis-org-8025	354	23	extreme	extreme	JJ
www-bis-org-8025	354	24	waiting	waiting	NN
www-bis-org-8025	354	25	times	time	NNS
www-bis-org-8025	354	26	.	.	.
www-bis-org-8025	355	1	This	this	DT
www-bis-org-8025	355	2	is	be	VBZ
www-bis-org-8025	355	3	simply	simply	RB
www-bis-org-8025	355	4	due	due	JJ
www-bis-org-8025	355	5	to	to	IN
www-bis-org-8025	355	6	the	the	DT
www-bis-org-8025	355	7	presence	presence	NN
www-bis-org-8025	355	8	of	of	IN
www-bis-org-8025	355	9	,	,	,
www-bis-org-8025	355	10	typically	typically	RB
www-bis-org-8025	355	11	a	a	DT
www-bis-org-8025	355	12	high	high	JJ
www-bis-org-8025	355	13	number	number	NN
www-bis-org-8025	355	14	(	(	-LRB-
www-bis-org-8025	355	15	up	up	IN
www-bis-org-8025	355	16	to	to	IN
www-bis-org-8025	355	17	around	around	IN
www-bis-org-8025	355	18	2,000	2,000	CD
www-bis-org-8025	355	19	,	,	,
www-bis-org-8025	355	20	due	due	IN
www-bis-org-8025	355	21	to	to	IN
www-bis-org-8025	355	22	the	the	DT
www-bis-org-8025	355	23	block	block	NN
www-bis-org-8025	355	24	size	size	NN
www-bis-org-8025	355	25	limit	limit	NN
www-bis-org-8025	355	26	)	)	-RRB-
www-bis-org-8025	355	27	,	,	,
www-bis-org-8025	355	28	as	as	RB
www-bis-org-8025	355	29	well	well	RB
www-bis-org-8025	355	30	as	as	IN
www-bis-org-8025	355	31	the	the	DT
www-bis-org-8025	355	32	presence	presence	NN
www-bis-org-8025	355	33	of	of	IN
www-bis-org-8025	355	34	μ	μ	NNP
www-bis-org-8025	355	35	(	(	-LRB-
www-bis-org-8025	355	36	instead	instead	RB
www-bis-org-8025	355	37	of	of	IN
www-bis-org-8025	355	38	√μ	√μ	NNP
www-bis-org-8025	355	39	a	a	NN
www-bis-org-8025	355	40	in	in	IN
www-bis-org-8025	355	41	the	the	DT
www-bis-org-8025	355	42	centralised	centralise	VBN
www-bis-org-8025	355	43	game	game	NN
www-bis-org-8025	355	44	)	)	-RRB-
www-bis-org-8025	355	45	,	,	,
www-bis-org-8025	355	46	typically	typically	RB
www-bis-org-8025	355	47	a	a	DT
www-bis-org-8025	355	48	very	very	RB
www-bis-org-8025	355	49	low	low	JJ
www-bis-org-8025	355	50	number	number	NN
www-bis-org-8025	355	51	as	as	IN
www-bis-org-8025	355	52	the	the	DT
www-bis-org-8025	355	53	cost	cost	NN
www-bis-org-8025	355	54	to	to	TO
www-bis-org-8025	355	55	wait	wait	VB
www-bis-org-8025	355	56	for	for	IN
www-bis-org-8025	355	57	one	one	CD
www-bis-org-8025	355	58	additional	additional	JJ
www-bis-org-8025	355	59	block	block	NN
www-bis-org-8025	355	60	–	–	:
www-bis-org-8025	355	61	10	10	CD
www-bis-org-8025	355	62	minutes	minute	NNS
www-bis-org-8025	355	63	–	–	:
www-bis-org-8025	355	64	should	should	MD
www-bis-org-8025	355	65	be	be	VB
www-bis-org-8025	355	66	small	small	JJ
www-bis-org-8025	355	67	compared	compare	VBN
www-bis-org-8025	355	68	with	with	IN
www-bis-org-8025	355	69	the	the	DT
www-bis-org-8025	355	70	size	size	NN
www-bis-org-8025	355	71	of	of	IN
www-bis-org-8025	355	72	the	the	DT
www-bis-org-8025	355	73	payment	payment	NN
www-bis-org-8025	355	74	.	.	.
www-bis-org-8025	356	1	With	with	IN
www-bis-org-8025	356	2	the	the	DT
www-bis-org-8025	356	3	above	above	JJ
www-bis-org-8025	356	4	example	example	NN
www-bis-org-8025	356	5	of	of	IN
www-bis-org-8025	356	6	an	an	DT
www-bis-org-8025	356	7	attacker	attacker	NN
www-bis-org-8025	356	8	disadvantage	disadvantage	NN
www-bis-org-8025	356	9	of	of	IN
www-bis-org-8025	356	10	½	½	NNP
www-bis-org-8025	356	11	,	,	,
www-bis-org-8025	356	12	1,000	1,000	CD
www-bis-org-8025	356	13	transactions	transaction	NNS
www-bis-org-8025	356	14	,	,	,
www-bis-org-8025	356	15	and	and	CC
www-bis-org-8025	356	16	a	a	DT
www-bis-org-8025	356	17	cost	cost	NN
www-bis-org-8025	356	18	of	of	IN
www-bis-org-8025	356	19	waiting	wait	VBG
www-bis-org-8025	356	20	of	of	IN
www-bis-org-8025	356	21	1	1	CD
www-bis-org-8025	356	22	%	%	NN
www-bis-org-8025	356	23	per	per	IN
www-bis-org-8025	356	24	block	block	NN
www-bis-org-8025	356	25	,	,	,
www-bis-org-8025	356	26	the	the	DT
www-bis-org-8025	356	27	optimal	optimal	JJ
www-bis-org-8025	356	28	fee	fee	NN
www-bis-org-8025	356	29	is	be	VBZ
www-bis-org-8025	356	30	set	set	VBN
www-bis-org-8025	356	31	at	at	IN
www-bis-org-8025	356	32	7.07	7.07	CD
www-bis-org-8025	356	33	%	%	NN
www-bis-org-8025	356	34	of	of	IN
www-bis-org-8025	356	35	the	the	DT
www-bis-org-8025	356	36	payment	payment	NN
www-bis-org-8025	356	37	with	with	IN
www-bis-org-8025	356	38	(	(	-LRB-
www-bis-org-8025	356	39	resulting	result	VBG
www-bis-org-8025	356	40	waittime	waittime	RB
www-bis-org-8025	356	41	around	around	IN
www-bis-org-8025	356	42	seven	seven	CD
www-bis-org-8025	356	43	blocks	block	NNS
www-bis-org-8025	356	44	)	)	-RRB-
www-bis-org-8025	356	45	,	,	,
www-bis-org-8025	356	46	while	while	IN
www-bis-org-8025	356	47	it	-PRON-	PRP
www-bis-org-8025	356	48	is	be	VBZ
www-bis-org-8025	356	49	set	set	VBN
www-bis-org-8025	356	50	at	at	IN
www-bis-org-8025	356	51	1%/1000=0.001	1%/1000=0.001	NNP
www-bis-org-8025	356	52	%	%	NN
www-bis-org-8025	356	53	in	in	IN
www-bis-org-8025	356	54	the	the	DT
www-bis-org-8025	356	55	decentralised	decentralised	JJ
www-bis-org-8025	356	56	game	game	NN
www-bis-org-8025	356	57	.	.	.
www-bis-org-8025	357	1	The	the	DT
www-bis-org-8025	357	2	resulting	result	VBG
www-bis-org-8025	357	3	waiting	wait	VBG
www-bis-org-8025	357	4	time	time	NN
www-bis-org-8025	357	5	is	be	VBZ
www-bis-org-8025	357	6	50,000	50,000	CD
www-bis-org-8025	357	7	blocks	block	NNS
www-bis-org-8025	357	8	,	,	,
www-bis-org-8025	357	9	equivalent	equivalent	JJ
www-bis-org-8025	357	10	to	to	IN
www-bis-org-8025	357	11	almost	almost	RB
www-bis-org-8025	357	12	a	a	DT
www-bis-org-8025	357	13	year	year	NN
www-bis-org-8025	357	14	!	!	.
www-bis-org-8025	358	1	Some	some	DT
www-bis-org-8025	358	2	considerations	consideration	NNS
www-bis-org-8025	358	3	on	on	IN
www-bis-org-8025	358	4	the	the	DT
www-bis-org-8025	358	5	road	road	NN
www-bis-org-8025	358	6	ahead	ahead	RB
www-bis-org-8025	358	7	Ingenious	ingenious	JJ
www-bis-org-8025	358	8	though	though	IN
www-bis-org-8025	358	9	it	-PRON-	PRP
www-bis-org-8025	358	10	is	be	VBZ
www-bis-org-8025	358	11	,	,	,
www-bis-org-8025	358	12	the	the	DT
www-bis-org-8025	358	13	Bitcoin	Bitcoin	NNP
www-bis-org-8025	358	14	protocol	protocol	NN
www-bis-org-8025	358	15	has	have	VBZ
www-bis-org-8025	358	16	severe	severe	JJ
www-bis-org-8025	358	17	limitations	limitation	NNS
www-bis-org-8025	358	18	,	,	,
www-bis-org-8025	358	19	as	as	IN
www-bis-org-8025	358	20	revealed	reveal	VBN
www-bis-org-8025	358	21	by	by	IN
www-bis-org-8025	358	22	the	the	DT
www-bis-org-8025	358	23	above	above	JJ
www-bis-org-8025	358	24	analysis	analysis	NN
www-bis-org-8025	358	25	of	of	IN
www-bis-org-8025	358	26	the	the	DT
www-bis-org-8025	358	27	underlying	underlie	VBG
www-bis-org-8025	358	28	economics	economic	NNS
www-bis-org-8025	358	29	.	.	.
www-bis-org-8025	359	1	What	what	WP
www-bis-org-8025	359	2	does	do	VBZ
www-bis-org-8025	359	3	this	this	DT
www-bis-org-8025	359	4	imply	imply	VB
www-bis-org-8025	359	5	for	for	IN
www-bis-org-8025	359	6	the	the	DT
www-bis-org-8025	359	7	road	road	NN
www-bis-org-8025	359	8	ahead	ahead	RB
www-bis-org-8025	359	9	and	and	CC
www-bis-org-8025	359	10	the	the	DT
www-bis-org-8025	359	11	outlook	outlook	NN
www-bis-org-8025	359	12	for	for	IN
www-bis-org-8025	359	13	Bitcoin	Bitcoin	NNP
www-bis-org-8025	359	14	and	and	CC
www-bis-org-8025	359	15	related	related	JJ
www-bis-org-8025	359	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	359	17	?	?	.
www-bis-org-8025	360	1	The	the	DT
www-bis-org-8025	360	2	doomsday	doomsday	NNP
www-bis-org-8025	360	3	economics	economic	NNS
www-bis-org-8025	360	4	of	of	IN
www-bis-org-8025	360	5	proof	proof	NN
www-bis-org-8025	360	6	-	-	HYPH
www-bis-org-8025	360	7	of	of	IN
www-bis-org-8025	360	8	-	-	HYPH
www-bis-org-8025	360	9	work	work	NN
www-bis-org-8025	360	10	Putting	put	VBG
www-bis-org-8025	360	11	the	the	DT
www-bis-org-8025	360	12	pieces	piece	NNS
www-bis-org-8025	360	13	of	of	IN
www-bis-org-8025	360	14	the	the	DT
www-bis-org-8025	360	15	above	above	JJ
www-bis-org-8025	360	16	analysis	analysis	NN
www-bis-org-8025	360	17	together	together	RB
www-bis-org-8025	360	18	shows	show	VBZ
www-bis-org-8025	360	19	that	that	IN
www-bis-org-8025	360	20	Bitcoin	Bitcoin	NNP
www-bis-org-8025	360	21	’s	’s	POS
www-bis-org-8025	360	22	liquidity	liquidity	NN
www-bis-org-8025	360	23	will	will	MD
www-bis-org-8025	360	24	fall	fall	VB
www-bis-org-8025	360	25	substantially	substantially	RB
www-bis-org-8025	360	26	in	in	IN
www-bis-org-8025	360	27	the	the	DT
www-bis-org-8025	360	28	years	year	NNS
www-bis-org-8025	360	29	to	to	TO
www-bis-org-8025	360	30	come	come	VB
www-bis-org-8025	360	31	in	in	IN
www-bis-org-8025	360	32	the	the	DT
www-bis-org-8025	360	33	absence	absence	NN
www-bis-org-8025	360	34	of	of	IN
www-bis-org-8025	360	35	relevant	relevant	JJ
www-bis-org-8025	360	36	technological	technological	JJ
www-bis-org-8025	360	37	advances	advance	NNS
www-bis-org-8025	360	38	.	.	.
www-bis-org-8025	361	1	One	one	PRP
www-bis-org-8025	361	2	needs	need	VBZ
www-bis-org-8025	361	3	to	to	TO
www-bis-org-8025	361	4	keep	keep	VB
www-bis-org-8025	361	5	in	in	IN
www-bis-org-8025	361	6	mind	mind	NN
www-bis-org-8025	361	7	that	that	IN
www-bis-org-8025	361	8	,	,	,
www-bis-org-8025	361	9	together	together	RB
www-bis-org-8025	361	10	with	with	IN
www-bis-org-8025	361	11	self	self	NN
www-bis-org-8025	361	12	-	-	HYPH
www-bis-org-8025	361	13	calibrating	calibrate	VBG
www-bis-org-8025	361	14	difficulty	difficulty	NN
www-bis-org-8025	361	15	,	,	,
www-bis-org-8025	361	16	proof	proof	NN
www-bis-org-8025	361	17	-	-	HYPH
www-bis-org-8025	361	18	of	of	IN
www-bis-org-8025	361	19	-	-	HYPH
www-bis-org-8025	361	20	work	work	NN
www-bis-org-8025	361	21	becomes	become	VBZ
www-bis-org-8025	361	22	a	a	DT
www-bis-org-8025	361	23	deeply	deeply	RB
www-bis-org-8025	361	24	economic	economic	JJ
www-bis-org-8025	361	25	concept	concept	NN
www-bis-org-8025	361	26	that	that	WDT
www-bis-org-8025	361	27	ultimately	ultimately	RB
www-bis-org-8025	361	28	proves	prove	VBZ
www-bis-org-8025	361	29	that	that	IN
www-bis-org-8025	361	30	a	a	DT
www-bis-org-8025	361	31	certain	certain	JJ
www-bis-org-8025	361	32	amount	amount	NN
www-bis-org-8025	361	33	of	of	IN
www-bis-org-8025	361	34	real	real	JJ
www-bis-org-8025	361	35	resources	resource	NNS
www-bis-org-8025	361	36	has	have	VBZ
www-bis-org-8025	361	37	been	be	VBN
www-bis-org-8025	361	38	used	use	VBN
www-bis-org-8025	361	39	for	for	IN
www-bis-org-8025	361	40	computations	computation	NNS
www-bis-org-8025	361	41	.	.	.
www-bis-org-8025	362	1	This	this	DT
www-bis-org-8025	362	2	amount	amount	NN
www-bis-org-8025	362	3	is	be	VBZ
www-bis-org-8025	362	4	insensitive	insensitive	JJ
www-bis-org-8025	362	5	to	to	IN
www-bis-org-8025	362	6	general	general	JJ
www-bis-org-8025	362	7	technological	technological	JJ
www-bis-org-8025	362	8	progress	progress	NN
www-bis-org-8025	362	9	by	by	IN
www-bis-org-8025	362	10	its	-PRON-	PRP$
www-bis-org-8025	362	11	very	very	JJ
www-bis-org-8025	362	12	design	design	NN
www-bis-org-8025	362	13	.	.	.
www-bis-org-8025	363	1	And	and	CC
www-bis-org-8025	363	2	with	with	IN
www-bis-org-8025	363	3	block	block	NN
www-bis-org-8025	363	4	rewards	reward	NNS
www-bis-org-8025	363	5	–	–	:
www-bis-org-8025	363	6	which	which	WDT
www-bis-org-8025	363	7	,	,	,
www-bis-org-8025	363	8	at	at	IN
www-bis-org-8025	363	9	present	present	NN
www-bis-org-8025	363	10	,	,	,
www-bis-org-8025	363	11	represent	represent	VB
www-bis-org-8025	363	12	the	the	DT
www-bis-org-8025	363	13	vast	vast	JJ
www-bis-org-8025	363	14	majority	majority	NN
www-bis-org-8025	363	15	of	of	IN
www-bis-org-8025	363	16	miners	miner	NNS
www-bis-org-8025	363	17	’	’	POS
www-bis-org-8025	363	18	income	income	NN
www-bis-org-8025	363	19	and	and	CC
www-bis-org-8025	363	20	thus	thus	RB
www-bis-org-8025	363	21	underpin	underpin	VBZ
www-bis-org-8025	363	22	the	the	DT
www-bis-org-8025	363	23	security	security	NN
www-bis-org-8025	363	24	of	of	IN
www-bis-org-8025	363	25	payments	payment	NNS
www-bis-org-8025	363	26	–	–	:
www-bis-org-8025	363	27	being	be	VBG
www-bis-org-8025	363	28	gradually	gradually	RB
www-bis-org-8025	363	29	phased	phase	VBN
www-bis-org-8025	363	30	out	out	RP
www-bis-org-8025	363	31	(	(	-LRB-
www-bis-org-8025	363	32	see	see	VB
www-bis-org-8025	363	33	Graph	Graph	NNP
www-bis-org-8025	363	34	4	4	CD
www-bis-org-8025	363	35	)	)	-RRB-
www-bis-org-8025	363	36	,	,	,
www-bis-org-8025	363	37	the	the	DT
www-bis-org-8025	363	38	security	security	NN
www-bis-org-8025	363	39	of	of	IN
www-bis-org-8025	363	40	payments	payment	NNS
www-bis-org-8025	363	41	is	be	VBZ
www-bis-org-8025	363	42	also	also	RB
www-bis-org-8025	363	43	set	set	VBN
www-bis-org-8025	363	44	to	to	TO
www-bis-org-8025	363	45	deteriorate	deteriorate	VB
www-bis-org-8025	363	46	.	.	.
www-bis-org-8025	364	1	Graph	Graph	NNP
www-bis-org-8025	364	2	9	9	CD
www-bis-org-8025	364	3	gives	give	VBZ
www-bis-org-8025	364	4	an	an	DT
www-bis-org-8025	364	5	outlook	outlook	NN
www-bis-org-8025	364	6	regarding	regard	VBG
www-bis-org-8025	364	7	how	how	WRB
www-bis-org-8025	364	8	waiting	wait	VBG
www-bis-org-8025	364	9	times	time	NNS
www-bis-org-8025	364	10	could	could	MD
www-bis-org-8025	364	11	increase	increase	VB
www-bis-org-8025	364	12	in	in	IN
www-bis-org-8025	364	13	the	the	DT
www-bis-org-8025	364	14	years	year	NNS
www-bis-org-8025	364	15	to	to	TO
www-bis-org-8025	364	16	come	come	VB
www-bis-org-8025	364	17	,	,	,
www-bis-org-8025	364	18	based	base	VBN
www-bis-org-8025	364	19	on	on	IN
www-bis-org-8025	364	20	the	the	DT
www-bis-org-8025	364	21	above	above	JJ
www-bis-org-8025	364	22	considerations	consideration	NNS
www-bis-org-8025	364	23	of	of	IN
www-bis-org-8025	364	24	what	what	WP
www-bis-org-8025	364	25	is	be	VBZ
www-bis-org-8025	364	26	required	require	VBN
www-bis-org-8025	364	27	to	to	TO
www-bis-org-8025	364	28	deter	deter	VB
www-bis-org-8025	364	29	an	an	DT
www-bis-org-8025	364	30	attack	attack	NN
www-bis-org-8025	364	31	(	(	-LRB-
www-bis-org-8025	364	32	see	see	VB
www-bis-org-8025	364	33	,	,	,
www-bis-org-8025	364	34	in	in	IN
www-bis-org-8025	364	35	particular	particular	JJ
www-bis-org-8025	364	36	,	,	,
www-bis-org-8025	364	37	equation	equation	NN
www-bis-org-8025	364	38	(	(	-LRB-
www-bis-org-8025	364	39	7	7	CD
www-bis-org-8025	364	40	)	)	-RRB-
www-bis-org-8025	364	41	)	)	-RRB-
www-bis-org-8025	364	42	.	.	.
www-bis-org-8025	365	1	Against	against	IN
www-bis-org-8025	365	2	this	this	DT
www-bis-org-8025	365	3	dire	dire	JJ
www-bis-org-8025	365	4	backdrop	backdrop	NN
www-bis-org-8025	365	5	,	,	,
www-bis-org-8025	365	6	it	-PRON-	PRP
www-bis-org-8025	365	7	should	should	MD
www-bis-org-8025	365	8	be	be	VB
www-bis-org-8025	365	9	noted	note	VBN
www-bis-org-8025	365	10	that	that	IN
www-bis-org-8025	365	11	the	the	DT
www-bis-org-8025	365	12	code	code	NN
www-bis-org-8025	365	13	of	of	IN
www-bis-org-8025	365	14	Bitcoin	Bitcoin	NNP
www-bis-org-8025	365	15	is	be	VBZ
www-bis-org-8025	365	16	far	far	RB
www-bis-org-8025	365	17	from	from	IN
www-bis-org-8025	365	18	being	be	VBG
www-bis-org-8025	365	19	set	set	VBN
www-bis-org-8025	365	20	in	in	IN
www-bis-org-8025	365	21	stone	stone	NN
www-bis-org-8025	365	22	.	.	.
www-bis-org-8025	366	1	For	for	IN
www-bis-org-8025	366	2	example	example	NN
www-bis-org-8025	366	3	,	,	,
www-bis-org-8025	366	4	Graph	Graph	NNP
www-bis-org-8025	366	5	10	10	CD
www-bis-org-8025	366	6	shows	show	VBZ
www-bis-org-8025	366	7	how	how	WRB
www-bis-org-8025	366	8	new	new	JJ
www-bis-org-8025	366	9	versions	version	NNS
www-bis-org-8025	366	10	of	of	IN
www-bis-org-8025	366	11	the	the	DT
www-bis-org-8025	366	12	leading	lead	VBG
www-bis-org-8025	366	13	Bitcoin	Bitcoin	NNP
www-bis-org-8025	366	14	software	software	NN
www-bis-org-8025	366	15	client	client	NN
www-bis-org-8025	366	16	(	(	-LRB-
www-bis-org-8025	366	17	“	"	``
www-bis-org-8025	366	18	Bitcoin	Bitcoin	NNP
www-bis-org-8025	366	19	Core	Core	NNP
www-bis-org-8025	366	20	”	"	''
www-bis-org-8025	366	21	)	)	-RRB-
www-bis-org-8025	366	22	have	have	VBP
www-bis-org-8025	366	23	been	be	VBN
www-bis-org-8025	366	24	introduced	introduce	VBN
www-bis-org-8025	366	25	and	and	CC
www-bis-org-8025	366	26	adopted	adopt	VBN
www-bis-org-8025	366	27	by	by	IN
www-bis-org-8025	366	28	the	the	DT
www-bis-org-8025	366	29	network	network	NN
www-bis-org-8025	366	30	of	of	IN
www-bis-org-8025	366	31	full	full	JJ
www-bis-org-8025	366	32	nodes	node	NNS
www-bis-org-8025	366	33	over	over	IN
www-bis-org-8025	366	34	time.27	time.27	NNP
www-bis-org-8025	366	35	These	these	DT
www-bis-org-8025	366	36	updates	update	NNS
www-bis-org-8025	366	37	are	be	VBP
www-bis-org-8025	366	38	mostly	mostly	RB
www-bis-org-8025	366	39	true	true	JJ
www-bis-org-8025	366	40	to	to	IN
www-bis-org-8025	366	41	the	the	DT
www-bis-org-8025	366	42	spirit	spirit	NN
www-bis-org-8025	366	43	of	of	IN
www-bis-org-8025	366	44	the	the	DT
www-bis-org-8025	366	45	original	original	JJ
www-bis-org-8025	366	46	protocol	protocol	NN
www-bis-org-8025	366	47	developed	develop	VBN
www-bis-org-8025	366	48	by	by	IN
www-bis-org-8025	366	49	Nakamoto	Nakamoto	NNP
www-bis-org-8025	366	50	(	(	-LRB-
www-bis-org-8025	366	51	2008	2008	CD
www-bis-org-8025	366	52	)	)	-RRB-
www-bis-org-8025	366	53	(	(	-LRB-
www-bis-org-8025	366	54	although	although	IN
www-bis-org-8025	366	55	there	there	EX
www-bis-org-8025	366	56	have	have	VBP
www-bis-org-8025	366	57	been	be	VBN
www-bis-org-8025	366	58	controversies	controversy	NNS
www-bis-org-8025	366	59	)	)	-RRB-
www-bis-org-8025	366	60	,	,	,
www-bis-org-8025	366	61	but	but	CC
www-bis-org-8025	366	62	improve	improve	VB
www-bis-org-8025	366	63	technical	technical	JJ
www-bis-org-8025	366	64	aspects	aspect	NNS
www-bis-org-8025	366	65	such	such	JJ
www-bis-org-8025	366	66	as	as	IN
www-bis-org-8025	366	67	how	how	WRB
www-bis-org-8025	366	68	nodes	node	NNS
www-bis-org-8025	366	69	of	of	IN
www-bis-org-8025	366	70	the	the	DT
www-bis-org-8025	366	71	network	network	NN
www-bis-org-8025	366	72	communicate	communicate	VBP
www-bis-org-8025	366	73	with	with	IN
www-bis-org-8025	366	74	one	one	CD
www-bis-org-8025	366	75	another	another	DT
www-bis-org-8025	366	76	.	.	.
www-bis-org-8025	367	1	27	27	CD
www-bis-org-8025	367	2	A	a	DT
www-bis-org-8025	367	3	“	"	``
www-bis-org-8025	367	4	full	full	JJ
www-bis-org-8025	367	5	node	node	NN
www-bis-org-8025	367	6	”	"	''
www-bis-org-8025	367	7	is	be	VBZ
www-bis-org-8025	367	8	a	a	DT
www-bis-org-8025	367	9	computer	computer	NN
www-bis-org-8025	367	10	or	or	CC
www-bis-org-8025	367	11	server	server	NN
www-bis-org-8025	367	12	that	that	WDT
www-bis-org-8025	367	13	maintains	maintain	VBZ
www-bis-org-8025	367	14	a	a	DT
www-bis-org-8025	367	15	full	full	JJ
www-bis-org-8025	367	16	,	,	,
www-bis-org-8025	367	17	up	up	RB
www-bis-org-8025	367	18	-	-	HYPH
www-bis-org-8025	367	19	to	to	IN
www-bis-org-8025	367	20	-	-	HYPH
www-bis-org-8025	367	21	date	date	NN
www-bis-org-8025	367	22	copy	copy	NN
www-bis-org-8025	367	23	of	of	IN
www-bis-org-8025	367	24	the	the	DT
www-bis-org-8025	367	25	Bitcoin	Bitcoin	NNP
www-bis-org-8025	367	26	blockchain	blockchain	NN
www-bis-org-8025	367	27	.	.	.
www-bis-org-8025	368	1	A	a	DT
www-bis-org-8025	368	2	full	full	JJ
www-bis-org-8025	368	3	node	node	NN
www-bis-org-8025	368	4	is	be	VBZ
www-bis-org-8025	368	5	“	"	``
www-bis-org-8025	368	6	reachable	reachable	JJ
www-bis-org-8025	368	7	”	"	''
www-bis-org-8025	368	8	if	if	IN
www-bis-org-8025	368	9	it	-PRON-	PRP
www-bis-org-8025	368	10	not	not	RB
www-bis-org-8025	368	11	only	only	RB
www-bis-org-8025	368	12	receives	receive	VBZ
www-bis-org-8025	368	13	blockchain	blockchain	NNP
www-bis-org-8025	368	14	updates	update	NNS
www-bis-org-8025	368	15	from	from	IN
www-bis-org-8025	368	16	other	other	JJ
www-bis-org-8025	368	17	reachable	reachable	JJ
www-bis-org-8025	368	18	full	full	JJ
www-bis-org-8025	368	19	nodes	node	NNS
www-bis-org-8025	368	20	,	,	,
www-bis-org-8025	368	21	but	but	CC
www-bis-org-8025	368	22	propagates	propagate	VBZ
www-bis-org-8025	368	23	the	the	DT
www-bis-org-8025	368	24	full	full	JJ
www-bis-org-8025	368	25	blockchain	blockchain	NN
www-bis-org-8025	368	26	to	to	IN
www-bis-org-8025	368	27	other	other	JJ
www-bis-org-8025	368	28	nodes	node	NNS
www-bis-org-8025	368	29	.	.	.
www-bis-org-8025	369	1	WP765	WP765	NNP
www-bis-org-8025	369	2	Beyond	beyond	IN
www-bis-org-8025	369	3	the	the	DT
www-bis-org-8025	369	4	doomsday	doomsday	NNP
www-bis-org-8025	369	5	economics	economic	NNS
www-bis-org-8025	369	6	of	of	IN
www-bis-org-8025	369	7	“	"	``
www-bis-org-8025	369	8	proof	proof	NN
www-bis-org-8025	369	9	-	-	HYPH
www-bis-org-8025	369	10	of	of	IN
www-bis-org-8025	369	11	-	-	HYPH
www-bis-org-8025	369	12	work	work	NN
www-bis-org-8025	369	13	”	"	''
www-bis-org-8025	369	14	in	in	IN
www-bis-org-8025	369	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	369	16	19	19	CD
www-bis-org-8025	369	17	While	while	IN
www-bis-org-8025	369	18	there	there	EX
www-bis-org-8025	369	19	are	be	VBP
www-bis-org-8025	369	20	many	many	JJ
www-bis-org-8025	369	21	other	other	JJ
www-bis-org-8025	369	22	technological	technological	JJ
www-bis-org-8025	369	23	developments	development	NNS
www-bis-org-8025	369	24	,	,	,
www-bis-org-8025	369	25	in	in	IN
www-bis-org-8025	369	26	the	the	DT
www-bis-org-8025	369	27	context	context	NN
www-bis-org-8025	369	28	of	of	IN
www-bis-org-8025	369	29	this	this	DT
www-bis-org-8025	369	30	paper	paper	NN
www-bis-org-8025	369	31	it	-PRON-	PRP
www-bis-org-8025	369	32	needs	need	VBZ
www-bis-org-8025	369	33	to	to	TO
www-bis-org-8025	369	34	be	be	VB
www-bis-org-8025	369	35	noted	note	VBN
www-bis-org-8025	369	36	that	that	IN
www-bis-org-8025	369	37	many	many	JJ
www-bis-org-8025	369	38	are	be	VBP
www-bis-org-8025	369	39	aimed	aim	VBN
www-bis-org-8025	369	40	at	at	IN
www-bis-org-8025	369	41	boosting	boost	VBG
www-bis-org-8025	369	42	the	the	DT
www-bis-org-8025	369	43	volume	volume	NN
www-bis-org-8025	369	44	of	of	IN
www-bis-org-8025	369	45	exchange	exchange	NN
www-bis-org-8025	369	46	rather	rather	RB
www-bis-org-8025	369	47	than	than	IN
www-bis-org-8025	369	48	improving	improve	VBG
www-bis-org-8025	369	49	the	the	DT
www-bis-org-8025	369	50	economics	economic	NNS
www-bis-org-8025	369	51	of	of	IN
www-bis-org-8025	369	52	payment	payment	NN
www-bis-org-8025	369	53	finality	finality	NN
www-bis-org-8025	369	54	.	.	.
www-bis-org-8025	370	1	28	28	CD
www-bis-org-8025	370	2	So	so	RB
www-bis-org-8025	370	3	-	-	HYPH
www-bis-org-8025	370	4	called	call	VBN
www-bis-org-8025	370	5	pruning	pruning	NN
www-bis-org-8025	370	6	replaces	replace	NNS
www-bis-org-8025	370	7	older	old	JJR
www-bis-org-8025	370	8	parts	part	NNS
www-bis-org-8025	370	9	of	of	IN
www-bis-org-8025	370	10	the	the	DT
www-bis-org-8025	370	11	history	history	NN
www-bis-org-8025	370	12	of	of	IN
www-bis-org-8025	370	13	past	past	JJ
www-bis-org-8025	370	14	transactions	transaction	NNS
www-bis-org-8025	370	15	by	by	IN
www-bis-org-8025	370	16	the	the	DT
www-bis-org-8025	370	17	netted	net	VBN
www-bis-org-8025	370	18	representation	representation	NN
www-bis-org-8025	370	19	of	of	IN
www-bis-org-8025	370	20	ownership	ownership	NN
www-bis-org-8025	370	21	,	,	,
www-bis-org-8025	370	22	which	which	WDT
www-bis-org-8025	370	23	reduces	reduce	VBZ
www-bis-org-8025	370	24	the	the	DT
www-bis-org-8025	370	25	size	size	NN
www-bis-org-8025	370	26	of	of	IN
www-bis-org-8025	370	27	the	the	DT
www-bis-org-8025	370	28	blockchain	blockchain	NN
www-bis-org-8025	370	29	.	.	.
www-bis-org-8025	371	1	Other	other	JJ
www-bis-org-8025	371	2	solutions	solution	NNS
www-bis-org-8025	371	3	are	be	VBP
www-bis-org-8025	371	4	to	to	TO
www-bis-org-8025	371	5	store	store	VB
www-bis-org-8025	371	6	transactions	transaction	NNS
www-bis-org-8025	371	7	more	more	RBR
www-bis-org-8025	371	8	efficiently	efficiently	RB
www-bis-org-8025	371	9	by	by	IN
www-bis-org-8025	371	10	shifting	shift	VBG
www-bis-org-8025	371	11	some	some	DT
www-bis-org-8025	371	12	of	of	IN
www-bis-org-8025	371	13	the	the	DT
www-bis-org-8025	371	14	information	information	NN
www-bis-org-8025	371	15	off	off	IN
www-bis-org-8025	371	16	the	the	DT
www-bis-org-8025	371	17	blockchain	blockchain	NNP
www-bis-org-8025	371	18	(	(	-LRB-
www-bis-org-8025	371	19	in	in	IN
www-bis-org-8025	371	20	particular	particular	JJ
www-bis-org-8025	371	21	,	,	,
www-bis-org-8025	371	22	28	28	CD
www-bis-org-8025	371	23	In	in	IN
www-bis-org-8025	371	24	discussing	discuss	VBG
www-bis-org-8025	371	25	these	these	DT
www-bis-org-8025	371	26	innovations	innovation	NNS
www-bis-org-8025	371	27	,	,	,
www-bis-org-8025	371	28	one	one	PRP
www-bis-org-8025	371	29	must	must	MD
www-bis-org-8025	371	30	move	move	VB
www-bis-org-8025	371	31	beyond	beyond	IN
www-bis-org-8025	371	32	Bitcoin	Bitcoin	NNP
www-bis-org-8025	371	33	as	as	IN
www-bis-org-8025	371	34	most	most	JJS
www-bis-org-8025	371	35	new	new	JJ
www-bis-org-8025	371	36	technologies	technology	NNS
www-bis-org-8025	371	37	are	be	VBP
www-bis-org-8025	371	38	being	be	VBG
www-bis-org-8025	371	39	developed	develop	VBN
www-bis-org-8025	371	40	for	for	IN
www-bis-org-8025	371	41	other	other	JJ
www-bis-org-8025	371	42	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	371	43	.	.	.
www-bis-org-8025	372	1	However	however	RB
www-bis-org-8025	372	2	,	,	,
www-bis-org-8025	372	3	should	should	MD
www-bis-org-8025	372	4	one	one	CD
www-bis-org-8025	372	5	of	of	IN
www-bis-org-8025	372	6	these	these	DT
www-bis-org-8025	372	7	technologies	technology	NNS
www-bis-org-8025	372	8	demonstrate	demonstrate	VBP
www-bis-org-8025	372	9	substantial	substantial	JJ
www-bis-org-8025	372	10	efficiency	efficiency	NN
www-bis-org-8025	372	11	gains	gain	NNS
www-bis-org-8025	372	12	,	,	,
www-bis-org-8025	372	13	it	-PRON-	PRP
www-bis-org-8025	372	14	could	could	MD
www-bis-org-8025	372	15	be	be	VB
www-bis-org-8025	372	16	adopted	adopt	VBN
www-bis-org-8025	372	17	by	by	IN
www-bis-org-8025	372	18	Bitcoin	Bitcoin	NNP
www-bis-org-8025	372	19	.	.	.
www-bis-org-8025	373	1	Substantially	substantially	RB
www-bis-org-8025	373	2	longer	long	RBR
www-bis-org-8025	373	3	waiting	wait	VBG
www-bis-org-8025	373	4	times	time	NNS
www-bis-org-8025	373	5	result	result	VBP
www-bis-org-8025	373	6	when	when	WRB
www-bis-org-8025	373	7	block	block	NN
www-bis-org-8025	373	8	rewards	reward	NNS
www-bis-org-8025	373	9	decline	decline	VBP
www-bis-org-8025	373	10	Graph	Graph	NNP
www-bis-org-8025	373	11	9	9	CD
www-bis-org-8025	373	12	Hours	hour	NNS
www-bis-org-8025	373	13	Dashed	dash	VBN
www-bis-org-8025	373	14	pattern	pattern	NN
www-bis-org-8025	373	15	indicates	indicate	VBZ
www-bis-org-8025	373	16	predicted	predict	VBN
www-bis-org-8025	373	17	values	value	NNS
www-bis-org-8025	373	18	.	.	.
www-bis-org-8025	374	1	The	the	DT
www-bis-org-8025	374	2	lines	line	NNS
www-bis-org-8025	374	3	displayed	display	VBD
www-bis-org-8025	374	4	in	in	IN
www-bis-org-8025	374	5	this	this	DT
www-bis-org-8025	374	6	graph	graph	NN
www-bis-org-8025	374	7	show	show	VBP
www-bis-org-8025	374	8	the	the	DT
www-bis-org-8025	374	9	implied	imply	VBN
www-bis-org-8025	374	10	waiting	waiting	NN
www-bis-org-8025	374	11	time	time	NN
www-bis-org-8025	374	12	(	(	-LRB-
www-bis-org-8025	374	13	number	number	NN
www-bis-org-8025	374	14	of	of	IN
www-bis-org-8025	374	15	block	block	NN
www-bis-org-8025	374	16	confirmations	confirmation	NNS
www-bis-org-8025	374	17	before	before	IN
www-bis-org-8025	374	18	merchants	merchant	NNS
www-bis-org-8025	374	19	assume	assume	VBP
www-bis-org-8025	374	20	the	the	DT
www-bis-org-8025	374	21	payment	payment	NN
www-bis-org-8025	374	22	is	be	VBZ
www-bis-org-8025	374	23	irreversible	irreversible	JJ
www-bis-org-8025	374	24	and	and	CC
www-bis-org-8025	374	25	release	release	VB
www-bis-org-8025	374	26	the	the	DT
www-bis-org-8025	374	27	merchandise	merchandise	NN
www-bis-org-8025	374	28	)	)	-RRB-
www-bis-org-8025	374	29	required	require	VBN
www-bis-org-8025	374	30	to	to	TO
www-bis-org-8025	374	31	make	make	VB
www-bis-org-8025	374	32	an	an	DT
www-bis-org-8025	374	33	economic	economic	JJ
www-bis-org-8025	374	34	attack	attack	NN
www-bis-org-8025	374	35	unprofitable	unprofitable	JJ
www-bis-org-8025	374	36	:	:	:
www-bis-org-8025	374	37	the	the	DT
www-bis-org-8025	374	38	attacker	attacker	NN
www-bis-org-8025	374	39	rents	rent	NNS
www-bis-org-8025	374	40	mining	mining	NN
www-bis-org-8025	374	41	equipment	equipment	NN
www-bis-org-8025	374	42	on	on	IN
www-bis-org-8025	374	43	a	a	DT
www-bis-org-8025	374	44	short-	short-	JJ
www-bis-org-8025	374	45	term	term	NN
www-bis-org-8025	374	46	basis	basis	NN
www-bis-org-8025	374	47	and	and	CC
www-bis-org-8025	374	48	executes	execute	VBZ
www-bis-org-8025	374	49	a	a	DT
www-bis-org-8025	374	50	change	change	NN
www-bis-org-8025	374	51	-	-	HYPH
www-bis-org-8025	374	52	of	of	IN
www-bis-org-8025	374	53	-	-	HYPH
www-bis-org-8025	374	54	history	history	NN
www-bis-org-8025	374	55	attack	attack	NN
www-bis-org-8025	374	56	.	.	.
www-bis-org-8025	375	1	The	the	DT
www-bis-org-8025	375	2	waiting	wait	VBG
www-bis-org-8025	375	3	time	time	NN
www-bis-org-8025	375	4	depends	depend	VBZ
www-bis-org-8025	375	5	on	on	IN
www-bis-org-8025	375	6	the	the	DT
www-bis-org-8025	375	7	attacker	attacker	NN
www-bis-org-8025	375	8	disadvantage	disadvantage	NN
www-bis-org-8025	375	9	,	,	,
www-bis-org-8025	375	10	which	which	WDT
www-bis-org-8025	375	11	consists	consist	VBZ
www-bis-org-8025	375	12	in	in	IN
www-bis-org-8025	375	13	the	the	DT
www-bis-org-8025	375	14	high	high	JJ
www-bis-org-8025	375	15	price	price	NN
www-bis-org-8025	375	16	of	of	IN
www-bis-org-8025	375	17	short	short	JJ
www-bis-org-8025	375	18	-	-	HYPH
www-bis-org-8025	375	19	term	term	NN
www-bis-org-8025	375	20	rentals	rental	NNS
www-bis-org-8025	375	21	for	for	IN
www-bis-org-8025	375	22	hash	hash	NN
www-bis-org-8025	375	23	power	power	NN
www-bis-org-8025	375	24	or	or	CC
www-bis-org-8025	375	25	in	in	IN
www-bis-org-8025	375	26	the	the	DT
www-bis-org-8025	375	27	likelihood	likelihood	NN
www-bis-org-8025	375	28	that	that	IN
www-bis-org-8025	375	29	the	the	DT
www-bis-org-8025	375	30	price	price	NN
www-bis-org-8025	375	31	of	of	IN
www-bis-org-8025	375	32	bitcoin	bitcoin	NN
www-bis-org-8025	375	33	will	will	MD
www-bis-org-8025	375	34	collapse	collapse	VB
www-bis-org-8025	375	35	following	follow	VBG
www-bis-org-8025	375	36	an	an	DT
www-bis-org-8025	375	37	attack	attack	NN
www-bis-org-8025	375	38	.	.	.
www-bis-org-8025	376	1	Calculations	calculation	NNS
www-bis-org-8025	376	2	of	of	IN
www-bis-org-8025	376	3	the	the	DT
www-bis-org-8025	376	4	implied	imply	VBN
www-bis-org-8025	376	5	waiting	waiting	NN
www-bis-org-8025	376	6	times	time	NNS
www-bis-org-8025	376	7	are	be	VBP
www-bis-org-8025	376	8	based	base	VBN
www-bis-org-8025	376	9	on	on	IN
www-bis-org-8025	376	10	equation	equation	NN
www-bis-org-8025	376	11	(	(	-LRB-
www-bis-org-8025	376	12	7	7	CD
www-bis-org-8025	376	13	)	)	-RRB-
www-bis-org-8025	376	14	and	and	CC
www-bis-org-8025	376	15	assume	assume	VB
www-bis-org-8025	376	16	transaction	transaction	NN
www-bis-org-8025	376	17	fees	fee	NNS
www-bis-org-8025	376	18	of	of	IN
www-bis-org-8025	376	19	0.18	0.18	CD
www-bis-org-8025	376	20	bitcoin	bitcoin	NN
www-bis-org-8025	376	21	per	per	IN
www-bis-org-8025	376	22	block	block	NN
www-bis-org-8025	376	23	,	,	,
www-bis-org-8025	376	24	which	which	WDT
www-bis-org-8025	376	25	corresponds	correspond	VBZ
www-bis-org-8025	376	26	to	to	TO
www-bis-org-8025	376	27	average	average	VB
www-bis-org-8025	376	28	transaction	transaction	NN
www-bis-org-8025	376	29	fees	fee	NNS
www-bis-org-8025	376	30	during	during	IN
www-bis-org-8025	376	31	the	the	DT
www-bis-org-8025	376	32	period	period	NN
www-bis-org-8025	376	33	30	30	CD
www-bis-org-8025	376	34	Apr	Apr	NNP
www-bis-org-8025	376	35	2018–31	2018–31	NN
www-bis-org-8025	376	36	Oct	Oct	NNP
www-bis-org-8025	376	37	2018	2018	CD
www-bis-org-8025	376	38	.	.	.
www-bis-org-8025	377	1	Sources	source	NNS
www-bis-org-8025	377	2	:	:	:
www-bis-org-8025	377	3	https://bitinfocharts.com	https://bitinfocharts.com	ADD
www-bis-org-8025	377	4	;	;	:
www-bis-org-8025	377	5	https://coinmetrics.io	https://coinmetrics.io	NNP
www-bis-org-8025	377	6	;	;	:
www-bis-org-8025	377	7	author	author	NN
www-bis-org-8025	377	8	’s	’s	POS
www-bis-org-8025	377	9	calculations	calculation	NNS
www-bis-org-8025	377	10	.	.	.
www-bis-org-8025	378	1	The	the	DT
www-bis-org-8025	378	2	evolution	evolution	NN
www-bis-org-8025	378	3	of	of	IN
www-bis-org-8025	378	4	Bitcoin	Bitcoin	NNP
www-bis-org-8025	378	5	full	full	JJ
www-bis-org-8025	378	6	-	-	HYPH
www-bis-org-8025	378	7	node	node	NN
www-bis-org-8025	378	8	clients	client	NNS
www-bis-org-8025	378	9	(	(	-LRB-
www-bis-org-8025	378	10	Bitcoin	Bitcoin	NNP
www-bis-org-8025	378	11	Core	Core	NNP
www-bis-org-8025	378	12	versions	version	NNS
www-bis-org-8025	378	13	)	)	-RRB-
www-bis-org-8025	378	14	Graph	Graph	NNP
www-bis-org-8025	378	15	10	10	CD
www-bis-org-8025	378	16	Number	number	NN
www-bis-org-8025	378	17	of	of	IN
www-bis-org-8025	378	18	nodes	node	NNS
www-bis-org-8025	378	19	Distribution	distribution	NN
www-bis-org-8025	378	20	of	of	IN
www-bis-org-8025	378	21	reachable	reachable	JJ
www-bis-org-8025	378	22	full	full	JJ
www-bis-org-8025	378	23	nodes	node	NNS
www-bis-org-8025	378	24	across	across	IN
www-bis-org-8025	378	25	leading	lead	VBG
www-bis-org-8025	378	26	user	user	NN
www-bis-org-8025	378	27	agents	agent	NNS
www-bis-org-8025	378	28	.	.	.
www-bis-org-8025	379	1	Source	source	NN
www-bis-org-8025	379	2	:	:	:
www-bis-org-8025	379	3	bitnodes.earn.com	bitnodes.earn.com	NNP
www-bis-org-8025	379	4	(	(	-LRB-
www-bis-org-8025	379	5	site	site	NN
www-bis-org-8025	379	6	accessed	access	VBN
www-bis-org-8025	379	7	on	on	IN
www-bis-org-8025	379	8	18.05.2018	18.05.2018	NNP
www-bis-org-8025	379	9	)	)	-RRB-
www-bis-org-8025	379	10	.	.	.
www-bis-org-8025	380	1	500	500	CD
www-bis-org-8025	380	2	250	250	CD
www-bis-org-8025	380	3	0	0	CD
www-bis-org-8025	380	4	20322030202820262024202220202018201620142012	20322030202820262024202220202018201620142012	CD
www-bis-org-8025	380	5	Attacker	Attacker	NNP
www-bis-org-8025	380	6	disadvantage	disadvantage	NN
www-bis-org-8025	380	7	1/2	1/2	CD
www-bis-org-8025	380	8	Attacker	Attacker	NNP
www-bis-org-8025	380	9	disadvantage	disadvantage	NN
www-bis-org-8025	380	10	1/9	1/9	CD
www-bis-org-8025	380	11	12,500	12,500	CD
www-bis-org-8025	380	12	10,000	10,000	CD
www-bis-org-8025	380	13	7,500	7,500	CD
www-bis-org-8025	380	14	5,000	5,000	CD
www-bis-org-8025	380	15	2,500	2,500	CD
www-bis-org-8025	380	16	0	0	CD
www-bis-org-8025	380	17	Q2	q2	NN
www-bis-org-8025	380	18	2018Q1	2018q1	CD
www-bis-org-8025	380	19	2018Q4	2018q4	CD
www-bis-org-8025	380	20	2017Q3	2017q3	CD
www-bis-org-8025	380	21	2017Q2	2017q2	CD
www-bis-org-8025	380	22	2017Q1	2017q1	CD
www-bis-org-8025	380	23	2017Q4	2017q4	CD
www-bis-org-8025	380	24	2016Q3	2016q3	CD
www-bis-org-8025	380	25	2016	2016	CD
www-bis-org-8025	380	26	Other	other	JJ
www-bis-org-8025	380	27	Satoshi132	Satoshi132	NNP
www-bis-org-8025	380	28	Satoshi150	Satoshi150	NNP
www-bis-org-8025	380	29	Satoshi121	Satoshi121	NNP
www-bis-org-8025	380	30	Satoshi1699	Satoshi1699	NNP
www-bis-org-8025	380	31	Satoshi1501	Satoshi1501	NNP
www-bis-org-8025	380	32	Satoshi142	Satoshi142	NNP
www-bis-org-8025	380	33	Satoshi151	Satoshi151	NNP
www-bis-org-8025	380	34	Satoshi16	Satoshi16	NNP
www-bis-org-8025	380	35	https://bitnodes.earn.com/dashboard/	https://bitnodes.earn.com/dashboard/	NNP
www-bis-org-8025	380	36	https://coinmetrics.io/	https://coinmetrics.io/	NNP
www-bis-org-8025	380	37	https://bitinfocharts.com/	https://bitinfocharts.com/	NNP
www-bis-org-8025	380	38	20	20	CD
www-bis-org-8025	380	39	WP765	wp765	NN
www-bis-org-8025	380	40	Beyond	beyond	IN
www-bis-org-8025	380	41	the	the	DT
www-bis-org-8025	380	42	doomsday	doomsday	NNP
www-bis-org-8025	380	43	economics	economic	NNS
www-bis-org-8025	380	44	of	of	IN
www-bis-org-8025	380	45	“	"	``
www-bis-org-8025	380	46	proof	proof	NN
www-bis-org-8025	380	47	-	-	HYPH
www-bis-org-8025	380	48	of	of	IN
www-bis-org-8025	380	49	-	-	HYPH
www-bis-org-8025	380	50	work	work	NN
www-bis-org-8025	380	51	”	"	''
www-bis-org-8025	380	52	in	in	IN
www-bis-org-8025	380	53	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	380	54	transaction	transaction	NN
www-bis-org-8025	380	55	capacity	capacity	NN
www-bis-org-8025	380	56	has	have	VBZ
www-bis-org-8025	380	57	been	be	VBN
www-bis-org-8025	380	58	boosted	boost	VBN
www-bis-org-8025	380	59	by	by	IN
www-bis-org-8025	380	60	the	the	DT
www-bis-org-8025	380	61	“	"	``
www-bis-org-8025	380	62	Segwit	Segwit	NNP
www-bis-org-8025	380	63	”	"	''
www-bis-org-8025	380	64	digital	digital	JJ
www-bis-org-8025	380	65	signatures	signature	NNS
www-bis-org-8025	380	66	,	,	,
www-bis-org-8025	380	67	as	as	IN
www-bis-org-8025	380	68	available	available	JJ
www-bis-org-8025	380	69	in	in	IN
www-bis-org-8025	380	70	Bitcoin	Bitcoin	NNP
www-bis-org-8025	380	71	Core	Core	NNP
www-bis-org-8025	380	72	clients	client	NNS
www-bis-org-8025	380	73	16.0	16.0	CD
www-bis-org-8025	380	74	and	and	CC
www-bis-org-8025	380	75	higher	high	JJR
www-bis-org-8025	380	76	)	)	-RRB-
www-bis-org-8025	380	77	.	.	.
www-bis-org-8025	381	1	Last	last	RB
www-bis-org-8025	381	2	,	,	,
www-bis-org-8025	381	3	there	there	EX
www-bis-org-8025	381	4	are	be	VBP
www-bis-org-8025	381	5	proposals	proposal	NNS
www-bis-org-8025	381	6	to	to	TO
www-bis-org-8025	381	7	do	do	VB
www-bis-org-8025	381	8	away	away	RB
www-bis-org-8025	381	9	with	with	IN
www-bis-org-8025	381	10	the	the	DT
www-bis-org-8025	381	11	strictly	strictly	RB
www-bis-org-8025	381	12	linear	linear	JJ
www-bis-org-8025	381	13	database	database	NN
www-bis-org-8025	381	14	structure	structure	NN
www-bis-org-8025	381	15	of	of	IN
www-bis-org-8025	381	16	the	the	DT
www-bis-org-8025	381	17	blockchain29	blockchain29	NNS
www-bis-org-8025	381	18	or	or	CC
www-bis-org-8025	381	19	partition	partition	VB
www-bis-org-8025	381	20	it	-PRON-	PRP
www-bis-org-8025	381	21	via	via	IN
www-bis-org-8025	381	22	so	so	RB
www-bis-org-8025	381	23	-	-	HYPH
www-bis-org-8025	381	24	called	call	VBN
www-bis-org-8025	381	25	sharding	sharding	NN
www-bis-org-8025	381	26	.	.	.
www-bis-org-8025	382	1	Second	second	JJ
www-bis-org-8025	382	2	-	-	HYPH
www-bis-org-8025	382	3	layer	layer	NN
www-bis-org-8025	382	4	solutions	solution	NNS
www-bis-org-8025	382	5	One	one	CD
www-bis-org-8025	382	6	technology	technology	NN
www-bis-org-8025	382	7	that	that	WDT
www-bis-org-8025	382	8	can	can	MD
www-bis-org-8025	382	9	improve	improve	VB
www-bis-org-8025	382	10	upon	upon	IN
www-bis-org-8025	382	11	the	the	DT
www-bis-org-8025	382	12	economics	economic	NNS
www-bis-org-8025	382	13	of	of	IN
www-bis-org-8025	382	14	payment	payment	NN
www-bis-org-8025	382	15	security	security	NN
www-bis-org-8025	382	16	is	be	VBZ
www-bis-org-8025	382	17	the	the	DT
www-bis-org-8025	382	18	development	development	NN
www-bis-org-8025	382	19	of	of	IN
www-bis-org-8025	382	20	“	"	``
www-bis-org-8025	382	21	second-	second-	NNP
www-bis-org-8025	382	22	layer	layer	NN
www-bis-org-8025	382	23	”	"	''
www-bis-org-8025	382	24	solutions	solution	NNS
www-bis-org-8025	382	25	that	that	WDT
www-bis-org-8025	382	26	essentially	essentially	RB
www-bis-org-8025	382	27	aim	aim	VBP
www-bis-org-8025	382	28	to	to	TO
www-bis-org-8025	382	29	add	add	VB
www-bis-org-8025	382	30	liquid	liquid	JJ
www-bis-org-8025	382	31	methods	method	NNS
www-bis-org-8025	382	32	of	of	IN
www-bis-org-8025	382	33	exchange	exchange	NN
www-bis-org-8025	382	34	on	on	IN
www-bis-org-8025	382	35	top	top	NN
www-bis-org-8025	382	36	of	of	IN
www-bis-org-8025	382	37	the	the	DT
www-bis-org-8025	382	38	Bitcoin	Bitcoin	NNP
www-bis-org-8025	382	39	blockchain	blockchain	NN
www-bis-org-8025	382	40	(	(	-LRB-
www-bis-org-8025	382	41	which	which	WDT
www-bis-org-8025	382	42	then	then	RB
www-bis-org-8025	382	43	serves	serve	VBZ
www-bis-org-8025	382	44	to	to	TO
www-bis-org-8025	382	45	evidence	evidence	VB
www-bis-org-8025	382	46	the	the	DT
www-bis-org-8025	382	47	underlying	underlie	VBG
www-bis-org-8025	382	48	value	value	NN
www-bis-org-8025	382	49	)	)	-RRB-
www-bis-org-8025	382	50	.	.	.
www-bis-org-8025	383	1	Most	most	RBS
www-bis-org-8025	383	2	prominent	prominent	JJ
www-bis-org-8025	383	3	is	be	VBZ
www-bis-org-8025	383	4	the	the	DT
www-bis-org-8025	383	5	“	"	``
www-bis-org-8025	383	6	Lightning	Lightning	NNP
www-bis-org-8025	383	7	Network	Network	NNP
www-bis-org-8025	383	8	,	,	,
www-bis-org-8025	383	9	”	"	''
www-bis-org-8025	383	10	proposed	propose	VBN
www-bis-org-8025	383	11	by	by	IN
www-bis-org-8025	383	12	Poon	Poon	NNP
www-bis-org-8025	383	13	and	and	CC
www-bis-org-8025	383	14	Dryja	Dryja	NNP
www-bis-org-8025	383	15	(	(	-LRB-
www-bis-org-8025	383	16	2016	2016	CD
www-bis-org-8025	383	17	)	)	-RRB-
www-bis-org-8025	383	18	.	.	.
www-bis-org-8025	384	1	The	the	DT
www-bis-org-8025	384	2	idea	idea	NN
www-bis-org-8025	384	3	is	be	VBZ
www-bis-org-8025	384	4	that	that	IN
www-bis-org-8025	384	5	two	two	CD
www-bis-org-8025	384	6	parties	party	NNS
www-bis-org-8025	384	7	A	a	NN
www-bis-org-8025	384	8	and	and	CC
www-bis-org-8025	384	9	B	b	NN
www-bis-org-8025	384	10	jointly	jointly	RB
www-bis-org-8025	384	11	lock	lock	VB
www-bis-org-8025	384	12	in	in	IN
www-bis-org-8025	384	13	one	one	CD
www-bis-org-8025	384	14	bitcoin	bitcoin	NN
www-bis-org-8025	384	15	on	on	IN
www-bis-org-8025	384	16	the	the	DT
www-bis-org-8025	384	17	blockchain	blockchain	NN
www-bis-org-8025	384	18	via	via	IN
www-bis-org-8025	384	19	a	a	DT
www-bis-org-8025	384	20	joint	joint	JJ
www-bis-org-8025	384	21	digital	digital	JJ
www-bis-org-8025	384	22	signature	signature	NN
www-bis-org-8025	384	23	.	.	.
www-bis-org-8025	385	1	A	a	NN
www-bis-org-8025	385	2	and	and	CC
www-bis-org-8025	385	3	B	b	NN
www-bis-org-8025	385	4	can	can	MD
www-bis-org-8025	385	5	then	then	RB
www-bis-org-8025	385	6	run	run	VB
www-bis-org-8025	385	7	a	a	DT
www-bis-org-8025	385	8	side	side	NN
www-bis-org-8025	385	9	-	-	HYPH
www-bis-org-8025	385	10	contract	contract	NN
www-bis-org-8025	385	11	that	that	WDT
www-bis-org-8025	385	12	keeps	keep	VBZ
www-bis-org-8025	385	13	track	track	NN
www-bis-org-8025	385	14	of	of	IN
www-bis-org-8025	385	15	how	how	WRB
www-bis-org-8025	385	16	the	the	DT
www-bis-org-8025	385	17	one	one	CD
www-bis-org-8025	385	18	bitcoin	bitcoin	NN
www-bis-org-8025	385	19	is	be	VBZ
www-bis-org-8025	385	20	split	split	VBN
www-bis-org-8025	385	21	between	between	IN
www-bis-org-8025	385	22	A	a	NN
www-bis-org-8025	385	23	and	and	CC
www-bis-org-8025	385	24	B.	B.	NNP
www-bis-org-8025	386	1	In	in	IN
www-bis-org-8025	386	2	this	this	DT
www-bis-org-8025	386	3	side	side	NN
www-bis-org-8025	386	4	contract	contract	NN
www-bis-org-8025	386	5	,	,	,
www-bis-org-8025	386	6	A	a	NN
www-bis-org-8025	386	7	and	and	CC
www-bis-org-8025	386	8	B	b	NN
www-bis-org-8025	386	9	can	can	MD
www-bis-org-8025	386	10	shift	shift	VB
www-bis-org-8025	386	11	funds	fund	NNS
www-bis-org-8025	386	12	back	back	RB
www-bis-org-8025	386	13	and	and	CC
www-bis-org-8025	386	14	forth	forth	RB
www-bis-org-8025	386	15	by	by	IN
www-bis-org-8025	386	16	digitally	digitally	RB
www-bis-org-8025	386	17	signing	sign	VBG
www-bis-org-8025	386	18	off	off	RP
www-bis-org-8025	386	19	changes	change	NNS
www-bis-org-8025	386	20	in	in	IN
www-bis-org-8025	386	21	the	the	DT
www-bis-org-8025	386	22	balance	balance	NN
www-bis-org-8025	386	23	without	without	IN
www-bis-org-8025	386	24	creating	create	VBG
www-bis-org-8025	386	25	any	any	DT
www-bis-org-8025	386	26	traffic	traffic	NN
www-bis-org-8025	386	27	on	on	IN
www-bis-org-8025	386	28	the	the	DT
www-bis-org-8025	386	29	blockchain	blockchain	NN
www-bis-org-8025	386	30	itself	-PRON-	PRP
www-bis-org-8025	386	31	.	.	.
www-bis-org-8025	387	1	The	the	DT
www-bis-org-8025	387	2	subcontract	subcontract	NN
www-bis-org-8025	387	3	is	be	VBZ
www-bis-org-8025	387	4	netted	net	VBN
www-bis-org-8025	387	5	on	on	IN
www-bis-org-8025	387	6	the	the	DT
www-bis-org-8025	387	7	blockchain	blockchain	NN
www-bis-org-8025	387	8	only	only	RB
www-bis-org-8025	387	9	when	when	WRB
www-bis-org-8025	387	10	one	one	CD
www-bis-org-8025	387	11	of	of	IN
www-bis-org-8025	387	12	the	the	DT
www-bis-org-8025	387	13	parties	party	NNS
www-bis-org-8025	387	14	wants	want	VBZ
www-bis-org-8025	387	15	to	to	TO
www-bis-org-8025	387	16	settle	settle	VB
www-bis-org-8025	387	17	.	.	.
www-bis-org-8025	388	1	The	the	DT
www-bis-org-8025	388	2	second	second	JJ
www-bis-org-8025	388	3	element	element	NN
www-bis-org-8025	388	4	of	of	IN
www-bis-org-8025	388	5	the	the	DT
www-bis-org-8025	388	6	Lightning	Lightning	NNP
www-bis-org-8025	388	7	Network	Network	NNP
www-bis-org-8025	388	8	is	be	VBZ
www-bis-org-8025	388	9	to	to	TO
www-bis-org-8025	388	10	connect	connect	VB
www-bis-org-8025	388	11	many	many	JJ
www-bis-org-8025	388	12	of	of	IN
www-bis-org-8025	388	13	these	these	DT
www-bis-org-8025	388	14	prefunded	prefunde	VBN
www-bis-org-8025	388	15	bilateral	bilateral	JJ
www-bis-org-8025	388	16	payment	payment	NN
www-bis-org-8025	388	17	channels	channel	NNS
www-bis-org-8025	388	18	,	,	,
www-bis-org-8025	388	19	with	with	IN
www-bis-org-8025	388	20	the	the	DT
www-bis-org-8025	388	21	goal	goal	NN
www-bis-org-8025	388	22	of	of	IN
www-bis-org-8025	388	23	scaling	scale	VBG
www-bis-org-8025	388	24	to	to	IN
www-bis-org-8025	388	25	a	a	DT
www-bis-org-8025	388	26	working	work	VBG
www-bis-org-8025	388	27	micro	micro	JJ
www-bis-org-8025	388	28	-	-	HYPH
www-bis-org-8025	388	29	payment	payment	NN
www-bis-org-8025	388	30	network	network	NN
www-bis-org-8025	388	31	.	.	.
www-bis-org-8025	389	1	This	this	DT
www-bis-org-8025	389	2	would	would	MD
www-bis-org-8025	389	3	,	,	,
www-bis-org-8025	389	4	for	for	IN
www-bis-org-8025	389	5	example	example	NN
www-bis-org-8025	389	6	,	,	,
www-bis-org-8025	389	7	let	let	VB
www-bis-org-8025	389	8	A	a	DT
www-bis-org-8025	389	9	route	route	VB
www-bis-org-8025	389	10	a	a	DT
www-bis-org-8025	389	11	micro	micro	JJ
www-bis-org-8025	389	12	-	-	NN
www-bis-org-8025	389	13	payment	payment	NN
www-bis-org-8025	389	14	to	to	IN
www-bis-org-8025	389	15	C	C	NNP
www-bis-org-8025	389	16	via	via	IN
www-bis-org-8025	389	17	B.	B.	NNP
www-bis-org-8025	390	1	The	the	DT
www-bis-org-8025	390	2	Lightning	Lightning	NNP
www-bis-org-8025	390	3	Network	Network	NNP
www-bis-org-8025	390	4	is	be	VBZ
www-bis-org-8025	390	5	already	already	RB
www-bis-org-8025	390	6	working	work	VBG
www-bis-org-8025	390	7	in	in	IN
www-bis-org-8025	390	8	a	a	DT
www-bis-org-8025	390	9	test	test	NN
www-bis-org-8025	390	10	environment	environment	NN
www-bis-org-8025	390	11	.	.	.
www-bis-org-8025	391	1	As	as	IN
www-bis-org-8025	391	2	of	of	IN
www-bis-org-8025	391	3	early	early	JJ
www-bis-org-8025	391	4	2019	2019	CD
www-bis-org-8025	391	5	,	,	,
www-bis-org-8025	391	6	over	over	IN
www-bis-org-8025	391	7	500	500	CD
www-bis-org-8025	391	8	bitcoins	bitcoin	NNS
www-bis-org-8025	391	9	have	have	VBP
www-bis-org-8025	391	10	been	be	VBN
www-bis-org-8025	391	11	committed	commit	VBN
www-bis-org-8025	391	12	to	to	IN
www-bis-org-8025	391	13	bilateral	bilateral	JJ
www-bis-org-8025	391	14	payment	payment	NN
www-bis-org-8025	391	15	channels	channel	NNS
www-bis-org-8025	391	16	(	(	-LRB-
www-bis-org-8025	391	17	see	see	VB
www-bis-org-8025	391	18	Graph	Graph	NNP
www-bis-org-8025	391	19	11	11	CD
www-bis-org-8025	391	20	)	)	-RRB-
www-bis-org-8025	391	21	,	,	,
www-bis-org-8025	391	22	and	and	CC
www-bis-org-8025	391	23	the	the	DT
www-bis-org-8025	391	24	network	network	NN
www-bis-org-8025	391	25	was	be	VBD
www-bis-org-8025	391	26	able	able	JJ
www-bis-org-8025	391	27	to	to	TO
www-bis-org-8025	391	28	route	route	VB
www-bis-org-8025	391	29	small	small	JJ
www-bis-org-8025	391	30	payments	payment	NNS
www-bis-org-8025	391	31	.	.	.
www-bis-org-8025	392	1	The	the	DT
www-bis-org-8025	392	2	Lightning	Lightning	NNP
www-bis-org-8025	392	3	Network	Network	NNP
www-bis-org-8025	392	4	opens	open	VBZ
www-bis-org-8025	392	5	up	up	RP
www-bis-org-8025	392	6	some	some	DT
www-bis-org-8025	392	7	new	new	JJ
www-bis-org-8025	392	8	options	option	NNS
www-bis-org-8025	392	9	for	for	IN
www-bis-org-8025	392	10	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	392	11	,	,	,
www-bis-org-8025	392	12	as	as	IN
www-bis-org-8025	392	13	it	-PRON-	PRP
www-bis-org-8025	392	14	theoretically	theoretically	RB
www-bis-org-8025	392	15	allows	allow	VBZ
www-bis-org-8025	392	16	bilateral	bilateral	JJ
www-bis-org-8025	392	17	transactions	transaction	NNS
www-bis-org-8025	392	18	to	to	TO
www-bis-org-8025	392	19	be	be	VB
www-bis-org-8025	392	20	final	final	JJ
www-bis-org-8025	392	21	before	before	IN
www-bis-org-8025	392	22	a	a	DT
www-bis-org-8025	392	23	block	block	NN
www-bis-org-8025	392	24	is	be	VBZ
www-bis-org-8025	392	25	added	add	VBN
www-bis-org-8025	392	26	to	to	IN
www-bis-org-8025	392	27	the	the	DT
www-bis-org-8025	392	28	blockchain	blockchain	NN
www-bis-org-8025	392	29	.	.	.
www-bis-org-8025	393	1	And	and	CC
www-bis-org-8025	393	2	because	because	IN
www-bis-org-8025	393	3	these	these	DT
www-bis-org-8025	393	4	transactions	transaction	NNS
www-bis-org-8025	393	5	occur	occur	VBP
www-bis-org-8025	393	6	in	in	IN
www-bis-org-8025	393	7	separate	separate	JJ
www-bis-org-8025	393	8	bilateral	bilateral	JJ
www-bis-org-8025	393	9	contracts	contract	NNS
www-bis-org-8025	393	10	,	,	,
www-bis-org-8025	393	11	they	-PRON-	PRP
www-bis-org-8025	393	12	can	can	MD
www-bis-org-8025	393	13	somewhat	somewhat	RB
www-bis-org-8025	393	14	reduce	reduce	VB
www-bis-org-8025	393	15	the	the	DT
www-bis-org-8025	393	16	cost	cost	NN
www-bis-org-8025	393	17	of	of	IN
www-bis-org-8025	393	18	decentralised	decentralised	JJ
www-bis-org-8025	393	19	exchange	exchange	NN
www-bis-org-8025	393	20	:	:	:
www-bis-org-8025	393	21	while	while	IN
www-bis-org-8025	393	22	both	both	DT
www-bis-org-8025	393	23	opening	opening	NN
www-bis-org-8025	393	24	and	and	CC
www-bis-org-8025	393	25	netting	net	VBG
www-bis-org-8025	393	26	bilateral	bilateral	JJ
www-bis-org-8025	393	27	payment	payment	NN
www-bis-org-8025	393	28	channels	channel	NNS
www-bis-org-8025	393	29	creates	create	VBZ
www-bis-org-8025	393	30	“	"	``
www-bis-org-8025	393	31	on	on	IN
www-bis-org-8025	393	32	-	-	HYPH
www-bis-org-8025	393	33	chain	chain	NN
www-bis-org-8025	393	34	”	"	''
www-bis-org-8025	393	35	transactions	transaction	NNS
www-bis-org-8025	393	36	(	(	-LRB-
www-bis-org-8025	393	37	requiring	require	VBG
www-bis-org-8025	393	38	entries	entry	NNS
www-bis-org-8025	393	39	in	in	IN
www-bis-org-8025	393	40	a	a	DT
www-bis-org-8025	393	41	block	block	NN
www-bis-org-8025	393	42	and	and	CC
www-bis-org-8025	393	43	proof	proof	NN
www-bis-org-8025	393	44	-	-	HYPH
www-bis-org-8025	393	45	of	of	IN
www-bis-org-8025	393	46	-	-	HYPH
www-bis-org-8025	393	47	work	work	NN
www-bis-org-8025	393	48	security	security	NN
www-bis-org-8025	393	49	)	)	-RRB-
www-bis-org-8025	393	50	,	,	,
www-bis-org-8025	393	51	the	the	DT
www-bis-org-8025	393	52	transactions	transaction	NNS
www-bis-org-8025	393	53	themselves	-PRON-	PRP
www-bis-org-8025	393	54	occur	occur	VBP
www-bis-org-8025	393	55	“	"	``
www-bis-org-8025	393	56	off	off	IN
www-bis-org-8025	393	57	-	-	HYPH
www-bis-org-8025	393	58	chain	chain	NN
www-bis-org-8025	393	59	”	"	''
www-bis-org-8025	393	60	(	(	-LRB-
www-bis-org-8025	393	61	without	without	IN
www-bis-org-8025	393	62	any	any	DT
www-bis-org-8025	393	63	corresponding	correspond	VBG
www-bis-org-8025	393	64	entry	entry	NN
www-bis-org-8025	393	65	into	into	IN
www-bis-org-8025	393	66	the	the	DT
www-bis-org-8025	393	67	blockchain	blockchain	NN
www-bis-org-8025	393	68	)	)	-RRB-
www-bis-org-8025	393	69	and	and	CC
www-bis-org-8025	393	70	thus	thus	RB
www-bis-org-8025	393	71	do	do	VBP
www-bis-org-8025	393	72	not	not	RB
www-bis-org-8025	393	73	directly	directly	RB
www-bis-org-8025	393	74	require	require	VB
www-bis-org-8025	393	75	proof	proof	NN
www-bis-org-8025	393	76	-	-	HYPH
www-bis-org-8025	393	77	of	of	IN
www-bis-org-8025	393	78	-	-	HYPH
www-bis-org-8025	393	79	work	work	NN
www-bis-org-8025	393	80	security	security	NN
www-bis-org-8025	393	81	.	.	.
www-bis-org-8025	394	1	For	for	IN
www-bis-org-8025	394	2	example	example	NN
www-bis-org-8025	394	3	,	,	,
www-bis-org-8025	394	4	if	if	IN
www-bis-org-8025	394	5	every	every	DT
www-bis-org-8025	394	6	channel	channel	NN
www-bis-org-8025	394	7	is	be	VBZ
www-bis-org-8025	394	8	used	use	VBN
www-bis-org-8025	394	9	for	for	IN
www-bis-org-8025	394	10	10	10	CD
www-bis-org-8025	394	11	payments	payment	NNS
www-bis-org-8025	394	12	between	between	IN
www-bis-org-8025	394	13	opening	open	VBG
www-bis-org-8025	394	14	and	and	CC
www-bis-org-8025	394	15	netting	netting	JJ
www-bis-org-8025	394	16	,	,	,
www-bis-org-8025	394	17	it	-PRON-	PRP
www-bis-org-8025	394	18	could	could	MD
www-bis-org-8025	394	19	offer	offer	VB
www-bis-org-8025	394	20	a	a	DT
www-bis-org-8025	394	21	scaling	scale	VBG
www-bis-org-8025	394	22	factor	factor	NN
www-bis-org-8025	394	23	of	of	IN
www-bis-org-8025	394	24	(	(	-LRB-
www-bis-org-8025	394	25	very	very	RB
www-bis-org-8025	394	26	roughly	roughly	RB
www-bis-org-8025	394	27	)	)	-RRB-
www-bis-org-8025	394	28	five	five	CD
www-bis-org-8025	394	29	,	,	,
www-bis-org-8025	394	30	as	as	IN
www-bis-org-8025	394	31	compared	compare	VBN
www-bis-org-8025	394	32	with	with	IN
www-bis-org-8025	394	33	purely	purely	RB
www-bis-org-8025	394	34	on	on	IN
www-bis-org-8025	394	35	-	-	HYPH
www-bis-org-8025	394	36	chain	chain	NN
www-bis-org-8025	394	37	transactions.30	transactions.30	NNP
www-bis-org-8025	394	38	It	-PRON-	PRP
www-bis-org-8025	394	39	is	be	VBZ
www-bis-org-8025	394	40	unclear	unclear	JJ
www-bis-org-8025	394	41	,	,	,
www-bis-org-8025	394	42	however	however	RB
www-bis-org-8025	394	43	,	,	,
www-bis-org-8025	394	44	whether	whether	IN
www-bis-org-8025	394	45	second	second	JJ
www-bis-org-8025	394	46	-	-	HYPH
www-bis-org-8025	394	47	layer	layer	NN
www-bis-org-8025	394	48	solutions	solution	NNS
www-bis-org-8025	394	49	can	can	MD
www-bis-org-8025	394	50	themselves	-PRON-	PRP
www-bis-org-8025	394	51	scale	scale	VB
www-bis-org-8025	394	52	,	,	,
www-bis-org-8025	394	53	ie	ie	IN
www-bis-org-8025	394	54	whether	whether	IN
www-bis-org-8025	394	55	they	-PRON-	PRP
www-bis-org-8025	394	56	will	will	MD
www-bis-org-8025	394	57	be	be	VB
www-bis-org-8025	394	58	restricted	restrict	VBN
www-bis-org-8025	394	59	to	to	IN
www-bis-org-8025	394	60	serving	serve	VBG
www-bis-org-8025	394	61	small	small	JJ
www-bis-org-8025	394	62	subnetworks	subnetwork	NNS
www-bis-org-8025	394	63	of	of	IN
www-bis-org-8025	394	64	users	user	NNS
www-bis-org-8025	394	65	or	or	CC
www-bis-org-8025	394	66	,	,	,
www-bis-org-8025	394	67	as	as	IN
www-bis-org-8025	394	68	envisioned	envision	VBN
www-bis-org-8025	394	69	by	by	IN
www-bis-org-8025	394	70	Poon	Poon	NNP
www-bis-org-8025	394	71	and	and	CC
www-bis-org-8025	394	72	Dryja	Dryja	NNP
www-bis-org-8025	394	73	(	(	-LRB-
www-bis-org-8025	394	74	2016	2016	CD
www-bis-org-8025	394	75	)	)	-RRB-
www-bis-org-8025	394	76	,	,	,
www-bis-org-8025	394	77	scale	scale	VBP
www-bis-org-8025	394	78	to	to	IN
www-bis-org-8025	394	79	a	a	DT
www-bis-org-8025	394	80	network	network	NN
www-bis-org-8025	394	81	that	that	IN
www-bis-org-8025	394	82	,	,	,
www-bis-org-8025	394	83	by	by	IN
www-bis-org-8025	394	84	the	the	DT
www-bis-org-8025	394	85	law	law	NN
www-bis-org-8025	394	86	of	of	IN
www-bis-org-8025	394	87	six	six	CD
www-bis-org-8025	394	88	degrees	degree	NNS
www-bis-org-8025	394	89	of	of	IN
www-bis-org-8025	394	90	separation	separation	NN
www-bis-org-8025	394	91	,	,	,
www-bis-org-8025	394	92	connects	connect	VBZ
www-bis-org-8025	394	93	everyone	everyone	NN
www-bis-org-8025	394	94	with	with	IN
www-bis-org-8025	394	95	everyone	everyone	NN
www-bis-org-8025	394	96	else	else	RB
www-bis-org-8025	394	97	.	.	.
www-bis-org-8025	395	1	There	there	EX
www-bis-org-8025	395	2	are	be	VBP
www-bis-org-8025	395	3	two	two	CD
www-bis-org-8025	395	4	sets	set	NNS
www-bis-org-8025	395	5	of	of	IN
www-bis-org-8025	395	6	key	key	JJ
www-bis-org-8025	395	7	concerns	concern	NNS
www-bis-org-8025	395	8	.	.	.
www-bis-org-8025	396	1	The	the	DT
www-bis-org-8025	396	2	first	first	JJ
www-bis-org-8025	396	3	is	be	VBZ
www-bis-org-8025	396	4	of	of	IN
www-bis-org-8025	396	5	a	a	DT
www-bis-org-8025	396	6	technical	technical	JJ
www-bis-org-8025	396	7	nature	nature	NN
www-bis-org-8025	396	8	and	and	CC
www-bis-org-8025	396	9	beyond	beyond	IN
www-bis-org-8025	396	10	the	the	DT
www-bis-org-8025	396	11	scope	scope	NN
www-bis-org-8025	396	12	of	of	IN
www-bis-org-8025	396	13	this	this	DT
www-bis-org-8025	396	14	paper	paper	NN
www-bis-org-8025	396	15	–	–	:
www-bis-org-8025	396	16	it	-PRON-	PRP
www-bis-org-8025	396	17	relates	relate	VBZ
www-bis-org-8025	396	18	to	to	IN
www-bis-org-8025	396	19	what	what	WP
www-bis-org-8025	396	20	is	be	VBZ
www-bis-org-8025	396	21	required	require	VBN
www-bis-org-8025	396	22	to	to	TO
www-bis-org-8025	396	23	deter	deter	VB
www-bis-org-8025	396	24	potential	potential	JJ
www-bis-org-8025	396	25	attacks	attack	NNS
www-bis-org-8025	396	26	on	on	IN
www-bis-org-8025	396	27	this	this	DT
www-bis-org-8025	396	28	specific	specific	JJ
www-bis-org-8025	396	29	architecture	architecture	NN
www-bis-org-8025	396	30	and	and	CC
www-bis-org-8025	396	31	whether	whether	IN
www-bis-org-8025	396	32	all	all	DT
www-bis-org-8025	396	33	participants	participant	NNS
www-bis-org-8025	396	34	need	need	VBP
www-bis-org-8025	396	35	to	to	TO
www-bis-org-8025	396	36	be	be	VB
www-bis-org-8025	396	37	online	online	RB
www-bis-org-8025	396	38	all	all	PDT
www-bis-org-8025	396	39	the	the	DT
www-bis-org-8025	396	40	time	time	NN
www-bis-org-8025	396	41	for	for	IN
www-bis-org-8025	396	42	payments	payment	NNS
www-bis-org-8025	396	43	to	to	TO
www-bis-org-8025	396	44	be	be	VB
www-bis-org-8025	396	45	routable	routable	JJ
www-bis-org-8025	396	46	.	.	.
www-bis-org-8025	397	1	The	the	DT
www-bis-org-8025	397	2	second	second	JJ
www-bis-org-8025	397	3	concern	concern	NN
www-bis-org-8025	397	4	relates	relate	VBZ
www-bis-org-8025	397	5	to	to	IN
www-bis-org-8025	397	6	economic	economic	JJ
www-bis-org-8025	397	7	network	network	NN
www-bis-org-8025	397	8	theory	theory	NN
www-bis-org-8025	397	9	on	on	IN
www-bis-org-8025	397	10	the	the	DT
www-bis-org-8025	397	11	trade	trade	NN
www-bis-org-8025	397	12	-	-	HYPH
www-bis-org-8025	397	13	off	off	NN
www-bis-org-8025	397	14	between	between	IN
www-bis-org-8025	397	15	efficiency	efficiency	NN
www-bis-org-8025	397	16	and	and	CC
www-bis-org-8025	397	17	centralisation	centralisation	NN
www-bis-org-8025	397	18	.	.	.
www-bis-org-8025	398	1	If	if	IN
www-bis-org-8025	398	2	the	the	DT
www-bis-org-8025	398	3	Lightning	Lightning	NNP
www-bis-org-8025	398	4	Network	Network	NNP
www-bis-org-8025	398	5	remains	remain	VBZ
www-bis-org-8025	398	6	truly	truly	RB
www-bis-org-8025	398	7	distributed	distribute	VBN
www-bis-org-8025	398	8	,	,	,
www-bis-org-8025	398	9	it	-PRON-	PRP
www-bis-org-8025	398	10	would	would	MD
www-bis-org-8025	398	11	require	require	VB
www-bis-org-8025	398	12	substantial	substantial	JJ
www-bis-org-8025	398	13	pre	pre	NN
www-bis-org-8025	398	14	-	-	NN
www-bis-org-8025	398	15	funding	funding	NN
www-bis-org-8025	398	16	.	.	.
www-bis-org-8025	399	1	For	for	IN
www-bis-org-8025	399	2	example	example	NN
www-bis-org-8025	399	3	,	,	,
www-bis-org-8025	399	4	if	if	IN
www-bis-org-8025	399	5	routing	route	VBG
www-bis-org-8025	399	6	a	a	DT
www-bis-org-8025	399	7	payment	payment	NN
www-bis-org-8025	399	8	from	from	IN
www-bis-org-8025	399	9	A	a	NN
www-bis-org-8025	399	10	to	to	IN
www-bis-org-8025	399	11	B	b	NN
www-bis-org-8025	399	12	typically	typically	RB
www-bis-org-8025	399	13	involves	involve	VBZ
www-bis-org-8025	399	14	four	four	CD
www-bis-org-8025	399	15	intermediate	intermediate	JJ
www-bis-org-8025	399	16	channels	channel	NNS
www-bis-org-8025	399	17	,	,	,
www-bis-org-8025	399	18	it	-PRON-	PRP
www-bis-org-8025	399	19	would	would	MD
www-bis-org-8025	399	20	in	in	IN
www-bis-org-8025	399	21	total	total	JJ
www-bis-org-8025	399	22	require	require	VB
www-bis-org-8025	399	23	preloaded	preloade	VBN
www-bis-org-8025	399	24	values	value	NNS
www-bis-org-8025	399	25	five	five	CD
www-bis-org-8025	399	26	times	time	NNS
www-bis-org-8025	399	27	as	as	RB
www-bis-org-8025	399	28	large	large	JJ
www-bis-org-8025	399	29	as	as	IN
www-bis-org-8025	399	30	the	the	DT
www-bis-org-8025	399	31	actual	actual	JJ
www-bis-org-8025	399	32	payment	payment	NN
www-bis-org-8025	399	33	amount	amount	NN
www-bis-org-8025	399	34	.	.	.
www-bis-org-8025	400	1	And	and	CC
www-bis-org-8025	400	2	it	-PRON-	PRP
www-bis-org-8025	400	3	is	be	VBZ
www-bis-org-8025	400	4	uncertain	uncertain	JJ
www-bis-org-8025	400	5	whether	whether	IN
www-bis-org-8025	400	6	a	a	DT
www-bis-org-8025	400	7	typical	typical	JJ
www-bis-org-8025	400	8	user	user	NN
www-bis-org-8025	400	9	,	,	,
www-bis-org-8025	400	10	who	who	WP
www-bis-org-8025	400	11	might	may	MD
www-bis-org-8025	400	12	upload	upload	VB
www-bis-org-8025	400	13	,	,	,
www-bis-org-8025	400	14	say	say	VB
www-bis-org-8025	400	15	,	,	,
www-bis-org-8025	400	16	USD	usd	NN
www-bis-org-8025	400	17	200	200	CD
www-bis-org-8025	400	18	to	to	TO
www-bis-org-8025	400	19	finance	finance	VB
www-bis-org-8025	400	20	small	small	JJ
www-bis-org-8025	400	21	expenses	expense	NNS
www-bis-org-8025	400	22	,	,	,
www-bis-org-8025	400	23	would	would	MD
www-bis-org-8025	400	24	also	also	RB
www-bis-org-8025	400	25	be	be	VB
www-bis-org-8025	400	26	willing	willing	JJ
www-bis-org-8025	400	27	to	to	TO
www-bis-org-8025	400	28	foot	foot	VB
www-bis-org-8025	400	29	another	another	DT
www-bis-org-8025	400	30	USD	usd	NN
www-bis-org-8025	400	31	800	800	CD
www-bis-org-8025	400	32	just	just	RB
www-bis-org-8025	400	33	to	to	TO
www-bis-org-8025	400	34	support	support	VB
www-bis-org-8025	400	35	the	the	DT
www-bis-org-8025	400	36	network	network	NN
www-bis-org-8025	400	37	’s	’s	POS
www-bis-org-8025	400	38	routing	routing	NN
www-bis-org-8025	400	39	capacity	capacity	NN
www-bis-org-8025	400	40	.	.	.
www-bis-org-8025	401	1	On	on	IN
www-bis-org-8025	401	2	the	the	DT
www-bis-org-8025	401	3	other	other	JJ
www-bis-org-8025	401	4	hand	hand	NN
www-bis-org-8025	401	5	,	,	,
www-bis-org-8025	401	6	a	a	DT
www-bis-org-8025	401	7	more	more	RBR
www-bis-org-8025	401	8	efficient	efficient	JJ
www-bis-org-8025	401	9	network	network	NN
www-bis-org-8025	401	10	structure	structure	NN
www-bis-org-8025	401	11	is	be	VBZ
www-bis-org-8025	401	12	that	that	DT
www-bis-org-8025	401	13	of	of	IN
www-bis-org-8025	401	14	hub	hub	NN
www-bis-org-8025	401	15	and	and	CC
www-bis-org-8025	401	16	spoke	speak	VBD
www-bis-org-8025	401	17	:	:	:
www-bis-org-8025	401	18	each	each	DT
www-bis-org-8025	401	19	normal	normal	JJ
www-bis-org-8025	401	20	user	user	NN
www-bis-org-8025	401	21	connects	connect	NNS
www-bis-org-8025	401	22	to	to	IN
www-bis-org-8025	401	23	one	one	CD
www-bis-org-8025	401	24	larger	large	JJR
www-bis-org-8025	401	25	,	,	,
www-bis-org-8025	401	26	highly	highly	RB
www-bis-org-8025	401	27	interconnected	interconnected	JJ
www-bis-org-8025	401	28	intermediary	intermediary	NN
www-bis-org-8025	401	29	,	,	,
www-bis-org-8025	401	30	thus	thus	RB
www-bis-org-8025	401	31	allowing	allow	VBG
www-bis-org-8025	401	32	for	for	IN
www-bis-org-8025	401	33	shorter	short	JJR
www-bis-org-8025	401	34	routes	route	NNS
www-bis-org-8025	401	35	and	and	CC
www-bis-org-8025	401	36	more	more	RBR
www-bis-org-8025	401	37	netting	netting	JJ
www-bis-org-8025	401	38	of	of	IN
www-bis-org-8025	401	39	payment	payment	NN
www-bis-org-8025	401	40	flows	flow	NNS
www-bis-org-8025	401	41	.	.	.
www-bis-org-8025	402	1	Such	such	PDT
www-bis-org-8025	402	2	a	a	DT
www-bis-org-8025	402	3	hub	hub	NN
www-bis-org-8025	402	4	-	-	HYPH
www-bis-org-8025	402	5	and	and	CC
www-bis-org-8025	402	6	-	-	HYPH
www-bis-org-8025	402	7	spoke	speak	VBD
www-bis-org-8025	402	8	Lightning	Lightning	NNP
www-bis-org-8025	402	9	Network	Network	NNP
www-bis-org-8025	402	10	might	may	MD
www-bis-org-8025	402	11	not	not	RB
www-bis-org-8025	402	12	look	look	VB
www-bis-org-8025	402	13	too	too	RB
www-bis-org-8025	402	14	different	different	JJ
www-bis-org-8025	402	15	from	from	IN
www-bis-org-8025	402	16	the	the	DT
www-bis-org-8025	402	17	setup	setup	NN
www-bis-org-8025	402	18	of	of	IN
www-bis-org-8025	402	19	today	today	NN
www-bis-org-8025	402	20	’s	’s	POS
www-bis-org-8025	402	21	financial	financial	JJ
www-bis-org-8025	402	22	infrastructure.31	infrastructure.31	NNP
www-bis-org-8025	402	23	Recent	recent	JJ
www-bis-org-8025	402	24	developments	development	NNS
www-bis-org-8025	402	25	indeed	indeed	RB
www-bis-org-8025	402	26	show	show	VBP
www-bis-org-8025	402	27	that	that	IN
www-bis-org-8025	402	28	the	the	DT
www-bis-org-8025	402	29	Lightning	Lightning	NNP
www-bis-org-8025	402	30	Network	Network	NNP
www-bis-org-8025	402	31	is	be	VBZ
www-bis-org-8025	402	32	prone	prone	JJ
www-bis-org-8025	402	33	29	29	CD
www-bis-org-8025	402	34	See	see	VBP
www-bis-org-8025	402	35	eg	eg	NNP
www-bis-org-8025	402	36	Sompolinsky	Sompolinsky	NNP
www-bis-org-8025	402	37	et	et	FW
www-bis-org-8025	402	38	al	al	NNP
www-bis-org-8025	402	39	(	(	-LRB-
www-bis-org-8025	402	40	2016	2016	CD
www-bis-org-8025	402	41	)	)	-RRB-
www-bis-org-8025	402	42	and	and	CC
www-bis-org-8025	402	43	Sompolinsky	Sompolinsky	NNP
www-bis-org-8025	402	44	and	and	CC
www-bis-org-8025	402	45	Zohar	Zohar	NNP
www-bis-org-8025	402	46	(	(	-LRB-
www-bis-org-8025	402	47	2018	2018	CD
www-bis-org-8025	402	48	)	)	-RRB-
www-bis-org-8025	402	49	.	.	.
www-bis-org-8025	403	1	The	the	DT
www-bis-org-8025	403	2	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	403	3	IOTA	IOTA	NNP
www-bis-org-8025	403	4	employs	employ	VBZ
www-bis-org-8025	403	5	such	such	PDT
www-bis-org-8025	403	6	a	a	DT
www-bis-org-8025	403	7	non	non	JJ
www-bis-org-8025	403	8	-	-	JJ
www-bis-org-8025	403	9	linear	linear	JJ
www-bis-org-8025	403	10	ledger	ledger	NN
www-bis-org-8025	403	11	,	,	,
www-bis-org-8025	403	12	but	but	CC
www-bis-org-8025	403	13	so	so	RB
www-bis-org-8025	403	14	far	far	RB
www-bis-org-8025	403	15	it	-PRON-	PRP
www-bis-org-8025	403	16	requires	require	VBZ
www-bis-org-8025	403	17	a	a	DT
www-bis-org-8025	403	18	central	central	JJ
www-bis-org-8025	403	19	coordinator	coordinator	NN
www-bis-org-8025	403	20	.	.	.
www-bis-org-8025	404	1	30	30	CD
www-bis-org-8025	404	2	Dryja	Dryja	NNP
www-bis-org-8025	404	3	(	(	-LRB-
www-bis-org-8025	404	4	2015	2015	CD
www-bis-org-8025	404	5	)	)	-RRB-
www-bis-org-8025	404	6	presents	present	VBZ
www-bis-org-8025	404	7	some	some	DT
www-bis-org-8025	404	8	back	back	RB
www-bis-org-8025	404	9	-	-	HYPH
www-bis-org-8025	404	10	of	of	IN
www-bis-org-8025	404	11	the	the	DT
www-bis-org-8025	404	12	envelope	envelope	NNP
www-bis-org-8025	404	13	calculations	calculation	NNS
www-bis-org-8025	404	14	arguing	argue	VBG
www-bis-org-8025	404	15	that	that	IN
www-bis-org-8025	404	16	,	,	,
www-bis-org-8025	404	17	with	with	IN
www-bis-org-8025	404	18	the	the	DT
www-bis-org-8025	404	19	current	current	JJ
www-bis-org-8025	404	20	block	block	NN
www-bis-org-8025	404	21	size	size	NN
www-bis-org-8025	404	22	limit	limit	NN
www-bis-org-8025	404	23	of	of	IN
www-bis-org-8025	404	24	1	1	CD
www-bis-org-8025	404	25	MB	mb	NN
www-bis-org-8025	404	26	,	,	,
www-bis-org-8025	404	27	the	the	DT
www-bis-org-8025	404	28	Lightning	Lightning	NNP
www-bis-org-8025	404	29	Network	Network	NNP
www-bis-org-8025	404	30	could	could	MD
www-bis-org-8025	404	31	serve	serve	VB
www-bis-org-8025	404	32	between	between	IN
www-bis-org-8025	404	33	20,000	20,000	CD
www-bis-org-8025	404	34	(	(	-LRB-
www-bis-org-8025	404	35	with	with	IN
www-bis-org-8025	404	36	high	high	JJ
www-bis-org-8025	404	37	security	security	NN
www-bis-org-8025	404	38	and	and	CC
www-bis-org-8025	404	39	150	150	CD
www-bis-org-8025	404	40	new	new	JJ
www-bis-org-8025	404	41	channels	channel	NNS
www-bis-org-8025	404	42	per	per	IN
www-bis-org-8025	404	43	user	user	NN
www-bis-org-8025	404	44	and	and	CC
www-bis-org-8025	404	45	year	year	NN
www-bis-org-8025	404	46	)	)	-RRB-
www-bis-org-8025	404	47	and	and	CC
www-bis-org-8025	404	48	8.3	8.3	CD
www-bis-org-8025	404	49	million	million	CD
www-bis-org-8025	404	50	bitcoin	bitcoin	NN
www-bis-org-8025	404	51	users	user	NNS
www-bis-org-8025	404	52	(	(	-LRB-
www-bis-org-8025	404	53	assuming	assume	VBG
www-bis-org-8025	404	54	six	six	CD
www-bis-org-8025	404	55	channels	channel	NNS
www-bis-org-8025	404	56	per	per	IN
www-bis-org-8025	404	57	year	year	NN
www-bis-org-8025	404	58	and	and	CC
www-bis-org-8025	404	59	user	user	NN
www-bis-org-8025	404	60	)	)	-RRB-
www-bis-org-8025	404	61	while	while	IN
www-bis-org-8025	404	62	consuming	consume	VBG
www-bis-org-8025	404	63	half	half	PDT
www-bis-org-8025	404	64	the	the	DT
www-bis-org-8025	404	65	blocksize	blocksize	NN
www-bis-org-8025	404	66	on	on	IN
www-bis-org-8025	404	67	average	average	JJ
www-bis-org-8025	404	68	.	.	.
www-bis-org-8025	405	1	31	31	CD
www-bis-org-8025	405	2	In	in	IN
www-bis-org-8025	405	3	the	the	DT
www-bis-org-8025	405	4	taxonomy	taxonomy	NN
www-bis-org-8025	405	5	of	of	IN
www-bis-org-8025	405	6	Buterin	Buterin	NNP
www-bis-org-8025	405	7	(	(	-LRB-
www-bis-org-8025	405	8	2017	2017	CD
www-bis-org-8025	405	9	)	)	-RRB-
www-bis-org-8025	405	10	,	,	,
www-bis-org-8025	405	11	a	a	DT
www-bis-org-8025	405	12	hub	hub	NN
www-bis-org-8025	405	13	-	-	HYPH
www-bis-org-8025	405	14	and	and	CC
www-bis-org-8025	405	15	-	-	HYPH
www-bis-org-8025	405	16	spoke	speak	VBD
www-bis-org-8025	405	17	Lightning	Lightning	NNP
www-bis-org-8025	405	18	Network	Network	NNP
www-bis-org-8025	405	19	could	could	MD
www-bis-org-8025	405	20	be	be	VB
www-bis-org-8025	405	21	considered	consider	VBN
www-bis-org-8025	405	22	decentralised	decentralise	VBN
www-bis-org-8025	405	23	,	,	,
www-bis-org-8025	405	24	but	but	CC
www-bis-org-8025	405	25	not	not	RB
www-bis-org-8025	405	26	distributed	distribute	VBN
www-bis-org-8025	405	27	.	.	.
www-bis-org-8025	406	1	WP765	WP765	NNP
www-bis-org-8025	406	2	Beyond	beyond	IN
www-bis-org-8025	406	3	the	the	DT
www-bis-org-8025	406	4	doomsday	doomsday	NNP
www-bis-org-8025	406	5	economics	economic	NNS
www-bis-org-8025	406	6	of	of	IN
www-bis-org-8025	406	7	“	"	``
www-bis-org-8025	406	8	proof	proof	NN
www-bis-org-8025	406	9	-	-	HYPH
www-bis-org-8025	406	10	of	of	IN
www-bis-org-8025	406	11	-	-	HYPH
www-bis-org-8025	406	12	work	work	NN
www-bis-org-8025	406	13	”	"	''
www-bis-org-8025	406	14	in	in	IN
www-bis-org-8025	406	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	406	16	21	21	CD
www-bis-org-8025	406	17	to	to	IN
www-bis-org-8025	406	18	centralisation	centralisation	NN
www-bis-org-8025	406	19	,	,	,
www-bis-org-8025	406	20	with	with	IN
www-bis-org-8025	406	21	as	as	RB
www-bis-org-8025	406	22	of	of	IN
www-bis-org-8025	406	23	as	as	IN
www-bis-org-8025	406	24	of	of	IN
www-bis-org-8025	406	25	3	3	CD
www-bis-org-8025	406	26	January	January	NNP
www-bis-org-8025	406	27	2019	2019	CD
www-bis-org-8025	406	28	,	,	,
www-bis-org-8025	406	29	362	362	CD
www-bis-org-8025	406	30	of	of	IN
www-bis-org-8025	406	31	a	a	DT
www-bis-org-8025	406	32	total	total	NN
www-bis-org-8025	406	33	of	of	IN
www-bis-org-8025	406	34	544	544	CD
www-bis-org-8025	406	35	committed	committed	JJ
www-bis-org-8025	406	36	bitcoins	bitcoin	NNS
www-bis-org-8025	406	37	being	be	VBG
www-bis-org-8025	406	38	associated	associate	VBN
www-bis-org-8025	406	39	with	with	IN
www-bis-org-8025	406	40	a	a	DT
www-bis-org-8025	406	41	single	single	JJ
www-bis-org-8025	406	42	website	website	NN
www-bis-org-8025	406	43	.	.	.
www-bis-org-8025	407	1	In	in	IN
www-bis-org-8025	407	2	other	other	JJ
www-bis-org-8025	407	3	words	word	NNS
www-bis-org-8025	407	4	,	,	,
www-bis-org-8025	407	5	at	at	IN
www-bis-org-8025	407	6	that	that	DT
www-bis-org-8025	407	7	point	point	NN
www-bis-org-8025	407	8	in	in	IN
www-bis-org-8025	407	9	time	time	NN
www-bis-org-8025	407	10	,	,	,
www-bis-org-8025	407	11	two	two	CD
www-bis-org-8025	407	12	thirds	third	NNS
www-bis-org-8025	407	13	of	of	IN
www-bis-org-8025	407	14	the	the	DT
www-bis-org-8025	407	15	network	network	NN
www-bis-org-8025	407	16	’s	’s	POS
www-bis-org-8025	407	17	capacity	capacity	NN
www-bis-org-8025	407	18	was	be	VBD
www-bis-org-8025	407	19	controlled	control	VBN
www-bis-org-8025	407	20	by	by	IN
www-bis-org-8025	407	21	a	a	DT
www-bis-org-8025	407	22	single	single	JJ
www-bis-org-8025	407	23	entity	entity	NN
www-bis-org-8025	407	24	.	.	.
www-bis-org-8025	408	1	Proof	proof	NN
www-bis-org-8025	408	2	-	-	HYPH
www-bis-org-8025	408	3	of	of	IN
www-bis-org-8025	408	4	-	-	HYPH
www-bis-org-8025	408	5	stake	stake	NN
www-bis-org-8025	408	6	:	:	:
www-bis-org-8025	408	7	gambling	gamble	VBG
www-bis-org-8025	408	8	on	on	IN
www-bis-org-8025	408	9	or	or	CC
www-bis-org-8025	408	10	institutionalising	institutionalise	VBG
www-bis-org-8025	408	11	the	the	DT
www-bis-org-8025	408	12	truth	truth	NN
www-bis-org-8025	408	13	?	?	.
www-bis-org-8025	409	1	Above	above	IN
www-bis-org-8025	409	2	all	all	DT
www-bis-org-8025	409	3	,	,	,
www-bis-org-8025	409	4	it	-PRON-	PRP
www-bis-org-8025	409	5	is	be	VBZ
www-bis-org-8025	409	6	the	the	DT
www-bis-org-8025	409	7	economic	economic	JJ
www-bis-org-8025	409	8	considerations	consideration	NNS
www-bis-org-8025	409	9	which	which	WDT
www-bis-org-8025	409	10	highlight	highlight	VBP
www-bis-org-8025	409	11	that	that	IN
www-bis-org-8025	409	12	the	the	DT
www-bis-org-8025	409	13	vital	vital	JJ
www-bis-org-8025	409	14	technical	technical	JJ
www-bis-org-8025	409	15	development	development	NN
www-bis-org-8025	409	16	for	for	IN
www-bis-org-8025	409	17	Bitcoin	Bitcoin	NNP
www-bis-org-8025	409	18	and	and	CC
www-bis-org-8025	409	19	related	related	JJ
www-bis-org-8025	409	20	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	409	21	would	would	MD
www-bis-org-8025	409	22	be	be	VB
www-bis-org-8025	409	23	to	to	TO
www-bis-org-8025	409	24	do	do	VB
www-bis-org-8025	409	25	away	away	RB
www-bis-org-8025	409	26	with	with	IN
www-bis-org-8025	409	27	proof	proof	NN
www-bis-org-8025	409	28	-	-	HYPH
www-bis-org-8025	409	29	of	of	IN
www-bis-org-8025	409	30	-	-	HYPH
www-bis-org-8025	409	31	work	work	NN
www-bis-org-8025	409	32	and	and	CC
www-bis-org-8025	409	33	embrace	embrace	VB
www-bis-org-8025	409	34	a	a	DT
www-bis-org-8025	409	35	different	different	JJ
www-bis-org-8025	409	36	consensus	consensus	NN
www-bis-org-8025	409	37	model	model	NN
www-bis-org-8025	409	38	.	.	.
www-bis-org-8025	410	1	While	while	IN
www-bis-org-8025	410	2	several	several	JJ
www-bis-org-8025	410	3	alternatives	alternative	NNS
www-bis-org-8025	410	4	have	have	VBP
www-bis-org-8025	410	5	been	be	VBN
www-bis-org-8025	410	6	put	put	VBN
www-bis-org-8025	410	7	forward	forward	RB
www-bis-org-8025	410	8	,	,	,
www-bis-org-8025	410	9	conceptually	conceptually	RB
www-bis-org-8025	410	10	the	the	DT
www-bis-org-8025	410	11	most	most	RBS
www-bis-org-8025	410	12	important	important	JJ
www-bis-org-8025	410	13	one	one	NN
www-bis-org-8025	410	14	is	be	VBZ
www-bis-org-8025	410	15	to	to	TO
www-bis-org-8025	410	16	replace	replace	VB
www-bis-org-8025	410	17	proof	proof	NN
www-bis-org-8025	410	18	-	-	HYPH
www-bis-org-8025	410	19	of	of	IN
www-bis-org-8025	410	20	-	-	HYPH
www-bis-org-8025	410	21	work	work	NN
www-bis-org-8025	410	22	by	by	IN
www-bis-org-8025	410	23	“	"	``
www-bis-org-8025	410	24	proof	proof	NN
www-bis-org-8025	410	25	-	-	HYPH
www-bis-org-8025	410	26	of	of	IN
www-bis-org-8025	410	27	-	-	HYPH
www-bis-org-8025	410	28	stake	stake	NN
www-bis-org-8025	410	29	”	"	''
www-bis-org-8025	410	30	,	,	,
www-bis-org-8025	410	31	a	a	DT
www-bis-org-8025	410	32	scheme	scheme	NN
www-bis-org-8025	410	33	whereby	whereby	WRB
www-bis-org-8025	410	34	coordination	coordination	NN
www-bis-org-8025	410	35	on	on	IN
www-bis-org-8025	410	36	blockchain	blockchain	NNP
www-bis-org-8025	410	37	updates	update	NNS
www-bis-org-8025	410	38	is	be	VBZ
www-bis-org-8025	410	39	achieved	achieve	VBN
www-bis-org-8025	410	40	via	via	IN
www-bis-org-8025	410	41	staking	stake	VBG
www-bis-org-8025	410	42	claims	claim	NNS
www-bis-org-8025	410	43	to	to	IN
www-bis-org-8025	410	44	particular	particular	JJ
www-bis-org-8025	410	45	coin	coin	NN
www-bis-org-8025	410	46	holdings	holding	NNS
www-bis-org-8025	410	47	.	.	.
www-bis-org-8025	411	1	There	there	EX
www-bis-org-8025	411	2	exist	exist	VBP
www-bis-org-8025	411	3	multiple	multiple	JJ
www-bis-org-8025	411	4	proposed	propose	VBN
www-bis-org-8025	411	5	proof	proof	NN
www-bis-org-8025	411	6	-	-	HYPH
www-bis-org-8025	411	7	of	of	IN
www-bis-org-8025	411	8	-	-	HYPH
www-bis-org-8025	411	9	stake	stake	NN
www-bis-org-8025	411	10	protocols	protocol	NNS
www-bis-org-8025	411	11	,	,	,
www-bis-org-8025	411	12	see	see	VB
www-bis-org-8025	411	13	eg	eg	NNP
www-bis-org-8025	411	14	the	the	DT
www-bis-org-8025	411	15	Ouroboros	Ouroboros	NNP
www-bis-org-8025	411	16	protocol	protocol	NN
www-bis-org-8025	411	17	of	of	IN
www-bis-org-8025	411	18	the	the	DT
www-bis-org-8025	411	19	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	411	20	Caradano	Caradano	NNP
www-bis-org-8025	411	21	(	(	-LRB-
www-bis-org-8025	411	22	Kiayias	Kiayias	NNP
www-bis-org-8025	411	23	et	et	NNP
www-bis-org-8025	411	24	al	al	NNP
www-bis-org-8025	411	25	(	(	-LRB-
www-bis-org-8025	411	26	2017	2017	CD
www-bis-org-8025	411	27	)	)	-RRB-
www-bis-org-8025	411	28	)	)	-RRB-
www-bis-org-8025	411	29	,	,	,
www-bis-org-8025	411	30	or	or	CC
www-bis-org-8025	411	31	the	the	DT
www-bis-org-8025	411	32	Casper	Casper	NNP
www-bis-org-8025	411	33	protocol	protocol	NN
www-bis-org-8025	411	34	for	for	IN
www-bis-org-8025	411	35	Ethereum	Ethereum	NNP
www-bis-org-8025	411	36	(	(	-LRB-
www-bis-org-8025	411	37	see	see	VB
www-bis-org-8025	411	38	Buterin	Buterin	NNP
www-bis-org-8025	411	39	and	and	CC
www-bis-org-8025	411	40	Griffith	Griffith	NNP
www-bis-org-8025	411	41	(	(	-LRB-
www-bis-org-8025	411	42	2017	2017	CD
www-bis-org-8025	411	43	)	)	-RRB-
www-bis-org-8025	411	44	and	and	CC
www-bis-org-8025	411	45	Zamfir	Zamfir	NNP
www-bis-org-8025	411	46	et	et	NNP
www-bis-org-8025	411	47	al	al	NNP
www-bis-org-8025	411	48	(	(	-LRB-
www-bis-org-8025	411	49	2018	2018	CD
www-bis-org-8025	411	50	)	)	-RRB-
www-bis-org-8025	411	51	)	)	-RRB-
www-bis-org-8025	411	52	.	.	.
www-bis-org-8025	412	1	One	one	CD
www-bis-org-8025	412	2	simple	simple	JJ
www-bis-org-8025	412	3	implementation	implementation	NN
www-bis-org-8025	412	4	(	(	-LRB-
www-bis-org-8025	412	5	of	of	IN
www-bis-org-8025	412	6	many	many	JJ
www-bis-org-8025	412	7	possible	possible	JJ
www-bis-org-8025	412	8	ones	one	NNS
www-bis-org-8025	412	9	)	)	-RRB-
www-bis-org-8025	412	10	is	be	VBZ
www-bis-org-8025	412	11	such	such	JJ
www-bis-org-8025	412	12	that	that	IN
www-bis-org-8025	412	13	,	,	,
www-bis-org-8025	412	14	for	for	IN
www-bis-org-8025	412	15	each	each	DT
www-bis-org-8025	412	16	newly	newly	RB
www-bis-org-8025	412	17	added	add	VBN
www-bis-org-8025	412	18	block	block	NN
www-bis-org-8025	412	19	,	,	,
www-bis-org-8025	412	20	a	a	DT
www-bis-org-8025	412	21	number	number	NN
www-bis-org-8025	412	22	of	of	IN
www-bis-org-8025	412	23	holders	holder	NNS
www-bis-org-8025	412	24	of	of	IN
www-bis-org-8025	412	25	the	the	DT
www-bis-org-8025	412	26	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	412	27	are	be	VBP
www-bis-org-8025	412	28	randomly	randomly	RB
www-bis-org-8025	412	29	selected	select	VBN
www-bis-org-8025	412	30	to	to	TO
www-bis-org-8025	412	31	verify	verify	VB
www-bis-org-8025	412	32	the	the	DT
www-bis-org-8025	412	33	block	block	NN
www-bis-org-8025	412	34	.	.	.
www-bis-org-8025	413	1	But	but	CC
www-bis-org-8025	413	2	in	in	IN
www-bis-org-8025	413	3	order	order	NN
www-bis-org-8025	413	4	to	to	TO
www-bis-org-8025	413	5	do	do	VB
www-bis-org-8025	413	6	so	so	RB
www-bis-org-8025	413	7	,	,	,
www-bis-org-8025	413	8	they	-PRON-	PRP
www-bis-org-8025	413	9	must	must	MD
www-bis-org-8025	413	10	pledge	pledge	VB
www-bis-org-8025	413	11	some	some	DT
www-bis-org-8025	413	12	of	of	IN
www-bis-org-8025	413	13	their	-PRON-	PRP$
www-bis-org-8025	413	14	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	413	15	holdings	holding	NNS
www-bis-org-8025	413	16	.	.	.
www-bis-org-8025	414	1	Cheating	cheating	NN
www-bis-org-8025	414	2	is	be	VBZ
www-bis-org-8025	414	3	deterred	deter	VBN
www-bis-org-8025	414	4	by	by	IN
www-bis-org-8025	414	5	the	the	DT
www-bis-org-8025	414	6	threat	threat	NN
www-bis-org-8025	414	7	of	of	IN
www-bis-org-8025	414	8	losing	lose	VBG
www-bis-org-8025	414	9	the	the	DT
www-bis-org-8025	414	10	pledged	pledge	VBN
www-bis-org-8025	414	11	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	414	12	in	in	IN
www-bis-org-8025	414	13	the	the	DT
www-bis-org-8025	414	14	case	case	NN
www-bis-org-8025	414	15	that	that	IN
www-bis-org-8025	414	16	one	one	CD
www-bis-org-8025	414	17	user	user	NN
www-bis-org-8025	414	18	’s	’s	POS
www-bis-org-8025	414	19	verified	verify	VBD
www-bis-org-8025	414	20	update	update	NN
www-bis-org-8025	414	21	differs	differ	VBZ
www-bis-org-8025	414	22	from	from	IN
www-bis-org-8025	414	23	that	that	DT
www-bis-org-8025	414	24	of	of	IN
www-bis-org-8025	414	25	others	other	NNS
www-bis-org-8025	414	26	.	.	.
www-bis-org-8025	415	1	There	there	EX
www-bis-org-8025	415	2	is	be	VBZ
www-bis-org-8025	415	3	one	one	CD
www-bis-org-8025	415	4	big	big	JJ
www-bis-org-8025	415	5	caveat	caveat	NN
www-bis-org-8025	415	6	with	with	IN
www-bis-org-8025	415	7	the	the	DT
www-bis-org-8025	415	8	idea	idea	NN
www-bis-org-8025	415	9	of	of	IN
www-bis-org-8025	415	10	replacing	replace	VBG
www-bis-org-8025	415	11	costly	costly	JJ
www-bis-org-8025	415	12	computations	computation	NNS
www-bis-org-8025	415	13	by	by	IN
www-bis-org-8025	415	14	an	an	DT
www-bis-org-8025	415	15	essentially	essentially	RB
www-bis-org-8025	415	16	resource	resource	NN
www-bis-org-8025	415	17	-	-	HYPH
www-bis-org-8025	415	18	free	free	JJ
www-bis-org-8025	415	19	betting	betting	NN
www-bis-org-8025	415	20	game	game	NN
www-bis-org-8025	415	21	,	,	,
www-bis-org-8025	415	22	sometimes	sometimes	RB
www-bis-org-8025	415	23	termed	term	VBD
www-bis-org-8025	415	24	the	the	DT
www-bis-org-8025	415	25	“	"	``
www-bis-org-8025	415	26	nothing	nothing	NN
www-bis-org-8025	415	27	-	-	HYPH
www-bis-org-8025	415	28	at	at	IN
www-bis-org-8025	415	29	-	-	HYPH
www-bis-org-8025	415	30	stake	stake	NN
www-bis-org-8025	415	31	”	"	''
www-bis-org-8025	415	32	problem	problem	NN
www-bis-org-8025	415	33	.	.	.
www-bis-org-8025	416	1	This	this	DT
www-bis-org-8025	416	2	caveat	caveat	NN
www-bis-org-8025	416	3	concerns	concern	VBZ
www-bis-org-8025	416	4	the	the	DT
www-bis-org-8025	416	5	lack	lack	NN
www-bis-org-8025	416	6	of	of	IN
www-bis-org-8025	416	7	clear	clear	JJ
www-bis-org-8025	416	8	criteria	criterion	NNS
www-bis-org-8025	416	9	for	for	IN
www-bis-org-8025	416	10	distinguishing	distinguish	VBG
www-bis-org-8025	416	11	between	between	IN
www-bis-org-8025	416	12	different	different	JJ
www-bis-org-8025	416	13	blockchains	blockchain	NNS
www-bis-org-8025	416	14	with	with	IN
www-bis-org-8025	416	15	alternative	alternative	JJ
www-bis-org-8025	416	16	payment	payment	NN
www-bis-org-8025	416	17	histories	history	NNS
www-bis-org-8025	416	18	(	(	-LRB-
www-bis-org-8025	416	19	see	see	VB
www-bis-org-8025	416	20	eg	eg	NNP
www-bis-org-8025	416	21	Poelstra	Poelstra	NNP
www-bis-org-8025	416	22	(	(	-LRB-
www-bis-org-8025	416	23	2014	2014	CD
www-bis-org-8025	416	24	,	,	,
www-bis-org-8025	416	25	2015	2015	CD
www-bis-org-8025	416	26	)	)	-RRB-
www-bis-org-8025	416	27	)	)	-RRB-
www-bis-org-8025	416	28	.	.	.
www-bis-org-8025	417	1	With	with	IN
www-bis-org-8025	417	2	proof	proof	NN
www-bis-org-8025	417	3	-	-	HYPH
www-bis-org-8025	417	4	of	of	IN
www-bis-org-8025	417	5	-	-	HYPH
www-bis-org-8025	417	6	work	work	NN
www-bis-org-8025	417	7	,	,	,
www-bis-org-8025	417	8	the	the	DT
www-bis-org-8025	417	9	rule	rule	NN
www-bis-org-8025	417	10	of	of	IN
www-bis-org-8025	417	11	following	follow	VBG
www-bis-org-8025	417	12	-	-	HYPH
www-bis-org-8025	417	13	the	the	DT
www-bis-org-8025	417	14	-	-	HYPH
www-bis-org-8025	417	15	longest	longest	NN
www-bis-org-8025	417	16	-	-	HYPH
www-bis-org-8025	417	17	chain	chain	NN
www-bis-org-8025	417	18	allows	allow	VBZ
www-bis-org-8025	417	19	the	the	DT
www-bis-org-8025	417	20	winning	win	VBG
www-bis-org-8025	417	21	blockchain	blockchain	NN
www-bis-org-8025	417	22	to	to	TO
www-bis-org-8025	417	23	be	be	VB
www-bis-org-8025	417	24	selected	select	VBN
www-bis-org-8025	417	25	based	base	VBN
www-bis-org-8025	417	26	on	on	IN
www-bis-org-8025	417	27	a	a	DT
www-bis-org-8025	417	28	hard	hard	JJ
www-bis-org-8025	417	29	and	and	CC
www-bis-org-8025	417	30	externally	externally	RB
www-bis-org-8025	417	31	verifiable	verifiable	JJ
www-bis-org-8025	417	32	criterion	criterion	NN
www-bis-org-8025	417	33	.	.	.
www-bis-org-8025	418	1	With	with	IN
www-bis-org-8025	418	2	proof	proof	NN
www-bis-org-8025	418	3	-	-	HYPH
www-bis-org-8025	418	4	of	of	IN
www-bis-org-8025	418	5	-	-	HYPH
www-bis-org-8025	418	6	stake	stake	NN
www-bis-org-8025	418	7	,	,	,
www-bis-org-8025	418	8	the	the	DT
www-bis-org-8025	418	9	absence	absence	NN
www-bis-org-8025	418	10	of	of	IN
www-bis-org-8025	418	11	an	an	DT
www-bis-org-8025	418	12	actual	actual	JJ
www-bis-org-8025	418	13	cost	cost	NN
www-bis-org-8025	418	14	means	mean	NNS
www-bis-org-8025	418	15	that	that	IN
www-bis-org-8025	418	16	users	user	NNS
www-bis-org-8025	418	17	can	can	MD
www-bis-org-8025	418	18	secretly	secretly	RB
www-bis-org-8025	418	19	bet	bet	VB
www-bis-org-8025	418	20	on	on	IN
www-bis-org-8025	418	21	alternative	alternative	JJ
www-bis-org-8025	418	22	blockchain	blockchain	JJ
www-bis-org-8025	418	23	histories	history	NNS
www-bis-org-8025	418	24	at	at	IN
www-bis-org-8025	418	25	no	no	DT
www-bis-org-8025	418	26	cost	cost	NN
www-bis-org-8025	418	27	.	.	.
www-bis-org-8025	419	1	And	and	CC
www-bis-org-8025	419	2	if	if	IN
www-bis-org-8025	419	3	alternative	alternative	JJ
www-bis-org-8025	419	4	blockchain	blockchain	JJ
www-bis-org-8025	419	5	histories	history	NNS
www-bis-org-8025	419	6	ever	ever	RB
www-bis-org-8025	419	7	emerge	emerge	VBP
www-bis-org-8025	419	8	,	,	,
www-bis-org-8025	419	9	there	there	EX
www-bis-org-8025	419	10	is	be	VBZ
www-bis-org-8025	419	11	no	no	DT
www-bis-org-8025	419	12	hard	hard	JJ
www-bis-org-8025	419	13	criterion	criterion	NN
www-bis-org-8025	419	14	for	for	IN
www-bis-org-8025	419	15	choosing	choose	VBG
www-bis-org-8025	419	16	between	between	IN
www-bis-org-8025	419	17	them	-PRON-	PRP
www-bis-org-8025	419	18	,	,	,
www-bis-org-8025	419	19	thus	thus	RB
www-bis-org-8025	419	20	requiring	require	VBG
www-bis-org-8025	419	21	an	an	DT
www-bis-org-8025	419	22	overarching	overarching	JJ
www-bis-org-8025	419	23	selection	selection	NN
www-bis-org-8025	419	24	mechanism	mechanism	NN
www-bis-org-8025	419	25	.	.	.
www-bis-org-8025	420	1	These	these	DT
www-bis-org-8025	420	2	considerations	consideration	NNS
www-bis-org-8025	420	3	have	have	VBP
www-bis-org-8025	420	4	led	lead	VBN
www-bis-org-8025	420	5	to	to	IN
www-bis-org-8025	420	6	ample	ample	JJ
www-bis-org-8025	420	7	discussion	discussion	NN
www-bis-org-8025	420	8	in	in	IN
www-bis-org-8025	420	9	the	the	DT
www-bis-org-8025	420	10	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	420	11	developer	developer	NN
www-bis-org-8025	420	12	community	community	NN
www-bis-org-8025	420	13	regarding	regard	VBG
www-bis-org-8025	420	14	the	the	DT
www-bis-org-8025	420	15	feasibility	feasibility	NN
www-bis-org-8025	420	16	of	of	IN
www-bis-org-8025	420	17	proof	proof	NN
www-bis-org-8025	420	18	-	-	HYPH
www-bis-org-8025	420	19	of	of	IN
www-bis-org-8025	420	20	-	-	HYPH
www-bis-org-8025	420	21	stake	stake	NN
www-bis-org-8025	420	22	(	(	-LRB-
www-bis-org-8025	420	23	see	see	VB
www-bis-org-8025	420	24	eg	eg	NNP
www-bis-org-8025	420	25	the	the	DT
www-bis-org-8025	420	26	discussion	discussion	NN
www-bis-org-8025	420	27	in	in	IN
www-bis-org-8025	420	28	Muneeb	Muneeb	NNP
www-bis-org-8025	420	29	et	et	NNP
www-bis-org-8025	420	30	al	al	NNP
www-bis-org-8025	420	31	’s	’s	NNP
www-bis-org-8025	420	32	(	(	-LRB-
www-bis-org-8025	420	33	2018	2018	CD
www-bis-org-8025	420	34	)	)	-RRB-
www-bis-org-8025	420	35	review	review	NN
www-bis-org-8025	420	36	of	of	IN
www-bis-org-8025	420	37	Zamfir	Zamfir	NNP
www-bis-org-8025	420	38	et	et	NNP
www-bis-org-8025	420	39	al	al	NNP
www-bis-org-8025	420	40	(	(	-LRB-
www-bis-org-8025	420	41	2018	2018	CD
www-bis-org-8025	420	42	)	)	-RRB-
www-bis-org-8025	420	43	)	)	-RRB-
www-bis-org-8025	420	44	.	.	.
www-bis-org-8025	421	1	The	the	DT
www-bis-org-8025	421	2	nothing	nothing	NN
www-bis-org-8025	421	3	-	-	HYPH
www-bis-org-8025	421	4	at	at	IN
www-bis-org-8025	421	5	-	-	HYPH
www-bis-org-8025	421	6	stake	stake	NN
www-bis-org-8025	421	7	caveat	caveat	NN
www-bis-org-8025	421	8	may	may	MD
www-bis-org-8025	421	9	mean	mean	VB
www-bis-org-8025	421	10	that	that	DT
www-bis-org-8025	421	11	successful	successful	JJ
www-bis-org-8025	421	12	proof	proof	NN
www-bis-org-8025	421	13	-	-	HYPH
www-bis-org-8025	421	14	of	of	IN
www-bis-org-8025	421	15	-	-	HYPH
www-bis-org-8025	421	16	stake	stake	NN
www-bis-org-8025	421	17	implementation	implementation	NN
www-bis-org-8025	421	18	might	may	MD
www-bis-org-8025	421	19	indeed	indeed	RB
www-bis-org-8025	421	20	rest	rest	VB
www-bis-org-8025	421	21	on	on	IN
www-bis-org-8025	421	22	some	some	DT
www-bis-org-8025	421	23	degree	degree	NN
www-bis-org-8025	421	24	of	of	IN
www-bis-org-8025	421	25	institutionalisation	institutionalisation	NN
www-bis-org-8025	421	26	or	or	CC
www-bis-org-8025	421	27	reliance	reliance	NN
www-bis-org-8025	421	28	on	on	IN
www-bis-org-8025	421	29	social	social	JJ
www-bis-org-8025	421	30	conventions	convention	NNS
www-bis-org-8025	421	31	(	(	-LRB-
www-bis-org-8025	421	32	as	as	IN
www-bis-org-8025	421	33	indicated	indicate	VBN
www-bis-org-8025	421	34	in	in	IN
www-bis-org-8025	421	35	Buterin	Buterin	NNP
www-bis-org-8025	421	36	(	(	-LRB-
www-bis-org-8025	421	37	2014	2014	CD
www-bis-org-8025	421	38	a	a	NN
www-bis-org-8025	421	39	and	and	CC
www-bis-org-8025	421	40	b	b	LS
www-bis-org-8025	421	41	)	)	-RRB-
www-bis-org-8025	421	42	)	)	-RRB-
www-bis-org-8025	421	43	.	.	.
www-bis-org-8025	422	1	The	the	DT
www-bis-org-8025	422	2	Lightning	Lightning	NNP
www-bis-org-8025	422	3	Network	Network	NNP
www-bis-org-8025	422	4	:	:	:
www-bis-org-8025	422	5	a	a	DT
www-bis-org-8025	422	6	second	second	JJ
www-bis-org-8025	422	7	layer	layer	NN
www-bis-org-8025	422	8	for	for	IN
www-bis-org-8025	422	9	Bitcoin	Bitcoin	NNP
www-bis-org-8025	422	10	Graph	Graph	NNP
www-bis-org-8025	422	11	11	11	CD
www-bis-org-8025	422	12	Representation	Representation	NNP
www-bis-org-8025	422	13	of	of	IN
www-bis-org-8025	422	14	the	the	DT
www-bis-org-8025	422	15	Lightning	Lightning	NNP
www-bis-org-8025	422	16	Network	Network	NNP
www-bis-org-8025	422	17	A	A	NNP
www-bis-org-8025	422	18	beta	beta	NN
www-bis-org-8025	422	19	version	version	NN
www-bis-org-8025	422	20	is	be	VBZ
www-bis-org-8025	422	21	in	in	IN
www-bis-org-8025	422	22	use	use	NN
www-bis-org-8025	422	23	Committed	Committed	NNP
www-bis-org-8025	422	24	BTC	BTC	NNP
www-bis-org-8025	422	25	Number	Number	NNP
www-bis-org-8025	422	26	of	of	IN
www-bis-org-8025	422	27	nodes	node	NNS
www-bis-org-8025	422	28	Source	source	NN
www-bis-org-8025	422	29	:	:	:
www-bis-org-8025	422	30	https://bitcoinvisuals.com/lightning	https://bitcoinvisuals.com/lightning	ADD
www-bis-org-8025	422	31	(	(	-LRB-
www-bis-org-8025	422	32	site	site	NN
www-bis-org-8025	422	33	accessed	access	VBN
www-bis-org-8025	422	34	on	on	IN
www-bis-org-8025	422	35	3	3	CD
www-bis-org-8025	422	36	Jan	Jan	NNP
www-bis-org-8025	422	37	2019	2019	CD
www-bis-org-8025	422	38	)	)	-RRB-
www-bis-org-8025	422	39	.	.	.
www-bis-org-8025	423	1	500	500	CD
www-bis-org-8025	423	2	400	400	CD
www-bis-org-8025	423	3	300	300	CD
www-bis-org-8025	423	4	200	200	CD
www-bis-org-8025	423	5	100	100	CD
www-bis-org-8025	423	6	0	0	CD
www-bis-org-8025	423	7	2,000	2,000	CD
www-bis-org-8025	423	8	1,600	1,600	CD
www-bis-org-8025	423	9	1,200	1,200	CD
www-bis-org-8025	423	10	800	800	CD
www-bis-org-8025	423	11	400	400	CD
www-bis-org-8025	423	12	0	0	CD
www-bis-org-8025	423	13	Q4	Q4	NNP
www-bis-org-8025	423	14	18Q3	18q3	CD
www-bis-org-8025	423	15	18Q2	18q2	CD
www-bis-org-8025	423	16	18Q1	18q1	CD
www-bis-org-8025	423	17	18	18	CD
www-bis-org-8025	423	18	Total	total	JJ
www-bis-org-8025	423	19	committed	committed	JJ
www-bis-org-8025	423	20	bitcoinLhs	bitcoinlh	NNS
www-bis-org-8025	423	21	:	:	:
www-bis-org-8025	423	22	Nodes	node	NNS
www-bis-org-8025	423	23	with	with	IN
www-bis-org-8025	423	24	channelsRhs	channelsrh	NNS
www-bis-org-8025	423	25	:	:	:
www-bis-org-8025	423	26	https://bitcoinvisuals.com/lightning	https://bitcoinvisuals.com/lightning	$
www-bis-org-8025	423	27	22	22	CD
www-bis-org-8025	423	28	WP765	wp765	NN
www-bis-org-8025	423	29	Beyond	beyond	IN
www-bis-org-8025	423	30	the	the	DT
www-bis-org-8025	423	31	doomsday	doomsday	NNP
www-bis-org-8025	423	32	economics	economic	NNS
www-bis-org-8025	423	33	of	of	IN
www-bis-org-8025	423	34	“	"	``
www-bis-org-8025	423	35	proof	proof	NN
www-bis-org-8025	423	36	-	-	HYPH
www-bis-org-8025	423	37	of	of	IN
www-bis-org-8025	423	38	-	-	HYPH
www-bis-org-8025	423	39	work	work	NN
www-bis-org-8025	423	40	”	"	''
www-bis-org-8025	423	41	in	in	IN
www-bis-org-8025	423	42	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	423	43	Other	other	JJ
www-bis-org-8025	423	44	proposed	propose	VBN
www-bis-org-8025	423	45	consensus	consensus	NN
www-bis-org-8025	423	46	algorithms	algorithm	NNS
www-bis-org-8025	423	47	,	,	,
www-bis-org-8025	423	48	such	such	JJ
www-bis-org-8025	423	49	as	as	IN
www-bis-org-8025	423	50	“	"	``
www-bis-org-8025	423	51	delegated	delegate	VBD
www-bis-org-8025	423	52	proof	proof	NN
www-bis-org-8025	423	53	of	of	IN
www-bis-org-8025	423	54	stake	stake	NN
www-bis-org-8025	423	55	”	"	''
www-bis-org-8025	423	56	or	or	CC
www-bis-org-8025	423	57	“	"	``
www-bis-org-8025	423	58	proof	proof	NN
www-bis-org-8025	423	59	of	of	IN
www-bis-org-8025	423	60	importance	importance	NN
www-bis-org-8025	423	61	”	"	''
www-bis-org-8025	423	62	,	,	,
www-bis-org-8025	423	63	aim	aim	VBP
www-bis-org-8025	423	64	to	to	TO
www-bis-org-8025	423	65	guarantee	guarantee	VB
www-bis-org-8025	423	66	finality	finality	NN
www-bis-org-8025	423	67	directly	directly	RB
www-bis-org-8025	423	68	via	via	IN
www-bis-org-8025	423	69	additional	additional	JJ
www-bis-org-8025	423	70	social	social	JJ
www-bis-org-8025	423	71	coordination	coordination	NN
www-bis-org-8025	423	72	mechanisms	mechanism	NNS
www-bis-org-8025	423	73	,	,	,
www-bis-org-8025	423	74	eg	eg	VB
www-bis-org-8025	423	75	a	a	DT
www-bis-org-8025	423	76	range	range	NN
www-bis-org-8025	423	77	of	of	IN
www-bis-org-8025	423	78	voting	voting	NN
www-bis-org-8025	423	79	mechanisms	mechanism	NNS
www-bis-org-8025	423	80	by	by	IN
www-bis-org-8025	423	81	current	current	JJ
www-bis-org-8025	423	82	coin	coin	NN
www-bis-org-8025	423	83	holders	holder	NNS
www-bis-org-8025	423	84	.	.	.
www-bis-org-8025	424	1	Whether	whether	IN
www-bis-org-8025	424	2	or	or	CC
www-bis-org-8025	424	3	not	not	RB
www-bis-org-8025	424	4	moving	move	VBG
www-bis-org-8025	424	5	beyond	beyond	IN
www-bis-org-8025	424	6	pure	pure	JJ
www-bis-org-8025	424	7	-	-	HYPH
www-bis-org-8025	424	8	proof	proof	JJ
www-bis-org-8025	424	9	-	-	HYPH
www-bis-org-8025	424	10	of	of	IN
www-bis-org-8025	424	11	-	-	HYPH
www-bis-org-8025	424	12	work	work	NN
www-bis-org-8025	424	13	will	will	MD
www-bis-org-8025	424	14	require	require	VB
www-bis-org-8025	424	15	overarching	overarching	JJ
www-bis-org-8025	424	16	coordination	coordination	NN
www-bis-org-8025	424	17	,	,	,
www-bis-org-8025	424	18	it	-PRON-	PRP
www-bis-org-8025	424	19	is	be	VBZ
www-bis-org-8025	424	20	noteworthy	noteworthy	JJ
www-bis-org-8025	424	21	that	that	IN
www-bis-org-8025	424	22	much	much	JJ
www-bis-org-8025	424	23	has	have	VBZ
www-bis-org-8025	424	24	already	already	RB
www-bis-org-8025	424	25	been	be	VBN
www-bis-org-8025	424	26	done	do	VBN
www-bis-org-8025	424	27	to	to	TO
www-bis-org-8025	424	28	protect	protect	VB
www-bis-org-8025	424	29	Bitcoin	Bitcoin	NNP
www-bis-org-8025	424	30	and	and	CC
www-bis-org-8025	424	31	other	other	JJ
www-bis-org-8025	424	32	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	424	33	beyond	beyond	IN
www-bis-org-8025	424	34	just	just	RB
www-bis-org-8025	424	35	applying	apply	VBG
www-bis-org-8025	424	36	the	the	DT
www-bis-org-8025	424	37	rule	rule	NN
www-bis-org-8025	424	38	to	to	TO
www-bis-org-8025	424	39	follow	follow	VB
www-bis-org-8025	424	40	the	the	DT
www-bis-org-8025	424	41	longest	long	JJS
www-bis-org-8025	424	42	chain	chain	NN
www-bis-org-8025	424	43	.	.	.
www-bis-org-8025	425	1	For	for	IN
www-bis-org-8025	425	2	example	example	NN
www-bis-org-8025	425	3	,	,	,
www-bis-org-8025	425	4	in	in	IN
www-bis-org-8025	425	5	March	March	NNP
www-bis-org-8025	425	6	2013	2013	CD
www-bis-org-8025	425	7	,	,	,
www-bis-org-8025	425	8	an	an	DT
www-bis-org-8025	425	9	erroneous	erroneous	JJ
www-bis-org-8025	425	10	software	software	NN
www-bis-org-8025	425	11	update	update	NN
www-bis-org-8025	425	12	caused	cause	VBD
www-bis-org-8025	425	13	the	the	DT
www-bis-org-8025	425	14	Bitcoin	Bitcoin	NNP
www-bis-org-8025	425	15	blockchain	blockchain	NN
www-bis-org-8025	425	16	to	to	TO
www-bis-org-8025	425	17	fork	fork	VB
www-bis-org-8025	425	18	into	into	IN
www-bis-org-8025	425	19	two	two	CD
www-bis-org-8025	425	20	branches	branch	NNS
www-bis-org-8025	425	21	.	.	.
www-bis-org-8025	426	1	The	the	DT
www-bis-org-8025	426	2	latter	latter	JJ
www-bis-org-8025	426	3	was	be	VBD
www-bis-org-8025	426	4	undone	undo	VBN
www-bis-org-8025	426	5	via	via	IN
www-bis-org-8025	426	6	coordinated	coordinate	VBN
www-bis-org-8025	426	7	action	action	NN
www-bis-org-8025	426	8	by	by	IN
www-bis-org-8025	426	9	large	large	JJ
www-bis-org-8025	426	10	mining	mining	NN
www-bis-org-8025	426	11	pools	pool	NNS
www-bis-org-8025	426	12	to	to	TO
www-bis-org-8025	426	13	ignore	ignore	VB
www-bis-org-8025	426	14	the	the	DT
www-bis-org-8025	426	15	rule	rule	NN
www-bis-org-8025	426	16	to	to	TO
www-bis-org-8025	426	17	follow	follow	VB
www-bis-org-8025	426	18	the	the	DT
www-bis-org-8025	426	19	longest	long	JJS
www-bis-org-8025	426	20	chain	chain	NN
www-bis-org-8025	426	21	and	and	CC
www-bis-org-8025	426	22	instead	instead	RB
www-bis-org-8025	426	23	coordinate	coordinate	VB
www-bis-org-8025	426	24	on	on	IN
www-bis-org-8025	426	25	the	the	DT
www-bis-org-8025	426	26	one	one	NN
www-bis-org-8025	426	27	that	that	WDT
www-bis-org-8025	426	28	would	would	MD
www-bis-org-8025	426	29	reunite	reunite	VB
www-bis-org-8025	426	30	all	all	DT
www-bis-org-8025	426	31	Bitcoin	Bitcoin	NNP
www-bis-org-8025	426	32	users	user	NNS
www-bis-org-8025	426	33	.	.	.
www-bis-org-8025	427	1	A	a	DT
www-bis-org-8025	427	2	second	second	JJ
www-bis-org-8025	427	3	example	example	NN
www-bis-org-8025	427	4	was	be	VBD
www-bis-org-8025	427	5	the	the	DT
www-bis-org-8025	427	6	failed	fail	VBN
www-bis-org-8025	427	7	introduction	introduction	NN
www-bis-org-8025	427	8	of	of	IN
www-bis-org-8025	427	9	the	the	DT
www-bis-org-8025	427	10	so	so	RB
www-bis-org-8025	427	11	-	-	HYPH
www-bis-org-8025	427	12	called	call	VBN
www-bis-org-8025	427	13	Segwit2X	Segwit2X	HYPH
www-bis-org-8025	427	14	protocol	protocol	NNP
www-bis-org-8025	427	15	update	update	NN
www-bis-org-8025	427	16	in	in	IN
www-bis-org-8025	427	17	November	November	NNP
www-bis-org-8025	427	18	2017	2017	CD
www-bis-org-8025	427	19	,	,	,
www-bis-org-8025	427	20	when	when	WRB
www-bis-org-8025	427	21	a	a	DT
www-bis-org-8025	427	22	change	change	NN
www-bis-org-8025	427	23	of	of	IN
www-bis-org-8025	427	24	the	the	DT
www-bis-org-8025	427	25	Bitcoin	Bitcoin	NNP
www-bis-org-8025	427	26	protocol	protocol	NN
www-bis-org-8025	427	27	was	be	VBD
www-bis-org-8025	427	28	implemented	implement	VBN
www-bis-org-8025	427	29	by	by	IN
www-bis-org-8025	427	30	the	the	DT
www-bis-org-8025	427	31	majority	majority	NN
www-bis-org-8025	427	32	of	of	IN
www-bis-org-8025	427	33	miners	miner	NNS
www-bis-org-8025	427	34	but	but	CC
www-bis-org-8025	427	35	failed	fail	VBD
www-bis-org-8025	427	36	to	to	TO
www-bis-org-8025	427	37	convince	convince	VB
www-bis-org-8025	427	38	other	other	JJ
www-bis-org-8025	427	39	stakeholders	stakeholder	NNS
www-bis-org-8025	427	40	.	.	.
www-bis-org-8025	428	1	This	this	DT
www-bis-org-8025	428	2	led	lead	VBD
www-bis-org-8025	428	3	to	to	IN
www-bis-org-8025	428	4	a	a	DT
www-bis-org-8025	428	5	situation	situation	NN
www-bis-org-8025	428	6	in	in	IN
www-bis-org-8025	428	7	which	which	WDT
www-bis-org-8025	428	8	miners	miner	NNS
www-bis-org-8025	428	9	ultimately	ultimately	RB
www-bis-org-8025	428	10	abandoned	abandon	VBD
www-bis-org-8025	428	11	the	the	DT
www-bis-org-8025	428	12	longest	long	JJS
www-bis-org-8025	428	13	chain	chain	NN
www-bis-org-8025	428	14	(	(	-LRB-
www-bis-org-8025	428	15	because	because	IN
www-bis-org-8025	428	16	nobody	nobody	NN
www-bis-org-8025	428	17	was	be	VBD
www-bis-org-8025	428	18	willing	willing	JJ
www-bis-org-8025	428	19	to	to	TO
www-bis-org-8025	428	20	transact	transact	VB
www-bis-org-8025	428	21	on	on	IN
www-bis-org-8025	428	22	it	-PRON-	PRP
www-bis-org-8025	428	23	)	)	-RRB-
www-bis-org-8025	428	24	.	.	.
www-bis-org-8025	429	1	A	a	DT
www-bis-org-8025	429	2	third	third	JJ
www-bis-org-8025	429	3	instance	instance	NN
www-bis-org-8025	429	4	occurred	occur	VBD
www-bis-org-8025	429	5	when	when	WRB
www-bis-org-8025	429	6	the	the	DT
www-bis-org-8025	429	7	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	429	8	Ethereum	Ethereum	NNP
www-bis-org-8025	429	9	split	split	VBD
www-bis-org-8025	429	10	over	over	IN
www-bis-org-8025	429	11	the	the	DT
www-bis-org-8025	429	12	undoing	undoing	NN
www-bis-org-8025	429	13	of	of	IN
www-bis-org-8025	429	14	the	the	DT
www-bis-org-8025	429	15	“	"	``
www-bis-org-8025	429	16	DAO	DAO	NNP
www-bis-org-8025	429	17	hack	hack	NN
www-bis-org-8025	429	18	”	"	''
www-bis-org-8025	429	19	in	in	IN
www-bis-org-8025	429	20	mid-2016	mid-2016	NN
www-bis-org-8025	429	21	.	.	.
www-bis-org-8025	430	1	At	at	IN
www-bis-org-8025	430	2	the	the	DT
www-bis-org-8025	430	3	time	time	NN
www-bis-org-8025	430	4	,	,	,
www-bis-org-8025	430	5	an	an	DT
www-bis-org-8025	430	6	application	application	NN
www-bis-org-8025	430	7	based	base	VBN
www-bis-org-8025	430	8	on	on	IN
www-bis-org-8025	430	9	Ethereum	Ethereum	NNP
www-bis-org-8025	430	10	protocol	protocol	NN
www-bis-org-8025	430	11	proved	prove	VBD
www-bis-org-8025	430	12	faulty	faulty	JJ
www-bis-org-8025	430	13	(	(	-LRB-
www-bis-org-8025	430	14	but	but	CC
www-bis-org-8025	430	15	not	not	RB
www-bis-org-8025	430	16	the	the	DT
www-bis-org-8025	430	17	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	430	18	itself	-PRON-	PRP
www-bis-org-8025	430	19	)	)	-RRB-
www-bis-org-8025	430	20	,	,	,
www-bis-org-8025	430	21	which	which	WDT
www-bis-org-8025	430	22	allowed	allow	VBD
www-bis-org-8025	430	23	a	a	DT
www-bis-org-8025	430	24	hacker	hacker	NN
www-bis-org-8025	430	25	to	to	TO
www-bis-org-8025	430	26	successfully	successfully	RB
www-bis-org-8025	430	27	steal	steal	VB
www-bis-org-8025	430	28	ether	ether	NN
www-bis-org-8025	430	29	tokens	token	NNS
www-bis-org-8025	430	30	worth	worth	JJ
www-bis-org-8025	430	31	roughly	roughly	RB
www-bis-org-8025	430	32	USD	usd	$
www-bis-org-8025	430	33	70	70	CD
www-bis-org-8025	430	34	million	million	CD
www-bis-org-8025	430	35	at	at	IN
www-bis-org-8025	430	36	the	the	DT
www-bis-org-8025	430	37	time	time	NN
www-bis-org-8025	430	38	.	.	.
www-bis-org-8025	431	1	Following	follow	VBG
www-bis-org-8025	431	2	heated	heated	JJ
www-bis-org-8025	431	3	discussion	discussion	NN
www-bis-org-8025	431	4	,	,	,
www-bis-org-8025	431	5	on	on	IN
www-bis-org-8025	431	6	online	online	JJ
www-bis-org-8025	431	7	forums	forum	NNS
www-bis-org-8025	431	8	and	and	CC
www-bis-org-8025	431	9	elsewhere	elsewhere	RB
www-bis-org-8025	431	10	,	,	,
www-bis-org-8025	431	11	most	most	JJS
www-bis-org-8025	431	12	miners	miner	NNS
www-bis-org-8025	431	13	and	and	CC
www-bis-org-8025	431	14	users	user	NNS
www-bis-org-8025	431	15	decided	decide	VBD
www-bis-org-8025	431	16	to	to	TO
www-bis-org-8025	431	17	undo	undo	VB
www-bis-org-8025	431	18	the	the	DT
www-bis-org-8025	431	19	hack	hack	NN
www-bis-org-8025	431	20	by	by	IN
www-bis-org-8025	431	21	creating	create	VBG
www-bis-org-8025	431	22	an	an	DT
www-bis-org-8025	431	23	alternative	alternative	JJ
www-bis-org-8025	431	24	blockchain	blockchain	NN
www-bis-org-8025	431	25	that	that	WDT
www-bis-org-8025	431	26	would	would	MD
www-bis-org-8025	431	27	start	start	VB
www-bis-org-8025	431	28	just	just	RB
www-bis-org-8025	431	29	before	before	IN
www-bis-org-8025	431	30	the	the	DT
www-bis-org-8025	431	31	hack	hack	NN
www-bis-org-8025	431	32	occurred	occur	VBD
www-bis-org-8025	431	33	.	.	.
www-bis-org-8025	432	1	A	a	DT
www-bis-org-8025	432	2	minority	minority	NN
www-bis-org-8025	432	3	of	of	IN
www-bis-org-8025	432	4	users	user	NNS
www-bis-org-8025	432	5	,	,	,
www-bis-org-8025	432	6	however	however	RB
www-bis-org-8025	432	7	,	,	,
www-bis-org-8025	432	8	decided	decide	VBD
www-bis-org-8025	432	9	to	to	TO
www-bis-org-8025	432	10	stay	stay	VB
www-bis-org-8025	432	11	true	true	JJ
www-bis-org-8025	432	12	to	to	IN
www-bis-org-8025	432	13	the	the	DT
www-bis-org-8025	432	14	rule	rule	NN
www-bis-org-8025	432	15	to	to	TO
www-bis-org-8025	432	16	follow	follow	VB
www-bis-org-8025	432	17	the	the	DT
www-bis-org-8025	432	18	longest	long	JJS
www-bis-org-8025	432	19	chain	chain	NN
www-bis-org-8025	432	20	,	,	,
www-bis-org-8025	432	21	thus	thus	RB
www-bis-org-8025	432	22	giving	give	VBG
www-bis-org-8025	432	23	rise	rise	NN
www-bis-org-8025	432	24	to	to	IN
www-bis-org-8025	432	25	the	the	DT
www-bis-org-8025	432	26	Ethereum	Ethereum	NNP
www-bis-org-8025	432	27	Classic	Classic	NNP
www-bis-org-8025	432	28	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	432	29	.	.	.
www-bis-org-8025	433	1	These	these	DT
www-bis-org-8025	433	2	three	three	CD
www-bis-org-8025	433	3	episodes	episode	NNS
www-bis-org-8025	433	4	,	,	,
www-bis-org-8025	433	5	and	and	CC
www-bis-org-8025	433	6	others	other	NNS
www-bis-org-8025	433	7	like	like	IN
www-bis-org-8025	433	8	them	-PRON-	PRP
www-bis-org-8025	433	9	,	,	,
www-bis-org-8025	433	10	show	show	VBP
www-bis-org-8025	433	11	that	that	IN
www-bis-org-8025	433	12	social	social	JJ
www-bis-org-8025	433	13	coordination	coordination	NN
www-bis-org-8025	433	14	has	have	VBZ
www-bis-org-8025	433	15	to	to	TO
www-bis-org-8025	433	16	be	be	VB
www-bis-org-8025	433	17	a	a	DT
www-bis-org-8025	433	18	key	key	JJ
www-bis-org-8025	433	19	element	element	NN
www-bis-org-8025	433	20	of	of	IN
www-bis-org-8025	433	21	smoothly	smoothly	RB
www-bis-org-8025	433	22	functioning	function	VBG
www-bis-org-8025	433	23	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	433	24	.	.	.
www-bis-org-8025	434	1	In	in	IN
www-bis-org-8025	434	2	the	the	DT
www-bis-org-8025	434	3	future	future	NN
www-bis-org-8025	434	4	,	,	,
www-bis-org-8025	434	5	if	if	IN
www-bis-org-8025	434	6	novel	novel	JJ
www-bis-org-8025	434	7	consensus	consensus	NN
www-bis-org-8025	434	8	concepts	concept	NNS
www-bis-org-8025	434	9	such	such	JJ
www-bis-org-8025	434	10	as	as	IN
www-bis-org-8025	434	11	proof	proof	NN
www-bis-org-8025	434	12	-	-	HYPH
www-bis-org-8025	434	13	of	of	IN
www-bis-org-8025	434	14	-	-	HYPH
www-bis-org-8025	434	15	stake	stake	NN
www-bis-org-8025	434	16	gain	gain	NN
www-bis-org-8025	434	17	momentum	momentum	NN
www-bis-org-8025	434	18	,	,	,
www-bis-org-8025	434	19	such	such	JJ
www-bis-org-8025	434	20	social	social	JJ
www-bis-org-8025	434	21	coordination	coordination	NN
www-bis-org-8025	434	22	may	may	MD
www-bis-org-8025	434	23	take	take	VB
www-bis-org-8025	434	24	a	a	DT
www-bis-org-8025	434	25	more	more	RBR
www-bis-org-8025	434	26	central	central	JJ
www-bis-org-8025	434	27	role	role	NN
www-bis-org-8025	434	28	,	,	,
www-bis-org-8025	434	29	so	so	IN
www-bis-org-8025	434	30	that	that	IN
www-bis-org-8025	434	31	effective	effective	JJ
www-bis-org-8025	434	32	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	434	33	might	may	MD
www-bis-org-8025	434	34	ultimately	ultimately	RB
www-bis-org-8025	434	35	require	require	VB
www-bis-org-8025	434	36	institutional	institutional	JJ
www-bis-org-8025	434	37	backing	backing	NN
www-bis-org-8025	434	38	of	of	IN
www-bis-org-8025	434	39	some	some	DT
www-bis-org-8025	434	40	form	form	NN
www-bis-org-8025	434	41	.	.	.
www-bis-org-8025	435	1	How	how	WRB
www-bis-org-8025	435	2	readily	readily	RB
www-bis-org-8025	435	3	institutional	institutional	JJ
www-bis-org-8025	435	4	backing	backing	NN
www-bis-org-8025	435	5	could	could	MD
www-bis-org-8025	435	6	improve	improve	VB
www-bis-org-8025	435	7	the	the	DT
www-bis-org-8025	435	8	efficiency	efficiency	NN
www-bis-org-8025	435	9	of	of	IN
www-bis-org-8025	435	10	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	435	11	can	can	MD
www-bis-org-8025	435	12	also	also	RB
www-bis-org-8025	435	13	be	be	VB
www-bis-org-8025	435	14	shown	show	VBN
www-bis-org-8025	435	15	in	in	IN
www-bis-org-8025	435	16	the	the	DT
www-bis-org-8025	435	17	above	above	JJ
www-bis-org-8025	435	18	analysis	analysis	NN
www-bis-org-8025	435	19	of	of	IN
www-bis-org-8025	435	20	payment	payment	NN
www-bis-org-8025	435	21	security	security	NN
www-bis-org-8025	435	22	(	(	-LRB-
www-bis-org-8025	435	23	in	in	IN
www-bis-org-8025	435	24	particular	particular	JJ
www-bis-org-8025	435	25	equation	equation	NN
www-bis-org-8025	435	26	(	(	-LRB-
www-bis-org-8025	435	27	7	7	CD
www-bis-org-8025	435	28	)	)	-RRB-
www-bis-org-8025	435	29	)	)	-RRB-
www-bis-org-8025	435	30	.	.	.
www-bis-org-8025	436	1	If	if	IN
www-bis-org-8025	436	2	it	-PRON-	PRP
www-bis-org-8025	436	3	were	be	VBD
www-bis-org-8025	436	4	possible	possible	JJ
www-bis-org-8025	436	5	to	to	TO
www-bis-org-8025	436	6	pre	pre	VB
www-bis-org-8025	436	7	-	-	VB
www-bis-org-8025	436	8	commit	commit	VB
www-bis-org-8025	436	9	to	to	TO
www-bis-org-8025	436	10	undo	undo	VB
www-bis-org-8025	436	11	any	any	DT
www-bis-org-8025	436	12	double	double	JJ
www-bis-org-8025	436	13	-	-	HYPH
www-bis-org-8025	436	14	spending	spend	VBG
www-bis-org-8025	436	15	attack	attack	NN
www-bis-org-8025	436	16	,	,	,
www-bis-org-8025	436	17	this	this	DT
www-bis-org-8025	436	18	would	would	MD
www-bis-org-8025	436	19	negate	negate	VB
www-bis-org-8025	436	20	any	any	DT
www-bis-org-8025	436	21	incentives	incentive	NNS
www-bis-org-8025	436	22	to	to	TO
www-bis-org-8025	436	23	attack	attack	VB
www-bis-org-8025	436	24	bitcoin	bitcoin	NN
www-bis-org-8025	436	25	in	in	IN
www-bis-org-8025	436	26	the	the	DT
www-bis-org-8025	436	27	first	first	JJ
www-bis-org-8025	436	28	place	place	NN
www-bis-org-8025	436	29	.	.	.
www-bis-org-8025	437	1	More	more	RBR
www-bis-org-8025	437	2	generally	generally	RB
www-bis-org-8025	437	3	,	,	,
www-bis-org-8025	437	4	the	the	DT
www-bis-org-8025	437	5	higher	high	JJR
www-bis-org-8025	437	6	the	the	DT
www-bis-org-8025	437	7	probability	probability	NN
www-bis-org-8025	437	8	that	that	IN
www-bis-org-8025	437	9	there	there	EX
www-bis-org-8025	437	10	will	will	MD
www-bis-org-8025	437	11	be	be	VB
www-bis-org-8025	437	12	coordination	coordination	NN
www-bis-org-8025	437	13	to	to	TO
www-bis-org-8025	437	14	undo	undo	VB
www-bis-org-8025	437	15	any	any	DT
www-bis-org-8025	437	16	attack	attack	NN
www-bis-org-8025	437	17	(	(	-LRB-
www-bis-org-8025	437	18	as	as	IN
www-bis-org-8025	437	19	captured	capture	VBN
www-bis-org-8025	437	20	by	by	IN
www-bis-org-8025	437	21	Π	π	PRP
www-bis-org-8025	437	22	in	in	IN
www-bis-org-8025	437	23	equation	equation	NN
www-bis-org-8025	437	24	(	(	-LRB-
www-bis-org-8025	437	25	7	7	CD
www-bis-org-8025	437	26	)	)	-RRB-
www-bis-org-8025	437	27	)	)	-RRB-
www-bis-org-8025	437	28	,	,	,
www-bis-org-8025	437	29	the	the	DT
www-bis-org-8025	437	30	lower	low	JJR
www-bis-org-8025	437	31	transaction	transaction	NN
www-bis-org-8025	437	32	fees	fee	NNS
www-bis-org-8025	437	33	and	and	CC
www-bis-org-8025	437	34	waiting	wait	VBG
www-bis-org-8025	437	35	times	time	NNS
www-bis-org-8025	437	36	can	can	MD
www-bis-org-8025	437	37	be	be	VB
www-bis-org-8025	437	38	set	set	VBN
www-bis-org-8025	437	39	in	in	IN
www-bis-org-8025	437	40	order	order	NN
www-bis-org-8025	437	41	to	to	TO
www-bis-org-8025	437	42	deter	deter	VB
www-bis-org-8025	437	43	attacks	attack	NNS
www-bis-org-8025	437	44	.	.	.
www-bis-org-8025	438	1	Graph	Graph	NNP
www-bis-org-8025	438	2	12	12	CD
www-bis-org-8025	438	3	shows	show	VBZ
www-bis-org-8025	438	4	the	the	DT
www-bis-org-8025	438	5	quantitative	quantitative	JJ
www-bis-org-8025	438	6	impact	impact	NN
www-bis-org-8025	438	7	of	of	IN
www-bis-org-8025	438	8	greater	great	JJR
www-bis-org-8025	438	9	social	social	JJ
www-bis-org-8025	438	10	coordination	coordination	NN
www-bis-org-8025	438	11	(	(	-LRB-
www-bis-org-8025	438	12	higher	high	JJR
www-bis-org-8025	438	13	Π	π	NN
www-bis-org-8025	438	14	)	)	-RRB-
www-bis-org-8025	438	15	on	on	IN
www-bis-org-8025	438	16	the	the	DT
www-bis-org-8025	438	17	trade	trade	NN
www-bis-org-8025	438	18	-	-	HYPH
www-bis-org-8025	438	19	off	off	NN
www-bis-org-8025	438	20	between	between	IN
www-bis-org-8025	438	21	transaction	transaction	NN
www-bis-org-8025	438	22	costs	cost	NNS
www-bis-org-8025	438	23	and	and	CC
www-bis-org-8025	438	24	waittime	waittime	NN
www-bis-org-8025	438	25	.	.	.
www-bis-org-8025	439	1	Institutionalisation	institutionalisation	NN
www-bis-org-8025	439	2	is	be	VBZ
www-bis-org-8025	439	3	key	key	JJ
www-bis-org-8025	439	4	to	to	IN
www-bis-org-8025	439	5	the	the	DT
www-bis-org-8025	439	6	efficiency	efficiency	NN
www-bis-org-8025	439	7	of	of	IN
www-bis-org-8025	439	8	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	439	9	Graph	Graph	NNP
www-bis-org-8025	439	10	12	12	CD
www-bis-org-8025	439	11	Logarithmic	Logarithmic	NNP
www-bis-org-8025	439	12	scale	scale	NN
www-bis-org-8025	439	13	This	this	DT
www-bis-org-8025	439	14	graph	graph	NN
www-bis-org-8025	439	15	shows	show	VBZ
www-bis-org-8025	439	16	the	the	DT
www-bis-org-8025	439	17	impact	impact	NN
www-bis-org-8025	439	18	on	on	IN
www-bis-org-8025	439	19	the	the	DT
www-bis-org-8025	439	20	required	require	VBN
www-bis-org-8025	439	21	waiting	wait	VBG
www-bis-org-8025	439	22	times	time	NNS
www-bis-org-8025	439	23	in	in	IN
www-bis-org-8025	439	24	the	the	DT
www-bis-org-8025	439	25	case	case	NN
www-bis-org-8025	439	26	that	that	IN
www-bis-org-8025	439	27	social	social	JJ
www-bis-org-8025	439	28	coordination	coordination	NN
www-bis-org-8025	439	29	is	be	VBZ
www-bis-org-8025	439	30	used	use	VBN
www-bis-org-8025	439	31	to	to	TO
www-bis-org-8025	439	32	undo	undo	VB
www-bis-org-8025	439	33	a	a	DT
www-bis-org-8025	439	34	double	double	JJ
www-bis-org-8025	439	35	-	-	HYPH
www-bis-org-8025	439	36	spending	spend	VBG
www-bis-org-8025	439	37	attack	attack	NN
www-bis-org-8025	439	38	.	.	.
www-bis-org-8025	440	1	Calculations	calculation	NNS
www-bis-org-8025	440	2	are	be	VBP
www-bis-org-8025	440	3	based	base	VBN
www-bis-org-8025	440	4	on	on	IN
www-bis-org-8025	440	5	equation	equation	NN
www-bis-org-8025	440	6	(	(	-LRB-
www-bis-org-8025	440	7	7	7	CD
www-bis-org-8025	440	8	)	)	-RRB-
www-bis-org-8025	440	9	in	in	IN
www-bis-org-8025	440	10	the	the	DT
www-bis-org-8025	440	11	main	main	JJ
www-bis-org-8025	440	12	text	text	NN
www-bis-org-8025	440	13	,	,	,
www-bis-org-8025	440	14	assuming	assume	VBG
www-bis-org-8025	440	15	that	that	IN
www-bis-org-8025	440	16	block	block	NN
www-bis-org-8025	440	17	rewards	reward	NNS
www-bis-org-8025	440	18	are	be	VBP
www-bis-org-8025	440	19	0	0	CD
www-bis-org-8025	440	20	.	.	.
www-bis-org-8025	441	1	The	the	DT
www-bis-org-8025	441	2	horizontal	horizontal	JJ
www-bis-org-8025	441	3	axis	axi	NNS
www-bis-org-8025	441	4	denotes	denote	VBZ
www-bis-org-8025	441	5	the	the	DT
www-bis-org-8025	441	6	probability	probability	NN
www-bis-org-8025	441	7	that	that	IN
www-bis-org-8025	441	8	the	the	DT
www-bis-org-8025	441	9	network	network	NN
www-bis-org-8025	441	10	of	of	IN
www-bis-org-8025	441	11	bitcoin	bitcoin	NN
www-bis-org-8025	441	12	users	user	NNS
www-bis-org-8025	441	13	will	will	MD
www-bis-org-8025	441	14	coordinate	coordinate	VB
www-bis-org-8025	441	15	and	and	CC
www-bis-org-8025	441	16	undo	undo	VB
www-bis-org-8025	441	17	any	any	DT
www-bis-org-8025	441	18	double	double	JJ
www-bis-org-8025	441	19	-	-	HYPH
www-bis-org-8025	441	20	spending	spend	VBG
www-bis-org-8025	441	21	attack	attack	NN
www-bis-org-8025	441	22	(	(	-LRB-
www-bis-org-8025	441	23	Π	π	NN
www-bis-org-8025	441	24	in	in	IN
www-bis-org-8025	441	25	equation	equation	NN
www-bis-org-8025	441	26	(	(	-LRB-
www-bis-org-8025	441	27	7	7	CD
www-bis-org-8025	441	28	)	)	-RRB-
www-bis-org-8025	441	29	)	)	-RRB-
www-bis-org-8025	441	30	.	.	.
www-bis-org-8025	442	1	The	the	DT
www-bis-org-8025	442	2	vertical	vertical	JJ
www-bis-org-8025	442	3	axis	axi	NNS
www-bis-org-8025	442	4	shows	show	VBZ
www-bis-org-8025	442	5	the	the	DT
www-bis-org-8025	442	6	resultant	resultant	NN
www-bis-org-8025	442	7	required	require	VBN
www-bis-org-8025	442	8	waiting	wait	VBG
www-bis-org-8025	442	9	times	time	NNS
www-bis-org-8025	442	10	for	for	IN
www-bis-org-8025	442	11	various	various	JJ
www-bis-org-8025	442	12	levels	level	NNS
www-bis-org-8025	442	13	of	of	IN
www-bis-org-8025	442	14	transaction	transaction	NN
www-bis-org-8025	442	15	fees	fee	NNS
www-bis-org-8025	442	16	.	.	.
www-bis-org-8025	443	1	Source	source	NN
www-bis-org-8025	443	2	:	:	:
www-bis-org-8025	443	3	Author	author	NN
www-bis-org-8025	443	4	’s	’s	POS
www-bis-org-8025	443	5	calculations	calculation	NNS
www-bis-org-8025	443	6	.	.	.
www-bis-org-8025	444	1	1,000	1,000	CD
www-bis-org-8025	444	2	100	100	CD
www-bis-org-8025	444	3	10	10	CD
www-bis-org-8025	444	4	1	1	CD
www-bis-org-8025	444	5	100%90%80%70%60%50%40%30%20%10	100%90%80%70%60%50%40%30%20%10	CD
www-bis-org-8025	444	6	%	%	NN
www-bis-org-8025	444	7	Probability	Probability	NNP
www-bis-org-8025	444	8	of	of	IN
www-bis-org-8025	444	9	social	social	JJ
www-bis-org-8025	444	10	coordination	coordination	NN
www-bis-org-8025	444	11	R	R	NNP
www-bis-org-8025	444	12	eq	eq	NNP
www-bis-org-8025	444	13	ui	ui	NNP
www-bis-org-8025	444	14	re	re	NN
www-bis-org-8025	444	15	d	d	NNP
www-bis-org-8025	444	16	w	w	NNP
www-bis-org-8025	444	17	ai	ai	NNP
www-bis-org-8025	444	18	t	t	NNP
www-bis-org-8025	444	19	tim	tim	NNP
www-bis-org-8025	444	20	e	e	NNP
www-bis-org-8025	444	21	in	in	IN
www-bis-org-8025	444	22	b	b	NNP
www-bis-org-8025	444	23	lo	lo	NNP
www-bis-org-8025	444	24	ck	ck	NNP
www-bis-org-8025	444	25	s	s	NNP
www-bis-org-8025	444	26	1	1	CD
www-bis-org-8025	444	27	%	%	NN
www-bis-org-8025	444	28	fee	fee	NN
www-bis-org-8025	444	29	0.1	0.1	CD
www-bis-org-8025	444	30	%	%	NN
www-bis-org-8025	444	31	fee	fee	NN
www-bis-org-8025	444	32	0.01	0.01	CD
www-bis-org-8025	444	33	%	%	NN
www-bis-org-8025	444	34	fee	fee	NN
www-bis-org-8025	444	35	WP765	WP765	NNP
www-bis-org-8025	444	36	Beyond	beyond	IN
www-bis-org-8025	444	37	the	the	DT
www-bis-org-8025	444	38	doomsday	doomsday	NNP
www-bis-org-8025	444	39	economics	economic	NNS
www-bis-org-8025	444	40	of	of	IN
www-bis-org-8025	444	41	“	"	``
www-bis-org-8025	444	42	proof	proof	NN
www-bis-org-8025	444	43	-	-	HYPH
www-bis-org-8025	444	44	of	of	IN
www-bis-org-8025	444	45	-	-	HYPH
www-bis-org-8025	444	46	work	work	NN
www-bis-org-8025	444	47	”	"	''
www-bis-org-8025	444	48	in	in	IN
www-bis-org-8025	444	49	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	444	50	23	23	CD
www-bis-org-8025	444	51	Conclusion	conclusion	NN
www-bis-org-8025	444	52	:	:	:
www-bis-org-8025	444	53	towards	towards	IN
www-bis-org-8025	444	54	a	a	DT
www-bis-org-8025	444	55	world	world	NN
www-bis-org-8025	444	56	of	of	IN
www-bis-org-8025	444	57	semi	semi	JJ
www-bis-org-8025	444	58	-	-	JJ
www-bis-org-8025	444	59	decentralised	decentralised	JJ
www-bis-org-8025	444	60	exchange	exchange	NN
www-bis-org-8025	444	61	?	?	.
www-bis-org-8025	445	1	The	the	DT
www-bis-org-8025	445	2	overall	overall	JJ
www-bis-org-8025	445	3	conclusion	conclusion	NN
www-bis-org-8025	445	4	from	from	IN
www-bis-org-8025	445	5	this	this	DT
www-bis-org-8025	445	6	paper	paper	NN
www-bis-org-8025	445	7	is	be	VBZ
www-bis-org-8025	445	8	that	that	IN
www-bis-org-8025	445	9	,	,	,
www-bis-org-8025	445	10	at	at	IN
www-bis-org-8025	445	11	least	least	JJS
www-bis-org-8025	445	12	judging	judging	NN
www-bis-org-8025	445	13	based	base	VBN
www-bis-org-8025	445	14	on	on	IN
www-bis-org-8025	445	15	current	current	JJ
www-bis-org-8025	445	16	technologies	technology	NNS
www-bis-org-8025	445	17	,	,	,
www-bis-org-8025	445	18	in	in	IN
www-bis-org-8025	445	19	the	the	DT
www-bis-org-8025	445	20	digital	digital	JJ
www-bis-org-8025	445	21	age	age	NN
www-bis-org-8025	445	22	too	too	RB
www-bis-org-8025	445	23	,	,	,
www-bis-org-8025	445	24	good	good	JJ
www-bis-org-8025	445	25	money	money	NN
www-bis-org-8025	445	26	is	be	VBZ
www-bis-org-8025	445	27	likely	likely	JJ
www-bis-org-8025	445	28	to	to	TO
www-bis-org-8025	445	29	remain	remain	VB
www-bis-org-8025	445	30	a	a	DT
www-bis-org-8025	445	31	social	social	JJ
www-bis-org-8025	445	32	construct	construct	NN
www-bis-org-8025	445	33	rather	rather	RB
www-bis-org-8025	445	34	than	than	IN
www-bis-org-8025	445	35	a	a	DT
www-bis-org-8025	445	36	purely	purely	RB
www-bis-org-8025	445	37	technological	technological	JJ
www-bis-org-8025	445	38	one	one	NN
www-bis-org-8025	445	39	:	:	:
www-bis-org-8025	445	40	the	the	DT
www-bis-org-8025	445	41	efficiency	efficiency	NN
www-bis-org-8025	445	42	of	of	IN
www-bis-org-8025	445	43	decentralised	decentralised	JJ
www-bis-org-8025	445	44	exchange	exchange	NN
www-bis-org-8025	445	45	via	via	IN
www-bis-org-8025	445	46	proof	proof	NN
www-bis-org-8025	445	47	-	-	HYPH
www-bis-org-8025	445	48	of	of	IN
www-bis-org-8025	445	49	-	-	HYPH
www-bis-org-8025	445	50	work	work	NN
www-bis-org-8025	445	51	exclusively	exclusively	RB
www-bis-org-8025	445	52	is	be	VBZ
www-bis-org-8025	445	53	much	much	RB
www-bis-org-8025	445	54	lower	low	JJR
www-bis-org-8025	445	55	than	than	IN
www-bis-org-8025	445	56	would	would	MD
www-bis-org-8025	445	57	appear	appear	VB
www-bis-org-8025	445	58	at	at	IN
www-bis-org-8025	445	59	first	first	JJ
www-bis-org-8025	445	60	sight	sight	NN
www-bis-org-8025	445	61	,	,	,
www-bis-org-8025	445	62	and	and	CC
www-bis-org-8025	445	63	alternative	alternative	JJ
www-bis-org-8025	445	64	technologies	technology	NNS
www-bis-org-8025	445	65	still	still	RB
www-bis-org-8025	445	66	need	need	VBP
www-bis-org-8025	445	67	to	to	TO
www-bis-org-8025	445	68	demonstrate	demonstrate	VB
www-bis-org-8025	445	69	that	that	IN
www-bis-org-8025	445	70	they	-PRON-	PRP
www-bis-org-8025	445	71	can	can	MD
www-bis-org-8025	445	72	function	function	VB
www-bis-org-8025	445	73	without	without	IN
www-bis-org-8025	445	74	institutional	institutional	JJ
www-bis-org-8025	445	75	backing	backing	NN
www-bis-org-8025	445	76	.	.	.
www-bis-org-8025	446	1	But	but	CC
www-bis-org-8025	446	2	claiming	claim	VBG
www-bis-org-8025	446	3	that	that	DT
www-bis-org-8025	446	4	technology	technology	NN
www-bis-org-8025	446	5	alone	alone	RB
www-bis-org-8025	446	6	can	can	MD
www-bis-org-8025	446	7	not	not	RB
www-bis-org-8025	446	8	do	do	VB
www-bis-org-8025	446	9	the	the	DT
www-bis-org-8025	446	10	trick	trick	NN
www-bis-org-8025	446	11	is	be	VBZ
www-bis-org-8025	446	12	not	not	RB
www-bis-org-8025	446	13	to	to	TO
www-bis-org-8025	446	14	say	say	VB
www-bis-org-8025	446	15	that	that	IN
www-bis-org-8025	446	16	it	-PRON-	PRP
www-bis-org-8025	446	17	is	be	VBZ
www-bis-org-8025	446	18	useless	useless	JJ
www-bis-org-8025	446	19	.	.	.
www-bis-org-8025	447	1	It	-PRON-	PRP
www-bis-org-8025	447	2	simply	simply	RB
www-bis-org-8025	447	3	means	mean	VBZ
www-bis-org-8025	447	4	that	that	IN
www-bis-org-8025	447	5	the	the	DT
www-bis-org-8025	447	6	focus	focus	NN
www-bis-org-8025	447	7	could	could	MD
www-bis-org-8025	447	8	shift	shift	VB
www-bis-org-8025	447	9	away	away	RB
www-bis-org-8025	447	10	from	from	IN
www-bis-org-8025	447	11	the	the	DT
www-bis-org-8025	447	12	issue	issue	NN
www-bis-org-8025	447	13	of	of	IN
www-bis-org-8025	447	14	whether	whether	IN
www-bis-org-8025	447	15	the	the	DT
www-bis-org-8025	447	16	technology	technology	NN
www-bis-org-8025	447	17	can	can	MD
www-bis-org-8025	447	18	replace	replace	VB
www-bis-org-8025	447	19	traditional	traditional	JJ
www-bis-org-8025	447	20	sovereign	sovereign	JJ
www-bis-org-8025	447	21	money	money	NN
www-bis-org-8025	447	22	and	and	CC
www-bis-org-8025	447	23	financial	financial	JJ
www-bis-org-8025	447	24	institutions	institution	NNS
www-bis-org-8025	447	25	.	.	.
www-bis-org-8025	448	1	One	one	CD
www-bis-org-8025	448	2	key	key	JJ
www-bis-org-8025	448	3	question	question	NN
www-bis-org-8025	448	4	for	for	IN
www-bis-org-8025	448	5	future	future	JJ
www-bis-org-8025	448	6	research	research	NN
www-bis-org-8025	448	7	is	be	VBZ
www-bis-org-8025	448	8	whether	whether	IN
www-bis-org-8025	448	9	and	and	CC
www-bis-org-8025	448	10	how	how	WRB
www-bis-org-8025	448	11	technology	technology	NN
www-bis-org-8025	448	12	-	-	HYPH
www-bis-org-8025	448	13	supported	support	VBN
www-bis-org-8025	448	14	distributed	distribute	VBN
www-bis-org-8025	448	15	exchange	exchange	NN
www-bis-org-8025	448	16	can	can	MD
www-bis-org-8025	448	17	complement	complement	VB
www-bis-org-8025	448	18	and	and	CC
www-bis-org-8025	448	19	improve	improve	VB
www-bis-org-8025	448	20	upon	upon	IN
www-bis-org-8025	448	21	existing	exist	VBG
www-bis-org-8025	448	22	monetary	monetary	JJ
www-bis-org-8025	448	23	and	and	CC
www-bis-org-8025	448	24	financial	financial	JJ
www-bis-org-8025	448	25	infrastructure	infrastructure	NN
www-bis-org-8025	448	26	.	.	.
www-bis-org-8025	449	1	For	for	IN
www-bis-org-8025	449	2	example	example	NN
www-bis-org-8025	449	3	,	,	,
www-bis-org-8025	449	4	in	in	IN
www-bis-org-8025	449	5	mixed	mix	VBN
www-bis-org-8025	449	6	systems	system	NNS
www-bis-org-8025	449	7	,	,	,
www-bis-org-8025	449	8	normal	normal	JJ
www-bis-org-8025	449	9	market	market	NN
www-bis-org-8025	449	10	functioning	functioning	NN
www-bis-org-8025	449	11	could	could	MD
www-bis-org-8025	449	12	be	be	VB
www-bis-org-8025	449	13	guaranteed	guarantee	VBN
www-bis-org-8025	449	14	by	by	IN
www-bis-org-8025	449	15	decentralised	decentralised	JJ
www-bis-org-8025	449	16	economic	economic	JJ
www-bis-org-8025	449	17	consensus	consensus	NN
www-bis-org-8025	449	18	,	,	,
www-bis-org-8025	449	19	yet	yet	RB
www-bis-org-8025	449	20	should	should	MD
www-bis-org-8025	449	21	it	-PRON-	PRP
www-bis-org-8025	449	22	fail	fail	VB
www-bis-org-8025	449	23	there	there	EX
www-bis-org-8025	449	24	would	would	MD
www-bis-org-8025	449	25	be	be	VB
www-bis-org-8025	449	26	overarching	overarching	JJ
www-bis-org-8025	449	27	coordination	coordination	NN
www-bis-org-8025	449	28	mechanisms	mechanism	NNS
www-bis-org-8025	449	29	that	that	WDT
www-bis-org-8025	449	30	are	be	VBP
www-bis-org-8025	449	31	also	also	RB
www-bis-org-8025	449	32	tied	tie	VBN
www-bis-org-8025	449	33	to	to	IN
www-bis-org-8025	449	34	the	the	DT
www-bis-org-8025	449	35	legal	legal	JJ
www-bis-org-8025	449	36	system	system	NN
www-bis-org-8025	449	37	.	.	.
www-bis-org-8025	450	1	What	what	WP
www-bis-org-8025	450	2	would	would	MD
www-bis-org-8025	450	3	be	be	VB
www-bis-org-8025	450	4	the	the	DT
www-bis-org-8025	450	5	gains	gain	NNS
www-bis-org-8025	450	6	regarding	regard	VBG
www-bis-org-8025	450	7	efficiency	efficiency	NN
www-bis-org-8025	450	8	,	,	,
www-bis-org-8025	450	9	transparency	transparency	NN
www-bis-org-8025	450	10	,	,	,
www-bis-org-8025	450	11	and	and	CC
www-bis-org-8025	450	12	resilience	resilience	NN
www-bis-org-8025	450	13	from	from	IN
www-bis-org-8025	450	14	such	such	JJ
www-bis-org-8025	450	15	semi	semi	JJ
www-bis-org-8025	450	16	-	-	JJ
www-bis-org-8025	450	17	decentralised	decentralised	JJ
www-bis-org-8025	450	18	exchange	exchange	NN
www-bis-org-8025	450	19	compared	compare	VBN
www-bis-org-8025	450	20	to	to	IN
www-bis-org-8025	450	21	current	current	JJ
www-bis-org-8025	450	22	market	market	NN
www-bis-org-8025	450	23	designs	design	NNS
www-bis-org-8025	450	24	?	?	.
www-bis-org-8025	451	1	Outside	outside	IN
www-bis-org-8025	451	2	the	the	DT
www-bis-org-8025	451	3	world	world	NN
www-bis-org-8025	451	4	of	of	IN
www-bis-org-8025	451	5	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	451	6	aficionados	aficionado	NNS
www-bis-org-8025	451	7	,	,	,
www-bis-org-8025	451	8	answering	answer	VBG
www-bis-org-8025	451	9	these	these	DT
www-bis-org-8025	451	10	and	and	CC
www-bis-org-8025	451	11	related	related	JJ
www-bis-org-8025	451	12	questions	question	NNS
www-bis-org-8025	451	13	will	will	MD
www-bis-org-8025	451	14	require	require	VB
www-bis-org-8025	451	15	a	a	DT
www-bis-org-8025	451	16	more	more	RBR
www-bis-org-8025	451	17	widely	widely	RB
www-bis-org-8025	451	18	distributed	distribute	VBN
www-bis-org-8025	451	19	understanding	understanding	NN
www-bis-org-8025	451	20	of	of	IN
www-bis-org-8025	451	21	the	the	DT
www-bis-org-8025	451	22	new	new	JJ
www-bis-org-8025	451	23	technology	technology	NN
www-bis-org-8025	451	24	and	and	CC
www-bis-org-8025	451	25	how	how	WRB
www-bis-org-8025	451	26	it	-PRON-	PRP
www-bis-org-8025	451	27	might	may	MD
www-bis-org-8025	451	28	be	be	VB
www-bis-org-8025	451	29	used	use	VBN
www-bis-org-8025	451	30	in	in	IN
www-bis-org-8025	451	31	existing	exist	VBG
www-bis-org-8025	451	32	markets	market	NNS
www-bis-org-8025	451	33	.	.	.
www-bis-org-8025	452	1	On	on	IN
www-bis-org-8025	452	2	the	the	DT
www-bis-org-8025	452	3	other	other	JJ
www-bis-org-8025	452	4	hand	hand	NN
www-bis-org-8025	452	5	,	,	,
www-bis-org-8025	452	6	for	for	IN
www-bis-org-8025	452	7	those	those	DT
www-bis-org-8025	452	8	already	already	RB
www-bis-org-8025	452	9	involved	involve	VBN
www-bis-org-8025	452	10	in	in	IN
www-bis-org-8025	452	11	distributed	distribute	VBN
www-bis-org-8025	452	12	ledger	ledger	JJ
www-bis-org-8025	452	13	technology	technology	NN
www-bis-org-8025	452	14	,	,	,
www-bis-org-8025	452	15	what	what	WP
www-bis-org-8025	452	16	is	be	VBZ
www-bis-org-8025	452	17	needed	need	VBN
www-bis-org-8025	452	18	is	be	VBZ
www-bis-org-8025	452	19	an	an	DT
www-bis-org-8025	452	20	awareness	awareness	NN
www-bis-org-8025	452	21	of	of	IN
www-bis-org-8025	452	22	how	how	WRB
www-bis-org-8025	452	23	institutions	institution	NNS
www-bis-org-8025	452	24	have	have	VBP
www-bis-org-8025	452	25	sustained	sustain	VBN
www-bis-org-8025	452	26	trust	trust	NN
www-bis-org-8025	452	27	throughout	throughout	IN
www-bis-org-8025	452	28	mankind	mankind	NN
www-bis-org-8025	452	29	’s	’s	POS
www-bis-org-8025	452	30	history	history	NN
www-bis-org-8025	452	31	,	,	,
www-bis-org-8025	452	32	an	an	DT
www-bis-org-8025	452	33	issue	issue	NN
www-bis-org-8025	452	34	that	that	WDT
www-bis-org-8025	452	35	lies	lie	VBZ
www-bis-org-8025	452	36	at	at	IN
www-bis-org-8025	452	37	heart	heart	NN
www-bis-org-8025	452	38	of	of	IN
www-bis-org-8025	452	39	central	central	JJ
www-bis-org-8025	452	40	banking	banking	NN
www-bis-org-8025	452	41	and	and	CC
www-bis-org-8025	452	42	financial	financial	JJ
www-bis-org-8025	452	43	regulation	regulation	NN
www-bis-org-8025	452	44	(	(	-LRB-
www-bis-org-8025	452	45	see	see	VB
www-bis-org-8025	452	46	,	,	,
www-bis-org-8025	452	47	for	for	IN
www-bis-org-8025	452	48	example	example	NN
www-bis-org-8025	452	49	,	,	,
www-bis-org-8025	452	50	Lewis	Lewis	NNP
www-bis-org-8025	452	51	(	(	-LRB-
www-bis-org-8025	452	52	1969	1969	CD
www-bis-org-8025	452	53	)	)	-RRB-
www-bis-org-8025	452	54	,	,	,
www-bis-org-8025	452	55	Giannini	Giannini	NNP
www-bis-org-8025	452	56	(	(	-LRB-
www-bis-org-8025	452	57	2011	2011	CD
www-bis-org-8025	452	58	)	)	-RRB-
www-bis-org-8025	452	59	,	,	,
www-bis-org-8025	452	60	Graeber	Graeber	NNP
www-bis-org-8025	452	61	(	(	-LRB-
www-bis-org-8025	452	62	2011	2011	CD
www-bis-org-8025	452	63	)	)	-RRB-
www-bis-org-8025	452	64	,	,	,
www-bis-org-8025	452	65	Schnabel	Schnabel	NNP
www-bis-org-8025	452	66	and	and	CC
www-bis-org-8025	452	67	Shin	Shin	NNP
www-bis-org-8025	452	68	(	(	-LRB-
www-bis-org-8025	452	69	2018	2018	CD
www-bis-org-8025	452	70	)	)	-RRB-
www-bis-org-8025	452	71	,	,	,
www-bis-org-8025	452	72	Bank	Bank	NNP
www-bis-org-8025	452	73	for	for	IN
www-bis-org-8025	452	74	International	International	NNP
www-bis-org-8025	452	75	Settlements	Settlements	NNP
www-bis-org-8025	452	76	(	(	-LRB-
www-bis-org-8025	452	77	2018	2018	CD
www-bis-org-8025	452	78	)	)	-RRB-
www-bis-org-8025	452	79	,	,	,
www-bis-org-8025	452	80	Carstens	Carstens	NNP
www-bis-org-8025	452	81	(	(	-LRB-
www-bis-org-8025	452	82	2018a	2018a	CD
www-bis-org-8025	452	83	)	)	-RRB-
www-bis-org-8025	452	84	,	,	,
www-bis-org-8025	452	85	and	and	CC
www-bis-org-8025	452	86	Borio	Borio	NNP
www-bis-org-8025	452	87	(	(	-LRB-
www-bis-org-8025	452	88	2018	2018	CD
www-bis-org-8025	452	89	)	)	-RRB-
www-bis-org-8025	452	90	)	)	-RRB-
www-bis-org-8025	452	91	.	.	.
www-bis-org-8025	453	1	All	all	PDT
www-bis-org-8025	453	2	this	this	DT
www-bis-org-8025	453	3	aside	aside	RB
www-bis-org-8025	453	4	,	,	,
www-bis-org-8025	453	5	the	the	DT
www-bis-org-8025	453	6	societal	societal	JJ
www-bis-org-8025	453	7	value	value	NN
www-bis-org-8025	453	8	of	of	IN
www-bis-org-8025	453	9	Nakamoto	Nakamoto	NNP
www-bis-org-8025	453	10	(	(	-LRB-
www-bis-org-8025	453	11	2008	2008	CD
www-bis-org-8025	453	12	)	)	-RRB-
www-bis-org-8025	453	13	and	and	CC
www-bis-org-8025	453	14	his	-PRON-	PRP$
www-bis-org-8025	453	15	followers	follower	NNS
www-bis-org-8025	453	16	is	be	VBZ
www-bis-org-8025	453	17	substantial	substantial	JJ
www-bis-org-8025	453	18	for	for	IN
www-bis-org-8025	453	19	reasons	reason	NNS
www-bis-org-8025	453	20	that	that	WDT
www-bis-org-8025	453	21	extend	extend	VBP
www-bis-org-8025	453	22	well	well	RB
www-bis-org-8025	453	23	beyond	beyond	IN
www-bis-org-8025	453	24	the	the	DT
www-bis-org-8025	453	25	technology	technology	NN
www-bis-org-8025	453	26	’s	’s	POS
www-bis-org-8025	453	27	use	use	NN
www-bis-org-8025	453	28	as	as	IN
www-bis-org-8025	453	29	means	mean	NNS
www-bis-org-8025	453	30	of	of	IN
www-bis-org-8025	453	31	exchange	exchange	NN
www-bis-org-8025	453	32	.	.	.
www-bis-org-8025	454	1	Bitcoin	Bitcoin	NNP
www-bis-org-8025	454	2	’s	’s	POS
www-bis-org-8025	454	3	developers	developer	NNS
www-bis-org-8025	454	4	have	have	VBP
www-bis-org-8025	454	5	created	create	VBN
www-bis-org-8025	454	6	the	the	DT
www-bis-org-8025	454	7	backbone	backbone	NN
www-bis-org-8025	454	8	of	of	IN
www-bis-org-8025	454	9	a	a	DT
www-bis-org-8025	454	10	first	first	JJ
www-bis-org-8025	454	11	-	-	HYPH
www-bis-org-8025	454	12	generation	generation	NN
www-bis-org-8025	454	13	decentralised	decentralise	VBN
www-bis-org-8025	454	14	infrastructure	infrastructure	NN
www-bis-org-8025	454	15	that	that	WDT
www-bis-org-8025	454	16	,	,	,
www-bis-org-8025	454	17	over	over	IN
www-bis-org-8025	454	18	the	the	DT
www-bis-org-8025	454	19	past	past	JJ
www-bis-org-8025	454	20	decade	decade	NN
www-bis-org-8025	454	21	,	,	,
www-bis-org-8025	454	22	has	have	VBZ
www-bis-org-8025	454	23	survived	survive	VBN
www-bis-org-8025	454	24	many	many	JJ
www-bis-org-8025	454	25	attacks	attack	NNS
www-bis-org-8025	454	26	.	.	.
www-bis-org-8025	455	1	In	in	IN
www-bis-org-8025	455	2	addition	addition	NN
www-bis-org-8025	455	3	,	,	,
www-bis-org-8025	455	4	Bitcoin	Bitcoin	NNP
www-bis-org-8025	455	5	has	have	VBZ
www-bis-org-8025	455	6	inspired	inspire	VBN
www-bis-org-8025	455	7	an	an	DT
www-bis-org-8025	455	8	entire	entire	JJ
www-bis-org-8025	455	9	cohort	cohort	NN
www-bis-org-8025	455	10	to	to	TO
www-bis-org-8025	455	11	study	study	VB
www-bis-org-8025	455	12	the	the	DT
www-bis-org-8025	455	13	underlying	underlie	VBG
www-bis-org-8025	455	14	technology	technology	NN
www-bis-org-8025	455	15	,	,	,
www-bis-org-8025	455	16	spotlighting	spotlighting	NN
www-bis-org-8025	455	17	fields	field	NNS
www-bis-org-8025	455	18	as	as	RB
www-bis-org-8025	455	19	diverse	diverse	JJ
www-bis-org-8025	455	20	as	as	IN
www-bis-org-8025	455	21	payments	payment	NNS
www-bis-org-8025	455	22	,	,	,
www-bis-org-8025	455	23	cryptography	cryptography	NN
www-bis-org-8025	455	24	,	,	,
www-bis-org-8025	455	25	and	and	CC
www-bis-org-8025	455	26	database	database	NN
www-bis-org-8025	455	27	management	management	NN
www-bis-org-8025	455	28	.	.	.
www-bis-org-8025	456	1	In	in	IN
www-bis-org-8025	456	2	the	the	DT
www-bis-org-8025	456	3	long	long	JJ
www-bis-org-8025	456	4	run	run	NN
www-bis-org-8025	456	5	,	,	,
www-bis-org-8025	456	6	the	the	DT
www-bis-org-8025	456	7	value	value	NN
www-bis-org-8025	456	8	of	of	IN
www-bis-org-8025	456	9	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	456	10	might	may	MD
www-bis-org-8025	456	11	be	be	VB
www-bis-org-8025	456	12	to	to	TO
www-bis-org-8025	456	13	catalyse	catalyse	VB
www-bis-org-8025	456	14	our	-PRON-	PRP$
www-bis-org-8025	456	15	thinking	thinking	NN
www-bis-org-8025	456	16	on	on	IN
www-bis-org-8025	456	17	how	how	WRB
www-bis-org-8025	456	18	society	society	NN
www-bis-org-8025	456	19	can	can	MD
www-bis-org-8025	456	20	handle	handle	VB
www-bis-org-8025	456	21	access	access	NN
www-bis-org-8025	456	22	to	to	IN
www-bis-org-8025	456	23	data	datum	NNS
www-bis-org-8025	456	24	and	and	CC
www-bis-org-8025	456	25	the	the	DT
www-bis-org-8025	456	26	right	right	NN
www-bis-org-8025	456	27	to	to	TO
www-bis-org-8025	456	28	edit	edit	VB
www-bis-org-8025	456	29	it	-PRON-	PRP
www-bis-org-8025	456	30	,	,	,
www-bis-org-8025	456	31	a	a	DT
www-bis-org-8025	456	32	much	much	RB
www-bis-org-8025	456	33	-	-	HYPH
www-bis-org-8025	456	34	needed	need	VBN
www-bis-org-8025	456	35	impulse	impulse	NN
www-bis-org-8025	456	36	at	at	IN
www-bis-org-8025	456	37	a	a	DT
www-bis-org-8025	456	38	time	time	NN
www-bis-org-8025	456	39	characterised	characterise	VBN
www-bis-org-8025	456	40	by	by	IN
www-bis-org-8025	456	41	loss	loss	NN
www-bis-org-8025	456	42	of	of	IN
www-bis-org-8025	456	43	privacy	privacy	NN
www-bis-org-8025	456	44	and	and	CC
www-bis-org-8025	456	45	the	the	DT
www-bis-org-8025	456	46	rise	rise	NN
www-bis-org-8025	456	47	of	of	IN
www-bis-org-8025	456	48	technology-	technology-	NN
www-bis-org-8025	456	49	driven	drive	VBN
www-bis-org-8025	456	50	disinformation	disinformation	NN
www-bis-org-8025	456	51	campaigns	campaign	NNS
www-bis-org-8025	456	52	.	.	.
www-bis-org-8025	457	1	24	24	CD
www-bis-org-8025	457	2	WP765	WP765	NNP
www-bis-org-8025	457	3	Beyond	beyond	IN
www-bis-org-8025	457	4	the	the	DT
www-bis-org-8025	457	5	doomsday	doomsday	NNP
www-bis-org-8025	457	6	economics	economic	NNS
www-bis-org-8025	457	7	of	of	IN
www-bis-org-8025	457	8	“	"	``
www-bis-org-8025	457	9	proof	proof	NN
www-bis-org-8025	457	10	-	-	HYPH
www-bis-org-8025	457	11	of	of	IN
www-bis-org-8025	457	12	-	-	HYPH
www-bis-org-8025	457	13	work	work	NN
www-bis-org-8025	457	14	”	"	''
www-bis-org-8025	457	15	in	in	IN
www-bis-org-8025	457	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	457	17	References	References	NNP
www-bis-org-8025	457	18	Abadi	Abadi	NNP
www-bis-org-8025	457	19	,	,	,
www-bis-org-8025	457	20	J	J	NNP
www-bis-org-8025	457	21	and	and	CC
www-bis-org-8025	457	22	M	M	NNP
www-bis-org-8025	457	23	Brunnermeier	Brunnermeier	NNP
www-bis-org-8025	457	24	(	(	-LRB-
www-bis-org-8025	457	25	2018	2018	CD
www-bis-org-8025	457	26	)	)	-RRB-
www-bis-org-8025	457	27	:	:	:
www-bis-org-8025	457	28	“	"	``
www-bis-org-8025	457	29	Blockchain	Blockchain	NNP
www-bis-org-8025	457	30	economics	economic	NNS
www-bis-org-8025	457	31	”	"	''
www-bis-org-8025	457	32	,	,	,
www-bis-org-8025	457	33	Princeton	Princeton	NNP
www-bis-org-8025	457	34	University	University	NNP
www-bis-org-8025	457	35	,	,	,
www-bis-org-8025	457	36	mimeo	mimeo	VBD
www-bis-org-8025	457	37	,	,	,
www-bis-org-8025	457	38	May.	May	NNP
www-bis-org-8025	458	1	Amihud	Amihud	NNP
www-bis-org-8025	458	2	,	,	,
www-bis-org-8025	458	3	Y	Y	NNP
www-bis-org-8025	458	4	and	and	CC
www-bis-org-8025	458	5	A	A	NNP
www-bis-org-8025	458	6	Cukierman	Cukierman	NNP
www-bis-org-8025	458	7	(	(	-LRB-
www-bis-org-8025	458	8	2018	2018	CD
www-bis-org-8025	458	9	)	)	-RRB-
www-bis-org-8025	458	10	:	:	:
www-bis-org-8025	458	11	“	"	``
www-bis-org-8025	458	12	The	the	DT
www-bis-org-8025	458	13	macroeconomic	macroeconomic	JJ
www-bis-org-8025	458	14	perils	peril	NNS
www-bis-org-8025	458	15	of	of	IN
www-bis-org-8025	458	16	a	a	DT
www-bis-org-8025	458	17	world	world	NN
www-bis-org-8025	458	18	with	with	IN
www-bis-org-8025	458	19	a	a	DT
www-bis-org-8025	458	20	private	private	JJ
www-bis-org-8025	458	21	digital	digital	JJ
www-bis-org-8025	458	22	currency	currency	NN
www-bis-org-8025	458	23	and	and	CC
www-bis-org-8025	458	24	how	how	WRB
www-bis-org-8025	458	25	to	to	TO
www-bis-org-8025	458	26	address	address	VB
www-bis-org-8025	458	27	them	-PRON-	PRP
www-bis-org-8025	458	28	”	"	''
www-bis-org-8025	458	29	,	,	,
www-bis-org-8025	458	30	VoxEU.org	VoxEU.org	NNP
www-bis-org-8025	458	31	,	,	,
www-bis-org-8025	458	32	9	9	CD
www-bis-org-8025	458	33	October	October	NNP
www-bis-org-8025	458	34	.	.	.
www-bis-org-8025	459	1	Andalfatto	Andalfatto	NNP
www-bis-org-8025	459	2	,	,	,
www-bis-org-8025	459	3	D	D	NNP
www-bis-org-8025	459	4	(	(	-LRB-
www-bis-org-8025	459	5	2013	2013	CD
www-bis-org-8025	459	6	)	)	-RRB-
www-bis-org-8025	459	7	“	"	``
www-bis-org-8025	459	8	Why	why	WRB
www-bis-org-8025	459	9	gold	gold	NN
www-bis-org-8025	459	10	and	and	CC
www-bis-org-8025	459	11	bitcoin	bitcoin	NN
www-bis-org-8025	459	12	make	make	VBP
www-bis-org-8025	459	13	lousy	lousy	JJ
www-bis-org-8025	459	14	money	money	NN
www-bis-org-8025	459	15	”	"	''
www-bis-org-8025	459	16	,	,	,
www-bis-org-8025	459	17	Wednesday	Wednesday	NNP
www-bis-org-8025	459	18	,	,	,
www-bis-org-8025	459	19	24	24	CD
www-bis-org-8025	459	20	April	April	NNP
www-bis-org-8025	459	21	,	,	,
www-bis-org-8025	459	22	2013	2013	CD
www-bis-org-8025	459	23	,	,	,
www-bis-org-8025	459	24	MacroMania	MacroMania	NNP
www-bis-org-8025	459	25	Blog	Blog	NNP
www-bis-org-8025	459	26	.	.	.
www-bis-org-8025	460	1	—	—	:
www-bis-org-8025	460	2	—	—	:
www-bis-org-8025	460	3	—	—	:
www-bis-org-8025	460	4	(	(	-LRB-
www-bis-org-8025	460	5	2017	2017	CD
www-bis-org-8025	460	6	)	)	-RRB-
www-bis-org-8025	460	7	“	"	``
www-bis-org-8025	460	8	My	-PRON-	PRP$
www-bis-org-8025	460	9	perspective	perspective	NN
www-bis-org-8025	460	10	on	on	IN
www-bis-org-8025	460	11	the	the	DT
www-bis-org-8025	460	12	Bitcoin	Bitcoin	NNP
www-bis-org-8025	460	13	Project	Project	NNP
www-bis-org-8025	460	14	(	(	-LRB-
www-bis-org-8025	460	15	collected	collect	VBN
www-bis-org-8025	460	16	works	work	NNS
www-bis-org-8025	460	17	)	)	-RRB-
www-bis-org-8025	460	18	”	"	''
www-bis-org-8025	460	19	,	,	,
www-bis-org-8025	460	20	21	21	CD
www-bis-org-8025	460	21	December	December	NNP
www-bis-org-8025	460	22	,	,	,
www-bis-org-8025	460	23	2017	2017	CD
www-bis-org-8025	460	24	,	,	,
www-bis-org-8025	460	25	MacroMania	MacroMania	NNP
www-bis-org-8025	460	26	Blog	Blog	NNP
www-bis-org-8025	460	27	.	.	.
www-bis-org-8025	461	1	Athey	athey	UH
www-bis-org-8025	461	2	,	,	,
www-bis-org-8025	461	3	S	S	NNP
www-bis-org-8025	461	4	,	,	,
www-bis-org-8025	461	5	I	-PRON-	PRP
www-bis-org-8025	461	6	Parashkevov	parashkevov	VBP
www-bis-org-8025	461	7	,	,	,
www-bis-org-8025	461	8	V	V	NNP
www-bis-org-8025	461	9	Sarukkai	Sarukkai	NNP
www-bis-org-8025	461	10	,	,	,
www-bis-org-8025	461	11	and	and	CC
www-bis-org-8025	461	12	J	J	NNP
www-bis-org-8025	461	13	Xia	Xia	NNP
www-bis-org-8025	461	14	(	(	-LRB-
www-bis-org-8025	461	15	2016	2016	CD
www-bis-org-8025	461	16	)	)	-RRB-
www-bis-org-8025	461	17	:	:	:
www-bis-org-8025	461	18	“	"	``
www-bis-org-8025	461	19	Bitcoin	Bitcoin	NNP
www-bis-org-8025	461	20	pricing	pricing	NN
www-bis-org-8025	461	21	,	,	,
www-bis-org-8025	461	22	adoption	adoption	NN
www-bis-org-8025	461	23	,	,	,
www-bis-org-8025	461	24	and	and	CC
www-bis-org-8025	461	25	usage	usage	NN
www-bis-org-8025	461	26	:	:	:
www-bis-org-8025	461	27	theory	theory	NN
www-bis-org-8025	461	28	and	and	CC
www-bis-org-8025	461	29	evidence	evidence	NN
www-bis-org-8025	461	30	”	"	''
www-bis-org-8025	461	31	,	,	,
www-bis-org-8025	461	32	SIEPR	SIEPR	NNP
www-bis-org-8025	461	33	Working	Working	NNP
www-bis-org-8025	461	34	Papers	Papers	NNPS
www-bis-org-8025	461	35	,	,	,
www-bis-org-8025	461	36	no	no	DT
www-bis-org-8025	461	37	17	17	CD
www-bis-org-8025	461	38	-	-	HYPH
www-bis-org-8025	461	39	033	033	CD
www-bis-org-8025	461	40	.	.	.
www-bis-org-8025	462	1	Muneeb	muneeb	RB
www-bis-org-8025	462	2	,	,	,
www-bis-org-8025	462	3	A	A	NNP
www-bis-org-8025	462	4	,	,	,
www-bis-org-8025	462	5	J	J	NNP
www-bis-org-8025	462	6	Nelson	Nelson	NNP
www-bis-org-8025	462	7	and	and	CC
www-bis-org-8025	462	8	A	a	DT
www-bis-org-8025	462	9	Blankstein	Blankstein	NNP
www-bis-org-8025	462	10	(	(	-LRB-
www-bis-org-8025	462	11	2018	2018	CD
www-bis-org-8025	462	12	)	)	-RRB-
www-bis-org-8025	462	13	:	:	:
www-bis-org-8025	462	14	“	"	``
www-bis-org-8025	462	15	Peer	Peer	NNP
www-bis-org-8025	462	16	Review	Review	NNP
www-bis-org-8025	462	17	:	:	:
www-bis-org-8025	462	18	CBC	CBC	NNP
www-bis-org-8025	462	19	Casper	Casper	NNP
www-bis-org-8025	462	20	”	"	''
www-bis-org-8025	462	21	,	,	,
www-bis-org-8025	462	22	Medium.com	Medium.com	NNP
www-bis-org-8025	462	23	,	,	,
www-bis-org-8025	462	24	6	6	CD
www-bis-org-8025	462	25	Dec.	December	NNP
www-bis-org-8025	462	26	Auer	Auer	NNP
www-bis-org-8025	462	27	,	,	,
www-bis-org-8025	462	28	R	r	NN
www-bis-org-8025	462	29	and	and	CC
www-bis-org-8025	462	30	S	S	NNP
www-bis-org-8025	462	31	Claessens	Claessens	NNP
www-bis-org-8025	462	32	(	(	-LRB-
www-bis-org-8025	462	33	2018	2018	CD
www-bis-org-8025	462	34	)	)	-RRB-
www-bis-org-8025	462	35	:	:	:
www-bis-org-8025	462	36	“	"	``
www-bis-org-8025	462	37	Regulating	regulating	NN
www-bis-org-8025	462	38	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	462	39	:	:	:
www-bis-org-8025	462	40	Assessing	assess	VBG
www-bis-org-8025	462	41	market	market	NN
www-bis-org-8025	462	42	reactions	reaction	NNS
www-bis-org-8025	462	43	”	"	''
www-bis-org-8025	462	44	,	,	,
www-bis-org-8025	462	45	BIS	BIS	NNP
www-bis-org-8025	462	46	Quarterly	Quarterly	NNP
www-bis-org-8025	462	47	Review	Review	NNP
www-bis-org-8025	462	48	,	,	,
www-bis-org-8025	462	49	September	September	NNP
www-bis-org-8025	462	50	.	.	.
www-bis-org-8025	463	1	—	—	:
www-bis-org-8025	463	2	—	—	:
www-bis-org-8025	463	3	—	—	:
www-bis-org-8025	463	4	(	(	-LRB-
www-bis-org-8025	463	5	2019	2019	CD
www-bis-org-8025	463	6	)	)	-RRB-
www-bis-org-8025	463	7	:	:	:
www-bis-org-8025	463	8	“	"	``
www-bis-org-8025	463	9	Cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	463	10	:	:	:
www-bis-org-8025	463	11	why	why	WRB
www-bis-org-8025	463	12	not	not	RB
www-bis-org-8025	463	13	(	(	-LRB-
www-bis-org-8025	463	14	to	to	TO
www-bis-org-8025	463	15	)	)	-RRB-
www-bis-org-8025	463	16	regulate	regulate	VB
www-bis-org-8025	463	17	?	?	.
www-bis-org-8025	463	18	“	"	''
www-bis-org-8025	463	19	,	,	,
www-bis-org-8025	463	20	VoxEU	VoxEU	NNP
www-bis-org-8025	463	21	EBook	EBook	NNP
www-bis-org-8025	463	22	,	,	,
www-bis-org-8025	463	23	February	February	NNP
www-bis-org-8025	463	24	.	.	.
www-bis-org-8025	464	1	Bank	Bank	NNP
www-bis-org-8025	464	2	for	for	IN
www-bis-org-8025	464	3	International	International	NNP
www-bis-org-8025	464	4	Settlements	Settlements	NNP
www-bis-org-8025	464	5	(	(	-LRB-
www-bis-org-8025	464	6	2018	2018	CD
www-bis-org-8025	464	7	)	)	-RRB-
www-bis-org-8025	464	8	:	:	:
www-bis-org-8025	464	9	Annual	Annual	NNP
www-bis-org-8025	464	10	Economic	Economic	NNP
www-bis-org-8025	464	11	Report	Report	NNP
www-bis-org-8025	464	12	,	,	,
www-bis-org-8025	464	13	June	June	NNP
www-bis-org-8025	464	14	.	.	.
www-bis-org-8025	465	1	Bech	Bech	NNP
www-bis-org-8025	465	2	,	,	,
www-bis-org-8025	465	3	M	M	NNP
www-bis-org-8025	465	4	and	and	CC
www-bis-org-8025	465	5	R	R	NNP
www-bis-org-8025	465	6	Garratt	Garratt	NNP
www-bis-org-8025	465	7	(	(	-LRB-
www-bis-org-8025	465	8	2017	2017	CD
www-bis-org-8025	465	9	)	)	-RRB-
www-bis-org-8025	465	10	:	:	:
www-bis-org-8025	465	11	“	"	``
www-bis-org-8025	465	12	Central	central	JJ
www-bis-org-8025	465	13	bank	bank	NN
www-bis-org-8025	465	14	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	465	15	”	"	''
www-bis-org-8025	465	16	,	,	,
www-bis-org-8025	465	17	BIS	BIS	NNP
www-bis-org-8025	465	18	Quarterly	Quarterly	NNP
www-bis-org-8025	465	19	Review	Review	NNP
www-bis-org-8025	465	20	,	,	,
www-bis-org-8025	465	21	September	September	NNP
www-bis-org-8025	465	22	2017	2017	CD
www-bis-org-8025	465	23	,	,	,
www-bis-org-8025	465	24	pp	pp	NNP
www-bis-org-8025	465	25	55–70	55–70	NNP
www-bis-org-8025	465	26	.	.	.
www-bis-org-8025	466	1	Berentsen	Berentsen	NNP
www-bis-org-8025	466	2	,	,	,
www-bis-org-8025	466	3	A	A	NNP
www-bis-org-8025	466	4	and	and	CC
www-bis-org-8025	466	5	F	F	NNP
www-bis-org-8025	466	6	Schär	Schär	NNP
www-bis-org-8025	466	7	(	(	-LRB-
www-bis-org-8025	466	8	2017	2017	CD
www-bis-org-8025	466	9	)	)	-RRB-
www-bis-org-8025	466	10	:	:	:
www-bis-org-8025	466	11	Bitcoin	Bitcoin	NNP
www-bis-org-8025	466	12	,	,	,
www-bis-org-8025	466	13	Blockchain	Blockchain	NNP
www-bis-org-8025	466	14	und	und	VBP
www-bis-org-8025	466	15	Kryptoassets	Kryptoassets	NNPS
www-bis-org-8025	466	16	,	,	,
www-bis-org-8025	466	17	Universität	Universität	NNP
www-bis-org-8025	466	18	Basel	Basel	NNP
www-bis-org-8025	466	19	.	.	.
www-bis-org-8025	467	1	—	—	:
www-bis-org-8025	467	2	—	—	:
www-bis-org-8025	467	3	—	—	:
www-bis-org-8025	467	4	(	(	-LRB-
www-bis-org-8025	467	5	2018	2018	CD
www-bis-org-8025	467	6	)	)	-RRB-
www-bis-org-8025	467	7	:	:	:
www-bis-org-8025	467	8	“	"	``
www-bis-org-8025	467	9	A	a	DT
www-bis-org-8025	467	10	short	short	JJ
www-bis-org-8025	467	11	introduction	introduction	NN
www-bis-org-8025	467	12	to	to	IN
www-bis-org-8025	467	13	the	the	DT
www-bis-org-8025	467	14	world	world	NN
www-bis-org-8025	467	15	of	of	IN
www-bis-org-8025	467	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	467	17	”	"	''
www-bis-org-8025	467	18	,	,	,
www-bis-org-8025	467	19	Federal	Federal	NNP
www-bis-org-8025	467	20	Reserve	Reserve	NNP
www-bis-org-8025	467	21	Bank	Bank	NNP
www-bis-org-8025	467	22	of	of	IN
www-bis-org-8025	467	23	St	St	NNP
www-bis-org-8025	467	24	Louis	Louis	NNP
www-bis-org-8025	467	25	Review	Review	NNP
www-bis-org-8025	467	26	,	,	,
www-bis-org-8025	467	27	vol	vol	NNP
www-bis-org-8025	467	28	100	100	CD
www-bis-org-8025	467	29	,	,	,
www-bis-org-8025	467	30	no	no	DT
www-bis-org-8025	467	31	1	1	CD
www-bis-org-8025	467	32	.	.	.
www-bis-org-8025	468	1	Biais	Biais	NNP
www-bis-org-8025	468	2	,	,	,
www-bis-org-8025	468	3	B	b	NN
www-bis-org-8025	468	4	,	,	,
www-bis-org-8025	468	5	C	C	NNP
www-bis-org-8025	468	6	Bisière	Bisière	NNP
www-bis-org-8025	468	7	,	,	,
www-bis-org-8025	468	8	M	M	NNP
www-bis-org-8025	468	9	Bouvard	Bouvard	NNP
www-bis-org-8025	468	10	and	and	CC
www-bis-org-8025	468	11	C	C	NNP
www-bis-org-8025	468	12	Casamatta	Casamatta	NNP
www-bis-org-8025	468	13	(	(	-LRB-
www-bis-org-8025	468	14	2017	2017	CD
www-bis-org-8025	468	15	)	)	-RRB-
www-bis-org-8025	468	16	:	:	:
www-bis-org-8025	468	17	“	"	``
www-bis-org-8025	468	18	The	the	DT
www-bis-org-8025	468	19	blockchain	blockchain	JJ
www-bis-org-8025	468	20	folk	folk	NN
www-bis-org-8025	468	21	theorem	theorem	NN
www-bis-org-8025	468	22	”	"	''
www-bis-org-8025	468	23	,	,	,
www-bis-org-8025	468	24	TSE	TSE	NNP
www-bis-org-8025	468	25	Working	Working	NNP
www-bis-org-8025	468	26	Papers	Papers	NNPS
www-bis-org-8025	468	27	,	,	,
www-bis-org-8025	468	28	no	no	DT
www-bis-org-8025	468	29	17	17	CD
www-bis-org-8025	468	30	-	-	SYM
www-bis-org-8025	468	31	817	817	CD
www-bis-org-8025	468	32	.	.	.
www-bis-org-8025	469	1	Biais	Biais	NNP
www-bis-org-8025	469	2	,	,	,
www-bis-org-8025	469	3	B	b	NN
www-bis-org-8025	469	4	,	,	,
www-bis-org-8025	469	5	C	C	NNP
www-bis-org-8025	469	6	Bisière	Bisière	NNP
www-bis-org-8025	469	7	,	,	,
www-bis-org-8025	469	8	M	M	NNP
www-bis-org-8025	469	9	Bouvard	Bouvard	NNP
www-bis-org-8025	469	10	,	,	,
www-bis-org-8025	469	11	C	C	NNP
www-bis-org-8025	469	12	Casamatta	Casamatta	NNP
www-bis-org-8025	469	13	and	and	CC
www-bis-org-8025	469	14	A	a	DT
www-bis-org-8025	469	15	Menkveld	Menkveld	NNP
www-bis-org-8025	469	16	(	(	-LRB-
www-bis-org-8025	469	17	2018	2018	CD
www-bis-org-8025	469	18	)	)	-RRB-
www-bis-org-8025	469	19	:	:	:
www-bis-org-8025	469	20	“	"	``
www-bis-org-8025	469	21	Equilibrium	equilibrium	NN
www-bis-org-8025	469	22	bitcoin	bitcoin	NN
www-bis-org-8025	469	23	pricing	pricing	NN
www-bis-org-8025	469	24	”	"	''
www-bis-org-8025	469	25	,	,	,
www-bis-org-8025	469	26	TSE	TSE	NNP
www-bis-org-8025	469	27	Working	Working	NNP
www-bis-org-8025	469	28	Papers	Papers	NNPS
www-bis-org-8025	469	29	,	,	,
www-bis-org-8025	469	30	no	no	DT
www-bis-org-8025	469	31	18	18	CD
www-bis-org-8025	469	32	-	-	SYM
www-bis-org-8025	469	33	973	973	CD
www-bis-org-8025	469	34	,	,	,
www-bis-org-8025	469	35	December	December	NNP
www-bis-org-8025	469	36	.	.	.
www-bis-org-8025	470	1	Böhme	Böhme	NNP
www-bis-org-8025	470	2	,	,	,
www-bis-org-8025	470	3	R	r	NN
www-bis-org-8025	470	4	,	,	,
www-bis-org-8025	470	5	N	N	NNP
www-bis-org-8025	470	6	Christin	Christin	NNP
www-bis-org-8025	470	7	,	,	,
www-bis-org-8025	470	8	B	B	NNP
www-bis-org-8025	470	9	Edelman	Edelman	NNP
www-bis-org-8025	470	10	,	,	,
www-bis-org-8025	470	11	and	and	CC
www-bis-org-8025	470	12	T	T	NNP
www-bis-org-8025	470	13	Moore	Moore	NNP
www-bis-org-8025	470	14	(	(	-LRB-
www-bis-org-8025	470	15	2015	2015	CD
www-bis-org-8025	470	16	)	)	-RRB-
www-bis-org-8025	470	17	:	:	:
www-bis-org-8025	470	18	“	"	``
www-bis-org-8025	470	19	Bitcoin	Bitcoin	NNP
www-bis-org-8025	470	20	:	:	:
www-bis-org-8025	470	21	economics	economics	NN
www-bis-org-8025	470	22	,	,	,
www-bis-org-8025	470	23	technology	technology	NN
www-bis-org-8025	470	24	,	,	,
www-bis-org-8025	470	25	and	and	CC
www-bis-org-8025	470	26	governance	governance	NN
www-bis-org-8025	470	27	”	"	''
www-bis-org-8025	470	28	,	,	,
www-bis-org-8025	470	29	Journal	Journal	NNP
www-bis-org-8025	470	30	of	of	IN
www-bis-org-8025	470	31	Economic	Economic	NNP
www-bis-org-8025	470	32	Perspectives	Perspectives	NNPS
www-bis-org-8025	470	33	,	,	,
www-bis-org-8025	470	34	vol	vol	NNP
www-bis-org-8025	470	35	29	29	CD
www-bis-org-8025	470	36	,	,	,
www-bis-org-8025	470	37	no	no	DT
www-bis-org-8025	470	38	2	2	CD
www-bis-org-8025	470	39	,	,	,
www-bis-org-8025	470	40	pp	pp	NNP
www-bis-org-8025	470	41	213–38	213–38	CD
www-bis-org-8025	470	42	.	.	.
www-bis-org-8025	471	1	Bolt	Bolt	NNP
www-bis-org-8025	471	2	,	,	,
www-bis-org-8025	471	3	W	W	NNP
www-bis-org-8025	471	4	and	and	CC
www-bis-org-8025	471	5	M	M	NNP
www-bis-org-8025	471	6	van	van	NNP
www-bis-org-8025	471	7	Oordt	Oordt	NNP
www-bis-org-8025	471	8	(	(	-LRB-
www-bis-org-8025	471	9	2016	2016	CD
www-bis-org-8025	471	10	)	)	-RRB-
www-bis-org-8025	471	11	:	:	:
www-bis-org-8025	471	12	“	"	``
www-bis-org-8025	471	13	On	on	IN
www-bis-org-8025	471	14	the	the	DT
www-bis-org-8025	471	15	value	value	NN
www-bis-org-8025	471	16	of	of	IN
www-bis-org-8025	471	17	virtual	virtual	JJ
www-bis-org-8025	471	18	currencies	currency	NNS
www-bis-org-8025	471	19	”	"	''
www-bis-org-8025	471	20	,	,	,
www-bis-org-8025	471	21	Bank	Bank	NNP
www-bis-org-8025	471	22	of	of	IN
www-bis-org-8025	471	23	Canada	Canada	NNP
www-bis-org-8025	471	24	Staff	Staff	NNP
www-bis-org-8025	471	25	Working	Working	NNP
www-bis-org-8025	471	26	Papers	Papers	NNPS
www-bis-org-8025	471	27	,	,	,
www-bis-org-8025	471	28	no	no	DT
www-bis-org-8025	471	29	42	42	CD
www-bis-org-8025	471	30	,	,	,
www-bis-org-8025	471	31	2016	2016	CD
www-bis-org-8025	471	32	.	.	.
www-bis-org-8025	472	1	Borio	Borio	NNP
www-bis-org-8025	472	2	(	(	-LRB-
www-bis-org-8025	472	3	2018	2018	CD
www-bis-org-8025	472	4	)	)	-RRB-
www-bis-org-8025	472	5	:	:	:
www-bis-org-8025	472	6	“	"	``
www-bis-org-8025	472	7	On	on	IN
www-bis-org-8025	472	8	money	money	NN
www-bis-org-8025	472	9	,	,	,
www-bis-org-8025	472	10	debt	debt	NN
www-bis-org-8025	472	11	,	,	,
www-bis-org-8025	472	12	trust	trust	NN
www-bis-org-8025	472	13	and	and	CC
www-bis-org-8025	472	14	central	central	JJ
www-bis-org-8025	472	15	banking	banking	NN
www-bis-org-8025	472	16	”	"	''
www-bis-org-8025	472	17	,	,	,
www-bis-org-8025	472	18	keynote	keynote	JJ
www-bis-org-8025	472	19	speech	speech	NN
www-bis-org-8025	472	20	at	at	IN
www-bis-org-8025	472	21	36th	36th	JJ
www-bis-org-8025	472	22	Annual	Annual	NNP
www-bis-org-8025	472	23	Monetary	Monetary	NNP
www-bis-org-8025	472	24	Conference	Conference	NNP
www-bis-org-8025	472	25	,	,	,
www-bis-org-8025	472	26	Cato	Cato	NNP
www-bis-org-8025	472	27	Institute	Institute	NNP
www-bis-org-8025	472	28	,	,	,
www-bis-org-8025	472	29	15	15	CD
www-bis-org-8025	472	30	November	November	NNP
www-bis-org-8025	472	31	,	,	,
www-bis-org-8025	472	32	Washington	Washington	NNP
www-bis-org-8025	472	33	DC	DC	NNP
www-bis-org-8025	472	34	.	.	.
www-bis-org-8025	473	1	Budish	budish	JJ
www-bis-org-8025	473	2	,	,	,
www-bis-org-8025	473	3	E	E	NNS
www-bis-org-8025	473	4	(	(	-LRB-
www-bis-org-8025	473	5	2018	2018	CD
www-bis-org-8025	473	6	)	)	-RRB-
www-bis-org-8025	473	7	:	:	:
www-bis-org-8025	473	8	“	"	``
www-bis-org-8025	473	9	The	the	DT
www-bis-org-8025	473	10	economic	economic	JJ
www-bis-org-8025	473	11	limits	limit	NNS
www-bis-org-8025	473	12	of	of	IN
www-bis-org-8025	473	13	bitcoin	bitcoin	NN
www-bis-org-8025	473	14	and	and	CC
www-bis-org-8025	473	15	the	the	DT
www-bis-org-8025	473	16	blockchain	blockchain	NN
www-bis-org-8025	473	17	”	"	''
www-bis-org-8025	473	18	,	,	,
www-bis-org-8025	473	19	NBER	NBER	NNP
www-bis-org-8025	473	20	Working	Working	NNP
www-bis-org-8025	473	21	Papers	Papers	NNPS
www-bis-org-8025	473	22	,	,	,
www-bis-org-8025	473	23	no	no	DT
www-bis-org-8025	473	24	24717	24717	CD
www-bis-org-8025	473	25	,	,	,
www-bis-org-8025	473	26	June	June	NNP
www-bis-org-8025	473	27	.	.	.
www-bis-org-8025	474	1	Buterin	Buterin	NNP
www-bis-org-8025	474	2	,	,	,
www-bis-org-8025	474	3	V	v	NN
www-bis-org-8025	474	4	(	(	-LRB-
www-bis-org-8025	474	5	2014a	2014a	CD
www-bis-org-8025	474	6	)	)	-RRB-
www-bis-org-8025	474	7	:	:	:
www-bis-org-8025	474	8	“	"	``
www-bis-org-8025	474	9	Proof	proof	NN
www-bis-org-8025	474	10	of	of	IN
www-bis-org-8025	474	11	stake	stake	NN
www-bis-org-8025	474	12	:	:	:
www-bis-org-8025	474	13	how	how	WRB
www-bis-org-8025	474	14	I	-PRON-	PRP
www-bis-org-8025	474	15	learned	learn	VBD
www-bis-org-8025	474	16	to	to	TO
www-bis-org-8025	474	17	love	love	VB
www-bis-org-8025	474	18	weak	weak	JJ
www-bis-org-8025	474	19	subjectivity	subjectivity	NN
www-bis-org-8025	474	20	”	"	''
www-bis-org-8025	474	21	,	,	,
www-bis-org-8025	474	22	25	25	CD
www-bis-org-8025	474	23	November	November	NNP
www-bis-org-8025	474	24	.	.	.
www-bis-org-8025	475	1	—	—	:
www-bis-org-8025	475	2	—	—	:
www-bis-org-8025	475	3	—	—	:
www-bis-org-8025	475	4	(	(	-LRB-
www-bis-org-8025	475	5	2014b	2014b	CD
www-bis-org-8025	475	6	)	)	-RRB-
www-bis-org-8025	475	7	:	:	:
www-bis-org-8025	475	8	“	"	``
www-bis-org-8025	475	9	On	on	IN
www-bis-org-8025	475	10	stake	stake	NN
www-bis-org-8025	475	11	”	"	''
www-bis-org-8025	475	12	,	,	,
www-bis-org-8025	475	13	ethereum.org	ethereum.org	NNP
www-bis-org-8025	475	14	,	,	,
www-bis-org-8025	475	15	5	5	CD
www-bis-org-8025	475	16	July	July	NNP
www-bis-org-8025	475	17	.	.	.
www-bis-org-8025	476	1	—	—	:
www-bis-org-8025	476	2	—	—	:
www-bis-org-8025	476	3	—	—	:
www-bis-org-8025	476	4	(	(	-LRB-
www-bis-org-8025	476	5	2016	2016	CD
www-bis-org-8025	476	6	)	)	-RRB-
www-bis-org-8025	476	7	:	:	:
www-bis-org-8025	476	8	“	"	``
www-bis-org-8025	476	9	A	a	DT
www-bis-org-8025	476	10	proof	proof	NN
www-bis-org-8025	476	11	of	of	IN
www-bis-org-8025	476	12	stake	stake	NN
www-bis-org-8025	476	13	design	design	NN
www-bis-org-8025	476	14	philosophy	philosophy	NN
www-bis-org-8025	476	15	”	"	''
www-bis-org-8025	476	16	,	,	,
www-bis-org-8025	476	17	Medium.com	Medium.com	NNP
www-bis-org-8025	476	18	,	,	,
www-bis-org-8025	476	19	30	30	CD
www-bis-org-8025	476	20	December	December	NNP
www-bis-org-8025	476	21	.	.	.
www-bis-org-8025	477	1	—	—	:
www-bis-org-8025	477	2	—	—	:
www-bis-org-8025	477	3	—	—	:
www-bis-org-8025	477	4	(	(	-LRB-
www-bis-org-8025	477	5	2017	2017	CD
www-bis-org-8025	477	6	)	)	-RRB-
www-bis-org-8025	477	7	:	:	:
www-bis-org-8025	477	8	“	"	``
www-bis-org-8025	477	9	The	the	DT
www-bis-org-8025	477	10	meaning	meaning	NN
www-bis-org-8025	477	11	of	of	IN
www-bis-org-8025	477	12	decentralization	decentralization	NN
www-bis-org-8025	477	13	”	"	''
www-bis-org-8025	477	14	,	,	,
www-bis-org-8025	477	15	6	6	CD
www-bis-org-8025	477	16	February	February	NNP
www-bis-org-8025	477	17	.	.	.
www-bis-org-8025	478	1	Buterin	Buterin	NNP
www-bis-org-8025	478	2	,	,	,
www-bis-org-8025	478	3	V	v	NN
www-bis-org-8025	478	4	and	and	CC
www-bis-org-8025	478	5	V	V	NNP
www-bis-org-8025	478	6	Griffith	Griffith	NNP
www-bis-org-8025	478	7	(	(	-LRB-
www-bis-org-8025	478	8	2017	2017	CD
www-bis-org-8025	478	9	)	)	-RRB-
www-bis-org-8025	478	10	:	:	:
www-bis-org-8025	478	11	“	"	``
www-bis-org-8025	478	12	Casper	casper	VB
www-bis-org-8025	478	13	the	the	DT
www-bis-org-8025	478	14	friendly	friendly	JJ
www-bis-org-8025	478	15	finality	finality	NN
www-bis-org-8025	478	16	gadget	gadget	NN
www-bis-org-8025	478	17	”	"	''
www-bis-org-8025	478	18	(	(	-LRB-
www-bis-org-8025	478	19	submitted	submit	VBN
www-bis-org-8025	478	20	on	on	IN
www-bis-org-8025	478	21	25	25	CD
www-bis-org-8025	478	22	Oct	Oct	NNP
www-bis-org-8025	478	23	2017	2017	CD
www-bis-org-8025	478	24	(	(	-LRB-
www-bis-org-8025	478	25	v1	v1	NNP
www-bis-org-8025	478	26	)	)	-RRB-
www-bis-org-8025	478	27	,	,	,
www-bis-org-8025	478	28	last	last	RB
www-bis-org-8025	478	29	revised	revise	VBD
www-bis-org-8025	478	30	22	22	CD
www-bis-org-8025	478	31	November	November	NNP
www-bis-org-8025	478	32	2018	2018	CD
www-bis-org-8025	478	33	(	(	-LRB-
www-bis-org-8025	478	34	this	this	DT
www-bis-org-8025	478	35	version	version	NN
www-bis-org-8025	478	36	,	,	,
www-bis-org-8025	478	37	v3	v3	NN
www-bis-org-8025	478	38	)	)	-RRB-
www-bis-org-8025	478	39	)	)	-RRB-
www-bis-org-8025	478	40	,	,	,
www-bis-org-8025	478	41	arXiv:1710.09437	arXiv:1710.09437	NNP
www-bis-org-8025	478	42	.	.	.
www-bis-org-8025	479	1	Carney	Carney	NNP
www-bis-org-8025	479	2	,	,	,
www-bis-org-8025	479	3	M	M	NNP
www-bis-org-8025	479	4	(	(	-LRB-
www-bis-org-8025	479	5	2018	2018	CD
www-bis-org-8025	479	6	)	)	-RRB-
www-bis-org-8025	479	7	:	:	:
www-bis-org-8025	479	8	“	"	``
www-bis-org-8025	479	9	FSB	FSB	NNP
www-bis-org-8025	479	10	Chair	Chair	NNP
www-bis-org-8025	479	11	’s	’s	POS
www-bis-org-8025	479	12	letter	letter	NN
www-bis-org-8025	479	13	to	to	IN
www-bis-org-8025	479	14	G20	G20	NNP
www-bis-org-8025	479	15	finance	finance	NN
www-bis-org-8025	479	16	ministers	minister	NNS
www-bis-org-8025	479	17	and	and	CC
www-bis-org-8025	479	18	central	central	JJ
www-bis-org-8025	479	19	bank	bank	NN
www-bis-org-8025	479	20	Governors	Governors	NNPS
www-bis-org-8025	479	21	”	"	''
www-bis-org-8025	479	22	,	,	,
www-bis-org-8025	479	23	13	13	CD
www-bis-org-8025	479	24	March	March	NNP
www-bis-org-8025	479	25	.	.	.
www-bis-org-8025	480	1	WP765	WP765	NNP
www-bis-org-8025	480	2	Beyond	beyond	IN
www-bis-org-8025	480	3	the	the	DT
www-bis-org-8025	480	4	doomsday	doomsday	NNP
www-bis-org-8025	480	5	economics	economic	NNS
www-bis-org-8025	480	6	of	of	IN
www-bis-org-8025	480	7	“	"	``
www-bis-org-8025	480	8	proof	proof	NN
www-bis-org-8025	480	9	-	-	HYPH
www-bis-org-8025	480	10	of	of	IN
www-bis-org-8025	480	11	-	-	HYPH
www-bis-org-8025	480	12	work	work	NN
www-bis-org-8025	480	13	”	"	''
www-bis-org-8025	480	14	in	in	IN
www-bis-org-8025	480	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	480	16	25	25	CD
www-bis-org-8025	480	17	Carstens	Carstens	NNPS
www-bis-org-8025	480	18	,	,	,
www-bis-org-8025	480	19	A	a	NN
www-bis-org-8025	480	20	(	(	-LRB-
www-bis-org-8025	480	21	2018a	2018a	CD
www-bis-org-8025	480	22	)	)	-RRB-
www-bis-org-8025	480	23	:	:	:
www-bis-org-8025	480	24	“	"	``
www-bis-org-8025	480	25	Money	money	NN
www-bis-org-8025	480	26	in	in	IN
www-bis-org-8025	480	27	the	the	DT
www-bis-org-8025	480	28	digital	digital	JJ
www-bis-org-8025	480	29	age	age	NN
www-bis-org-8025	480	30	:	:	:
www-bis-org-8025	480	31	what	what	WDT
www-bis-org-8025	480	32	role	role	NN
www-bis-org-8025	480	33	for	for	IN
www-bis-org-8025	480	34	central	central	JJ
www-bis-org-8025	480	35	banks	bank	NNS
www-bis-org-8025	480	36	?	?	.
www-bis-org-8025	480	37	”	"	''
www-bis-org-8025	480	38	,	,	,
www-bis-org-8025	480	39	lecture	lecture	NN
www-bis-org-8025	480	40	at	at	IN
www-bis-org-8025	480	41	the	the	DT
www-bis-org-8025	480	42	House	House	NNP
www-bis-org-8025	480	43	of	of	IN
www-bis-org-8025	480	44	Finance	Finance	NNP
www-bis-org-8025	480	45	,	,	,
www-bis-org-8025	480	46	Goethe	Goethe	NNP
www-bis-org-8025	480	47	University	University	NNP
www-bis-org-8025	480	48	,	,	,
www-bis-org-8025	480	49	Frankfurt	Frankfurt	NNP
www-bis-org-8025	480	50	,	,	,
www-bis-org-8025	480	51	6	6	CD
www-bis-org-8025	480	52	February	February	NNP
www-bis-org-8025	480	53	.	.	.
www-bis-org-8025	481	1	—	—	:
www-bis-org-8025	481	2	—	—	:
www-bis-org-8025	481	3	—	—	:
www-bis-org-8025	481	4	(	(	-LRB-
www-bis-org-8025	481	5	2018b	2018b	CD
www-bis-org-8025	481	6	)	)	-RRB-
www-bis-org-8025	481	7	:	:	:
www-bis-org-8025	481	8	“	"	``
www-bis-org-8025	481	9	Central	central	JJ
www-bis-org-8025	481	10	banks	bank	NNS
www-bis-org-8025	481	11	and	and	CC
www-bis-org-8025	481	12	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	481	13	:	:	:
www-bis-org-8025	481	14	guarding	guard	VBG
www-bis-org-8025	481	15	trust	trust	NN
www-bis-org-8025	481	16	in	in	IN
www-bis-org-8025	481	17	a	a	DT
www-bis-org-8025	481	18	digital	digital	JJ
www-bis-org-8025	481	19	age	age	NN
www-bis-org-8025	481	20	”	"	''
www-bis-org-8025	481	21	,	,	,
www-bis-org-8025	481	22	remarks	remark	VBZ
www-bis-org-8025	481	23	at	at	IN
www-bis-org-8025	481	24	Brookings	Brookings	NNP
www-bis-org-8025	481	25	Institution	Institution	NNP
www-bis-org-8025	481	26	,	,	,
www-bis-org-8025	481	27	Washington	Washington	NNP
www-bis-org-8025	481	28	DC	DC	NNP
www-bis-org-8025	481	29	,	,	,
www-bis-org-8025	481	30	17	17	CD
www-bis-org-8025	481	31	April	April	NNP
www-bis-org-8025	481	32	.	.	.
www-bis-org-8025	482	1	—	—	:
www-bis-org-8025	482	2	—	—	:
www-bis-org-8025	482	3	—	—	:
www-bis-org-8025	482	4	(	(	-LRB-
www-bis-org-8025	482	5	2018c	2018c	CD
www-bis-org-8025	482	6	)	)	-RRB-
www-bis-org-8025	482	7	:	:	:
www-bis-org-8025	482	8	“	"	``
www-bis-org-8025	482	9	Technology	technology	NN
www-bis-org-8025	482	10	is	be	VBZ
www-bis-org-8025	482	11	no	no	DT
www-bis-org-8025	482	12	substitute	substitute	NN
www-bis-org-8025	482	13	for	for	IN
www-bis-org-8025	482	14	trust	trust	NN
www-bis-org-8025	482	15	”	"	''
www-bis-org-8025	482	16	,	,	,
www-bis-org-8025	482	17	Börsen	Börsen	NNP
www-bis-org-8025	482	18	-	-	HYPH
www-bis-org-8025	482	19	Zeitung	Zeitung	NNP
www-bis-org-8025	482	20	,	,	,
www-bis-org-8025	482	21	23	23	CD
www-bis-org-8025	482	22	May.	May	NNP
www-bis-org-8025	483	1	Catalini	Catalini	NNP
www-bis-org-8025	483	2	,	,	,
www-bis-org-8025	483	3	C	C	NNP
www-bis-org-8025	483	4	and	and	CC
www-bis-org-8025	483	5	J	J	NNP
www-bis-org-8025	483	6	Gans	Gans	NNPS
www-bis-org-8025	483	7	(	(	-LRB-
www-bis-org-8025	483	8	2017	2017	CD
www-bis-org-8025	483	9	)	)	-RRB-
www-bis-org-8025	483	10	:	:	:
www-bis-org-8025	483	11	“	"	``
www-bis-org-8025	483	12	Some	some	DT
www-bis-org-8025	483	13	simple	simple	JJ
www-bis-org-8025	483	14	economics	economic	NNS
www-bis-org-8025	483	15	of	of	IN
www-bis-org-8025	483	16	the	the	DT
www-bis-org-8025	483	17	blockchain	blockchain	NN
www-bis-org-8025	483	18	”	"	''
www-bis-org-8025	483	19	,	,	,
www-bis-org-8025	483	20	MIT	MIT	NNP
www-bis-org-8025	483	21	Sloan	Sloan	NNP
www-bis-org-8025	483	22	Research	Research	NNP
www-bis-org-8025	483	23	Papers	Papers	NNPS
www-bis-org-8025	483	24	,	,	,
www-bis-org-8025	483	25	no	no	DT
www-bis-org-8025	483	26	5191	5191	CD
www-bis-org-8025	483	27	-	-	SYM
www-bis-org-8025	483	28	16	16	CD
www-bis-org-8025	483	29	.	.	.
www-bis-org-8025	484	1	Chaum	Chaum	NNP
www-bis-org-8025	484	2	,	,	,
www-bis-org-8025	484	3	D	D	NNP
www-bis-org-8025	484	4	(	(	-LRB-
www-bis-org-8025	484	5	1983	1983	CD
www-bis-org-8025	484	6	)	)	-RRB-
www-bis-org-8025	484	7	:	:	:
www-bis-org-8025	484	8	“	"	``
www-bis-org-8025	484	9	Blind	blind	JJ
www-bis-org-8025	484	10	signatures	signature	NNS
www-bis-org-8025	484	11	for	for	IN
www-bis-org-8025	484	12	untraceable	untraceable	JJ
www-bis-org-8025	484	13	payments	payment	NNS
www-bis-org-8025	484	14	”	"	''
www-bis-org-8025	484	15	,	,	,
www-bis-org-8025	484	16	Proceedings	proceeding	NNS
www-bis-org-8025	484	17	of	of	IN
www-bis-org-8025	484	18	the	the	DT
www-bis-org-8025	484	19	Springer	Springer	NNP
www-bis-org-8025	484	20	-	-	HYPH
www-bis-org-8025	484	21	Verlag	Verlag	NNP
www-bis-org-8025	484	22	Crypto’82	Crypto’82	:
www-bis-org-8025	484	23	conference	conference	NN
www-bis-org-8025	484	24	,	,	,
www-bis-org-8025	484	25	vol	vol	NNP
www-bis-org-8025	484	26	82	82	CD
www-bis-org-8025	484	27	,	,	,
www-bis-org-8025	484	28	no	no	DT
www-bis-org-8025	484	29	3	3	CD
www-bis-org-8025	484	30	,	,	,
www-bis-org-8025	484	31	pp	pp	NNP
www-bis-org-8025	484	32	199–203	199–203	CD
www-bis-org-8025	484	33	.	.	.
www-bis-org-8025	485	1	Clayton	Clayton	NNP
www-bis-org-8025	485	2	,	,	,
www-bis-org-8025	485	3	J	J	NNP
www-bis-org-8025	485	4	(	(	-LRB-
www-bis-org-8025	485	5	2018	2018	CD
www-bis-org-8025	485	6	)	)	-RRB-
www-bis-org-8025	485	7	:	:	:
www-bis-org-8025	485	8	“	"	``
www-bis-org-8025	485	9	Chairman	chairman	NN
www-bis-org-8025	485	10	’s	’s	POS
www-bis-org-8025	485	11	testimony	testimony	NN
www-bis-org-8025	485	12	on	on	IN
www-bis-org-8025	485	13	virtual	virtual	JJ
www-bis-org-8025	485	14	currencies	currency	NNS
www-bis-org-8025	485	15	:	:	:
www-bis-org-8025	485	16	the	the	DT
www-bis-org-8025	485	17	roles	role	NNS
www-bis-org-8025	485	18	of	of	IN
www-bis-org-8025	485	19	the	the	DT
www-bis-org-8025	485	20	SEC	SEC	NNP
www-bis-org-8025	485	21	and	and	CC
www-bis-org-8025	485	22	CFTC	CFTC	NNP
www-bis-org-8025	485	23	”	"	''
www-bis-org-8025	485	24	.	.	.
www-bis-org-8025	486	1	Chiu	Chiu	NNP
www-bis-org-8025	486	2	,	,	,
www-bis-org-8025	486	3	Jonathan	Jonathan	NNP
www-bis-org-8025	486	4	and	and	CC
www-bis-org-8025	486	5	Koeppl	Koeppl	NNP
www-bis-org-8025	486	6	,	,	,
www-bis-org-8025	486	7	Thorsten	Thorsten	NNP
www-bis-org-8025	486	8	,	,	,
www-bis-org-8025	486	9	(	(	-LRB-
www-bis-org-8025	486	10	2017	2017	CD
www-bis-org-8025	486	11	)	)	-RRB-
www-bis-org-8025	486	12	,	,	,
www-bis-org-8025	486	13	The	the	DT
www-bis-org-8025	486	14	Economics	Economics	NNP
www-bis-org-8025	486	15	of	of	IN
www-bis-org-8025	486	16	Cryptocurrencies	Cryptocurrencies	NNPS
www-bis-org-8025	486	17	-	-	HYPH
www-bis-org-8025	486	18	Bitcoin	Bitcoin	NNP
www-bis-org-8025	486	19	and	and	CC
www-bis-org-8025	486	20	Beyond	Beyond	NNP
www-bis-org-8025	486	21	,	,	,
www-bis-org-8025	486	22	No	no	DT
www-bis-org-8025	486	23	1389	1389	CD
www-bis-org-8025	486	24	,	,	,
www-bis-org-8025	486	25	Working	Working	NNP
www-bis-org-8025	486	26	Papers	Papers	NNPS
www-bis-org-8025	486	27	,	,	,
www-bis-org-8025	486	28	Queen	Queen	NNP
www-bis-org-8025	486	29	's	's	POS
www-bis-org-8025	486	30	University	University	NNP
www-bis-org-8025	486	31	,	,	,
www-bis-org-8025	486	32	Department	Department	NNP
www-bis-org-8025	486	33	of	of	IN
www-bis-org-8025	486	34	Economics	Economics	NNP
www-bis-org-8025	486	35	,	,	,
www-bis-org-8025	486	36	Committee	Committee	NNP
www-bis-org-8025	486	37	on	on	IN
www-bis-org-8025	486	38	Payments	Payments	NNPS
www-bis-org-8025	486	39	and	and	CC
www-bis-org-8025	486	40	Market	Market	NNP
www-bis-org-8025	486	41	Infrastructures	Infrastructures	NNPS
www-bis-org-8025	486	42	(	(	-LRB-
www-bis-org-8025	486	43	2012	2012	CD
www-bis-org-8025	486	44	)	)	-RRB-
www-bis-org-8025	486	45	:	:	:
www-bis-org-8025	486	46	“	"	``
www-bis-org-8025	486	47	Payment	payment	NN
www-bis-org-8025	486	48	,	,	,
www-bis-org-8025	486	49	clearing	clearing	NN
www-bis-org-8025	486	50	and	and	CC
www-bis-org-8025	486	51	settlement	settlement	NN
www-bis-org-8025	486	52	systems	system	NNS
www-bis-org-8025	486	53	in	in	IN
www-bis-org-8025	486	54	the	the	DT
www-bis-org-8025	486	55	CPSS	CPSS	NNP
www-bis-org-8025	486	56	countries	country	NNS
www-bis-org-8025	486	57	–	–	:
www-bis-org-8025	486	58	Volume	volume	NN
www-bis-org-8025	486	59	2	2	CD
www-bis-org-8025	486	60	”	"	''
www-bis-org-8025	486	61	,	,	,
www-bis-org-8025	486	62	CPMI	CPMI	NNP
www-bis-org-8025	486	63	Papers	Papers	NNPS
www-bis-org-8025	486	64	,	,	,
www-bis-org-8025	486	65	no	no	DT
www-bis-org-8025	486	66	105	105	CD
www-bis-org-8025	486	67	,	,	,
www-bis-org-8025	486	68	November	November	NNP
www-bis-org-8025	486	69	.	.	.
www-bis-org-8025	487	1	—	—	:
www-bis-org-8025	487	2	—	—	:
www-bis-org-8025	487	3	—	—	:
www-bis-org-8025	487	4	(	(	-LRB-
www-bis-org-8025	487	5	2015	2015	CD
www-bis-org-8025	487	6	)	)	-RRB-
www-bis-org-8025	487	7	:	:	:
www-bis-org-8025	487	8	Digital	digital	JJ
www-bis-org-8025	487	9	currencies	currency	NNS
www-bis-org-8025	487	10	,	,	,
www-bis-org-8025	487	11	November	November	NNP
www-bis-org-8025	487	12	.	.	.
www-bis-org-8025	488	1	—	—	:
www-bis-org-8025	488	2	—	—	:
www-bis-org-8025	488	3	—	—	:
www-bis-org-8025	488	4	(	(	-LRB-
www-bis-org-8025	488	5	2017	2017	CD
www-bis-org-8025	488	6	)	)	-RRB-
www-bis-org-8025	488	7	:	:	:
www-bis-org-8025	488	8	Statistics	statistic	NNS
www-bis-org-8025	488	9	on	on	IN
www-bis-org-8025	488	10	payment	payment	NN
www-bis-org-8025	488	11	,	,	,
www-bis-org-8025	488	12	clearing	clearing	NN
www-bis-org-8025	488	13	and	and	CC
www-bis-org-8025	488	14	settlement	settlement	NN
www-bis-org-8025	488	15	systems	system	NNS
www-bis-org-8025	488	16	in	in	IN
www-bis-org-8025	488	17	the	the	DT
www-bis-org-8025	488	18	CPMI	CPMI	NNP
www-bis-org-8025	488	19	countries	country	NNS
www-bis-org-8025	488	20	,	,	,
www-bis-org-8025	488	21	December	December	NNP
www-bis-org-8025	488	22	.	.	.
www-bis-org-8025	489	1	Committee	Committee	NNP
www-bis-org-8025	489	2	on	on	IN
www-bis-org-8025	489	3	Payments	Payments	NNP
www-bis-org-8025	489	4	and	and	CC
www-bis-org-8025	489	5	Market	Market	NNP
www-bis-org-8025	489	6	Infrastructures	Infrastructures	NNPS
www-bis-org-8025	489	7	and	and	CC
www-bis-org-8025	489	8	Markets	Markets	NNPS
www-bis-org-8025	489	9	Committee	Committee	NNP
www-bis-org-8025	489	10	(	(	-LRB-
www-bis-org-8025	489	11	2018	2018	CD
www-bis-org-8025	489	12	)	)	-RRB-
www-bis-org-8025	489	13	:	:	:
www-bis-org-8025	489	14	Central	central	JJ
www-bis-org-8025	489	15	bank	bank	NN
www-bis-org-8025	489	16	digital	digital	JJ
www-bis-org-8025	489	17	currencies	currency	NNS
www-bis-org-8025	489	18	,	,	,
www-bis-org-8025	489	19	March	March	NNP
www-bis-org-8025	489	20	.	.	.
www-bis-org-8025	490	1	Committee	Committee	NNP
www-bis-org-8025	490	2	on	on	IN
www-bis-org-8025	490	3	Payments	Payments	NNP
www-bis-org-8025	490	4	and	and	CC
www-bis-org-8025	490	5	Market	Market	NNP
www-bis-org-8025	490	6	Infrastructures	Infrastructures	NNPS
www-bis-org-8025	490	7	and	and	CC
www-bis-org-8025	490	8	International	International	NNP
www-bis-org-8025	490	9	Organization	Organization	NNP
www-bis-org-8025	490	10	of	of	IN
www-bis-org-8025	490	11	Securities	Securities	NNPS
www-bis-org-8025	490	12	Commissions	Commissions	NNP
www-bis-org-8025	490	13	(	(	-LRB-
www-bis-org-8025	490	14	2012	2012	CD
www-bis-org-8025	490	15	)	)	-RRB-
www-bis-org-8025	490	16	:	:	:
www-bis-org-8025	490	17	CPMI	CPMI	NNP
www-bis-org-8025	490	18	-	-	HYPH
www-bis-org-8025	490	19	IOSCO	IOSCO	NNP
www-bis-org-8025	490	20	Principles	Principles	NNPS
www-bis-org-8025	490	21	for	for	IN
www-bis-org-8025	490	22	financial	financial	JJ
www-bis-org-8025	490	23	market	market	NN
www-bis-org-8025	490	24	infrastructures	infrastructure	NNS
www-bis-org-8025	490	25	,	,	,
www-bis-org-8025	490	26	April	April	NNP
www-bis-org-8025	490	27	.	.	.
www-bis-org-8025	491	1	Committee	Committee	NNP
www-bis-org-8025	491	2	on	on	IN
www-bis-org-8025	491	3	Payment	Payment	NNP
www-bis-org-8025	491	4	and	and	CC
www-bis-org-8025	491	5	Settlement	Settlement	NNP
www-bis-org-8025	491	6	Systems	Systems	NNPS
www-bis-org-8025	491	7	(	(	-LRB-
www-bis-org-8025	491	8	2003	2003	CD
www-bis-org-8025	491	9	)	)	-RRB-
www-bis-org-8025	491	10	:	:	:
www-bis-org-8025	491	11	Payment	payment	NN
www-bis-org-8025	491	12	and	and	CC
www-bis-org-8025	491	13	settlement	settlement	NN
www-bis-org-8025	491	14	systems	system	NNS
www-bis-org-8025	491	15	in	in	IN
www-bis-org-8025	491	16	selected	select	VBN
www-bis-org-8025	491	17	countries	country	NNS
www-bis-org-8025	491	18	,	,	,
www-bis-org-8025	491	19	April	April	NNP
www-bis-org-8025	491	20	.	.	.
www-bis-org-8025	492	1	Dryja	dryja	NN
www-bis-org-8025	492	2	,	,	,
www-bis-org-8025	492	3	T	T	NNP
www-bis-org-8025	492	4	(	(	-LRB-
www-bis-org-8025	492	5	2015	2015	CD
www-bis-org-8025	492	6	)	)	-RRB-
www-bis-org-8025	492	7	:	:	:
www-bis-org-8025	492	8	“	"	``
www-bis-org-8025	492	9	Scalability	scalability	NN
www-bis-org-8025	492	10	of	of	IN
www-bis-org-8025	492	11	lightning	lightning	NN
www-bis-org-8025	492	12	with	with	IN
www-bis-org-8025	492	13	different	different	JJ
www-bis-org-8025	492	14	BIPs	bip	NNS
www-bis-org-8025	492	15	and	and	CC
www-bis-org-8025	492	16	some	some	DT
www-bis-org-8025	492	17	back	back	JJ
www-bis-org-8025	492	18	-	-	HYPH
www-bis-org-8025	492	19	of	of	IN
www-bis-org-8025	492	20	-	-	HYPH
www-bis-org-8025	492	21	the	the	DT
www-bis-org-8025	492	22	-	-	HYPH
www-bis-org-8025	492	23	envelope	envelope	NN
www-bis-org-8025	492	24	calculations	calculation	NNS
www-bis-org-8025	492	25	”	"	''
www-bis-org-8025	492	26	,	,	,
www-bis-org-8025	492	27	https://scalingbitcoin.org/hongkong2015/presentations/DAY2/1_layer2_2_dryja.pdf	https://scalingbitcoin.org/hongkong2015/presentations/day2/1_layer2_2_dryja.pdf	ADD
www-bis-org-8025	492	28	(	(	-LRB-
www-bis-org-8025	492	29	accessed	access	VBN
www-bis-org-8025	492	30	19.11.2018	19.11.2018	NNP
www-bis-org-8025	492	31	)	)	-RRB-
www-bis-org-8025	492	32	.	.	.
www-bis-org-8025	493	1	Dwork	Dwork	NNP
www-bis-org-8025	493	2	,	,	,
www-bis-org-8025	493	3	C	C	NNP
www-bis-org-8025	493	4	and	and	CC
www-bis-org-8025	493	5	M	M	NNP
www-bis-org-8025	493	6	Naor	Naor	NNP
www-bis-org-8025	493	7	(	(	-LRB-
www-bis-org-8025	493	8	1992	1992	CD
www-bis-org-8025	493	9	)	)	-RRB-
www-bis-org-8025	493	10	:	:	:
www-bis-org-8025	493	11	“	"	``
www-bis-org-8025	493	12	Pricing	pricing	NN
www-bis-org-8025	493	13	via	via	IN
www-bis-org-8025	493	14	processing	processing	NN
www-bis-org-8025	493	15	or	or	CC
www-bis-org-8025	493	16	combatting	combat	VBG
www-bis-org-8025	493	17	junk	junk	NN
www-bis-org-8025	493	18	mail	mail	NN
www-bis-org-8025	493	19	”	"	''
www-bis-org-8025	493	20	,	,	,
www-bis-org-8025	493	21	Proceedings	Proceedings	NNPS
www-bis-org-8025	493	22	of	of	IN
www-bis-org-8025	493	23	the	the	DT
www-bis-org-8025	493	24	Annual	Annual	NNP
www-bis-org-8025	493	25	International	International	NNP
www-bis-org-8025	493	26	Cryptology	Cryptology	NNP
www-bis-org-8025	493	27	Conference	Conference	NNP
www-bis-org-8025	493	28	,	,	,
www-bis-org-8025	493	29	Springer	Springer	NNP
www-bis-org-8025	493	30	.	.	.
www-bis-org-8025	494	1	Easley	Easley	NNP
www-bis-org-8025	494	2	,	,	,
www-bis-org-8025	494	3	D.	D.	NNP
www-bis-org-8025	494	4	,	,	,
www-bis-org-8025	494	5	O'Hara	O'Hara	NNP
www-bis-org-8025	494	6	,	,	,
www-bis-org-8025	494	7	M.	M.	NNP
www-bis-org-8025	494	8	,	,	,
www-bis-org-8025	494	9	Basu	Basu	NNP
www-bis-org-8025	494	10	,	,	,
www-bis-org-8025	494	11	S.	S.	NNP
www-bis-org-8025	494	12	,	,	,
www-bis-org-8025	494	13	(	(	-LRB-
www-bis-org-8025	494	14	2018	2018	CD
www-bis-org-8025	494	15	)	)	-RRB-
www-bis-org-8025	494	16	.	.	.
www-bis-org-8025	495	1	From	from	IN
www-bis-org-8025	495	2	mining	mining	NN
www-bis-org-8025	495	3	to	to	IN
www-bis-org-8025	495	4	markets	market	NNS
www-bis-org-8025	495	5	:	:	:
www-bis-org-8025	495	6	the	the	DT
www-bis-org-8025	495	7	evolution	evolution	NN
www-bis-org-8025	495	8	of	of	IN
www-bis-org-8025	495	9	bitcoin	bitcoin	NNP
www-bis-org-8025	495	10	transaction	transaction	NN
www-bis-org-8025	495	11	fees	fee	NNS
www-bis-org-8025	495	12	,	,	,
www-bis-org-8025	495	13	Forthcoming	Forthcoming	NNP
www-bis-org-8025	495	14	,	,	,
www-bis-org-8025	495	15	Journal	Journal	NNP
www-bis-org-8025	495	16	of	of	IN
www-bis-org-8025	495	17	Financial	Financial	NNP
www-bis-org-8025	495	18	Economics	Economics	NNP
www-bis-org-8025	495	19	Fanusie	Fanusie	NNP
www-bis-org-8025	495	20	,	,	,
www-bis-org-8025	495	21	Y	Y	NNP
www-bis-org-8025	495	22	and	and	CC
www-bis-org-8025	495	23	T	T	NNP
www-bis-org-8025	495	24	Robinson	Robinson	NNP
www-bis-org-8025	495	25	(	(	-LRB-
www-bis-org-8025	495	26	2018	2018	CD
www-bis-org-8025	495	27	)	)	-RRB-
www-bis-org-8025	495	28	:	:	:
www-bis-org-8025	495	29	“	"	``
www-bis-org-8025	495	30	Bitcoin	Bitcoin	NNP
www-bis-org-8025	495	31	laundering	laundering	NN
www-bis-org-8025	495	32	:	:	:
www-bis-org-8025	495	33	an	an	DT
www-bis-org-8025	495	34	analysis	analysis	NN
www-bis-org-8025	495	35	of	of	IN
www-bis-org-8025	495	36	illicit	illicit	NN
www-bis-org-8025	495	37	flows	flow	VBZ
www-bis-org-8025	495	38	into	into	IN
www-bis-org-8025	495	39	digital	digital	JJ
www-bis-org-8025	495	40	currency	currency	NN
www-bis-org-8025	495	41	services	service	NNS
www-bis-org-8025	495	42	”	"	''
www-bis-org-8025	495	43	,	,	,
www-bis-org-8025	495	44	Center	Center	NNP
www-bis-org-8025	495	45	on	on	IN
www-bis-org-8025	495	46	Sanctions	Sanctions	NNPS
www-bis-org-8025	495	47	and	and	CC
www-bis-org-8025	495	48	Illicit	Illicit	NNP
www-bis-org-8025	495	49	Finance	Finance	NNP
www-bis-org-8025	495	50	memorandum	memorandum	NN
www-bis-org-8025	495	51	,	,	,
www-bis-org-8025	495	52	January	January	NNP
www-bis-org-8025	495	53	.	.	.
www-bis-org-8025	496	1	Fernández	Fernández	NNP
www-bis-org-8025	496	2	-	-	HYPH
www-bis-org-8025	496	3	Villaverde	Villaverde	NNP
www-bis-org-8025	496	4	,	,	,
www-bis-org-8025	496	5	J	J	NNP
www-bis-org-8025	496	6	and	and	CC
www-bis-org-8025	496	7	D	D	NNP
www-bis-org-8025	496	8	Sanches	Sanches	NNP
www-bis-org-8025	496	9	(	(	-LRB-
www-bis-org-8025	496	10	2016	2016	CD
www-bis-org-8025	496	11	)	)	-RRB-
www-bis-org-8025	496	12	:	:	:
www-bis-org-8025	496	13	“	"	``
www-bis-org-8025	496	14	Can	Can	MD
www-bis-org-8025	496	15	currency	currency	NN
www-bis-org-8025	496	16	competition	competition	NN
www-bis-org-8025	496	17	work	work	VB
www-bis-org-8025	496	18	?	?	.
www-bis-org-8025	496	19	”	"	''
www-bis-org-8025	496	20	,	,	,
www-bis-org-8025	496	21	CEPR	CEPR	NNP
www-bis-org-8025	496	22	Discussion	Discussion	NNP
www-bis-org-8025	496	23	Papers	Papers	NNPS
www-bis-org-8025	496	24	,	,	,
www-bis-org-8025	496	25	no	no	DT
www-bis-org-8025	496	26	11095	11095	CD
www-bis-org-8025	496	27	.	.	.
www-bis-org-8025	497	1	Financial	Financial	NNP
www-bis-org-8025	497	2	Action	Action	NNP
www-bis-org-8025	497	3	Task	Task	NNP
www-bis-org-8025	497	4	Force	Force	NNP
www-bis-org-8025	497	5	(	(	-LRB-
www-bis-org-8025	497	6	2015	2015	CD
www-bis-org-8025	497	7	)	)	-RRB-
www-bis-org-8025	497	8	:	:	:
www-bis-org-8025	497	9	Guidance	guidance	NN
www-bis-org-8025	497	10	for	for	IN
www-bis-org-8025	497	11	a	a	DT
www-bis-org-8025	497	12	risk	risk	NN
www-bis-org-8025	497	13	-	-	HYPH
www-bis-org-8025	497	14	based	base	VBN
www-bis-org-8025	497	15	approach	approach	NN
www-bis-org-8025	497	16	to	to	IN
www-bis-org-8025	497	17	virtual	virtual	JJ
www-bis-org-8025	497	18	currencies	currency	NNS
www-bis-org-8025	497	19	,	,	,
www-bis-org-8025	497	20	June	June	NNP
www-bis-org-8025	497	21	.	.	.
www-bis-org-8025	498	1	Financial	Financial	NNP
www-bis-org-8025	498	2	Stability	Stability	NNP
www-bis-org-8025	498	3	Board	Board	NNP
www-bis-org-8025	498	4	(	(	-LRB-
www-bis-org-8025	498	5	2018a	2018a	CD
www-bis-org-8025	498	6	)	)	-RRB-
www-bis-org-8025	498	7	:	:	:
www-bis-org-8025	498	8	Crypto	crypto	NN
www-bis-org-8025	498	9	-	-	HYPH
www-bis-org-8025	498	10	assets	asset	NNS
www-bis-org-8025	498	11	:	:	:
www-bis-org-8025	498	12	report	report	VB
www-bis-org-8025	498	13	to	to	IN
www-bis-org-8025	498	14	the	the	DT
www-bis-org-8025	498	15	G20	G20	NNP
www-bis-org-8025	498	16	on	on	IN
www-bis-org-8025	498	17	the	the	DT
www-bis-org-8025	498	18	work	work	NN
www-bis-org-8025	498	19	of	of	IN
www-bis-org-8025	498	20	the	the	DT
www-bis-org-8025	498	21	FSB	FSB	NNP
www-bis-org-8025	498	22	and	and	CC
www-bis-org-8025	498	23	standard-	standard-	JJ
www-bis-org-8025	498	24	setting	setting	NN
www-bis-org-8025	498	25	bodies	body	NNS
www-bis-org-8025	498	26	,	,	,
www-bis-org-8025	498	27	July	July	NNP
www-bis-org-8025	498	28	.	.	.
www-bis-org-8025	499	1	—	—	:
www-bis-org-8025	499	2	—	—	:
www-bis-org-8025	499	3	—	—	:
www-bis-org-8025	499	4	(	(	-LRB-
www-bis-org-8025	499	5	2018b	2018b	CD
www-bis-org-8025	499	6	)	)	-RRB-
www-bis-org-8025	499	7	:	:	:
www-bis-org-8025	499	8	Crypto	crypto	NN
www-bis-org-8025	499	9	-	-	HYPH
www-bis-org-8025	499	10	asset	asset	NN
www-bis-org-8025	499	11	markets	market	NNS
www-bis-org-8025	499	12	Potential	potential	JJ
www-bis-org-8025	499	13	channels	channel	NNS
www-bis-org-8025	499	14	for	for	IN
www-bis-org-8025	499	15	future	future	JJ
www-bis-org-8025	499	16	financial	financial	JJ
www-bis-org-8025	499	17	stability	stability	NN
www-bis-org-8025	499	18	implications	implication	NNS
www-bis-org-8025	499	19	,	,	,
www-bis-org-8025	499	20	October	October	NNP
www-bis-org-8025	499	21	.	.	.
www-bis-org-8025	500	1	Foley	Foley	NNP
www-bis-org-8025	500	2	,	,	,
www-bis-org-8025	500	3	S	S	NNP
www-bis-org-8025	500	4	,	,	,
www-bis-org-8025	500	5	J	J	NNP
www-bis-org-8025	500	6	Karlsen	Karlsen	NNP
www-bis-org-8025	500	7	and	and	CC
www-bis-org-8025	500	8	T	T	NNP
www-bis-org-8025	500	9	Putniņš	Putniņš	NNP
www-bis-org-8025	500	10	(	(	-LRB-
www-bis-org-8025	500	11	2018	2018	CD
www-bis-org-8025	500	12	)	)	-RRB-
www-bis-org-8025	500	13	:	:	:
www-bis-org-8025	500	14	“	"	``
www-bis-org-8025	500	15	Sex	sex	NN
www-bis-org-8025	500	16	,	,	,
www-bis-org-8025	500	17	drugs	drug	NNS
www-bis-org-8025	500	18	,	,	,
www-bis-org-8025	500	19	and	and	CC
www-bis-org-8025	500	20	bitcoin	bitcoin	NN
www-bis-org-8025	500	21	:	:	:
www-bis-org-8025	500	22	how	how	WRB
www-bis-org-8025	500	23	much	much	JJ
www-bis-org-8025	500	24	illegal	illegal	JJ
www-bis-org-8025	500	25	activity	activity	NN
www-bis-org-8025	500	26	is	be	VBZ
www-bis-org-8025	500	27	financed	finance	VBN
www-bis-org-8025	500	28	through	through	IN
www-bis-org-8025	500	29	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	500	30	?	?	.
www-bis-org-8025	500	31	”	"	''
www-bis-org-8025	500	32	,	,	,
www-bis-org-8025	500	33	Review	Review	NNP
www-bis-org-8025	500	34	of	of	IN
www-bis-org-8025	500	35	Financial	Financial	NNP
www-bis-org-8025	500	36	Studies	Studies	NNPS
www-bis-org-8025	500	37	,	,	,
www-bis-org-8025	500	38	forthcoming	forthcoming	JJ
www-bis-org-8025	500	39	.	.	.
www-bis-org-8025	501	1	Lloyd	Lloyd	NNP
www-bis-org-8025	501	2	,	,	,
www-bis-org-8025	501	3	W	W	NNP
www-bis-org-8025	501	4	(	(	-LRB-
www-bis-org-8025	501	5	1833	1833	CD
www-bis-org-8025	501	6	)	)	-RRB-
www-bis-org-8025	501	7	:	:	:
www-bis-org-8025	501	8	Two	two	CD
www-bis-org-8025	501	9	Lectures	lecture	NNS
www-bis-org-8025	501	10	on	on	IN
www-bis-org-8025	501	11	Population	Population	NNP
www-bis-org-8025	501	12	,	,	,
www-bis-org-8025	501	13	unpublished	unpublished	JJ
www-bis-org-8025	501	14	manuscript	manuscript	NN
www-bis-org-8025	501	15	.	.	.
www-bis-org-8025	502	1	G20	G20	NNP
www-bis-org-8025	502	2	Finance	Finance	NNP
www-bis-org-8025	502	3	Ministers	Ministers	NNPS
www-bis-org-8025	502	4	and	and	CC
www-bis-org-8025	502	5	Central	Central	NNP
www-bis-org-8025	502	6	Bank	Bank	NNP
www-bis-org-8025	502	7	Governors	Governors	NNPS
www-bis-org-8025	502	8	(	(	-LRB-
www-bis-org-8025	502	9	2018	2018	CD
www-bis-org-8025	502	10	)	)	-RRB-
www-bis-org-8025	502	11	:	:	:
www-bis-org-8025	502	12	Buenos	Buenos	NNP
www-bis-org-8025	502	13	Aires	Aires	NNP
www-bis-org-8025	502	14	Summit	Summit	NNP
www-bis-org-8025	502	15	communiqué	communiqué	NN
www-bis-org-8025	502	16	,	,	,
www-bis-org-8025	502	17	19–20	19–20	CD
www-bis-org-8025	502	18	March	March	NNP
www-bis-org-8025	502	19	.	.	.
www-bis-org-8025	503	1	https://scalingbitcoin.org/hongkong2015/presentations/DAY2/1_layer2_2_dryja.pdf	https://scalingbitcoin.org/hongkong2015/presentations/DAY2/1_layer2_2_dryja.pdf	NNP
www-bis-org-8025	503	2	26	26	CD
www-bis-org-8025	503	3	WP765	wp765	NN
www-bis-org-8025	503	4	Beyond	beyond	IN
www-bis-org-8025	503	5	the	the	DT
www-bis-org-8025	503	6	doomsday	doomsday	NNP
www-bis-org-8025	503	7	economics	economic	NNS
www-bis-org-8025	503	8	of	of	IN
www-bis-org-8025	503	9	“	"	``
www-bis-org-8025	503	10	proof	proof	NN
www-bis-org-8025	503	11	-	-	HYPH
www-bis-org-8025	503	12	of	of	IN
www-bis-org-8025	503	13	-	-	HYPH
www-bis-org-8025	503	14	work	work	NN
www-bis-org-8025	503	15	”	"	''
www-bis-org-8025	503	16	in	in	IN
www-bis-org-8025	503	17	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	503	18	Giannini	Giannini	NNP
www-bis-org-8025	503	19	,	,	,
www-bis-org-8025	503	20	C	C	NNP
www-bis-org-8025	503	21	(	(	-LRB-
www-bis-org-8025	503	22	2011	2011	CD
www-bis-org-8025	503	23	)	)	-RRB-
www-bis-org-8025	503	24	:	:	:
www-bis-org-8025	503	25	The	the	DT
www-bis-org-8025	503	26	age	age	NN
www-bis-org-8025	503	27	of	of	IN
www-bis-org-8025	503	28	central	central	JJ
www-bis-org-8025	503	29	banks	bank	NNS
www-bis-org-8025	503	30	,	,	,
www-bis-org-8025	503	31	Edward	Edward	NNP
www-bis-org-8025	503	32	Elgar	Elgar	NNP
www-bis-org-8025	503	33	.	.	.
www-bis-org-8025	504	1	Graeber	Graeber	NNP
www-bis-org-8025	504	2	,	,	,
www-bis-org-8025	504	3	D	d	NN
www-bis-org-8025	504	4	(	(	-LRB-
www-bis-org-8025	504	5	2011	2011	CD
www-bis-org-8025	504	6	)	)	-RRB-
www-bis-org-8025	504	7	:	:	:
www-bis-org-8025	504	8	Debt	debt	NN
www-bis-org-8025	504	9	:	:	:
www-bis-org-8025	504	10	The	the	DT
www-bis-org-8025	504	11	First	first	JJ
www-bis-org-8025	504	12	5,000	5,000	CD
www-bis-org-8025	504	13	Years	year	NNS
www-bis-org-8025	504	14	,	,	,
www-bis-org-8025	504	15	Melville	Melville	NNP
www-bis-org-8025	504	16	House	House	NNP
www-bis-org-8025	504	17	.	.	.
www-bis-org-8025	505	1	Huberman	Huberman	NNP
www-bis-org-8025	505	2	,	,	,
www-bis-org-8025	505	3	G	G	NNP
www-bis-org-8025	505	4	,	,	,
www-bis-org-8025	505	5	J	J	NNP
www-bis-org-8025	505	6	Leshno	Leshno	NNP
www-bis-org-8025	505	7	and	and	CC
www-bis-org-8025	505	8	C	C	NNP
www-bis-org-8025	505	9	Moellemi	Moellemi	NNP
www-bis-org-8025	505	10	(	(	-LRB-
www-bis-org-8025	505	11	2017	2017	CD
www-bis-org-8025	505	12	)	)	-RRB-
www-bis-org-8025	505	13	:	:	:
www-bis-org-8025	505	14	“	"	``
www-bis-org-8025	505	15	Monopoly	monopoly	NN
www-bis-org-8025	505	16	without	without	IN
www-bis-org-8025	505	17	a	a	DT
www-bis-org-8025	505	18	monopolist	monopolist	NN
www-bis-org-8025	505	19	:	:	:
www-bis-org-8025	505	20	an	an	DT
www-bis-org-8025	505	21	economic	economic	JJ
www-bis-org-8025	505	22	analysis	analysis	NN
www-bis-org-8025	505	23	of	of	IN
www-bis-org-8025	505	24	the	the	DT
www-bis-org-8025	505	25	Bitcoin	Bitcoin	NNP
www-bis-org-8025	505	26	payment	payment	NN
www-bis-org-8025	505	27	system	system	NN
www-bis-org-8025	505	28	”	"	''
www-bis-org-8025	505	29	,	,	,
www-bis-org-8025	505	30	Columbia	Columbia	NNP
www-bis-org-8025	505	31	Business	Business	NNP
www-bis-org-8025	505	32	School	School	NNP
www-bis-org-8025	505	33	Research	Research	NNP
www-bis-org-8025	505	34	Papers	Papers	NNPS
www-bis-org-8025	505	35	,	,	,
www-bis-org-8025	505	36	no	no	DT
www-bis-org-8025	505	37	17	17	CD
www-bis-org-8025	505	38	-	-	SYM
www-bis-org-8025	505	39	92	92	CD
www-bis-org-8025	505	40	.	.	.
www-bis-org-8025	506	1	Kiayias	Kiayias	NNP
www-bis-org-8025	506	2	,	,	,
www-bis-org-8025	506	3	A	A	NNP
www-bis-org-8025	506	4	,	,	,
www-bis-org-8025	506	5	A	a	DT
www-bis-org-8025	506	6	Russell	Russell	NNP
www-bis-org-8025	506	7	,	,	,
www-bis-org-8025	506	8	B	B	NNP
www-bis-org-8025	506	9	David	David	NNP
www-bis-org-8025	506	10	and	and	CC
www-bis-org-8025	506	11	R	R	NNP
www-bis-org-8025	506	12	Oliynykov	Oliynykov	NNP
www-bis-org-8025	506	13	(	(	-LRB-
www-bis-org-8025	506	14	2017	2017	CD
www-bis-org-8025	506	15	)	)	-RRB-
www-bis-org-8025	506	16	:	:	:
www-bis-org-8025	506	17	“	"	``
www-bis-org-8025	506	18	Ouroboros	Ouroboros	NNP
www-bis-org-8025	506	19	:	:	:
www-bis-org-8025	506	20	a	a	DT
www-bis-org-8025	506	21	provably	provably	RB
www-bis-org-8025	506	22	secure	secure	JJ
www-bis-org-8025	506	23	proof	proof	NN
www-bis-org-8025	506	24	-	-	HYPH
www-bis-org-8025	506	25	of	of	IN
www-bis-org-8025	506	26	-	-	HYPH
www-bis-org-8025	506	27	stake	stake	NN
www-bis-org-8025	506	28	blockchain	blockchain	NNP
www-bis-org-8025	506	29	protocol	protocol	NNP
www-bis-org-8025	506	30	”	"	''
www-bis-org-8025	506	31	,	,	,
www-bis-org-8025	506	32	EPrint	EPrint	NNP
www-bis-org-8025	506	33	Archive	Archive	NNP
www-bis-org-8025	506	34	.	.	.
www-bis-org-8025	507	1	Landau	Landau	NNS
www-bis-org-8025	507	2	,	,	,
www-bis-org-8025	507	3	J	J	NNP
www-bis-org-8025	507	4	-	-	HYPH
www-bis-org-8025	507	5	P	P	NNP
www-bis-org-8025	507	6	and	and	CC
www-bis-org-8025	507	7	A	A	NNP
www-bis-org-8025	507	8	Genais	Genais	NNP
www-bis-org-8025	507	9	(	(	-LRB-
www-bis-org-8025	507	10	2018	2018	CD
www-bis-org-8025	507	11	)	)	-RRB-
www-bis-org-8025	507	12	:	:	:
www-bis-org-8025	507	13	Les	Les	NNP
www-bis-org-8025	507	14	crypto	crypto	NN
www-bis-org-8025	507	15	-	-	HYPH
www-bis-org-8025	507	16	monnaies	monnaies	NN
www-bis-org-8025	507	17	,	,	,
www-bis-org-8025	507	18	rapport	rapport	NN
www-bis-org-8025	507	19	au	au	NNP
www-bis-org-8025	507	20	Ministre	Ministre	NNP
www-bis-org-8025	507	21	de	de	NNP
www-bis-org-8025	507	22	l’Économie	l’Économie	NNP
www-bis-org-8025	507	23	et	et	FW
www-bis-org-8025	507	24	des	des	FW
www-bis-org-8025	507	25	Finances	Finances	NNP
www-bis-org-8025	507	26	,	,	,
www-bis-org-8025	507	27	4	4	CD
www-bis-org-8025	507	28	July	July	NNP
www-bis-org-8025	507	29	.	.	.
www-bis-org-8025	508	1	Lewis	Lewis	NNP
www-bis-org-8025	508	2	,	,	,
www-bis-org-8025	508	3	D	d	NN
www-bis-org-8025	508	4	(	(	-LRB-
www-bis-org-8025	508	5	1969	1969	CD
www-bis-org-8025	508	6	)	)	-RRB-
www-bis-org-8025	508	7	:	:	:
www-bis-org-8025	508	8	Convention	convention	NN
www-bis-org-8025	508	9	:	:	:
www-bis-org-8025	508	10	a	a	DT
www-bis-org-8025	508	11	philosophical	philosophical	JJ
www-bis-org-8025	508	12	study	study	NN
www-bis-org-8025	508	13	,	,	,
www-bis-org-8025	508	14	Blackwell	Blackwell	NNP
www-bis-org-8025	508	15	Publishing	Publishing	NNP
www-bis-org-8025	508	16	.	.	.
www-bis-org-8025	509	1	Lewis	Lewis	NNP
www-bis-org-8025	509	2	,	,	,
www-bis-org-8025	509	3	J	J	NNP
www-bis-org-8025	509	4	(	(	-LRB-
www-bis-org-8025	509	5	2018	2018	CD
www-bis-org-8025	509	6	)	)	-RRB-
www-bis-org-8025	509	7	:	:	:
www-bis-org-8025	509	8	“	"	``
www-bis-org-8025	509	9	The	the	DT
www-bis-org-8025	509	10	seven	seven	CD
www-bis-org-8025	509	11	deadly	deadly	JJ
www-bis-org-8025	509	12	paradoxes	paradox	NNS
www-bis-org-8025	509	13	of	of	IN
www-bis-org-8025	509	14	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	509	15	”	"	''
www-bis-org-8025	509	16	,	,	,
www-bis-org-8025	509	17	Bank	Bank	NNP
www-bis-org-8025	509	18	Underground	Underground	NNP
www-bis-org-8025	509	19	,	,	,
www-bis-org-8025	509	20	Bank	Bank	NNP
www-bis-org-8025	509	21	of	of	IN
www-bis-org-8025	509	22	England	England	NNP
www-bis-org-8025	509	23	,	,	,
www-bis-org-8025	509	24	13	13	CD
www-bis-org-8025	509	25	November	November	NNP
www-bis-org-8025	509	26	.	.	.
www-bis-org-8025	510	1	Morris	Morris	NNP
www-bis-org-8025	510	2	,	,	,
www-bis-org-8025	510	3	S	S	NNP
www-bis-org-8025	510	4	and	and	CC
www-bis-org-8025	510	5	H	H	NNP
www-bis-org-8025	510	6	S	S	NNP
www-bis-org-8025	510	7	Shin	Shin	NNP
www-bis-org-8025	510	8	(	(	-LRB-
www-bis-org-8025	510	9	2018	2018	CD
www-bis-org-8025	510	10	)	)	-RRB-
www-bis-org-8025	510	11	:	:	:
www-bis-org-8025	510	12	“	"	``
www-bis-org-8025	510	13	Distributed	distribute	VBN
www-bis-org-8025	510	14	ledger	ledger	JJ
www-bis-org-8025	510	15	technology	technology	NN
www-bis-org-8025	510	16	and	and	CC
www-bis-org-8025	510	17	large	large	JJ
www-bis-org-8025	510	18	value	value	NN
www-bis-org-8025	510	19	payments	payment	NNS
www-bis-org-8025	510	20	:	:	:
www-bis-org-8025	510	21	a	a	DT
www-bis-org-8025	510	22	global	global	JJ
www-bis-org-8025	510	23	game	game	NN
www-bis-org-8025	510	24	approach	approach	NN
www-bis-org-8025	510	25	”	"	''
www-bis-org-8025	510	26	,	,	,
www-bis-org-8025	510	27	mimeo	mimeo	NNP
www-bis-org-8025	510	28	,	,	,
www-bis-org-8025	510	29	Princeton	Princeton	NNP
www-bis-org-8025	510	30	University	University	NNP
www-bis-org-8025	510	31	,	,	,
www-bis-org-8025	510	32	November	November	NNP
www-bis-org-8025	510	33	.	.	.
www-bis-org-8025	511	1	Nakamoto	Nakamoto	NNP
www-bis-org-8025	511	2	,	,	,
www-bis-org-8025	511	3	S	S	NNP
www-bis-org-8025	511	4	(	(	-LRB-
www-bis-org-8025	511	5	2008	2008	CD
www-bis-org-8025	511	6	)	)	-RRB-
www-bis-org-8025	511	7	:	:	:
www-bis-org-8025	511	8	“	"	``
www-bis-org-8025	511	9	Bitcoin	Bitcoin	NNP
www-bis-org-8025	511	10	:	:	:
www-bis-org-8025	511	11	a	a	DT
www-bis-org-8025	511	12	peer	peer	NN
www-bis-org-8025	511	13	-	-	HYPH
www-bis-org-8025	511	14	to	to	IN
www-bis-org-8025	511	15	-	-	HYPH
www-bis-org-8025	511	16	peer	peer	NN
www-bis-org-8025	511	17	electronic	electronic	JJ
www-bis-org-8025	511	18	cash	cash	NN
www-bis-org-8025	511	19	system	system	NN
www-bis-org-8025	511	20	”	"	''
www-bis-org-8025	511	21	,	,	,
www-bis-org-8025	511	22	white	white	JJ
www-bis-org-8025	511	23	paper	paper	NNP
www-bis-org-8025	511	24	,	,	,
www-bis-org-8025	511	25	https://bitcoin.org/bitcoin.pdf	https://bitcoin.org/bitcoin.pdf	NNP
www-bis-org-8025	511	26	.	.	.
www-bis-org-8025	512	1	Pichler	Pichler	NNP
www-bis-org-8025	512	2	,	,	,
www-bis-org-8025	512	3	P	p	NN
www-bis-org-8025	512	4	,	,	,
www-bis-org-8025	512	5	A	a	DT
www-bis-org-8025	512	6	Schierlinger	Schierlinger	NNP
www-bis-org-8025	512	7	-	-	HYPH
www-bis-org-8025	512	8	Brandmayr	Brandmayr	NNP
www-bis-org-8025	512	9	and	and	CC
www-bis-org-8025	512	10	M	M	NNP
www-bis-org-8025	512	11	Summer	Summer	NNP
www-bis-org-8025	512	12	(	(	-LRB-
www-bis-org-8025	512	13	2018	2018	CD
www-bis-org-8025	512	14	)	)	-RRB-
www-bis-org-8025	512	15	:	:	:
www-bis-org-8025	512	16	“	"	``
www-bis-org-8025	512	17	Digital	digital	JJ
www-bis-org-8025	512	18	money	money	NN
www-bis-org-8025	512	19	”	"	''
www-bis-org-8025	512	20	,	,	,
www-bis-org-8025	512	21	Monetary	Monetary	NNP
www-bis-org-8025	512	22	Policy	Policy	NNP
www-bis-org-8025	512	23	&	&	CC
www-bis-org-8025	512	24	the	the	DT
www-bis-org-8025	512	25	Economy	Economy	NNP
www-bis-org-8025	512	26	,	,	,
www-bis-org-8025	512	27	Oesterreichische	Oesterreichische	NNP
www-bis-org-8025	512	28	Nationalbank	Nationalbank	NNP
www-bis-org-8025	512	29	,	,	,
www-bis-org-8025	512	30	Q3/18	Q3/18	NNP
www-bis-org-8025	512	31	,	,	,
www-bis-org-8025	512	32	pp	pp	NNP
www-bis-org-8025	512	33	23–35	23–35	NNP
www-bis-org-8025	512	34	.	.	.
www-bis-org-8025	513	1	Poelstra	Poelstra	NNP
www-bis-org-8025	513	2	,	,	,
www-bis-org-8025	513	3	A	a	NN
www-bis-org-8025	513	4	(	(	-LRB-
www-bis-org-8025	513	5	2014	2014	CD
www-bis-org-8025	513	6	)	)	-RRB-
www-bis-org-8025	513	7	“	"	``
www-bis-org-8025	513	8	Distributed	distribute	VBN
www-bis-org-8025	513	9	consensus	consensus	NN
www-bis-org-8025	513	10	from	from	IN
www-bis-org-8025	513	11	proof	proof	NN
www-bis-org-8025	513	12	of	of	IN
www-bis-org-8025	513	13	stake	stake	NN
www-bis-org-8025	513	14	is	be	VBZ
www-bis-org-8025	513	15	impossible	impossible	JJ
www-bis-org-8025	513	16	”	"	''
www-bis-org-8025	513	17	,	,	,
www-bis-org-8025	513	18	2014	2014	CD
www-bis-org-8025	513	19	,	,	,
www-bis-org-8025	513	20	https://	https://	NNP
www-bis-org-8025	513	21	download.wpsoftware.net/bitcoin/old-pos.pdf	download.wpsoftware.net/bitcoin/old-pos.pdf	NNP
www-bis-org-8025	513	22	,	,	,
www-bis-org-8025	513	23	May	May	NNP
www-bis-org-8025	513	24	—	—	:
www-bis-org-8025	513	25	—	—	:
www-bis-org-8025	513	26	—	—	:
www-bis-org-8025	513	27	(	(	-LRB-
www-bis-org-8025	513	28	2015	2015	CD
www-bis-org-8025	513	29	)	)	-RRB-
www-bis-org-8025	513	30	“	"	``
www-bis-org-8025	513	31	On	on	IN
www-bis-org-8025	513	32	Stake	Stake	NNP
www-bis-org-8025	513	33	and	and	CC
www-bis-org-8025	513	34	Consensus	Consensus	NNP
www-bis-org-8025	513	35	”	"	''
www-bis-org-8025	513	36	https://download.wpsoftware.net/bitcoin/pos.pdf	https://download.wpsoftware.net/bitcoin/pos.pdf	NN
www-bis-org-8025	513	37	,	,	,
www-bis-org-8025	513	38	March	March	NNP
www-bis-org-8025	513	39	Poon	Poon	NNP
www-bis-org-8025	513	40	,	,	,
www-bis-org-8025	513	41	J	J	NNP
www-bis-org-8025	513	42	and	and	CC
www-bis-org-8025	513	43	T	T	NNP
www-bis-org-8025	513	44	Dryja	Dryja	NNP
www-bis-org-8025	513	45	(	(	-LRB-
www-bis-org-8025	513	46	2016	2016	CD
www-bis-org-8025	513	47	)	)	-RRB-
www-bis-org-8025	513	48	:	:	:
www-bis-org-8025	513	49	“	"	``
www-bis-org-8025	513	50	The	the	DT
www-bis-org-8025	513	51	Bitcoin	Bitcoin	NNP
www-bis-org-8025	513	52	Lightning	Lightning	NNP
www-bis-org-8025	513	53	Network	Network	NNP
www-bis-org-8025	513	54	:	:	:
www-bis-org-8025	513	55	Scalable	scalable	VB
www-bis-org-8025	513	56	off	off	IN
www-bis-org-8025	513	57	-	-	HYPH
www-bis-org-8025	513	58	chain	chain	NN
www-bis-org-8025	513	59	instant	instant	NN
www-bis-org-8025	513	60	payments	payment	NNS
www-bis-org-8025	513	61	”	"	''
www-bis-org-8025	513	62	,	,	,
www-bis-org-8025	513	63	DRAFT	DRAFT	NNP
www-bis-org-8025	513	64	Version	Version	NNP
www-bis-org-8025	513	65	0.5.9.2	0.5.9.2	CD
www-bis-org-8025	513	66	,	,	,
www-bis-org-8025	513	67	www.lightning.network	www.lightning.network	ADD
www-bis-org-8025	513	68	(	(	-LRB-
www-bis-org-8025	513	69	accessed	access	VBN
www-bis-org-8025	513	70	19.11.2018	19.11.2018	NNP
www-bis-org-8025	513	71	)	)	-RRB-
www-bis-org-8025	513	72	.	.	.
www-bis-org-8025	514	1	Prat	Prat	NNP
www-bis-org-8025	514	2	,	,	,
www-bis-org-8025	514	3	J	J	NNP
www-bis-org-8025	514	4	and	and	CC
www-bis-org-8025	514	5	W	W	NNP
www-bis-org-8025	514	6	Benjamin	Benjamin	NNP
www-bis-org-8025	514	7	(	(	-LRB-
www-bis-org-8025	514	8	2017	2017	CD
www-bis-org-8025	514	9	)	)	-RRB-
www-bis-org-8025	514	10	:	:	:
www-bis-org-8025	514	11	“	"	``
www-bis-org-8025	514	12	An	an	DT
www-bis-org-8025	514	13	equilibrium	equilibrium	NN
www-bis-org-8025	514	14	model	model	NN
www-bis-org-8025	514	15	of	of	IN
www-bis-org-8025	514	16	the	the	DT
www-bis-org-8025	514	17	market	market	NN
www-bis-org-8025	514	18	for	for	IN
www-bis-org-8025	514	19	bitcoin	bitcoin	NN
www-bis-org-8025	514	20	mining	mining	NN
www-bis-org-8025	514	21	”	"	''
www-bis-org-8025	514	22	,	,	,
www-bis-org-8025	514	23	Working	Working	NNP
www-bis-org-8025	514	24	Paper	Paper	NNP
www-bis-org-8025	514	25	,	,	,
www-bis-org-8025	514	26	2017	2017	CD
www-bis-org-8025	514	27	-	-	SYM
www-bis-org-8025	514	28	15	15	CD
www-bis-org-8025	514	29	,	,	,
www-bis-org-8025	514	30	Center	Center	NNP
www-bis-org-8025	514	31	for	for	IN
www-bis-org-8025	514	32	Research	Research	NNP
www-bis-org-8025	514	33	in	in	IN
www-bis-org-8025	514	34	Economics	Economics	NNP
www-bis-org-8025	514	35	and	and	CC
www-bis-org-8025	514	36	Statistics	Statistics	NNPS
www-bis-org-8025	514	37	.	.	.
www-bis-org-8025	515	1	Schilling	schilling	NN
www-bis-org-8025	515	2	,	,	,
www-bis-org-8025	515	3	L	l	NN
www-bis-org-8025	515	4	and	and	CC
www-bis-org-8025	515	5	H	H	NNP
www-bis-org-8025	515	6	Uhlig	Uhlig	NNP
www-bis-org-8025	515	7	(	(	-LRB-
www-bis-org-8025	515	8	2018	2018	CD
www-bis-org-8025	515	9	)	)	-RRB-
www-bis-org-8025	515	10	:	:	:
www-bis-org-8025	515	11	“	"	``
www-bis-org-8025	515	12	Some	some	DT
www-bis-org-8025	515	13	Simple	Simple	NNP
www-bis-org-8025	515	14	Bitcoin	Bitcoin	NNP
www-bis-org-8025	515	15	Economics	Economics	NNP
www-bis-org-8025	515	16	”	"	''
www-bis-org-8025	515	17	,	,	,
www-bis-org-8025	515	18	NBER	NBER	NNP
www-bis-org-8025	515	19	Working	Working	NNP
www-bis-org-8025	515	20	Papers	Papers	NNPS
www-bis-org-8025	515	21	,	,	,
www-bis-org-8025	515	22	no	no	DT
www-bis-org-8025	515	23	24483	24483	CD
www-bis-org-8025	515	24	,	,	,
www-bis-org-8025	515	25	National	National	NNP
www-bis-org-8025	515	26	Bureau	Bureau	NNP
www-bis-org-8025	515	27	of	of	IN
www-bis-org-8025	515	28	Economic	Economic	NNP
www-bis-org-8025	515	29	Research	Research	NNP
www-bis-org-8025	515	30	.	.	.
www-bis-org-8025	516	1	Schnabel	Schnabel	NNP
www-bis-org-8025	516	2	,	,	,
www-bis-org-8025	516	3	I	-PRON-	PRP
www-bis-org-8025	516	4	and	and	CC
www-bis-org-8025	516	5	H	H	NNP
www-bis-org-8025	516	6	S	S	NNP
www-bis-org-8025	516	7	Shin	Shin	NNP
www-bis-org-8025	516	8	(	(	-LRB-
www-bis-org-8025	516	9	2018	2018	CD
www-bis-org-8025	516	10	)	)	-RRB-
www-bis-org-8025	516	11	:	:	:
www-bis-org-8025	516	12	“	"	``
www-bis-org-8025	516	13	Money	money	NN
www-bis-org-8025	516	14	and	and	CC
www-bis-org-8025	516	15	trust	trust	NN
www-bis-org-8025	516	16	:	:	:
www-bis-org-8025	516	17	lessons	lesson	NNS
www-bis-org-8025	516	18	from	from	IN
www-bis-org-8025	516	19	the	the	DT
www-bis-org-8025	516	20	1620s	1620s	CD
www-bis-org-8025	516	21	for	for	IN
www-bis-org-8025	516	22	money	money	NN
www-bis-org-8025	516	23	in	in	IN
www-bis-org-8025	516	24	the	the	DT
www-bis-org-8025	516	25	digital	digital	JJ
www-bis-org-8025	516	26	age	age	NN
www-bis-org-8025	516	27	”	"	''
www-bis-org-8025	516	28	,	,	,
www-bis-org-8025	516	29	BIS	BIS	NNP
www-bis-org-8025	516	30	Working	Working	NNP
www-bis-org-8025	516	31	Papers	Papers	NNPS
www-bis-org-8025	516	32	,	,	,
www-bis-org-8025	516	33	no	no	DT
www-bis-org-8025	516	34	698	698	CD
www-bis-org-8025	516	35	,	,	,
www-bis-org-8025	516	36	February	February	NNP
www-bis-org-8025	516	37	.	.	.
www-bis-org-8025	517	1	Sompolinsky	Sompolinsky	NNP
www-bis-org-8025	517	2	,	,	,
www-bis-org-8025	517	3	Y	Y	NNP
www-bis-org-8025	517	4	,	,	,
www-bis-org-8025	517	5	Y	Y	NNP
www-bis-org-8025	517	6	Lewenberg	Lewenberg	NNP
www-bis-org-8025	517	7	and	and	CC
www-bis-org-8025	517	8	A	A	NNP
www-bis-org-8025	517	9	Zohar	Zohar	NNP
www-bis-org-8025	517	10	(	(	-LRB-
www-bis-org-8025	517	11	2016	2016	CD
www-bis-org-8025	517	12	)	)	-RRB-
www-bis-org-8025	517	13	:	:	:
www-bis-org-8025	517	14	“	"	``
www-bis-org-8025	517	15	SPECTRE	spectre	NN
www-bis-org-8025	517	16	:	:	:
www-bis-org-8025	517	17	Serialization	serialization	NN
www-bis-org-8025	517	18	of	of	IN
www-bis-org-8025	517	19	proof	proof	NN
www-bis-org-8025	517	20	-	-	HYPH
www-bis-org-8025	517	21	of	of	IN
www-bis-org-8025	517	22	-	-	HYPH
www-bis-org-8025	517	23	work	work	NN
www-bis-org-8025	517	24	events	event	NNS
www-bis-org-8025	517	25	:	:	:
www-bis-org-8025	517	26	confirming	confirm	VBG
www-bis-org-8025	517	27	transactions	transaction	NNS
www-bis-org-8025	517	28	via	via	IN
www-bis-org-8025	517	29	recursive	recursive	JJ
www-bis-org-8025	517	30	elections	election	NNS
www-bis-org-8025	517	31	”	"	''
www-bis-org-8025	517	32	,	,	,
www-bis-org-8025	517	33	no	no	DT
www-bis-org-8025	517	34	1159	1159	CD
www-bis-org-8025	517	35	,	,	,
www-bis-org-8025	517	36	Cryptology	Cryptology	NNP
www-bis-org-8025	517	37	ePrint	ePrint	NNP
www-bis-org-8025	517	38	Archive	Archive	NNP
www-bis-org-8025	517	39	,	,	,
www-bis-org-8025	517	40	IACR	IACR	NNP
www-bis-org-8025	517	41	.	.	.
www-bis-org-8025	518	1	Sompolinsky	Sompolinsky	NNP
www-bis-org-8025	518	2	,	,	,
www-bis-org-8025	518	3	Y	Y	NNP
www-bis-org-8025	518	4	and	and	CC
www-bis-org-8025	518	5	A	A	NNP
www-bis-org-8025	518	6	Zohar	Zohar	NNP
www-bis-org-8025	518	7	(	(	-LRB-
www-bis-org-8025	518	8	2018	2018	CD
www-bis-org-8025	518	9	)	)	-RRB-
www-bis-org-8025	518	10	:	:	:
www-bis-org-8025	518	11	“	"	``
www-bis-org-8025	518	12	PHANTOM	PHANTOM	NNP
www-bis-org-8025	518	13	,	,	,
www-bis-org-8025	518	14	GHOSTDAG	GHOSTDAG	NNP
www-bis-org-8025	518	15	:	:	:
www-bis-org-8025	518	16	Two	two	CD
www-bis-org-8025	518	17	Scalable	Scalable	NNP
www-bis-org-8025	518	18	BlockDAG	BlockDAG	''
www-bis-org-8025	518	19	protocols	protocol	NNS
www-bis-org-8025	518	20	”	"	''
www-bis-org-8025	518	21	,	,	,
www-bis-org-8025	518	22	no	no	DT
www-bis-org-8025	518	23	1004	1004	CD
www-bis-org-8025	518	24	,	,	,
www-bis-org-8025	518	25	Cryptology	Cryptology	NNP
www-bis-org-8025	518	26	ePrint	ePrint	NNP
www-bis-org-8025	518	27	Archive	Archive	NNP
www-bis-org-8025	518	28	,	,	,
www-bis-org-8025	518	29	IACR	IACR	NNP
www-bis-org-8025	518	30	.	.	.
www-bis-org-8025	519	1	Sompolinsky	Sompolinsky	NNP
www-bis-org-8025	519	2	,	,	,
www-bis-org-8025	519	3	Y	Y	NNP
www-bis-org-8025	519	4	and	and	CC
www-bis-org-8025	519	5	A	A	NNP
www-bis-org-8025	519	6	Zohar	Zohar	NNP
www-bis-org-8025	519	7	(	(	-LRB-
www-bis-org-8025	519	8	2005	2005	CD
www-bis-org-8025	519	9	)	)	-RRB-
www-bis-org-8025	519	10	:	:	:
www-bis-org-8025	519	11	“	"	``
www-bis-org-8025	519	12	Bit	bit	VB
www-bis-org-8025	519	13	Gold	gold	NN
www-bis-org-8025	519	14	”	"	''
www-bis-org-8025	519	15	,	,	,
www-bis-org-8025	519	16	Unenumerated	unenumerated	JJ
www-bis-org-8025	519	17	blog	blog	NN
www-bis-org-8025	519	18	,	,	,
www-bis-org-8025	519	19	http://unenumerated.blogspot.com/2005/12/bit-gold.html	http://unenumerated.blogspot.com/2005/12/bit-gold.html	NN
www-bis-org-8025	519	20	,	,	,
www-bis-org-8025	519	21	retrieved	retrieve	VBD
www-bis-org-8025	519	22	25	25	CD
www-bis-org-8025	519	23	October	October	NNP
www-bis-org-8025	519	24	2018	2018	CD
www-bis-org-8025	519	25	.	.	.
www-bis-org-8025	520	1	Zamfir	Zamfir	NNP
www-bis-org-8025	520	2	,	,	,
www-bis-org-8025	520	3	V	v	NN
www-bis-org-8025	520	4	,	,	,
www-bis-org-8025	520	5	N	N	NNP
www-bis-org-8025	520	6	Rush	Rush	NNP
www-bis-org-8025	520	7	,	,	,
www-bis-org-8025	520	8	A	a	DT
www-bis-org-8025	520	9	Asgaonkar	Asgaonkar	NNP
www-bis-org-8025	520	10	and	and	CC
www-bis-org-8025	520	11	G	G	NNP
www-bis-org-8025	520	12	Piliouras	Piliouras	NNP
www-bis-org-8025	520	13	(	(	-LRB-
www-bis-org-8025	520	14	2018	2018	CD
www-bis-org-8025	520	15	)	)	-RRB-
www-bis-org-8025	520	16	:	:	:
www-bis-org-8025	520	17	“	"	``
www-bis-org-8025	520	18	Introducing	introduce	VBG
www-bis-org-8025	520	19	the	the	DT
www-bis-org-8025	520	20	minimal	minimal	JJ
www-bis-org-8025	520	21	CBC	CBC	NNP
www-bis-org-8025	520	22	Casper	Casper	NNP
www-bis-org-8025	520	23	family	family	NN
www-bis-org-8025	520	24	of	of	IN
www-bis-org-8025	520	25	consensus	consensus	NN
www-bis-org-8025	520	26	protocols	protocol	NNS
www-bis-org-8025	520	27	”	"	''
www-bis-org-8025	520	28	,	,	,
www-bis-org-8025	520	29	DRAFT	DRAFT	NNP
www-bis-org-8025	520	30	v1.0	v1.0	NNP
www-bis-org-8025	520	31	,	,	,
www-bis-org-8025	520	32	5	5	CD
www-bis-org-8025	520	33	November	November	NNP
www-bis-org-8025	520	34	,	,	,
www-bis-org-8025	520	35	Ethereum	Ethereum	NNP
www-bis-org-8025	520	36	Research	Research	NNP
www-bis-org-8025	520	37	.	.	.
www-bis-org-8025	521	1	http://unenumerated.blogspot.com/2005/12/bit-gold.html	http://unenumerated.blogspot.com/2005/12/bit-gold.html	NNP
www-bis-org-8025	521	2	https://download.wpsoftware.net/bitcoin/pos.pdf	https://download.wpsoftware.net/bitcoin/pos.pdf	NNP
www-bis-org-8025	521	3	https://bitcoin.org/bitcoin.pdf	https://bitcoin.org/bitcoin.pdf	NNP
www-bis-org-8025	521	4	WP765	WP765	NNP
www-bis-org-8025	521	5	Beyond	beyond	IN
www-bis-org-8025	521	6	the	the	DT
www-bis-org-8025	521	7	doomsday	doomsday	NNP
www-bis-org-8025	521	8	economics	economic	NNS
www-bis-org-8025	521	9	of	of	IN
www-bis-org-8025	521	10	“	"	``
www-bis-org-8025	521	11	proof	proof	NN
www-bis-org-8025	521	12	-	-	HYPH
www-bis-org-8025	521	13	of	of	IN
www-bis-org-8025	521	14	-	-	HYPH
www-bis-org-8025	521	15	work	work	NN
www-bis-org-8025	521	16	”	"	''
www-bis-org-8025	521	17	in	in	IN
www-bis-org-8025	521	18	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	521	19	27	27	CD
www-bis-org-8025	521	20	Appendix	Appendix	NNP
www-bis-org-8025	521	21	:	:	:
www-bis-org-8025	521	22	glossary	glossary	JJ
www-bis-org-8025	521	23	Glossary	Glossary	NNP
www-bis-org-8025	521	24	Table	Table	NNP
www-bis-org-8025	521	25	A1	A1	NNP
www-bis-org-8025	521	26	Attacker	Attacker	NNP
www-bis-org-8025	521	27	advantage	advantage	NN
www-bis-org-8025	521	28	Advantage	advantage	NN
www-bis-org-8025	521	29	for	for	IN
www-bis-org-8025	521	30	a	a	DT
www-bis-org-8025	521	31	double	double	JJ
www-bis-org-8025	521	32	-	-	HYPH
www-bis-org-8025	521	33	spending	spending	NN
www-bis-org-8025	521	34	attacker	attacker	NN
www-bis-org-8025	521	35	(	(	-LRB-
www-bis-org-8025	521	36	see	see	VB
www-bis-org-8025	521	37	equation	equation	NN
www-bis-org-8025	521	38	(	(	-LRB-
www-bis-org-8025	521	39	7	7	CD
www-bis-org-8025	521	40	)	)	-RRB-
www-bis-org-8025	521	41	in	in	IN
www-bis-org-8025	521	42	the	the	DT
www-bis-org-8025	521	43	main	main	JJ
www-bis-org-8025	521	44	text	text	NN
www-bis-org-8025	521	45	)	)	-RRB-
www-bis-org-8025	521	46	deriving	derive	VBG
www-bis-org-8025	521	47	from	from	IN
www-bis-org-8025	521	48	the	the	DT
www-bis-org-8025	521	49	fact	fact	NN
www-bis-org-8025	521	50	that	that	IN
www-bis-org-8025	521	51	the	the	DT
www-bis-org-8025	521	52	attacker	attacker	NN
www-bis-org-8025	521	53	profits	profit	VBZ
www-bis-org-8025	521	54	from	from	IN
www-bis-org-8025	521	55	a	a	DT
www-bis-org-8025	521	56	higher	high	JJR
www-bis-org-8025	521	57	bitcoin	bitcoin	NN
www-bis-org-8025	521	58	income	income	NN
www-bis-org-8025	521	59	(	(	-LRB-
www-bis-org-8025	521	60	block	block	NN
www-bis-org-8025	521	61	rewards	reward	NNS
www-bis-org-8025	521	62	,	,	,
www-bis-org-8025	521	63	transaction	transaction	NN
www-bis-org-8025	521	64	fees	fee	NNS
www-bis-org-8025	521	65	,	,	,
www-bis-org-8025	521	66	and	and	CC
www-bis-org-8025	521	67	double	double	RB
www-bis-org-8025	521	68	-	-	HYPH
www-bis-org-8025	521	69	spent	spend	VBN
www-bis-org-8025	521	70	amount	amount	NN
www-bis-org-8025	521	71	)	)	-RRB-
www-bis-org-8025	521	72	than	than	IN
www-bis-org-8025	521	73	does	do	VBZ
www-bis-org-8025	521	74	an	an	DT
www-bis-org-8025	521	75	honest	honest	JJ
www-bis-org-8025	521	76	miner	miner	NN
www-bis-org-8025	521	77	(	(	-LRB-
www-bis-org-8025	521	78	collecting	collect	VBG
www-bis-org-8025	521	79	only	only	JJ
www-bis-org-8025	521	80	block	block	NN
www-bis-org-8025	521	81	rewards	reward	NNS
www-bis-org-8025	521	82	and	and	CC
www-bis-org-8025	521	83	fees	fee	NNS
www-bis-org-8025	521	84	)	)	-RRB-
www-bis-org-8025	521	85	.	.	.
www-bis-org-8025	522	1	Attacker	Attacker	NNP
www-bis-org-8025	522	2	disadvantage	disadvantage	NN
www-bis-org-8025	522	3	Counterforce	Counterforce	NNP
www-bis-org-8025	522	4	advantages	advantage	NNS
www-bis-org-8025	522	5	over	over	IN
www-bis-org-8025	522	6	an	an	DT
www-bis-org-8025	522	7	attacker	attacker	NN
www-bis-org-8025	522	8	:	:	:
www-bis-org-8025	522	9	double	double	JJ
www-bis-org-8025	522	10	-	-	HYPH
www-bis-org-8025	522	11	spending	spend	VBG
www-bis-org-8025	522	12	attackers	attacker	NNS
www-bis-org-8025	522	13	likely	likely	RB
www-bis-org-8025	522	14	have	have	VBP
www-bis-org-8025	522	15	higher	high	JJR
www-bis-org-8025	522	16	costs	cost	NNS
www-bis-org-8025	522	17	than	than	IN
www-bis-org-8025	522	18	regular	regular	JJ
www-bis-org-8025	522	19	miners	miner	NNS
www-bis-org-8025	522	20	do	do	VBP
www-bis-org-8025	522	21	;	;	:
www-bis-org-8025	522	22	the	the	DT
www-bis-org-8025	522	23	price	price	NN
www-bis-org-8025	522	24	of	of	IN
www-bis-org-8025	522	25	a	a	DT
www-bis-org-8025	522	26	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	522	27	collapses	collapse	NNS
www-bis-org-8025	522	28	following	follow	VBG
www-bis-org-8025	522	29	a	a	DT
www-bis-org-8025	522	30	double	double	JJ
www-bis-org-8025	522	31	-	-	HYPH
www-bis-org-8025	522	32	spending	spending	NN
www-bis-org-8025	522	33	attack	attack	NN
www-bis-org-8025	522	34	;	;	,
www-bis-org-8025	522	35	and	and	CC
www-bis-org-8025	522	36	social	social	JJ
www-bis-org-8025	522	37	coordination	coordination	NN
www-bis-org-8025	522	38	might	may	MD
www-bis-org-8025	522	39	undo	undo	VB
www-bis-org-8025	522	40	such	such	PDT
www-bis-org-8025	522	41	an	an	DT
www-bis-org-8025	522	42	attack	attack	NN
www-bis-org-8025	522	43	.	.	.
www-bis-org-8025	523	1	Attacker	Attacker	NNP
www-bis-org-8025	523	2	disadvantage	disadvantage	NN
www-bis-org-8025	523	3	(	(	-LRB-
www-bis-org-8025	523	4	see	see	VB
www-bis-org-8025	523	5	equation	equation	NN
www-bis-org-8025	523	6	(	(	-LRB-
www-bis-org-8025	523	7	7	7	CD
www-bis-org-8025	523	8	)	)	-RRB-
www-bis-org-8025	523	9	in	in	IN
www-bis-org-8025	523	10	the	the	DT
www-bis-org-8025	523	11	main	main	JJ
www-bis-org-8025	523	12	text	text	NN
www-bis-org-8025	523	13	)	)	-RRB-
www-bis-org-8025	523	14	summarises	summarise	VBZ
www-bis-org-8025	523	15	these	these	DT
www-bis-org-8025	523	16	three	three	CD
www-bis-org-8025	523	17	considerations	consideration	NNS
www-bis-org-8025	523	18	.	.	.
www-bis-org-8025	524	1	Block	Block	NNP
www-bis-org-8025	524	2	reward	reward	NN
www-bis-org-8025	524	3	Newly	newly	RB
www-bis-org-8025	524	4	minted	mint	VBD
www-bis-org-8025	524	5	bitcoins	bitcoin	NNS
www-bis-org-8025	524	6	that	that	WDT
www-bis-org-8025	524	7	increase	increase	VBP
www-bis-org-8025	524	8	the	the	DT
www-bis-org-8025	524	9	outstanding	outstanding	JJ
www-bis-org-8025	524	10	supply	supply	NN
www-bis-org-8025	524	11	whenever	whenever	WRB
www-bis-org-8025	524	12	a	a	DT
www-bis-org-8025	524	13	new	new	JJ
www-bis-org-8025	524	14	block	block	NN
www-bis-org-8025	524	15	is	be	VBZ
www-bis-org-8025	524	16	added	add	VBN
www-bis-org-8025	524	17	to	to	IN
www-bis-org-8025	524	18	the	the	DT
www-bis-org-8025	524	19	blockchain	blockchain	NN
www-bis-org-8025	524	20	.	.	.
www-bis-org-8025	525	1	Confirmation	confirmation	NN
www-bis-org-8025	525	2	Each	each	DT
www-bis-org-8025	525	3	additional	additional	JJ
www-bis-org-8025	525	4	block	block	NN
www-bis-org-8025	525	5	added	add	VBN
www-bis-org-8025	525	6	to	to	IN
www-bis-org-8025	525	7	the	the	DT
www-bis-org-8025	525	8	blockchain	blockchain	NN
www-bis-org-8025	525	9	after	after	IN
www-bis-org-8025	525	10	the	the	DT
www-bis-org-8025	525	11	block	block	NN
www-bis-org-8025	525	12	that	that	WDT
www-bis-org-8025	525	13	contains	contain	VBZ
www-bis-org-8025	525	14	the	the	DT
www-bis-org-8025	525	15	payment	payment	NN
www-bis-org-8025	525	16	in	in	IN
www-bis-org-8025	525	17	question	question	NN
www-bis-org-8025	525	18	.	.	.
www-bis-org-8025	526	1	If	if	IN
www-bis-org-8025	526	2	a	a	DT
www-bis-org-8025	526	3	transaction	transaction	NN
www-bis-org-8025	526	4	is	be	VBZ
www-bis-org-8025	526	5	included	include	VBN
www-bis-org-8025	526	6	in	in	IN
www-bis-org-8025	526	7	block	block	NNP
www-bis-org-8025	526	8	b	b	NNP
www-bis-org-8025	526	9	and	and	CC
www-bis-org-8025	526	10	the	the	DT
www-bis-org-8025	526	11	blockchain	blockchain	NNP
www-bis-org-8025	526	12	currently	currently	RB
www-bis-org-8025	526	13	includes	include	VBZ
www-bis-org-8025	526	14	b+2	b+2	NNP
www-bis-org-8025	526	15	blocks	blocks	NNP
www-bis-org-8025	526	16	,	,	,
www-bis-org-8025	526	17	the	the	DT
www-bis-org-8025	526	18	transaction	transaction	NN
www-bis-org-8025	526	19	is	be	VBZ
www-bis-org-8025	526	20	said	say	VBN
www-bis-org-8025	526	21	to	to	TO
www-bis-org-8025	526	22	have	have	VB
www-bis-org-8025	526	23	three	three	CD
www-bis-org-8025	526	24	confirmations	confirmation	NNS
www-bis-org-8025	526	25	(	(	-LRB-
www-bis-org-8025	526	26	also	also	RB
www-bis-org-8025	526	27	see	see	VB
www-bis-org-8025	526	28	waiting	wait	VBG
www-bis-org-8025	526	29	time	time	NN
www-bis-org-8025	526	30	)	)	-RRB-
www-bis-org-8025	526	31	.	.	.
www-bis-org-8025	527	1	Consensus	consensus	NN
www-bis-org-8025	527	2	on	on	IN
www-bis-org-8025	527	3	the	the	DT
www-bis-org-8025	527	4	longest	long	JJS
www-bis-org-8025	527	5	chain	chain	NN
www-bis-org-8025	527	6	Economic	economic	JJ
www-bis-org-8025	527	7	consensus	consensus	NN
www-bis-org-8025	527	8	algorithm	algorithm	NN
www-bis-org-8025	527	9	in	in	IN
www-bis-org-8025	527	10	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	527	11	that	that	WDT
www-bis-org-8025	527	12	are	be	VBP
www-bis-org-8025	527	13	based	base	VBN
www-bis-org-8025	527	14	on	on	IN
www-bis-org-8025	527	15	“	"	``
www-bis-org-8025	527	16	proof	proof	NN
www-bis-org-8025	527	17	-	-	HYPH
www-bis-org-8025	527	18	of	of	IN
www-bis-org-8025	527	19	-	-	HYPH
www-bis-org-8025	527	20	work	work	NN
www-bis-org-8025	527	21	.	.	.
www-bis-org-8025	527	22	”	"	''
www-bis-org-8025	527	23	If	if	IN
www-bis-org-8025	527	24	conflicting	conflicting	JJ
www-bis-org-8025	527	25	versions	version	NNS
www-bis-org-8025	527	26	of	of	IN
www-bis-org-8025	527	27	the	the	DT
www-bis-org-8025	527	28	blockchain	blockchain	NNP
www-bis-org-8025	527	29	are	be	VBP
www-bis-org-8025	527	30	ever	ever	RB
www-bis-org-8025	527	31	observed	observe	VBN
www-bis-org-8025	527	32	,	,	,
www-bis-org-8025	527	33	the	the	DT
www-bis-org-8025	527	34	blockchain	blockchain	NN
www-bis-org-8025	527	35	that	that	WDT
www-bis-org-8025	527	36	is	be	VBZ
www-bis-org-8025	527	37	the	the	DT
www-bis-org-8025	527	38	most	most	RBS
www-bis-org-8025	527	39	costly	costly	JJ
www-bis-org-8025	527	40	to	to	TO
www-bis-org-8025	527	41	forge	forge	VB
www-bis-org-8025	527	42	(	(	-LRB-
www-bis-org-8025	527	43	often	often	RB
www-bis-org-8025	527	44	the	the	DT
www-bis-org-8025	527	45	one	one	NN
www-bis-org-8025	527	46	with	with	IN
www-bis-org-8025	527	47	the	the	DT
www-bis-org-8025	527	48	most	most	JJS
www-bis-org-8025	527	49	blocks	block	NNS
www-bis-org-8025	527	50	,	,	,
www-bis-org-8025	527	51	ie	ie	IN
www-bis-org-8025	527	52	the	the	DT
www-bis-org-8025	527	53	longest	long	JJS
www-bis-org-8025	527	54	one	one	NN
www-bis-org-8025	527	55	)	)	-RRB-
www-bis-org-8025	527	56	is	be	VBZ
www-bis-org-8025	527	57	the	the	DT
www-bis-org-8025	527	58	one	one	NN
www-bis-org-8025	527	59	that	that	WDT
www-bis-org-8025	527	60	the	the	DT
www-bis-org-8025	527	61	network	network	NN
www-bis-org-8025	527	62	coordinates	coordinate	VBZ
www-bis-org-8025	527	63	on	on	RP
www-bis-org-8025	527	64	.	.	.
www-bis-org-8025	528	1	Crypto	crypto	NN
www-bis-org-8025	528	2	-	-	HYPH
www-bis-org-8025	528	3	asset	asset	NN
www-bis-org-8025	528	4	A	a	DT
www-bis-org-8025	528	5	type	type	NN
www-bis-org-8025	528	6	of	of	IN
www-bis-org-8025	528	7	private	private	JJ
www-bis-org-8025	528	8	digital	digital	JJ
www-bis-org-8025	528	9	asset	asset	NN
www-bis-org-8025	528	10	that	that	WDT
www-bis-org-8025	528	11	depends	depend	VBZ
www-bis-org-8025	528	12	primarily	primarily	RB
www-bis-org-8025	528	13	on	on	IN
www-bis-org-8025	528	14	cryptography	cryptography	NN
www-bis-org-8025	528	15	and	and	CC
www-bis-org-8025	528	16	distributed	distribute	VBN
www-bis-org-8025	528	17	ledger	ledger	JJ
www-bis-org-8025	528	18	or	or	CC
www-bis-org-8025	528	19	similar	similar	JJ
www-bis-org-8025	528	20	technology	technology	NN
www-bis-org-8025	528	21	as	as	IN
www-bis-org-8025	528	22	part	part	NN
www-bis-org-8025	528	23	of	of	IN
www-bis-org-8025	528	24	their	-PRON-	PRP$
www-bis-org-8025	528	25	perceived	perceive	VBN
www-bis-org-8025	528	26	or	or	CC
www-bis-org-8025	528	27	inherent	inherent	JJ
www-bis-org-8025	528	28	value	value	NN
www-bis-org-8025	528	29	.	.	.
www-bis-org-8025	529	1	Cryptocurrency	Cryptocurrency	NNP
www-bis-org-8025	529	2	A	a	DT
www-bis-org-8025	529	3	crypto	crypto	NN
www-bis-org-8025	529	4	-	-	HYPH
www-bis-org-8025	529	5	asset	asset	NN
www-bis-org-8025	529	6	used	use	VBD
www-bis-org-8025	529	7	exclusively	exclusively	RB
www-bis-org-8025	529	8	/	/	,
www-bis-org-8025	529	9	primarily	primarily	RB
www-bis-org-8025	529	10	for	for	IN
www-bis-org-8025	529	11	payments	payment	NNS
www-bis-org-8025	529	12	.	.	.
www-bis-org-8025	530	1	Cryptographic	cryptographic	JJ
www-bis-org-8025	530	2	digital	digital	JJ
www-bis-org-8025	530	3	signature	signature	NN
www-bis-org-8025	530	4	A	a	DT
www-bis-org-8025	530	5	public	public	JJ
www-bis-org-8025	530	6	/	/	SYM
www-bis-org-8025	530	7	private	private	JJ
www-bis-org-8025	530	8	key	key	JJ
www-bis-org-8025	530	9	digital	digital	JJ
www-bis-org-8025	530	10	signature	signature	NN
www-bis-org-8025	530	11	technology	technology	NN
www-bis-org-8025	530	12	used	use	VBN
www-bis-org-8025	530	13	to	to	TO
www-bis-org-8025	530	14	verify	verify	VB
www-bis-org-8025	530	15	payment	payment	NN
www-bis-org-8025	530	16	transactions	transaction	NNS
www-bis-org-8025	530	17	.	.	.
www-bis-org-8025	531	1	The	the	DT
www-bis-org-8025	531	2	digital	digital	JJ
www-bis-org-8025	531	3	signature	signature	NN
www-bis-org-8025	531	4	verifiably	verifiably	RB
www-bis-org-8025	531	5	proves	prove	VBZ
www-bis-org-8025	531	6	that	that	IN
www-bis-org-8025	531	7	the	the	DT
www-bis-org-8025	531	8	payment	payment	NN
www-bis-org-8025	531	9	has	have	VBZ
www-bis-org-8025	531	10	been	be	VBN
www-bis-org-8025	531	11	authorised	authorise	VBN
www-bis-org-8025	531	12	by	by	IN
www-bis-org-8025	531	13	whoever	whoever	WP
www-bis-org-8025	531	14	controls	control	VBZ
www-bis-org-8025	531	15	the	the	DT
www-bis-org-8025	531	16	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	531	17	units	unit	NNS
www-bis-org-8025	531	18	that	that	WDT
www-bis-org-8025	531	19	are	be	VBP
www-bis-org-8025	531	20	being	be	VBG
www-bis-org-8025	531	21	spent	spend	VBN
www-bis-org-8025	531	22	.	.	.
www-bis-org-8025	532	1	Difficulty	difficulty	NN
www-bis-org-8025	532	2	The	the	DT
www-bis-org-8025	532	3	expected	expected	JJ
www-bis-org-8025	532	4	number	number	NN
www-bis-org-8025	532	5	of	of	IN
www-bis-org-8025	532	6	hashes	hash	NNS
www-bis-org-8025	532	7	that	that	WDT
www-bis-org-8025	532	8	needs	need	VBZ
www-bis-org-8025	532	9	to	to	TO
www-bis-org-8025	532	10	be	be	VB
www-bis-org-8025	532	11	performed	perform	VBN
www-bis-org-8025	532	12	to	to	TO
www-bis-org-8025	532	13	obtain	obtain	VB
www-bis-org-8025	532	14	a	a	DT
www-bis-org-8025	532	15	hash	hash	NN
www-bis-org-8025	532	16	result	result	NN
www-bis-org-8025	532	17	to	to	TO
www-bis-org-8025	532	18	find	find	VB
www-bis-org-8025	532	19	a	a	DT
www-bis-org-8025	532	20	valid	valid	JJ
www-bis-org-8025	532	21	proof	proof	NN
www-bis-org-8025	532	22	-	-	HYPH
www-bis-org-8025	532	23	of	of	IN
www-bis-org-8025	532	24	-	-	HYPH
www-bis-org-8025	532	25	work	work	NN
www-bis-org-8025	532	26	.	.	.
www-bis-org-8025	533	1	Double	double	JJ
www-bis-org-8025	533	2	-	-	HYPH
www-bis-org-8025	533	3	spending	spend	VBG
www-bis-org-8025	533	4	Strategy	Strategy	NNP
www-bis-org-8025	533	5	that	that	WDT
www-bis-org-8025	533	6	consist	consist	VBP
www-bis-org-8025	533	7	of	of	IN
www-bis-org-8025	533	8	spending	spend	VBG
www-bis-org-8025	533	9	in	in	IN
www-bis-org-8025	533	10	one	one	CD
www-bis-org-8025	533	11	block	block	NN
www-bis-org-8025	533	12	and	and	CC
www-bis-org-8025	533	13	later	later	RB
www-bis-org-8025	533	14	undoing	undo	VBG
www-bis-org-8025	533	15	this	this	DT
www-bis-org-8025	533	16	by	by	IN
www-bis-org-8025	533	17	releasing	release	VBG
www-bis-org-8025	533	18	a	a	DT
www-bis-org-8025	533	19	forged	forge	VBN
www-bis-org-8025	533	20	blockchain	blockchain	NN
www-bis-org-8025	533	21	in	in	IN
www-bis-org-8025	533	22	which	which	WDT
www-bis-org-8025	533	23	the	the	DT
www-bis-org-8025	533	24	transactions	transaction	NNS
www-bis-org-8025	533	25	are	be	VBP
www-bis-org-8025	533	26	erased	erase	VBN
www-bis-org-8025	533	27	.	.	.
www-bis-org-8025	534	1	Requires	require	VBZ
www-bis-org-8025	534	2	access	access	NN
www-bis-org-8025	534	3	to	to	IN
www-bis-org-8025	534	4	enough	enough	JJ
www-bis-org-8025	534	5	computational	computational	JJ
www-bis-org-8025	534	6	power	power	NN
www-bis-org-8025	534	7	to	to	TO
www-bis-org-8025	534	8	overwhelm	overwhelm	VB
www-bis-org-8025	534	9	the	the	DT
www-bis-org-8025	534	10	rest	rest	NN
www-bis-org-8025	534	11	of	of	IN
www-bis-org-8025	534	12	a	a	DT
www-bis-org-8025	534	13	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	534	14	’s	’s	POS
www-bis-org-8025	534	15	network	network	NN
www-bis-org-8025	534	16	of	of	IN
www-bis-org-8025	534	17	miners	miner	NNS
www-bis-org-8025	534	18	.	.	.
www-bis-org-8025	535	1	Economic	economic	JJ
www-bis-org-8025	535	2	payment	payment	NN
www-bis-org-8025	535	3	finality	finality	NN
www-bis-org-8025	535	4	Definition	definition	NN
www-bis-org-8025	535	5	of	of	IN
www-bis-org-8025	535	6	payment	payment	NN
www-bis-org-8025	535	7	finality	finality	NN
www-bis-org-8025	535	8	in	in	IN
www-bis-org-8025	535	9	blockchain	blockchain	NN
www-bis-org-8025	535	10	transactions	transaction	NNS
www-bis-org-8025	535	11	developed	develop	VBN
www-bis-org-8025	535	12	in	in	IN
www-bis-org-8025	535	13	this	this	DT
www-bis-org-8025	535	14	paper	paper	NN
www-bis-org-8025	535	15	.	.	.
www-bis-org-8025	536	1	A	a	DT
www-bis-org-8025	536	2	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	536	3	payment	payment	NN
www-bis-org-8025	536	4	can	can	MD
www-bis-org-8025	536	5	be	be	VB
www-bis-org-8025	536	6	considered	consider	VBN
www-bis-org-8025	536	7	as	as	RB
www-bis-org-8025	536	8	final	final	JJ
www-bis-org-8025	536	9	once	once	IN
www-bis-org-8025	536	10	it	-PRON-	PRP
www-bis-org-8025	536	11	is	be	VBZ
www-bis-org-8025	536	12	certain	certain	JJ
www-bis-org-8025	536	13	that	that	IN
www-bis-org-8025	536	14	,	,	,
www-bis-org-8025	536	15	from	from	IN
www-bis-org-8025	536	16	a	a	DT
www-bis-org-8025	536	17	certain	certain	JJ
www-bis-org-8025	536	18	moment	moment	NN
www-bis-org-8025	536	19	of	of	IN
www-bis-org-8025	536	20	time	time	NN
www-bis-org-8025	536	21	onwards	onwards	RB
www-bis-org-8025	536	22	,	,	,
www-bis-org-8025	536	23	it	-PRON-	PRP
www-bis-org-8025	536	24	will	will	MD
www-bis-org-8025	536	25	never	never	RB
www-bis-org-8025	536	26	be	be	VB
www-bis-org-8025	536	27	profitable	profitable	JJ
www-bis-org-8025	536	28	to	to	TO
www-bis-org-8025	536	29	undo	undo	VB
www-bis-org-8025	536	30	the	the	DT
www-bis-org-8025	536	31	payment	payment	NN
www-bis-org-8025	536	32	via	via	IN
www-bis-org-8025	536	33	a	a	DT
www-bis-org-8025	536	34	double	double	JJ
www-bis-org-8025	536	35	-	-	HYPH
www-bis-org-8025	536	36	spending	spending	NN
www-bis-org-8025	536	37	attack	attack	NN
www-bis-org-8025	536	38	(	(	-LRB-
www-bis-org-8025	536	39	see	see	VB
www-bis-org-8025	536	40	also	also	RB
www-bis-org-8025	536	41	Table	table	NN
www-bis-org-8025	536	42	1	1	CD
www-bis-org-8025	536	43	)	)	-RRB-
www-bis-org-8025	536	44	.	.	.
www-bis-org-8025	537	1	Follow	follow	VB
www-bis-org-8025	537	2	the	the	DT
www-bis-org-8025	537	3	longest	long	JJS
www-bis-org-8025	537	4	chain	chain	NN
www-bis-org-8025	537	5	Rule	Rule	NNP
www-bis-org-8025	537	6	that	that	WDT
www-bis-org-8025	537	7	establishes	establish	VBZ
www-bis-org-8025	537	8	that	that	IN
www-bis-org-8025	537	9	if	if	IN
www-bis-org-8025	537	10	competing	compete	VBG
www-bis-org-8025	537	11	versions	version	NNS
www-bis-org-8025	537	12	are	be	VBP
www-bis-org-8025	537	13	observed	observe	VBN
www-bis-org-8025	537	14	,	,	,
www-bis-org-8025	537	15	the	the	DT
www-bis-org-8025	537	16	one	one	NN
www-bis-org-8025	537	17	which	which	WDT
www-bis-org-8025	537	18	is	be	VBZ
www-bis-org-8025	537	19	the	the	DT
www-bis-org-8025	537	20	most	most	RBS
www-bis-org-8025	537	21	expensive	expensive	JJ
www-bis-org-8025	537	22	to	to	TO
www-bis-org-8025	537	23	forge	forge	VB
www-bis-org-8025	537	24	continues	continue	VBZ
www-bis-org-8025	537	25	to	to	TO
www-bis-org-8025	537	26	be	be	VB
www-bis-org-8025	537	27	used	use	VBN
www-bis-org-8025	537	28	.	.	.
www-bis-org-8025	538	1	This	this	DT
www-bis-org-8025	538	2	is	be	VBZ
www-bis-org-8025	538	3	generally	generally	RB
www-bis-org-8025	538	4	the	the	DT
www-bis-org-8025	538	5	blockchain	blockchain	NN
www-bis-org-8025	538	6	with	with	IN
www-bis-org-8025	538	7	the	the	DT
www-bis-org-8025	538	8	most	most	JJS
www-bis-org-8025	538	9	blocks	block	NNS
www-bis-org-8025	538	10	.	.	.
www-bis-org-8025	539	1	Hash	hash	NN
www-bis-org-8025	539	2	function	function	NN
www-bis-org-8025	539	3	Function	Function	NNP
www-bis-org-8025	539	4	that	that	WDT
www-bis-org-8025	539	5	takes	take	VBZ
www-bis-org-8025	539	6	a	a	DT
www-bis-org-8025	539	7	random	random	JJ
www-bis-org-8025	539	8	text	text	NN
www-bis-org-8025	539	9	input	input	NN
www-bis-org-8025	539	10	and	and	CC
www-bis-org-8025	539	11	produces	produce	VBZ
www-bis-org-8025	539	12	from	from	IN
www-bis-org-8025	539	13	this	this	DT
www-bis-org-8025	539	14	an	an	DT
www-bis-org-8025	539	15	output	output	NN
www-bis-org-8025	539	16	according	accord	VBG
www-bis-org-8025	539	17	to	to	IN
www-bis-org-8025	539	18	set	set	NN
www-bis-org-8025	539	19	rules	rule	NNS
www-bis-org-8025	539	20	.	.	.
www-bis-org-8025	540	1	Lightning	Lightning	NNP
www-bis-org-8025	540	2	Network	Network	NNP
www-bis-org-8025	540	3	Second	Second	NNP
www-bis-org-8025	540	4	-	-	HYPH
www-bis-org-8025	540	5	layer	layer	NN
www-bis-org-8025	540	6	solution	solution	NN
www-bis-org-8025	540	7	in	in	IN
www-bis-org-8025	540	8	which	which	WDT
www-bis-org-8025	540	9	two	two	CD
www-bis-org-8025	540	10	parties	party	NNS
www-bis-org-8025	540	11	A	a	NN
www-bis-org-8025	540	12	and	and	CC
www-bis-org-8025	540	13	B	b	NN
www-bis-org-8025	540	14	jointly	jointly	RB
www-bis-org-8025	540	15	lock	lock	VB
www-bis-org-8025	540	16	in	in	IN
www-bis-org-8025	540	17	one	one	CD
www-bis-org-8025	540	18	bitcoin	bitcoin	NN
www-bis-org-8025	540	19	on	on	IN
www-bis-org-8025	540	20	the	the	DT
www-bis-org-8025	540	21	blockchain	blockchain	NN
www-bis-org-8025	540	22	via	via	IN
www-bis-org-8025	540	23	a	a	DT
www-bis-org-8025	540	24	joint	joint	JJ
www-bis-org-8025	540	25	digital	digital	JJ
www-bis-org-8025	540	26	signature	signature	NN
www-bis-org-8025	540	27	.	.	.
www-bis-org-8025	541	1	Miner	Miner	NNP
www-bis-org-8025	541	2	Class	Class	NNP
www-bis-org-8025	541	3	of	of	IN
www-bis-org-8025	541	4	agents	agent	NNS
www-bis-org-8025	541	5	,	,	,
www-bis-org-8025	541	6	who	who	WP
www-bis-org-8025	541	7	update	update	VBP
www-bis-org-8025	541	8	the	the	DT
www-bis-org-8025	541	9	blockchain	blockchain	NN
www-bis-org-8025	541	10	via	via	IN
www-bis-org-8025	541	11	computational	computational	JJ
www-bis-org-8025	541	12	work	work	NN
www-bis-org-8025	541	13	,	,	,
www-bis-org-8025	541	14	and	and	CC
www-bis-org-8025	541	15	in	in	IN
www-bis-org-8025	541	16	return	return	NN
www-bis-org-8025	541	17	receive	receive	JJ
www-bis-org-8025	541	18	block	block	NN
www-bis-org-8025	541	19	rewards	reward	NNS
www-bis-org-8025	541	20	and	and	CC
www-bis-org-8025	541	21	transaction	transaction	NN
www-bis-org-8025	541	22	fees	fee	NNS
www-bis-org-8025	541	23	when	when	WRB
www-bis-org-8025	541	24	they	-PRON-	PRP
www-bis-org-8025	541	25	add	add	VBP
www-bis-org-8025	541	26	batches	batch	NNS
www-bis-org-8025	541	27	of	of	IN
www-bis-org-8025	541	28	valid	valid	JJ
www-bis-org-8025	541	29	transactions	transaction	NNS
www-bis-org-8025	541	30	to	to	IN
www-bis-org-8025	541	31	the	the	DT
www-bis-org-8025	541	32	blockchain	blockchain	NN
www-bis-org-8025	541	33	.	.	.
www-bis-org-8025	542	1	Proof	proof	NN
www-bis-org-8025	542	2	-	-	HYPH
www-bis-org-8025	542	3	of	of	IN
www-bis-org-8025	542	4	-	-	HYPH
www-bis-org-8025	542	5	work	work	NN
www-bis-org-8025	542	6	Mathematical	mathematical	JJ
www-bis-org-8025	542	7	evidence	evidence	NN
www-bis-org-8025	542	8	that	that	IN
www-bis-org-8025	542	9	a	a	DT
www-bis-org-8025	542	10	certain	certain	JJ
www-bis-org-8025	542	11	amount	amount	NN
www-bis-org-8025	542	12	of	of	IN
www-bis-org-8025	542	13	computational	computational	JJ
www-bis-org-8025	542	14	work	work	NN
www-bis-org-8025	542	15	has	have	VBZ
www-bis-org-8025	542	16	been	be	VBN
www-bis-org-8025	542	17	done	do	VBN
www-bis-org-8025	542	18	,	,	,
www-bis-org-8025	542	19	in	in	IN
www-bis-org-8025	542	20	turn	turn	NN
www-bis-org-8025	542	21	calling	call	VBG
www-bis-org-8025	542	22	for	for	IN
www-bis-org-8025	542	23	costly	costly	JJ
www-bis-org-8025	542	24	equipment	equipment	NN
www-bis-org-8025	542	25	and	and	CC
www-bis-org-8025	542	26	electricity	electricity	NN
www-bis-org-8025	542	27	use	use	NN
www-bis-org-8025	542	28	.	.	.
www-bis-org-8025	543	1	Proof	proof	NN
www-bis-org-8025	543	2	-	-	HYPH
www-bis-org-8025	543	3	of	of	IN
www-bis-org-8025	543	4	-	-	HYPH
www-bis-org-8025	543	5	stake	stake	NN
www-bis-org-8025	543	6	A	a	DT
www-bis-org-8025	543	7	system	system	NN
www-bis-org-8025	543	8	in	in	IN
www-bis-org-8025	543	9	which	which	WDT
www-bis-org-8025	543	10	coordination	coordination	NN
www-bis-org-8025	543	11	on	on	IN
www-bis-org-8025	543	12	blockchain	blockchain	NNP
www-bis-org-8025	543	13	updates	update	NNS
www-bis-org-8025	543	14	is	be	VBZ
www-bis-org-8025	543	15	enforced	enforce	VBN
www-bis-org-8025	543	16	by	by	IN
www-bis-org-8025	543	17	ensuring	ensure	VBG
www-bis-org-8025	543	18	that	that	IN
www-bis-org-8025	543	19	transaction	transaction	NN
www-bis-org-8025	543	20	verifiers	verifier	NNS
www-bis-org-8025	543	21	pledge	pledge	VBP
www-bis-org-8025	543	22	their	-PRON-	PRP$
www-bis-org-8025	543	23	coin	coin	NN
www-bis-org-8025	543	24	holdings	holding	NNS
www-bis-org-8025	543	25	as	as	IN
www-bis-org-8025	543	26	guarantees	guarantee	NNS
www-bis-org-8025	543	27	that	that	IN
www-bis-org-8025	543	28	their	-PRON-	PRP$
www-bis-org-8025	543	29	payment	payment	NN
www-bis-org-8025	543	30	confirmations	confirmation	NNS
www-bis-org-8025	543	31	are	be	VBP
www-bis-org-8025	543	32	accurate	accurate	JJ
www-bis-org-8025	543	33	.	.	.
www-bis-org-8025	544	1	Protocol	Protocol	NNP
www-bis-org-8025	544	2	The	the	DT
www-bis-org-8025	544	3	coded	code	VBN
www-bis-org-8025	544	4	“	"	``
www-bis-org-8025	544	5	laws	law	NNS
www-bis-org-8025	544	6	”	"	''
www-bis-org-8025	544	7	of	of	IN
www-bis-org-8025	544	8	a	a	DT
www-bis-org-8025	544	9	cryptocurrency	cryptocurrency	NN
www-bis-org-8025	544	10	.	.	.
www-bis-org-8025	545	1	Set	set	NN
www-bis-org-8025	545	2	of	of	IN
www-bis-org-8025	545	3	rules	rule	NNS
www-bis-org-8025	545	4	that	that	WDT
www-bis-org-8025	545	5	governs	govern	VBZ
www-bis-org-8025	545	6	what	what	WP
www-bis-org-8025	545	7	constitutes	constitute	VBZ
www-bis-org-8025	545	8	a	a	DT
www-bis-org-8025	545	9	blockchain	blockchain	NN
www-bis-org-8025	545	10	that	that	WDT
www-bis-org-8025	545	11	is	be	VBZ
www-bis-org-8025	545	12	accepted	accept	VBN
www-bis-org-8025	545	13	by	by	IN
www-bis-org-8025	545	14	the	the	DT
www-bis-org-8025	545	15	network	network	NN
www-bis-org-8025	545	16	of	of	IN
www-bis-org-8025	545	17	users	user	NNS
www-bis-org-8025	545	18	.	.	.
www-bis-org-8025	546	1	Second	second	JJ
www-bis-org-8025	546	2	-	-	HYPH
www-bis-org-8025	546	3	layer	layer	NN
www-bis-org-8025	546	4	A	a	DT
www-bis-org-8025	546	5	technology	technology	NN
www-bis-org-8025	546	6	that	that	WDT
www-bis-org-8025	546	7	aims	aim	VBZ
www-bis-org-8025	546	8	to	to	TO
www-bis-org-8025	546	9	improve	improve	VB
www-bis-org-8025	546	10	upon	upon	IN
www-bis-org-8025	546	11	the	the	DT
www-bis-org-8025	546	12	economics	economic	NNS
www-bis-org-8025	546	13	of	of	IN
www-bis-org-8025	546	14	payment	payment	NN
www-bis-org-8025	546	15	security	security	NN
www-bis-org-8025	546	16	by	by	IN
www-bis-org-8025	546	17	adding	add	VBG
www-bis-org-8025	546	18	liquid	liquid	JJ
www-bis-org-8025	546	19	methods	method	NNS
www-bis-org-8025	546	20	of	of	IN
www-bis-org-8025	546	21	exchange	exchange	NN
www-bis-org-8025	546	22	on	on	IN
www-bis-org-8025	546	23	top	top	NN
www-bis-org-8025	546	24	of	of	IN
www-bis-org-8025	546	25	the	the	DT
www-bis-org-8025	546	26	Bitcoin	Bitcoin	NNP
www-bis-org-8025	546	27	blockchain	blockchain	NN
www-bis-org-8025	546	28	.	.	.
www-bis-org-8025	547	1	28	28	CD
www-bis-org-8025	547	2	WP765	WP765	NNP
www-bis-org-8025	547	3	Beyond	beyond	IN
www-bis-org-8025	547	4	the	the	DT
www-bis-org-8025	547	5	doomsday	doomsday	NNP
www-bis-org-8025	547	6	economics	economic	NNS
www-bis-org-8025	547	7	of	of	IN
www-bis-org-8025	547	8	“	"	``
www-bis-org-8025	547	9	proof	proof	NN
www-bis-org-8025	547	10	-	-	HYPH
www-bis-org-8025	547	11	of	of	IN
www-bis-org-8025	547	12	-	-	HYPH
www-bis-org-8025	547	13	work	work	NN
www-bis-org-8025	547	14	”	"	''
www-bis-org-8025	547	15	in	in	IN
www-bis-org-8025	547	16	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	547	17	Target	Target	NNP
www-bis-org-8025	547	18	value	value	NN
www-bis-org-8025	547	19	A	a	DT
www-bis-org-8025	547	20	proof	proof	NN
www-bis-org-8025	547	21	-	-	HYPH
www-bis-org-8025	547	22	of	of	IN
www-bis-org-8025	547	23	-	-	HYPH
www-bis-org-8025	547	24	work	work	NN
www-bis-org-8025	547	25	is	be	VBZ
www-bis-org-8025	547	26	valid	valid	JJ
www-bis-org-8025	547	27	if	if	IN
www-bis-org-8025	547	28	the	the	DT
www-bis-org-8025	547	29	hash	hash	NN
www-bis-org-8025	547	30	solves	solve	VBZ
www-bis-org-8025	547	31	for	for	IN
www-bis-org-8025	547	32	a	a	DT
www-bis-org-8025	547	33	hash	hash	NN
www-bis-org-8025	547	34	output	output	NN
www-bis-org-8025	547	35	below	below	IN
www-bis-org-8025	547	36	the	the	DT
www-bis-org-8025	547	37	target	target	NN
www-bis-org-8025	547	38	value	value	NN
www-bis-org-8025	547	39	.	.	.
www-bis-org-8025	548	1	The	the	DT
www-bis-org-8025	548	2	lower	low	JJR
www-bis-org-8025	548	3	the	the	DT
www-bis-org-8025	548	4	target	target	NN
www-bis-org-8025	548	5	value	value	NN
www-bis-org-8025	548	6	,	,	,
www-bis-org-8025	548	7	the	the	DT
www-bis-org-8025	548	8	more	more	RBR
www-bis-org-8025	548	9	difficult	difficult	JJ
www-bis-org-8025	548	10	it	-PRON-	PRP
www-bis-org-8025	548	11	is	be	VBZ
www-bis-org-8025	548	12	to	to	TO
www-bis-org-8025	548	13	find	find	VB
www-bis-org-8025	548	14	a	a	DT
www-bis-org-8025	548	15	valid	valid	JJ
www-bis-org-8025	548	16	proof	proof	NN
www-bis-org-8025	548	17	-	-	HYPH
www-bis-org-8025	548	18	of	of	IN
www-bis-org-8025	548	19	-	-	HYPH
www-bis-org-8025	548	20	work	work	NN
www-bis-org-8025	548	21	.	.	.
www-bis-org-8025	549	1	(	(	-LRB-
www-bis-org-8025	549	2	see	see	VB
www-bis-org-8025	549	3	also	also	RB
www-bis-org-8025	549	4	difficulty	difficulty	NN
www-bis-org-8025	549	5	,	,	,
www-bis-org-8025	549	6	which	which	WDT
www-bis-org-8025	549	7	is	be	VBZ
www-bis-org-8025	549	8	proportional	proportional	JJ
www-bis-org-8025	549	9	to	to	IN
www-bis-org-8025	549	10	1	1	CD
www-bis-org-8025	549	11	/	/	SYM
www-bis-org-8025	549	12	target	target	NN
www-bis-org-8025	549	13	.	.	.
www-bis-org-8025	549	14	)	)	-RRB-
www-bis-org-8025	550	1	Tragedy	Tragedy	NNP
www-bis-org-8025	550	2	of	of	IN
www-bis-org-8025	550	3	the	the	DT
www-bis-org-8025	550	4	common	common	JJ
www-bis-org-8025	550	5	chain	chain	NN
www-bis-org-8025	550	6	Concept	Concept	NNP
www-bis-org-8025	550	7	developed	develop	VBD
www-bis-org-8025	550	8	in	in	IN
www-bis-org-8025	550	9	this	this	DT
www-bis-org-8025	550	10	paper	paper	NN
www-bis-org-8025	550	11	that	that	WDT
www-bis-org-8025	550	12	users	user	NNS
www-bis-org-8025	550	13	free	free	JJ
www-bis-org-8025	550	14	ride	ride	NN
www-bis-org-8025	550	15	on	on	IN
www-bis-org-8025	550	16	the	the	DT
www-bis-org-8025	550	17	security	security	NN
www-bis-org-8025	550	18	provided	provide	VBN
www-bis-org-8025	550	19	by	by	IN
www-bis-org-8025	550	20	the	the	DT
www-bis-org-8025	550	21	transaction	transaction	NN
www-bis-org-8025	550	22	fees	fee	NNS
www-bis-org-8025	550	23	of	of	IN
www-bis-org-8025	550	24	other	other	JJ
www-bis-org-8025	550	25	transactions	transaction	NNS
www-bis-org-8025	550	26	in	in	IN
www-bis-org-8025	550	27	the	the	DT
www-bis-org-8025	550	28	chain	chain	NN
www-bis-org-8025	550	29	(	(	-LRB-
www-bis-org-8025	550	30	see	see	VB
www-bis-org-8025	550	31	equations	equation	NNS
www-bis-org-8025	550	32	9–11	9–11	CD
www-bis-org-8025	550	33	in	in	IN
www-bis-org-8025	550	34	the	the	DT
www-bis-org-8025	550	35	main	main	JJ
www-bis-org-8025	550	36	text	text	NN
www-bis-org-8025	550	37	)	)	-RRB-
www-bis-org-8025	550	38	.	.	.
www-bis-org-8025	551	1	The	the	DT
www-bis-org-8025	551	2	proof	proof	NN
www-bis-org-8025	551	3	-	-	HYPH
www-bis-org-8025	551	4	of	of	IN
www-bis-org-8025	551	5	-	-	HYPH
www-bis-org-8025	551	6	work	work	NN
www-bis-org-8025	551	7	and	and	CC
www-bis-org-8025	551	8	hence	hence	RB
www-bis-org-8025	551	9	the	the	DT
www-bis-org-8025	551	10	level	level	NN
www-bis-org-8025	551	11	of	of	IN
www-bis-org-8025	551	12	security	security	NN
www-bis-org-8025	551	13	is	be	VBZ
www-bis-org-8025	551	14	determined	determine	VBN
www-bis-org-8025	551	15	at	at	IN
www-bis-org-8025	551	16	the	the	DT
www-bis-org-8025	551	17	level	level	NN
www-bis-org-8025	551	18	of	of	IN
www-bis-org-8025	551	19	the	the	DT
www-bis-org-8025	551	20	block	block	NN
www-bis-org-8025	551	21	in	in	IN
www-bis-org-8025	551	22	which	which	WDT
www-bis-org-8025	551	23	a	a	DT
www-bis-org-8025	551	24	transaction	transaction	NN
www-bis-org-8025	551	25	is	be	VBZ
www-bis-org-8025	551	26	included	include	VBN
www-bis-org-8025	551	27	,	,	,
www-bis-org-8025	551	28	whereas	whereas	IN
www-bis-org-8025	551	29	the	the	DT
www-bis-org-8025	551	30	transaction	transaction	NN
www-bis-org-8025	551	31	fee	fee	NN
www-bis-org-8025	551	32	is	be	VBZ
www-bis-org-8025	551	33	set	set	VBN
www-bis-org-8025	551	34	by	by	IN
www-bis-org-8025	551	35	each	each	DT
www-bis-org-8025	551	36	user	user	NN
www-bis-org-8025	551	37	privately	privately	RB
www-bis-org-8025	551	38	.	.	.
www-bis-org-8025	552	1	Transaction	transaction	NN
www-bis-org-8025	552	2	fee	fee	NN
www-bis-org-8025	552	3	Fee	Fee	NNP
www-bis-org-8025	552	4	set	set	VBN
www-bis-org-8025	552	5	by	by	IN
www-bis-org-8025	552	6	the	the	DT
www-bis-org-8025	552	7	paying	pay	VBG
www-bis-org-8025	552	8	party	party	NN
www-bis-org-8025	552	9	of	of	IN
www-bis-org-8025	552	10	a	a	DT
www-bis-org-8025	552	11	transaction	transaction	NN
www-bis-org-8025	552	12	.	.	.
www-bis-org-8025	553	1	The	the	DT
www-bis-org-8025	553	2	fee	fee	NN
www-bis-org-8025	553	3	is	be	VBZ
www-bis-org-8025	553	4	paid	pay	VBN
www-bis-org-8025	553	5	to	to	IN
www-bis-org-8025	553	6	the	the	DT
www-bis-org-8025	553	7	miner	miner	NN
www-bis-org-8025	553	8	who	who	WP
www-bis-org-8025	553	9	includes	include	VBZ
www-bis-org-8025	553	10	the	the	DT
www-bis-org-8025	553	11	transaction	transaction	NN
www-bis-org-8025	553	12	in	in	IN
www-bis-org-8025	553	13	a	a	DT
www-bis-org-8025	553	14	block	block	NN
www-bis-org-8025	553	15	that	that	WDT
www-bis-org-8025	553	16	is	be	VBZ
www-bis-org-8025	553	17	added	add	VBN
www-bis-org-8025	553	18	to	to	IN
www-bis-org-8025	553	19	the	the	DT
www-bis-org-8025	553	20	blockchain	blockchain	NN
www-bis-org-8025	553	21	.	.	.
www-bis-org-8025	554	1	Waiting	wait	VBG
www-bis-org-8025	554	2	time	time	NN
www-bis-org-8025	554	3	One	one	CD
www-bis-org-8025	554	4	plus	plus	CC
www-bis-org-8025	554	5	the	the	DT
www-bis-org-8025	554	6	time	time	NN
www-bis-org-8025	554	7	(	(	-LRB-
www-bis-org-8025	554	8	in	in	IN
www-bis-org-8025	554	9	blocks	block	NNS
www-bis-org-8025	554	10	)	)	-RRB-
www-bis-org-8025	554	11	that	that	IN
www-bis-org-8025	554	12	merchants	merchant	NNS
www-bis-org-8025	554	13	wait	wait	VBP
www-bis-org-8025	554	14	before	before	IN
www-bis-org-8025	554	15	assuming	assume	VBG
www-bis-org-8025	554	16	a	a	DT
www-bis-org-8025	554	17	payment	payment	NN
www-bis-org-8025	554	18	is	be	VBZ
www-bis-org-8025	554	19	final	final	JJ
www-bis-org-8025	554	20	and	and	CC
www-bis-org-8025	554	21	releasing	release	VBG
www-bis-org-8025	554	22	the	the	DT
www-bis-org-8025	554	23	merchandise	merchandise	NN
www-bis-org-8025	554	24	.	.	.
www-bis-org-8025	555	1	A	a	DT
www-bis-org-8025	555	2	double	double	JJ
www-bis-org-8025	555	3	-	-	HYPH
www-bis-org-8025	555	4	spending	spend	VBG
www-bis-org-8025	555	5	attacker	attacker	NN
www-bis-org-8025	555	6	thus	thus	RB
www-bis-org-8025	555	7	has	have	VBZ
www-bis-org-8025	555	8	to	to	TO
www-bis-org-8025	555	9	forge	forge	VB
www-bis-org-8025	555	10	a	a	DT
www-bis-org-8025	555	11	chain	chain	NN
www-bis-org-8025	555	12	that	that	WDT
www-bis-org-8025	555	13	is	be	VBZ
www-bis-org-8025	555	14	at	at	IN
www-bis-org-8025	555	15	least	least	JJS
www-bis-org-8025	555	16	equal	equal	JJ
www-bis-org-8025	555	17	in	in	IN
www-bis-org-8025	555	18	length	length	NN
www-bis-org-8025	555	19	to	to	IN
www-bis-org-8025	555	20	this	this	DT
www-bis-org-8025	555	21	waiting	waiting	NN
www-bis-org-8025	555	22	time	time	NN
www-bis-org-8025	555	23	.	.	.
www-bis-org-8025	556	1	Sources	source	NNS
www-bis-org-8025	556	2	:	:	:
www-bis-org-8025	556	3	Bank	Bank	NNP
www-bis-org-8025	556	4	for	for	IN
www-bis-org-8025	556	5	International	International	NNP
www-bis-org-8025	556	6	Settlements	Settlements	NNP
www-bis-org-8025	556	7	(	(	-LRB-
www-bis-org-8025	556	8	2018	2018	CD
www-bis-org-8025	556	9	)	)	-RRB-
www-bis-org-8025	556	10	;	;	:
www-bis-org-8025	556	11	Financial	Financial	NNP
www-bis-org-8025	556	12	Stability	Stability	NNP
www-bis-org-8025	556	13	Board	Board	NNP
www-bis-org-8025	556	14	(	(	-LRB-
www-bis-org-8025	556	15	2018a	2018a	CD
www-bis-org-8025	556	16	,	,	,
www-bis-org-8025	556	17	b	b	NN
www-bis-org-8025	556	18	)	)	-RRB-
www-bis-org-8025	556	19	;	;	:
www-bis-org-8025	556	20	author	author	NN
www-bis-org-8025	556	21	’s	’s	POS
www-bis-org-8025	556	22	elaboration	elaboration	NN
www-bis-org-8025	556	23	.	.	.
www-bis-org-8025	557	1	WP765	WP765	NNP
www-bis-org-8025	557	2	Beyond	beyond	IN
www-bis-org-8025	557	3	the	the	DT
www-bis-org-8025	557	4	doomsday	doomsday	NNP
www-bis-org-8025	557	5	economics	economic	NNS
www-bis-org-8025	557	6	of	of	IN
www-bis-org-8025	557	7	“	"	``
www-bis-org-8025	557	8	proof	proof	NN
www-bis-org-8025	557	9	-	-	HYPH
www-bis-org-8025	557	10	of	of	IN
www-bis-org-8025	557	11	-	-	HYPH
www-bis-org-8025	557	12	work	work	NN
www-bis-org-8025	557	13	”	"	''
www-bis-org-8025	557	14	in	in	IN
www-bis-org-8025	557	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	557	16	29	29	CD
www-bis-org-8025	557	17	Previous	previous	JJ
www-bis-org-8025	557	18	volumes	volume	NNS
www-bis-org-8025	557	19	in	in	IN
www-bis-org-8025	557	20	this	this	DT
www-bis-org-8025	557	21	series	series	NN
www-bis-org-8025	557	22	764	764	CD
www-bis-org-8025	557	23	January	January	NNP
www-bis-org-8025	557	24	2019	2019	CD
www-bis-org-8025	557	25	Global	Global	NNP
www-bis-org-8025	557	26	Banking	Banking	NNP
www-bis-org-8025	557	27	,	,	,
www-bis-org-8025	557	28	Financial	Financial	NNP
www-bis-org-8025	557	29	Spillovers	Spillovers	NNPS
www-bis-org-8025	557	30	,	,	,
www-bis-org-8025	557	31	and	and	CC
www-bis-org-8025	557	32	Macroprudential	Macroprudential	NNP
www-bis-org-8025	557	33	Policy	Policy	NNP
www-bis-org-8025	557	34	Coordination	Coordination	NNP
www-bis-org-8025	557	35	Pierre	Pierre	NNP
www-bis-org-8025	557	36	-	-	HYPH
www-bis-org-8025	557	37	Richard	Richard	NNP
www-bis-org-8025	557	38	Agénor	Agénor	NNP
www-bis-org-8025	557	39	and	and	CC
www-bis-org-8025	557	40	Luiz	Luiz	NNP
www-bis-org-8025	557	41	A.	A.	NNP
www-bis-org-8025	557	42	Pereira	Pereira	NNP
www-bis-org-8025	557	43	da	da	NNP
www-bis-org-8025	557	44	Silva	Silva	NNP
www-bis-org-8025	557	45	763	763	CD
www-bis-org-8025	557	46	January	January	NNP
www-bis-org-8025	557	47	2019	2019	CD
www-bis-org-8025	557	48	On	on	IN
www-bis-org-8025	557	49	money	money	NN
www-bis-org-8025	557	50	,	,	,
www-bis-org-8025	557	51	debt	debt	NN
www-bis-org-8025	557	52	,	,	,
www-bis-org-8025	557	53	trust	trust	NN
www-bis-org-8025	557	54	and	and	CC
www-bis-org-8025	557	55	central	central	JJ
www-bis-org-8025	557	56	banking	banking	NN
www-bis-org-8025	557	57	Claudio	Claudio	NNP
www-bis-org-8025	557	58	Borio	Borio	NNP
www-bis-org-8025	557	59	762	762	CD
www-bis-org-8025	557	60	December	December	NNP
www-bis-org-8025	557	61	2018	2018	CD
www-bis-org-8025	557	62	A	a	DT
www-bis-org-8025	557	63	key	key	JJ
www-bis-org-8025	557	64	currency	currency	NN
www-bis-org-8025	557	65	view	view	NN
www-bis-org-8025	557	66	of	of	IN
www-bis-org-8025	557	67	global	global	JJ
www-bis-org-8025	557	68	imbalances	imbalance	NNS
www-bis-org-8025	557	69	Hiro	Hiro	NNP
www-bis-org-8025	557	70	Ito	Ito	NNP
www-bis-org-8025	557	71	and	and	CC
www-bis-org-8025	557	72	Robert	Robert	NNP
www-bis-org-8025	557	73	N	N	NNP
www-bis-org-8025	557	74	McCauley	McCauley	NNP
www-bis-org-8025	557	75	761	761	CD
www-bis-org-8025	557	76	December	December	NNP
www-bis-org-8025	557	77	2018	2018	CD
www-bis-org-8025	557	78	Non	Non	NNP
www-bis-org-8025	557	79	-	-	NNP
www-bis-org-8025	557	80	Monetary	Monetary	NNP
www-bis-org-8025	557	81	News	News	NNP
www-bis-org-8025	557	82	in	in	IN
www-bis-org-8025	557	83	Central	Central	NNP
www-bis-org-8025	557	84	Bank	Bank	NNP
www-bis-org-8025	557	85	Communication	Communication	NNP
www-bis-org-8025	557	86	Anna	Anna	NNP
www-bis-org-8025	557	87	Cieslak	Cieslak	NNP
www-bis-org-8025	557	88	and	and	CC
www-bis-org-8025	557	89	Andreas	Andreas	NNP
www-bis-org-8025	557	90	Schrimpf	Schrimpf	NNP
www-bis-org-8025	557	91	760	760	CD
www-bis-org-8025	557	92	December	December	NNP
www-bis-org-8025	557	93	2018	2018	CD
www-bis-org-8025	557	94	Gross	Gross	NNP
www-bis-org-8025	557	95	Capital	Capital	NNP
www-bis-org-8025	557	96	Flows	flow	NNS
www-bis-org-8025	557	97	by	by	IN
www-bis-org-8025	557	98	Banks	Banks	NNPS
www-bis-org-8025	557	99	,	,	,
www-bis-org-8025	557	100	Corporates	Corporates	NNPS
www-bis-org-8025	557	101	and	and	CC
www-bis-org-8025	557	102	Sovereigns	Sovereigns	NNPS
www-bis-org-8025	557	103	Stefan	Stefan	NNP
www-bis-org-8025	557	104	Avdjiev	Avdjiev	NNP
www-bis-org-8025	557	105	,	,	,
www-bis-org-8025	557	106	Bryan	Bryan	NNP
www-bis-org-8025	557	107	Hardy	Hardy	NNP
www-bis-org-8025	557	108	,	,	,
www-bis-org-8025	557	109	Şebnem	Şebnem	NNP
www-bis-org-8025	557	110	Kalemli	Kalemli	NNP
www-bis-org-8025	557	111	-	-	HYPH
www-bis-org-8025	557	112	Özcan	Özcan	NNP
www-bis-org-8025	557	113	,	,	,
www-bis-org-8025	557	114	Luis	Luis	NNP
www-bis-org-8025	557	115	Servén	Servén	NNP
www-bis-org-8025	557	116	759	759	CD
www-bis-org-8025	557	117	November	November	NNP
www-bis-org-8025	557	118	2018	2018	CD
www-bis-org-8025	557	119	Assessing	assess	VBG
www-bis-org-8025	557	120	inflation	inflation	NN
www-bis-org-8025	557	121	expectations	expectation	NNS
www-bis-org-8025	557	122	anchoring	anchor	VBG
www-bis-org-8025	557	123	for	for	IN
www-bis-org-8025	557	124	heterogeneous	heterogeneous	JJ
www-bis-org-8025	557	125	agents	agent	NNS
www-bis-org-8025	557	126	:	:	:
www-bis-org-8025	557	127	analysts	analyst	NNS
www-bis-org-8025	557	128	,	,	,
www-bis-org-8025	557	129	businesses	business	NNS
www-bis-org-8025	557	130	and	and	CC
www-bis-org-8025	557	131	trade	trade	NN
www-bis-org-8025	557	132	unions	union	NNS
www-bis-org-8025	557	133	Ken	Ken	NNP
www-bis-org-8025	557	134	Miyajima	Miyajima	NNP
www-bis-org-8025	557	135	and	and	CC
www-bis-org-8025	557	136	James	James	NNP
www-bis-org-8025	557	137	Yetman	Yetman	NNP
www-bis-org-8025	557	138	758	758	CD
www-bis-org-8025	557	139	November	November	NNP
www-bis-org-8025	557	140	2018	2018	CD
www-bis-org-8025	557	141	Foreign	foreign	JJ
www-bis-org-8025	557	142	currency	currency	NN
www-bis-org-8025	557	143	borrowing	borrowing	NN
www-bis-org-8025	557	144	,	,	,
www-bis-org-8025	557	145	balance	balance	NN
www-bis-org-8025	557	146	sheet	sheet	NN
www-bis-org-8025	557	147	shocks	shock	NNS
www-bis-org-8025	557	148	and	and	CC
www-bis-org-8025	557	149	real	real	JJ
www-bis-org-8025	557	150	outcomes	outcome	NNS
www-bis-org-8025	557	151	Bryan	Bryan	NNP
www-bis-org-8025	557	152	Hardy	Hardy	NNP
www-bis-org-8025	557	153	757	757	CD
www-bis-org-8025	557	154	November	November	NNP
www-bis-org-8025	557	155	2018	2018	CD
www-bis-org-8025	557	156	Explaining	explain	VBG
www-bis-org-8025	557	157	Monetary	Monetary	NNP
www-bis-org-8025	557	158	Spillovers	Spillovers	NNPS
www-bis-org-8025	557	159	:	:	:
www-bis-org-8025	557	160	The	the	DT
www-bis-org-8025	557	161	Matrix	matrix	NN
www-bis-org-8025	557	162	Reloaded	Reloaded	NNP
www-bis-org-8025	557	163	Jonathan	Jonathan	NNP
www-bis-org-8025	557	164	Kearns	Kearns	NNP
www-bis-org-8025	557	165	,	,	,
www-bis-org-8025	557	166	Andreas	Andreas	NNP
www-bis-org-8025	557	167	Schrimpf	Schrimpf	NNP
www-bis-org-8025	557	168	and	and	CC
www-bis-org-8025	557	169	Fan	Fan	NNP
www-bis-org-8025	557	170	Dora	Dora	NNP
www-bis-org-8025	557	171	Xia	Xia	NNP
www-bis-org-8025	557	172	756	756	CD
www-bis-org-8025	557	173	November	November	NNP
www-bis-org-8025	557	174	2018	2018	CD
www-bis-org-8025	557	175	Financial	financial	JJ
www-bis-org-8025	557	176	structure	structure	NN
www-bis-org-8025	557	177	and	and	CC
www-bis-org-8025	557	178	income	income	NN
www-bis-org-8025	557	179	inequality	inequality	NN
www-bis-org-8025	557	180	Michael	Michael	NNP
www-bis-org-8025	557	181	Brei	Brei	NNP
www-bis-org-8025	557	182	,	,	,
www-bis-org-8025	557	183	Giovanni	Giovanni	NNP
www-bis-org-8025	557	184	Ferri	Ferri	NNP
www-bis-org-8025	557	185	and	and	CC
www-bis-org-8025	557	186	Leonardo	Leonardo	NNP
www-bis-org-8025	557	187	Gambacorta	Gambacorta	NNP
www-bis-org-8025	557	188	755	755	CD
www-bis-org-8025	557	189	November	November	NNP
www-bis-org-8025	557	190	2018	2018	CD
www-bis-org-8025	557	191	Measuring	measure	VBG
www-bis-org-8025	557	192	financial	financial	JJ
www-bis-org-8025	557	193	cycle	cycle	NN
www-bis-org-8025	557	194	time	time	NN
www-bis-org-8025	557	195	Andrew	Andrew	NNP
www-bis-org-8025	557	196	Filardo	Filardo	NNP
www-bis-org-8025	557	197	,	,	,
www-bis-org-8025	557	198	Marco	Marco	NNP
www-bis-org-8025	557	199	Lombardi	Lombardi	NNP
www-bis-org-8025	557	200	and	and	CC
www-bis-org-8025	557	201	Marek	Marek	NNP
www-bis-org-8025	557	202	Raczko	Raczko	NNP
www-bis-org-8025	557	203	754	754	CD
www-bis-org-8025	557	204	November	November	NNP
www-bis-org-8025	557	205	2018	2018	CD
www-bis-org-8025	557	206	Euro	Euro	NNP
www-bis-org-8025	557	207	area	area	NN
www-bis-org-8025	557	208	unconventional	unconventional	JJ
www-bis-org-8025	557	209	monetary	monetary	JJ
www-bis-org-8025	557	210	policy	policy	NN
www-bis-org-8025	557	211	and	and	CC
www-bis-org-8025	557	212	bank	bank	NN
www-bis-org-8025	557	213	resilience	resilience	NN
www-bis-org-8025	557	214	Fernando	Fernando	NNP
www-bis-org-8025	557	215	Avalos	Avalos	NNP
www-bis-org-8025	557	216	and	and	CC
www-bis-org-8025	557	217	Emmanuel	Emmanuel	NNP
www-bis-org-8025	557	218	C	C	NNP
www-bis-org-8025	557	219	Mamatzakis	Mamatzakis	NNP
www-bis-org-8025	557	220	753	753	CD
www-bis-org-8025	557	221	October	October	NNP
www-bis-org-8025	557	222	2018	2018	CD
www-bis-org-8025	557	223	Currency	Currency	NNP
www-bis-org-8025	557	224	depreciation	depreciation	NN
www-bis-org-8025	557	225	and	and	CC
www-bis-org-8025	557	226	emerging	emerge	VBG
www-bis-org-8025	557	227	market	market	NN
www-bis-org-8025	557	228	corporate	corporate	JJ
www-bis-org-8025	557	229	distress	distress	NN
www-bis-org-8025	557	230	Valentina	Valentina	NNP
www-bis-org-8025	557	231	Bruno	Bruno	NNP
www-bis-org-8025	557	232	and	and	CC
www-bis-org-8025	557	233	Hyun	Hyun	NNP
www-bis-org-8025	557	234	Song	Song	NNP
www-bis-org-8025	557	235	Shin	Shin	NNP
www-bis-org-8025	557	236	752	752	CD
www-bis-org-8025	557	237	October	October	NNP
www-bis-org-8025	557	238	2018	2018	CD
www-bis-org-8025	557	239	The	the	DT
www-bis-org-8025	557	240	effects	effect	NNS
www-bis-org-8025	557	241	of	of	IN
www-bis-org-8025	557	242	prudential	prudential	JJ
www-bis-org-8025	557	243	regulation	regulation	NN
www-bis-org-8025	557	244	,	,	,
www-bis-org-8025	557	245	financial	financial	JJ
www-bis-org-8025	557	246	development	development	NN
www-bis-org-8025	557	247	and	and	CC
www-bis-org-8025	557	248	financial	financial	JJ
www-bis-org-8025	557	249	openness	openness	NN
www-bis-org-8025	557	250	on	on	IN
www-bis-org-8025	557	251	economic	economic	JJ
www-bis-org-8025	557	252	growth	growth	NN
www-bis-org-8025	557	253	Pierre	Pierre	NNP
www-bis-org-8025	557	254	-	-	HYPH
www-bis-org-8025	557	255	Richard	Richard	NNP
www-bis-org-8025	557	256	Agénor	Agénor	NNP
www-bis-org-8025	557	257	,	,	,
www-bis-org-8025	557	258	Leonardo	Leonardo	NNP
www-bis-org-8025	557	259	Gambacorta	Gambacorta	NNP
www-bis-org-8025	557	260	,	,	,
www-bis-org-8025	557	261	Enisse	Enisse	NNP
www-bis-org-8025	557	262	Kharroubi	Kharroubi	NNP
www-bis-org-8025	557	263	and	and	CC
www-bis-org-8025	557	264	Luiz	Luiz	NNP
www-bis-org-8025	557	265	Awazu	Awazu	NNPS
www-bis-org-8025	557	266	Pereira	Pereira	NNP
www-bis-org-8025	557	267	da	da	NNP
www-bis-org-8025	557	268	Silva	Silva	NNP
www-bis-org-8025	557	269	751	751	CD
www-bis-org-8025	557	270	October	October	NNP
www-bis-org-8025	557	271	2018	2018	CD
www-bis-org-8025	557	272	Exchange	exchange	NN
www-bis-org-8025	557	273	rates	rate	NNS
www-bis-org-8025	557	274	and	and	CC
www-bis-org-8025	557	275	prices	price	NNS
www-bis-org-8025	557	276	:	:	:
www-bis-org-8025	557	277	evidence	evidence	NN
www-bis-org-8025	557	278	from	from	IN
www-bis-org-8025	557	279	the	the	DT
www-bis-org-8025	557	280	2015	2015	CD
www-bis-org-8025	557	281	Swiss	swiss	JJ
www-bis-org-8025	557	282	franc	franc	NN
www-bis-org-8025	557	283	appreciation	appreciation	NN
www-bis-org-8025	557	284	Raphael	Raphael	NNP
www-bis-org-8025	557	285	Auer	Auer	NNP
www-bis-org-8025	557	286	,	,	,
www-bis-org-8025	557	287	Ariel	Ariel	NNP
www-bis-org-8025	557	288	Burstein	Burstein	NNP
www-bis-org-8025	557	289	and	and	CC
www-bis-org-8025	557	290	Sarah	Sarah	NNP
www-bis-org-8025	557	291	M	M	NNP
www-bis-org-8025	557	292	Lein	Lein	NNP
www-bis-org-8025	557	293	750	750	CD
www-bis-org-8025	557	294	October	October	NNP
www-bis-org-8025	557	295	2018	2018	CD
www-bis-org-8025	557	296	Forward	forward	RB
www-bis-org-8025	557	297	guidance	guidance	NN
www-bis-org-8025	557	298	and	and	CC
www-bis-org-8025	557	299	heterogeneous	heterogeneous	JJ
www-bis-org-8025	557	300	beliefs	belief	NNS
www-bis-org-8025	557	301	Philippe	Philippe	NNP
www-bis-org-8025	557	302	Andrade	Andrade	NNP
www-bis-org-8025	557	303	,	,	,
www-bis-org-8025	557	304	Gaetano	Gaetano	NNP
www-bis-org-8025	557	305	Gaballo	Gaballo	NNP
www-bis-org-8025	557	306	,	,	,
www-bis-org-8025	557	307	Eric	Eric	NNP
www-bis-org-8025	557	308	Mengus	Mengus	NNP
www-bis-org-8025	557	309	and	and	CC
www-bis-org-8025	557	310	Benoit	Benoit	NNP
www-bis-org-8025	557	311	Mojon	Mojon	NNP
www-bis-org-8025	557	312	All	all	DT
www-bis-org-8025	557	313	volumes	volume	NNS
www-bis-org-8025	557	314	are	be	VBP
www-bis-org-8025	557	315	available	available	JJ
www-bis-org-8025	557	316	on	on	IN
www-bis-org-8025	557	317	our	-PRON-	PRP$
www-bis-org-8025	557	318	website	website	NN
www-bis-org-8025	557	319	www.bis.org	www.bis.org	NNP
www-bis-org-8025	557	320	.	.	.
www-bis-org-8025	558	1	http://www.bis.org/	http://www.bis.org/	NNP
www-bis-org-8025	558	2	Beyond	beyond	IN
www-bis-org-8025	558	3	the	the	DT
www-bis-org-8025	558	4	doomsday	doomsday	NNP
www-bis-org-8025	558	5	economics	economic	NNS
www-bis-org-8025	558	6	of	of	IN
www-bis-org-8025	558	7	“	"	``
www-bis-org-8025	558	8	proof	proof	NN
www-bis-org-8025	558	9	-	-	HYPH
www-bis-org-8025	558	10	of	of	IN
www-bis-org-8025	558	11	-	-	HYPH
www-bis-org-8025	558	12	work	work	NN
www-bis-org-8025	558	13	”	"	''
www-bis-org-8025	558	14	in	in	IN
www-bis-org-8025	558	15	cryptocurrencies	cryptocurrencie	NNS
www-bis-org-8025	558	16	Abstract	Abstract	NNP
www-bis-org-8025	558	17	Introduction	Introduction	NNP
www-bis-org-8025	558	18	Technology	Technology	NNP
www-bis-org-8025	558	19	basics	basic	NNS
www-bis-org-8025	558	20	and	and	CC
www-bis-org-8025	558	21	the	the	DT
www-bis-org-8025	558	22	economics	economic	NNS
www-bis-org-8025	558	23	of	of	IN
www-bis-org-8025	558	24	mining	mine	VBG
www-bis-org-8025	558	25	A	a	DT
www-bis-org-8025	558	26	payment	payment	NN
www-bis-org-8025	558	27	transaction	transaction	NN
www-bis-org-8025	558	28	in	in	IN
www-bis-org-8025	558	29	Bitcoin	Bitcoin	NNP
www-bis-org-8025	558	30	and	and	CC
www-bis-org-8025	558	31	its	-PRON-	PRP$
www-bis-org-8025	558	32	blockchain	blockchain	NN
www-bis-org-8025	558	33	:	:	:
www-bis-org-8025	558	34	system	system	NN
www-bis-org-8025	558	35	overview	overview	NN
www-bis-org-8025	558	36	Proof	proof	NN
www-bis-org-8025	558	37	-	-	HYPH
www-bis-org-8025	558	38	of	of	IN
www-bis-org-8025	558	39	-	-	HYPH
www-bis-org-8025	558	40	work	work	NN
www-bis-org-8025	558	41	:	:	:
www-bis-org-8025	558	42	rolling	roll	VBG
www-bis-org-8025	558	43	a	a	DT
www-bis-org-8025	558	44	dice	dice	NN
www-bis-org-8025	558	45	Mining	Mining	NNP
www-bis-org-8025	558	46	economics	economic	NNS
www-bis-org-8025	558	47	and	and	CC
www-bis-org-8025	558	48	equilibrium	equilibrium	NN
www-bis-org-8025	558	49	“	"	``
www-bis-org-8025	558	50	difficulty	difficulty	NN
www-bis-org-8025	558	51	”	"	''
www-bis-org-8025	558	52	Attacker	Attacker	NNP
www-bis-org-8025	558	53	advantage	advantage	NN
www-bis-org-8025	558	54	:	:	:
www-bis-org-8025	558	55	the	the	DT
www-bis-org-8025	558	56	high	high	JJ
www-bis-org-8025	558	57	cost	cost	NN
www-bis-org-8025	558	58	of	of	IN
www-bis-org-8025	558	59	economic	economic	JJ
www-bis-org-8025	558	60	finality	finality	NN
www-bis-org-8025	558	61	via	via	IN
www-bis-org-8025	558	62	proof	proof	NN
www-bis-org-8025	558	63	-	-	HYPH
www-bis-org-8025	558	64	of	of	IN
www-bis-org-8025	558	65	-	-	HYPH
www-bis-org-8025	558	66	work	work	NN
www-bis-org-8025	558	67	An	an	DT
www-bis-org-8025	558	68	economic	economic	JJ
www-bis-org-8025	558	69	definition	definition	NN
www-bis-org-8025	558	70	of	of	IN
www-bis-org-8025	558	71	payment	payment	NN
www-bis-org-8025	558	72	finality	finality	NN
www-bis-org-8025	558	73	The	the	DT
www-bis-org-8025	558	74	“	"	``
www-bis-org-8025	558	75	tragedy	tragedy	NN
www-bis-org-8025	558	76	of	of	IN
www-bis-org-8025	558	77	the	the	DT
www-bis-org-8025	558	78	common	common	JJ
www-bis-org-8025	558	79	chain	chain	NN
www-bis-org-8025	558	80	”	"	''
www-bis-org-8025	558	81	in	in	IN
www-bis-org-8025	558	82	the	the	DT
www-bis-org-8025	558	83	market	market	NN
www-bis-org-8025	558	84	for	for	IN
www-bis-org-8025	558	85	transactions	transaction	NNS
www-bis-org-8025	558	86	The	the	DT
www-bis-org-8025	558	87	basics	basic	NNS
www-bis-org-8025	558	88	of	of	IN
www-bis-org-8025	558	89	the	the	DT
www-bis-org-8025	558	90	transaction	transaction	NN
www-bis-org-8025	558	91	market	market	NN
www-bis-org-8025	558	92	A	a	DT
www-bis-org-8025	558	93	simple	simple	JJ
www-bis-org-8025	558	94	model	model	NN
www-bis-org-8025	558	95	of	of	IN
www-bis-org-8025	558	96	free	free	RB
www-bis-org-8025	558	97	-	-	HYPH
www-bis-org-8025	558	98	riding	riding	NN
www-bis-org-8025	558	99	in	in	IN
www-bis-org-8025	558	100	the	the	DT
www-bis-org-8025	558	101	market	market	NN
www-bis-org-8025	558	102	for	for	IN
www-bis-org-8025	558	103	transactions	transaction	NNS
www-bis-org-8025	558	104	Some	some	DT
www-bis-org-8025	558	105	considerations	consideration	NNS
www-bis-org-8025	558	106	on	on	IN
www-bis-org-8025	558	107	the	the	DT
www-bis-org-8025	558	108	road	road	NN
www-bis-org-8025	558	109	ahead	ahead	RB
www-bis-org-8025	558	110	The	the	DT
www-bis-org-8025	558	111	doomsday	doomsday	NNP
www-bis-org-8025	558	112	economics	economic	NNS
www-bis-org-8025	558	113	of	of	IN
www-bis-org-8025	558	114	proof	proof	NN
www-bis-org-8025	558	115	-	-	HYPH
www-bis-org-8025	558	116	of	of	IN
www-bis-org-8025	558	117	-	-	HYPH
www-bis-org-8025	558	118	work	work	NN
www-bis-org-8025	558	119	Second	second	JJ
www-bis-org-8025	558	120	-	-	HYPH
www-bis-org-8025	558	121	layer	layer	NN
www-bis-org-8025	558	122	solutions	solution	NNS
www-bis-org-8025	558	123	Proof	Proof	NNP
www-bis-org-8025	558	124	-	-	HYPH
www-bis-org-8025	558	125	of	of	IN
www-bis-org-8025	558	126	-	-	HYPH
www-bis-org-8025	558	127	stake	stake	NN
www-bis-org-8025	558	128	:	:	:
www-bis-org-8025	558	129	gambling	gamble	VBG
www-bis-org-8025	558	130	on	on	IN
www-bis-org-8025	558	131	or	or	CC
www-bis-org-8025	558	132	institutionalising	institutionalise	VBG
www-bis-org-8025	558	133	the	the	DT
www-bis-org-8025	558	134	truth	truth	NN
www-bis-org-8025	558	135	?	?	.
www-bis-org-8025	559	1	Conclusion	conclusion	NN
www-bis-org-8025	559	2	:	:	:
www-bis-org-8025	559	3	towards	towards	IN
www-bis-org-8025	559	4	a	a	DT
www-bis-org-8025	559	5	world	world	NN
www-bis-org-8025	559	6	of	of	IN
www-bis-org-8025	559	7	semi	semi	JJ
www-bis-org-8025	559	8	-	-	JJ
www-bis-org-8025	559	9	decentralised	decentralised	JJ
www-bis-org-8025	559	10	exchange	exchange	NN
www-bis-org-8025	559	11	?	?	.
www-bis-org-8025	560	1	References	References	NNPS
www-bis-org-8025	560	2	Appendix	Appendix	NNP
www-bis-org-8025	560	3	:	:	:
www-bis-org-8025	560	4	glossary	glossary	JJ
www-bis-org-8025	560	5	Previous	previous	JJ
www-bis-org-8025	560	6	volumes	volume	NNS
www-bis-org-8025	560	7	in	in	IN
www-bis-org-8025	560	8	this	this	DT
www-bis-org-8025	560	9	series	series	NN
www-bis-org-8025	560	10	<	<	XX
www-bis-org-8025	560	11	<	<	XX
www-bis-org-8025	560	12	/ASCII85EncodePages	/ASCII85EncodePages	,
www-bis-org-8025	560	13	false	false	JJ
www-bis-org-8025	560	14	/AllowTransparency	/allowtransparency	NN
www-bis-org-8025	560	15	false	false	JJ
www-bis-org-8025	560	16	/AutoPositionEPSFiles	/AutoPositionEPSFiles	.
www-bis-org-8025	560	17	true	true	JJ
www-bis-org-8025	560	18	/AutoRotatePages	/autorotatepage	NNS
www-bis-org-8025	560	19	/PageByPage	/PageByPage	NFP
www-bis-org-8025	560	20	/Binding	/Binding	.
www-bis-org-8025	560	21	/Left	/Left	.
www-bis-org-8025	560	22	/CalGrayProfile	/CalGrayProfile	.
www-bis-org-8025	560	23	(	(	-LRB-
www-bis-org-8025	560	24	Gray	Gray	NNP
www-bis-org-8025	560	25	Gamma	Gamma	NNP
www-bis-org-8025	560	26	2.2	2.2	CD
www-bis-org-8025	560	27	)	)	-RRB-
www-bis-org-8025	560	28	/CalRGBProfile	/CalRGBProfile	.
www-bis-org-8025	560	29	(	(	-LRB-
www-bis-org-8025	560	30	sRGB	srgb	NN
www-bis-org-8025	560	31	IEC61966	IEC61966	NNP
www-bis-org-8025	560	32	-	-	HYPH
www-bis-org-8025	560	33	2.1	2.1	CD
www-bis-org-8025	560	34	)	)	-RRB-
www-bis-org-8025	560	35	/CalCMYKProfile	/CalCMYKProfile	.
www-bis-org-8025	560	36	(	(	-LRB-
www-bis-org-8025	560	37	U.S.	U.S.	NNP
www-bis-org-8025	561	1	Web	web	NN
www-bis-org-8025	561	2	Coated	Coated	NNP
www-bis-org-8025	561	3	\050SWOP\051	\050SWOP\051	NNP
www-bis-org-8025	561	4	v2	v2	NN
www-bis-org-8025	561	5	)	)	-RRB-
www-bis-org-8025	561	6	/sRGBProfile	/sRGBProfile	.
www-bis-org-8025	561	7	(	(	-LRB-
www-bis-org-8025	561	8	sRGB	srgb	NN
www-bis-org-8025	561	9	IEC61966	IEC61966	NNP
www-bis-org-8025	561	10	-	-	HYPH
www-bis-org-8025	561	11	2.1	2.1	CD
www-bis-org-8025	561	12	)	)	-RRB-
www-bis-org-8025	561	13	/CannotEmbedFontPolicy	/CannotEmbedFontPolicy	.
www-bis-org-8025	561	14	/Warning	/Warning	NFP
www-bis-org-8025	561	15	/CompatibilityLevel	/CompatibilityLevel	NNP
www-bis-org-8025	561	16	1.6	1.6	CD
www-bis-org-8025	561	17	/CompressObjects	/compressobjects	CD
www-bis-org-8025	561	18	/Tags	/Tags	.
www-bis-org-8025	561	19	/CompressPages	/CompressPages	,
www-bis-org-8025	561	20	true	true	JJ
www-bis-org-8025	561	21	/ConvertImagesToIndexed	/ConvertImagesToIndexed	.
www-bis-org-8025	561	22	true	true	JJ
www-bis-org-8025	561	23	/PassThroughJPEGImages	/PassThroughJPEGImages	.
www-bis-org-8025	561	24	false	false	JJ
www-bis-org-8025	561	25	/CreateJobTicket	/createjobticket	NN
www-bis-org-8025	561	26	false	false	JJ
www-bis-org-8025	561	27	/DefaultRenderingIntent	/DefaultRenderingIntent	NFP
www-bis-org-8025	561	28	/Default	/Default	.
www-bis-org-8025	561	29	/DetectBlends	/DetectBlends	NFP
www-bis-org-8025	561	30	true	true	JJ
www-bis-org-8025	561	31	/DetectCurves	/DetectCurves	.
www-bis-org-8025	561	32	0.1000	0.1000	CD
www-bis-org-8025	561	33	/ColorConversionStrategy	/ColorConversionStrategy	.
www-bis-org-8025	561	34	/LeaveColorUnchanged	/LeaveColorUnchanged	.
www-bis-org-8025	561	35	/DoThumbnails	/DoThumbnails	NNP
www-bis-org-8025	561	36	false	false	JJ
www-bis-org-8025	561	37	/EmbedAllFonts	/embedallfont	NNS
www-bis-org-8025	561	38	true	true	JJ
www-bis-org-8025	561	39	/EmbedOpenType	/EmbedOpenType	.
www-bis-org-8025	561	40	false	false	JJ
www-bis-org-8025	561	41	/ParseICCProfilesInComments	/ParseICCProfilesInComments	.
www-bis-org-8025	561	42	true	true	JJ
www-bis-org-8025	561	43	/EmbedJobOptions	/embedjoboption	NNS
www-bis-org-8025	561	44	true	true	JJ
www-bis-org-8025	561	45	/DSCReportingLevel	/DSCReportingLevel	.
www-bis-org-8025	561	46	0	0	NFP
www-bis-org-8025	561	47	/EmitDSCWarnings	/EmitDSCWarnings	.
www-bis-org-8025	561	48	false	false	JJ
www-bis-org-8025	561	49	/EndPage	/endpage	NN
www-bis-org-8025	561	50	-1	-1	.
www-bis-org-8025	561	51	/ImageMemory	/imagememory	NN
www-bis-org-8025	561	52	1048576	1048576	CD
www-bis-org-8025	561	53	/LockDistillerParams	/LockDistillerParams	.
www-bis-org-8025	561	54	true	true	JJ
www-bis-org-8025	561	55	/MaxSubsetPct	/MaxSubsetPct	.
www-bis-org-8025	561	56	100	100	CD
www-bis-org-8025	561	57	/Optimize	/optimize	VBP
www-bis-org-8025	561	58	true	true	JJ
www-bis-org-8025	561	59	/OPM	/OPM	.
www-bis-org-8025	561	60	1	1	CD
www-bis-org-8025	561	61	/ParseDSCComments	/ParseDSCComments	.
www-bis-org-8025	561	62	true	true	JJ
www-bis-org-8025	561	63	/ParseDSCCommentsForDocInfo	/parsedsccommentsfordocinfo	SYM
www-bis-org-8025	561	64	false	false	JJ
www-bis-org-8025	561	65	/PreserveCopyPage	/preservecopypage	NN
www-bis-org-8025	561	66	false	false	JJ
www-bis-org-8025	561	67	/PreserveDICMYKValues	/PreserveDICMYKValues	.
www-bis-org-8025	561	68	true	true	JJ
www-bis-org-8025	561	69	/PreserveEPSInfo	/PreserveEPSInfo	:
www-bis-org-8025	561	70	false	false	JJ
www-bis-org-8025	561	71	/PreserveFlatness	/preserveflatness	NN
www-bis-org-8025	561	72	true	true	JJ
www-bis-org-8025	561	73	/PreserveHalftoneInfo	/preservehalftoneinfo	CD
www-bis-org-8025	561	74	false	false	JJ
www-bis-org-8025	561	75	/PreserveOPIComments	/PreserveOPIComments	,
www-bis-org-8025	561	76	false	false	JJ
www-bis-org-8025	561	77	/PreserveOverprintSettings	/PreserveOverprintSettings	.
www-bis-org-8025	561	78	true	true	JJ
www-bis-org-8025	561	79	/StartPage	/StartPage	:
www-bis-org-8025	561	80	1	1	CD
www-bis-org-8025	561	81	/SubsetFonts	/subsetfonts	CD
www-bis-org-8025	561	82	true	true	JJ
www-bis-org-8025	561	83	/TransferFunctionInfo	/TransferFunctionInfo	.
www-bis-org-8025	561	84	/Apply	/apply	JJ
www-bis-org-8025	561	85	/UCRandBGInfo	/UCRandBGInfo	.
www-bis-org-8025	561	86	/Remove	/Remove	NNS
www-bis-org-8025	561	87	/UsePrologue	/UsePrologue	,
www-bis-org-8025	561	88	false	false	JJ
www-bis-org-8025	561	89	/ColorSettingsFile	/ColorSettingsFile	.
www-bis-org-8025	561	90	(	(	-LRB-
www-bis-org-8025	561	91	)	)	-RRB-
www-bis-org-8025	561	92	/AlwaysEmbed	/AlwaysEmbed	NFP
www-bis-org-8025	561	93	[	[	-LRB-
www-bis-org-8025	561	94	true	true	JJ
www-bis-org-8025	561	95	/SymbolMT	/SymbolMT	NFP
www-bis-org-8025	561	96	/Wingdings	/wingding	NNS
www-bis-org-8025	561	97	-	-	:
www-bis-org-8025	561	98	Regular	regular	JJ
www-bis-org-8025	561	99	]	]	-RRB-
www-bis-org-8025	561	100	/NeverEmbed	/neverembe	VBN
www-bis-org-8025	561	101	[	[	-LRB-
www-bis-org-8025	561	102	true	true	JJ
www-bis-org-8025	561	103	]	]	-RRB-
www-bis-org-8025	561	104	/AntiAliasColorImages	/AntiAliasColorImages	NFP
www-bis-org-8025	561	105	false	false	JJ
www-bis-org-8025	561	106	/CropColorImages	/cropcolorimage	NNS
www-bis-org-8025	561	107	true	true	JJ
www-bis-org-8025	561	108	/ColorImageMinResolution	/colorimageminresolution	NN
www-bis-org-8025	561	109	150	150	CD
www-bis-org-8025	561	110	/ColorImageMinResolutionPolicy	/ColorImageMinResolutionPolicy	NFP
www-bis-org-8025	561	111	/OK	/OK	.
www-bis-org-8025	561	112	/DownsampleColorImages	/DownsampleColorImages	.
www-bis-org-8025	561	113	true	true	JJ
www-bis-org-8025	561	114	/ColorImageDownsampleType	/ColorImageDownsampleType	.
www-bis-org-8025	561	115	/Bicubic	/Bicubic	.
www-bis-org-8025	561	116	/ColorImageResolution	/ColorImageResolution	NFP
www-bis-org-8025	561	117	150	150	CD
www-bis-org-8025	561	118	/ColorImageDepth	/ColorImageDepth	NFP
www-bis-org-8025	561	119	-1	-1	:
www-bis-org-8025	561	120	/ColorImageMinDownsampleDepth	/colorimagemindownsampledepth	NN
www-bis-org-8025	561	121	1	1	CD
www-bis-org-8025	561	122	/ColorImageDownsampleThreshold	/colorimagedownsamplethreshold	SYM
www-bis-org-8025	561	123	1.00000	1.00000	CD
www-bis-org-8025	561	124	/EncodeColorImages	/EncodeColorImages	.
www-bis-org-8025	561	125	true	true	JJ
www-bis-org-8025	561	126	/ColorImageFilter	/ColorImageFilter	.
www-bis-org-8025	561	127	/DCTEncode	/DCTEncode	NFP
www-bis-org-8025	561	128	/AutoFilterColorImages	/AutoFilterColorImages	.
www-bis-org-8025	561	129	true	true	JJ
www-bis-org-8025	561	130	/ColorImageAutoFilterStrategy	/ColorImageAutoFilterStrategy	NNP
www-bis-org-8025	561	131	/JPEG	/JPEG	.
www-bis-org-8025	561	132	/ColorACSImageDict	/ColorACSImageDict	NNP
www-bis-org-8025	561	133	<	<	XX
www-bis-org-8025	561	134	<	<	XX
www-bis-org-8025	561	135	/QFactor	/QFactor	NFP
www-bis-org-8025	561	136	0.76	0.76	CD
www-bis-org-8025	561	137	/HSamples	/HSamples	.
www-bis-org-8025	561	138	[	[	-LRB-
www-bis-org-8025	561	139	2	2	CD
www-bis-org-8025	561	140	1	1	CD
www-bis-org-8025	561	141	1	1	CD
www-bis-org-8025	561	142	2	2	CD
www-bis-org-8025	561	143	]	]	-RRB-
www-bis-org-8025	561	144	/VSamples	/VSamples	.
www-bis-org-8025	561	145	[	[	-LRB-
www-bis-org-8025	561	146	2	2	CD
www-bis-org-8025	561	147	1	1	CD
www-bis-org-8025	561	148	1	1	CD
www-bis-org-8025	561	149	2	2	CD
www-bis-org-8025	561	150	]	]	-RRB-
www-bis-org-8025	561	151	>	>	XX
www-bis-org-8025	561	152	>	>	XX
www-bis-org-8025	561	153	/ColorImageDict	/ColorImageDict	.
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