Entrepreneurial Financing with Crypto-tokens: Risks and their valuation.
Keywords:
Cripto- currencies, Crypto-assets, Initial Coin Offering (ICO), Firms funding, Assets valuationAbstract
This paper aims to analyze the evolution and financial impact of Crypto-tokens (defined as cryptocurrencies and crypto-assets). The research method is statistical-descriptive and theoretical. Terms related to this technology are conceptualized: crypto-token, crypto-currency, alternative currency (altcoin) and meta-cryptocurrency (metacoin). The originality of the present work consists in describing and analyzing the Process of Initial Coin Offering (ICO) and the generation of business crypto-assets (instruments that do not represent the share capital of the company, but that can confer a right of ownership or royalties on the profits of a project or company), key issues for the development of the entrepreneurship of initial firms (start-ups) and their financing. Our findings offer investors as entrepreneurs an expand understanding of these decision-making tools, revealing the opportunities and risks they represent and laying the groundwork for their analysis and valuation.Downloads
References
Academy (2019) "Smart Contracts: ¿Qué son, cómo funcionan y qué aportan?". Disponible en: https://academy.bit2me.com/que-son-los-smart-contracts/#post/0
Adhami, S., Giudici, G., & Martinazzi, S. (2018). Why do businesses go crypto? An empirical analysis of initial coin offerings. Journal of Economics and Business, 100, 64-75. Véase en: https://re.public.polimi.it/bitstream/11311/1056221/1/JEP%20published%20ICOs.pdf
https://doi.org/10.1016/j.jeconbus.2018.04.001
Antonopoulos, A. (2014). Mastering Bitcoin: Unlocking Digital Cryptocurrencies. Sebastopol, CA: O'Reilly Media.
Applicature (2018) "How to Launch an Initial Coin Offering?" Disponible en: https://applicature.com/blog/token-offerings/how-to-launch-initial-coin-offering Consultado: 14 septiembre 2020.
Aragonés, J. R., & Mascareñas, J. (1994). La eficiencia y el equilibrio en los mercados de capital. Análisis financiero, 64(1), 76-89.
Bahat, A. (2017). The Token Craze - Ten Recommendations For the Wise Investor. Disponible en: https://steemit.com/ico/@menirosenfeld/the-token-craze-ten-recommendations-for-the-wise-investor
Banco Central Europeo (2012) "Virtual Currency Schemes", october 2012. Véase en: https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf
Bancor (2021) "Sobre Bancor" Disponibles en: https://www.bancor.network/. Consultado: 1 de octubre de 2021.
Barsan, I. M. (2017). Legal Challenges of Initial Coin Offerings (ICO). Revue Trimestrielle de Droit Financier (RTDF), (3), 54-65.
Baucus, M.A., and Mitteness, S.R. (2016). Crowdfrauding: Avoiding Ponzi entrepreneurs when investing in new Ventures. Business Horizons. 59(1), 37-50. https://doi.org/10.1016/j.bushor.2015.08.003
Binance A. (2017) Glossary/ Initial Exchange Offering
Bitcoin (2021). Nasdaq Stock Exchange to Start Offering BTC and ETH Indices. Disponible en: https://news.bitcoin.com/nasdaq-stock-exchange-to-start-offering-btc-and-eth-indices/
Bitfinex (2021). "Sobre nosotros" disponible en: https://www.bitfinex.com/about/. Consultado: 1 de octubre de 2021
Bodie, Z., Kane, A., & Marcus, A. J. (2011). Investment and portfolio management.
Boreiko, D. (2017). SMEs and Start‐Ups Financing: From Governmental Support to ICOs and Token Sales. Véase en: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3108677
https://doi.org/10.2139/ssrn.3108677
Buterin, V. (2014). A next-generation smart contract and decentralized application platform. white paper.
Cheah, E. T., & Fry, J. (2015). Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32-36.
https://doi.org/10.1016/j.econlet.2015.02.029
Coin market cap (2021) "Cryptocurrency Prices by Market Cap" Disponible en: https://coinmarketcap.com/ Consultado: 30 septiembre 2021
Companies mark cap (2021) "Largest Companies by Market Cap" Disponible en: https://companiesmarketcap.com/assets-by-market-cap/ Consultado: 14 septiembre 2021
Conley, J. (2017a). Economics of Crypto-tokens and Initial Coin Offerings. http://www.accessecon.com/Pubs/VUECON/VUECON-17-00008.pdf
Conley, J. P. (2017b). Blockchain and the economics of crypto-tokens and initial coin offerings (No. 17-00008). Vanderbilt University Department of Economics.
Corbet, S., Lucey, B., & Yarovaya, L. (2018). Datestamping the Bitcoin and Ethereum bubbles. Finance Research Letters, 26, 81-88. https://doi.org/10.1016/j.frl.2017.12.006
Criptocompare (2021). Criptocompare. Disponible en: https://www.cryptocompare.com/
Criptonews (2021) "Countries Where Bitcoin Is Banned or Legal In 2021" Disponible en: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm
de Jong, A., Roosenboom, P., & van der Kolk, T. (2018). What Determines Success in Initial Coin Offerings?. Available at SSRN 3250035. Veáse en: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3250035. https://doi.org/10.2139/ssrn.3250035
Dwyer, G. P. (2015). The Economics of Bitcoin and Similar Private Digital Currencies.Journal of Financial Stability, 17: 81-91. https://doi.org/10.1016/j.jfs.2014.11.006
EOS (2021). "Sobre nosotros" Disponible en: https://eos.io/about/. Consultado: 30 de septiembre de 2021
Evans-Pughe, C. (2012). From megabytes to megabucks. Engineering & Technology, 7(4), 59-61.
https://doi.org/10.1049/et.2012.0408
Federal reserve (2021) "FEDERAL RESERVE statistical release" Disponible en: https://www.federalreserve.gov/releases/h41/20210930/ Consultado: 14 septiembre 2020
Filecoin (2021). "Visión" disponible en: https://filecoin.io/. Consultado: 1 de octubre de 2021
Forbes (2021) "Los 50 más ricos del mundo 2021" Disponible en: https://forbes.co/2021/04/09/editors-picks/los-50-mas-ricos-del-mundo-2021/ Consultado: 14 septiembre 2021
Franco, P. (2014). Understanding Bitcoin: Cryptography, Engineering and Economics. John Wiley & Sons. https://doi.org/10.1002/9781119019138
Glaser, F., & Bezzenberger, L. (2015, March). Beyond cryptocurrencies-a taxonomy of decentralized consensus systems. In 23rd European conference on information systems (ECIS), Münster, Germany.
Godsiff, P. (2015). Bitcoin: bubble or blockchain. In Agent and Multi-Agent Systems: Technologies and Applications (pp. 191-203). Springer, Cham. https://doi.org/10.1007/978-3-319-19728-9_16
HDAC (2021) "Quienes somos" Disponibles en: https://hdactech.com/company/about/. Consultado: 1 de octubre de 2021
He, D., Habermeier, K, Leckow, R., Haksar, V., Almeida, Y., Kashima, M., Kyriakos-Saad, N., Oura, H., Saadi, T., Stetsenko, N. y Verdugo-Yepes, C. (2016). Virtual currencies and beyond: initial considerations. International Monetary Found. Véase en: https://www.researchgate.net/profile/Tahsin_Saadi_Sedik/publication/298915094_Virtual_Currencies_and_Beyond_Initial_Considerations/links/57c8440a08ae9d640480d9bb/Virtual-Currencies-and-Beyond-Initial-Considerations.pdf
How much (2020) "Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal?" Disponible en: https://howmuch.net/articles/crypto-transaction-speeds-compared. Consultado: 14 septiembre 2021
How much (2021) "Visualizing Why Banks Hate Cryptocurrencies" Disponible en: https://howmuch.net/articles/banks-vs-cryptocurrencies Consultado: 14 septiembre 2021
Huang, W., Meoli, M., y Vismara, S. (2020). The geography of initial coin offerings. Small Business Economics, 55, 77-102. https://doi.org/10.1007/s11187-019-00135-y
Kasanmascheff, M. (2018) "PwC Report Finds That 2018 ICO Volume is Already Double That of Previous Year" Disponible en: https://cointelegraph.com/news/pwc-report-finds-that-2018-ico-volume-is-already-double-that-of-previous-year (consulta el 07 de marzo, 2019 17:28 hora del Centro de México)
Kreuser, J. L., & Sornette, D. (2018). Bitcoin bubble trouble. https://doi.org/10.1002/wilm.10672
Kumar, V. (2021) "How much money is there in the world". Disponible en: https://www.rankred.com/how-much-money-is-there-in-the-world/ Consultado: 14 septiembre 2021
La Jornada (2 de septiembre de 2019). "JP Morgan lanza su propia criptomoneda". Disponible en: https://www.jornada.com.mx/ultimas/2019/02/14/jpmorgan-lanza-su-propia-criptomoneda-1087.html
Lee, J., Li, T., & Shin, D. (2018). The Wisdom of Crowds and Information Cascades in FinTech: Evidence from Initial Coin Offerings. https://doi.org/10.2139/ssrn.3195877
Li, Z. Z., Tao, R., Su, C. W., & Lobonţ, O. R. (2019). Does Bitcoin bubble burst?. Quality & Quantity, 53(1), 91-105. https://doi.org/10.1007/s11135-018-0728-3
Lo, A. W. (2019). Adaptive markets. Princeton University Press. https://doi.org/10.1515/9780691196800
Luthra E. (2019) "A New Trend in Crypto Funding Campaigns Companies" https://cointelegraph.com/news/a-new-trend-in-crypto-funding-campaigns-companies-resorting-to-ieos
Mateus, E. O. G., Perico, H. D. Á., & Villalobos, A. E. O. (2016). Mercados financieros, eficiencia y adaptación. Equidad & Desarrollo, (26), 191-206. https://doi.org/10.19052/ed.3735
McCallum, B. T. (2015). The bitcoin revolution. Cato J., 35, 347.
McCann, C. (2018) "12 Graphs That Show Just How Early The Cryptocurrency Market Is". Disponible en: https://medium.com/@mccannatron/12-graphs-that-show-just-how-early-the-cryptocurrency-market-is-653a4b8b2720
Moncaz, P.P. (2020). Initial coin offerings, asymmetric information, and loyal CEOs. Small Business Economics. Acceso disponible en: https://doi.org/10.1007/s11187-020-00335-x
Natarajan, H., Krause S., and Gradstein, H. (2017) "Distributed Ledger Technology (DLT) and blockchain", World Bank Group 2017, FinTech note, no. 1. Washington, D.C., Véase en: http://documents.worldbank.org/curated/en/177911513714062215/pdf/122140-WP-PUBLIC-Distributed-Ledger-Technology-and-Blockchain-Fintech-Notes.pdf. https://doi.org/10.1596/29053
Polka Dot (2021) "Acerca de" Disponibles en: https://polkadot.network/about/. Consultado: 1 de octubre de 2021
Richardson, V. (2014) Currency kings, Entrepreneur, 42, 40. https://doi.org/10.1017/CBO9781139026741.015
Sirin Labs (2021) "Quienes somos" Disponibles en: https://sirinlabs.com/es/about-us/. Consultado: 1 de octubre de 2021
SmithandCrown (2020) "TOKEN SALE ACTIVITY TRACKER" disponible en: https://www.smithandcrown.com/ico-tracker/ consulta 06 de junio, 2020 13:45 hora del Centro de México
Sosa, M. (2019). La formación de burbujas especulativas y la crisis financiera: teoría y políticas de prevención. Denarius, (36), 87-87. https://doi.org/10.24275/uam/izt/dcsh/denarius/v2019n36/Sosa
Swanson, T. (2015). Consensus-as-a-service: a brief report on the emergence of permissioned, distributed ledger systems. Report, disponible en línea.
Tatatu (2021). "Visión". Disponible en: https://www.tatatu.com/#vision. Consultado: 30 de septiembre de 2021
Telegram (2021). "Nosotros" Disponible en: https://telegram.org/. Consultado: 30 de septiembre de 2021
Tezos (2021) "Visión" Disponibles en: https://tezos.com/visual-identity/. Consultado: 1 de octubre de 2021
Wall, L. (Marzo, 2018) "The Initial Coin Offerings Market" Center for Financial Innovation and Stability. Federal Reserve Bank of Atlanta. https://www.frbatlanta.org/cenfis/publications/notesfromthevault/03-the-initial-coin-offerings-market-2018-03-09.aspx
Downloads
Published
How to Cite
Issue
Section
License
This licence allows third parties to share (copy and redistribute the material in any medium or format) and adapt (remix, transform and create from the material for any purpose, including commercial purposes), provided that authorship and first publication in this journal (The Journal, DOI of the work) is acknowledged, a link to the licence is provided, and it is stated whether changes have been made to the work.
