Virtual Money Research Articles

Сучасний стан криптовалюти на глобальній економічній арені та її перспективи розвитку в Україні та світі.

The article explores innovations in the monetary sphere, namely the emergence of a modern form of money - digital currency. Forms of this currency, such as electronic and virtual money, are defined. The dynamics of development of the first and the most expensive cryptocurrency now - Bitcoin is analyzed. The general state of the cryptocurrency usage in the world is indicated. The advantages and disadvantages of using digital currency are also highlighted. The Top-10 cryptocurrencies in the world for 2019 are highlighted with the largest market capitalization of Bitcoin, Ethereum, Ripple. The dependence of the economic development level of the country and the degree of cryptocurrency implementation is revealed. The world legislative experience in the field of regulation of the cryptocurrency is researched. The possibility of its application in the Ukrainian legislation by the cryptocurrency legalization and minimization of risks in the process of use are studied. Prospects for the spread and further development of cryptocurrencies in Ukraine and in the world are considered. It is noted that providing the improvement of monetary technology, its proper regulation and improvement of infrastructure, this financial instrument will occupy an important place in people's daily life.

Virtual Money for Purchases in School Shops and for Educational Applications: eZloty

Recent developments in Polish legislation concerning the healthiness of products in schools shops and results of law compliance verification resulted in a need for a way to supervise purchases in school shops. In this article, a solution for this problem is presented in a form of an online payment platform utilizing virtual currency called eZloty. The platform is based on blockchain technology which allows storing transaction history in an immutable form. As a result, eZloty payment system would enable supervision of products bought in schools, thus creating a possibility for more directed actions promoting healthy food and compliance with ministry regulations.

Comparing the Behavioral Patterns and Psychological Characteristics of Web Board Gamers and Gamblers.

ObjectiveIn Korea, online board games, such as “flower cards,” are played using virtual money. In contrast, Internet-based gambling (ibGambling) concerns the use of real money to gamble online. We hypothesized that online board gamers using virtual money show less risky behaviors than do gamblers who use real money, and that, in regard to psychological aspects, online board gamers are less depressed and more introverted than online gamblers are. MethodsFor this study, 100 online board gamers, 100 ibGamblers, 100 offline gamblers (offGamblers), and 100 age- and sex-matched healthy controls were recruited by an online research company. Gambling behavior and self-efficacy were assessed using the Korean Gambling Behavior Scale-high/low factors (KGBS-H/L) and the Gambling Abstinence Self-efficacy Scale (GASS). Additionally, introversion, depression, and mania tendency were assessed. ResultsOnline board gamers had good intentions gaming, as evidenced by their higher KGBS-L scores than ibGamblers and offGamblers, and they showed less risky behaviors, as evidenced by their lower KGBS-H scores than offGamblers. Additionally, online board gamers were less introverted than ibGamblers and less depressed than offGamblers. ConclusionOnline board gaming could be a gateway to the world of gambling (ibGambling or OffGambling). However, the higher tendency of online board gamers to engage in good intentioned gaming could help prevent online board gaming from progressing to online or offline gambling.

Development of virtual money as a response to the imperfections of the modern financial system

Development of virtual money as a response to the imperfections of the modern financial system

Discover Regional and Size Effects in Global Bitcoin Blockchain via Sparse-Group Network AutoRegressive Modeling

Known as an active global virtual money network, Bitcoin blockchain with millions of accounts has played an ever growing important role in fund transition, digital payment and hedging. We propose a Sparse-Group Network AutoRegressive (SGNAR) model to understand the dynamics of its cross-border transactions and demonstrate the regional and size effects in the network. With two-layer sparsity, it enables discovering 1) the active regions with influential impact on the global digital money network and 2) the size of the groups which lead the dynamic evolution of Bitcoin transactions. We illustrate the finite sample performance of SGNAR along with intensive simulation studies. In the real data analysis on Bitcoin blockchain from Feb 2012 to July 2017, South America stood out as a leading region with a strong statistical significance. Meanwhile, the accounts with the smallest transaction size and the largest size were driving the Bitcoin transactions originated from South America, Europe, North America, Africa and Asia, while the other groups and all the accounts in Oceania were mostly followers. Moreover, the global connectivity was high in 2012 and enhanced in the years of 2016 and 2017.

Instruments of legalization of income received by criminal law

The article is devoted to the generalization of the main instruments of legalization of proceeds from crime. The main schemes of laundering of proceeds from crime are outlined. Considered virtual money as disadvantages in the global economy. Bitcoin is analyzed as a kind of cryptology. Possible threats associated with use are outlined.

Predicting the implicit and the explicit video popularity in a User Generated Content site with enhanced social features

User Generated Content (UGC) sites like YouTube are nowadays entertaining over a billion people. Identifying popular contents is essential for these giant UGC sites as they allow users to request contents from a potentially unlimited selection in an asynchronous fashion. In this work, we conduct an analysis on the popularity prediction problem in UGC sites and complement previous work with two new aspects, namely differentiating contents that attract a lot of attention and that users really appreciate, and leveraging built-in social features to predict the content popularity immediately upon publication.To this end, we conduct an extensive measurement and analysis of BiliBili, a YouTube-like UGC site with enhanced social features including user following, chat replay, and virtual money donation. Based on datasets that contain over 2 million videos and over 28 million users, we characterize the video repository and the user activities, we analyze the video popularities, we propose graph models that reveal user relationships and high-level social structures, and we successfully apply our findings to build machine-learned classifiers to identify popular videos.

Analyzing and Detecting Money-Laundering Accounts in Online Social Networks

Virtual currency in OSNs plays an increasingly important role in supporting various financial activities such as currency exchange, online shopping, and paid games. Users usually purchase virtual currency using real currency. This fact motivates attackers to instrument an army of accounts to collect virtual currency unethically or illegally with no or very low cost and then launder the collected virtual money for massive profit. Such attacks not only introduce significant financial loss of victim users, but also harm the viability of the ecosystem. It is therefore of central importance to detect malicious OSN accounts that engage in laundering virtual currency. To this end, we extensively study the behavior of both malicious and benign accounts based on operation data collected from Tencent QQ, one of the largest OSNs in the world. Then, we devise multi-faceted features that characterize accounts from three aspects: account viability, transaction sequences, and spatial correlation among accounts. Finally, we propose a detection method by integrating these features using a statistical classifier, which can achieve a high detection rate of 94.2 percen

A Study on Virtual Currency

본 연구에서는 블록체인 시스템을 기반으로 하는 가상화폐인 비트코인에 대한 특성을 살펴보았다. 비트코인(bitcoin) 가격 지수(price index)를 비선형 모형인 SETAR(self-exciting threshold autoregressive model) 모형을 사용하여 비트코인 가격의 비선형성과 국면의 특성을 분석하였다. 연구 결과, 비트코인 가격 지수는 비선형성을 가지고 있는 것으로 나타났다. 안정기(1기)에 가격 변동시 하락이 지속되었고, 변동기(2기)에서는 가격 상승이 지속된다는 결과가 도출되었다. 즉 비트코인의 가격은 하락기에는 안정적인 반면, 상승기에는 변화가 급격하고 지속된다는 결과를 알 수 있다. 이와 같은 연구결과로 미루어볼 때, 향후 비트코인과 같은 블록체인기술을 활용한 가상화폐시장의 발전을 위해서는 가격 변동성과 비선형성을 고려한 통화제도와 금융제도의 수립이 반드시 선행되어야 한다는 함의를 도출 할 수 있다.This study has studied the asymmetry and nonlinearity of bitcoin price volatility, with the opinion of various experts about whether the bitcoin of virtualization will be a disturbing financial market or a new key currency. This paper shows that bitcoin price index has the asymmetric volatility and nonlinearity. For this purpose, the bitcoin pricing index is tested using the nonlinear model, SETAR (self-exciting threshold autoregressive model). The results show that the bitcoin price index has nonlinearity and the cluster phenomenon appears in the volatility. In the stable period (1), the price fluctuation period continued to decline and the price fluctuation period (2) continued to rise. This means that if the price of the bitcoin begins to fluctuate, this phenomenon will continue for a considerable period of time. This study suggests that monetary policy and monetary system should be preceded by price fluctuation and non-linearity in order to develop the virtual money market using block chain technology such as bit coin.

A Comparative Analysis on the Stock Market Behavior and the Virtual Money Market Behavior

A Comparative Analysis on the Stock Market Behavior and the Virtual Money Market Behavior

The Play's the Thing: A Theory of Taxing Virtual Worlds

Taxation is shadow life. As our culture monetizes more and more life activities, the shadow grows. This article looks at the potential tax issues arising from a new life activity: online role-playing games in virtual worlds. Currently, some 12 million people regularly such games and the number is growing. Exploring the reach of the Tax Code into virtual world transactions not only responds to the potentially practical needs of millions of U.S. taxpayers, it also permits a reevaluation of core principles of tax as they interplay with life activities in the context of 21st century American culture. This article's central thesis is that while player activity in virtual worlds produces measurable economic value to the player, player activity that occurs solely within the online virtual world is not gross under the law. The article argues for a out rule. Players whose added wealth consists solely in what are defined as of play should not be taxed unless and until they convert those units into cash or property that is something other than a unit of play. Conversely, when the ceases, taxation begins. The resulting line-drawing difficulties have nothing to do with player intent nor with fun and Instead, the issue presented is as old as the Tax Code itself: at what point does economic gain become legal gain? The new context of virtual words allows for a renewed exploration of how and why the legal concept of income differs, and indeed must differ, from the economic concept. The article proceeds in three parts. Part I describes the relevant facts of online role-playing games. It describes two popular virtual worlds which sit at opposite ends of the spectrum of online gaming - World of Warcraft and Second Life - and describes how game-related activity produces economic income. Part II reviews the basic rules of tax, focusing on the broadness of the theory of gross under section 61. Part II argues that the limits of section 61, whether imposed by Congress, the courts, or the IRS, are best described as operational limits. Part III applies the basic tax rules to virtual worlds and advances a theory based on of play to distinguish between virtual worlds that are games and virtual worlds that are the equivalent of bingo halls or barter clubs. Using the concept of imputed income, Part III discusses the circumstances under which economic activity in-world involving only trade of virtual goods or services for virtual money will cast a real world tax shadow.

Trifling and Gambling With Virtual Money

Author(s): Holden, John T. | Abstract: Gambling, in particular sports gambling, is one of the most pervasive illicit activities in the United States. In contrast to Europe and parts of Asia that have vast legal networks of both online and brick and mortar betting parlors, the United States has largely confined sports betting to the state of Nevada, while tolerating so-called daily fantasy sports in a number of additional states. Slightly less pervasive, though equally or perhaps more often associated with illegal activity, are virtual currencies. Indeed, the growth of the illegal gambling market is being partially fueled by virtual currencies. While bitcoin garners most of the media attention, often associated with volatile valuations or criminal activity, a variety of smaller scale virtual currencies have also emerged. The challenge for judges and an essential prerogative for lawmakers is to make sense of how to treat virtual currencies under antiquated statutes and interpretations of what constitutes money.Some of the high-profile cases involving bitcoin—such as United States v. Ulbricht, and theft from the Mt. GOX exchange leading to its collapse—have raised questions as to whether bitcoin is money, or even property, the loss of which is compensable. Smaller, narrowly used, in-game virtual currencies have also emerged. Their unique distinction from bitcoin and first generation virtual currencies is that they have value within games, but purportedly have no value external to the game per terms of service agreements offered by game makers. No fewer than seven decisions have been issued addressing these in-game currencies, finding that despite the existence of secondary markets allowing users to transfer accounts for fiat currencies, the terms of service agreements control in determining the in-game currencies to be valueless. These federal holdings create a major problem for law enforcement and prosecutors. By awarding prizes with zero-value currencies, virtual games, casinos and sportsbooks bypass compliance with most gambling statutes. This problem is exacerbated by secondary markets that use market-based pricing to establish values for accounts contradicting the game makers’ valuations. Skins gambling, a recently emerged ancillary feature of a popular video game, has already blossomed into a multi-billion-dollar industry that might be outside the reach of law enforcement, and almost no one has noticed.

Identification and Detection of Unwanted Data in Online Promotion Social Networks

The online social networks slowly incorporate economical competencies toward empowering the use of virtual and real currency. They provide as novel platforms to host an assortment for business exercises, where clients might potentially get virtual cash as rewards by taking an interest such occasions. Both business and OSNs accomplices are fundamentally worried when attackers instrument a group of accounts to gather virtual money from these events that settle on these occasions Insuffcient and result in important fnancial loss. It gets to be of extraordinary vitality with proactively identifiying these pernicious accounts when the web advancement exercises and consequently abatements their necessity with a chance to be rewarded. In this manuscript, we recommend a new system, in particular Pro Guard, with fulfll this target toward effciently coordinating Characteristics that describe accounts starting with three perceptions incorporating their recharging patterns, their all behaviors, and the use about their particular cash. We have executed broad examinations dependent upon information gathered from Tencent QQ, a worldwide heading adrift OSN for inherent fscal administration exercises. Test comes about need showed that our framework could fnish a secondary identification rate about 96.67% at a low false positive rate of 0.3%.

Bitcoins within Georgia’s Money Laundering Scheme

Bitcoins’ technology brings a new level of innovation to business and communication across the world. However, the advantages of a virtual currency payment system face the threat from criminal activities occurring over a pseudonymous network where there is virtually no current regulation to cover illegal transactions. The current situation in Georgia is as follows: the second Bitcoin’s processing datacenter has opened in Georgia. While the virtual money is new even in developed countries, more unusual it is for Georgia, where local economists are more skeptical toward cryptocurrency. Therefore, they believe that electronic money is not controlled by any central bank that gives a lot of opportunities for illegal transactions. According to the Georgian experts, bitcoin is a very risky currency that can be used for money laundering, as it is completely uncontrolled. However, the Georgian central bank system claims that bitcoins are not dangerous, and the lack of awareness gives rise to talk about money laundering. The biggest challenge seems to be regulation of Bitcoin without hindering the potential for growth. While there is usually certainly a chance that Bitcoin could fail or be pushed out of existence by a more innovative technology, policymakers must be careful not to hinder a technology that could change the way global economy functions.

Cryptorisks

The funds is the core of the financial system of any modern state. Initially, the money comes from private funds, however, the development of the economy and other factors at the time led to the abandonment of private money and the establishment of a unified monetary system in most countries. Despite this, the development of Internet technologies and trading techniques in real time has led to the revival of the idea of private money. The emergence of cryptocurrencies, their active popularization in the world, on the one hand, and the uncertainty surrounding their legal nature, on the other, may have a considerable impact on the national economy due to the need for consistent maintenance of the balance of payments. The danger is that if earlier it was possible to physically stop the activity, for example, the backstreet press, which printed banknotes (including counterfeit), etc., then do the same with cryptocurrency is not possible because of decentralization. In other words, account entries in the cryptocurrency stored on different computers around the world that are not directly related to each other. The allurement of crypto-currencies and other monetary surrogates is in the fact that the order of calculation in the legislation of most countries are not settled so far that actually removes the barriers to international transactions, although creating the conditions for the withdrawal of funds abroad (no need to pay any commissions to banks, pay taxes, etc.). It is difficult to say how actively business entities implements the latest technology (the blockchain) today. However, the new trend of monetary dualism already figured out, and gradually comes to life. The article is devoted to the analysis of the risks of modern virtual money substitutes in the absence of clear regulation and uniform approach in the world.

Trifling and Gambling with Virtual Money

Gambling, in particular sports gambling, is one of the most pervasive illicit activities in the United States. In contrast to Europe and parts of Asia that have vast legal networks of both online and brick and mortar betting parlors, the United States has largely confined sports betting to the state of Nevada, while tolerating so-called daily fantasy sports in a number of additional states. Slightly less pervasive, though equally or perhaps more often associated with illegal activity, are virtual currencies. Indeed, the growth of the illegal gambling market is being partially fueled by virtual currencies. While bitcoin garners most of the media attention, often associated with volatile valuations or criminal activity, a variety of smaller scale virtual currencies have also emerged. The challenge for judges and an essential prerogative for lawmakers is to make sense of how to treat virtual currencies under antiquated statutes and interpretations of what constitutes money. Some of the high-profile cases involving bitcoin—such as United States v. Ulbricht, and theft from the Mt. GOX exchange leading to its collapse—have raised questions as to whether bitcoin is money, or even property, the loss of which is compensable. Smaller, narrowly used, in-game virtual currencies have also emerged. Their unique distinction from bitcoin and first generation virtual currencies is that they have value within games, but purportedly have no value external to the game per terms of service agreements offered by game makers. No fewer than seven decisions have been issued addressing these in-game currencies, finding that despite the existence of secondary markets allowing users to transfer accounts for fiat currencies, the terms of service agreements control in determining the in-game currencies to be valueless. These federal holdings create a major problem for law enforcement and prosecutors. By awarding prizes with zero-value currencies, virtual games, casinos and sportsbooks bypass compliance with most gambling statutes. This problem is exacerbated by secondary markets that use market-based pricing to establish values for accounts contradicting the game makers’ valuations. Skins gambling, a recently emerged ancillary feature of a popular video game, has already blossomed into a multi-billion-dollar industry that might be outside the reach of law enforcement, and almost no one has noticed.

Should I trust you? Learning and memory of social interactions in dementia.

Social relevance has an enhancing effect on learning and subsequent memory retrieval. The ability to learn from and remember social interactions may impact on susceptibility to financial exploitation, which is elevated in individuals with dementia. The current study aimed to investigate learning and memory of social interactions, the relationship between performance and financial vulnerability and the neural substrates underpinning performance in 14 Alzheimer's disease (AD) and 20 behavioural-variant frontotemporal dementia (bvFTD) patients and 20 age-matched healthy controls. On a "trust game" task, participants invested virtual money with counterparts who acted either in a trustworthy or untrustworthy manner over repeated interactions. A non-social "lottery" condition was also included. Participants' learning of trust/distrust responses and subsequent memory for the counterparts and nature of the interactions was assessed. Carer-rated profiles of financial vulnerability were also collected. Relative to controls, both patient groups showed attenuated learning of trust/distrust responses, and lower overall memory for social interactions. Despite poor learning performance, both AD and bvFTD patients showed better memory of social compared to non-social interactions. Importantly, better memory for social interactions was associated with lower financial vulnerability in AD, but not bvFTD. Learning and memory of social interactions was associated with medial temporal and temporoparietal atrophy in AD, whereas a wider network of frontostriatal, insular, fusiform and medial temporal regions was implicated in bvFTD. Our findings suggest that although social relevance influences memory to an extent in both AD and bvFTD, this is associated with vulnerability to financial exploitation in AD only, and is underpinned by changes to different neural substrates. Theoretically, these findings provide novel insights into potential mechanisms that give rise to vulnerability in people with dementia, and open avenues for possible interventions.

Is Virtual Money Overcome Real Money in Future?: A Case Study of Bitcoin

Virtual money or electronic money is generally a new concept in the financial world. The paper deals with the difference between virtual money and fiat money. Also attempted to interpret the theoretical properties of virtual money by taking into account of bitcoin as a case study. As concerned with bitcoin, the primary motive for holding it was basically speculative demand, i.e. to make profit out of fluctuation in value. The current setbacks on bitcoin need not be considered as an end to the future prospects of virtual money. More or less, it has a universal character in unbinding the boundaries of central authority since it is not under the control of any government agency.

Perceived Usefulness (PU) and Perceived Ease Of Use (PEOU) as Key Drivers of Mobile Banking Adoption. A Case of Zimbabwe

The traditional brick and mortar buildings labeled “Banks” are fast becoming a historical notion being replaced by electronic, paperless and virtual money. Globalisation has ushered a new era resulting in availability of mobile phones to the larger populace of the world despite physical location. Mobile networking has created a platform that has seen acquisition of mobile phones which in turn has accorded billions of people Self Service Technologies (SST). These services know no boundaries. This paper seeks to explore two determinant variables of the Technological Acceptance Model (TAM) which have become major variables in the implementation of mobile banking projects. Perceived Usefulness (PU) and Perceived Ease of Use (PEOU) are arguably the cornerstones if mobile banking is to be successfully implemented, and hence adopted, in these financial services sector advancements. This Paper seeks to hypothetically explore the argument that PU and PEOU have the greatest impact on the implementation of mobile banking projects when considered in relation to other factors. The case of the mobile banking situation in Zimbabwe will be explored.

THEORETICAL AND LEGAL PERSPECTIVE ON CERTAIN TYPES OF LEGAL LIABILITY IN CRYPTOCURRENCY RELATIONS

The aim of this article is to study the theoretical, methodological, and legal possibilities of application of certain types of legal responsibility to the relations, which are connected with cryptocurrency (bitcoin). Some types of liability in the field of cryptocurrency relations make the subject of the study. Methodology. The research is based on a comparison of legal regulation of the sphere of cryptocurrency in Ukraine and in foreign countries. Advantages and disadvantages of different modes of cryptocurrency turnover are determined: from direct prohibition to granting the status of the official payment system. It is made on the basis of the analysis of peculiarities of the circulation of virtual money in Australia, Germany, the Netherlands, New Zealand, Singapore, Indonesia, China, the Russian Federation, Bolivia, Ecuador, Thailand, Vietnam, the USA, Japan, Spain, and some other countries. On the basis of the comparative legal study of certain provisions of the civil, administrative, tort, and criminal legislation of Ukraine, the possibilities and limits of the application of certain types of legal responsibility to violations in the field of cryptocurrency are determined. The results of the comparative legal study have shown that, unlike most foreign countries, in Ukraine, there is no legislative consolidation of the legal status of the virtual currency. In this regard, today in the national legislation, there are no direct rules that would predict the occurrence of administrative, criminal or civil liability for the offenses in the field of cryptocurrency relations. Practical impact. Since guarantees of compulsory restoration or protection of violated law play an important role in the legal regulation of any social relations, the proper legislative regulation of public relations in the sphere of crypto currency circulation is an urgent problem today, including with the help of establishing liability for the offenses in this field. Correlation/Authenticity. Comparative and legal research of legal regulation of the sphere of crypto currency gives us a better understanding of the most promising directions of development of administrative, criminal, and civil liability in this field.