Title Modeliranje tehnologije distribuiranoga zapisa i njena primjena Title (english) Modeling of distributed ledger technology and its application Author Bojan Tomić Mentor Saša Žiković (mentor)Committee member Mario Pečarić (predsjednik povjerenstva)Committee member Mira Dimitrić (član povjerenstva)Committee member Zdravka Aljinović (član povjerenstva)Granter University of Rijeka Defense date and country 2021-03-04, Croatia Scientific / art field, SOCIAL SCIENCES Universal decimal classificationUDC ) 336 - Finance. Banking. Money Abstract Kontinuiranim razvojem informatičkih tehnologija i interneta intenzivirao se rad na postojećim idejama digitalnog novca. Kao rezultat toga, računalni program Bitcoin protokola je pušten u javnost 9. siječnja 2009. godine čime se kreira infrastruktura za prvu kriptovalutu s licencom otvorenog programskog koda koji je slobodan za javnost. To znači da svatko tko ima interes može replicirati postojeći protokol, kreirati novu kriptovalutu i pustiti u javnost. Ovo posljednje je omogućilo stvaranju niza novih kriptovaluta s različitim svojstvima i širenju njihove upotrebe prvo u platnom prometu, a zatim i u kontekstu njihovog trgovanja na novom sekundarnom tržištu.
Cilj ovog rada je formalno identificirati i opisati mogućnost konstrukcije portfelja kreiranih prema različitim optimizacijskim ciljevima, a čije sastavnice predstavljaju kriptovalute kao nova vrsta utržive imovine. Prva skupina portfelja je formirana i modelirana kroz vrijednost bitcoin kriptovalute, a druga skupina kroz dolarsku novčanu jedinicu. U tu svrhu je provedeno pet različitih optimizacijskih strategija, te su i prezentirani rezultati strategije s jednakim udjelima u portfelju. Inicijalne sastavnice portfelja su definirane prema razvoju programskog koda i veličini zajednice.
Rezultati portfelja izraženog kroz jedinice bitcoin kriptovalute sugeriraju da dinamika povijesnih prinosa kriptovaluta pruža mogućnost modeliranja portfelja u bitcoin valuti. Takvi rezultati su opravdani s obzirom da je dinamika prinosa optimizacijske strategije ostvarila kumulativni prinos viši od kumulativnog prinosa najuspješnije sastavnice portfelja. S druge strane, rezultati portfelja izraženog u dolarskoj vrijednosti nisu ostvarili kumulativni prinos viši od kumulativnog prinosa odabranog standarda usporedbe, pa se zaključuje da primijenjeni fundamentalni indikatori ne predstavljaju dobar pokazatelj za inicijalan odabir sastavnica portfelja.
Abstract (english) The continuous development of information technologies and the Internet intensified work on existing ideas of digital money. As a result, the computer program of the Bitcoin protocol was released to the public on January 9th 2009, creating an infrastructure for the first cryptocurrency with an open source software license that is free to the public. This means that anyone with an interest can replicate an existing protocol, create a new cryptocurrency, and release it to the public. The latter enabled the creation of a series of new cryptocurrencies with different characteristics and the expansion of their use first in payment transactions and then in the context of their trading on a new secondary market.
The aim of this paper is to formally identify and describe the possibility of forming portfolios created according to different optimization goals, whose components represent cryptocurrencies as a new type of marketable assets. The first group of the portfolio was formed and modeled through the value of the bitcoin cryptocurrency, the second group through the dollar currency. For this purpose, five different optimization strategies were implemented, and the results of the strategy with equal shares in the portfolio were presented. The initial components of the portfolio are defined according to the development of the program code and the size of the community.
The results of the portfolio which are expressed through units of bitcoin cryptocurrency suggest that the dynamics of historical cryptocurrency returns provides the possibility of modeling a portfolio in bitcoin currency. Such results are justified given that the return dynamics of the optimization strategy achieved a cumulative return higher than the cumulative return of the most successful component of the portfolio. On the other hand, the results of the portfolio expressed in dollar value did not achieve a cumulative return higher than the cumulative return of the selected comparison standard, so it is concluded that the applied fundamental indicators are not a good indicator for the initial selection of portfolio components.
Keywords
bitcoin
kriptovalute
blockchain
optimizacija
prinos
rizik
Keywords (english)
bitcoin
cryptocurrencies
blockchain
optimisation
yield
risk
Language croatian URN:NBN urn:nbn:hr:192:206582 Promotion 2021 Study programme Title: Economics and Business Economics Type of resource Text File origin Born digital Access conditions Open access Terms of use Created on 2021-05-10 07:43:03
