MIEC PROJECT TB24 GROUP 1 by Cheryl https://padlet.com/s10180292/ta78hv1sx4t3 Group members: Cheryl Ng (S10180292D), Charmaine Tan (S10180743C), Jaryl Toh (S10181148), Walter Kok (S10177599F), Abdul Rauf (S10180610F) en-us 2017-06-22 05:33:16 UTC 2025-11-08 11:10:42 UTC hello@padlet.com INTRODUCTION TO CRYPTOCURRENCY s10180743 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177057475 Cryptocurrency is a digital currency with it's first currency, Bitcoin, being anonymously created in 2009. Since then, Bitcoin has exponentially grown in fame and has stormed global markets.
One of its unique features is that it operates independently organisations or governance, which has led to its being banned in several countries. However, capitalists firms and individuals alike see the potential of this currency and are investing in cryptocurrency which lead to sudden outburst in growth of these currencies.
*There are only 21 million codes of BTC to be mined. There are other cryptos with infinite supply
*Time for BTC to trade will take longer as codes longer and the blockchain becomes bigger (FP --> longer& more expensive coins)]]> 2017-06-21 04:48:33 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177057475 Topic chosen s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177212642 1. Demand & Supply 
2. Elasticity
3. Market Structure - Oligopoly

]]> 2017-06-22 14:31:01 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177212642 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177317449 2017-06-23 18:48:33 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177317449 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177317577 2017-06-23 18:50:56 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177317577 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177318020 2017-06-23 19:00:13 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177318020 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177318317 2017-06-23 19:06:18 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177318317 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177331857 2017-06-24 03:47:48 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177331857 NEWS ARTICLE 2: DEMAND AND SUPPLY s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177332085 2017-06-24 03:55:50 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177332085 EXPECTATIONS OF CONSUMERS (DEMAND) s10180743 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177339407 Much like gold, the amount of Bitcoin to be mined is finite. In addition to the fact that public exposure is exponentially increasing, this increase in demand and decrease in supply leads to an increased price of Cryptocurrency. ]]> 2017-06-24 11:40:35 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177339407 NO. OF TRADERS (DEMAND) s10180743 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177339421 The number of people who know of and are trading cryptocurrency has experienced a dramatic increase since 2009. This increase in demand in the market leads to an increase in the price of Cryptocurrency

If the number of traders increase , the market demand increases and the demand curve will experience a rightward shift ]]> 2017-06-24 11:41:35 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177339421 TASTE AND PREFERENCES (DEMAND) s10180743 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177339493 Taste and preferences refers to a person's likes or dislike as a consumer and are often influenced by advertising and news reports. According to the news, if one were to buy US$100 of bitcoin then, they will find the value now worth US$70 million. Also, crypto-currencies are digital forms of money which allows people to do business directly without third parties such a banks. For consumers who wish to do business privately, they would prefer to invest in crypto-currencies so that banks would not intervene them.
This would thus cause the demand curve to shift right as more people prefer to do business online.]]> 2017-06-24 11:45:59 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177339493 TECHNOLOGY (SUPPLY) s10180743 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177340129 Crypto-currencies such as Ethereum and bitcoin are digital forms of money that live online and are embedded in complicated computer algorithms recording their movements.
Old banking system would be replaced with modern technology. A system would be implemented allowing people to conduct business directly without using bank to facilitate payments.
This would mean that lesser people would use banks and cut down the use of credit cards and debit cards.
With technological advancements, fewer resources would be needed to facilitate in business transactions. Thus, the supply curve would experience a rightward shift

]]> 2017-06-24 12:14:12 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177340129 FACTOR/RESOURCE PRICE s10180743 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177340356 With each successive batch of Bitcoin being mined, the price of Bitcoin will increase due to the fact that as time goes on, the codes getting increasingly complex and this makes the process more tedious and time-consuming. 
This increase in price of resources leads to a decrease in supply and therefore an increase in price of Cryptocurrency.]]> 2017-06-24 12:23:16 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177340356 EXPECTATION OF PRODUCERS (SUPPLY) skyblaster2807 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177344608 From the news, crypto-currencies may make central banks redundant since no central bank can ever be in charge of crypto-currencies.
As such, a scenario similar to the "tulip mania" may occur again, where buyers are enticed by a rising price, only for the price to come soaring back down due to an oversupply.
Since the market supply has increased, the supply curve will experience a rightward shift. ]]> 2017-06-24 15:14:10 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177344608 PROPORTION OF INCOME SPENT ON GOOD (ELASTICITY) s10180743 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177346641 Investors made bets using their brokerage accounts and when investors put in a larger sum of money to invest, they can purchase a percentage of the coin supply then attempt to promote good stuff about the coin to 'pump' the price which also means that the more they invest, the more inadvertent price increase and falls. Thus, by supplying more proportion of their income on cryptocurrency, it actually helps to boost the value of the coin as the demand for a currency will naturally increase as well. ]]> 2017-06-24 16:26:11 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177346641 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177346971 2017-06-24 16:39:30 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177346971 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347042 2017-06-24 16:42:28 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347042 TIME PERIOD s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347101 The amount of time available to traders to adjust to large increase/decrease in prices may vary depending on the magnitude of the change.
This factor is completely dependent on the situation, hence, the demand is price elastic and other times, it is price inelastic.]]> 2017-06-24 16:44:40 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347101 NECESSITY OR LUXURY? s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347114 Investing in cryptocurrency or using cryptocurrency services are an absolute luxury, just as using credit card services are. This means that cryptocurrency has a low price elasticity of demand. When the price increases/decreases dramatically and investors lose faith in the currency, the demand will begin to decrease dramatically.
However, opportunistic buyers may jump in and buy these currencies in bulk.]]> 2017-06-24 16:45:23 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347114 AVAILABILITY OF SUBSTITUTES s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347146 Most cryptocurrencies offer essentially the same function as Bitcoin, which make them all close substitutes of Bitcoin. Since cryptocurrency is a currency, the price of the currency is only measured by its growth potential. This renders the price factor moot.
Comparing foreign currencies with cryptocurrencies is on the other hand, vastly different.
Foreign currencies are known to be relatively stable and not fluctuate too dramatically since they are backed by an entire sovereign government, some cryptocurrencies have increased as much as 1000% in a mere 7 days while some have devalued by over 100% in just 24 hours.
In this case, there are no close substitutes to cryptocurrencies, which means if there is an increase in price, the demand will not change as much.]]> 2017-06-24 16:46:08 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347146 NEWS ARTICLE 1: ELASTICITY s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347356 2017-06-24 16:53:33 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347356 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347545 2017-06-24 17:01:14 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347545 INTRODUCTION TO ELASTICITY s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347571 Price elasticity shows how responsive consumers are to changes in price of a good.
A difference between a good and a currency is that a good is any nearly-perfectly fungible good whereas a currency is a medium of exchange and a store of value.
Almost all currencies today are backed by a government fiat and their countries' reserves, e.g. USD, JPY, SGD.
However, the digital currency, cryptocurrency, is not backed by any government fiat, which is its defining feature. Cryptos are backed only by their consumers and the people who are investing in them, this leads to Cryptocurrencies having a more complicated price elasticity of demand since it is not driven by the conventional forces of the market.

]]> 2017-06-24 17:02:19 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347571 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347807 2017-06-24 17:13:05 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347807 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347865 2017-06-24 17:16:28 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177347865 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177348001 2017-06-24 17:23:19 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177348001 s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177348183 2017-06-24 17:31:38 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177348183 s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177348427 2017-06-24 17:40:31 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177348427 HABIT s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177348765 People are prone to believing the contents available on the media and because of the accessibility, it influences people to buy regardless of the price tag. Cyrptocurrencies can be used in many communities. For example, one cyrptocurrency is bitcoin. It is popular mainly in the gaming community. Gaming addicts purchase bitcoins to gain beneficiaries in games. It could also be used in gambling. These addictions causes these group of people to buy these type of cryptocurrencies even when the price increases.]]> 2017-06-24 17:50:10 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177348765 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177349081 2017-06-24 18:02:22 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177349081 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177349193 2017-06-24 18:08:03 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177349193 INTRODUCTION TO DEMAND AND SUPPLY s10180610 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177349754 Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer.  Cryptocurrencies are backed up by consumers who are investing in them. Thus the demand in cryptocurrencies would affect the amount of cryptos supplied to the market]]> 2017-06-24 18:28:07 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177349754 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177349945 2017-06-24 18:35:13 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177349945 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350047 2017-06-24 18:38:53 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350047 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350106 2017-06-24 18:41:14 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350106 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350150 2017-06-24 18:44:03 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350150 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350175 2017-06-24 18:45:38 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350175 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350267 2017-06-24 18:49:48 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177350267 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177363737 2017-06-25 07:56:16 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177363737 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177363941 2017-06-25 08:06:11 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177363941 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/177364147 2017-06-25 08:15:03 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/177364147 INTRODUCTION TO OLIGOPOLY s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235397 Market situation between, and much more common than, perfect competition (having many suppliers) and monopoly (having only one supplier). In oligopolistic markets, independent suppliers (few in numbers and not necessarily acting in collusion) can effectively control the supply, and thus the price, thereby creating a seller's market. They offer largely similar products, differentiated mainly by heavy advertising and promotional expenditure, and can anticipate the effect of one another's marketing strategies. Examples include airline, automotive, banking, and petroleum markets. Mirror image of oligopsony.]]> 2017-07-22 23:41:38 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235397 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235518 2017-07-22 23:53:33 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235518 SUBSTANTIAL BARRIERS TO ENTRY FIRM s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235668 Bitcoin mining has massive entry costs, and will only grow as Bitcoin grows larger. As of right now you may be able to purchase an ASIC, but if Bitcoin grew larger manufacturers they would likely withhold them for themselves. They already do somewhat, as they "extensively test" their devices for several months before actually shipping them. The only people profiting from ASICs are the producers of them.]]> 2017-07-23 00:09:13 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235668 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235744 2017-07-23 00:14:40 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235744 s10180292 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235802 2017-07-23 00:17:45 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179235802 Article 1 APA Citation Links s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179320445 http://insidebitcoins.com/news/holding-bitcoin-as-gold-and-spending-gold-as-bitcoin/26947
http://www.okclipart.com/Food-Tasting-Clip-Art30qijdwhoy/
http://www.softdrinkfaceoff.com/pepsi-vs-coke/
http://www.coupons.com/thegoodstuff/brown-baggin-it-2/
https://www.123rf.com/photo_6374314_the-photo-shows-the-elements-combined-to-create-h2o-water-scientific-numbers-also-shown.html
http://www.itpro.co.uk/613219/ericsson-wins-bid-for-nortels-wireless-assets]]> 2017-07-24 14:36:58 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179320445 Why the Cryptocurrency market is an Oligopoly s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179320486 According to the Herfindahl-Hirschman Index (HHI),
the formula of squaring the percentage market share of the 50 largest firms yields 
a value that, if it exceeds 1000, the firm is likely an oligopoly. 
In the cryptocurrency market, the firm (coin) with the highest market share value alone yields a square value of over 2,000 as of 24 June 2017 (CoinmarketCap.com, 2017)
and the concentration of market shares in the biggest 4 firms is upwards of 75%.
Thus, we conclude that the Cryptocurrency market is an Oligopoly.]]> 2017-07-24 14:37:45 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179320486 Price leadership in Cryptocurrency s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179321087 Price leadership is an informal collusion where most of the industry follows the price of a leader, this is apparent in the cryptocurrency market.
Price leadership is an element that becomes more significant with the lack of product differentiation, this certainly explains the strong presence of price leadership, with the leader being Bitcoin, in the cryptocurrency market. While many firms claim to be different and offer unique services, to the typical layperson, they are almost identical and offer the same services.
This point is clearly illustrated in just about every corner of the cryptocurrency universe, ranging from fin-tech articles to online brokerages that use the small unit of Bitcoin, Satoshi, as a yardstick. (https://en.bitcoin.it/wiki/Satoshi_(unit))


]]> 2017-07-24 14:47:00 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179321087 Game theory in Cryptocurrency s10181148 https://padlet.com/s10180292/ta78hv1sx4t3/wish/179321603 Lastly, the Game Theory. The economic Game Theory embodies the typical investor’s mindset in the cryptocurrency market. While this market is unique and does not rely on Game Theory in adjusting its costs, the market movement, on the other hand, can be determined accurately via means such as Technical Analysis, which represents the mathematical aspect of the Game Theory, and the reliance on old investing sayings such as “buy the rumour, sell the news”, (http://www.investopedia.com/terms/n/news-trader.asp?lgl=rira-baseline-vertical)
which represents the psychological aspect of the Game Theory.


]]> 2017-07-24 14:54:53 UTC https://padlet.com/s10180292/ta78hv1sx4t3/wish/179321603