In a token offering, investors fund a venture in exchange for tokens that grant rights to future
economic output. To many financial industry insiders, tokens have no intrinsic merit and exist …

I study mechanism design with blockchain-based tokens, that is, tokens that can be used
within a mechanism but can also be saved and traded outside of the mechanism. I do so by …

This paper investigates how cryptocurrencies relate to concepts such as bubbles, Ponzi-
schemes and digital gold in a tractable model for cryptocurrency prices. Investors in the …