Mitsuru Iwamura
Waseda University
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Publication
Featured researches published by Mitsuru Iwamura.
Archive | 2014
Mitsuru Iwamura; Yukinobu Kitamura; Tsutomu Matsumoto; Kenji Saito
This paper discusses the potential and limitations of Bitcoin as a digital currency. Bitcoin as a digital asset has been extensively discussed from the viewpoints of engineering and security design. But there are few economic analyses of Bitcoin as a currency. Bitcoin was designed as a payments vehicle and as a store of value (or speculation). It has no use bar as money or currency. Despite recent enthusiasm for Bitcoin, it seems very unlikely that currencies provided by central banks are at risk of being replaced, primarily because of the market price instability of Bitcoin (i.e. the exchange rate against the major currencies). We diagnose the instability of market price of Bitcoin as being a symptom of the lack of flexibility in the Bitcoin supply schedule ‐ a predetermined algorithm in which the proof of work is the major driving force. This paper explores the problem of instability from the viewpoint of economics and suggests a new monetary policy rule (i.e. monetary policy without a central bank) for stabilizing the values of Bitcoin and other cryptocurrencies.
arXiv: Physics and Society | 2010
Katsuhiro Nishinari; Mitsuru Iwamura; Yukiko Umeno Saito; Tsutomu Watanabe
In this paper, we have proposed a bubble burst model by focusing on transaction volume incorporating a traffic model that represents spontaneous traffic jam. We find that the phenomenon of bubble burst shares many similar properties with traffic jam formation on highway by comparing data taken from the U.S. housing market. Our result suggests that transaction volume could be a driving force of bursting phenomenon.
Japanese Economy | 2006
Mitsuru Iwamura; Tsutomu Watanabe
65 Translation
Archive | 2014
Mitsuru Iwamura; Yukinobu Kitamura; Tsutomu Matsumoto
This paper overviews the entire landscape of Bitcoin-like cryptocurrencies. Bitcoin has not emerged out of cryptocurrency competition, but rather became a dominant currency as the first broad market based cryptocurrency. But there are more than a hundred of cryptocurrencies in the market, and some are catching up to Bitcoin. This is a healthy sign of currency competition a la Hayek. Through this competition new technological and security innovations may emerge. In this paper, we point out potential problems with Bitcoin and propose some ideas for an alternative cryptocurrency.
IEICE Transactions on Fundamentals of Electronics, Communications and Computer Sciences | 2005
Kunihiko Miyazaki; Mitsuru Iwamura; Tsutomu Matsumoto; Ryoichi Sasaki; Hiroshi Yoshiura; Satoru Tezuka; Hideki Imai
Archive | 2002
Shuji Terada; Hideo Noyama; Takeshi Matsuki; Hiroyuki Kojima; Ryusuke Ikegami; Mitsuhiro Hirano; Mitsuru Iwamura
Physica A-statistical Mechanics and Its Applications | 2007
Yukiko Umeno Saito; Tsutomu Watanabe; Mitsuru Iwamura
Archive | 2002
Kunihiko Miyazaki; Seiichi Susaki; Kazuo Takaragi; Hiroshi Yoshiura; Takeshi Matsuki; Hisashi Toyoshima; Mitsuru Iwamura; Tsutomu Matsumoto; Ryoichi Sasaki
Archive | 2001
Kunihiko Miyazaki; Ryoichi Sasaki; Kazuo Takaragi; Seiichi Susaki; Hisanori Mishima; Takeshi Matsuki; Kunihito Takeuchi; Mitsuru Iwamura; Tsutomu Matsumoto
National Bureau of Economic Research | 2005
Mitsuru Iwamura; Takeshi Kudo; Tsutomu Watanabe