The store-of-value function has also been diminished because of hacking attacks, thefts, and other security problems. 7 For example, hackers brought down Mt. Gox, which in 2014 was the largest Bitcoin exchange, and 850,000 Bitcoins went missing at the same time (valued at $14 billion at a price of $17,000 each). 8 On December 7, 2017, hackers stole $70 million worth of Bitcoin. 9 Bitcoin David Yermack is a research associate of the NBER's Law and Economics Program, the Albert Fingerhut Professor of Finance and Business Transformation at New York University's Stern School of Business, and chair of the Stern School's finance department. He has been a member of the NYU faculty since 1994. He is also an adjunct professor of law and director of the law school's Pollack Center for David Yermack, in Handbook of Digital Currency, 2015. 2.1 Introduction. Bitcoin became a fixture in world financial news in late 2013 and early 2014. The “ virtual currency ” had been launched 5 years earlier by computer hobbyists, and in late 2013, the US dollar exchange rate for one bitcoin rose more than fivefold in the space of a few Some have argued that it is questionable whether bitcoin fits the economic definition of a real currency (Yermack, 2015, in Pak Nian and Lee Kuo Chen's book) due to high volatility and other Bitcoin is the world’s first completely decentralized digital currency. This paper will provide a short introduction to the Bitcoin network, including its properties, operations, and
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