CRR - Edition 1 - Web Version.pdf

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crypto
research
.repor t
December 2017
Edition I.
Demelza Kelso Hays
Ronald-Peter Stoeferle
Mark J. Valek
crypto
research
.repor t
We would like to express our profound gratitude to our premium
partners for supporting the Crypto Research Report.
Contents
Editorial ............................................................................................................................................... 4
Introduction to the Blockchain Technology and Cryptocurrencies ............................................. 5
a. The Blockchain Technology ......................................................................................................................... 7
b. Cryptocurrencies ........................................................................................................................................ 10
c. Bitcoin ........................................................................................................................................................ 11
d. Alternative Cryptocurrencies ...................................................................................................................... 15
e. Initial Coin Offering or Token Generating Event ......................................................................................... 19
f. Financial Infrastructure ................................................................................................................................ 23
ICOs: Money, Scams, and Big Hopes ............................................................................................ 28
a. A New Market is Born ................................................................................................................................ 29
b. What is an ICO Actually? ........................................................................................................................... 31
c. Beware of Scams ....................................................................................................................................... 32
d. The Role of Ethereum ................................................................................................................................ 32
e. The First Large ICO Failed ......................................................................................................................... 34
d. Regulatory Authorities are Coming ............................................................................................................ 34
U.S. Regulated Bitcoin Derivatives: Blessing or Curse?............................................................. 37
a. Bitcoin Futures: A Blessing or a Curse? ..................................................................................................... 38
b. One Year Bitcoin Options Are Now Available............................................................................................. 39
c. Betting the Price Will Go Up ....................................................................................................................... 40
d. Betting the Price Will Go Down .................................................................................................................. 41
Constructing a Cryptocurrency Index ........................................................................................... 44
a. Designing a Cryptocurrency Index ............................................................................................................. 47
b. Two Ways to Track a Market...................................................................................................................... 48
c. Risks Associated with the Index ................................................................................................................. 49
Taxation of Cryptocurrencies in Europe ....................................................................................... 52
a. Taxation of Natural Persons ....................................................................................................................... 53
b. Taxation of Legal Entities ........................................................................................................................... 55
c. Exclusion: Private Asset Structures and Cryptocurrencies ......................................................................... 55
Farewell 2017: Year of ICOs, Hard Forks, and Upward Trends ................................................... 57
Disclaimer:
This publication is for information purposes only, and represents neither investment advice, nor an investment
analysis or an invitation to buy or sell financial instruments. Specifically, the document does not serve as a
substitute for individual investment or other advice. The statements contained in this publication are based on
the knowledge as of the time of preparation and are subject to change at any time without further notice.
The authors have exercised the greatest possible care in the selection of the information sources employed,
however, they do not accept any responsibility (and neither does Incrementum AG) for the correctness,
completeness or timeliness of the information, respectively the information sources, made available, as well as
any liabilities or damages, irrespective of their nature, that may result there from (including consequential or
indirect damages, loss of prospective profits or the accuracy of prepared forecasts).
Copyright: 2017 Incrementum AG. All rights reserved.
4
Editorial
Dear Reader,
Thank you for reading the inaugural edition of the Crypto Research
Report (CRR).
This edition and every future edition of the CRR will provide an
extensive study of crypto assets and blockchain-related market developments.
Incrementum applies a holistic approach to understanding cryptocurrency
markets and the relevant impact these technologies will have on traditional asset
classes.
Similar to the Internet, the blockchain technology is changing the way we do
business. Distributed ledgers have the power to ensure the highest level of
transparency and accountability in contractual agreements. Cryptocurrencies
are an integral part of this newfound provenance, and first-mover investors are
eagerly collecting these digital tokens backed by mathematics. However, the
future of this technology is uncertain. Technological and legal risks may impede
the adoption of the blockchain. On a quarterly basis, the CRR strives to provide a
critical and academic perspective on the legal, technical, and economic aspects of
crypto assets.
Each edition of the CRR includes:
•
•
•
Exclusive interviews with leading financial and
cryptocurrency experts
Critical analyses of investments related to cryptocurrencies
Reference work for anybody interested in learning more
about the world of crypto assets
A small investment in knowledge about these new technologies may prove to
yield a high return over the coming years. The research published in this report is
the result of countless hours reading and understanding the different risks
associated with this disruptive technology. We share our findings in each edition
of the CRR in order to decrypt the world of crypto for financial market
participants and institutions.
As the market evolves, the CRR aims to become a reference source of information
for financial and economic aspects of cryptocurrencies. All of the graphs and
data featured in the CRR will be available on the homepage for the report,
CryptoResearch.Report, and each publication will be available in both German
and English. At the CRR, we look forward to learning and fording through this
exciting new asset class together.
Demelza Kelso Hays
Research Analyst, Incrementum AG
Demelza Hays
Twitter: @CryptoManagers
5
Key
Takeaways
•
The blockchain technology and
cryptocurrencies are decentralizing
money, contracting, and capital
markets. A small investment in
knowledge about these new
technologies may prove to yield a
high return over the coming years.
Introduction to
the Blockchain
Technology and
Cryptocurrencies
“Bitcoin gives us, for the first time, a
way for one Internet user to transfer a
unique piece of digital property to
another Internet user, such that the
transfer is guaranteed to be safe and
secure, everyone knows that the
transfer has taken place, and nobody
can challenge the legitimacy of the
transfer. The consequences of this
breakthrough are hard to overstate.”
Marc Andreesen
•
Initial Coin Offerings (ICOs) are a
disruptive force in the capital
market. Start-up firms are
challenging bank lending and
venture capital by issuing
cryptographic tokens directly to
investors.
•
Technological and regulatory risks
may impede the proliferation of the
blockchain. 2018 may witness
unprecedented growth in this
sector if scaling problems are
surmounted and governments
issue clear and supportive
legislation.
Twitter: @CryptoManagers

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