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 2025    ,  -: 6      126 000 [1 - Forbes, 05.10.2025, https://www.forbes.com/sites/digital-assets/2025/10/05/bitcoin-breaks-125000-the-convergence-of-confidence-capital-code/; CoinDesk (  record high of $126,000 reached last October, . 05.02.2026).].                19     ,   ,  , ,       [2 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; CNBC, 22.10.2025, https://www.cnbc.com/2025/10/22/the-biggest-crypto-wipeout-was-led-not-by-bitcoin-but-much-smaller-tokens-heres-what-happened.html.]. (      .   ,    ,    ,     .)    2026      60 000[3 - CoinDesk, 05.02.2026, https://www.coindesk.com/markets/2026/02/05/bitcoin-drops-below-usd65-000-heading-to-worst-one-day-drawdown-since-ftx-blowup; CoinDesk, 06.02.2026, https://www.coindesk.com/markets/2026/02/06/crypto-markets-rebound-from-selloff-that-sent-bitcoin-to-lowest-since-october-2024.],    ,  57 700    Bitstamp,   1         54%  [4 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.].[5 -   126 272  06.10.2025,   57 734,63     01:0002:00 UTC 1  2026 ,      Bitstamp (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000);       126 000 (Forbes, 05.10.2025, https://www.forbes.com/sites/digital-assets/2025/10/05/bitcoin-breaks-125000-the-convergence-of-confidence-capital-code/; CoinDesk (  record high of $126,000 reached last October, . 05.02.2026)).  26.09.2026    ;      .]

       ,          (  ,      )      [6 - MIT Digital Currency Initiative, 51% Attacks (  PoW-; .-. , . , . ), http://www.dci.mit.edu/projects/51-percent-attacks.].  .   Galaxy Research,         2025    2021 ,            [7 - Galaxy Research, Q3 2025.].     2026          [8 - Galaxy Research, Q2 2026.].[9 - Galaxy Research   :      2026     2025   ,       2025  (78,69   73,59  ) (Galaxy Research, Q3 2025).          ;       .]     ,   ,  ,       .

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       ,   .     .      ,  2025    10%  ,       ,        2%[10 - Federal Reserve Board, Economic Well-Being of U.S. Households in 2025 (SHED),  2026,  Banking, https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-banking.htm;  2024: https://www.federalreserve.gov/publications/2025-economic-well-being-of-us-households-in-2024-banking-and-credit.htm.].[11 - Federal Reserve Board. Economic Well-Being of U.S. Households in 2025,  Banking,  2026: The 10 percent of adults who used cryptocurrency for either purpose was up 2 percentage points from the prior year.]        .      .  ,   ,  ,   .

       .            .           ,        [12 -   https://www.lynalden.com/broken-money/; Amazon https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR; Goodreads, https://www.goodreads.com/book/show/197566578-broken-money.].    ,       ,   ,    [13 - Fortune, Review: Number Go Up is a funny if shallow look at the worst people in crypto, 2023, https://fortune.com/crypto/2023/09/12/review-number-go-up-is-a-funny-if-shallow-look-at-the-worst-people-in-crypto/; Kirkus Reviews, https://www.kirkusreviews.com/book-reviews/ben-mckenzie/easy-money-cryptocurrency/.].     ,     ,   ,      [14 - Wikipedia, Going Infinite, https://en.wikipedia.org/wiki/Going_Infinite; Ben McKenzie, Slate, 10.2023, https://slate.com/technology/2023/10/michael-lewis-going-infinite-sam-bankman-fried-ben-mckenzie-review.html ( ).].[15 - :     Lyn Alden, Broken Money (2023) (  https://www.lynalden.com/broken-money/; Amazon https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR);    Zeke Faux, Number Go Up (2023)  Ben McKenzie, Jacob Silverman, Easy Money (2023) (Fortune, Review: Number Go Up is a funny if shallow look at the worst people in crypto, 2023, https://fortune.com/crypto/2023/09/12/review-number-go-up-is-a-funny-if-shallow-look-at-the-worst-people-in-crypto/; Kirkus Reviews, https://www.kirkusreviews.com/book-reviews/ben-mckenzie/easy-money-cryptocurrency/);    Michael Lewis, Going Infinite (2023) (Wikipedia, Going Infinite, https://en.wikipedia.org/wiki/Going_Infinite; Ben McKenzie, Slate, 10.2023, https://slate.com/technology/2023/10/michael-lewis-going-infinite-sam-bankman-fried-ben-mckenzie-review.html ( )).    ,     ,    .]      . ,          ,      [16 -   https://www.lynalden.com/broken-money/; Amazon https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR; Mark S. Rzepczynski, Book Review: Boom and Bust, CFA Institute Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust; Freie Universit?t Berlin, -, 2025, https://www.fu-berlin.de/en/presse/informationen/fup/2025/fup_25_065-wandel-von-kryptowaehrungen/index.html; : https://www.tandfonline.com/doi/full/10.1080/09692290.2025.2476738.].

          .      ,            ,  .           129 ,   22,   8[17 -     (Bitstamp).],         93%    ,  78%       54%  [18 -     (Bitstamp);  2011  V. Ganne (Swissquote), TradingView, 17.11.2025,   Glassnode, https://www.tradingview.com/chart/BTC_ATHDRAWDOWN/9AUq2iAG-Bitcoin-What-Historical-Drawdown-in-a-Bear-Market/; CoinDesk, 24.09.2026.].  ,           .  ,     .    ,      ,       .

    ,    . ,      2021 ,    78%[19 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000.],       ,   2022        ,         [20 - CoinDesk, The Fall of Celsius Network: A Timeline, 15.07.2022, https://www.coindesk.com/markets/2022/07/15/the-fall-of-celsius-network-a-timeline-of-the-crypto-lenders-descent-into-insolvency; CNBC, 29.06.2022, https://www.cnbc.com/2022/06/29/crypto-hedge-fund-three-arrows-capital-plunges-into-liquidation.html; FSOC 2022, . 35 (   WSJ, 01.07.2022); Wikipedia, Voyager Digital (  11     WSJ, 06.07.2022); SEC, Press Release 2023-7, 12.01.2023, https://www.sec.gov/news/press-release/2023-7.].       .    .

  ,     . ,    ,    2009 [21 - Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).]. ,   ,   ,    2026 ,   ,  317  [22 - Federal Reserve, FEDS Notes, Stablecoins in 2025: Developments and Financial Stability Implications, 08.04.2026, https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html.],           ,     (6%  2%)[23 - Federal Reserve Board, Economic Well-Being of U.S. Households in 2025 (SHED),  2026,  Banking, https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-banking.htm;  2024: https://www.federalreserve.gov/publications/2025-economic-well-being-of-us-households-in-2024-banking-and-credit.htm.].    .           ,    .

   ,     .   .   2022   Anchor     UST  19,5% ,           23%[24 - NBER WP 31160, . 3, 19, 21, https://www.nber.org/papers/w31160.].      ,   ,       .    .    19,5%      ?    2022  UST      LUNA , ,    ,   40  [25 - U.S. Attorneys Office SDNY, Crypto-Enabled Fraudster Sentenced For Orchestrating $40 Billion Fraud, https://www.justice.gov/usao-sdny/pr/crypto-enabled-fraudster-sentenced-orchestrating-40-billion-fraud.],     ,      .

   ,       ,          .   2024         ,   ,        ,      [26 - G. Gensler, Statement on the Approval of Spot Bitcoin Exchange-Traded Products, SEC, 10.01.2024, https://www.sec.gov/newsroom/speeches-statements/gensler-statement-spot-bitcoin-011023.].   2025       ,            ,        2027 [27 - Covington & Burling, The GENIUS Act Becomes Law, 07.2025, https://www.cov.com/news-and-insights/insights/2025/07/the-genius-act-becomes-law-key-provisions-from-the-federal-stablecoin-regulatory-framework; Mayer Brown, 07.2025; The White House, https://www.whitehouse.gov/briefings-statements/2025/07/the-president-signed-into-law-s-1582.].         2024 [28 - AMF ( ), The European regulation Markets in Crypto-Assets (MiCA), https://www.amf-france.org/en/news-publications/depth/mica.].        ,  -   ,          ,      .

     ,   .   ,    ,     , .                 ,          [29 - Broadridge, - Broadridges Distributed Ledger Repo Platform Processes $368 Billion in Average Daily Trade Volumes in November, 04.12.2025. https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november; ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf.].        ,        .




   


     ,      ,   .   Mt. Gox   2014          850 000 ,    750 000  [30 - TechCrunch, 28.02.2014, https://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy; NPR, 28.02.2014, https://www.npr.org/sections/thetwo-way/2014/02/28/283863219/mtgox-files-for-bankruptcy-nearly-500m-of-bitcoins-lost.].    ,        .  Celsius   2022    ,      [31 - CoinDesk, The Fall of Celsius Network: A Timeline, 15.07.2022, https://www.coindesk.com/markets/2022/07/15/the-fall-of-celsius-network-a-timeline-of-the-crypto-lenders-descent-into-insolvency; CNBC, 29.06.2022, https://www.cnbc.com/2022/06/29/crypto-hedge-fund-three-arrows-capital-plunges-into-liquidation.html.],      ,      ,     .

       .   2023   USDC    8687 ,   3,3          Silicon Valley Bank.    ,        [32 - CNBC, 11.03.2023, https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html; CoinDesk, 13.03.2023, https://www.coindesk.com/business/2023/03/13/usdc-stablecoin-regains-dollar-peg-after-silicon-valley-bank-induced-chaos;  : FEDS Notes, 17.12.2025, https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html.].          .    2025       ,     ,     [33 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; CNBC, 22.10.2025, https://www.cnbc.com/2025/10/22/the-biggest-crypto-wipeout-was-led-not-by-bitcoin-but-much-smaller-tokens-heres-what-happened.html.].

     ,   ,    . ,    ,    ,     ,     ( ,   ,   ,   ).

       .        ,            ,    ,  ,    [34 - Minsky, 1992, pp. 78.].[35 - Minsky H. P. The Financial Instability Hypothesis. 1992, pp. 78: over periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system.]       Ҹ    ,    ,       ,     [36 - Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.].        ,       2017 [37 - Cambridge Core,   12, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-12/type/book_part;   Crossref, DOI 10.1017/9781108367677.012.].[38 - Quinn W., Turner J. D. Boom and Bust: A Global History of Financial Bubbles. Cambridge University Press, 2020;   12 Predicting Bubbles: The chapter starts by arguing that the bubble triangle can explain why the cryptocurrency bubble occurred in 2017.]     ,   Ҹ      .       ,         ,        .

      ,     ,   ,      .     ,     ,     .       ,    ,  -       [39 - Nakamoto, 2008,  1 Introduction, https://bitcoin.org/bitcoin.pdf.].     .      ,     ,  ,   ,    ,      .   ,     ,        ,    .




  


      ,   ,          ,     .  ,  ,    .     ,     .

   :      ,         ,       . Ÿ               ,        .     . ,     ,   ,    ,    .

      ,       .  ,  ,   , .      ,      ,    , ,        .       .  ,      ,     ,        ,    ,     .

         :  ,   ;  ;    ; ;  ; .   (      ,     ,    ,    ),     .     :   ,     ,     .          ,   ,   ,   ,   ,      [40 - R. J. Shiller, Narrative Economics, American Economic Review 107(4), April 2017, pp. 9671004, DOI 10.1257/aer.107.4.967, https://www.aeaweb.org/articles?id=10.1257/aer.107.4.967.].[41 - Shiller R. J. Narrative Economics. American Economic Review, 2017, 107(4): The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing.]  ,     ,       .

  .           .     ,           .            ,    ,   ,  ,         ,   [42 - :    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).].          ,   2026      ,   [43 - FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400.].

    ,  . ,  ,      .  ,    ,        .  ,     .           ,    ,       ,   .             ,     ,        ,      .        ,       .

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    .     .    ,      ,       ,  ,        ,  -  .    ,         .           ,             20202022    ,   .        ,    ,      ,        ,      ,     .

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   ,    ,       ,       ,         ,     .         .      ,          ,    ,     ,     .    ,    ;   ,          ,     .

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 (  ),     ,  2009        .   ,  ,    ,  ,   .    ,     ,        [44 - Satoshi Nakamoto, Bitcoin open source implementation of P2P currency, P2P Foundation, 11.02.2009, 22:27 UTC;  Satoshi Nakamoto Institute, https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/1/.].[45 - Nakamoto S. Bitcoin open source implementation of P2P currency. P2P Foundation, 11.02.2009: The root problem with conventional currency is all the trust thats required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.]   ,     , ,       ,       .




     


      ,    .      ,       ,       .

 2014              ,      .       .       ,    ,     ,           [46 - Michael McLeay, Amar Radia, Ryland Thomas, Money in the modern economy: an introduction, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 413. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-in-the-modern-economy-an-introduction; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-in-the-modern-economy-an-introduction.pdf.].[47 - McLeay M., Radia A., Thomas R. Money in the modern economy: an introduction. Bank of England Quarterly Bulletin 2014 Q1, p. 4: Money today is a type of IOU, but one that is special because everyone in the economy trusts that it will be accepted by other people in exchange for goods and services.]         :          [48 - Michael McLeay, Amar Radia, Ryland Thomas, Money in the modern economy: an introduction, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 413. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-in-the-modern-economy-an-introduction; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-in-the-modern-economy-an-introduction.pdf.].

,      ,    .   ,          ,       ,     ,        ,        [49 - McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 7,  Why money is special. URL .].      .     ,     . ,   ,   ,     [50 - McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 7,  Why money is special. URL .].[51 -  , p. 7: Money is a social institution that provides a solution to the problem of a lack of trust.]

     .     10  ,     ,        .     ,    ,     .           10,      .      ,            .       ,           ,   ,   [52 - Michael McLeay, Amar Radia, Ryland Thomas, Money in the modern economy: an introduction, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 413. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-in-the-modern-economy-an-introduction; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-in-the-modern-economy-an-introduction.pdf.].

     ,         .  1910         Ը[53 - William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.].      ,         .      ,      ,        [54 - William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.].  ,   Ը,     ,                 [55 - William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.].[56 - Furness W. H. The Island of Stone Money: Uap of the Carolines. Philadelphia; London: J. B. Lippincott, 1910, . Money and Currency.    Ը     ,    ,      .]

     ,         .              ,     .     .         ,     [57 - William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.].    ,      ,  .   ,  ,     ,  [58 - William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.].

   ,     ?    .     2013   97% ,   ,   ,      [59 - McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 5   1 (As of December 2013);   Money creation in the modern economy, . 15 (97% of the amount currently in circulation).].[60 - McLeay, Radia, Thomas. Money in the modern economy: an introduction.           ,   97%      .]              ,     [61 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.].[62 - McLeay M., Radia A., Thomas R. Money creation in the modern economy. Bank of England Quarterly Bulletin 2014 Q1, p. 16: Bank deposits are simply a record of how much the bank itself owes its customers.]         ,        -.

          .  1996            [63 - Narayana R. Kocherlakota, Money Is Memory, Federal Reserve Bank of Minneapolis Staff Report 218, 01.10.1996;   Journal of Economic Theory 81(2), August 1998, pp. 232251. https://www.minneapolisfed.org/research/staff-reports/money-is-memory.].           .     .    ,        . ,     ,   [64 - Narayana R. Kocherlakota, Money Is Memory, Federal Reserve Bank of Minneapolis Staff Report 218, 01.10.1996;   Journal of Economic Theory 81(2), August 1998, pp. 232251. https://www.minneapolisfed.org/research/staff-reports/money-is-memory.].[65 - Kocherlakota N. Money is Memory. Federal Reserve Bank of Minneapolis, Research Department Staff Report 218, 1996;    Journal of Economic Theory, 1998.  : Depending on the environment, the converse may or may not be true.   (McLeay, Radia, Thomas. Money in the modern economy: an introduction, p. 7,  4): Kocherlakota (1998) points out that a lack of a record of all transactions is another necessary condition.]

   ,       .        .    ,    ,    ,     .  ,    ,   ,     ,  :       [66 - Narayana R. Kocherlakota, Money Is Memory, Federal Reserve Bank of Minneapolis Staff Report 218, 01.10.1996;   Journal of Economic Theory 81(2), August 1998, pp. 232251. https://www.minneapolisfed.org/research/staff-reports/money-is-memory.].         ,          .

  ,    .        ,        (  ).         ,         [67 - Satoshi Nakamoto, Bitcoin P2P e-cash paper, The Cryptography Mailing List, 31.10.2008, 14:10 EDT, https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html.].

 ,  ,     .      :    ,        .               . ,       ,    - ,         .

    ( ,         ),   ,         [68 - McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 6,  1.].     1913      -  -,         [69 - A. Mitchell Innes, What is Money?, The Banking Law Journal, May 1913, pp. 377408. : http://www.newmoneyhub.com/www/money/mitchell-innes/what-is-money.html.],[70 - Mitchell Innes A. What is Money? The Banking Law Journal, May 1913: Credit and credit alone is money.       ;           (A. Mitchell Innes, What is Money?, The Banking Law Journal, May 1913, pp. 377408. : http://www.newmoneyhub.com/www/money/mitchell-innes/what-is-money.html).]        ,    ,    ,     .

     ,            .     ,      .      ,      [71 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.].  ,      ,      ,             ,   .   ,  ,         .    .




   


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,     100,       .      ,    100     100.       (    100   ),     ,     .  ,    ,     :    ,     ,       ,   .

,  .       -   ,     100 ,     ,     .     ,    .   ,   ,   100    ,  .

 ,       .              :  ,    ,              [72 - Michael McLeay, Amar Radia, Ryland Thomas, Money creation in the modern economy, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 1427. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf.].[73 - McLeay, Radia, Thomas. Money creation in the modern economy, p. 14: Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrowers bank account, thereby creating new money.]  , ,  [74 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.].       .       ,   ,         [75 - Michael McLeay, Amar Radia, Ryland Thomas, Money creation in the modern economy, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 1427. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf.].

   ,         .   ,       .    ,    , .          ,    ,      ,        [76 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).].[77 -  , p. 14: Monetary policy acts as the ultimate limit on money creation.]   ,   ,            .

    ,    .      (      ),      ,  ,  ,      ,        [78 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).].     .     ,       .    ,             .

        ,     ,     .    .  ,    ,        (  ,    ,    ).      [79 - Michael McLeay, Amar Radia, Ryland Thomas, Money creation in the modern economy, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 1427. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf.].     ,   ,   ,          .   ,    ,     ,           ,   .

  .      ,       ,      ,      [80 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.].     ,      ,  ,     .       .

 ,     ( , ,     [81 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).]).      .       ,         .

     2009     .      .    ,           ,          ,      [82 - Nakamoto, P2P Foundation, 11.02.2009, https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/1/.].[83 - Nakamoto, P2P Foundation, 11.02.2009: Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.]        ,       .      ,     [84 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).].        .         ,       ,  ,      ,     . ,       ,        ,         .




  


   -,         .

,     ,     10 000  ,          .      10 000. ,       ,       ,         ( ,      ,     ). ,      100  ,       ,        .

   ,       .       ,  ,   ,    .      ,        ,     ,     :    ,    ,      .  -     .

   ,      .    (    )     2018 ,  , ,     ,      .   68  ,  ,  , , ,   ,  -      [85 - BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.].[86 - BIS. Annual Economic Report 2018, ch. V Cryptocurrencies: looking beyond the hype: Sustained episodes of stable money are historically much more of an exception than the norm. In fact, trust has failed so frequently that history is a graveyard of currencies.] ,   ,       .          ,         .

        .    ,            38 [87 - McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 5 (   Sargent, 1982).].[88 -     . ,   1918    ,  1923     300   (McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 5 (   Sargent, 1982)).    1923   99%         30  (Sargent, The Ends of Four Big Inflations, 1982, . 75  82 (   Young, 1925)).  ,   ,   1,69     1920   0,000 000 000 043    1923- (Thomas J. Sargent, The Ends of Four Big Inflations, in: R. E. Hall (ed.), Inflation: Causes and Effects, University of Chicago Press / NBER, 1982, pp. 4198, . G1 (. 7475;  Young, 1925). PDF: https://www.nber.org/system/files/chapters/c11452/c11452.pdf). Sargent T. J. The Ends of Four Big Inflations. In: Hall R. E. (ed.) Inflation: Causes and Effects. University of Chicago Press, 1982.]       ,       .   1923      ,   ,     ,  ,  ,    ,   ,     [89 - Sargent, The Ends of Four Big Inflations, 1982, . 75  82 (   Young, 1925).].

       ,    1923   ,       .   1923       100%  [90 - Sargent, The Ends of Four Big Inflations, 1982, . 8283.].        ,         .

    ,   . 15  1923      ,    ,        [91 - Sargent, The Ends of Four Big Inflations, 1982, . 8283.].    .   ,              ,            ,     1923     [92 - Sargent, The Ends of Four Big Inflations, 1982, . 8283.].[93 - Sargent, 1982, pp. 8284: a new currency unit called the Rentenmark was declared equivalent to 1 trillion (10


) paper marks; Simultaneously and abruptly three things happened: additional government borrowing from the central bank stopped, the government budget swung into balance, and inflation stopped.         ;        .      3,2 ,    1,2  (Sargent, The Ends of Four Big Inflations, 1982, . 8283).] (  , ,   ,      .)      ,    :     ,        -.

     ,      [94 - The Block, Bitcoin ushers in fourth halving, 20.04.2024, https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc; CNBC, 19.04.2024, https://www.cnbc.com/2024/04/19/bitcoin-network-completes-fourth-ever-halving-of-rewards-to-miners.html.].     ,     3.

     .             [95 - S. H. Hanke, N. Krus, World Hyperinflations, Cato Working Paper No. 8, 2012 (. : R. Parker, R. Whaples (eds.), The Handbook of Major Events in Economic History, Routledge, 2013)    Wikipedia, Hyperinflation, https://en.wikipedia.org/wiki/Hyperinflation.],          [96 - Hanke, Krus, 2012,  (  Scribd  ).].    1946       [97 - Hanke, Krus, 2012,  (  Scribd  ).],    2008 ,    ,   [98 - S. H. Hanke, N. Krus, World Hyperinflations, Cato Working Paper No. 8, 15.08.2012,  The Hyperinflation Table; : https://www.cato.org/sites/cato.org/files/pubs/pdf/workingpaper-8.pdf;   : The Hanke Krus Hyperinflation Table, Scribd, https://www.scribd.com/document/104816500/The-Hanke-Krus-Hyperinflation-Table.].[99 - Hanke S. H., Krus N. World Hyperinflations, 2012 (). ,  1946 :     15  (Hanke, Krus, 2012,  (  Scribd  )).     1923 , 29 500%  ,    3,7 ;     , ,    .    (  24,7     2008 ) ,          (S. H. Hanke, N. Krus, World Hyperinflations, Cato Working Paper No. 8, 15.08.2012,  The Hyperinflation Table; : https://www.cato.org/sites/cato.org/files/pubs/pdf/workingpaper-8.pdf;   : The Hanke Krus Hyperinflation Table, Scribd, https://www.scribd.com/document/104816500/The-Hanke-Krus-Hyperinflation-Table).]    ,    .     ,   2015           ,     ,  100   ,  40  .   ,           [100 - Reserve Bank of Zimbabwe, Press Statement: Demonetization of the Zimbabwe Dollar, Governor J. P. Mangudya, 11.06.2015, https://www.rbz.co.zw/documents/publications/press/demonetisation-press-statement-9-june-2015.pdf.].[101 - Reserve Bank of Zimbabwe. Press Statement: Demonetization of the Zimbabwe Dollar, 11.06.2015: Demonetisation is not compensation for the loss of value of the Z$ due to hyper-inflation. It is an exchange process.    2008    250      ;         , 35    (Reserve Bank of Zimbabwe, Press Statement: Demonetization of the Zimbabwe Dollar, Governor J. P. Mangudya, 11.06.2015, https://www.rbz.co.zw/documents/publications/press/demonetisation-press-statement-9-june-2015.pdf).   ,     ,    2009  (Reserve Bank of Zimbabwe, Press Statement: Demonetization of the Zimbabwe Dollar, Governor J. P. Mangudya, 11.06.2015, https://www.rbz.co.zw/documents/publications/press/demonetisation-press-statement-9-june-2015.pdf).]

      ,     .    .       [102 - Sargent, The Ends of Four Big Inflations, 1982, . 8283.],      19451946 ,    [103 - Hanke, Krus, 2012,  (  Scribd  ).].       ,         ,  [104 - BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.],            ,               [105 - BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.].      ,     ,          ,    .    ,          : ,    ,   ,    .

      ,     (  ,        ).    ,   .             ,       .           - ,       [106 - William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.].       ,       .   ,     .




  :   


           .      ,  .

  ,     .    XII  XIX       [107 - Caroline Shenton, Burning the House down: The Fire of 1834, The History of Parliament ( History of Parliament Trust), 16.10.2013, https://historyofparliament.com/2013/10/16/the-fire-of-1834/; Science Museum Group Collection, Medieval Exchequer Tally Sticks, https://collection.sciencemuseumgroup.org.uk/objects/co60506/medieval-exchequer-tally-sticks.]. - ,   .      ,    ,     ,   [108 - A. Mitchell Innes, What is Money?, 1913 (URL  ).].       ,      ,       . (     .  1834         ,   -         [109 - Caroline Shenton, Burning the House down: The Fire of 1834, The History of Parliament ( History of Parliament Trust), 16.10.2013, https://historyofparliament.com/2013/10/16/the-fire-of-1834/; Science Museum Group Collection, Medieval Exchequer Tally Sticks, https://collection.sciencemuseumgroup.org.uk/objects/co60506/medieval-exchequer-tally-sticks.].)

      :        .     ,     ,      -    .      .    ,        ,          .

      :      ,       .         10       .        10       .         ,      .

    ?

 ,  ,    .     ,      [110 - Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf (Abstract).].

  .    ,     ,    .         ,     ,    .     ,   ,               .   ,   ,   ,   ,    .      .      ,       .








 1.1.  

     :  ,  ,     ,     - .          .    2008  ,    ,    ,     [111 - Nakamoto, 2008,  2, https://bitcoin.org/bitcoin.pdf.].[112 - Nakamoto S. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, section 2: The only way to confirm the absence of a transaction is to be aware of all transactions.]     2018  ,           ,  -    [113 - BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.].[114 - BIS, Annual Economic Report 2018, ch. V: For digital money, solving the double-spending problem requires, at a minimum, that someone keep a record of all transactions.]

   ,       ,         .    ,     ,     .     .        ,     , ,     .    ,         [115 - Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.].       ,     ,  ,  ,       ,    ,       ,   [116 - Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.].[117 - Nakamoto, 2008, section 2: The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank.]

 ,      .        ;   -  ; ,   ,  ;   ,           .

     ,   .         ,     ,         ,  .   ,      .                ,      ,      [118 - BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.].        .    ,    .




    


  ,      ,     2008 .     .         ,        .   ,       .     ,   ,   .     ,      .      ,    .            .

     .  1982      (   1983 ),      ,    [119 - David Chaum, Blind Signatures for Untraceable Payments, in: Advances in Cryptology: Proceedings of Crypto 82, Plenum Press, 1983, pp. 199203. PDF: https://chaum.com/wp-content/uploads/2022/01/Chaum-blind-signatures.pdf.]. ,         .     ,     ,   .       , ,     [120 - David Chaum, Blind Signatures for Untraceable Payments, in: Advances in Cryptology: Proceedings of Crypto 82, Plenum Press, 1983, pp. 199203. PDF: https://chaum.com/wp-content/uploads/2022/01/Chaum-blind-signatures.pdf.].    .  ,    ,          ,   ,      [121 - David Chaum, Blind Signatures for Untraceable Payments, in: Advances in Cryptology: Proceedings of Crypto 82, Plenum Press, 1983, pp. 199203. PDF: https://chaum.com/wp-content/uploads/2022/01/Chaum-blind-signatures.pdf.].[122 - Chaum D. Blind Signatures for Untraceable Payments. Advances in Cryptology: Proceedings of Crypto 82, 1983, p. 199: knowledge by a third party of the payee, amount, and time of payment for every transaction made by an individual can reveal a great deal about the individuals whereabouts, associations and lifestyle.]      .       , ,    ,  ,          ,     [123 - Chaum, Blind Signatures for Untraceable Payments, 1983, . 202,   (10)(12).].[124 -  , p. 202,   (11): Bank adds note to comprehensive list of cleared notes and stops if note already on list.]

            .         ,     [125 - Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.].

      DigiCash.      eCash     27  1994 .  1995  eCash     -,       [126 - chaum.com, eCash (), https://chaum.com/ecash/;    Wikipedia, DigiCash, https://en.wikipedia.org/wiki/DigiCash.].    1998  DigiCash    [127 - American Banker, Electronic Commerce: Bankrupt Digicash to Seek Financing, New Allies, 10.11.1998, https://www.americanbanker.com/news/electronic-commerce-bankrupt-digicash-to-seek-financing-new-allies.].[128 -     11    ,       (American Banker, Electronic Commerce: Bankrupt Digicash to Seek Financing, New Allies, 10.11.1998, https://www.americanbanker.com/news/electronic-commerce-bankrupt-digicash-to-seek-financing-new-allies).   -  Mark Twain Bank;   ,    eCash,  Deutsche Bank  Credit Suisse (chaum.com, eCash (), https://chaum.com/ecash/;    Wikipedia, DigiCash, https://en.wikipedia.org/wiki/DigiCash).]   American Banker  ,  -       ,   -     [129 - American Banker, Electronic Commerce: Bankrupt Digicash to Seek Financing, New Allies, 10.11.1998, https://www.americanbanker.com/news/electronic-commerce-bankrupt-digicash-to-seek-financing-new-allies.].[130 - American Banker, 10.11.1998: the licensee group  including Deutsche Bank, Den Norske Bank, Bank Austria, Advance Bank of Australia, and Mark Twain Bank of St. Louis  never got beyond pilot stages; credit cards have won the day.      DigiCash (  ,     ,       CyberCash).     ,         .]

   e-gold,  ,  ,    1996 [131 - U.S. Department of Justice, Digital Currency Business E-Gold Indicted for Money Laundering and Illegal Money Transmitting, 27.04.2007, https://www.justice.gov/archive/opa/pr/2007/April/07_crm_301.html;      Wikipedia, E-gold, https://en.wikipedia.org/wiki/E-gold.].   2007       ,   ,     ,             .   ,   ,    [132 - U.S. Department of Justice, Digital Currency Business E-Gold Indicted for Money Laundering and Illegal Money Transmitting, 27.04.2007, https://www.justice.gov/archive/opa/pr/2007/April/07_crm_301.html;      Wikipedia, E-gold, https://en.wikipedia.org/wiki/E-gold.].   2008     ,       ,        [133 - U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads.].[134 -   , - 27.04.2007  21.07.2008.    E-Gold Ltd.  Gold & Silver Reserve Inc.;    ,        .            ;    1,75   (U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads).]  e-gold   ,   ,          ,    .

     ,   .  DigiCash,  e-gold    .   ,    ,        ,        .

   ,      .   1998        (      )  b-money.         ,     ,     ,    [135 - Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it.].     ,    ,       [136 - Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it.].[137 -        (Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it).]     ,      ,    ,      .    ,   ,   .  ,     ,     [138 - Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it.]     ,     .

 bit gold         2005 ,   ,   ,   [139 - Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.].[140 - A long time ago I hit upon the idea of bit gold (Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html).       29.12.2005 (Satoshi Nakamoto Institute, Bit Gold (,   29.12.2005), https://nakamotoinstitute.org/library/bit-gold/; A. van Wirdum, The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing Bitcoin, Bitcoin Magazine, 12.07.2018, https://bitcoinmagazine.com/culture/genesis-files-bit-gold-szabo-was-inches-away-inventing-bitcoin).         1998  (Satoshi Nakamoto Institute, Bit Gold (,   29.12.2005), https://nakamotoinstitute.org/library/bit-gold/; A. van Wirdum, The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing Bitcoin, Bitcoin Magazine, 12.07.2018, https://bitcoinmagazine.com/culture/genesis-files-bit-gold-szabo-was-inches-away-inventing-bitcoin).]    ,         ,      ,     [141 - Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.].[142 - Szabo N. Bit gold. Unenumerated, 29.12.2005: Precious metals and collectibles have an unforgeable scarcity due to the costliness of their creation; our money currently depends on trust in a third party for its value.]        ,     ,            [143 - Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.],     ,       . Bit gold    [144 - Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.].

   ,      .    Hashcash    ,    1997      ,   2002     [145 - A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/papers/hashcash.pdf ( [6]  , https://bitcoin.org/bitcoin.pdf);   1997  Wikipedia, Hashcash, https://en.wikipedia.org/wiki/Hashcash (  http://www.hashcash.org/papers/announce.txt).].         ,    [146 - A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/papers/hashcash.pdf ( [6]  , https://bitcoin.org/bitcoin.pdf);   1997  Wikipedia, Hashcash, https://en.wikipedia.org/wiki/Hashcash (  http://www.hashcash.org/papers/announce.txt).].     ,    .         ,   ,    .   ,    ,       [147 - S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.],      ,  .

     ,     .   2008      b-money    Hashcash  ,       ,    ,  ,      [148 - Nakamoto, 2008, References, https://bitcoin.org/bitcoin.pdf.].  2008 ,    ,   ,       b-money   ,        ,       [149 -  Wei Dai  Satoshi Nakamoto,    (   The Sunday Times, 2014); : https://gwern.net/doc/bitcoin/2008-nakamoto.].  2010      ,      b-money     bit gold  [150 - Satoshi Nakamoto, Re: They want to delete the Wikipedia article, bitcointalk.org, 20.07.2010, 18:38:28 UTC; : https://satoshi.nakamotoinstitute.org/posts/bitcointalk/249/.].[151 - Nakamoto S. Re: They want to delete the Wikipedia article. Bitcointalk, 20.07.2010: Bitcoin is an implementation of Wei Dais b-money proposal on Cypherpunks in 1998 and Nick Szabos Bitgold proposal.]

  2009 ,  ,       . ,   ,       -  ,   1990- ,     ,  ,   ,      ,    [152 - Satoshi Nakamoto, reply in thread Bitcoin open source implementation of P2P currency, P2P Foundation, 15.02.2009; : https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/2/.].[153 - Nakamoto S. Reply. P2P Foundation, 15.02.2009: A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990s. I hope its obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time were trying a decentralized, non-trust-based system.       ,   ; DigiCash  e-gold    ,        .]

     ,     ,   :

   DigiCash    ,     [154 - Chaum, Blind Signatures for Untraceable Payments, 1983, . 202,   (10)(12).],     1998 [155 - American Banker, Electronic Commerce: Bankrupt Digicash to Seek Financing, New Allies, 10.11.1998, https://www.americanbanker.com/news/electronic-commerce-bankrupt-digicash-to-seek-financing-new-allies.];

e-gold    ,           [156 - U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads.];

b-money          (      ),   [157 - Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it.];

bit gold       ,  [158 - Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.];

Hashcash     ,      [159 - A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/papers/hashcash.pdf ( [6]  , https://bitcoin.org/bitcoin.pdf);   1997  Wikipedia, Hashcash, https://en.wikipedia.org/wiki/Hashcash (  http://www.hashcash.org/papers/announce.txt).].

        ,         ,     .     ,      .




  


    ,    .        ,    ,      .    ,      .

31  2008         ,     ,        ,  ,    [160 - Satoshi Nakamoto, Bitcoin P2P e-cash paper, The Cryptography Mailing List, 31.10.2008, 14:10 EDT, https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html.].[161 - Nakamoto S. Bitcoin P2P e-cash paper. The Cryptography Mailing List, 31.10.2008: Ive been working on a new electronic cash system thats fully peer-to-peer, with no trusted third party.]      ,       .       .     ;    ,    ;    ;        Hashcash[162 - Satoshi Nakamoto, Bitcoin P2P e-cash paper, The Cryptography Mailing List, 31.10.2008, 14:10 EDT, https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html.],    ,        . (   ,    ,    2   .)

       .     ,    ,            ,      [163 - Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf (Abstract).].    ,    ,      ,        ,   [164 - Nakamoto, 2008,  1 Introduction, https://bitcoin.org/bitcoin.pdf.].[165 - Nakamoto, 2008, section 1: What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.  : With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers]     -  ,    ,       ,   2009 [166 - Satoshi Nakamoto, Bitcoin open source implementation of P2P currency, P2P Foundation, 11.02.2009, 22:27 UTC;  Satoshi Nakamoto Institute, https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/1/.]. ,    ,    ,       ,       [167 - Nakamoto, 2008,  1 Introduction, https://bitcoin.org/bitcoin.pdf.].

    ,    ,       .    .  ,    ,    .    ,     ,   ,        ,     [168 - Nakamoto, 2008,  2, https://bitcoin.org/bitcoin.pdf.].      ,    : 1)         ; 2)       ; 3)  ,  ,    ,     ,   -   .

,      .         ,   ,       .   ,       ,     ,    .    ,  .

     ?

     .      ,            ,         .        ,   .  ,      ,      .      ,            ,          .     ,   ,   ,     b-money.        ,    [169 - Nakamoto, 2008,  2, https://bitcoin.org/bitcoin.pdf.].








 1.2.     

     , b-money    .    ,      ,      .    ,      2007    -  ,         ;   ,  ,   ,   [170 - Satoshi Nakamoto, Re: Transactions and Scripts: DUP HASH160 EQUALVERIFY CHECKSIG, bitcointalk.org, 18.06.2010, 16:17:14 UTC; : https://satoshi.nakamotoinstitute.org/posts/bitcointalk/127/.].[171 - Nakamoto S. Bitcointalk, 18.06.2010: Since 2007. At some point I became convinced there was a way to do this without any trust required at all and couldnt resist to keep thinking about it.]

     ,   .      3  2009 ,       The Times  ,      [172 - Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).].[173 -    : The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.]   ,  ,       ,   ,        ,   .             [174 - Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).].  ,         ,       . (      .         ;     50,  -     ,     , [175 - Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).].)

       ,   ,  .      (  ,   ).      .     ,        ,   ,  -     - ,   ,     .     2014  ,               ,  ,      , ,     ,   [176 - McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 9,  Recent developments in payment technologies and alternative currencies.].[177 - McLeay, Radia, Thomas. Money in the modern economy: an introduction, p. 9: As such they may have more conceptual similarities to commodities, such as gold, than money.]   ,    ,            .    ,               ,      ,   ,  ,      .




  


  ,   .         :       .    .    ,    ,      ,       ,           [178 - BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.].[179 - BIS, Annual Economic Report 2018, ch. V: Overall, the decentralised technology of cryptocurrencies, however sophisticated, is a poor substitute for the solid institutional backing of money; The tried, trusted and resilient way to provide confidence in money in modern times is the independent central bank.]        ,      ,   [180 - BIS, Annual Economic Report 2018, chapter V Cryptocurrencies: looking beyond the hype, 24.06.2018, https://www.bis.org/publ/arpdf/ar2018e5.htm.].   ,    .

     .       ,     ,    [181 - Nakamoto, 2008,  12 Conclusion, https://bitcoin.org/bitcoin.pdf.].[182 - Nakamoto, 2008, section 12: We have proposed a system for electronic transactions without relying on trust.]

   ,       .    ,         ,    ,     .

     .               :    ,     .         ,         ( ,  ,       Hashcash),    [183 - Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf.].  ,    , ,    ,      .       ,  ,     .

    ,     ?   ,      .         ,   ,      (e-gold,   ,         [184 - U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads.]).        ,   ,       [185 - Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf.].       .   ,      ,        .          ,  ,   ,     .

   ,   ,            :       .         (      ,   ,    ).    ,  -   .     ,    ,    .      ,    .

      ,        ,      ,      - :

  ?

      ,    ?

      ?

      ?

    ,   ,    ?

          ,   ,  ,   .    ,     .    ,  ,    ,     [186 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).]. ,     ,   ,    , ,    e-gold,      [187 - U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads.].       ,    ,     [188 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.].    ,       ,      ,    ,  .       ,       ,   .

  ,  ,     .     ,       ,        ,     .




 2.   :   



     ,      .      ,       ,         ,             .

       :      ,     ,   ,      .   ,    ,        .   ,             ,     ?          ,      ,     ?     ,      ,  ,    ?

       .   ,      ,        .       ,   .   ,      ,   .    ,    ,     .      ,        ,       .




 


,     .      ,         ,      .     .    ,  1)                   ; 2)                ; 3)         .

  .    -,     .      ,   Mastering Bitcoin    : ,      ,     [189 - Mastering Bitcoin, 3rd ed., 2023, . 12.].[190 - Antonopoulos A. M., Harding D. A. Mastering Bitcoin. 3rd ed. OReilly, 2023, ch. 12: It is also virtually impossible to select an input in such a way as to produce a desired digest, other than trying random inputs; it is computationally infeasible to find two different inputs that produce the same digest.]

       ,      .        ,     ,           .          [191 - Mastering Bitcoin, 3rd ed., 2023, . 12.],    ,     . ( ,  ,    ,    .         ,   [192 - Mastering Bitcoin, 3rd ed., 2023, . 12.].)

   SHA-256. Ÿ     256 ,   256  ,   ,      ,   ,   [193 - Antonopoulos A. M., Harding D. A. Mastering Bitcoin, 3rd ed., OReilly, 2023, . 12 Mining and Consensus;  : https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch12_mining.adoc.].    64   ,     0  9    a  f[194 - Antonopoulos A. M., Harding D. A. Mastering Bitcoin, 3rd ed., OReilly, 2023, . 12 Mining and Consensus;  : https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch12_mining.adoc.].

   SHA-256     ,    :

   10 ? 31f1c80ad71f0a47203c0ad31e883c64ae23440b0ee955fb159e3e9982109898

   11 ? e0767f7e15e87062018598fbfc7bb8072327a49b17b995bfdc2ba9c632bb0a5e

         ,    .   ,      ,   [195 - Mastering Bitcoin, 3rd ed., 2023, . 12.].[196 -  : Adding a single letter, punctuation mark, or any other character will produce a different hash.  :     10,      ,   799790f8fce2c7cb33c10efc8759c44f735222634cacb948c70e7c0554f21a83 ( ;   ).]   ,    ,     .

  -  .  ,    SHA-256,      ,       ,     [197 - NIST, FIPS 180-2 Secure Hash Standard (SHS), August 2002, https://csrc.nist.gov/pubs/fips/180-2/final;    FIPS 180-4, August 2015, https://csrc.nist.gov/pubs/fips/180-4/upd1/final.].[198 - NIST. FIPS 180-4 Secure Hash Standard, 2015, : - ,  detect whether messages have been changed since the digests were generated.    SHA-256  FIPS 180-2,  2002 : All four of the algorithms are iterative, one-way hash functions.]           2002 [199 - NIST, FIPS 180-2 Secure Hash Standard (SHS), August 2002, https://csrc.nist.gov/pubs/fips/180-2/final;    FIPS 180-4, August 2015, https://csrc.nist.gov/pubs/fips/180-4/upd1/final.],       ,      . -        [200 - NIST, FIPS 180-2 Secure Hash Standard (SHS), August 2002, https://csrc.nist.gov/pubs/fips/180-2/final;    FIPS 180-4, August 2015, https://csrc.nist.gov/pubs/fips/180-4/upd1/final.].           ,      [201 - Nakamoto, 2008,  3 Timestamp Server, https://bitcoin.org/bitcoin.pdf.],   ,     ,       1970-[202 - Nakamoto, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf;    R. C. Merkle, Protocols for public key cryptosystems, Proc. 1980 Symposium on Security and Privacy, IEEE, pp. 122133 ( [7]  ).].         ,     .

     ,   .    .    ,      [203 - Mastering Bitcoin, 3rd ed., 2023, . 12.].         .     ,      ,     [204 - Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.].

   ( ,  , ).      ,      [205 - Mastering Bitcoin, 3rd ed., 2023, . 12.].  Mastering Bitcoin   .   Hello, World!     ,      ,    32[206 - Mastering Bitcoin, 3rd ed., 2023, . 12.].        16 ,             16 ,       256,      4096 (   ).        16 ,      ,       ,       .




,  


  ,         .     :    ,         .

     100.   100   ,        101      .       101,    ,    102,     .           .        ,   ,           .

 ,         ,     .    ,         ,  ,    .

        2008        (  ,  ,      ).  ,  ,     ,   ,      ,    [207 - Nakamoto, 2008,  3 Timestamp Server, https://bitcoin.org/bitcoin.pdf.].[208 - Nakamoto S. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, section 3: Each timestamp includes the previous timestamp in its hash, forming a chain, with each additional timestamp reinforcing the ones before it.          1991, 1993  1997           Usenet.]       ,   [209 - Nakamoto, 2008,  3 Timestamp Server, https://bitcoin.org/bitcoin.pdf.]. ,   ,    ,        ,   .

   .  101      100,     ,  ,  100    ,   101-.        .  ,      ,   The Times  3  2009 ,         [210 - Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).].    ,     ,        ,     .

 ,      ,  ,         , - .         (  ,      ;    ,   ).     ,    , 80    [211 - Bitcoin Developer Reference, Block Chain.]:

 ;

   ,     ;

  ,       (   );

,    ;     ,      [212 - Bitcoin Developer Reference, Block Chain.];

  ,   ,      ;

 nonce,   .

      . (     , SHA-256   SHA-256[213 - Bitcoin Developer Reference, Block Chain, https://developer.bitcoin.org/reference/block_chain.html.],     .)

    .       ,            .     ,       .       ,      . ,    ,   ,       .          ,      ,    [214 - Bitcoin Developer Reference, Block Chain.].

    ,       ,    ,    .  (    )   ,   ,         ,    [215 - Bitcoin Developer Reference, Block Chain.].[216 -   -    ,        (Bitcoin Developer Reference, Block Chain).      1979  (   );      1980 .]   ,    -,   ,      [217 - Nakamoto, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf;    R. C. Merkle, Protocols for public key cryptosystems, Proc. 1980 Symposium on Security and Privacy, IEEE, pp. 122133 ( [7]  ).].








 2.1.  

  ?   ,       ,    ,            .      ,               (    ,   [218 - Bitcoin Developer Reference, Block Chain.]).      . ,       ,    [219 - Nakamoto, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf;    R. C. Merkle, Protocols for public key cryptosystems, Proc. 1980 Symposium on Security and Privacy, IEEE, pp. 122133 ( [7]  ).].  ,     ,    .      ,    .

      ,      ,       [220 - Bitcoin Developer Reference, Block Chain.].         ,     , , , ,  ,         .








 2.2.    

     .  .          ,       ,    ,    .       ,  ,     ,   .

     .      Hashcash  ,     [221 - Nakamoto, 2008,  4; Bitcoin Developer Reference, Block Chain.].   :  ,         .      [222 - Mastering Bitcoin, 3rd ed., 2023, . 12.],       nonce      ,        [223 - Nakamoto, 2008,  4; Bitcoin Developer Reference, Block Chain.]. (    ,   ,         ,        [224 - Nakamoto, 2008,  4; Bitcoin Developer Reference, Block Chain.].)      ,      .

         .        [225 - Bitcoin Developer Reference, Block Chain.],            [226 - Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.].    ,     .      50 BTC[227 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.],   210 000    [228 -   Bitcoin Core, src/kernel/chainparams.cpp (CMainParams): nPowTargetSpacing = 10 * 60; nPowTargetTimespan = 14 * 24 * 60 * 60; nSubsidyHalvingInterval = 210000, https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp; Mastering Bitcoin, 3rd ed., . 12.].          . (        .)

     ,       .     .     ,  ,   ,   ,         ,     [229 - Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.].[230 - Nakamoto, 2008, section 4: Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.]     .               ,          .

     ,           .   11   ,            ,    [231 - Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.].  ,   ,  ,   ,       ,   ,  ,     ,    ,     .

    ,  3  2009 ,   10 .    968 721,  26  2026 ,   20 [232 -     Bitcoin Core, src/kernel/chainparams.cpp (assert hashGenesisBlock), https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp;  968 721  API mempool.space, https://mempool.space/api/block-height/968721 ( 2026-09-26).].[233 -   : 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f (  Bitcoin Core).   968 721: 00000000000000000000ed8d95f43f038858adab98f852a40b461624b6825d20 (mempool.space, 26.09.2026).       .]    ,    ,   ,       .  ,   ,    .       ,     ,      .     ,       .      ,   968 721   133 [234 - Blockstream Explorer API,  968 721,  difficulty (https://blockstream.info/api/block/00000000000000000000ed8d95f43f038858adab98f852a40b461624b6825d20); CoinWarz, 132.76T  26.09.2026 (https://www.coinwarz.com/bitcoin-difficulty); Bitcoin Wiki Difficulty (https://en.bitcoin.it/wiki/Difficulty).    27.09.2026 (reviews/02-factcheck.md, . 1).].[235 -  ,  1,   0x00000000FFFF     (Bitcoin Wiki, Difficulty).   968 721  132 757 073 449 487,5 (Blockstream Explorer);     19,7  .    2016 ;      .]                     .

     .       10 ,   2016 ,       ,    ,    [236 -   Bitcoin Core, src/kernel/chainparams.cpp (CMainParams): nPowTargetSpacing = 10 * 60; nPowTargetTimespan = 14 * 24 * 60 * 60; nSubsidyHalvingInterval = 210000, https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp; Mastering Bitcoin, 3rd ed., . 12.].         ,   ,       [237 -    : chainparams.cpp ( )  API mempool.space, https://mempool.space/api/v1/blocks (  968 721;  2026-09-26).].[238 -    (3  2009 )   968 721 (26  2026 )   6475 ,    9,6   ,   . 26  2026         8 ,      1530  (   mempool.space).]     [239 - BIP-141 Segregated Witness (Consensus layer), Lombrozo E., Lau J., Wuille P., created 21.12.2015, https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki;      Trezor Blog, SegWit and its legacy: Taproot, UASFs and Lightning, https://trezor.io/blog/insights/segwit-and-its-legacy-taproot-uasfs-and-lightning.],           .                [240 - API mempool.space, https://mempool.space/api/v1/blocks ( 2026-09-26).].[241 -  2017        ;  SegWit,    2017 ,         4   (   ,         ) (BIP-141 Segregated Witness (Consensus layer), Lombrozo E., Lau J., Wuille P., created 21.12.2015, https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki;      Trezor Blog, SegWit and its legacy: Taproot, UASFs and Lightning, https://trezor.io/blog/insights/segwit-and-its-legacy-taproot-uasfs-and-lightning).  15 ,   26  2026  (968 712968 726, mempool.space),  14     ,    1,44  1,73       2962  7256 ;   (968 718)     24 , 6904 .        ;      .]

   ,    ,       .       .     ,     (   2026     25 [242 - BTC Nodes (Bitnodes), https://btcnodes.io/; API : https://btcnodes.io/api/v1/snapshots/latest/ ( 2026-09-26;   bitnodes.io  ).   Rodrigo Mart?nez.]),     ,   ,  ,   .[243 -  BTC Nodes, 26.09.2026: 25 284  ,      . ,     ,     .      .]       .  ,        ,        ,  ,   ,  ,  .      ,      .

  ,   :     ;           ;    ;   ,           ,    ,        [244 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].[245 - Nakamoto, 2008, section 5: Nodes accept the block only if all transactions in it are valid and not already spent.]

  ,   .

        ,       ,         [246 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].      , -      .         ,             [247 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].      :  ,            ,   ,     ,       .




   


  .   ,     ,       .          [248 - Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].

    ,      ,   .       .   ,      .      .   .

   ,    .               2


,  1,16 ? 10


[249 - Mastering Bitcoin, 3rd ed., 2023, . 4 Keys and Addresses, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch04_keys.adoc.].  Mastering Bitcoin    ,       10


 [250 - Mastering Bitcoin, 3rd ed., 2023, . 4 Keys and Addresses, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch04_keys.adoc.].[251 - Mastering Bitcoin, 3rd ed., ch. 4: The size of Bitcoins private key space (2


) is an unfathomably large number. It is approximately 10


 in decimal. For comparison, the visible universe is estimated to contain 10


 atoms.]       ,     .      ,   ,   ,     ,     [252 - Mastering Bitcoin, 3rd ed., 2023, . 4 Keys and Addresses, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch04_keys.adoc.].

       ,       .      ,    [253 - Mastering Bitcoin, 3rd ed., 2023, . 4.].   ,          [254 - Mastering Bitcoin, 3rd ed., 2023, . 4.]. (      ,       .)

     .    ,     ,    .          .      ,      [255 - Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.].    10      100 ,       [256 - Mastering Bitcoin, 3rd ed., 2023, . 4.] (      ,     ).     ,     .        ,         [257 - Mastering Bitcoin, 3rd ed., 2023, . 4.].[258 -  : anyone to verify every signature on every transaction, while ensuring that only the owners of private keys can produce valid signatures.][259 -      ECDSA    secp256k1;  BIP-340 (2020)        (BIP-340 Schnorr Signatures for secp256k1, https://github.com/bitcoin/bips/blob/master/bip-0340.mediawiki).         .]

    ,       .    .           :     ,       [260 - Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.].        : 10    ,   ,      .    .       ,     ,  ,  ,  ,   .

        .    ,    .      ,       ,    ,       ,  ,      [261 - Mastering Bitcoin, 3rd ed., 2023, . 4.].    ,        .

        .   ,    .             ,     bc1[262 - Mastering Bitcoin, 3rd ed., 2023, . 4.].    ,    ,            [263 - Mastering Bitcoin, 3rd ed., 2023, . 12; Mastering Bitcoin, 3rd ed., 2023, . 4.].

 ,   ,    .         [264 - Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf; Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.],       ,      .




   


    ,     ?   Mastering Bitcoin . ,     ,   ,      [265 - Mastering Bitcoin, 3rd ed., 2023, . 5 Wallet Recovery, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch05_wallets.adoc.].[266 - Mastering Bitcoin, 3rd ed., ch. 5: In fact, what many people call a Bitcoin walletwhich we call a wallet database to distinguish it from wallet applicationscontains only keys; Those keys are associated with bitcoins recorded on the blockchain.]         ,   ,    ,     ,   .

   ,   ?  ,      ,   ,       ,     .            ,      [267 - Nakamoto, 2008,  8 Simplified Payment Verification, https://bitcoin.org/bitcoin.pdf.].   .        ,   ,   4,2   ,         2008 [268 - Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf.].  ,  , ,     ,  ,    [269 - Nakamoto, 2008,  8 Simplified Payment Verification, https://bitcoin.org/bitcoin.pdf.].[270 - Nakamoto, 2008, section 8: As such, the verification is reliable as long as honest nodes control the network, but is more vulnerable if the network is overpowered by an attacker.]  ,    ,   ,  ,      [271 - Nakamoto, 2008,  8 Simplified Payment Verification, https://bitcoin.org/bitcoin.pdf.].

,      - .    ,        ,      .            .

     ,     .      ,        [272 - Mastering Bitcoin, 3rd ed., 2023, . 5 Wallet Recovery, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch05_wallets.adoc.].          ,       .        ,    ,     ,      ,      .

   ,      .   2013    BIP-39 (BIP         ).   ,      ,       2048 : 12   128    24   256 [273 - BIP-39 Mnemonic code for generating deterministic keys, Palatinus M., Rusnak P., Voisine A., Bowe S., created 10.09.2013, https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki; Mastering Bitcoin, 3rd ed., . 5.].  1224     [274 - BIP-39 Mnemonic code for generating deterministic keys, Palatinus M., Rusnak P., Voisine A., Bowe S., created 10.09.2013, https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki; Mastering Bitcoin, 3rd ed., . 5.].   .      ,      .   ,   ,        ,     .








 2.3.    

       .      ,   ,         1 BTC.    .        .    ,       ,     .        (- UTXO),  ,   ,   ,  ,     [275 - Mastering Bitcoin, 3rd ed., 2023, . 6 Transactions, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch06_transactions.adoc.].

    ,     16   .   ,    ,         ( 10,  6),      .   ,      .     .    ,      ,  ,   ,    ,   [276 - Mastering Bitcoin, 3rd ed., 2023, . 6 Transactions, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch06_transactions.adoc; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].

       ,    [277 - Nakamoto, 2008,  9 Combining and Splitting Value, https://bitcoin.org/bitcoin.pdf; Mastering Bitcoin, 3rd ed., . 6.]. ,       1 BTC,    0,3 BTC (   ).       (   ),       : 0,3 BTC    .      9 . ,   ,      ,   ,     ,   [278 - Nakamoto, 2008,  9 Combining and Splitting Value, https://bitcoin.org/bitcoin.pdf; Mastering Bitcoin, 3rd ed., . 6.].

   ?      .         [279 - Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.].         0,3 BTC  0,6999 BTC,   0,0001 BTC.           0,3 BTC,  0,7 BTC   ,       [280 - Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.].       ,    ,             ,   .

   .         [281 - BIP-141 Segregated Witness (Consensus layer), Lombrozo E., Lau J., Wuille P., created 21.12.2015, https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki;      Trezor Blog, SegWit and its legacy: Taproot, UASFs and Lightning, https://trezor.io/blog/insights/segwit-and-its-legacy-taproot-uasfs-and-lightning; API mempool.space, https://mempool.space/api/v1/blocks ( 2026-09-26).],       ,     [282 - Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.].   ,  ,    ,    ,         .

       .    100  ,        [283 - Mastering Bitcoin, 3rd ed., . 6.].       .

 Ethereum,  ,    ,   ,     ,    [284 - ethereum.org, Ethereum accounts, https://ethereum.org/en/developers/docs/accounts/; Blocks, https://ethereum.org/en/developers/docs/blocks/.].       4.

      . ,    0,3 BTC      1 BTC ( ).

     ,     ,   :     ,     0,3 BTC    , ,  ,    ,        [285 - Mastering Bitcoin, 3rd ed., 2023, . 6 Transactions, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch06_transactions.adoc; Nakamoto, 2008,  9 Combining and Splitting Value, https://bitcoin.org/bitcoin.pdf; Mastering Bitcoin, 3rd ed., . 6; Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.].

     .      ,   [286 - Mastering Bitcoin, 3rd ed., 2023, . 4.].

   ,   ,   ,  ,    ,   [287 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].

      .     ,     ,    [288 - Nakamoto, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf;    R. C. Merkle, Protocols for public key cryptosystems, Proc. 1980 Symposium on Security and Privacy, IEEE, pp. 122133 ( [7]  ).].

  nonce,       ,    [289 - Nakamoto, 2008,  4; Bitcoin Developer Reference, Block Chain; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].

          .    1 BTC     ,      [290 - Mastering Bitcoin, 3rd ed., 2023, . 6 Transactions, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch06_transactions.adoc; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].

        [291 - Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.].

      ,     ,             .      ,     ,      .

       ,    ,    :      ,  .

       ,        ,    ,   ,   .

    ,       ,       .

          ,   ,    ,      .    .

      ,     ,  ,   ,   .

    ,      .           ,         .




  ,  


  ?           ,  ,     .

  .         ,       .    ,   ,  -   -,   ,   [292 - Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.].[293 - Nakamoto, 2008, section 10: The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone; Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner.]       ,      ,   [294 - Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.].

     ,       .   ,       ,     ,      [295 - Nakamoto, 2008,  2, https://bitcoin.org/bitcoin.pdf.].   ,     ,      ,     .   ,    ,     .    ,        .

      .           ,          ,      ,        [296 - Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.].            ,    .

,              . ,    ,   ,    ,    ,   ,   ,      [297 - Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.].           , ,    ,       [298 - Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.].

   ,   ,  :    ,          .

 ,     . ,      ,        .     10,      6    4.      ,       ,      .      ,    ,      ,     ,    ,  .        ,     ,        .

 2013   ,       -,     [299 - Meiklejohn S., Pomarole M., Jordan G., Levchenko K., McCoy D., Voelker G. M., Savage S. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. IMC 13, 2013. https://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf; DOI 10.1145/2504730.2504747.].[300 - Meiklejohn S., Pomarole M., Jordan G., Levchenko K., McCoy D., Voelker G. M., Savage S. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. IMC 13, 2013 (  , . ,     ).   13  2013 : 231 207 , 16 086 073 , 12 056 684  ; 5 579 176       3 383 904    .   344  (    Mt. Gox  Silk Road),   1070     2197  (Meiklejohn et al., 2013,  3.1  4.5).     pseudo-anonymous.]        2013          :    (,   ,   )    .       ,        12     3,4  [301 - Meiklejohn S., Pomarole M., Jordan G., Levchenko K., McCoy D., Voelker G. M., Savage S. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. IMC 13, 2013. https://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf; DOI 10.1145/2504730.2504747.].

     ,     .   , -,    ,     ,    ,      [302 - Meiklejohn et al., 2013,  3.1  4.5.].      ,       ,     1,8  [303 - Meiklejohn et al., 2013,  3.1  4.5.].

  ,   .            .      -:     13%  ,          1,6  ,       [304 - Meiklejohn S., Pomarole M., Jordan G., Levchenko K., McCoy D., Voelker G. M., Savage S. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. IMC 13, 2013. https://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf; DOI 10.1145/2504730.2504747.].       .       ,    ,  ,        ,  ,   ;           [305 - Meiklejohn et al., 2013,  3.1  4.5.].

     .  2014   ,      IP- ,    ,      [306 - Biryukov A., Khovratovich D., Pustogarov I. Deanonymisation of clients in Bitcoin P2P network. arXiv:1405.7418, 2014 (. ACM CCS 2014). https://arxiv.org/abs/1405.7418.].[307 - Biryukov A., Khovratovich D., Pustogarov I. Deanonymisation of clients in Bitcoin P2P network. ACM CCS 2014 (arXiv:1405.7418): link user pseudonyms to the IP addresses where the transactions are generated.]       ,    ,     [308 - Biryukov A., Khovratovich D., Pustogarov I. Deanonymisation of clients in Bitcoin P2P network. arXiv:1405.7418, 2014 (. ACM CCS 2014). https://arxiv.org/abs/1405.7418.].

      ,   Chainalysis[309 - Chainalysis, The Data Accuracy Flywheel: How Chainalysis Consistently Identifies and Verifies Blockchain Entities, 16.01.2024, https://www.chainalysis.com/blog/chainalysis-data-accuracy/.].[310 - Chainalysis. The Data Accuracy Flywheel, 16.01.2024: Co-spend identifies co-ownership of addresses by identifying Unspent Transaction Outputs (UTXOs) that are spent as inputs in the same transaction.         ;  .]      .     ,    - Bitcoin Fog, ,     ,   [311 - Cointelegraph, Founder of Bitcoin Fog crypto mixer sentenced to 12.5 years in jail, 11.2024, https://cointelegraph.com/news/crypto-mixer-bitcoin-fog-roman-sterlingov-founder-prison-sentence-united-states-doj; The Register, 11.11.2024, https://www.theregister.com/2024/11/11/bitcoin_fog_sentencing.].    Chainalysis Reactor        .   2024     ,             ,          [312 - United States v. Sterlingov, Criminal Action No. 21-399 (RDM), Memorandum Opinion and Order, Document 259, filed 29.02.2024, U.S. District Court for the District of Columbia; PDF: https://www.moneylaunderingnews.com/wp-content/uploads/sites/12/2024/03/District_of_Columbia_USA_v._STERLINGOV_Memo_Opinion_and_Order.pdf.].[313 - United States v. Sterlingov, No. 21-cr-399 (RDM), Memorandum Opinion and Order, D.D.C., 29.02.2024, p. 3: substantial evidence supports the governments submission that the software is highly reliableand, if anything, conservativein clustering (and then attributing) bitcoin addresses.  . 2: bitcoin transactions are both uniquely anonymous and uniquely public.   ,  Bitcoin Fog  2011  2021    1,2  BTC.    12.03.2024;  ( 2024 )         . : United States v. Sterlingov, No. 24-3161 (D.C. Cir.), 25.09.2026     .             .]

               ,         ,  ,     [314 - United States v. Sterlingov, Criminal Action No. 21-399 (RDM), Memorandum Opinion and Order, Document 259, filed 29.02.2024, U.S. District Court for the District of Columbia; PDF: https://www.moneylaunderingnews.com/wp-content/uploads/sites/12/2024/03/District_of_Columbia_USA_v._STERLINGOV_Memo_Opinion_and_Order.pdf.].    ,    12,5  [315 - Cointelegraph, Founder of Bitcoin Fog crypto mixer sentenced to 12.5 years in jail, 11.2024, https://cointelegraph.com/news/crypto-mixer-bitcoin-fog-roman-sterlingov-founder-prison-sentence-united-states-doj; The Register, 11.11.2024, https://www.theregister.com/2024/11/11/bitcoin_fog_sentencing.],  25  2026             ,      [316 - Law360, 25.09.2026, DC Circ. Backs Bitcoin Fog Crypto Mixer Conviction (https://www.law360.com/appellate/articles/2530252); MLex, 25.09.2026 (https://www.mlex.com/mlex/financial-crime/articles/2530292);  : https://law.justia.com/cases/federal/appellate-courts/cadc/24-3161/24-3161-2026-09-25.html.].

   ,      .        ,  ,          [317 - Cointelegraph, Founder of Bitcoin Fog crypto mixer sentenced to 12.5 years in jail, 11.2024, https://cointelegraph.com/news/crypto-mixer-bitcoin-fog-roman-sterlingov-founder-prison-sentence-united-states-doj; The Register, 11.11.2024, https://www.theregister.com/2024/11/11/bitcoin_fog_sentencing.].    ,    ,    ,  .

  ,       .   8  2021    Colonial Pipeline    DarkSide    75 BTC[318 - U.S. Department of Justice, Office of Public Affairs, Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021, https://www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside; : https://www.justice.gov/usao-ndca/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists.]. 7     ,     63,7 BTC.   ,     ,     ,     ,       [319 - U.S. Department of Justice, Office of Public Affairs, Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021, https://www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside; : https://www.justice.gov/usao-ndca/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists.].[320 - U.S. Department of Justice. Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021: By reviewing the Bitcoin public ledger, law enforcement was able to track multiple transfers of bitcoin and identify that approximately 63.7 bitcoins, representing the proceeds of the victims ransom payment, had been transferred to a specific address, for which the FBI has the private key     2,3  , ,     ,       .     Elliptic, 63,7 BTC    ,  85% ,     - (Krebs B. Justice Dept. Claws Back $2.3M Paid by Colonial Pipeline to Ransomware Gang, Krebs on Security, 06.2021, https://krebsonsecurity.com/2021/06/justice-dept-claws-back-2-3m-paid-by-colonial-pipeline-to-ransomware-gang/ (  );      .  7  2021 ., https://www.fbi.gov/news/press-releases/fbi-deputy-director-paul-abbates-remarks-at-press-conference-regarding-the-ransomware-attack-on-colonial-pipeline).]    ,     ,    [321 - U.S. Department of Justice, Office of Public Affairs, Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021, https://www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside; : https://www.justice.gov/usao-ndca/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists.].

    ,     .        ,      .

  .  2016   Bitfinex      119 754 BTC[322 - U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ).]. ?         ,     [323 - U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ).]. ,       ,  ,    ,          .   2022                         94 000 BTC[324 - U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ).].[325 - U.S. DOJ / IRS-CI. Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022.       2000  ;  94 000 BTC   3,6     ,          .  25 000 BTC        ,          .     : Cryptocurrency is not a safe haven for criminals (U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( )).   2024     60  ,    18  (U.S. ICE / HSI (  ), Bitfinex Hacker Sentenced in Money Laundering Conspiracy Involving Billions in Stolen Cryptocurrency, 20.11.2024, https://www.ice.gov/news/releases/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;  : https://www.justice.gov/usao-dc/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;    CoinDesk, 18.11.2024, https://www.coindesk.com/policy/2024/11/18/bitfinex-hack-launderer-heather-razzlekhan-morgan-sentenced-to-18-months-in-prison).]      ,        - [326 - U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ).].      ,        2023 ,         [327 - U.S. ICE / HSI (  ), Bitfinex Hacker Sentenced in Money Laundering Conspiracy Involving Billions in Stolen Cryptocurrency, 20.11.2024, https://www.ice.gov/news/releases/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;  : https://www.justice.gov/usao-dc/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;    CoinDesk, 18.11.2024, https://www.coindesk.com/policy/2024/11/18/bitfinex-hack-launderer-heather-razzlekhan-morgan-sentenced-to-18-months-in-prison.].

   2024 ,     Bitfinex    ,    [328 - U.S. ICE / HSI (  ), Bitfinex Hacker Sentenced in Money Laundering Conspiracy Involving Billions in Stolen Cryptocurrency, 20.11.2024, https://www.ice.gov/news/releases/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;  : https://www.justice.gov/usao-dc/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;    CoinDesk, 18.11.2024, https://www.coindesk.com/policy/2024/11/18/bitfinex-hack-launderer-heather-razzlekhan-morgan-sentenced-to-18-months-in-prison.].      ,         ,    ,   .

, , .    ,          ,    ,      (   ,   , IP-),     .     ,    ,       .




   


       ,    2025       .          ,   2013     .  ,   ,    8000 BTC,     2009 .   ,      ,    ,   [329 - James Howells v Newport City Council [2025] EWHC 22 (Ch), 09.01.2025, https://caselaw.nationalarchives.gov.uk/ewhc/ch/2025/22.].[330 - James Howells v Newport City Council [2025] EWHC 22 (Ch), 09.01.2025,  ;   Control of Pollution Act 1974: Bitcoin are not tangible property and cannot be on the Hard Drive or in the Landfill.     ,   ;             .       12.]   ,           ,       [331 - James Howells v Newport City Council [2025] EWHC 22 (Ch), 09.01.2025, https://caselaw.nationalarchives.gov.uk/ewhc/ch/2025/22.].    ,     ,   .    ,  ,           .

     ,    ,  ,     ,          .       .   ,  ,    ,     [332 - Mastering Bitcoin, 3rd ed., 2023, . 4.].       ,           (    ).

   .   -     ,     ,        ,   .            ,   .

       ,    ,    .   1224 ,     ,    ,         [333 - BIP-39 Mnemonic code for generating deterministic keys, Palatinus M., Rusnak P., Voisine A., Bowe S., created 10.09.2013, https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki; Mastering Bitcoin, 3rd ed., . 5.].       ,       2013 [334 - BIP-39 Mnemonic code for generating deterministic keys, Palatinus M., Rusnak P., Voisine A., Bowe S., created 10.09.2013, https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki; Mastering Bitcoin, 3rd ed., . 5.],     ,  ,   ,   [335 - James Howells v Newport City Council [2025] EWHC 22 (Ch), 09.01.2025, https://caselaw.nationalarchives.gov.uk/ewhc/ch/2025/22.].             12.

  ,   ,    .       2020   Chainalysis.   ,  3,72  BTC         ,    ,  , [336 - Chainalysis, 60% of Bitcoin is Held Long Term as Digital Gold. What About the Rest?, 18.06.2020, https://www.chainalysis.com/blog/bitcoin-market-data-exchanges-trading/;      The Daily Hodl, 22.06.2020, https://dailyhodl.com/2020/06/22/staggering-35000000000-in-bitcoin-btc-is-forever-lost-reports-chainalysis/  Decrypt.].      .       ,     ,     ,    [337 - Chainalysis, 60% of Bitcoin is Held Long Term as Digital Gold. What About the Rest?, 18.06.2020, https://www.chainalysis.com/blog/bitcoin-market-data-exchanges-trading/;      The Daily Hodl, 22.06.2020, https://dailyhodl.com/2020/06/22/staggering-35000000000-in-bitcoin-btc-is-forever-lost-reports-chainalysis/  Decrypt.].    , ,        [338 - Lerner S. D. The Well Deserved Fortune of Satoshi Nakamoto, Bitcoin creator, Visionary and Genius, Bitslog, 17.04.2013, https://bitslog.com/2013/04/17/the-well-deserved-fortune-of-satoshi-nakamoto/.],    ,    . ,   ,     , ,      ,         .




,   


     ,    .   ,    .

15  2010 ,  19:04   ,      lfm ,   74 638,   ,    :           [339 - Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.].[340 -   bitcointalk (Satoshi Nakamoto Institute),  overflow bug SERIOUS, 15.08.2010, 19:04 UTC: seems a block at height 74638 has expoited a bug in the net. It uses an integer overflow to make a negative total transaction.   .]    ,   184 467 440 737,095 516 16 BTC   .      92,2  BTC,  ,  ,   0,01 BTC,      [341 - Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident.].          21 [342 - Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.].

   . ,   ,    [343 - Mastering Bitcoin, 3rd ed., . 6.],         . ,  ,   ,    ,      [344 - Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident.].     2


 ,         2


,      ,    64-   [345 - Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident.].     ,       .        (  , )    ,     [346 - Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident; Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.].

   ,       [347 - Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.].  20:59     .  21:06    :  ,     ,  , ,      ,     ,    [348 - Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.].[349 -  , 21:06 UTC: It would help if people stop generating. We will probably need to re-do a branch around the current one, and the less you generate the faster that will be.]       .        ,       .      ,      .  21:40     ,   23:17     0.3.10[350 - Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.].           ,        [351 - Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.].

   ,       ,        21  BTC[352 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.].    .         ,           .      (  ,   74 691,    ),    [353 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.].[354 -   16    74 689;       .        ,     ,   .]        ,    ,         74 638,      50 BTC [355 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.].[356 - , bitcointalk, 16.08.2010, 01:00 UTC: Its only if you generated a block in the bad chain after block 74638 that the 50 BTC from that will disappear.]

     .      ,   -    ,      .          .        .      ,     ,       .     ,    ,   -     .

      ,      .     ,        [357 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.].    .

         ,         .   ?           [358 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].     ?  ,  ,      ,       [359 - Bitcoin Developer Reference, Block Chain;   Bitcoin Core, src/kernel/chainparams.cpp (CMainParams): nPowTargetSpacing = 10 * 60; nPowTargetTimespan = 14 * 24 * 60 * 60; nSubsidyHalvingInterval = 210000, https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp; Mastering Bitcoin, 3rd ed., . 12; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].       ? ,     (    ,    ;    Colonial Pipeline  Bitfinex    [360 - U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ); U.S. Department of Justice, Office of Public Affairs, Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021, https://www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside; : https://www.justice.gov/usao-ndca/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists.]).  ,      :     ,   2010 ,       [361 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.].  ,     ,    ,  ,    ,      .

 2010  ,     .    ,               ,     [362 - Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident; Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.],          .        :  ,    ,    [363 - Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/; Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.].    ,    ,  [364 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.].   ,    ,    .          ,         ,     [365 - Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.].        ,   2010    [366 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.]. ,      ,            .




 3.   :    



       ,         ,     ,      ,       .  ,           ,     ,     ,         .    .     ,  ,   ,      ,         .

,        ,  .           : ,    ,     ,   -   .    ,     .     ,  ,  ,    ,       ,  ?




   


     ,    .  1982            [367 - L. Lamport, R. Shostak, M. Pease, The Byzantine Generals Problem, ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401, https://lamport.azurewebsites.net/pubs/byz.pdf.].         ,     ,          [368 - L. Lamport, R. Shostak, M. Pease, The Byzantine Generals Problem, ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401, https://lamport.azurewebsites.net/pubs/byz.pdf.].[369 - Lamport L., Shostak R., Pease M. The Byzantine Generals Problem. ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401.    SRI International. We imagine that several divisions of the Byzantine army are camped outside an enemy city, each division commanded by its own general. The generals can communicate with one another only by messenger.]     ,      .       :            [370 - L. Lamport, R. Shostak, M. Pease, The Byzantine Generals Problem, ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401, https://lamport.azurewebsites.net/pubs/byz.pdf.].

    .       ,     ,   ,     [371 - L. Lamport, R. Shostak, M. Pease, The Byzantine Generals Problem, ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401, https://lamport.azurewebsites.net/pubs/byz.pdf.].    ,          ,    ,      .

   .      ,     ,      ,       .      ,       [372 - Lamport, Shostak, Pease, 1982,    2 Impossibility results, https://lamport.azurewebsites.net/pubs/byz.pdf.].[373 -  , : It is shown that, using only oral messages, this problem is solvable if and only if more than two-thirds of the generals are loyal; so a single traitor can confound two loyal generals.]

,  :    .   ,         ,    .           ,  ,   .           .       .       ,      .

      .   ,   ,        [374 - Lamport, Shostak, Pease, 1982, , https://lamport.azurewebsites.net/pubs/byz.pdf.].[375 -  : With unforgeable written messages, the problem is solvable for any number of generals and possible traitors.]     :      .        ,        .

 ,       ,     .      ,   :  ,   ,   ,    [376 - Lamport, Shostak, Pease, 1982, , https://lamport.azurewebsites.net/pubs/byz.pdf.].     .       ,       [377 - BTC Nodes (Bitnodes), https://btcnodes.io/; API : https://btcnodes.io/api/v1/snapshots/latest/ ( 2026-09-26;   bitnodes.io  ).   Rodrigo Mart?nez.].  ,     ,       . ,   ,     .

         .  1999            (-    PBFT)[378 - M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf.].      ,     ,      ,    [379 - M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf.].[380 - Castro M., Liskov B. Practical Byzantine Fault Tolerance. Proceedings of the Third Symposium on Operating Systems Design and Implementation (OSDI 99), New Orleans, February 1999: it works in asynchronous environments like the Internet  :     ?(n?1)/3?    n,    f      3f+1   (M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf).]    .   ,      ,        3%  ,       [381 - Castro, Liskov, 1999 ( : Colyer, The Morning Paper, 2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/).].[382 -      NFS,       NFS   Digital Unix   ,   (Castro, Liskov, 1999 ( : Colyer, The Morning Paper, 2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/)).]

,    ,   :       [383 - M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf.].[384 - Castro, Liskov, 1999, p. 2: All replicas know the others public keys.]      .   ,  ,    ,   ,    ,   ,  . (          ,           [385 - M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of OSDI 99, 1999, https://www.usenix.org/conference/osdi-99/practical-byzantine-fault-tolerance (), http://pmg.csail.mit.edu/papers/osdi99.pdf;     A. Colyer, Practical Byzantine Fault Tolerance, The Morning Paper, 18.05.2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/.].)

     ,    [386 - Castro, Liskov, 1999 ( : Colyer, The Morning Paper, 2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/).].    ,     ,        . ,               ,    .

         .  ,     ,    ,   ,   ,        .      ,    ,  ,      ,        .




  


   ,  ,  .     2008    .      IP- (  ),       ,     .    ,   ,   ,    ,  [387 - S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.].      , , ,      [388 - S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.].[389 - Nakamoto S. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, section 4: Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it.]

   .     ,   ,   ,     .   ,   ,     ,        [390 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.]. (         .    ,      nonce,      [391 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.].     .)

             .  1992               ,      [392 - C. Dwork, M. Naor, Pricing via Processing or Combatting Junk Mail, Advances in Cryptology  CRYPTO 92, Lecture Notes in Computer Science, vol. 740, Springer, 1993, pp. 139147, DOI 10.1007/3-540-48071-4_10, https://link.springer.com/chapter/10.1007/3-540-48071-4_10;  IACR: https://iacr.org/cryptodb/data/paper.php?pubkey=1268.].[393 - Dwork C., Naor M. Pricing via Processing or Combatting Junk Mail. Advances in Cryptology  CRYPTO 92, LNCS 740, Springer, 1993, pp. 139147.  proof-of-work    ,    (C. Dwork, M. Naor, Pricing via Processing or Combatting Junk Mail, Advances in Cryptology  CRYPTO 92, Lecture Notes in Computer Science, vol. 740, Springer, 1993, pp. 139147, DOI 10.1007/3-540-48071-4_10, https://link.springer.com/chapter/10.1007/3-540-48071-4_10;  IACR: https://iacr.org/cryptodb/data/paper.php?pubkey=1268).]  ,  Hashcash     ,       1997 ,     [394 - Aaron van Wirdum, The Genesis Files: Hashcash or How Adam Back Designed Bitcoins Motor Block, Bitcoin Magazine, 04.06.2018, https://bitcoinmagazine.com/technical/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block;  : A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/hashcash.pdf (    SSL); Bitcoin Annotated, Hashcash, https://bitcoinannotated.com/entries/hashcash/;  : https://cypherpunks.venona.com/date/1997/03/msg00774.html (    522,  ); . van Wirdum.].     ,      :       ,   [395 - Aaron van Wirdum, The Genesis Files: Hashcash or How Adam Back Designed Bitcoins Motor Block, Bitcoin Magazine, 04.06.2018, https://bitcoinmagazine.com/technical/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block;  : A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/hashcash.pdf (    SSL).].[396 -         : the idea of using partial hashes is that they can be made arbitrarily expensive to compute, and yet can be verified instantly (Aaron van Wirdum, The Genesis Files: Hashcash or How Adam Back Designed Bitcoins Motor Block, Bitcoin Magazine, 04.06.2018, https://bitcoinmagazine.com/technical/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block;  : A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/hashcash.pdf (    SSL)).         28  1997 ,      2002 ,   ,  in May 1997 (Bitcoin Annotated, Hashcash, https://bitcoinannotated.com/entries/hashcash/;  : https://cypherpunks.venona.com/date/1997/03/msg00774.html (    522,  ); . van Wirdum);   1997 .]           [397 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.].

   :        ,   ,     [398 - S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.].  ,    ,    ,     .

    ,  ,      . ,        ,   ,       .  ,     ,         ,    (    [399 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.]).   .

       ,   ,    ,        .      [400 - Nakamoto S., Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, section 5, https://bitcoin.org/bitcoin.pdf (. 3).].[401 - Nakamoto, 2008, section 5: The tie will be broken when the next proof-of-work is found and one branch becomes longer; the nodes that were working on the other branch will then switch to the longer one.          ;     Bitcoin Core: Transactions which are mined into blocks that later become stale blocks may be added back into the memory pool (Bitcoin Developer Guide, P2P Network) (Bitcoin Developer Guide, P2P Network,  Memory Pool, https://developer.bitcoin.org/devguide/p2p_network.html).] ,     ,   :       ,           [402 - Bitcoin Developer Guide, P2P Network,  Memory Pool, https://developer.bitcoin.org/devguide/p2p_network.html.].  ,            .    ,    .








 3.1. 

    .       ,     ,       .        ,     ,    [403 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.].   ,   .

      ,  ,     51%.  ,   ,   ,        ,    [404 - Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf.].   ,    ,    -:     ,    ,    .    ,      .        ,    ,    [405 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.].[406 - Nakamoto, 2008, section 4: To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes.      ,   ,       (Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf).]

,       ,  30    .          ,     .     ,      ,       ,      .         ,     ,     ,    .           [407 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.].

   60   .       ,   ,        ;      .     .

(       :       [408 - Lamport, Shostak, Pease, 1982,    2 Impossibility results, https://lamport.azurewebsites.net/pubs/byz.pdf.],        ,    [409 - Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf.].)

      ?

,   .   -    ,          [410 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].           [411 - Mastering Bitcoin, 3rd ed., 2023, . 4.].        [412 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.],        .     ,       .

       ?   . ,    ,     ,    ,   ,      . ,  ,    ,   ,       [413 - Nakamoto, 2008,  6 Incentive, https://bitcoin.org/bitcoin.pdf.].[414 - Nakamoto, 2008, section 6: He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.]   ,         ,     ,  .   ,       [415 - Bitcoin Gold, Responding to Attacks, 24.05.2018, http://www.bitcoingold.org/responding-to-attacks/.],   ,    ,   .

        .     ,            ,      .  ,     (    ,   ,     ),           :     ,  .




      


      ,      ,     ,     .        ,      ,     .      ,     .  2016     ,         [416 -   Bitcoin Core, src/kernel/chainparams.cpp (CMainParams): nPowTargetSpacing = 10 * 60; nPowTargetTimespan = 14 * 24 * 60 * 60; nSubsidyHalvingInterval = 210000, https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp; Mastering Bitcoin, 3rd ed., . 12.].       ,  ,  , [417 - Bitcoin Wiki, Difficulty, https://en.bitcoin.it/wiki/Difficulty;   Nakamoto, 2008,  4 (the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour).].

    ,         ,      ,   .  2016      ,    ,        [418 - Bitcoin Wiki, Difficulty, https://en.bitcoin.it/wiki/Difficulty;   Nakamoto, 2008,  4 (the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour).].        ,       .

       ,   :    ,       .      :    ,       [419 - Bitcoin Wiki, Difficulty, https://en.bitcoin.it/wiki/Difficulty;   Nakamoto, 2008,  4 (the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour).].

     ,        (   ).    ,        ,       [420 - mempool.space, API mining/hashrate/1m  mining/pools/1m,  26.09.2026: https://mempool.space/api/v1/mining/hashrate/1m (currentHashrate ? 9,3410?? H/s;   2426.09.2026: 837, 933, 880 /); https://mempool.space/api/v1/mining/pools/1m (   ? 1,0210?? H/s).].    2026         [421 - mempool.space, API mining/hashrate/1m  mining/pools/1m,  26.09.2026: https://mempool.space/api/v1/mining/hashrate/1m (currentHashrate ? 9,3410?? H/s;   2426.09.2026: 837, 933, 880 /); https://mempool.space/api/v1/mining/pools/1m (   ? 1,0210?? H/s).].[422 -  mempool.space  26.09.2026:  9,34 ? 10


   ,   2426    837  933   ;      1,02 ? 10


.   ,  ,       10%,      .     , 19.09.2026   967 680,    4,2% (mempool.space, API mining/hashrate/1m  mining/pools/1m,  26.09.2026: https://mempool.space/api/v1/mining/hashrate/1m (currentHashrate ? 9,3410?? H/s;   2426.09.2026: 837, 933, 880 /); https://mempool.space/api/v1/mining/pools/1m (   ? 1,0210?? H/s)).      .]

    ,    . 21  2021              [423 -    gov.cn,   51-  , 21.05.2021, https://www.gov.cn/xinwen/2021-05/21/content_5610192.htm.].[424 -   51-         , gov.cn, 21.05.2021: ????????????.       24.09.2021 (   gov.cn,   51-  , 21.05.2021, https://www.gov.cn/xinwen/2021-05/21/content_5610192.htm).]        [425 - A. de Vries, U. Gallersd?rfer, L. Klaa?en, C. Stoll, Revisiting Bitcoins carbon footprint, Joule 6(3), 2022, pp. 498502, DOI 10.1016/j.joule.2022.02.005;   Euronews, Bitcoin mining was actually worse for the environment since China banned it, a new study says, 26.02.2022, https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa;    VU Amsterdam, https://research.vu.nl/en/publications/revisiting-bitcoins-carbon-footprint/.]. 3  2021     27,9%,          [426 - mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573).].[427 -  689 472;    0,7206 (mempool.space) (mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573)).      ,       57,47   ,    2022     248,11 (Cambridge Judge Business School / CCAF, Bitcoin mining  an (un)surprising resurgence?, 17.05.2022, https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/).]

        .     ,        ,        .       [428 - mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573).],    2022      [429 - Cambridge Judge Business School / CCAF, Bitcoin mining  an (un)surprising resurgence?, 17.05.2022, https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/.].

         .      ,  2021          ,    2022    21%,    ;      [430 - Cambridge Judge Business School / CCAF, Bitcoin mining  an (un)surprising resurgence?, 17.05.2022, https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/; CoinDesk (James Van Straten), China Returns as Third Largest BTC Mining Hub With a 14% Share: Reuters, 24.11.2025, https://www.coindesk.com/markets/2025/11/24/china-returns-as-third-largest-bitcoin-mining-hub-with-a-14-share-reuters.].[431 - Cambridge Judge Business School / CCAF. Bitcoin mining  an (un)surprising resurgence? 17.05.2022:     2022   21,11%,   37,84%,   (13,22%),  (6,48%),  (4,66%); significant underground mining activity has formed in the country     ,   IP   VPN   (Cambridge Judge Business School / CCAF, Bitcoin mining  an (un)surprising resurgence?, 17.05.2022, https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/).   2025   ,    (Hashrate Index   CoinDesk    Reuters),   14% ;  CryptoQuant     1520% (CoinDesk (James Van Straten), China Returns as Third Largest BTC Mining Hub With a 14% Share: Reuters, 24.11.2025, https://www.coindesk.com/markets/2025/11/24/china-returns-as-third-largest-bitcoin-mining-hub-with-a-14-share-reuters).      .]           ,     ,        .        ,     :   ,  ,   [432 - Bitcoin Wiki, Difficulty, https://en.bitcoin.it/wiki/Difficulty;   Nakamoto, 2008,  4 (the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour); mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573).].

       ,   .        ,       21 [433 - Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.].    ,      3,125 BTC   50[434 - Bitcoin Wiki, Halving day 2012, https://en.bitcoin.it/wiki/Halving_day_2012;  : https://en.bitcoin.it/wiki/Controlled_supply; The Block, Bitcoin ushers in fourth halving as miners block subsidy reward drops to 3.125 BTC, 20.04.2024, https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc;   https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc (  CNBC, 19.04.2024).].[435 -     210 000 ;        2140  (Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply).     210 000, 28.11.2012,  50 ? 25 BTC (Bitcoin Wiki, Halving day 2012, https://en.bitcoin.it/wiki/Halving_day_2012;  : https://en.bitcoin.it/wiki/Controlled_supply);    420 000, 09.07.2016, 25 ? 12,5 BTC (   mempool.space: https://mempool.space/api/block-height/420000 ?  000000000000000002cce816c0ab2c5c269cb081896b7dcb34b8422d6b74ffa1,   1468082773 (09.07.2016, 16:46 UTC); The Block, 20.04.2024 (  ), https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc);    630 000, 11.05.2020, 12,5 ? 6,25 BTC (mempool.space, https://mempool.space/api/block-height/630000 ?  000000000000000000024bead8df69990852c202db0e0097c1a12ea637d7e96d,   1589225023 (11.05.2020, 19:23 UTC); The Block, 20.04.2024 (the last halving on May 11, 2020));    840 000, 20.04.2024   , 6,25 ? 3,125 BTC,      900  450 BTC (The Block, Bitcoin ushers in fourth halving as miners block subsidy reward drops to 3.125 BTC, 20.04.2024, https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc;   https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc (  CNBC, 19.04.2024)).     1 050 000,  2028 ;       (Bitcoin Wiki, Controlled supply (next expected around 2028), https://en.bitcoin.it/wiki/Controlled_supply).]      ,     [436 - Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.].

     ,     .          ,       .      ,    ;       2008 [437 - Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.].    .   2025       , ,     Glassnode,     [438 - J. Butterfill (CoinShares), Bitcoin Mining Report  Q1 2026, 25.03.2026, https://coinshares.com/insights/research-data/bitcoin-mining-report-q1-2026/; W. Suberg, Bitcoin Miner Squeeze In Focus As Fees Make Up Under 0.7% Of Revenue, Cointelegraph, 12.08.2026, https://cointelegraph.com/markets/bitcoin-miners-earn-under-07-of-revenue-from-fees-in-new-10-year-low.].[439 -   Glassnode   Cointelegraph (12.08.2026),   2026     0,69%  ,  1%    ;  Glassnode  -: Bitcoin was below $400 the last time fee share was this low (W. Suberg, Bitcoin Miner Squeeze In Focus As Fees Make Up Under 0.7% Of Revenue, Cointelegraph, 12.08.2026, https://cointelegraph.com/markets/bitcoin-miners-earn-under-07-of-revenue-from-fees-in-new-10-year-low).   CoinShares,    2025    consistently below 1% of total block rewards,    0,018 BTC     3,125 BTC (J. Butterfill (CoinShares), Bitcoin Mining Report  Q1 2026, 25.03.2026, https://coinshares.com/insights/research-data/bitcoin-mining-report-q1-2026/). 20.04.2024,     Runes,     127,97 ,         75% (CoinDesk   BitInfoCharts  YCharts;     ,     ) (B. Keoun, Bitcoin Miners Reap Windfall as Runes Debut Sends Transaction Fees to Record Highs, CoinDesk, 21.04.2024, https://www.coindesk.com/tech/2024/04/21/bitcoin-miners-reap-windfall-as-runes-debut-sends-transaction-fees-to-record-highs). Coin Metrics:    2025     1,33%  ,  3,6   (T. Ved, Q1 2025 Bitcoin Data Special, Coin Metrics State of the Network, Issue 304, 25.03.2025, https://coinmetrics.substack.com/p/state-of-the-network-issue-304).      .]

  -. 20  2024 ,    ,         ,        ,           [440 - B. Keoun, Bitcoin Miners Reap Windfall as Runes Debut Sends Transaction Fees to Record Highs, CoinDesk, 21.04.2024, https://www.coindesk.com/tech/2024/04/21/bitcoin-miners-reap-windfall-as-runes-debut-sends-transaction-fees-to-record-highs.].   2025   ,        [441 - T. Ved, Q1 2025 Bitcoin Data Special, Coin Metrics State of the Network, Issue 304, 25.03.2025, https://coinmetrics.substack.com/p/state-of-the-network-issue-304.].   ,     ,  ,    ,        .

  ,      ,   ,       .       2016   ,  ,     ,  :       ,       ,     [442 - M. Carlsten, H. Kalodner, S. M. Weinberg, A. Narayanan, On the Instability of Bitcoin Without the Block Reward, Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security (CCS 16), pp. 154167, DOI 10.1145/2976749.2978408; PDF: https://www.cs.princeton.edu/~smattw/CKWN-CCS16.pdf;    A. Narayanan, CITP Blog, 21.10.2016, https://blog.citp.princeton.edu/2016/10/21/bitcoin-is-unstable-without-the-block-reward/.].[443 - Carlsten M., Kalodner H., Weinberg S. M., Narayanan A. On the Instability of Bitcoin Without the Block Reward. ACM CCS 16, pp. 154167.   : with only transaction fees, the variance of the miner reward is very high due to the randomness of the block arrival time, and it becomes attractive to fork a wealthy block to steal the rewards therein (M. Carlsten, H. Kalodner, S. M. Weinberg, A. Narayanan, On the Instability of Bitcoin Without the Block Reward, Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security (CCS 16), pp. 154167, DOI 10.1145/2976749.2978408; PDF: https://www.cs.princeton.edu/~smattw/CKWN-CCS16.pdf;    A. Narayanan, CITP Blog, 21.10.2016, https://blog.citp.princeton.edu/2016/10/21/bitcoin-is-unstable-without-the-block-reward/).]        .    ,             ,      ,   [444 - E. Budish, The Economic Limits of Bitcoin and the Blockchain, NBER Working Paper 24717, June 2018, https://www.nber.org/papers/w24717;    E. Budish, Trust at Scale: The Economic Limits of Cryptocurrencies and Blockchains, The Quarterly Journal of Economics 140(1), 2025, https://academic.oup.com/qje/article/140/1/1/7824430.].[445 - Budish E. The Economic Limits of Bitcoin and the Blockchain. NBER Working Paper 24717, 2018: the recurring, flow, payments to miners for running the blockchain must be large relative to the one-off, stock, benefits of attacking it. This is very expensive!    The Quarterly Journal of Economics, 2025. ,      ,     ;      (E. Budish, The Economic Limits of Bitcoin and the Blockchain, NBER Working Paper 24717, June 2018, https://www.nber.org/papers/w24717;    E. Budish, Trust at Scale: The Economic Limits of Cryptocurrencies and Blockchains, The Quarterly Journal of Economics 140(1), 2025, https://academic.oup.com/qje/article/140/1/1/7824430).]

   ,   ,      [446 - Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.],         .   .      ,    ,        ,   .

        . ,       ,   [447 - BTC Nodes (Bitnodes), https://btcnodes.io/; API : https://btcnodes.io/api/v1/snapshots/latest/ ( 2026-09-26;   bitnodes.io  ).   Rodrigo Mart?nez.].    ,     .

    144  (    ).        ,           700 .   .    ,        ,           .        .

             ,   ,       ,        [448 - Foundry USA Pool, FAQ What is Foundry USA Pools Payout Methodology?, https://pool-faq.foundrydigital.com/what-is-foundry-usa-pools-payout-methodology.].[449 - Foundry USA Pool, FAQ: Foundry USA Pool pays out to all pool members according to the Full-Pay-Per-Share (FPPS) payout scheme;       ,      (Foundry USA Pool, FAQ What is Foundry USA Pools Payout Methodology?, https://pool-faq.foundrydigital.com/what-is-foundry-usa-pools-payout-methodology).         MARA Pool: MARA Pool is the only self-owned and operated mining pool among public miners (MARA, -   2025 ) (MARA, -     2025 , https://ir.mara.com/news-events/press-releases/detail/1396/mara-announces-bitcoin-production-and-mining-operation-updates-for-may-2025).]     ,   . ,  ,        ( :         [450 - MARA, -     2025 , https://ir.mara.com/news-events/press-releases/detail/1396/mara-announces-bitcoin-production-and-mining-operation-updates-for-may-2025.]).     ,   ,     ,    ,         [451 - mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026).].

 ,     ,     . ,    - ,  ,    ,          (        ,       ).

   26  2026       60%   [452 - mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026).].[453 - mempool.space, 4546     26.09.2026: Foundry USA  25,4%, AntPool  19,4%, F2Pool  15,0%, ViaBTC  8,7%, SpiderPool  8,4%, MARA Pool  5,3%;     45%,    77%.      ,     (mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026)).  2026 ,   Hashrate Index,  Foundry  34,2% (CoinDesk (Shaurya Malwa), Bitcoin mining pools with 75% of BTC hashrate join open standard for block construction, 11.05.2026, https://www.coindesk.com/markets/2026/05/11/bitcoin-mining-pools-with-75-of-btc-hashrate-join-open-standard-for-block-construction).      .]    ,      .   ,    ,         .

  .  2026        ,    [454 - CoinDesk (Shaurya Malwa), Bitcoin mining pools with 75% of BTC hashrate join open standard for block construction, 11.05.2026, https://www.coindesk.com/markets/2026/05/11/bitcoin-mining-pools-with-75-of-btc-hashrate-join-open-standard-for-block-construction; mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026).].       ,     . ,   ,   .

     .  2024      b10c   ,     ,        .         37,6% , ,      [455 - b10c, Block Template Similarities between Mining Pools, 16.09.2024, https://b10c.me/observations/12-template-similarity/.].[456 - b10c. Block Template Similarities between Mining Pools, 16.09.2024.  AntPool, Poolin  BTC.com    9899%,       ;        .         Foundry  31,3% (b10c, Block Template Similarities between Mining Pools, 16.09.2024, https://b10c.me/observations/12-template-similarity/).    Stratum V2   2026   Foundry, AntPool, F2Pool, SpiderPool, MARA Pool,   Block Inc  DMND       (CoinDesk (Shaurya Malwa), Bitcoin mining pools with 75% of BTC hashrate join open standard for block construction, 11.05.2026, https://www.coindesk.com/markets/2026/05/11/bitcoin-mining-pools-with-75-of-btc-hashrate-join-open-standard-for-block-construction).]   ,       [457 - b10c, Block Template Similarities between Mining Pools, 16.09.2024, https://b10c.me/observations/12-template-similarity/.].        ,         .

    .   2026   ,        ,       Stratum V2,       [458 - CoinDesk (Shaurya Malwa), Bitcoin mining pools with 75% of BTC hashrate join open standard for block construction, 11.05.2026, https://www.coindesk.com/markets/2026/05/11/bitcoin-mining-pools-with-75-of-btc-hashrate-join-open-standard-for-block-construction.].

  .   2022 ,     ,       ,        38% [459 - C. Stoll, L. Klaa?en, U. Gallersd?rfer, A. Neum?ller, Climate Impacts of Bitcoin Mining in the U.S., MIT CEEPR Working Paper 2023-11, June 2023, https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf.]. ,   ,  ,    38%     2022      [460 - C. Stoll, L. Klaa?en, U. Gallersd?rfer, A. Neum?ller, Climate Impacts of Bitcoin Mining in the U.S., MIT CEEPR Working Paper 2023-11, June 2023, https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf.].[461 - Stoll C., Klaa?en L., Gallersd?rfer U., Neum?ller A. Climate Impacts of Bitcoin Mining in the U.S. MIT CEEPR Working Paper 2023-11, June 2023: This number provides empirical evidence that at least 38% of all Bitcoin mining activity was located in the U.S. and Canada by December 2022.    100   .          (C. Stoll, L. Klaa?en, U. Gallersd?rfer, A. Neum?ller, Climate Impacts of Bitcoin Mining in the U.S., MIT CEEPR Working Paper 2023-11, June 2023, https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf).  :    75,4%     49 ,    7,1%;   ,        (Cambridge Judge Business School, Cambridge study: sustainable energy rising in Bitcoin mining, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/; : https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf).]   ,      2025 ,      [462 - Cambridge Judge Business School, Cambridge study: sustainable energy rising in Bitcoin mining, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/; : https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf.].

      .    ,  ,  ,  ,   ,   . ,     ,   .  -    ,     [463 - Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].  .              .




   


,    ,   ,   ,   ,      2018 [464 - Semantic Scholar API,  DOI 10.1016/j.joule.2018.04.016  10.1016/j.joule.2022.02.005, https://api.semanticscholar.org/graph/v1/paper/DOI:10.1016/j.joule.2022.02.005.].    .       :      ,  , , ,   [465 - CCAF, CBECI  Methodology, https://ccaf.io/cbnsi/cbeci/methodology.].  Digiconomist       .    , ,       ,       -[466 - Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026).].

   ,    2025 ,      138 - (-    -),     [467 - Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/, ).].  Digiconomist 26  2026    204 -[468 - Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026).].[469 -    :    ,    2025 ,   138  ( 0,54%  )  39,8  CO2-. (Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/, ));    20202021   173,42  (United Nations University, - UN Study Reveals the Hidden Environmental Impacts of Bitcoin: Carbon is Not the Only Harmful By-product, 24.10.2023, https://unu.edu/press-release/un-study-reveals-hidden-environmental-impacts-bitcoin-carbon-not-only-harmful-product; : S. Chamanara, S. A. Ghaffarizadeh, K. Madani, The environmental footprint of Bitcoin mining across the globe: Call for urgent action, Earths Future 11, e2023EF003871, https://agupubs.onlinelibrary.wiley.com/doi/10.1029/2023EF003871); Digiconomist  26.09.2026   204   114  CO2 (Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026)).  ,     (  17%  ,     2024 ),   2024 ;          ,     (Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/, )).          (   ),    (,    )      5    (CCAF, CBECI  Methodology, https://ccaf.io/cbnsi/cbeci/methodology). Digiconomist    ,      73,6%   (Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026)).  ,  2019        2080  (G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap).      .]     ,     .

         .         :     ,       [470 - CCAF, CBECI  Methodology, https://ccaf.io/cbnsi/cbeci/methodology.].      .     ,         [471 - J. Koomey, Estimating Bitcoin Electricity Use: A Beginners Guide, Coin Center,  2019, https://www.coincenter.org/estimating-bitcoin-electricity-use-a-beginners-guide/; G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap.].[472 - Koomey J. Estimating Bitcoin Electricity Use: A Beginners Guide. Coin Center, May 2019: consistently about a factor of two higher than the more credible estimates. ,    (Kamiya, 2019),  ,      60% : These key assumptions have been criticised to overestimate electricity consumption (G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap).] (     ,    ,       [473 - J. Koomey, Estimating Bitcoin Electricity Use: A Beginners Guide, Coin Center,  2019, https://www.coincenter.org/estimating-bitcoin-electricity-use-a-beginners-guide/.].)

       .     10  ;  60%       5   -,  6  ,   120 -.   60% ,    ,        .        -  5 ,      ,   .        ,     [474 - CCAF, CBECI  Methodology, https://ccaf.io/cbnsi/cbeci/methodology; G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap.].

             ( Digiconomist  804 -[475 - Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026).]).             ,   ,   ,     [476 - G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap.].[477 - Kamiya G. Bitcoin energy use  mined the gap. IEA Commentary, 04.07.2019: comparisons on a per-transaction basis are not meaningful in the context of PoW blockchains, particularly because the energy required for the networks to function is independent of the number of processed transactions.]      :    ,       [478 - API mempool.space, https://mempool.space/api/v1/blocks ( 2026-09-26).].        ,     ,      .

    ,    .            ,         .     :     20202021    23%[479 - United Nations University, - UN Study Reveals the Hidden Environmental Impacts of Bitcoin: Carbon is Not the Only Harmful By-product, 24.10.2023, https://unu.edu/press-release/un-study-reveals-hidden-environmental-impacts-bitcoin-carbon-not-only-harmful-product; : S. Chamanara, S. A. Ghaffarizadeh, K. Madani, The environmental footprint of Bitcoin mining across the globe: Call for urgent action, Earths Future 11, e2023EF003871, https://agupubs.onlinelibrary.wiley.com/doi/10.1029/2023EF003871.],          2021 ,             ,   ,   ,   [480 - A. de Vries, U. Gallersd?rfer, L. Klaa?en, C. Stoll, Revisiting Bitcoins carbon footprint, Joule 6(3), 2022, pp. 498502, DOI 10.1016/j.joule.2022.02.005;   Euronews, Bitcoin mining was actually worse for the environment since China banned it, a new study says, 26.02.2022, https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa;    VU Amsterdam, https://research.vu.nl/en/publications/revisiting-bitcoins-carbon-footprint/.].[481 -     (Joule, 2022):      41,6%  2020   25,1%   2021  (A. de Vries, U. Gallersd?rfer, L. Klaa?en, C. Stoll, Revisiting Bitcoins carbon footprint, Joule 6(3), 2022, pp. 498502, DOI 10.1016/j.joule.2022.02.005;   Euronews, Bitcoin mining was actually worse for the environment since China banned it, a new study says, 26.02.2022, https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa;    VU Amsterdam, https://research.vu.nl/en/publications/revisiting-bitcoins-carbon-footprint/).    ,       ;   Euronews  26.02.2022: It clearly is not working because the network actually got less green during the year.          65,4  CO2  ,     (A. de Vries, U. Gallersd?rfer, L. Klaa?en, C. Stoll, Revisiting Bitcoins carbon footprint, Joule 6(3), 2022, pp. 498502, DOI 10.1016/j.joule.2022.02.005;   Euronews, Bitcoin mining was actually worse for the environment since China banned it, a new study says, 26.02.2022, https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa;    VU Amsterdam, https://research.vu.nl/en/publications/revisiting-bitcoins-carbon-footprint/).]     49     2025 .  ,    ,     ,       ,   [482 - Cambridge Judge Business School, Cambridge study: sustainable energy rising in Bitcoin mining, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/; : https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf; Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining//https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf, ).].[483 -    20202021 :   45%,   21%,   16%,   9%,   5%,   2% (United Nations University, - UN Study Reveals the Hidden Environmental Impacts of Bitcoin: Carbon is Not the Only Harmful By-product, 24.10.2023, https://unu.edu/press-release/un-study-reveals-hidden-environmental-impacts-bitcoin-carbon-not-only-harmful-product; : S. Chamanara, S. A. Ghaffarizadeh, K. Madani, The environmental footprint of Bitcoin mining across the globe: Call for urgent action, Earths Future 11, e2023EF003871, https://agupubs.onlinelibrary.wiley.com/doi/10.1029/2023EF003871).   2025 : 52,4%    (42,6%  , 9,8%   ),   38,2%,   8,9%;  2022    36,6% (Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining//https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf, )).         ,       . ,     , ,           ,      ;        (C. Stoll, L. Klaa?en, U. Gallersd?rfer, A. Neum?ller, Climate Impacts of Bitcoin Mining in the U.S., MIT CEEPR Working Paper 2023-11, June 2023, https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf).]

      ,       ,[484 -      . U.S. EIA. Tracking electricity consumption from U.S. cryptocurrency mining operations, 01.02.2024: annual electricity use from cryptocurrency mining probably represents from 0.6% to 2.3% of U.S. electricity consumption,         .   137   (U.S. EIA, Tracking electricity consumption from U.S. cryptocurrency mining operations, Today in Energy, 01.02.2024, https://www.eia.gov/todayinenergy/detail.php?id=61364).]       ,     .     ,     ,      [485 - Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/, ); ethereum.org, Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ ( 26.09.2026).].      Ethereum (   2023 )         - ,       [486 - ethereum.org, Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ ( 26.09.2026).].[487 - ethereum.org, Ethereum energy consumption:   149   ,  -  190,    131.    ;     2023 ,      (ethereum.org, Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ ( 26.09.2026)).]

   ,   ,   .         ,      .     ,     ,      [488 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.].      ,    ,         .  ,     ,    :              .

            ,     .    ,     ,     ,    [489 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf; Nakamoto, 2008,  6 Incentive, https://bitcoin.org/bitcoin.pdf.].  ,        [490 - ethereum.org, The Merge, https://ethereum.org/en/roadmap/merge/; Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ (  https://ethereum.org/en/roadmap/merge//https://ethereum.org/energy-consumption/,  26.09.2026).].




    


    ,     ,       .     ,       .

  ,     . ,   1000   .     ,       . ,   ,     ,      .    ,    .   ,       ,     1000     .    ,      ,   [491 - Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend (  https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend).].








 3.2.  

Ethereum Classic   ,    Ethereum,     2016  (  Ethereum,        4)[492 - CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly); ethereum.org, Ethereum Fork Timeline (DAO fork), https://ethereum.org/en/ethereum-forks/.].   2020      ,   , 29 ,   7000 ,     [493 - CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly).].[494 -   (1 )  3693 ,    4,2 .  (CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly); CoinDesk, Ethereum Classic Attacker Successfully Double-Spends $1.68M in Second Attack: Report, 07.08.2020, https://www.coindesk.com/markets/2020/08/07/ethereum-classic-attacker-successfully-double-spends-168m-in-second-attack-report).            Bitfly   CoinDesk (CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly)).]  Coinbase      :         [495 - Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/.].[496 - Coinbase,   2020 ,   Crowdfund Insider: At 11:10 PM PST 7/31/2020, Coinbase Blockchain Security was alerted that Coinbases ETC nodes were not seeing new blocks at the expected interval. (Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/)]      ,      ,        .

  ,  -,   . Coinbase     ,   ,       460 . ETC,  3,2  [497 - Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/.].   Bitquery             1,7  ,  [498 - CoinDesk, Ethereum Classic Attacker Successfully Double-Spends $1.68M in Second Attack: Report, 07.08.2020, https://www.coindesk.com/markets/2020/08/07/ethereum-classic-attacker-successfully-double-spends-168m-in-second-attack-report.].[499 -  Coinbase,         800 . ETC (?5,8  ),     460 . ETC (?3,2  ) (Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/).  Bitquery,    (6  2020   UTC)     465 444 ETC (?3,3  ),    238 306 ETC (?1,68  ) (CoinDesk, Ethereum Classic Attacker Successfully Double-Spends $1.68M in Second Attack: Report, 07.08.2020, https://www.coindesk.com/markets/2020/08/07/ethereum-classic-attacker-successfully-double-spends-168m-in-second-attack-report).]            .  Coinbase ,         [500 - Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/.].

    Coinbase      ETC   [501 - CoinDesk, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month.].[502 -  OKEx     ETC   -    (CoinDesk, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month).]         .

   , Bitcoin Gold,       2018  ,      :        ,        [503 - Bitcoin Gold, Responding to Attacks, 24.05.2018, http://www.bitcoingold.org/responding-to-attacks/.].       ,      ,             ,     .

  MIT,     ,       [504 - MIT Digital Currency Initiative, 51% Attacks (  PoW-; .-. , . , . ), http://www.dci.mit.edu/projects/51-percent-attacks.].[505 - MIT Digital Currency Initiative,  51% Attacks: Expanse, Litecoin Cash ( 2019 ), Vertcoin ( 2019 ),    Bitcoin Gold   2020        72 .  (MIT Digital Currency Initiative, 51% Attacks (  PoW-; .-. , . , . ), http://www.dci.mit.edu/projects/51-percent-attacks).]         [506 - MIT Digital Currency Initiative, 51% Attacks (  PoW-; .-. , . , . ), http://www.dci.mit.edu/projects/51-percent-attacks.].

        .

  2013       ,     0.7  0.8 -      (  ,  )[507 - BIP 50, March 2013 Chain Fork Post-Mortem, https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki.].   .   , BTC Guild  Slush,       ,       ,       [508 - BIP 50, March 2013 Chain Fork Post-Mortem, https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki.].[509 - BIP 50. March 2013 Chain Fork Post-Mortem: BTCGuild and Slush downgraded their Bitcoin 0.8 nodes to 0.7 so their pools would also reject the larger block.]

      .       ,    .          ,    ,   [510 - BIP 50, March 2013 Chain Fork Post-Mortem, https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki.].

          ,         :       ? ,       ,   [511 - mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573).].   ,  ,          ,      ,     [512 - mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026); Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.].       .    ,   2010   2013 ,    ,  ,   [513 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC; BIP 50, March 2013 Chain Fork Post-Mortem, https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki.].  ,    ,     .




  


      .        .         ,       ,    ,     .      ,          ,    ,     .     (,          ),  .  - ,      ,        .

    ,      (  stake, ).  Ethereum;    , ETH.   ,    ,   32 ETH             [514 - ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.].        12 .        ,          ,   [515 - ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.].[516 - ethereum.org, Proof-of-stake: Time in proof-of-stake Ethereum is divided into slots (12 seconds) and epochs (32 slots).     ,      (ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/).]

   .   ,            .     ,       32 ETH,        [517 - ethereum.org, Gasper, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/gasper/; Proof-of-stake, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.].   Ethereum  ,     ,         [518 - ethereum.org, Gasper, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/gasper/; Proof-of-stake, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.].

   .    ,          :    [519 - ethereum.org, Gasper, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/gasper/; Proof-of-stake, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.].    .          ,      [520 - Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.].

    . Ethereum    :       ,        ,     [521 - ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.].     .    (   32 ETH     ),   18-   ,    ,     ,    [522 - ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.].[523 -    32 ETH    0,007 812 5 ETH;       36 .        ,    36 : scales with the total staked ether of all slashed validators.         ,     ,        (ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/).]

,  ,     -         .     ,    ,        ,     .  ,   ,      ,        .        ,       ,     [524 - ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.].

        ,        ,       ,      .            ,        [525 - ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.].[526 - ethereum.org, Proof-of-stake attack and defense: Assuming that the Ethereum network is asynchronous an attacker controlling 34% of the total stake could cause double finality; The attacker would necessarily destroy their entire stake (ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/).]       Ethereum,       :   - ,        [527 - ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.].

     . ,  ,            ,      [528 - ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.].     ,      .        4,     ,   Ethereum  .








 3.3.     

Ethereum          15  2022 ;    The Merge.  ,     ,         99,9%[529 - ethereum.org, The Merge, https://ethereum.org/en/roadmap/merge/; Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ (  https://ethereum.org/en/roadmap/merge//https://ethereum.org/energy-consumption/,  26.09.2026).].[530 - ethereum.org,   :     99,988%,   0,0026   ,   CCRI;  The Merge    99,95%.       ~21  ~94    (ethereum.org, The Merge, https://ethereum.org/en/roadmap/merge/; Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ (  https://ethereum.org/en/roadmap/merge//https://ethereum.org/energy-consumption/,  26.09.2026)).]  ,      .

          :    ,       10% ,  [531 - ethereum.org, The Merge,   , https://ethereum.org/en/roadmap/merge/ (  https://ethereum.org/en/roadmap/merge/, ).].[532 - ethereum.org, The Merge: The Merge was a change of consensus mechanism, not an expansion of network capacity, and was never intended to lower gas fees.]        ,       .

       . ,   ,      12  2023 ,       ,  ,    ,  [533 - ethereum.org, The Merge ( ), https://ethereum.org/en/roadmap/merge/; ethereum.org, Pectra, https://ethereum.org/en/roadmap/pectra/;  Shanghai  https://ethereum.org/en/ethereum-forks/ (ethereum.org, Fork Timeline).].    2026        ,         [534 - Validator Queue ( beaconcha.in), https://www.validatorqueue.com/ ( 26.09.2026).].[535 - Validator Queue ( beaconcha.in)  26.09.2026:  43,3  ETH  ,  35,5%  ;  892 .  ;       1,66  ETH (Validator Queue ( beaconcha.in), https://www.validatorqueue.com/ ( 26.09.2026)).      .]     ( 2,6%     ),            [536 - Validator Queue ( beaconcha.in), https://www.validatorqueue.com/ ( 26.09.2026); ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.].  ,         ,   .

   .      Lido,            [537 - CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, .].   2023   Lido  32,3%    ,   Ethereum    33%[538 - CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, .].    ,        [539 - ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.].        2026    [540 - Lido, API  stETH, https://eth-api.lido.fi/v1/protocol/steth/stats ( totalStaked = 9 797 125,47;  26.09.2026);    Validator Queue, https://www.validatorqueue.com/.].[541 -  9,80  ETH  API Lido  26.09.2026,    22,6%  43,3  ETH  ;     (Lido, API  stETH, https://eth-api.lido.fi/v1/protocol/steth/stats ( totalStaked = 9 797 125,47;  26.09.2026);    Validator Queue, https://www.validatorqueue.com/).   2025    24,4% (  Dune   CoinDesk) (CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, ).      .]    ,    [542 - CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, .].

      .   2025       2048 ETH[543 - ethereum.org, The Merge ( ), https://ethereum.org/en/roadmap/merge/; ethereum.org, Pectra, https://ethereum.org/en/roadmap/pectra/;  Shanghai  https://ethereum.org/en/ethereum-forks/ (ethereum.org, Fork Timeline).],      ,     .

  -          ,  ,     .     ,          ,      ,     [544 - CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, .]. ,    ,   .  ,        .

      ,    .         ,          .

     ,      .       .       ,     ,      ,    ,      ,      .       .   ,     ,     , ,  ,        ,     .

         ,     ,   ,     .        ,   .    ,   ,        ;     ,      .    ,  :      ,        ,    (     ,        [545 - Nakamoto, 2008,  6 Incentive, https://bitcoin.org/bitcoin.pdf.]).




   


    .         ( ,    ,   ),       ,        .       2026        8   [546 - Blockchain.com,  Confirmed Transactions Per Day, API: https://api.blockchain.info/charts/n-transactions?timespan=30days&format=json ( 26.09.2026).]. Visa    30  2025      10 400   [547 - Visa, Visa Fact Sheet (FY26), https://corporate.visa.com/content/dam/VCOM/corporate/documents/about-visa-factsheet.pdf.].      .[548 - Visa Fact Sheet: 329    12   30.09.2025,     ;           (Visa, Visa Fact Sheet (FY26), https://corporate.visa.com/content/dam/VCOM/corporate/documents/about-visa-factsheet.pdf). :  696 .      27   25  2026  (Blockchain.com) (Blockchain.com,  Confirmed Transactions Per Day, API: https://api.blockchain.info/charts/n-transactions?timespan=30days&format=json ( 26.09.2026)).    Visa (47 000, 56 000  65 000  )      ,     Visa    (J. Poon, T. Dryja, The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, DRAFT Version 0.5.9.2, 14.01.2016, https://lightning.network/lightning-network-paper.pdf; Visa, Visa Fact Sheet (FY26), https://corporate.visa.com/content/dam/VCOM/corporate/documents/about-visa-factsheet.pdf).      .] ( ,         ,      [549 - Blockchain.com,  Confirmed Transactions Per Day, API: https://api.blockchain.info/charts/n-transactions?timespan=30days&format=json ( 26.09.2026).].)

  Visa     ? Visa      .         ,      ,     .   ,       ,    .         ,     ,        ,  [550 - Castro, Liskov, 1999 ( : Colyer, The Morning Paper, 2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/).].

            [551 - BTC Nodes (Bitnodes), https://btcnodes.io/; API : https://btcnodes.io/api/v1/snapshots/latest/ ( 2026-09-26;   bitnodes.io  ).   Rodrigo Mart?nez.].         ,       .

      ?

 2016    ,      .      ,       ,     [552 - Croman et al., 2016,  1, https://www.comp.nus.edu.sg/~prateeks/papers/Bitcoin-scaling.pdf.].  ,            [553 - Croman et al., 2016,  1, https://www.comp.nus.edu.sg/~prateeks/papers/Bitcoin-scaling.pdf.].[554 - Croman K. et al. On Scaling Decentralized Blockchains (A Position Paper). Financial Cryptography 2016 Workshops: fundamental protocol redesign is needed for blockchains to scale significantly while retaining their decentralization.   ,  90%    ,        4  (  27   ),         12  (Croman et al., 2016,  1, https://www.comp.nus.edu.sg/~prateeks/papers/Bitcoin-scaling.pdf).       7    (K. Croman et al., On Scaling Decentralized Blockchains (A Position Paper), Financial Cryptography 2016 Workshops (BITCOIN16), https://www.comp.nus.edu.sg/~prateeks/papers/Bitcoin-scaling.pdf).]  Lightning Network       .    Visa   ,      8    ,  400    ,  ,    ,      [555 - J. Poon, T. Dryja, The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, DRAFT Version 0.5.9.2, 14.01.2016, https://lightning.network/lightning-network-paper.pdf.].[556 - Poon J., Dryja T. The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments. Draft 0.5.9.2, 14.01.2016: The payment network Visa achieved 47,000 peak transactions per second (tps) on its network during the 2013 holidays Currently, Bitcoin supports less than 7 transactions per second with a 1 megabyte block limit.]

 ,    Ethereum,    .     :  ,     ;       ;     .  ,  ,       [557 - V. Buterin, Why sharding is great: demystifying the technical properties, 07.04.2021, https://vitalik.eth.limo/general/2021/04/07/sharding.html;     ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/.].[558 - Buterin V. Why sharding is great: demystifying the technical properties, 07.04.2021: if you stick to simple techniques, you can only get two of those three.      ,    (V. Buterin, Why sharding is great: demystifying the technical properties, 07.04.2021, https://vitalik.eth.limo/general/2021/04/07/sharding.html;     ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/).]    ,   [559 - V. Buterin, Why sharding is great: demystifying the technical properties, 07.04.2021, https://vitalik.eth.limo/general/2021/04/07/sharding.html;     ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/.],    ,   ,   ,       .

   .  ,      ,      ,         .   ,     .    ,       ,    [560 - Poon, Dryja, 14.01.2016, , https://lightning.network/lightning-network-paper.pdf.].

  Lightning Network,   2016 .    ,      ,            [561 - Poon, Dryja, 14.01.2016, , https://lightning.network/lightning-network-paper.pdf.].[562 -       . Poon, Dryja, 2016, : A decentralized system is proposed whereby transactions are sent over a network of micropayment channels (a.k.a. payment channels or transaction channels) whose transfer of value occurs off-blockchain.]   .    2026     Lightning   3800 BTC,      [563 - mempool.space, Lightning statistics, API: https://mempool.space/api/v1/lightning/statistics/latest (  2026-08-25;  26.09.2026).].[564 - mempool.space,   25.08.2026:  16,4 . , 33,3 . ,    3843 BTC.      (mempool.space, Lightning statistics, API: https://mempool.space/api/v1/lightning/statistics/latest (  2026-08-25;  26.09.2026)).      .]

 Ethereum  ,    (    ),    (  roll up, ).    ,    ,          ,     [565 - ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/.].     ,  -   ,   ,        [566 - ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/.].

      ,              .      ,  -     .       ,    ,    .

  2024           [567 - ethereum.org, Ethereum Fork Timeline, https://ethereum.org/en/ethereum-forks/ (  https://ethereum.org/en/ethereum-forks/).]. ,      ,    :      [568 - ethereum.org, Ethereum Fork Timeline, https://ethereum.org/en/ethereum-forks/ (  https://ethereum.org/en/ethereum-forks/); ethereum.org, The Merge,   , https://ethereum.org/en/roadmap/merge/ (  https://ethereum.org/en/roadmap/merge/, ).].     L2BEAT, 26  2026         80   ,    Ethereum[569 - L2BEAT, Activity, https://l2beat.com/scaling/activity ( 26.09.2026,    ).].[570 - L2BEAT, Activity,     26.09.2026:     26    ,       2120.       L2BEAT,       (L2BEAT, Activity, https://l2beat.com/scaling/activity ( 26.09.2026,    )).      .]

   ,     . L2BEAT     .        .           , ,    ,     .     ,          30 ,  [571 - L2BEAT, Stages, https://l2beat.com/stages; L2BEAT, Stages, https://l2beat.com/stages ( 27.09.2026).].  2026     17       :    ,   [572 - L2BEAT, Scaling  Summary, https://l2beat.com/scaling/summary ( 27.09.2026).].[573 - L2BEAT, Stages:    the only way (other than bugs) for a rollup to indefinitely block an L2?L1 message or push an invalid L2?L1 message is by compromising ?75% of the Security Council;     ,       7    (L2BEAT, Stages, https://l2beat.com/stages ( 27.09.2026)). L2BEAT, Scaling  Summary, 27.09.2026:     Base, Arbitrum One, OP Mainnet, Starknet, Ink, Unichain;      (Base, Arbitrum One, OP Mainnet)    ;      Mantle, Linea, ZKsync Era, Scroll, Taiko.  L2BEAT    23 ,   17       ;      ,        (L2BEAT, Scaling  Summary, https://l2beat.com/scaling/summary ( 27.09.2026)).   ;      .]  ,       ,   .

     ,          .      : ,    (,     ,   ,     )?       ,    -    ?  ,    ,  -   ?   ,        .

      :

       ,     [574 - S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.];

,    ,       ,   ,   ,    ,        [575 - ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/; ethereum.org, Gasper, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/gasper/; Proof-of-stake, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/; ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.];

         ,       ,      [576 - Poon, Dryja, 14.01.2016, , https://lightning.network/lightning-network-paper.pdf.].

 ,     ,  -    ,   : ,   , ,    ,     ,     .      .  ,      ,     .

     ,     ,   .     ,   ,  ,  ,    ,   : Ethereum         [577 - ethereum.org, Ethereum Fork Timeline, https://ethereum.org/en/ethereum-forks/; ethereum.org, Ethereum Fork Timeline (DAO fork), https://ethereum.org/en/ethereum-forks/.].




 4.  : -   



17  2016   The DAO   . The DAO     Ethereum.              [578 - SEC,   The DAO, 2017, . 23 ( https://www.sec.gov/files/litigation/investreport/34-81207.pdf, ); SEC,   The DAO, 2017, . 6.].        ,   3,6  ETH,  ,   ,   [579 - SEC,   The DAO, 2017, . 9 ( , ).].      ,    Ethereum,     Ethereum,   The DAO      ,   Ethereum            27 [580 - Vitalik Buterin, CRITICAL UPDATE Re: DAO Vulnerability, Ethereum Foundation Blog, 17.06.2016, https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability.].[581 - Buterin V. CRITICAL UPDATE Re: DAO Vulnerability. Ethereum Foundation Blog, 17.06.2016: An attack has been found and exploited in the DAO, and the attacker is currently in the process of draining the ether contained in the DAO into a child DAO; This is an issue that affects the DAO specifically; Ethereum itself is perfectly safe.]      The DAO[582 - SEC,   The DAO, 2017, . 9 ( , ).].    ,    .

 The DAO ,          [583 - SEC,   The DAO, 2017, . 5 (   daohub.org,  18).].[584 -    daohub.org   SEC: SEC. Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO. Release No. 81207, 25.07.2017, p. 5: To blaze a new path in business for the betterment of its members, existing simultaneously nowhere and everywhere and operating solely with the steadfast iron will of unstoppable code.] 20 ,      ,   Ethereum    ,          The DAO   ,      [585 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork; ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/ ( https://ethereum.org/en/ethereum-forks/, ); Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.].       [586 - SEC,   The DAO, 2017, . 910   32 ( , ).].

   ,      .

-  ,    ,       ,   .         ,      ,  ,  ,     -.




  


     .  1994    ( ,    bit gold,      )  -   ,    [587 - Nick Szabo, Smart Contracts, 1994 (    Copyright (c) 1994 by Nick Szabo), https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart.contracts.html;      1994  SEC    The DAO (2017),  3, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.].[588 - Szabo N. Smart Contracts, 1994: A smart contract is a computerized transaction protocol that executes the terms of a contract.      ;      ,      1994   SEC    The DAO ( 3).]     :        ,    ,  ,   ,      [589 - Szabo, Smart Contracts, 1994,   SEC:   The DAO, Release No. 81207, 25.07.2017, . 2,  3, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.].[590 -  ,   SEC (  The DAO, . 2,  3): minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries.  ,  ,     ,      ,   .]   .        ,                [591 - Szabo, Smart Contracts, 1994,   SEC:   The DAO, Release No. 81207, 25.07.2017, . 2,  3, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.].

 1996    ,    : -          ,      [592 - Nick Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996 (: Extropy #16,  ; Copyright (c) 1996 by Nick Szabo), https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart_contracts_2.html.].      ,  -    .   -     .            ,    ,    ,     [593 - Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996.].[594 - Szabo N. Smart Contracts: Building Blocks for Digital Markets. Extropy #16, 1996: A canonical real-life example, which we might consider to be the primitive ancestor of smart contracts, is the humble vending machine. Within a limited amount of potential loss (the amount in the till should be less than the cost of breaching the mechanism), the machine takes in coins, and via a simple mechanism dispense change and product fairly.  1996 : A smart contract is a set of promises, specified in digital form, including protocols within which the parties perform on these promises.] ( ,       1994 .   ,          [595 - Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996.].)

     .       ,       [596 - Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996.].      , ,    ,     .    ,     ,   .

     .    :   ,  ,  .   ,    ,         .   ,   .   1997       ,       ,    [597 - Nick Szabo, Formalizing and Securing Relationships on Public Networks, First Monday, vol. 2, no. 9, 1 September 1997, DOI 10.5210/fm.v2i9.548, https://firstmonday.org/ojs/index.php/fm/article/view/548; : https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/formalize.html.].[598 - Szabo N. Formalizing and Securing Relationships on Public Networks. First Monday, vol. 2, no. 9, 01.09.1997: The vending machine is a contract with bearer: anybody with coins can participate in an exchange with the vendor.]   Ethereum   -    (     )      [599 - ethereum.org, Introduction to smart contracts, https://ethereum.org/smart-contracts/; ethereum.org, Introduction to smart contracts (developers), https://ethereum.org/developers/docs/smart-contracts/.].

    ,    .        .     ,   ,     ,       .    .  ,     ,   [600 - Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996.].   ,     .

    ,  ,    .   ?   -   ,    ,      ,      .   ,           ,        2009 [601 -     Bitcoin Core, src/kernel/chainparams.cpp (assert hashGenesisBlock), https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp;  968 721  API mempool.space, https://mempool.space/api/block-height/968721 ( 2026-09-26).].




,  


       .      ,  ,     .       ,      Ethereum ,     .      .      ,  .      .     :   ,  ,   [602 - V. Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/.].[603 - Buterin V. Ethereum Whitepaper: UTXO can either be spent or unspent; there is no opportunity for multi-stage contracts or scripts which keep any other internal state beyond that.      :   ,   ,      .]

       . ,       ,     100 ( ).  ,  :     .      100,   .   ,    .     ,      ,   ,    .       ,          .

  ,   2013       Mastercoin,   ,     .   ,     -, ,  -    [604 - Vitalik Buterin, A Prehistory of the Ethereum Protocol, 14.09.2017, https://vitalik.eth.limo/general/2017/09/14/prehistory.html.].[605 - Buterin V. A Prehistory of the Ethereum Protocol, 14.09.2017: a long walk through San Francisco I took in November once I realized that smart contracts could potentially be fully generalized.       .]    :         ,   ,            [606 - Vitalik Buterin, A Prehistory of the Ethereum Protocol, 14.09.2017, https://vitalik.eth.limo/general/2017/09/14/prehistory.html.].  Ethereum      2013 [607 - ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/; ethereum.org, Ethereum Whitepaper, https://ethereum.org/whitepaper/ ( https://ethereum.org/en/ethereum-forks/,   ).].[608 -       Ethereum:    27  2013 ,       2014  (ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/; ethereum.org, Ethereum Whitepaper, https://ethereum.org/whitepaper/ ( https://ethereum.org/en/ethereum-forks/,   )).   Ethereum (Yellow Paper)   ,    2014  (G. Wood, Ethereum: A Secure Decentralised Generalised Transaction Ledger, https://ethereum.github.io/yellowpaper/paper.pdf ( https://ethereum.github.io/yellowpaper/paper.pdf,  )).]           ,        [609 - Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/ ( https://ethereum.org/en/ethereum-forks/,  ).].[610 - Buterin V. Ethereum Whitepaper: What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create contracts that can be used to encode arbitrary state transition functions.     ,      ,     .]   30  2015 [611 - ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/ ( https://ethereum.org/en/ethereum-forks/, ).].[612 - ethereum.org, Ethereum Fork Timeline: 30.07.2015, 15:26:13 UTC,  Frontier  ,    .]

    :     -,   ,    ,      .  -   ,              .

   .     ,      (  ,     ,    )    .

       .   .        5,           (  5,   5   ),    . ,     95.   100  ,          .      ,  5   .    100,          ,       .

     .    ,     - ,         The DAO.    ,     ,    ,      .      .   ,   ,     ,    .     .








 4.1.  

 Ethereum      . -    ,       :   ()   ()[613 - ethereum.org, Introduction to smart contracts, https://ethereum.org/developers/docs/smart-contracts/.].[614 - ethereum.org, Introduction to smart contracts: A smart contract is simply a program that runs on the Ethereum blockchain. Its a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain.]         Ethereum,   .    .    Ethereum   ,   [615 - ethereum.org, Ethereum accounts, https://ethereum.org/en/developers/docs/accounts/; Blocks, https://ethereum.org/en/developers/docs/blocks/.].   ,      (      ),  [616 - ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.].

       ,    . Ethereum   ,   .         ,     ,           [617 - ethereum.org, Ethereum Virtual Machine (EVM), https://ethereum.org/developers/docs/evm/.].     Ethereum (EVM), ,      [618 - ethereum.org, Ethereum Virtual Machine (EVM), https://ethereum.org/developers/docs/evm/.].[619 - ethereum.org, Ethereum Virtual Machine (EVM): The Ethereum Virtual Machine (EVM) is a decentralized virtual environment that executes code consistently and securely across all Ethereum nodes.  EVM     1024   256 ;       (, ,  )     (, ,  ) (ethereum.org, Ethereum Virtual Machine (EVM), https://ethereum.org/developers/docs/evm/).]                     ,      ,    [620 - ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.].

    ,      .   Ethereum ,       ,    .    ,    Ethereum    ,    [621 - Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/.],     .[622 - Buterin V. Ethereum Whitepaper: Note that contracts in Ethereum should not be seen as something that should be fulfilled or complied with; rather, they are more like autonomous agents]       ,   ,  .  ,     ,    .     -   ,    ,       .




  


,      ,    ,    . , -    ,           ,    ,     ,    .      ,     .

Ethereum    .   ,     ,   [623 - ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.].[624 - ethereum.org, Gas and fees: Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.     gwei,    (ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/).   EIP-1559 (2021)     : The base fee is set by the protocol (  ,       )  The priority fee is a tip that you add to the base fee to make your transaction attractive to validators (ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/).   ,      (ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/).  2016 ,     ,     .]     ,      ,            [625 - Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/; ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.].[626 - Buterin V. Ethereum Whitepaper: In order to prevent accidental or hostile infinite loops or other computational wastage in code, each transaction is required to set a limit to how many computational steps of code execution it can use.       STARTGAS  GASPRICE (Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/; ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/).]   :     ;    ,  ,   ;     ,   ,     [627 - ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.].

       ,   ,   .   ,    ,   ,   ,    ,    [628 - ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.].   ,          .   ,       .       ,    ,      [629 - Pter Szilgyi, DAO Wars: Your voice on the soft-fork dilemma, Ethereum Foundation Blog, 24.06.2016, https://blog.ethereum.org/2016/06/24/dao-wars-youre-voice-soft-fork-dilemma.],        The DAO.

    .    ,      ,    (     )   ,  [630 - ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.].      :   ,  ,  , .     ,   [631 - ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/; ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.]. ,          ,   ,    ,       .

   ,  .     (   ),          (). , ,   ,  .

 Ethereum    .   -  ,     [632 - ethereum.org, Introduction to smart contracts, https://ethereum.org/developers/docs/smart-contracts/.].[633 - ethereum.org, Introduction to smart contracts:  cannot be deleted by default, and interactions with them are irreversible.]      .        ,  ,      [634 - ethereum.org, Introduction to smart contracts, https://ethereum.org/developers/docs/smart-contracts/.].  ,   .    ,    ,    .

     ,     .      .      ,    ,  ,       .         [635 - ethereum.org, Introduction to smart contracts, https://ethereum.org/developers/docs/smart-contracts/.].   -   ,     ,     ,     (  ,    ,     ).     ,       ,     . ,    ,   .

,       ,        .   ,     ,   ,  ,  ,    ,    .      ,      .      ,     ,  ,     ,   .




  150 


The DAO     Slock.it.   2015           Ethereum     DAO[636 - SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 35   7, 12, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.].[637 -  Slock.it   ,     ;   Devcon1 (,  2015 ).    The DAO   23  2016  (SEC,   The DAO, . 35) (SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 35   7, 12, https://www.sec.gov/files/litigation/investreport/34-81207.pdf).] (DAO     decentralized autonomous organization,   . ,   SEC,   ,        [638 - SEC, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, Release No. 81207, 25.07.2017, . 1, https://www.sec.gov/files/litigation/investreport/34-81207.pdf (   27.09.2026).].)[639 - SEC,   The DAO, . 1: The DAO is one example of a Decentralized Autonomous Organization, which is a term used to describe a virtual organization embodied in computer code and executed on a distributed ledger or blockchain. (SEC, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, Release No. 81207, 25.07.2017, . 1, https://www.sec.gov/files/litigation/investreport/34-81207.pdf (   27.09.2026))]   .      ,       ,  ,     .      ,    ,    ,            [640 - SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 35   7, 12, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.].

     29  2016 ,   30   28  The DAO   1,15     12  ETH[641 - SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 35   7, 12, https://www.sec.gov/files/litigation/investreport/34-81207.pdf; SEC,   The DAO, 2017, . 23 ( https://www.sec.gov/files/litigation/investreport/34-81207.pdf, ).].[642 -        1  1,5 ETH  100  DAO (SEC,   The DAO, 2017, . 6).    12,7  ETH   14%   (Mastering Ethereum);      SEC: approximately 12 million (SEC,   The DAO, 2017, . 23 ( https://www.sec.gov/files/litigation/investreport/34-81207.pdf, )).]   ,    ,        [643 - SEC,   The DAO, 2017, . 6.].      ,    ,        ,   SEC,  150  [644 - SEC,   The DAO, 2017, . 23 ( https://www.sec.gov/files/litigation/investreport/34-81207.pdf, ).].

     .     ,  ,  ,  Slock.it,      ,     [645 - SEC,   The DAO, 2017, . 78,  2526.].[646 - SEC,   The DAO, . 78: noting that curators have tremendous power.       Ethereum (SEC,   The DAO, 2017, . 78,  2526).] ,   ,   The DAO   ,    .    Slock.it ,                       [647 - SEC,   The DAO, 2017, . 5,  19 (   .    Slock.it  05.04.2016).].[648 - SEC,   The DAO, . 5,  19 (    .    Slock.it  05.04.2016): no stone was left unturned during those five whole days of security analysis.]

    . 26  Slock.it     DAO, 27         The DAO (      ),  3         [649 - SEC,   The DAO, 2017, . 7 ( 24: Dino Mark et al., A Call for a Temporary Moratorium on The DAO, Hacking, Distributed, 27.05.2016)  . 9 ( 2829).]. 10     Ethereum     -,       [650 - Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security.].       ,      The DAO[651 - Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security.],      .

     ,        .  , ,    ,          ,      ,      .       ,    ,   .     ,  .     The DAO    .        ,     ,    [652 - Andreas M. Antonopoulos, Gavin Wood, Mastering Ethereum, OReilly, 2018:  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.].[653 - Antonopoulos A. M., Wood G. Mastering Ethereum. OReilly, 2018,  Ethereum Fork History: a crucial function in the DAO had two lines of code in the wrong order, meaning that the attacker could have requests to withdraw ether acted upon repeatedly     10.06.2016 (Reitwiessner C. Smart Contract Security)   : This means that while the send function is still in progress, the recipient can call back into withdrawRefund.          .]

     ?      , ,     ,      [654 - Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security.].   .        ,            [655 - Andreas M. Antonopoulos, Gavin Wood, Mastering Ethereum, OReilly, 2018:  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.].          [656 - Vitalik Buterin, CRITICAL UPDATE Re: DAO Vulnerability, Ethereum Foundation Blog, 17.06.2016, https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability.],      .     :   ,   [657 - Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security; Andreas M. Antonopoulos, Gavin Wood, Mastering Ethereum, OReilly, 2018:  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.].

     (      The DAO  ).     1000,      ,      10.     ,        ,     .  .     ,  10   10.    ,    .      ,  -  10,         ,    10.  ,        ,    ,    10   400.

   ,     .      0,   10,        :   . ,    ,  ,      ,        .








 4.2.  

     DAO,  ,    The DAO     [658 - SEC,   The DAO, 2017, . 9 ( , ); Vitalik Buterin, CRITICAL UPDATE Re: DAO Vulnerability, Ethereum Foundation Blog, 17.06.2016, https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability.].   ,    ,    ,        .

    (  ,   ).  The DAO   :     ,       ,   Ethereum      [659 - Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security.],      . ,         The DAO   [660 - SEC,   The DAO, 2017, . 5,  19 (   .    Slock.it  05.04.2016); SEC,   The DAO, 2017, . 7 ( 24: Dino Mark et al., A Call for a Temporary Moratorium on The DAO, Hacking, Distributed, 27.05.2016)  . 9 ( 2829).].

   ?

       (SEC),     The DAO,     ,      ,         [661 - SEC,   The DAO, 2017, . 9 ( , ).].[662 - SEC,   The DAO, . 1: an attacker used a flaw in The DAOs code to steal approximately one-third of The DAOs assets; . 9,  : Security Concerns, The Attack on The DAO, and The Hard Fork (SEC,   The DAO, 2017, . 9 ( , )).] 18            .  ,    3 641 694 ETH  ,    ,      ,    ,     [663 - An Open Letter, Pastebin, 18.06.2016, https://pastebin.com/CcGUBgDG.].[664 - An Open Letter, Pastebin, 18.06.2016,  The Attacker: I am disappointed by those who are characterizing the use of this intentional feature as theft; A soft or hard fork would amount to seizure of my legitimate and rightful ether, claimed legally through the terms of a smart contract.   .]  -        ,    -[665 - An Open Letter, Pastebin, 18.06.2016, https://pastebin.com/CcGUBgDG.].

    .    ,   ,    ,      ,     [666 - Coinfox, Open letter from The DAO attacker  fake?, 20.06.2016, https://www.coinfox.info/news/5743-otkrytoe-pismo-ot-pokhititelya-tokenov-the-dao-poddelka-2/.].[667 -  Ethereum   ,       65     0x00  0x01,       0x32. : Signature looks shady at first glance; the first byte is 0x5f, which is not a standard v value by any encoding.      Coinfox, 20.06.2016;   Reddit  .]    , .      ,  - :  , ,  .     ,         .




  


      :   ;   ,     ;    .       ,    ,     .

    .    ,     ,   The DAO   [668 - SEC,   The DAO, 2017, . 9 ( , ).].   ,    ,     ,      ,   .     ,  ,       .        ,     ,      .

,  ,   : ,   ,  ,      (    ,     2010    )[669 - Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.]. ,    ,    , ,      ,   ,   .   ,     .      ,   ,    ,    ,     .  2016  Ethereum     ,   (     2022 [670 - ethereum.org, The Merge, https://ethereum.org/en/roadmap/merge/; Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ (  https://ethereum.org/en/roadmap/merge//https://ethereum.org/energy-consumption/,  26.09.2026).]),        .

  . 17   ,     1 760 000       [671 - Vitalik Buterin, CRITICAL UPDATE Re: DAO Vulnerability, Ethereum Foundation Blog, 17.06.2016, https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability.]. 24   Ethereum     Geth 1.4.8,     ,    [672 - Pter Szilgyi, DAO Wars: Your voice on the soft-fork dilemma, Ethereum Foundation Blog, 24.06.2016, https://blog.ethereum.org/2016/06/24/dao-wars-youre-voice-soft-fork-dilemma.].[673 - Szilgyi P. DAO Wars: Your voice on the soft-fork dilemma. Ethereum Foundation Blog, 24.06.2016: weve decided to give the power to the people running Ethereum to decide whether they support this decision or not.]     .           ,      1 800 000     4 ,     [674 - Pter Szilgyi, DAO Wars: Your voice on the soft-fork dilemma, Ethereum Foundation Blog, 24.06.2016, https://blog.ethereum.org/2016/06/24/dao-wars-youre-voice-soft-fork-dilemma.].

28    .     . ,     ,               [675 - Felix Lange, Security Alert  DoS Vulnerability in the Soft Fork, Ethereum Foundation Blog, 28.06.2016, https://blog.ethereum.org/2016/06/28/security-alert-dos-vulnerability-in-the-soft-fork.].[676 - Lange F. Security Alert  DoS Vulnerability in the Soft Fork. Ethereum Foundation Blog, 28.06.2016: The fork enactment code in geth (and other clients) allows execution of EVM code up to the block gas limit without paying for gas.]         ,     [677 - Felix Lange, Security Alert  DoS Vulnerability in the Soft Fork, Ethereum Foundation Blog, 28.06.2016, https://blog.ethereum.org/2016/06/28/security-alert-dos-vulnerability-in-the-soft-fork.]. ,       ,    ,  ,     .    ,     [678 - Felix Lange, Security Alert  DoS Vulnerability in the Soft Fork, Ethereum Foundation Blog, 28.06.2016, https://blog.ethereum.org/2016/06/28/security-alert-dos-vulnerability-in-the-soft-fork.].

    :     .

15     [679 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.].[680 - Wilcke J. To fork or not to fork. Ethereum Foundation Blog, 15.07.2016: this is not a decision that can be made by the foundation or any other single entity.]     1 920 000   The DAO        ,         100  DAO  1 ETH.         ,       carbonvote     1 894 000.      ,         ,  -   [681 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.].

,     10 000    , 1 ETH  100 ,    100 ETH[682 - SEC,   The DAO, 2017, . 6.].    100   1 ETH,       100 ETH ,      [683 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork; SEC,   The DAO, 2017, . 910   32 ( , ).].        ,     .    ,   .

Carbonvote   .       [684 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.].   5,5%  ,       [685 - Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; Wikipedia, Ethereum Classic (   Ethereum timeline  Mastering Ethereum), https://en.wikipedia.org/wiki/Ethereum_Classic.].[686 -      ,       .    (Wikipedia    Mastering Ethereum):  82 054 716 ETH  4 542 416,    87%,   13%,        ;       80% ,     85/15 (Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; Wikipedia, Ethereum Classic (   Ethereum timeline  Mastering Ethereum), https://en.wikipedia.org/wiki/Ethereum_Classic).   16.07.2016.      :          ,   .] ,     ,    ,     ,       ,  Twitter   Reddit,     [687 - Kathleen Breitman, Op Ed: Why Ethereums Hard Fork Will Cause Problems In The Coming Year, Bitcoin Magazine, 03.02.2017, https://bitcoinmagazine.com/business/op-ed-why-ethereums-hard-fork-will-cause-problems-coming-year.].[688 - Breitman K. Why Ethereums Hard Fork Will Cause Problems In The Coming Year. Bitcoin Magazine, 03.02.2017.       Tezos,    .]

20  2016   13:20:40        1 920 000[689 - ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/ ( https://ethereum.org/en/ethereum-forks/, ).].   ,      ,    12  ETH     Dark DAO  Whitehat DAO   [690 - Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.].[691 - Buterin V. Hard Fork Completed. Ethereum Foundation Blog, 20.07.2016: Block 1920000 contained the execution of an irregular state change which transferred ~12 million ETH from the Dark DAO and Whitehat DAO contracts into the WithdrawDAO recovery contract.]   ,      85% ,          4,5  ETH[692 - Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.].

      .     ,        .     Ethereum  ,    ,    ,       [693 - EIP-779, Hardfork Meta: DAO Fork, https://eips.ethereum.org/EIPS/eip-779.].[694 - EIP-779, Hardfork Meta: DAO Fork (Casey Detrio, 26.11.2017): The DAO Fork did not change the protocol; all EVM opcodes, transaction format, block structure, and so on remained the same.    114  The DAO    ,       .]   ,     , .  ,             .

,   SEC, ,       ,     [695 - SEC,   The DAO, 2017, . 910   32 ( , ).].[696 - SEC,   The DAO, . 910: A minority group, however, elected not to adopt the new Ethereum Blockchain created by the Hard Fork because to do so would run counter to the concept that a blockchain is immutable.  ethereum.org: Some miners refused to fork because the DAO incident wasnt a defect in the protocol. They went on to form Ethereum Classic.]   Ethereum   .   ,     ,     The DAO    ,    Ethereum Classic[697 - ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/ ( https://ethereum.org/en/ethereum-forks/).].  ,    Mastering Ethereum,   10%       [698 - Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html.].[699 - Antonopoulos, Wood. Mastering Ethereum,  Ethereum Fork History: roughly 10% by value and mining power.      .]    ,      ,      [700 - CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly).].

  ,   ,  ,    .     ,    . ,       [701 - Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html.],  ,    . ,   2020      2016-,   ,        . , ,  ,      ,    [702 - CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly).].

      15  2010    .     :        ,    [703 - Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident.].  2016        ,      .  ,    ,    :     ,   ?       ,       ,     ,      .








 4.3.   

   ?       ,     [704 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.].    ,        [705 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork; Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; Wikipedia, Ethereum Classic (   Ethereum timeline  Mastering Ethereum), https://en.wikipedia.org/wiki/Ethereum_Classic.].   , ,   [706 - Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.].               .    ,     ,    ,   ,   ,    ,            .        ,   ,   Ethereum    [707 - ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.].     ,     ,  Ethereum   .




   


  The DAO       .     ,     .             ,   1999 [708 - Lawrence Lessig, Code and Other Laws of Cyberspace, Basic Books, 1999, . 1 Code Is Law, . 6 (PDF   : https://lessig.org/images/resources/1999-Code.pdf).].  ,      ,     ,     ,         [709 - Lawrence Lessig, Code and Other Laws of Cyberspace, Basic Books, 1999, . 1 Code Is Law, . 6 (PDF   : https://lessig.org/images/resources/1999-Code.pdf).].[710 - Lessig L. Code and Other Laws of Cyberspace. Basic Books, 1999, ch. 1 Code Is Law, p. 6: In cyberspace we must understand how code regulateshow the software and hardware that make cyberspace what it is regulate cyberspace as it is. As William Mitchell puts it, this code is cyberspaces law. Code is law.]

    .    ,    ,     ,  ,     [711 - Lessig, Code and Other Laws of Cyberspace, 1999, . 6.].   ,    ,   ,    [712 - Lessig, Code and Other Laws of Cyberspace, 1999, . 6.].[713 -  : Code is never found; it is only ever made, and only ever made by us.       Harvard Magazine (   2000 ): This code, or architecture, sets the terms on which life in cyberspace is experienced.] ,   ,  ,  ,     .    ,    :  ,       .    2000     ,      ,           - [714 - Lawrence Lessig,   Harvard Magazine,  2000 (URL- code-is-law), https://www.harvardmagazine.com/2000/01/code-is-law-html.].  -    ,  ,   ,     ,   .

   Ethereum Classic.         :  -    ,     ,        [715 - ethereumclassic.org, Code is Law, https://ethereumclassic.org/why-classic/code-is-law.].[716 - ethereumclassic.org, Code is Law: It means that the code of a Smart Contract is the ultimate arbiter of the outcome of an on-chain interaction, as opposed to some overriding force from outside the network.]   ,      Ethereum,    The DAO[717 - ethereumclassic.org, Code is Law, https://ethereumclassic.org/why-classic/code-is-law.].  ,     ,   Ethereum Classic  .

   . 25  2017  SEC    ,    The DAO     ,        [718 - SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 1, https://www.sec.gov/files/litigation/investreport/34-81207.pdf; - 2017-131, https://www.sec.gov/newsroom/press-releases/2017-131 ( https://www.sec.gov/newsroom/press-releases/2017-131,  ).].     ,     -       -     [719 - SEC,   The DAO, 2017, . 2.].[720 - SEC,   The DAO, . 1: the Commission has determined that DAO Tokens are securities under the Securities Act of 1933; . 2: The automation of certain functions through this technology, smart contracts, or computer code, does not remove conduct from the purview of the U.S. federal securities laws.]  ,     ,  ,      ,     ,    .

       .   2024      ,     Tornado Cash   -      ,  ,       ,    2025       [721 - Van Loon v. Department of the Treasury, No. 23-50669 (5th Cir., 26.11.2024), https://law.justia.com/cases/federal/appellate-courts/ca5/23-50669/23-50669-2024-11-26.html; U.S. Treasury, Tornado Cash Delisting, 2025, https://home.treasury.gov/news/press-releases/sb0057 (  00-landscape-stories.md,  ).].[722 - Van Loon v. Department of the Treasury, No. 23-50669 (5th Cir., 26.11.2024):  - Tornado Cash      IEEPA;        ,  2025 .]        ,  -  (     ,     ,     11).

   ?  ,   The DAO  .        :  , , , ,  ,  ,  , , .     ,  ,   ,  .

       - ,  ,       .    Ethereum Classic,  ,      ,  ,      .        - ,   ,    ,        .




   


  .  ,         ,    ,   . ,     ,    ,  -     .

     , ,    - ?        .          ,      ( ,   ,  ),          [723 - ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.].[724 - ethereum.org, Oracles: if blockchains received information from external sources (i.e., from the real world), determinism would be impossible to achieve, preventing nodes from agreeing on the validity of changes to the blockchains state.]       ,  ,      ,     [725 - ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.].  Ethereum   :      ,       [726 - ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.].        ,     .        ,       ,    .

    ,     .   ,     ,    ,   ,    -,   [727 - ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.].[728 -  : Data from an oracle must be correct for a smart contract to execute correctly. Further, having to trust oracle operators to provide accurate information undermines the trustless aspect of smart contracts.] ,    ,     .             ,     .   ,     ,     ,   ,        ,       ,   .

,      ( ).        ,       ,         ,  ,       . -         ,       ,       .  ,       ,         .      ,  ,    ,     .








 4.4. 

 ,         (CFTC),  11  2022    Mango Markets. ,  CFTC  ,     MNGO   ,    Mango  .   ,  MNGO     13   30 ,               110  [729 - CFTC, CFTC Charges Avraham Eisenberg with Manipulative and Deceptive Scheme to Misappropriate Over $110 million from Mango Markets, a Digital Asset Exchange, - 8647-23, 09.01.2023, https://www.cftc.gov/PressRoom/PressReleases/8647-23.].[730 - CFTC, - 8647-23, 09.01.2023: the price of MNGO as reported by the oracle, jumped over 13-fold during a 30-minute span       ;       .   CFTC,    67       47  (CFTC, - 8647-23, 09.01.2023).]   CFTC,     67  ,    [731 - CFTC, - 8647-23, 09.01.2023.].

 Mango  ,  ,   .   ,   ,      .   ,   ,    .   2024    -        [732 - Venable LLP, Venue Fatal in Crypto Fraud Case, 06.2025, https://www.venable.com/insights/publications/2025/06/venue-fatal-in-crypto-fraud-case-an-important; TRM Labs, Federal Judge Overturns All Criminal Convictions in Mango Markets Case, 05.2025, https://www.trmlabs.com/resources/blog/breaking-federal-judge-overturns-all-criminal-convictions-in-mango-markets-case-against-avraham-eisenberg;    Bloomberg  Axios, 18.04.2024 (  ,  ).].   2025      ,    [733 - Opinion and Order,  23-cr-10 (AS),       -, 23.05.2025, https://nysd.uscourts.gov/sites/default/files/2025-05/23cr10%20Opinion%20and%20Order.pdf (. 13, 2427, 3235   27.09.2026); Venable LLP, 06.2025; CoinDesk, Judge Overturns Convictions in Mango Markets Exploiters Crypto Fraud Case, 24.05.2025, https://www.coindesk.com/business/2025/05/24/judge-overturns-convictions-in-mango-markets-exploiters-crypto-fraud-case; DL News, 07.01.2026 (  : vacate commodities fraud conviction and acquit him of wire fraud).].        - :    -,    ,     - .     ,        .   ,       ,    .  Mango Markets    ,     ,    ,      [734 - Opinion and Order,  23-cr-10 (AS),       -, 23.05.2025, https://nysd.uscourts.gov/sites/default/files/2025-05/23cr10%20Opinion%20and%20Order.pdf (. 13, 2427, 3235   27.09.2026); Venable LLP, 06.2025; CoinDesk, Judge Overturns Convictions in Mango Markets Exploiters Crypto Fraud Case, 24.05.2025, https://www.coindesk.com/business/2025/05/24/judge-overturns-convictions-in-mango-markets-exploiters-crypto-fraud-case; DL News, 07.01.2026 (  : vacate commodities fraud conviction and acquit him of wire fraud).].[735 - Opinion and Order,  23-cr-10 (AS),       -, 23.05.2025 ( 29    ), . 1: The Court vacates counts one and two and will enter a judgment of acquittal on count three; . 32: On a platform with no rules, instructions, or prohibitions about borrowing, the government needed more to show that [the defendant] made an implicit misrepresentation; . 24:  ,   intended to and did manipulate ,     (the trial record was replete with evidence).    18.04.2024:   ,   ,       (Venable LLP, Venue Fatal in Crypto Fraud Case, 06.2025, https://www.venable.com/insights/publications/2025/06/venue-fatal-in-crypto-fraud-case-an-important; TRM Labs, Federal Judge Overturns All Criminal Convictions in Mango Markets Case, 05.2025, https://www.trmlabs.com/resources/blog/breaking-federal-judge-overturns-all-criminal-convictions-in-mango-markets-case-against-avraham-eisenberg;    Bloomberg  Axios, 18.04.2024 (  ,  )).]

         ,       :  ,   ,            [736 - Opinion and Order,  23-cr-10 (AS),       -, 23.05.2025, https://nysd.uscourts.gov/sites/default/files/2025-05/23cr10%20Opinion%20and%20Order.pdf (. 13, 2427, 3235   27.09.2026); Venable LLP, 06.2025; CoinDesk, Judge Overturns Convictions in Mango Markets Exploiters Crypto Fraud Case, 24.05.2025, https://www.coindesk.com/business/2025/05/24/judge-overturns-convictions-in-mango-markets-exploiters-crypto-fraud-case; DL News, 07.01.2026 (  : vacate commodities fraud conviction and acquit him of wire fraud).].        ,  , ,       .      ,   ,  [737 - DL News, Prosecutors appeal acquittal of Mango Markets exploiter Avraham Eisenberg, 07.01.2026, https://www.dlnews.com/articles/defi/prosecutors-appeal-acquittal-of-mango-markets-exploiter/.].[738 -    22.12.2025;   DL News, 07.01.2026: The plain meaning of the word borrow itself conveys an intent to repay, typically with interest.  DL News,        ,           .        .  .]  ,    ,      ,    .




 ,   


 2016      :  ,      ,  ,     ,  ,  .

   Parity.  - Ethereum   Parity   ,   ,   ,      .   2017       ,       ,   150 . ETH[739 - Santiago Palladino (OpenZeppelin), On the Parity Wallet Multisig Hack, 19.07.2017, https://www.openzeppelin.com/news/on-the-parity-wallet-multisig-hack-405a8c12e8f7;     Mastering Ethereum, . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.].[740 - Palladino S. (OpenZeppelin). On the Parity Wallet Multisig Hack, 19.07.2017: 153 037 ETH,  31      (     Mastering Ethereum).      initWallet (Santiago Palladino (OpenZeppelin), On the Parity Wallet Multisig Hack, 19.07.2017, https://www.openzeppelin.com/news/on-the-parity-wallet-multisig-hack-405a8c12e8f7;     Mastering Ethereum, . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html).] ,    ,   ,      [741 - Santiago Palladino (OpenZeppelin), On the Parity Wallet Multisig Hack, 19.07.2017, https://www.openzeppelin.com/news/on-the-parity-wallet-multisig-hack-405a8c12e8f7;     Mastering Ethereum, . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.].

   .  Parity    ,       ,     [742 - Santiago Palladino (OpenZeppelin), The Parity Wallet Hack Reloaded, 07.11.2017, https://www.openzeppelin.com/news/parity-wallet-hack-reloaded.]. 6  2017   GitHub     Parity              [743 - GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017, https://github.com/openethereum/parity-ethereum/issues/6995;   Mastering Ethereum, . Smart Contract Security.].[744 - GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017:  anyone can kill your contract,  I accidentally killed it.    .]         [745 - GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017, https://github.com/openethereum/parity-ethereum/issues/6995;   Mastering Ethereum, . Smart Contract Security.].    ,  ,     ,     [746 - GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017, https://github.com/openethereum/parity-ethereum/issues/6995;   Mastering Ethereum, . Smart Contract Security.].

           ,       ,   ,    ,     ,   .        .  Parity      ,     ,    ,  ,  [747 - GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017, https://github.com/openethereum/parity-ethereum/issues/6995;   Mastering Ethereum, . Smart Contract Security; Coin Bureau, Parity issues a Post Mortem on the Kill that Froze Millions, 11.2017, https://coinbureau.com/news/parity-issues-post-mortem-kill-froze-millions/ (  Parity).].  -     .    ,    .

 ,    ,  .      ,     [748 - Santiago Palladino (OpenZeppelin), The Parity Wallet Hack Reloaded, 07.11.2017, https://www.openzeppelin.com/news/parity-wallet-hack-reloaded.].    OpenZeppelin   ,     500 000 ETH,      Web3 Foundation[749 - Santiago Palladino (OpenZeppelin), The Parity Wallet Hack Reloaded, 07.11.2017, https://www.openzeppelin.com/news/parity-wallet-hack-reloaded.].[750 - Palladino S. (OpenZeppelin). The Parity Wallet Hack Reloaded, 07.11.2017: Estimated losses may total over 500,000 ETH ($150 million USD), including over 300,000 ETH from the Web3 Foundation team.    Parity,  ,    514 . ETH (Coin Bureau, Parity issues a Post Mortem on the Kill that Froze Millions, 11.2017, https://coinbureau.com/news/parity-issues-post-mortem-kill-froze-millions/ (  Parity)).] Parity    ,             [751 - Coin Bureau, Parity issues a Post Mortem on the Kill that Froze Millions, 11.2017, https://coinbureau.com/news/parity-issues-post-mortem-kill-froze-millions/ (  Parity).].[752 -  Parity,  2017 ,   Coin Bureau (  ): If the contract code had not included the functionality to suicide or kill, even if someone had taken ownership, they would not have been able to do anything.]      ,    .       :      ,      ,     Parity    ,     .

          ,    .      ,     ,     ,     .           ,       ,         ,        ,   2016 .

 Parity    .   2018   Parity   EIP-999 (EIP    Ethereum    )[753 - EIP-999, Restore Contract Code at 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4,  Afri Schoedon,  04.04.2018,  Withdrawn, https://eips.ethereum.org/EIPS/eip-999.].              ,    ,   ,        [754 - Afri Schoedon, EIP-999 Restore Contract Code at 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4,  04.04.2018, https://eips.ethereum.org/EIPS/eip-999;   https://github.com/ethereum/EIPs/blob/master/EIPS/eip-999.md.].[755 - EIP-999, Restore Contract Code at 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4,  04.04.2018,  Withdrawn: This proposal is necessary because the Ethereum protocol does not allow the restoration of self-destructed contracts and there is no other simple way to enable the affected users and companies regaining access to their tokens and Ether.   EIP    (16.04.2018): Merging as a draft does not imply approval (GitHub, ethereum/EIPs, Pull Request #999, https://github.com/ethereum/EIPs/pull/999;    https://github.com/ethereum/EIPs/commits/master/EIPS/eip-999.md ( e30becf, 16.04.2018)).      Etherchain, 1724.04.2018:  Cointelegraph, 55% , 39,4% ;     52,6%  ( )  330   300 (  ) (Cointelegraph, #EIP-999: Why A Vote To Release Parity Locked Funds Evoked So Much Controversy, 03.05.2018, https://cointelegraph.com/news/eip-999-why-a-vote-to-release-parity-locked-funds-evoked-so-much-controversy;  Etherchain      Brave New Coin (Kieran Smith), 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth; CCN, $330 Million: EIP-999 Stokes Debate Over ETH Frozen by Paritys Contract Bug, 23.04.2018,  Yahoo Finance https://finance.yahoo.com/news/330-million-eip-999-stokes-194329494.html; Colin Harper, The Evolving Debate Over EIP-999: Can (or Should) Trapped Ether Be Freed?, Bitcoin Magazine, 02.05.2018, https://bitcoinmagazine.com/business/evolving-debate-over-eip-999-can-or-should-trapped-ether-be-freed ( Yahoo: https://finance.yahoo.com/news/evolving-debate-over-eip-999-164500215.html); Cointelegraph, 03.05.2018). Parity,  Brave New Coin: we have no intention to split the Ethereum chain (Parity Technologies,  Our Commitment to Ethereum and a Decentralised Future,  2018    Brave New Coin, 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth;    Bitcoin Magazine, 02.05.2018). ,  CoinDesk (19.07.2018): I do not think it is my place to make that decision or even heavily influence it (Rachel-Rose OLeary, Ethereums Most Heated Tech Debate Is Proving Its Far From Over, CoinDesk, 19.07.2018, https://www.coindesk.com/markets/2018/07/19/ethereums-most-heated-tech-debate-is-proving-its-far-from-over).         2018      (GitHub, ethereum/EIPs, Pull Request #1221 Update EIP-999 status, 15.07.2018, https://github.com/ethereum/EIPs/pull/1221;   CoinDesk, 19.07.2018);    27.01.2020: Im no longer interested in restoring the contract code (GitHub, ethereum/EIPs, Pull Request #2441 Withdraw EIP-999, https://github.com/ethereum/EIPs/pull/2441;  75e354b, 27.01.2020, https://github.com/ethereum/EIPs/commits/master/EIPS/eip-999.md).]    2016 ,   The DAO    [756 - Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.],   .

    .         ,      ,    [757 - GitHub, ethereum/EIPs, Pull Request #999, https://github.com/ethereum/EIPs/pull/999;    https://github.com/ethereum/EIPs/commits/master/EIPS/eip-999.md ( e30becf, 16.04.2018).].      ,      (   ,     )[758 - Cointelegraph, #EIP-999: Why A Vote To Release Parity Locked Funds Evoked So Much Controversy, 03.05.2018, https://cointelegraph.com/news/eip-999-why-a-vote-to-release-parity-locked-funds-evoked-so-much-controversy;  Etherchain      Brave New Coin (Kieran Smith), 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth; CCN, $330 Million: EIP-999 Stokes Debate Over ETH Frozen by Paritys Contract Bug, 23.04.2018,  Yahoo Finance https://finance.yahoo.com/news/330-million-eip-999-stokes-194329494.html; Colin Harper, The Evolving Debate Over EIP-999: Can (or Should) Trapped Ether Be Freed?, Bitcoin Magazine, 02.05.2018, https://bitcoinmagazine.com/business/evolving-debate-over-eip-999-can-or-should-trapped-ether-be-freed ( Yahoo: https://finance.yahoo.com/news/evolving-debate-over-eip-999-164500215.html); Cointelegraph, 03.05.2018.].     ,   carbonvote,    :      ,     [759 - CCN, 23.04.2018; Brave New Coin, 27.04.2018; Cointelegraph, 03.05.2018.].  ,              [760 - Rachel-Rose OLeary, Ethereums Most Heated Tech Debate Is Proving Its Far From Over, CoinDesk, 19.07.2018, https://www.coindesk.com/markets/2018/07/19/ethereums-most-heated-tech-debate-is-proving-its-far-from-over.].  2020    , ,      [761 - GitHub, ethereum/EIPs, Pull Request #2441 Withdraw EIP-999, https://github.com/ethereum/EIPs/pull/2441;  75e354b, 27.01.2020, https://github.com/ethereum/EIPs/commits/master/EIPS/eip-999.md.],      [762 - The Daily Hodl, $3,430,000,000 in Ethereum (ETH) Lost Forever, 28.07.2025, https://dailyhodl.com/2025/07/28/3430000000-in-ethereum-eth-lost-forever-due-to-this-reason-according-to-coinbase-director/ (    X).].[763 -    (Coinbase),  2025 ,   The Daily Hodl, 28.07.2025:    913 111 ETH,  0,76%  ,   -    ,      Parity  Web3 Foundation.   ,    .       .  .]

 The DAO ,  Parity ,     ?     ,     .  2016     Ethereum,    ,     ,        [764 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.].  2018     .    Parity, ,        Ethereum,        Parity[765 - CCN, 23.04.2018; Brave New Coin, 27.04.2018; Cointelegraph, 03.05.2018; Parity Technologies,  Our Commitment to Ethereum and a Decentralised Future,  2018    Brave New Coin, 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth;    Bitcoin Magazine, 02.05.2018.].          ,      ,      Ethereum[766 - Parity Technologies,  Our Commitment to Ethereum and a Decentralised Future,  2018    Brave New Coin, 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth;    Bitcoin Magazine, 02.05.2018.].   Ethereum    ,        [767 - Colin Harper, Bitcoin Magazine, 02.05.2018.].   ,  ,      ,       ,      .

 ,    ,     .     ,   .

          .  2021   Poly Network,      ,   610  ,          ,   [768 - Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html; Kudelski Security Research, The Poly Network Hack Explained, 12.08.2021, https://kudelskisecurity.com/research/the-poly-network-hack-explained.].  2023     Euler Finance   197  ,   ,   ,  ,    [769 - Euler Finance, War & Peace: Behind the Scenes of Eulers $240M Exploit Recovery,  2024, https://www.euler.finance/blog/war-peace-behind-the-scenes-of-eulers-240m-exploit-recovery; Chainalysis, Euler Finance Flash Loan Attack Explained, 15.03.2023, https://www.chainalysis.com/blog/euler-finance-flash-loan-attack/; Euler Finance, War & Peace,  2024.].     ,      .     :    ,    Poly Network        ,    [770 - Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html; Decrypt, Euler Finance Exploiter Returns All Recoverable Funds From $200M Hack, 03.2023, https://decrypt.co/125373/euler-finance-exploiter-returns-recoverable-funds-200m-hack ( ,  ); Euler Finance, War & Peace,  2024.].[771 -     Wikipedia Poly Network exploit    Reuters, BBC  CNBC;     .    15 ;   33     USDT      , Tether,       (Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html). Poly Network        ;        (Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html).   Kudelski Security (12.08.2021),     ,             (keepers); -,      ,  ,        (Kudelski Security Research, The Poly Network Hack Explained, 12.08.2021, https://kudelskisecurity.com/research/the-poly-network-hack-explained).    500 000  (Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html).][772 - Euler Finance. War & Peace: Behind the Scenes of Eulers $240M Exploit Recovery,  2024; Chainalysis, 15.03.2023.    donateToReserves (Euler Finance, War & Peace: Behind the Scenes of Eulers $240M Exploit Recovery,  2024, https://www.euler.finance/blog/war-peace-behind-the-scenes-of-eulers-240m-exploit-recovery; Chainalysis, Euler Finance Flash Loan Attack Explained, 15.03.2023, https://www.chainalysis.com/blog/euler-finance-flash-loan-attack/).    Euler,  3  2023       240      ;   Decrypt      177   (Decrypt, Euler Finance Exploiter Returns All Recoverable Funds From $200M Hack, 03.2023, https://decrypt.co/125373/euler-finance-exploiter-returns-recoverable-funds-200m-hack ( ,  ); Euler Finance, War & Peace,  2024).]    ,         ,   .

    ,     .

 Taproot,      2021 .     [773 - Bitcoin Core 0.21.1 release notes, https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.21.1.md (, ,  709 632);    Blockstream Explorer API, https://blockstream.info/api/block-height/709632  https://blockstream.info/api/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244 ( 1636866927);    CoinDesk, Locked In: Bitcoins Taproot Upgrade Gets Its 90% Mandate, 12.06.2021, https://www.coindesk.com/tech/2021/06/12/locked-in-bitcoins-taproot-upgrade-gets-its-90-mandate ( ).].    Bitcoin Core 0.21.1   ,        (2016 )   90%     [774 - Bitcoin Core 0.21.1 release notes, https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.21.1.md (, ,  709 632);    Blockstream Explorer API, https://blockstream.info/api/block-height/709632  https://blockstream.info/api/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244 ( 1636866927);    CoinDesk, Locked In: Bitcoins Taproot Upgrade Gets Its 90% Mandate, 12.06.2021, https://www.coindesk.com/tech/2021/06/12/locked-in-bitcoins-taproot-upgrade-gets-its-90-mandate ( ).].       24  2021 ,    ,    Taproot    709 632,   2021 [775 - Bitcoin Core 0.21.1 release notes, https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.21.1.md (, ,  709 632);    Blockstream Explorer API, https://blockstream.info/api/block-height/709632  https://blockstream.info/api/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244 ( 1636866927);    CoinDesk, Locked In: Bitcoins Taproot Upgrade Gets Its 90% Mandate, 12.06.2021, https://www.coindesk.com/tech/2021/06/12/locked-in-bitcoins-taproot-upgrade-gets-its-90-mandate ( ).].[776 - Bitcoin Core 0.21.1, release notes: taproot will then be active as of block 709632 (expected in early or mid November).    Speedy Trial. ,   ,    687 284 (12.06.2021);  709 632  14.11.2021  05:15   .   Taproot    (BIP-340) (Bitcoin Core 0.21.1 release notes, https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.21.1.md (, ,  709 632);    Blockstream Explorer API, https://blockstream.info/api/block-height/709632  https://blockstream.info/api/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244 ( 1636866927);    CoinDesk, Locked In: Bitcoins Taproot Upgrade Gets Its 90% Mandate, 12.06.2021, https://www.coindesk.com/tech/2021/06/12/locked-in-bitcoins-taproot-upgrade-gets-its-90-mandate ( )). SegWit  24.08.2017   481 824 (BIP-141 Segregated Witness (Consensus layer), Lombrozo E., Lau J., Wuille P., created 21.12.2015, https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki;      Trezor Blog, SegWit and its legacy: Taproot, UASFs and Lightning, https://trezor.io/blog/insights/segwit-and-its-legacy-taproot-uasfs-and-lightning).]   ,    ,     .    ,  ,      ,            ,       -.

      ,   . Taproot   ,    ,    . The DAO  ,    ,   ,    .     ,    ,   ,     , ,   2016 ,       .

    ,  ,    .   ,   Ethereum     2016 [777 - Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.].  ,    : ,    ;   ,   ;  ,   ;  ,  ,   .       .        ,     ,    ,    ,       ,   ,    .

The DAO    , Mango Markets     , Euler    . ,     ,     :  ,    ,  .           ,        ,    .        ,      :   ,   ,       ,  ?




 5.  : , DeFi    



       .      ,     :     ,        ,   .                ,      ,    ,     [778 - CoinGecko, 2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2026-q2-crypto-report.].    ,    .          .

       .     ,      , ,      ,      ,     .            .   ,     ,    ,   ,      , -,    ,   ,    .




,     


  .       ,  ,    ,         .      :      ,     .      .    ,                ,       .

    :       ,      .      . Ÿ   ,        ,   -     .     ,          .    ,     ,    ,    .

   . - (  ,   )  ,            ,     .        .     ,        ,          [779 - Tether, Fees, https://tether.to/en/fees/ (  27.09.2026).].[780 - Tether,   (tether.to/en/fees):      100 000 ,      , 1000   0,1% (Tether, Fees, https://tether.to/en/fees/ (  27.09.2026)).  ,    ,         (MiCA, Art. 49(4), 49(6), 51(4)(b), OJ L 150, pp. 108109).] , ,      .    USDT  Tether  USDC  Circle,    2026   USDT   60%   [781 - CoinGecko, 2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2026-q2-crypto-report.].[782 -   CoinGecko,   II  2026     305,1  ,   USDT  184,4 , USDC  73,5  (CoinGecko, 2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2026-q2-crypto-report).    ,  6  2026   317 ,    50% ,    2025  (Federal Reserve, FEDS Notes, Stablecoins in 2025: Developments and Financial Stability Implications, 08.04.2026, https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html).     515  ,     .      .]

     ,      ?       .              ,    ,    ,      .     . Tether,    ,   2025   10    [783 - Tether, Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings, 30.01.2026, https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/.].          (    )      ,         .          ,      [784 - Tether, Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings, 30.01.2026, https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/.].[785 - Tether, - 30.01.2026 ( 2025 ,     );  31.12.2025   141            (Tether, Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings, 30.01.2026, https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/).    2025    : $3.1 billion in recurrent profits, excluding mark-to-market contributions from gold and bitcoin, which added another $2.6 billion (- 31.07.2025) (Tether, Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings, 30.01.2026, https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/).]

   ,        .     (    )     ,       , ,          ,     [786 - R. Ahmed, I. Aldasoro, Stablecoins and safe asset prices, BIS Working Paper 1270,   28.05.2025 (      2026), https://www.bis.org/publ/work1270.htm.].[787 - Ahmed R. (Andersen Institute for Finance and Economics), Aldasoro I. (BIS). Stablecoins and safe asset prices. BIS Working Paper 1270,   28.05.2025,       2026 : we find a $3.5 billion (2-standard deviation) inflow lowers 3-month Treasury bill yields by 0.71 basis points on impact, and up to 4 basis points within 10 days.      .       (22,5  ).      ,        (R. Ahmed, I. Aldasoro, Stablecoins and safe asset prices, BIS Working Paper 1270,   28.05.2025 (      2026), https://www.bis.org/publ/work1270.htm).]     ,     . ,        ,      ,      ,    .

         .    ,    2025  (  GENIUS Act),               [788 - GENIUS Act, sec. 4(a)(11).].[789 - GENIUS Act, sec. 4(a)(11):    solely in connection with the holding, use, or retention .             (GENIUS Act, sec. 4(a)(11)).]         MiCA,      ,    ,     [790 - MiCA, Art. 50(1)(3), OJ L 150, p. 108.].           ,        .

      ,        .        ,       [791 - G. B. Gorton, J. Y. Zhang, Taming Wildcat Stablecoins, The University of Chicago Law Review, 90(3), 2023, https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins.].[792 - Gorton G. B., Zhang J. Y. Taming Wildcat Stablecoins. The University of Chicago Law Review, 90(3), 2023: stablecoin issuers are unregulated banks.    ,    (   ,              ),   2025 , -,     (G. B. Gorton, J. Y. Zhang, Taming Wildcat Stablecoins, The University of Chicago Law Review, 90(3), 2023, https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins; GENIUS Act, enrolled bill text, sec. 4(a)(1)(A), https://www.govinfo.gov/content/pkg/BILLS-119s1582enr/html/BILLS-119s1582enr.htm;    The White House, https://www.whitehouse.gov/briefings-statements/2025/07/the-president-signed-into-law-s-1582; Covington & Burling, 07.2025).]        XIX ,      ,        ,      [793 - G. B. Gorton, J. Y. Zhang, Taming Wildcat Stablecoins, The University of Chicago Law Review, 90(3), 2023, https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins.].     ,     .

      ,    ,    ?       ,   ,      - .       ,        ,    ,     .       ,         ,         .








 5.1.    




   


  ,    ,   Tether   .   2021     -      Tether      Bitfinex.   18,5         ,   ,    2017   Tether                 [794 - New York State Attorney General, Attorney General James Ends Virtual Currency Trading Platform Bitfinexs Illegal Activities in New York, 23.02.2021, https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal.].    ,  USDT    ,   [795 - New York State Attorney General, Attorney General James Ends Virtual Currency Trading Platform Bitfinexs Illegal Activities in New York, 23.02.2021, https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal.].[796 - New York State Attorney General, - 23.02.2021: Tethers claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.    ,       1  2018       Tether     (New York State Attorney General, Attorney General James Ends Virtual Currency Trading Platform Bitfinexs Illegal Activities in New York, 23.02.2021, https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal).]

    Tether        .   ,  20162018      USDT      27,6% [797 - CFTC, Press Release 8450-21, CFTC Orders Tether and Bitfinex to Pay Fines Totaling $42.5 Million, 15.10.2021, https://www.cftc.gov/PressRoom/PressReleases/8450-21.].            ,        Bitfinex[798 - CFTC, 15.10.2021.].             ,  Bitfinex  ,   ,         [799 - NYAG, 23.02.2021.].[800 - CFTC, - 15.10.2021:  Tether  41  ;    26  20162018 ;         (CFTC, Press Release 8450-21, CFTC Orders Tether and Bitfinex to Pay Fines Totaling $42.5 Million, 15.10.2021, https://www.cftc.gov/PressRoom/PressReleases/8450-21; CFTC, 15.10.2021).  Bitfinex      850  ,      - (NYAG, 23.02.2021).]

   20162019 ,          .    ,    2026 ,     ,   USDT     1,04 ,     ( ,      )    0,74 .  USDC      [801 - Federal Reserve, FEDS Notes, 08.04.2026.].[802 - Federal Reserve, FEDS Notes, Stablecoins in 2025: Developments and Financial Stability Implications, 08.04.2026.   according to their attested disclosures,         ;      .      ,       (Federal Reserve, FEDS Notes, Stablecoins in 2025: Developments and Financial Stability Implications, 08.04.2026, https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html; Federal Reserve, FEDS Notes, 08.04.2026).]      Tether,            [803 - Tether, 01.05.2026.].[804 -     31  2026    141         ,  20       7    (Tether, 01.05.2026).   Tether,        141  191,8  ,    26%;    (1,04  0,74)   29% (Federal Reserve, FEDS Notes, 08.04.2026; Tether, 01.05.2026).]

         Tether  ,  Tether   ,     .  Tether     ,        ,          [805 - Federal Reserve, FEDS Notes, 08.04.2026.].        ,    ,   .

    . ,   100   ,       104  .   74    ,        ,  30        ,         ( ,        USDT[806 - Federal Reserve, FEDS Notes, 08.04.2026.]).     -,      .      .  74      .   ,    ,        ,   .

   ,        .     ,       ,  . ,          ,     .          [807 - G. B. Gorton, J. Y. Zhang, Taming Wildcat Stablecoins, The University of Chicago Law Review, 90(3), 2023, https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins.],        [808 - BIS Quarterly Review, 06.12.2021.].

    ,    . Tether   ,   ,       ,  ,     ,  ,   .    2026     ,       [809 - Tether, Tether Posts $1.04B Q1 2026 Profit Despite Highly Volatile Global Markets, Reaches All-Time-Highs $8.23B Reserve Buffer, 01.05.2026, https://tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/; Tether, Tether Posts Strong Q2 Performance, Generates $1.5B Net Operating Profit, Maintains $4.11B Reserve Buffer, and Expands Gold Holdings to More Than 146 Tons, 31.07.2026, https://tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/.].     - ,           .    ,        .[810 - Tether, - 01.05.2026  31.07.2026,       BDO:  8,23    31   4,11   30  2026 ,       1,5  (Tether, Tether Posts $1.04B Q1 2026 Profit Despite Highly Volatile Global Markets, Reaches All-Time-Highs $8.23B Reserve Buffer, 01.05.2026, https://tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/; Tether, Tether Posts Strong Q2 Performance, Generates $1.5B Net Operating Profit, Maintains $4.11B Reserve Buffer, and Expands Gold Holdings to More Than 146 Tons, 31.07.2026, https://tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/).        ,  USDT   .   crypto.news,          1,8      4,1 ,    ,     ; Blockonomi        (Tether, Tether Posts Strong Q2 Performance, Generates $1.5B Net Operating Profit, Maintains $4.11B Reserve Buffer, and Expands Gold Holdings to More Than 146 Tons, 31.07.2026, https://tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/).      .]

USDC  .     Circle         BlackRock (  ,       ),        ,         [811 - Circle, USDC Transparency, https://www.circle.com/transparency ( 26.09.2026).].       ,    ,   ,  [812 - Circle, USDC Transparency, https://www.circle.com/transparency ( 26.09.2026).].

        2023 ,     .    Silicon Valley Bank, Circle     ,    ,    8%  .   USDC   8687       ,        [813 - Du C., Sonawane R., Watsky C., In the Shadow of Bank Run, FEDS Notes, 17.12.2025, https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html; CNBC, 11.03.2023, https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html.].[814 -  Silicon Valley Bank  3,3    USDC.    86  87         (     90 ) (Du C., Sonawane R., Watsky C., In the Shadow of Bank Run, FEDS Notes, 17.12.2025, https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html; CNBC, 11.03.2023, https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html). Du C., Sonawane R., Watsky C. In the Shadow of Bank Run FEDS Notes, 17.12.2025.]  USDC  Circle, Circle    ,       . ,      ,   ,      ,      .

         :      . GENIUS Act          ,     .       ,    ,         93 ,            [815 - GENIUS Act, enrolled bill text, sec. 4(a)(1)(A), https://www.govinfo.gov/content/pkg/BILLS-119s1582enr/html/BILLS-119s1582enr.htm;    The White House, https://www.whitehouse.gov/briefings-statements/2025/07/the-president-signed-into-law-s-1582; Covington & Burling, 07.2025.].   ,      ,        ,         [816 - GENIUS Act, sec. 4(a)(1)(C), 4(a)(3)(A)(B).]. MiCA     30%       ,           [817 - Regulation (EU) 2023/1114 (MiCA), Art. 54, OJ L 150, 09.06.2023, p. 111, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023R1114.].[818 - GENIUS Act, S. 1582,  18.07.2025, sec. 4(a)(1)(A): Treasury bills, notes, or bonds  with a remaining maturity of 93 days or less (GENIUS Act, enrolled bill text, sec. 4(a)(1)(A), https://www.govinfo.gov/content/pkg/BILLS-119s1582enr/html/BILLS-119s1582enr.htm;    The White House, https://www.whitehouse.gov/briefings-statements/2025/07/the-president-signed-into-law-s-1582; Covington & Burling, 07.2025).            18  2027    120     ;   2026      (Covington & Burling, The GENIUS Act Becomes Law: Key Provisions, 07.2025, https://www.cov.com/news-and-insights/insights/2025/07/the-genius-act-becomes-law-key-provisions-from-the-federal-stablecoin-regulatory-framework). Regulation (EU) 2023/1114 (MiCA), Art. 54: at least 30 % of the funds received is always deposited in separate accounts in credit institutions (Regulation (EU) 2023/1114 (MiCA), Art. 54, OJ L 150, 09.06.2023, p. 111, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023R1114).         11   .]

        1923   ,    :     .   .     ,   ,          ,      .      ,       ,       .

    ,    ,      .             ,        ,        [819 - MiCA, Art. 49(4), 49(6), 51(4)(b), OJ L 150, pp. 108109.].      ,    ,      ,  .

  Tether  USDC      ,        .         (       ),  ,      ,   ,   ,       .            [820 - GENIUS Act, sec. 4(a)(1)(C), 4(a)(3)(A)(B).].     .




  


     ,       .    ,      .               .       ,   .    ,       ,       90 .  ,      ,  ,   .

      2025  ,      ,       .   ,     .   ,              .   ,    [821 - BIS, - 24.06.2025, https://www.bis.org/press/p250624.htm;  III, https://www.bis.org/publ/arpdf/ar2025e3.htm.].[822 - BIS, Annual Economic Report 2025, ch. III; - 24.06.2025: they do not deliver singleness of money (acceptance for payment at par), elasticity (timely discharge of obligations, preventing gridlock) and integrity (safeguarding against financial crime).          ;        (BIS, Annual Economic Report 2025, ch. III, https://www.bis.org/publ/arpdf/ar2025e3.htm ( 26.09.2026)).]          . ,  ,   ,       XIX ,         ,     [823 - BIS, Annual Economic Report 2025, ch. III, https://www.bis.org/publ/arpdf/ar2025e3.htm ( 26.09.2026).].[824 -  : Stablecoin holdings are tagged with the name of the issuer, much like private banknotes circulating in the 19th century Free Banking era.]

      .         ,      ,  ,    ,      .   2026   ,        ,       ,       [825 - BIS, - 23.06.2026, The path to the next-generation monetary and financial system lies in safeguarding trust in money, https://www.bis.org/press/p260623.htm.].[826 - BIS, - 23.06.2026: wider stablecoin adoption could usher in significant changes in bank funding and credit provision and potentially pose financial stability challenges.     ,               (BIS, - 23.06.2026, The path to the next-generation monetary and financial system lies in safeguarding trust in money, https://www.bis.org/press/p260623.htm).]

       ,   .     ,         ,    .           .                ,     .

       .     Chainalysis,     2023   2024      62%    [827 - Chainalysis, 2024 LATAM Crypto Adoption: The Rise of Stablecoins, 09.10.2024, https://www.chainalysis.com/blog/2024-latin-america-crypto-adoption/.].         2024    4% , ,     [828 - Cointelegraph, Turkey tops the world in stablecoin buying share vs. GDP, 04.2024, https://cointelegraph.com/news/stablecoin-buys-turkey-4-percent-gdp (  Chainalysis       ).].             ,   200        ,     ,      60%  [829 - Chainalysis, Sub-Saharan Africa: Nigeria Takes #2, 02.10.2024, https://www.chainalysis.com/blog/subsaharan-africa-crypto-adoption-2024/.].[830 - Chainalysis,     (09.10.2024)      (02.10.2024);       Crypto Spring Report (25.04.2024)   Cointelegraph.      Chainalysis    1  ; 60%     ,    .                ;    .      2022 ,     (Chainalysis, 2024 LATAM Crypto Adoption: The Rise of Stablecoins, 09.10.2024, https://www.chainalysis.com/blog/2024-latin-america-crypto-adoption/; Chainalysis, Sub-Saharan Africa: Nigeria Takes #2, 02.10.2024, https://www.chainalysis.com/blog/subsaharan-africa-crypto-adoption-2024/; Cointelegraph, Turkey tops the world in stablecoin buying share vs. GDP, 04.2024, https://cointelegraph.com/news/stablecoin-buys-turkey-4-percent-gdp (  Chainalysis       )).  ,    ,    ,     ;  ,     (Chainalysis, 2024 LATAM).]      ,       [831 - Chainalysis, Latin America Crypto Adoption 2025, 02.10.2025, https://www.chainalysis.com/blog/latin-america-crypto-adoption-2025/.].

-,   .  ,     ,        ,     ,    .  ,   , ,           .     ,   ,     ,     ,   .




  


          ,       .      ,    .           (  DAI).               (   UST).           ,        (USDe)[832 - MakerDAO / Sky, The Maker Protocol White Paper, https://makerdao.com/en/whitepaper/ ( 26.09.2026;     Sky); SEC, Press Release 2023-32, SEC Charges Terraform and CEO Do Kwon with Defrauding Investors in Crypto Schemes, 16.02.2023, https://www.sec.gov/news/press-release/2023-32; Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026).].   -  ,    ,    ,          .

 DAI     ,   .           DAI  .       ,       ,       DAI   [833 - MakerDAO / Sky, The Maker Protocol White Paper, https://makerdao.com/en/whitepaper/ ( 26.09.2026;     Sky).].     20202021       150% [834 - K. Qin, L. Zhou, P. Gamito, P. Jovanovic, A. Gervais, An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities, ACM IMC 21, 2021, https://arxiv.org/abs/2106.06389 (DOI 10.1145/3487552.3487811).].        ,     MKR     DAI,   [835 - MakerDAO / Sky, The Maker Protocol White Paper, https://makerdao.com/en/whitepaper/ ( 26.09.2026;     Sky).].

     .      ,       ,        .      ,   ,  DAI    ,     ,    .  MKR, ,     ,     .    ,     ,     ,    .

12  2020      .      43%[836 - Qin et al., IMC 21, . 4.3.1  . 5.],       ,   Ethereum  ,        [837 - MakerDAO Forum, Black Thursday Response Thread, 12.03.2020 (   ), https://forum.skyeco.com/t/black-thursday-response-thread/1433 (. forum.makerdao.com).]. -,       , ,  -     ,     DAI[838 - MakerDAO Forum, Black Thursday Response Thread, 12.03.2020 (   ), https://forum.skyeco.com/t/black-thursday-response-thread/1433 (. forum.makerdao.com).].[839 - MakerDAO Forum, Black Thursday Response Thread, 12.03.2020: only one keeper continued triggering liquidations, and bidding 0$ for the ETH, with no competition. This situation lasted around 2/3hours.    ;   MakerDAO    .       1213  (MakerDAO Forum, Black Thursday Response Thread, 12.03.2020 (   ), https://forum.skyeco.com/t/black-thursday-response-thread/1433 (. forum.makerdao.com); Qin et al., IMC 21, . 4.3.1  . 5).  MKR: 20 980   5,3  DAI, 1928  2020  (The Block, In a first, MakerDAO protocol to auction MKR tokens to cover $4M bad debt, 03.2020, https://www.theblock.co/post/58606/in-a-first-makerdao-protocol-to-auction-mkr-tokens-to-cover-4m-bad-debt; Blockonomi, MakerDAO Emergency Auctions Conclude with 5.3 Million Dai Raised, 02.04.2020, https://blockonomi.com/makerdao-emergency-5-million-dai-raised/).]     DeFi  ,         -[840 - Qin et al., IMC 21, . 1, 4.2, . 1.].

    ,    . ,     , ,   CoinDesk,    8,33  [841 - CoinDesk, MakerDAO Users Hosed by March Flash Crash Wont Get MKR Payouts, Say MKR Whales, 23.09.2020 ( 12.2022), https://www.coindesk.com/tech/2020/09/23/makerdao-users-hosed-by-march-flash-crash-wont-get-mkr-payouts-say-mkr-whales.].   .  ,     DAI     ,         4   (      5,7 )[842 - MakerDAO Forum, Black Thursday Response Thread, 12.03.2020 (   ), https://forum.skyeco.com/t/black-thursday-response-thread/1433 (. forum.makerdao.com); The Block, In a first, MakerDAO protocol to auction MKR tokens to cover $4M bad debt, 03.2020, https://www.theblock.co/post/58606/in-a-first-makerdao-protocol-to-auction-mkr-tokens-to-cover-4m-bad-debt; Blockonomi, MakerDAO Emergency Auctions Conclude with 5.3 Million Dai Raised, 02.04.2020, https://blockonomi.com/makerdao-emergency-5-million-dai-raised/.].        .  19  28       21 000  MKR  5,3  DAI[843 - The Block, In a first, MakerDAO protocol to auction MKR tokens to cover $4M bad debt, 03.2020, https://www.theblock.co/post/58606/in-a-first-makerdao-protocol-to-auction-mkr-tokens-to-cover-4m-bad-debt; Blockonomi, MakerDAO Emergency Auctions Conclude with 5.3 Million Dai Raised, 02.04.2020, https://blockonomi.com/makerdao-emergency-5-million-dai-raised/.].

  .   2020   MKR     ,   . 65%     ,    ,    38 [844 - CoinDesk, 23.09.2020.]. CoinDesk     :       MKR,       [845 - CoinDesk, 23.09.2020.].      ,   ,       .

       .   ,            .         ,         .         .

UST    .  Terraform Labs,         ,    ,              , LUNA,     20%    Anchor[846 - SEC, Press Release 2023-32, SEC Charges Terraform and CEO Do Kwon with Defrauding Investors in Crypto Schemes, 16.02.2023, https://www.sec.gov/news/press-release/2023-32.].   ,  ,          ,   ,     .

  2021   .  2025      ,          ;   ,        UST[847 - U.S. DOJ, SDNY, Do Kwon Pleads Guilty To Fraud, 08.2025, https://www.justice.gov/usao-sdny/pr/do-kwon-pleads-guilty-fraud.].     ,    . ,   ,   40  ,    2025     15  [848 - U.S. DOJ, SDNY, Crypto-Enabled Fraudster Sentenced For Orchestrating $40 Billion Fraud, 12.2025, https://www.justice.gov/usao-sdny/pr/crypto-enabled-fraudster-sentenced-orchestrating-40-billion-fraud.].    ,     .

  USDe  Ethena,    ,        [849 - Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026).].      100      ,   ,    100,       .        ,   ,     , ,    [850 - Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026).].[851 -      ,    ()        :      ,    ,    . Ethena             ,          ,   (Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026)). Ethena, Ethena Overview: USDe is a synthetic dollar, backed with crypto assets and corresponding short futures positions.]      ,  ;    ,  .

1011  2025 ,       ,   ,    19     , USDe   Binance     65 ,   CoinDesk ,        [852 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.].[853 - CoinDesk Research: On Binance, stablecoin USDe fell to $0.65, acting as a secondary trigger that forced liquidations.   :      ,  USDe  65     (CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto).] ,         ,       ,  ,     ,    .




 


    DeFi,      (   ,   -),  ,  DAI.     Aave  Compound      ,   ,   .        ,    .   ,           ,   ,   [854 - Qin et al., IMC 21, . 1, 3.1.].

    ,      ,  .      .      ,         [855 - Qin et al., IMC 21, . 1, 3.1.],             ,    .       .   ,   ,      ,    .      DeFi    ,   DAI.

    ,   ,    ,      ,    [856 - Qin et al., IMC 21, . 3.3.].     .       ,     ,      .    ,  ;   ,     .

     .             .       ,      .     ,              . ,          ,    .  ,   ,  .

    ,  ,    ,     ,  ,  .     ,   .   ,    ,            [857 - Qin et al., IMC 21, . 2.3, 3.2; Aave, Liquidations (Aave v4 docs), https://aave.com/docs/concepts/liquidations.].    2021  Aave                5  15%    [858 - Qin et al., IMC 21, . 3.3.].

,       1500      1000   .         80%   ( ,    ).    1500 ? 0,8 / 1000,   1,2.         ,     1250 ,    ,      . -    500        550 (500   10% ).    500,    550,   50      ,    .

   ,  ,   ,   ,    .      500   1000,     2,4.         ,     1000      .  ,  ,     :     ,      .

    ,        .   ,   ,   1000   ,     ,      ,       .        ,        ,     .     .      DeFi    [859 - Qin et al., IMC 21, . 2.2.].[860 - Qin K. et al. An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities. ACM IMC 21, 2021: Lending and borrowing is a popular way to realize a leverage use case in DeFi.    :     5000 USDT,  1 ETH   ,    (Qin et al., IMC 21, . 2.2).]








 5.2.     

   ,       ,      .  ,  ,    ,      ,    .     .  ,     ,   ,    ,     .   2019   2021       Ethereum  28 138 ,       807  [861 - Qin et al., IMC 21, . 1, 4.2, . 1.].[862 -  . Aave, Compound, dYdX  MakerDAO    85%   Ethereum;   2011   (Qin et al., IMC 21, . 1, 4.2, . 1).]

     .          ,   ,        ,   [863 - Qin et al., IMC 21, . 1, 4.2, . 1.].  ,        [864 - K. Qin, L. Zhou, P. Gamito, P. Jovanovic, A. Gervais, An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities, ACM IMC 21, 2021, https://arxiv.org/abs/2106.06389 (DOI 10.1145/3487552.3487811).].   2020    MakerDAO    13,13  ,         ,     [865 - Qin et al., IMC 21, . 4.3.1  . 5.].     ,    ,    .

     , , -,    ,  .       ,         .

    .

     2021  ,   DeFi  .              ,         ,         [866 - BIS Quarterly Review, 06.12.2021.].  DeFi    -  ,   (      ,        ),        [867 - S. Aramonte, W. Huang, A. Schrimpf, DeFi risks and the decentralisation illusion, BIS Quarterly Review, 06.12.2021, https://www.bis.org/publ/qtrpdf/r_qt2112b.htm.].[868 - Aramonte S., Huang W., Schrimpf A. DeFi risks and the decentralisation illusion. BIS Quarterly Review, 06.12.2021: DeFis vulnerabilities are severe because of high leverage, liquidity mismatches, built-in interconnectedness and the lack of shock-absorbing capacity.  : full decentralisation in DeFi is illusory (S. Aramonte, W. Huang, A. Schrimpf, DeFi risks and the decentralisation illusion, BIS Quarterly Review, 06.12.2021, https://www.bis.org/publ/qtrpdf/r_qt2112b.htm).]




-    


   DeFi   - ,     , .  .    ,   ,    [869 - Qin et al., IMC 21, . 3.3.].  USDe  ,     [870 - Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026).].        ,      .

   Uniswap      .  ,      ,        ,       [871 - H. Adams, N. Zinsmeister, D. Robinson, Uniswap v2 Core,  2020, https://app.uniswap.org/whitepaper.pdf (. 1); Uniswap v2 Core, . 2.2.].       ,    (,   ,  ,   ,  )[872 - Uniswap v2 Core, . 2.2.].    Uniswap      0,30%,     ,     [873 - H. Adams, N. Zinsmeister, D. Robinson, Uniswap v2 Core,  2020, https://app.uniswap.org/whitepaper.pdf (. 1).].

    .     , ,      (   ),      ,  ,    ,        .  Uniswap    [874 - Uniswap v2 Core, . 2.1.].   ,        ,           [875 - Uniswap v2 Core, . 2.2.].     ,          Mango Markets ( 4.4).

  ,  : ,      ,       . 20% ,  Anchor   UST,   ,    [876 - SEC, Press Release 2023-32, SEC Charges Terraform and CEO Do Kwon with Defrauding Investors in Crypto Schemes, 16.02.2023, https://www.sec.gov/news/press-release/2023-32.].    Stream Finance. Ÿ  xUSD,     ,        , ,    ,   ,   Stream, ,  280  [877 - CoinDesk, 04.11.2025.]. 4  2025   ,         93  ,     [878 - CoinDesk, Stream Finance Faces $93 Million Loss, Launches Legal Investigation, 04.11.2025, https://www.coindesk.com/markets/2025/11/04/stream-finance-faces-usd93-million-loss-launches-legal-investigation.]. xUSD     [879 - CoinDesk, 04.11.2025.].

        .   2025  Stream  ,   ,  10         ,   ,   ,        [880 - DL News, Stream Finance founders sue business partner, allege $93m used to cover personal losses, 11.12.2025, https://www.dlnews.com/articles/defi/stream-finance-founders-sue-partner-over-alleged-93m-loss/.].   ,    .   ,     :    ,  ,      ,       .

   ,    . Celsius    ,    2023        ,                 [881 - Morrison Foerster, 2023, https://www.mofo.com/resources/insights/230109-celsius-bankruptcy-court-customer-deposits-earn-accounts.]. , ,   ,      .

      ?      2021  ,  DeFi     ,            [882 - S. Aramonte, W. Huang, A. Schrimpf, DeFi risks and the decentralisation illusion, BIS Quarterly Review, 06.12.2021, https://www.bis.org/publ/qtrpdf/r_qt2112b.htm.].   ,     ,     ,    ,   ,              .    DeFi       ,    .

      . ,   : , ,     .     , ,      ,     .     ,         ,  ,   USDe   Binance   2025 .      ,       ,      ,         ,  ,    .

       , TVL (  total value locked,     ).  ,        .     ,     ,    . ,       ,       ,             400  [883 - P. Saggese, M. Fr?wis, S. Kitzler, B. Haslhofer, R. Auer, Towards verifiability of total value locked (TVL) in decentralized finance, BIS Working Paper 1268, 14.05.2025, https://www.bis.org/publ/work1268.htm.].[884 - Saggese P., Fr?wis M., Kitzler S., Haslhofer B., Auer R. Towards verifiability of total value locked (TVL) in decentralized finance. BIS Working Paper 1268, 14.05.2025: A case study on 400 protocols shows that our estimations align with published figures for 46.5% of protocols.       .  939    Ethereum 10,5%     (P. Saggese, M. Fr?wis, S. Kitzler, B. Haslhofer, R. Auer, Towards verifiability of total value locked (TVL) in decentralized finance, BIS Working Paper 1268, 14.05.2025, https://www.bis.org/publ/work1268.htm).]

   .      ,  ,     ,      ,   .     , TVL  ,      .                  ,   ,       .




  : 


      ,   ,      .         ,         .     .         ,           -,     .   :       ,     .

       .   ,      ,       ,          . , ,      Ethereum,  -          Ethereum .      ,   .

     ,       .  Chainalysis ,     .       ,       ,     ,     ,     ,     [885 - Chainalysis, 02.08.2022.].     2  2022 ,  13      2  ,      ,     69%    2022    [886 - Chainalysis, Vulnerabilities in Cross-chain Bridge Protocols Emerge as Top Security Risk, 02.08.2022, https://www.chainalysis.com/blog/cross-chain-bridge-hacks-2022/.].   ,     .

    ,    .     ( Poly Network   , ,    ).   ,     .     ,    .

  Ronin,    Axie Infinity,      -. 23  2022     173 600 ETH  25,5  USDC,  540     [887 - Elliptic, $540 Million Stolen from the Ronin DeFi Bridge, 2022, https://www.elliptic.co/blog/540-million-stolen-from-the-ronin-defi-bridge; CoinDesk, 14.04.2022, https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit.].       Sky Mavis,  ,       .   2021      Sky Mavis    ,     ,      [888 - Sky Mavis / Ronin, Community Alert: Ronin Validators Compromised, 29.03.2022,     tayvano, lazarus-bluenoroff-research: ronin_bridge.md, https://github.com/tayvano/lazarus-bluenoroff-research/blob/main/hacks-and-thefts/ronin_bridge.md;  Back to Building: Ronin Security Breach Postmortem, 27.04.2022     lazarus.day, https://lazarus.day/reports/back-to-building-ronin-security-breach-postmortem-bbMOK/.].

 ,   ,    .      PDF,     [889 - The Hacker News, Hackers Used Fake Job Offer to Hack and Steal $540 Million from Axie Infinity, 07.2022, https://thehackernews.com/2022/07/hackers-used-fake-job-offer-to-hack-and.html (    The Block).].      ,       5000 ETH[890 - Elliptic, $540 Million Stolen from the Ronin DeFi Bridge, 2022, https://www.elliptic.co/blog/540-million-stolen-from-the-ronin-defi-bridge; CoinDesk, 14.04.2022, https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit.].[891 -     14.04.2022     Lazarus,     (Elliptic, $540 Million Stolen from the Ronin DeFi Bridge, 2022, https://www.elliptic.co/blog/540-million-stolen-from-the-ronin-defi-bridge; CoinDesk, 14.04.2022, https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit).     (540, 615, 625 ) -    .  Sky Mavis 29.03.2022          ;       The Hacker News     The Block (Sky Mavis / Ronin, Community Alert: Ronin Validators Compromised, 29.03.2022,     tayvano, lazarus-bluenoroff-research: ronin_bridge.md, https://github.com/tayvano/lazarus-bluenoroff-research/blob/main/hacks-and-thefts/ronin_bridge.md;  Back to Building: Ronin Security Breach Postmortem, 27.04.2022     lazarus.day, https://lazarus.day/reports/back-to-building-ronin-security-breach-postmortem-bbMOK/; The Hacker News, Hackers Used Fake Job Offer to Hack and Steal $540 Million from Axie Infinity, 07.2022, https://thehackernews.com/2022/07/hackers-used-fake-job-offer-to-hack-and.html (    The Block)).   Chainalysis,       2022      1  ,       DeFi (Chainalysis, Vulnerabilities in Cross-chain Bridge Protocols Emerge as Top Security Risk, 02.08.2022, https://www.chainalysis.com/blog/cross-chain-bridge-hacks-2022/).]             ,    . ,       ,   ,      .

 Wormhole  Solana  Ethereum   2022  . -       120 000 ETH    Ethereum,    ,     Solana     ,   326  [892 - rekt.news, Wormhole  REKT, 2022, https://rekt.news/wormhole-rekt/.].

 Nomad   2022   .            ,           190  [893 - rekt.news, Nomad Bridge  REKT, 2022, https://rekt.news/nomad-rekt/; Chainalysis, 02.08.2022 ().].     100 WBTC (,    Ethereum)    ,      300 ,    ,   [894 - The Block, Nomads $190 million bridge exploit drew hacking feeding frenzy of 300 addresses, 08.2022, https://www.theblock.co/post/160851/nomads-190-million-bridge-exploit-drew-hacking-feeding-frenzy-of-300-addresses.].  80%   41 [895 - The Block, Nomads $190 million bridge exploit drew hacking feeding frenzy of 300 addresses, 08.2022, https://www.theblock.co/post/160851/nomads-190-million-bridge-exploit-drew-hacking-feeding-frenzy-of-300-addresses.].

         ,        ,      .  ,    .  Wormhole  3   Jump Trading,  -,    120 000 ETH[896 - CoinDesk, Jump Trading Backstops Wormholes $320M Exploit Loss, 03.02.2022, https://www.coindesk.com/business/2022/02/03/jump-trading-backstops-wormholes-320m-exploit-loss-sources;  Jump Crypto, https://x.com/jump_/status/1489301013408497666.].[897 - CoinDesk, 03.02.2022. Jump Crypto: Thats why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop. - Certus One Jump    2021  (CoinDesk, Jump Trading Backstops Wormholes $320M Exploit Loss, 03.02.2022, https://www.coindesk.com/business/2022/02/03/jump-trading-backstops-wormholes-320m-exploit-loss-sources;  Jump Crypto, https://x.com/jump_/status/1489301013408497666).] Sky Mavis        Ronin,     ,          [898 - Axie Infinity (Sky Mavis), Sky Mavis Raises $150M Led By Binance, Funds to be Restored on the Ronin Bridge, 06.04.2022, https://blog.axieinfinity.com/p/funding.].    ,    ,     .         ,     .

 ,     ,     .  MKR      ,        ,     ,   . Jump  Sky Mavis  ,          .         ,        .        ,        ,   .

 2026         . 1920    KelpDAO   292     rsETH (   ,  KelpDAO      ),               ,    Aave[899 - CoinDesk, 20.04.2026, https://www.coindesk.com/markets/2026/04/20/defi-tvl-drops-more-than-usd13-billion-in-two-days-following-kelp-dao-hack ( DefiLlama).].  Aave   ,     ,   :        8,45  ,   TVL DeFi   99,5  86,3 [900 - CoinDesk, 20.04.2026, https://www.coindesk.com/markets/2026/04/20/defi-tvl-drops-more-than-usd13-billion-in-two-days-following-kelp-dao-hack ( DefiLlama).].

-              ,  ,   ,      ,    - .     ,      ,     .




,     


   .       Galaxy Research,   ,       .      ,   DeFi  ,   ,  DAI. Galaxy     ,       [901 - Galaxy Research, The State of Crypto Lending, 14.04.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-lending/.].[902 - Galaxy Research    ,    .      . 5.3    The State of Crypto Leverage  Q2 2026 (17.08.2026):  IV  2021    73,8  ,  20222023    19 ,  III  2025   78,69 , II  2026   56,16 .  Galaxy   ;  20212023         0,5 ,     ,      (Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest).    2021    : 64,4  ( 2025 ;    III  2023   14,2 ,   78%)  69,37  ( 2025 ) (Galaxy Research, The State of Crypto Lending, 14.04.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-lending/; Galaxy Research, The State of Crypto Leverage  Q3 2025, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals).  2025   :  73,59 ,  78,6778,69  (Galaxy Research, The State of Crypto Leverage  Q3 2025, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Galaxy Research, Q1 2026; Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest).       ,   ,        .]         2026 ,     . 5.3.

            2021 ,  74  ,   2023      [903 - Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.].           [904 - CoinDesk, FTX Collapse Leaves Total Crypto Market Cap Under $800B, 17.11.2022, https://www.coindesk.com/markets/2022/11/17/ftx-collapse-leaves-total-crypto-market-cap-under-800b-close-to-2022-low.],            .  ,   2021 ,     2025 ,      2026              [905 - Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.].[906 - Galaxy Research, The State of Crypto Leverage  Q2 2026, 17.08.2026: 56,16     II  2026    78,69 ;      ?10%, ?5%  ?17%. Galaxy ,    40,13%  ,      : (78,69 ? 56,16) / 78,69 ? 28,6%,  40%       .        (Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest).      .]        2021  2025     [907 - CoinDesk, FTX Collapse Leaves Total Crypto Market Cap Under $800B, 17.11.2022, https://www.coindesk.com/markets/2022/11/17/ftx-collapse-leaves-total-crypto-market-cap-under-800b-close-to-2022-low; Forbes, 05.10.2025, https://www.forbes.com/sites/digital-assets/2025/10/05/bitcoin-breaks-125000-the-convergence-of-confidence-capital-code/; CoinDesk (  record high of $126,000 reached last October, . 05.02.2026).].

     ,   .             [908 - Forbes, 05.10.2025, https://www.forbes.com/sites/digital-assets/2025/10/05/bitcoin-breaks-125000-the-convergence-of-confidence-capital-code/; CoinDesk (  record high of $126,000 reached last October, . 05.02.2026); CoinDesk, 25.06.2026, https://www.coindesk.com/markets/2026/06/25/bitcoin-plunges-to-new-multi-year-low-of-usd58-000-but-a-short-squeeze-setup-emerges; CoinDesk, 01.07.2026, https://www.coindesk.com/markets/2026/07/01/bitcoin-s-20-june-crash-looks-even-deadlier-on-the-charts-here-s-why; CoinGecko, 2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2026-q2-crypto-report.],        .  Galaxy       ,    [909 - Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.].[910 - taking the stairs down, not the elevator (Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest).]








 5.3.     , 20212026 (Galaxy Research,  17.08.2026)

      -   .   -   80%  .   ,           80 ,       .   ,   ,             .     .        ,   ,       :     ,    ,   .        .         ,    ,    .

     ,   .   ,         .     1000 ,  800,         ,     640,    .      2440 ,  1440,    - 1000.      ,       .    ,       ,       .    ,        ,   Galaxy.

       .    ,                ,         [911 - CoinGecko, 2025 Annual Crypto Industry Report  2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2025-annual-crypto-report; https://www.coingecko.com/research/publications/2026-q2-crypto-report.].     Galaxy,  2025        133  ,           [912 - Z. Pokorny, The State of Crypto Leverage  Q2 2025, Galaxy Research, 14.08.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-leverage-q2-2025.].[913 - Galaxy Research, The State of Crypto Leverage  Q2 2025, 14.08.2025:      132,6   (82%   ),     53,1  (Z. Pokorny, The State of Crypto Leverage  Q2 2025, Galaxy Research, 14.08.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-leverage-q2-2025).  :     ,      ,      ,      .  CoinGecko,  2025          86,2  ,    6,7  (CoinGecko, 2025 Annual Crypto Industry Report  2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2025-annual-crypto-report; https://www.coingecko.com/research/publications/2026-q2-crypto-report).      .]           .

   .   2024     DeFi       69%   34%   20202021 [914 - Galaxy Research, 14.04.2025.].   ,   Galaxy,    2026   60%     , Tether[915 - Galaxy Research, The State of Crypto Leverage  Q1 2026: DeFi Exploits, Price Declines, and Capital Flight, 21.05.2026, https://www.galaxy.com/insights/research/crypto-lending-leverage-q1-2026.].              ,          ,    .

 2022      ,   Celsius[916 - Morrison Foerster, 2023, https://www.mofo.com/resources/insights/230109-celsius-bankruptcy-court-customer-deposits-earn-accounts.].  2026-,     Galaxy,    .      DeFi    ,   -,       2023    ,   DeFi[917 - Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.].  ,     ,    ,       .

      ?        .    ,    ,        ,        .   KelpDAO     Aave[918 - CoinDesk, 20.04.2026, https://www.coindesk.com/markets/2026/04/20/defi-tvl-drops-more-than-usd13-billion-in-two-days-following-kelp-dao-hack ( DefiLlama).],   Stream     [919 - CoinDesk, 04.11.2025.],   USDe    [920 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.].       2021          DeFi[921 - S. Aramonte, W. Huang, A. Schrimpf, DeFi risks and the decentralisation illusion, BIS Quarterly Review, 06.12.2021, https://www.bis.org/publ/qtrpdf/r_qt2112b.htm.].

         ,     .       .    ,         .        ,           ,   ,   ,  ,     .       ,         ,    .

         ,   .       ,    ,       .




 6.   :  ,    



  ASX           CHESS,    2022     ,    [922 - ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf.].     ,        Accenture.   ,       ,     63%,      .    , 245255   ,   [923 - ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf.].[924 -  ASX  17.11.2022   : The independent report identifies significant challenges with the solution design and its ability to meet ASXs requirements.   : The CHESS replacement capitalised software will be derecognised resulting in a charge of $245255 million pre-tax;    172179 ,    (ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf).  ASX  : we have concluded that the path we were on will not meet ASXs and the markets high standards. (ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf)    20162017  (    , , -       );    Digital Asset (Ledger Insights, ASX pauses DLT settlement project, 17.11.2022. https://www.ledgerinsights.com/asx-pauses-dlt-settlement-chess/; The Register, Australian Securities Exchange pauses blockchain project, 17.11.2022. https://www.theregister.com/2022/11/17/asx_blockchain_reading_project_paused/).]

      . ASX,   ,        ,         [925 - Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).].[926 - Accenture. ASX CHESS Replacement Application Delivery Review,  2022, . 18: ASX is the central source of truth and final arbiter of outcomes, minimising many of the benefits of a DLT architecture. (Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ))]       CHESS    ,       [927 - ASX, ASX announces product based solution for CHESS replacement  industry consultation on next phase to commence in 2024, 20.11.2023, https://www.asx.com.au/content/dam/asx/about/media-releases/2023/70-20-november-2023-chess-replacement-solution-announced-and-2024-consultation.pdf.].

      ,        ?

        ,        .    ,   ,     ,   ,            . ,      ,          .        ,      ,    ,    ,    ,    2017 .




    


    ,    ,  ,       .       (NIST)   2018 ,      ,    ,     [928 - Yaga D., Mell P., Roby N., Scarfone K. Blockchain Technology Overview. NISTIR 8202, National Institute of Standards and Technology, October 2018, section 2, p. 5. https://nvlpubs.nist.gov/nistpubs/ir/2018/NIST.IR.8202.pdf; DOI https://doi.org/10.6028/NIST.IR.8202.].  ,   ,    .    ,   [929 - Yaga D., Mell P., Roby N., Scarfone K. Blockchain Technology Overview. NISTIR 8202, National Institute of Standards and Technology, October 2018, section 2, p. 5. https://nvlpubs.nist.gov/nistpubs/ir/2018/NIST.IR.8202.pdf; DOI https://doi.org/10.6028/NIST.IR.8202.].    .       ,  - ,     ,    [930 - NISTIR 8202, 2018, section 2, p. 5.].[931 - NISTIR 8202 (Yaga D.  ., Blockchain Technology Overview, 2018), . 2: In simple terms, a permissioned blockchain network is like a corporate intranet that is controlled, while a permissionless blockchain network is like the public internet, where anyone can participate. (NISTIR 8202, 2018, section 2, p. 5)]

  Ethereum    ,  ,     ,    .       ,    ,        ,     [932 - NISTIR 8202, 2018, section 2.1, p. 5.].      ,        ,      [933 - NISTIR 8202, 2018, section 2.2, pp. 56.].       , [934 - NISTIR 8202, 2018, section 2, p. 5.].

   :        ,        .   .         ,       ,          ,       [935 - M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf.].        :       ?

  NIST      .    ,    ,      [936 - NISTIR 8202, 2018, section 2.2, pp. 56.].[937 - NISTIR 8202, . 2.2: However, if a single entity controls who can publish blocks, the users of the blockchain will need to have trust in that entity. (NISTIR 8202, 2018, section 2.2, pp. 56)]      ,   ,        ,       .     ,     ,       .

    ,       ,     .   ,     .     ,   ,     ,         .      ,       ,  .

     ,       .    ,    ,   ,             [938 - NISTIR 8202, 2018, section 2.2, p. 6.].         ,    ,           .

    .       2018      (    ,       )[939 - W?st K., Gervais A. Do you Need a Blockchain? 2018 Crypto Valley Conference on Blockchain Technology (CVCBT), IEEE, pp. 4554. DOI 10.1109/CVCBT.2018.00011;  : https://eprint.iacr.org/2017/375.pdf.].       ,                [940 - W?st K., Gervais A. Do you Need a Blockchain? 2018 Crypto Valley Conference on Blockchain Technology (CVCBT), IEEE, pp. 4554. DOI 10.1109/CVCBT.2018.00011;  : https://eprint.iacr.org/2017/375.pdf.].      ,      , .

      ,      ,     ,   [941 - Wikipedia, Blockchain,     ( 26.09.2026). https://en.wikipedia.org/wiki/Blockchain.].    .        ,    ,     ,         - .








 6.1.     




,     


,     ,   ,     .         : ,   ,  ,                     ,    [942 - W?st & Gervais, 2018, section III.].[943 - W?st K., Gervais A. Do you Need a Blockchain? 2018 Crypto Valley Conference on Blockchain Technology, . III: In general, using an open or permissioned blockchain only makes sense when multiple mutually mistrusting entities want to interact and change the state of a system, and are not willing to agree on an online trusted third party.                   (W?st & Gervais, 2018, section III; W?st K., Gervais A. Do you Need a Blockchain? 2018 Crypto Valley Conference on Blockchain Technology (CVCBT), IEEE, pp. 4554. DOI 10.1109/CVCBT.2018.00011;  : https://eprint.iacr.org/2017/375.pdf).]        ,        .   ,    ,   ,   ,       ,       [944 - W?st & Gervais, 2018, Fig. 1.].

 ,    ,  -     ,  NIST     .  ,          ,      ,            [945 - NISTIR 8202, 2018, Figure 6 DHS Science & Technology Directorate Flowchart, p. 42.].[946 -  -      (NISTIR 8202, . 6).        ,     ;   : If there are no trust or control issues over who runs the data store, traditional database solutions should suffice (NISTIR 8202, 2018, Figure 6 DHS Science & Technology Directorate Flowchart, p. 42).          :        .]  NIST        ,   , ,          ,        [947 - NISTIR 8202, 2018, section 8, p. 43.].     . ,   ,      -  ,    ?,    ,       [948 - NISTIR 8202, 2018, section 8, p. 41.].[949 - NISTIR 8202, . 8: most organizations approach the problem as we want to use blockchain somewhere, where can we do that? which leads to frustrations with the technology as it cannot be applied universally.     ,     : most paths lead to no with only a few leading to maybe. (NISTIR 8202, 2018, section 8, p. 41; NISTIR 8202, 2018, section 8, p. 43)]

     ,          ,     .  ,        .          .     ,      .      ,   ,   .  ,      ,   ,     .

          ,      ,         .  ,   ,     .      ,      .    ,          ,   ,   .   ,       ,   :  ,      ? ,           ,  .      ,      ,   ,         ,   .

   .     ,      ,      ,    .    ,     .  ASX    CHESS,          (  )[950 - ASX, ASX announces product based solution for CHESS replacement  industry consultation on next phase to commence in 2024, 20.11.2023, https://www.asx.com.au/content/dam/asx/about/media-releases/2023/70-20-november-2023-chess-replacement-solution-announced-and-2024-consultation.pdf.].  CHESS      ,  Digital Asset[951 - Ledger Insights, ASX pauses DLT settlement project, 17.11.2022. https://www.ledgerinsights.com/asx-pauses-dlt-settlement-chess/; The Register, Australian Securities Exchange pauses blockchain project, 17.11.2022. https://www.theregister.com/2022/11/17/asx_blockchain_reading_project_paused/.].

   CHESS  ,      (, ,  ).     .    ,  ASX,     [952 - Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).]. Accenture     :      ,   ,      [953 - Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).].[954 - Accenture,  2022, . 6: Greater consideration is required regarding the purpose of the consensus layer given ASXs position as the central market operator for the CHESS use case. . 19: CHESS use case primarily uses the ledger for resiliency which adds undue complexity to the solution e.g., the consensus contributes to the round-trip latency. (Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ); Accenture,  2022, . 5, 1819)]         ,    ,      (      )[955 - Accenture,  2022, . 5, 1819.].      ,   CHESS   :   ,   ,        .

   .      ,      ,         ,     100     [956 - Accenture,  2022, . 5, 1819.].[957 - Accenture,  2022, . 19: settlement under load with 100K+ transactions fail because of data or running out of time.       ,    :         Daml,    VMware (. 5) (Accenture,  2022, . 5, 1819; The Register, 17.11.2022 (   Accenture),).    45   12 ;        :         R40,      (,  -)   R41 (. 3334) (Accenture,  2022, . 5  34).]       .   2022    Digital Asset          [958 - Ledger Insights, ASX pauses DLT settlement project, 17.11.2022. https://www.ledgerinsights.com/asx-pauses-dlt-settlement-chess/; The Register, Australian Securities Exchange pauses blockchain project, 17.11.2022. https://www.theregister.com/2022/11/17/asx_blockchain_reading_project_paused/.],       [959 - ASIC, 22-204MR Delay to the ASX CHESS Replacement Project and Independent Review, 2022. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-204mr-delay-to-the-asx-chess-replacement-project-and-independent-review/.].[960 - ASIC, 22-204MR,   ASIC      03.08.2022 (  ASX  ).  ASIC  : It is very disappointing that there is a further delay to the CHESS Replacement Project.  ,          ,    Accenture    (ASIC, 22-204MR Delay to the ASX CHESS Replacement Project and Independent Review, 2022. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-204mr-delay-to-the-asx-chess-replacement-project-and-independent-review/).    2022    Ledger Insights (Ledger Insights, ASX pauses DLT settlement project, 17.11.2022. https://www.ledgerinsights.com/asx-pauses-dlt-settlement-chess/; The Register, Australian Securities Exchange pauses blockchain project, 17.11.2022. https://www.theregister.com/2022/11/17/asx_blockchain_reading_project_paused/).]  45      Accenture       ,    ,        -  ,   [961 - Accenture,  2022, . 5  34.].

        .     ,     ,      .   ,       ,      ,           .                  ,   ASX  ,     .

    ,        .       .    ,   ,   CHESS,        [962 - Accenture,  2022, . 6.].[963 - Accenture,  2022, . 6: The code review highlighted the existence of a high quality Daml implementation providing considerable efficiencies relative to the current CHESS and is not contributing to the Core Issues ,  ,     -     .    ,       ,       Digital Asset (. 78);           (Accenture,  2022, . 6).]    .   Digital Asset       ,  -   ,   [964 - ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf.].   , -, : ,      ,   . ,      ,   [965 - Accenture,  2022, . 6.].

 Digital Asset     .  2025    135      Canton,               [966 - Digital Asset, Digital Asset raises $135 million to accelerate adoption of Canton Network, 24.06.2025. https://blog.digitalasset.com/press-release/digital-asset-raises-135-million-to-accelerate-adoption-of-canton-network; Canton Network. https://canton.network/.].[967 - Digital Asset, - 24.06.2025: the only public, permissionless Layer-1 blockchain that offers configurable privacy and institutional-grade compliance at scale.   135    DRW  Tradeweb;    BNP Paribas, Citadel Securities,      DTCC  Goldman Sachs.    ( 400)      (Digital Asset, Digital Asset raises $135 million to accelerate adoption of Canton Network, 24.06.2025. https://blog.digitalasset.com/press-release/digital-asset-raises-135-million-to-accelerate-adoption-of-canton-network; Canton Network. https://canton.network/).]  ,    ,   ,         .

,   ,   ,    .   2026  ASX ,    2022-    ,    ,        2021   ,         20,5    [968 - ASIC, 24-177MR ASIC sues ASX for alleged misleading statements, 13.08.2024, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-177mr-asic-sues-asx-for-alleged-misleading-statements/; ASIC, 26-119MR ASX admits misleading conduct relating to CHESS replacement project, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-119mr-asx-admits-misleading-conduct-relating-to-chess-replacement-project; ASIC, 26-143MR ASX ordered to pay $20.5 million penalty, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-143mr-asx-ordered-to-pay-205-million-penalty-for-misleading-conduct-relating-to-chess-replacement-project.].[969 -  ASIC     13.08.2024: 10.02.2022 ASX ,   progressing well      ,      21.12.2021  ;   , 28.03.2022, ASX      (ASIC, 24-177MR ASIC sues ASX for alleged misleading statements, 13.08.2024, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-177mr-asic-sues-asx-for-alleged-misleading-statements/).   15.06.2026;     2026  (ASIC, 26-143MR);  , ASX  3      ASIC.  : ASX is a gatekeeper for preserving the integrity of, and confidence in, Australias financial system and should have been setting a benchmark for accuracy and transparency in its own market disclosures. (ASIC, 26-119MR ASX admits misleading conduct relating to CHESS replacement project, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-119mr-asx-admits-misleading-conduct-relating-to-chess-replacement-project; ASIC, 26-143MR ASX ordered to pay $20.5 million penalty, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-143mr-asx-ordered-to-pay-205-million-penalty-for-misleading-conduct-relating-to-chess-replacement-project)     TCS BaNCS  Tata Consultancy Services;            ;      .   (ASX, ASX announces product based solution for CHESS replacement  industry consultation on next phase to commence in 2024, 20.11.2023, https://www.asx.com.au/content/dam/asx/about/media-releases/2023/70-20-november-2023-chess-replacement-solution-announced-and-2024-consultation.pdf).]    ,      ,    2026 [970 - ASX, ASX announces product based solution for CHESS replacement  industry consultation on next phase to commence in 2024, 20.11.2023, https://www.asx.com.au/content/dam/asx/about/media-releases/2023/70-20-november-2023-chess-replacement-solution-announced-and-2024-consultation.pdf.].




  


         ,   , ,   . ,          ,     .      .

       .     ,       .        ,   ,     [971 - W?st & Gervais, 2018, section IV.A  Fig. 3.].    ,    .   NIST       [972 - W?st & Gervais, 2018, section IV.A  Fig. 3.].

   .         ,   ,        ,    ,    [973 - W?st & Gervais, 2018, section IV.A  Fig. 3.].   ,  Skuchain,       ,     ,         [974 - W?st & Gervais, 2018, section IV.A.].

          .        ,   ,       ,      .      .       . ,     10  ,   ,    .      ,          ,   .  ,    ,   ,  ,       ,           .








 6.2.   

        .   2016  Walmart  IBM ,           .    Hyperledger Fabric,       [975 - LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study; Wikipedia, Hyperledger ( 26.09.2026). https://en.wikipedia.org/wiki/Hyperledger; LF Decentralized Trust, About. https://www.lfdecentralizedtrust.org/about.].[976 - Hyperledger    Linux Foundation    (  2015 ; Fabric     IBM  Digital Asset).  ,   ;  :  2024        LF Decentralized Trust,     (Wikipedia, Hyperledger ( 26.09.2026). https://en.wikipedia.org/wiki/Hyperledger; LF Decentralized Trust, About. https://www.lfdecentralizedtrust.org/about).  Walmart    25     (LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study).] ,    ,    ,      2,2 [977 - LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study.].           ,     .

 Walmart  - 2018  ,   .           ,        [978 - Walmart, Walmart and Sams Club to Require Real-Time, End-to-End Food Traceability with Blockchain, 24.09.2018, https://corporate.walmart.com/content/dam/corporate/documents/press-center/in-wake-of-romaine-e-coli-scare-walmart-deploys-blockchain-to-track-leafy-greens/press-release-leafy-greens-on-blockchain.pdf.].[979 - Walmart, - 24.09.2018: Today, the most frequently used process to address issues in the industry is referred to as one-step-up and one-step-back traceability, which is often based on paper records    ,       IBM  11    (Walmart, Walmart and Sams Club to Require Real-Time, End-to-End Food Traceability with Blockchain, 24.09.2018, https://corporate.walmart.com/content/dam/corporate/documents/press-center/in-wake-of-romaine-e-coli-scare-walmart-deploys-blockchain-to-track-leafy-greens/press-release-leafy-greens-on-blockchain.pdf).  7   2,2        ,   ;      ,     (LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study).]  , -,          ,  2,2       .           [980 - LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study.].         ,     .

,   .        Walmart ,    2019             [981 - Walmart, Walmart and Sams Club to Require Real-Time, End-to-End Food Traceability with Blockchain, 24.09.2018, https://corporate.walmart.com/content/dam/corporate/documents/press-center/in-wake-of-romaine-e-coli-scare-walmart-deploys-blockchain-to-track-leafy-greens/press-release-leafy-greens-on-blockchain.pdf; LF Decentralized Trust,  Walmart.].  , ,  ,    ,       .      Walmart.     ,   . IBM       30  2023 [982 - IBM Support, IBM Blockchain Platform software reaches end of support on April 30, 2023, https://www.ibm.com/support/pages/ibm-blockchain-platform-software-reaches-end-support-april-30-2023.],        ,    ,    .[983 -   2021  CoinDesk      ,  - IBM  ; IBM   (CoinDesk, IBM Blockchain Is a Shell of Its Former Self After Revenue Misses, Job Cuts: Sources, 01.02.2021, https://www.coindesk.com/business/2021/02/01/ibm-blockchain-is-a-shell-of-its-former-self-after-revenue-misses-job-cuts-sources).   IBM Blockchain Platform  30.04.2023,       Hyperledger Fabric (IBM Support, IBM Blockchain Platform software reaches end of support on April 30, 2023, https://www.ibm.com/support/pages/ibm-blockchain-platform-software-reaches-end-support-april-30-2023).]

    ,       .  20192020             (FDA)          ,        [984 - FDA, Drug Supply Chain Security Act Pilot Project Program: Final Program Report, May 2023, pp. 2, 11 (Table 5), 1718, https://www.fda.gov/media/168307/download.].     , MediLedger,   24 ,   Pfizer  Walgreens,    ,     -    [985 - PR Newswire, Leaders from 24 companies in the US Pharmaceutical Supply Chain collaborate to submit the MediLedger DSCSA Pilot Project Final Report to the FDA, 21.02.2020, https://www.prnewswire.com/news-releases/leaders-from-24-companies-in-the-us-pharmaceutical-supply-chain-collaborate-to-submit-the-mediledger-dscsa-pilot-project-final-report-to-the-fda-proposing-blockchain-for-an-interoperable-track-and-trace-system-for-us-prescription-301008871.html.].[986 - PR Newswire, 21.02.2020: A well-designed, industry-led, decentralized blockchain platform can successfully meet the 2023 DSCSA requirements.    ,    FDA (PR Newswire, Leaders from 24 companies in the US Pharmaceutical Supply Chain collaborate to submit the MediLedger DSCSA Pilot Project Final Report to the FDA, 21.02.2020, https://www.prnewswire.com/news-releases/leaders-from-24-companies-in-the-us-pharmaceutical-supply-chain-collaborate-to-submit-the-mediledger-dscsa-pilot-project-final-report-to-the-fda-proposing-blockchain-for-an-interoperable-track-and-trace-system-for-us-prescription-301008871.html).] FDA      2023     ,       ,   ,   ,      - [987 - FDA, Drug Supply Chain Security Act Pilot Project Program: Final Program Report, May 2023, pp. 2, 11 (Table 5), 1718, https://www.fda.gov/media/168307/download.].[988 - FDA. Drug Supply Chain Security Act Pilot Project Program: Final Program Report,  2023, . 17: Other data carriers and methods to transfer data exist and could be leveraged for supply chain security and other uses (e.g., radio frequency identification [RFID] tags, blockchain). . 18: this program report should not be viewed as FDAs endorsement of a particular technology, system, or approach used in the pilot projects.        5  (FDA, Drug Supply Chain Security Act Pilot Project Program: Final Program Report, May 2023, pp. 2, 11 (Table 5), 1718, https://www.fda.gov/media/168307/download).]   ,    ,  ,        .

      (  ,  ,      ).     .   2015   Factom    -   ,     ,          ,   [989 - CoinDesk, Blockchain Land Title Project Stalls in Honduras, 26.12.2015, https://www.coindesk.com/markets/2015/12/26/blockchain-land-title-project-stalls-in-honduras.].     20162017            ,           [990 - EU Blockchain Observatory and Forum, The Land Registry in the blockchain  testbed (2017), 31.05.2018, https://blockchain-observatory.ec.europa.eu/news/land-registry-blockchain-testbed-2017-2018-05-31_en?prefLang=fr.].    , ,  ,         ,  .




   


     ,   . 21  2017    Long Island Iced Tea Corp. ,    Long Blockchain Corp.,          380%[991 - U.S. SEC, press release 2021-121 SEC Charges Three Individuals with Insider Trading, 09.07.2021. https://www.sec.gov/newsroom/press-releases/2021-121; -    (21.12.2017): https://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468 (  ,  ).]. -     .  2018        ,  Nasdaq    ,    2021         (SEC)   ,         2018 [992 - Wikipedia, Long Blockchain Corp. ( 26.09.2026),    MarketWatch, 11.04.2018 (https://www.marketwatch.com/story/nasdaq-to-delist-long-blockchain-corp-underlining-fading-bitcoin-fervor-2018-04-11)  Bloomberg, 22.02.2021 (https://www.bloomberg.com/news/articles/2021-02-22/long-blockchain-delisted-by-sec-after-riding-2017-s-crypto-craze). https://en.wikipedia.org/wiki/Long_Blockchain_Corp.].                [993 - U.S. SEC, press release 2021-121 SEC Charges Three Individuals with Insider Trading, 09.07.2021. https://www.sec.gov/newsroom/press-releases/2021-121; -    (21.12.2017): https://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468 (  ,  ).].[994 - SEC, - 2021-121, 09.07.2021.   ,     35 000       ,     ,             160 . .    ;   ,        (U.S. SEC, press release 2021-121 SEC Charges Three Individuals with Insider Trading, 09.07.2021. https://www.sec.gov/newsroom/press-releases/2021-121; -    (21.12.2017): https://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468 (  ,  )).   Long Blockchain (  Nasdaq 10.04.2018,   19.02.2021)    MarketWatch  Bloomberg (Wikipedia, Long Blockchain Corp. ( 26.09.2026),    MarketWatch, 11.04.2018 (https://www.marketwatch.com/story/nasdaq-to-delist-long-blockchain-corp-underlining-fading-bitcoin-fervor-2018-04-11)  Bloomberg, 22.02.2021 (https://www.bloomberg.com/news/articles/2021-02-22/long-blockchain-delisted-by-sec-after-riding-2017-s-crypto-craze). https://en.wikipedia.org/wiki/Long_Blockchain_Corp).]        ,            .

 SEC      2018      :        ,    -  Blockchain-R-Us     .  ,        ,       [995 - Jay Clayton, Opening Remarks at the Securities Regulation Institute, SEC, 22.01.2018. https://www.sec.gov/news/speech/speech-clayton-012218.].[996 -  ,  22.01.2018: The SEC is looking closely at the disclosures of public companies that shift their business models to capitalize on the perceived promise of distributed ledger technology and whether the disclosures comply with the securities laws, particularly in the case of an offering.  : (1) start to dabble in blockchain activities, (2) change its name to something like Blockchain-R-Us, and (3) immediately offer securities (Jay Clayton, Opening Remarks at the Securities Regulation Institute, SEC, 22.01.2018. https://www.sec.gov/news/speech/speech-clayton-012218).]

Long Blockchain  ,    . ,         ( 8-K),          2017 ,      .           ,    30       [997 - Cheng S. F., De Franco G., Jiang H., Lin P. Riding the Blockchain Mania: Public Firms Speculative 8-K Disclosures. Management Science 65(12), 2019, pp. 59015913. DOI 10.1287/mnsc.2019.3357 (  Crossref: https://api.crossref.org/works/10.1287/mnsc.2019.3357).].[998 - Cheng S. F., De Franco G., Jiang H., Lin P. Riding the Blockchain Mania: Public Firms Speculative 8-K Disclosures. Management Science, 2019: investors overreact to a firms first 8-K disclosure of a potential foray into Blockchain technology and that overreaction is a function of the Bitcoin price bubble.        8-K   ,     (Cheng S. F., De Franco G., Jiang H., Lin P. Riding the Blockchain Mania: Public Firms Speculative 8-K Disclosures. Management Science 65(12), 2019, pp. 59015913. DOI 10.1287/mnsc.2019.3357 (  Crossref: https://api.crossref.org/works/10.1287/mnsc.2019.3357)).]          :    ,    .         .   ,        [999 - Cheng S. F., De Franco G., Jiang H., Lin P. Riding the Blockchain Mania: Public Firms Speculative 8-K Disclosures. Management Science 65(12), 2019, pp. 59015913. DOI 10.1287/mnsc.2019.3357 (  Crossref: https://api.crossref.org/works/10.1287/mnsc.2019.3357).],   ,     ,     ,       .

   .   2017   Bioptix,     ,    Riot Blockchain     1200   [1000 - Riot Blockchain, Form 8-K, 04.10.2017, https://www.sec.gov/Archives/edgar/data/0001167419/000107997317000569/bioptix_8k.htm; Riot Blockchain, Form 10-K  2017 , https://www.sec.gov/Archives/edgar/data/1167419/000107997318000264/riot_10k-123117.htm.].    Long Blockchain,    ,     2018   SEC   [1001 - Riot Blockchain, Form 10-K  2017 .].  3  2023     Riot Platforms      ,   ,      [1002 - Riot Blockchain, Riot Blockchain, Inc. Announces Corporate Rebranding to Riot Platforms, Inc., GlobeNewswire, 03.01.2023, https://www.globenewswire.com/news-release/2023/01/03/2582242/0/en/Riot-Blockchain-Inc-Announces-Corporate-Rebranding-to-Riot-Platforms-Inc.html.].  2017     ,  2023-  .

       .   -,     Gartner    2018 ,  -    1%,  77% ,            [1003 - Computer Weekly, Most CIOs not interested in massively hyped blockchain, finds Gartner, 04.05.2018, https://www.computerweekly.com/news/252440559/Most-CIOs-not-interested-in-massively-hyped-blockchain-finds-Gartner; - Gartner 03.05.2018.].       Gartner (   ,    )     ,   Gartner ,       [1004 - CIO Dive, Most blockchain applications sunk in the trough of disillusionment, Gartner says, 09.10.2019, https://www.ciodive.com/news/most-blockchain-applications-sunk-in-the-trough-of-disillusionment-gartn/564613/; The Next Web, Gartner says blockchain is sliding into the trough of disillusionment, 08.10.2019, https://thenextweb.com/news/gartner-says-blockchain-is-sliding-into-the-trough-of-disillusionment.].[1005 -   - (2018 CIO Survey) Gartner  03.05.2018;    ,    .     Computer Weekly (04.05.2018)   ;  - Gartner .  8%       .   77%: no interest in the technology and/or no action planned to investigate or develop it (Computer Weekly, Most CIOs not interested in massively hyped blockchain, finds Gartner, 04.05.2018, https://www.computerweekly.com/news/252440559/Most-CIOs-not-interested-in-massively-hyped-blockchain-finds-Gartner; - Gartner 03.05.2018).  , Gartner, 2019: Blockchain technologies have not yet lived up to the hype and most enterprise blockchain projects are stuck in experimentation mode.   Gartner     2028  (CIO Dive, Most blockchain applications sunk in the trough of disillusionment, Gartner says, 09.10.2019, https://www.ciodive.com/news/most-blockchain-applications-sunk-in-the-trough-of-disillusionment-gartn/564613/; The Next Web, Gartner says blockchain is sliding into the trough of disillusionment, 08.10.2019, https://thenextweb.com/news/gartner-says-blockchain-is-sliding-into-the-trough-of-disillusionment).]




    


     ,     .   ,    ,         ,       .    Marco Polo    2017 ,     30 ,       ,    2020     [1006 - Global Trade Review, Marco Polo brings in liquidators as funds run dry, 23.02.2023. https://www.gtreview.com/news/top-stories/marco-polo-brings-in-liquidators-as-funds-run-dry/; Irish Times, 22.02.2023. https://www.irishtimes.com/business/2023/02/22/provisional-liquidators-appointed-to-software-company-with-52m-debts/.].    (     ,       ),   Contour,   [1007 - Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/.].  we.trade       [1008 - Global Trade Review, we.trade calls it quits after running out of cash, 06.06.2022. https://www.gtreview.com/news/top-stories/we-trade-calls-it-quits-after-running-out-of-cash/.].       .      ,    ,    ,   .

      ,      : .   2022  we.trade,    -, ,          [1009 - Global Trade Review, we.trade calls it quits after running out of cash, 06.06.2022. https://www.gtreview.com/news/top-stories/we-trade-calls-it-quits-after-running-out-of-cash/.].   2023  Marco Polo     ,    Bank of America      12  ,     [1010 - Global Trade Review, Marco Polo brings in liquidators as funds run dry, 23.02.2023. https://www.gtreview.com/news/top-stories/marco-polo-brings-in-liquidators-as-funds-run-dry/; Irish Times, 22.02.2023. https://www.irishtimes.com/business/2023/02/22/provisional-liquidators-appointed-to-software-company-with-52m-debts/.]. Contour    2023 ,   -   [1011 - Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/.].[1012 - we.trade: 12 -  IBM,   16   15 ;      26.05.2022 (Global Trade Review, we.trade calls it quits after running out of cash, 06.06.2022. https://www.gtreview.com/news/top-stories/we-trade-calls-it-quits-after-running-out-of-cash/). Marco Polo:  TradeIX  R3 Corda;        2019 ,   II  2020-;      ,   5,2   (Global Trade Review, Marco Polo brings in liquidators as funds run dry, 23.02.2023. https://www.gtreview.com/news/top-stories/marco-polo-brings-in-liquidators-as-funds-run-dry/; Irish Times, 22.02.2023. https://www.irishtimes.com/business/2023/02/22/provisional-liquidators-appointed-to-software-company-with-52m-debts/). Contour:    2020   R3 Corda;         10        .    GTR: The investment climate has been incredibly challenging in the past year, and like many companies, it has affected our ability to raise funds and sustain our operations. (Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/)]

  Contour,     Global Trade Review,   .   -    ,       [1013 - Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/.]. -,    ,        .  ,     ,   .      ,         ,       .

     ,     10    ,    .   ,          ,  .    ,     ,       ,       .        ,     ,           ,       ,    .

    .  TradeLens   2018  Maersk  IBM,          ,       [1014 - A.P. Moller  Maersk, A.P. Moller  Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform, 29.11.2022. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens.].   2022      .  :       ,         [1015 - A.P. Moller  Maersk, A.P. Moller  Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform, 29.11.2022. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens.].[1016 - Maersk, 29.11.2022.  , Maersk: Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved. As a result, TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business.     I  2023  (A.P. Moller  Maersk, A.P. Moller  Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform, 29.11.2022. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens).]     ,   Maersk      ,   -  ,     [1017 - A.P. Moller  Maersk, A.P. Moller  Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform, 29.11.2022. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens.].

      ,       SWIFT,       .  2018  SWIFT        34 .    ,         ,     528  ,         100 000[1018 - UNLOCK Blockchain, SWIFT completes landmark DLT proof of concept, 12.03.2018 ( - SWIFT), https://www.unlock-bc.com/news/2018-03-12/swift-completes-landmark-dlt-proof-of-concept; - SWIFT Swift completes landmark DLT PoC, https://www.swift.com/news-events/press-releases/swift-completes-landmark-dlt-poc.].[1019 -   - SWIFT (UNLOCK Blockchain, 12.03.2018): To productise the solution, more than 100,000 channels would need to be established and maintained, covering all existing Nostro relationships (UNLOCK Blockchain, SWIFT completes landmark DLT proof of concept, 12.03.2018 ( - SWIFT), https://www.unlock-bc.com/news/2018-03-12/swift-completes-landmark-dlt-proof-of-concept; - SWIFT Swift completes landmark DLT PoC, https://www.swift.com/news-events/press-releases/swift-completes-landmark-dlt-poc).]        ,        ,     .

     ,        .   ,   ,    ,          .     ,   TradeLens,       .   ,    ,     .   ,      .  ,    .    ,          .




 


 ,    2017 ,    .       ,        .  .  ,  -    ,         .

      (         ,    ).   Broadridge          2025    368    [1020 - Broadridge, - Broadridges Distributed Ledger Repo Platform Processes $368 Billion in Average Daily Trade Volumes in November, 04.12.2025. https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november.].[1021 - Broadridge, - 04.12.2025:  7,4    ,  466% ,    2024 .        (Broadridge, - Broadridges Distributed Ledger Repo Platform Processes $368 Billion in Average Daily Trade Volumes in November, 04.12.2025. https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november).      .]  ,      ,   .

     ,      .  ,      100  .          ,          .    ,   ,      .  ,       ,    ,     ,  .         ,   .       ,        ,    ,     .

         ,    .        ,  ,     ,             .             ,        ,      ,       ,    .

    .       Broadridge,   ,   ,    .    ,               .    ,     ,    ,       ,       .      ,    ,    .

- JPMorgan,    2024    Onyx  Kinexys,     2025      7    [1022 - J.P. Morgan, Kinexys ( ). https://www.jpmorgan.com/kinexys/index; J.P. Morgan, Introducing Kinexys, 06.11.2024, https://www.jpmorgan.com/insights/payments/blockchain-digital-assets/introducing-kinexys.].[1023 - Kinexys: >$3 trillion in transaction volume across Kinexys since inception; >$7 billion in average daily transaction volume across Kinexys (   2025 ) (J.P. Morgan, Kinexys ( ). https://www.jpmorgan.com/kinexys/index).   06.11.2024      2        1,5      (J.P. Morgan, Introducing Kinexys, 06.11.2024, https://www.jpmorgan.com/insights/payments/blockchain-digital-assets/introducing-kinexys).      .]     .   2025  JPMorgan  ,        .             Base,     Ethereum,          [1024 - J.P. Morgan Payments, First bank issues USD deposit token on a public blockchain, 12.11.2025. https://www.jpmorgan.com/payments/newsroom/jpm-coin-usd-deposit-token-institutional-clients.].       :   ,      .       ,        .

       ,       ,    .    BlackRock,    2024 ,    2026    2,2      107 [1025 - RWA.xyz,   BUIDL (  26.09.2026). https://app.rwa.xyz/assets/BUIDL.].            15  [1026 - RWA.xyz, Tokenized Treasuries (  26.09.2026). https://app.rwa.xyz/treasuries.].[1027 - RWA.xyz,   26.09.2026:  BUIDL  2,24  , 107 ,     (RWA.xyz,   BUIDL (  26.09.2026). https://app.rwa.xyz/assets/BUIDL);      14,94    108  (RWA.xyz, Tokenized Treasuries (  26.09.2026). https://app.rwa.xyz/treasuries).      .]    ,    .     ,       [1028 - RWA.xyz,   BUIDL (  26.09.2026). https://app.rwa.xyz/assets/BUIDL.].

    ,   ,  .     ,  -   ,    ,     ,     .     ,    :  , ,   .

     ,     .   2026          Agor,      ,    28         ,    ,  800 .    [1029 - BIS Innovation Hub, Project Agor, https://www.bis.org/about/bisih/topics/fmis/agora.htm; BIS Innovation Hub, Project Agor. https://www.bis.org/about/bisih/topics/fmis/agora.htm.].     -  ,       ,    ,          .           ,    ASX[1030 - MAS, media release First industry pilot for digital asset and decentralised finance goes live, 02.11.2022. https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live; MAS, Project Guardian. https://www.mas.gov.sg/schemes-and-initiatives/project-guardian; MAS, Project Guardian (.  12.11.2025). https://www.mas.gov.sg/schemes-and-initiatives/project-guardian; BIS Innovation Hub, Project mBridge. https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm.].[1031 -   Agor  - BIS 27.05.2026 (Project Agor shows how tokenisation can improve wholesale cross-border payments; work will advance to real-value testing);       2026 ,  BIS Real value testing: Twenty-eight private sector institutions and central banks completed transactions totalling approximately CHF 800,000;      80  (BIS Innovation Hub, Project Agor, https://www.bis.org/about/bisih/topics/fmis/agora.htm; BIS Innovation Hub, Project Agor. https://www.bis.org/about/bisih/topics/fmis/agora.htm).  Guardian -     2022 ;      ,   DBS  JPMorgan,             (MAS, media release First industry pilot for digital asset and decentralised finance goes live, 02.11.2022. https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live; MAS, Project Guardian. https://www.mas.gov.sg/schemes-and-initiatives/project-guardian);   (ASIC)      (MAS, Project Guardian (.  12.11.2025). https://www.mas.gov.sg/schemes-and-initiatives/project-guardian). mBridge       2021 ,          ;  2024     (BIS Innovation Hub, Project mBridge. https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm).]    :  ,    , .           ,   ,  ,    ,     .

 SWIFT  ,      ,   2018      .  2023         .    Chainlink         ,       SWIFT          [1032 - CoinDesk, Swift, Chainlink Tokenization Experiment Successfully Transfers Value Across Multiple Blockchains, 31.08.2023, https://www.coindesk.com/tech/2023/08/31/swift-chainlink-tokenization-experiment-successfully-transfers-value-across-multiple-blockchains; - SWIFT    Business Wire  .].  2025  SWIFT ,              [1033 - Asset Servicing Times, Swift adds blockchain-based ledger to technology infrastructure, 30.09.2025, https://www.assetservicingtimes.com/assetservicesnews/paymentsarticle.php?article_id=17219; - SWIFT.],   2026 ,    ,         ,    17 [1034 - Finadium, Swift announces MVP go-live of open source blockchain-based ledger in 2026, 01.04.2026, https://finadium.com/swift-announces-mvp-go-live-of-open-source-blockchain-based-ledger-in-2026/; Finovate, Swift Goes Live with New Blockchain-Based Ledger, 09.07.2026, https://finovate.com/swift-goes-live-with-new-blockchain-based-ledger/;  SWIFT Swifts blockchain ledger ready for use as 17 banks set to pioneer tokenised cross-border payments.].[1035 - Asset Servicing Times, 30.09.2025 (  Consensys,  30  ); Finovate, 09.07.2026 (, 17    ).       -,     SWIFT    ;       (Asset Servicing Times, Swift adds blockchain-based ledger to technology infrastructure, 30.09.2025, https://www.assetservicingtimes.com/assetservicesnews/paymentsarticle.php?article_id=17219; - SWIFT; Finadium, Swift announces MVP go-live of open source blockchain-based ledger in 2026, 01.04.2026, https://finadium.com/swift-announces-mvp-go-live-of-open-source-blockchain-based-ledger-in-2026/; Finovate, Swift Goes Live with New Blockchain-Based Ledger, 09.07.2026, https://finovate.com/swift-goes-live-with-new-blockchain-based-ledger/;  SWIFT Swifts blockchain ledger ready for use as 17 banks set to pioneer tokenised cross-border payments).]      SWIFT,      .

     .   (,  ,  , SWIFT).     ,          .      ,        ,    .       ,     .

      ?               .   ,    :      ,       .             [1036 - MAS, media release First industry pilot for digital asset and decentralised finance goes live, 02.11.2022. https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live; MAS, Project Guardian. https://www.mas.gov.sg/schemes-and-initiatives/project-guardian.].    ,      .    ,  ,          - ,    .     ,       .

   ,     .     ,            .      ,       ,          .        ,   ,       ,           ,    .  ,    .          ,    ,  ,        .

  ,       .  2016          Bitfury        ,        [1037 - Exonum (Bitfury), Improving the security of a government land registry, https://exonum.com/story-georgia.].    ,    1,5    [1038 - New America, Blockchain and Property Rights ( PropRightsTech Primers,  ,  20182019), https://www.newamerica.org/insights/proprightstech-primers/blockchain-and-property-rights/.].     ,       [1039 - Exonum (Bitfury), Improving the security of a government land registry, https://exonum.com/story-georgia.].

   :    ,  ,           .        .      ,     ,      ,    .   -  ,        ,           ,  [1040 - Per Aarvik, Anti-corruption reforms have been successful in Georgia, but blockchain is stealing the limelight, U4 Anti-Corruption Resource Centre, 24.10.2022, https://www.u4.no/blog/anti-corruption-reforms-successful-in-georgia-blockchain-stealing-limelight.].

      .  KSI,        ,   2007 ,  ,    e-Estonia    [1041 - e-Estonia, KSI Blockchain. https://e-estonia.com/solutions/cyber-security/ksi-blockchain/.].[1042 - e-Estonia: KSI is a blockchain inspired technology designed in Estonia and used globally to ensure networks, systems, and data are free of compromise, all while retaining 100% data privacy. (e-Estonia, KSI Blockchain. https://e-estonia.com/solutions/cyber-security/ksi-blockchain/)]     ,    : ,      [1043 - e-Estonia, KSI Blockchain. https://e-estonia.com/solutions/cyber-security/ksi-blockchain/.].  ,        .    , KSI    ,       [1044 - e-Estonia, KSI Blockchain. https://e-estonia.com/solutions/cyber-security/ksi-blockchain/.].

   ,        .  ,  ,        ,     U4 ,    .   ,     2004 :   ,   ,  .       ,    ,  .  2004  97%       ,     97%     [1045 - Per Aarvik, Anti-corruption reforms have been successful in Georgia, but blockchain is stealing the limelight, U4 Anti-Corruption Resource Centre, 24.10.2022, https://www.u4.no/blog/anti-corruption-reforms-successful-in-georgia-blockchain-stealing-limelight.].            ,      .

  ? ,  .      ,  ,       .         ,    ,     ,    .    .            ,    ,    ,   ,        -.            .




    


   ,      ,    [1046 - W?st & Gervais, 2018, section III; W?st & Gervais, 2018, Fig. 1; NISTIR 8202, 2018, Figure 6 DHS Science & Technology Directorate Flowchart, p. 42.].








 6.3.  

      ?   ,    [1047 - W?st & Gervais, 2018, Fig. 1.].    ,    ,         ,  ,       .

  ,      ?         ,        [1048 - Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).].     ,  ,     Walmart,    .

   ,   ,   ?  ,      ,  ,     [1049 - W?st & Gervais, 2018, section IV.A  Fig. 3.].          ,    .

       .   ,  ,   ,         ,       ,      [1050 - NISTIR 8202, 2018, section 2.2, pp. 56.].     ,   .        ,       -  ( , , )[1051 - Broadridge, - Broadridges Distributed Ledger Repo Platform Processes $368 Billion in Average Daily Trade Volumes in November, 04.12.2025. https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november; ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf; Global Trade Review, Marco Polo brings in liquidators as funds run dry, 23.02.2023. https://www.gtreview.com/news/top-stories/marco-polo-brings-in-liquidators-as-funds-run-dry/; Irish Times, 22.02.2023. https://www.irishtimes.com/business/2023/02/22/provisional-liquidators-appointed-to-software-company-with-52m-debts/; ASIC, 26-119MR ASX admits misleading conduct relating to CHESS replacement project, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-119mr-asx-admits-misleading-conduct-relating-to-chess-replacement-project; ASIC, 26-143MR ASX ordered to pay $20.5 million penalty, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-143mr-asx-ordered-to-pay-205-million-penalty-for-misleading-conduct-relating-to-chess-replacement-project.].      ,        .

     ,     ,   . ,    ,    ,              ,      .       ,     ,        ,        ,    .            ,            [1052 - ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf; Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).].

      .  2017      ,  2023-     ,      ,       [1053 - U.S. SEC, press release 2021-121 SEC Charges Three Individuals with Insider Trading, 09.07.2021. https://www.sec.gov/newsroom/press-releases/2021-121; -    (21.12.2017): https://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468 (  ,  ); Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/; Riot Blockchain, Riot Blockchain, Inc. Announces Corporate Rebranding to Riot Platforms, Inc., GlobeNewswire, 03.01.2023, https://www.globenewswire.com/news-release/2023/01/03/2582242/0/en/Riot-Blockchain-Inc-Announces-Corporate-Rebranding-to-Riot-Platforms-Inc.html.].      .       ,     ,   ,   ,       .




 II.    :  





 7.  



           (  ,     ,   ),     ,       .      ,         ,   .  2011      ,         :  ,  ,    , ,  , . , ,    ,   .   ,   ,     ,        .

  ,      ,       ,          .         ,        ,        ,   .      ,    .

    .  ,           ,    ,        . , ,  ,      ,        .   ,    ,         .




   


   ,    .           ,   ,            .    ,       .         Bitstamp,     ,      2011 [1054 - Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.].[1055 - Bitstamp,  API v2,   BTC/USD   ,   26.09.2026.       ;      (, 14.01.2015    171,41 ) (Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000).  2011     :   Mt. Gox (08.06.2011),    Bitstamp,         ,      ,      ;    2,25  21.11.2011 (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki).  20192020      :     15.12.2018  13.03.2020  13 880  26.06.2019 (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600).     Bitstamp  57 734,63  01.07.2026;    59 930 (  2026 )  58 035 (25.06.2026) (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000).      .] ,      ,    ,         .   2011  Bitstamp  ,       Mt. Gox[1056 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki.].    ,     2011   Bitstamp    62 [1057 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki.].

 7.1.  :      (   )











   



2011

31,91 (08.06.2011, Mt. Gox)

2,22 (20.10.2011)

 93%

 4,5 



20132015

1 163 (30.11.2013)

152,40 (14.01.2015)

87%

410 



20172018

19 666 (17.12.2017)

3 122 (15.12.2018)

84%

363 



20192020, 

13 880 (26.06.2019)

3 850 (13.03.2020)

72%

261 



20212022

69 000 (10.11.2021)

15 479 (21.11.2022)

78%

376 



20242026

126 272 (06.10.2025)

57 735 (01.07.2026), 

54%, 

268 , 



  26.09.2026: Bitstamp,  ;  2011   Mt. Gox[1058 - Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki.].

    ,      ,  93%  2011   78%  20212022    54%   [1059 -     (Bitstamp);  2011  V. Ganne (Swissquote), TradingView, 17.11.2025,   Glassnode, https://www.tradingview.com/chart/BTC_ATHDRAWDOWN/9AUq2iAG-Bitcoin-What-Historical-Drawdown-in-a-Bear-Market/; CoinDesk, 24.09.2026.].   20192020      .  , 13 880    2019 ,   2017-  ,        ,     2020        63%[1060 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600.].[1061 - Bitstamp:     10 500,50  13.02.2020,   3 850  13.03.2020;   63%  29  (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600).]       ,       .

     .     ,                 .      ,       .   1011  2025     CoinDesk      47%,           58%[1062 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.].       ,             .








 7.1.         

      .   2015    2017-     129 ,   2018    2021-    22 ,   2022    2025-    8 [1063 -     (Bitstamp).].      ,    .   (  ,      ,   ),   ,          [1064 -     (Bitstamp).].

   ,     .     ,        - :   ,      [1065 -     (Bitstamp);  2011  V. Ganne (Swissquote), TradingView, 17.11.2025,   Glassnode, https://www.tradingview.com/chart/BTC_ATHDRAWDOWN/9AUq2iAG-Bitcoin-What-Historical-Drawdown-in-a-Bear-Market/; CoinDesk, 24.09.2026.].      ,      ,      .   2015  2018    (152   32,  3122  1163),    2020    2022-    2017-,   2026     2021-[1066 - Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.].

   ,  .             ,                [1067 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000.].[1068 - Bitstamp:   15.12.2018    30.11.2020 (19 864,15)  716 ;   21.11.2022    05.03.2024 (69 210)  470  (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000).] ,      2017  2021 ,           .       .

   .    12  13  2020    Bitstamp      ,            [1069 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600.].  10:45    12    15    7200  5678 ,     , BitMEX,        702  ;  90%      ,   [1070 - O. Godbole, Bitcoins Crash Triggers Over $700M in Liquidations on BitMEX, CoinDesk, 12.03.2020 (  Skew), https://www.coindesk.com/markets/2020/03/12/bitcoins-crash-triggers-over-700m-in-liquidations-on-bitmex.].

   :      2021      18 [1071 - FRED,  M2SL (M2,  ,  .): https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2020-01-01&coed=2023-12-01.],    ,  ,      .




     


   ,         .     ,     ,      ,     Ҹ   ,    ,     ,     .     ,          (     ,     ).

      ,      [1072 - Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf.].  -,    ,      ,     .     ,        .         ,   ,   ,      [1073 - Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf.].[1074 - Minsky H. P. The Financial Instability Hypothesis. Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67: Hedge financing units are those which can fulfill all of their contractual payment obligations by their cash flows For Ponzi units, the cash flows from operations are not sufficient to fulfill either the repayment of principle or the interest due on outstanding debts  principle     (Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf).]        ,      ,   ,            ,   ,        .       ,       ,        [1075 - Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf.].

      ,     ,       .    ,  ,     ,    ,  ,    [1076 - Minsky, 1992, pp. 78.].[1077 -  , pp. 78.      : The second theorem of the financial instability hypothesis is that over periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system. (Minsky, 1992, pp. 78)]     ,       ,         .

   ,   .              ,      ,   ,    ,  ,  ,     ,   .   , ,  ,     [1078 - Minsky, 1992, p. 8.].[1079 -  , p. 8: speculative units will become Ponzi units and the net worth of previously Ponzi units will quickly evaporate. Consequently, units with cash flow shortfalls will be forced to try to make position by selling out position. This is likely to lead to a collapse of asset values. (Minsky, 1992, p. 8)]       ,   2022       :  ,   ,         5,33%,         [1080 - FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01; Galaxy Research, Q2 2026.] (    9).

     : ,  ,         ,       [1081 - Minsky, 1992, p. 8.].[1082 -  , p. 8: The financial instability hypothesis is a model of a capitalist economy which does not rely upon exogenous shocks to generate business cycles of varying severity. (Minsky, 1992, p. 8)   ,     ,     (PIMCO)  1998 ;     .     ,      (Wikipedia, Minsky moment, https://en.wikipedia.org/wiki/Minsky_moment (   P. McCulley, Playing solitaire with a deck of 51, PIMCO Global Central Bank Focus, April 2009, : https://web.archive.org/web/20090416003203/http://www.pimco.com/LeftNav/Featured+Market+Commentary/FF/2009/Global+Central+Bank+Focus+April+2009+Money+Marketeers+Solitaire+McCulley.htm)).]     ,     ,     .

 ,   ,  1978    ,   [1083 -  Crossref: https://api.crossref.org/works/10.1007/978-3-031-16008-0_2; https://api.crossref.org/works/10.1007/978-3-031-16008-0_14; : DOI 10.1007/978-3-031-16008-0 (ISBN 978-3-031-16007-3 , 978-3-031-16008-0 );   1978  DOI 10.1007/978-1-349-04338-5.] ,     ,    -  [1084 - P. Mehrling, Minsky and Kindleberger: Fellow Traveling Theorists of National and International Financial Instability, Boston University Global Development Policy Center, GEGI Working Paper 059, March 2023, pp. 34, https://www.bu.edu/gdp/files/2023/03/GEGI_WP_059_FIN.pdf ( Kindleberger 1978, p. 15).].    (2023)     : ,   ,    ,    ,    ;     ,   ,     [1085 - R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, The Anatomy of a Typical Crisis,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, Cham, 2023, pp. 1735, DOI 10.1007/978-3-031-16008-0_2; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_2.html.].[1086 - Aliber R. Z., Kindleberger C. P., McCauley R. N. The Anatomy of a Typical Crisis // Manias, Panics, and Crashes. 8th ed. Palgrave Macmillan, 2023, pp. 1735,  : A displacement that flags a novel profit opportunity can lead to speculation, credit expansion, and euphoria; financial distress follows and then crisis that ends in a panic and crash.    ,      (R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, The Anatomy of a Typical Crisis,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, Cham, 2023, pp. 1735, DOI 10.1007/978-3-031-16008-0_2; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_2.html).       ,        .      ,             (, , , ),     1978      1972 :       ,         ,         (P. Mehrling, Minsky and Kindleberger: Fellow Traveling Theorists of National and International Financial Instability, Boston University Global Development Policy Center, GEGI Working Paper 059, March 2023, pp. 34, https://www.bu.edu/gdp/files/2023/03/GEGI_WP_059_FIN.pdf ( Kindleberger 1978, p. 15)).       :    .]      ,        [1087 - Wikipedia, Economic bubble,   , https://en.wikipedia.org/wiki/Economic_bubble     Kindleberger C., Manias, Panics and Crashes: A History of Financial Crises, 4th ed., Palgrave Macmillan, 2001, pp. 1322.].[1088 -        (Wikipedia, Economic bubble,    4-  , 2001, pp. 1322) (Wikipedia, Economic bubble,   , https://en.wikipedia.org/wiki/Economic_bubble     Kindleberger C., Manias, Panics and Crashes: A History of Financial Crises, 4th ed., Palgrave Macmillan, 2001, pp. 1322). ,       2  ,       ,      : musty terms used by earlier generations of economists including Adam Smith, John Stuart Mill, Knut Wicksell, and Irving Fisher (R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, The Anatomy of a Typical Crisis,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, Cham, 2023, pp. 1735, DOI 10.1007/978-3-031-16008-0_2; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_2.html).]         .                 [1089 - Mehrling, 2023, p. 5.],[1090 -     : Speculative Manias, Fueling the Flames: Monetary Expansion, The Emergence of Swindles, The Critical Stage, International Propagation.   2005        Fueling the Flames: The Expansion of Credit,       (Mehrling, 2023, p. 5).]     ,    ICO  FTX,     .

  Ҹ,  ,      (2020)    ,     ,  [1091 - Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.].    ,   ,     , ,      .      ,    ,   ,    [1092 - M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust.].[1093 - A bubbles fuel is easy money and credit. Without cheap and bountiful funds for investment, there is no opportunity for asset prices to be bid higher.       CFA Institute (M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust).]   ,       ,     [1094 - M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust.].   ,      ,   [1095 - Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.].[1096 - Quinn W., Turner J. D. Boom and Bust: A Global History of Financial Bubbles. Cambridge University Press, 2020, . 1 The Bubble Triangle, : either technological change or a government policy decision.  : some bubbles may be useful (Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677).       .  (CFA Institute, 22.11.2021),     ;     (M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust).        .]

  , -,  ,      :    ,     ,      [1097 - M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust.].    ,      ,   .      ,      20202021     2024      (,      ,     )[1098 - Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.].          2017 [1099 - Cambridge Core,   12, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-12/type/book_part;   Crossref, DOI 10.1017/9781108367677.012.],   ,   ,      ,    -    [1100 - W. Quinn, Which historical bubble is most like the crypto bubble?,       Attack of the 50 Foot Blockchain, 05.01.2023, https://davidgerard.co.uk/blockchain/2023/01/05/which-historical-bubble-is-most-like-the-crypto-bubble-by-william-quinn/.].

,    ,  2017      ,     ,  ,     . ,  ,     ,         [1101 - R. J. Shiller, Narrative Economics, American Economic Review 107(4), April 2017, pp. 9671004, DOI 10.1257/aer.107.4.967, https://www.aeaweb.org/articles?id=10.1257/aer.107.4.967.].[1102 - Shiller R. J. Narrative Economics. American Economic Review 107(4), 2017, pp. 9671004: The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. (R. J. Shiller, Narrative Economics, American Economic Review 107(4), April 2017, pp. 9671004, DOI 10.1257/aer.107.4.967, https://www.aeaweb.org/articles?id=10.1257/aer.107.4.967)]  ,   ,      ,     [1103 - Yale Insights, 19.10.2017.].    2019       [1104 - Princeton University Press,  , https://press.princeton.edu/books/hardcover/9780691182292/narrative-economics.].

     ,         ,   ,           .           Ҹ,  ,    ;         ,  ;       ;           ;   ,     .




      


      ,        [1105 - Smithsonian; E. A. Thompson, The tulipmania: Fact or artifact?, Public Choice 130, 2007, pp. 99114, https://link.springer.com/article/10.1007/s11127-006-9074-4.].      , ,          .

  1630-          1841 ,    [1106 - Smithsonian; E. A. Thompson, The tulipmania: Fact or artifact?, Public Choice 130, 2007, pp. 99114, https://link.springer.com/article/10.1007/s11127-006-9074-4.].            ,  -   . ,   ,  ,   ,        [1107 - L. Boissoneault, There Never Was a Real Tulip Fever, Smithsonian Magazine, 18.09.2017, https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/; : A. Goldgar, Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age, University of Chicago Press, 2007, https://press.uchicago.edu/ucp/books/book/chicago/T/bo5414939.html.].[1108 - Smithsonian Magazine, 18.09.2017,   . ,   Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age (University of Chicago Press, 2007): I couldnt find anybody that went bankrupt. / There werent that many people involved and the economic repercussions were pretty minor. (L. Boissoneault, There Never Was a Real Tulip Fever, Smithsonian Magazine, 18.09.2017, https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/; : A. Goldgar, Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age, University of Chicago Press, 2007, https://press.uchicago.edu/ucp/books/book/chicago/T/bo5414939.html)]            .

    1720          ,       ,    .             [1109 - A. Odlyzko, Newtons financial misadventures in the South Sea Bubble, Notes and Records: the Royal Society Journal of the History of Science 73(1), 2019, pp. 2959, https://royalsocietypublishing.org/doi/pdf/10.1098/rsnr.2018.0018; : https://www-users.cse.umn.edu/~odlyzko/doc/mania13.pdf.],   :    ,      10 000 [1110 - Odlyzko, 2019, . 13 .].[1111 - Odlyzko A. Newtons financial misadventures in the South Sea Bubble. Notes and Records: the Royal Society Journal of the History of Science 73(1), 2019: This is the earliest known version of the madness of the people story It does not have the extra flourish about computing the motions of the heavenly bodies that is common.     1756 ,   1820-;      (A. Odlyzko, Newtons financial misadventures in the South Sea Bubble, Notes and Records: the Royal Society Journal of the History of Science 73(1), 2019, pp. 2959, https://royalsocietypublishing.org/doi/pdf/10.1098/rsnr.2018.0018; : https://www-users.cse.umn.edu/~odlyzko/doc/mania13.pdf).  : His losses, even by conservative accounting, almost surely exceeded ?10,000, and plausible methods easily produce values that exceed the ?20,000 figure that family lore claimed  20 000      (1797);  , -,   1860- (Odlyzko, 2019, . 13 ).]     .     .   1722      80%         1850-[1112 - Odlyzko, 2019,  8 , . 20.].           ,            .

            17181720 ,       [1113 - Quinn, 2023.].   2023   ,         ,   ,    ,        ,        [1114 - Quinn, 2023.].[1115 - Quinn, 2023: the market was deliberately created with the intention of causing a bubble; We can never completely rule it out  contagion mechanisms are complicated  but its almost inconceivable that its bursting will cause an economic or financial crisis. (Quinn, 2023)]      2024    ,        ,     ,    .

         XIX .        (18371863)       ,            [1116 - A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.].          ,      .        1,6  ,    ,        [1117 - A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.].[1118 - Rolnick A. J., Weber W. E. New Evidence on the Free Banking Era. American Economic Review 73(5), 1983, pp. 10801091.   -, , , ;    1,6   ( 1,42,1 ): Our preliminary conclusion from this evidence is that it is misleading to characterize the overall free banking experience as a failure of laissez-faire banking.     45,6    ( 1859 ).      .  (FRB Atlanta Economic Review, 1996) (A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673).]    1859       50   ,  -    99[1119 - A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.].

           .     ,         ,        [1120 - A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.].      ,          .

       .    Nasdaq Composite,    ,   10  2000    2002-    78%,     20212022 [1121 - FRED,  NASDAQCOM (NASDAQ Composite Index,  ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2000-03-08&coed=2000-03-14; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2002-10-07&coed=2002-10-11; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2015-04-20&coed=2015-04-24; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000.].        15 [1122 - FRED,  NASDAQCOM (NASDAQ Composite Index,  ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2000-03-08&coed=2000-03-14; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2002-10-07&coed=2002-10-11; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2015-04-20&coed=2015-04-24.].[1123 - FRED, NASDAQCOM,  : 5048,62  10.03.2000; 1114,11  09.10.2002; 5056,06  23.04.2015 (FRED,  NASDAQCOM (NASDAQ Composite Index,  ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2000-03-08&coed=2000-03-14; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2002-10-07&coed=2002-10-11; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2015-04-20&coed=2015-04-24).]        ,      ,         .

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  :  


         :     ,  ,  .       ,         .      .

            .  ,   ,    .     ,               .    ,  ,      .    ,     ,       .

      .             ,    ,      .      ,     ,    ,    ,  ,      .       ,      ,     .

,   100,       10         100.   10,     ,     100,      .     110,   .    90,  ,     ,       120 ( ,    ).     ,      ,       ,      .

      .   ,  2025 ,           ,     .    .   Galaxy Research,       220  ,             80 [1124 - Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; Galaxy Research, Q3 2025.].[1125 - Galaxy Research:        220,37   06.10.2025 (  III . 2025 , 19.11.2025);      III . 2025   73,59       78,69       II . 2026  (Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; Galaxy Research, Q3 2025).   ( 133   ,       )    Galaxy  II . 2025 , .  5 (Z. Pokorny, The State of Crypto Leverage  Q2 2025, Galaxy Research, 14.08.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-leverage-q2-2025). Galaxy     ;        ( CoinDesk  217   10.10.2025) (CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto).]   (     ,    ),      ,    .

      ,        .     ,        :          -    ,  ,    ,     ,    [1126 - Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026); BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false.].     ,  .   BitMEX,      ,     ,     0,01%   ,  11%    [1127 - BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false.].[1128 - BitMEX,  API,   XBTUSD;   04:00, 12:00  20:00   ;   26.09.2026.            ( 0,01%   ),            ;       .         ( ? 3 ? 365),    .  BitMEX    2020   ,    20212025       ,         (BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false; BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2025-09-28&endTime=2025-10-14&count=100&reverse=false).]        ,      ,  ,    ,      .

            -,         .   (   -)   60%      ,       [1129 - M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm.].[1130 - Schmeling M., Schrimpf A., Todorov K. Crypto carry. BIS Working Paper 1087, April 2023: can become very large (up to 60% p.a.) and varies strongly over time (M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm).        ø,       .]      .          ,  ,     , ,           [1131 - M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm.].

     ,       ,  ,    ,    .    ,     ,   ,          .

 .             ,    ,        ,     .  ,       ,          [1132 - O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; O. Godbole, Bitcoins Crash Triggers Over $700M in Liquidations on BitMEX, CoinDesk, 12.03.2020 (  Skew), https://www.coindesk.com/markets/2020/03/12/bitcoins-crash-triggers-over-700m-in-liquidations-on-bitmex.],       .

      ,        (,   , ,     ). ,      10  ,       .    ,        ,    ,   ,     .    20.      .    ,    ,      .

 ,  ,    10,    ,       .    40.    ,  ,                ,       .       ,     ,  ,    , .    ,        .

  ,     50.    ,          .     : ,   ,  , ,   , ,     50.  ,      ,    ,           .     ,    45,     ,        ,   ,     .

       .       40,      ,      (     ).     ,    35,   ,   40. ,     ,      .         ,   ,   , ,  20.

       ,   ,  ,    .      ,    50  20  ,     ,    -   ,   .       ,        ,   .      ,      60%,  ,       ,   .

   ,   .

    ,    ,        .        .        ,   ,   ,    .     ,       [1133 - Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf.].

    :     ,  ,   ,    ,        . -,  ,              .  ,    .

        .   : ,  ,    ,  ,            ;    ,    ,  ;              ,          ;       ,       [1134 - R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html.].   ,   ,         [1135 - R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html.].[1136 - Bitcoin is more akin to a decentralized pump and dump scheme with a negative sum. (R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html)]  ,       Ҹ  ,      [1137 - Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.].        ,     ,       .




   


     .  ,   ,     .     ,     -  ,    2020 ,       .








 7.2.  

    .    ,     ,   , ,    .   2017    , ,   ,    2013 :  ,        ,          ,       .  , 2017 ,    ICO (  ,       ),       [1138 - Three Questions: Prof. Robert Shiller on Bitcoin, Yale Insights (Yale School of Management), 19.10.2017, https://insights.som.yale.edu/insights/three-questions-prof-robert-shiller-on-bitcoin.].            ,        [1139 - Three Questions: Prof. Robert Shiller on Bitcoin, Yale Insights (Yale School of Management), 19.10.2017, https://insights.som.yale.edu/insights/three-questions-prof-robert-shiller-on-bitcoin.].[1140 - Three Questions: Prof. Robert Shiller on Bitcoin. Yale Insights, 19.10.2017: The 2013 rise in value of Bitcoin was driven by some basic stories that have great resonance; glamorous spy-vs-spy appeal, like a James Bond movie; In 2017, the second rise in Bitcoin appears to have something to do with the appearance of ICOs which give Bitcoin an investment banking patina too; Bitcoin is the best example today of a speculative bubble, at least as I define a bubble. (Three Questions: Prof. Robert Shiller on Bitcoin, Yale Insights (Yale School of Management), 19.10.2017, https://insights.som.yale.edu/insights/three-questions-prof-robert-shiller-on-bitcoin)]

     .         2014 ,    2017-,     4300 [1141 - A. Oyedele, ROBERT SHILLER: Bitcoin is the best example right now of a bubble, Business Insider ( Yahoo Finance), 05.09.2017, https://finance.yahoo.com/news/robert-shiller-bitcoin-best-example-151300765.html.].[1142 -  2014  (  ): an amazing example of a bubble;  2017  ( Quartz   Business Insider, 05.09.2017): the best example right now;        4337  (A. Oyedele, ROBERT SHILLER: Bitcoin is the best example right now of a bubble, Business Insider ( Yahoo Finance), 05.09.2017, https://finance.yahoo.com/news/robert-shiller-bitcoin-best-example-151300765.html).]       ,   84%,    2025         [1143 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.].   ,    ,          .     ,       .

      ,   .        .      ,           ?     ,     .

  ,  ,     .           95   20152022   , ,   ,         [1144 - R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm.].[1145 - Auer R., Cornelli G., Doerr S., Frost J., Gambacorta L. Crypto trading and Bitcoin prices: evidence from a new database of retail adoption. BIS Working Paper 1049, 14.11.2022: when the price of Bitcoin rises, more people download and actively use crypto exchange apps (R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm).]  40%      35 [1146 - R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm.].       ,      2021        2022-[1147 - R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm.],          .

  .  ,     ,    .   ,      .        ,    [1148 - B. Popik, There is nothing so disturbing to ones well-being and judgment as to see a friend get rich, The Big Apple (barrypopik.com), https://barrypopik.com/index.php/new_york_city/entry/there_is_nothing_so_disturbing_to_ones_well_being_and_judgment_as_to_see_a.].[1149 - There is nothing so disturbing to ones well-being and judgment as to see a friend get rich. Kindleberger C. P. Manias, Panics and Crashes, 1978, p. 15     ,      ;        (B. Popik, There is nothing so disturbing to ones well-being and judgment as to see a friend get rich, The Big Apple (barrypopik.com), https://barrypopik.com/index.php/new_york_city/entry/there_is_nothing_so_disturbing_to_ones_well_being_and_judgment_as_to_see_a).]         ,        .

  ,     ,     ,   ,      Ҹ  .  2023   ,   2021-       :  ,       ,        [1150 - W. Quinn, Which historical bubble is most like the crypto bubble?,       Attack of the 50 Foot Blockchain, 05.01.2023, https://davidgerard.co.uk/blockchain/2023/01/05/which-historical-bubble-is-most-like-the-crypto-bubble-by-william-quinn/.].[1151 - Quinn W. Which historical bubble is most like the crypto bubble?     .  Attack of the 50 Foot Blockchain, 05.01.2023: During 2021, the crypto exchanges facilitated all of these: they provided liquidity, used stablecoins to create a new flexible money supply    ,       : somewhere between a bubble and a fraud (W. Quinn, Which historical bubble is most like the crypto bubble?,       Attack of the 50 Foot Blockchain, 05.01.2023, https://davidgerard.co.uk/blockchain/2023/01/05/which-historical-bubble-is-most-like-the-crypto-bubble-by-william-quinn/).] ,    ,      ,     ,  ,  .

        . ,      (   , ,    , ,   ),     : , ,    .      ,     ,   .        2017    ,         .     ,          [1152 - Mehrling, 2023, p. 5.].  , -, ,     ,        .

,   ,     ,        .     .   2017 ,   8  19 ,   BitMEX      0,375%   [1153 - BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false.].      1%    ,   ,  410%    [1154 - BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false.].[1155 - BitMEX, XBTUSD, 26   34   8  19  2017 : 0,375% ? 3 ? 1,1%  , ? 365 ? 410%    .    , 0,375%          (BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false).]

       .    ,      ,       [1156 - Galaxy Research, Q3 2025.],      6  2025 ,    ,    [1157 - Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.].

     :      ,    .     ,     ,      .     ,      .

   .   ,     ?  ,     : ,    ,  ,  ,   ,  .  ,             , ,   ,    2014 [1158 - Yale Insights, 19.10.2017.].[1159 - Three Questions: Prof. Robert Shiller on Bitcoin. Yale Insights, 19.10.2017: Usually nothing exogenous is needed to reverse a bubble. The bubble just wears off, as Bitcoin did starting in 2014. (Yale Insights, 19.10.2017)]        ,          [1160 - Minsky, 1992, p. 8.].      [1161 - R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, The Anatomy of a Typical Crisis,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, Cham, 2023, pp. 1735, DOI 10.1007/978-3-031-16008-0_2; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_2.html.].           ,     ,  ,   [1162 - Wikipedia, Economic bubble,   , https://en.wikipedia.org/wiki/Economic_bubble     Kindleberger C., Manias, Panics and Crashes: A History of Financial Crises, 4th ed., Palgrave Macmillan, 2001, pp. 1322.].

     .   2021      , 18   10   ( )  19   8 ,         [1163 - O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; O. Godbole, Bitcoin Drops Below $31K Before Rebounding; $8B in Liquidations Triggered, CoinDesk, 19.05.2021 (  Bybt), https://www.coindesk.com/markets/2021/05/19/bitcoin-drops-below-31k-before-rebounding-8b-in-liquidations-triggered.].[1164 - CoinDesk, 19.04.2021  19.05.2021,    Bybt ( CoinGlass): 18   10      5,77  23  2021 ,  90%   ; 19   8 .    19     17 :        (O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; O. Godbole, Bitcoin Drops Below $31K Before Rebounding; $8B in Liquidations Triggered, CoinDesk, 19.05.2021 (  Bybt), https://www.coindesk.com/markets/2021/05/19/bitcoin-drops-below-31k-before-rebounding-8b-in-liquidations-triggered).  BitMEX:  2021   0,2997%    10.04.2021  20:00    (?328%    ); 0,1954% 18.02.2021 (?214%);      0,0719% (21.10.2021),       0,0605% (?66%) (BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false).]           . 10  2021 ,       ,   BitMEX   0,30%   ,   ,     [1165 - BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false.].    ,    ,  ,  ,    -  ,   .

 ,  ,   : ,     ,   ,      [1166 - Minsky, 1992, p. 8.].       . 1011  2025 ,     ,         19     ,      [1167 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.].

    100-    [1168 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.].     .            217  123  ,  43%[1169 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.].[1170 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025: Total perpetual futures open interest across major exchanges dropped 43%, falling from $217 billion on October 10 to $123 billion on October 11. (CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto)]       ,      .         10.

      .    CoinGlass, Binance       ,           .    ,        [1171 - T. Shen, Hyperliquid founder says certain CEXs may underreport liquidations, The Block, 13.10.2025, https://www.theblock.co/post/374311/hyperliquid-founder-says-certain-cexs-may-underreport-liquidations.].[1172 - The Block, 13.10.2025.          CoinGlass  Binance (Binance only reports one liquidation order per second);   100     Hyperliquid  ,    Binance: this could easily be 100x under-reporting under some conditions (T. Shen, Hyperliquid founder says certain CEXs may underreport liquidations, The Block, 13.10.2025, https://www.theblock.co/post/374311/hyperliquid-founder-says-certain-cexs-may-underreport-liquidations).  2020  2021      ,       ; 702    BitMEX   2020        2018-,     (O. Godbole, Bitcoins Crash Triggers Over $700M in Liquidations on BitMEX, CoinDesk, 12.03.2020 (  Skew), https://www.coindesk.com/markets/2020/03/12/bitcoins-crash-triggers-over-700m-in-liquidations-on-bitmex).]    , , .       : 702        2020 , 10      2021-,  19   2025-[1173 - O. Godbole, Bitcoins Crash Triggers Over $700M in Liquidations on BitMEX, CoinDesk, 12.03.2020 (  Skew), https://www.coindesk.com/markets/2020/03/12/bitcoins-crash-triggers-over-700m-in-liquidations-on-bitmex; O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.].

      .     FTX   2022    BitMEX    ,     ,    ,  275%    [1174 - BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2022-11-05&endTime=2022-11-25&count=100&reverse=false.].       ,    21     [1175 - BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2022-11-05&endTime=2022-11-25&count=100&reverse=false; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000.].

,    .       ,   ,  ,   ,   .      ,  2022          ,             2026        ,   [1176 - Galaxy Research, Q2 2026.].[1177 - Galaxy Research, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026: 56,16     II . 2026    78,69 ,     ?10%, ?5%  ?17%;   ?28,6%. 40%,    ,     (.  5) (Galaxy Research, Q2 2026).      .]        2022 ,      55%[1178 - Galaxy Research, Q2 2026.].      ,    ,  ,           .

        ,      [1179 - Minsky, 1992, p. 8.].     ,    , -,    ,     .     ,       .

  ,            ,     ,     -,   [1180 - R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html.].[1181 - Aliber, Kindleberger, McCauley. Bitcoin: Worse Than a Ponzi // Manias, Panics, and Crashes. 8th ed., 2023, pp. 349371, : The end game for bitcoin and its ilk could see investor revulsion at the abuses of the centralized institutions that have sprung up to trade it, including exchanges and near monies, so-called stablecoins.    2003 ;          ,          (R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html).]         .   ,    ,    ,    ,        .

     ,       .      ,   Terra  FTX              ,   2022    ,     [1182 - BIS Working Paper 1049; : G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto shocks and retail losses, BIS Bulletin No 69, 20.02.2023, https://www.bis.org/publ/bisbull69.htm.].[1183 - Cornelli G., Doerr S., Frost J., Gambacorta L. Crypto shocks and retail losses. BIS Bulletin No 69, 20.02.2023: a majority of crypto app users in nearly all economies made losses on their bitcoin holdings.    (BIS Working Paper 1049, 14.11.2022,  ,   . ): around three-quarters of users have lost money on their Bitcoin investments.  :          ,     (BIS Working Paper 1049; : G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto shocks and retail losses, BIS Bulletin No 69, 20.02.2023, https://www.bis.org/publ/bisbull69.htm).]   ,    2022 ,   ,        [1184 - BIS Working Paper 1049; : G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto shocks and retail losses, BIS Bulletin No 69, 20.02.2023, https://www.bis.org/publ/bisbull69.htm.].      ,       .      ,     .

      ?     ,   ,   .     ,   ,        .         .   2017    BitMEX      1%  ,    2021         ,    2025     [1185 - BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false; BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false; BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2025-09-28&endTime=2025-10-14&count=100&reverse=false.].

    ,      [1186 - M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm.],  , , ,    ,      .     ,   .        .    BitMEX   ,       [1187 - BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false.].

   .          .  ,   , ,     2025        [1188 - CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.].       ,      .      ,     .  ,     ,          ,      ,        10[1189 - BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2025-09-28&endTime=2025-10-14&count=100&reverse=false.].     .  ,   ,    ,         ,     .

      ,   ,   ,     .     .




   


    ,    .            (    ),    ,     .

     ,     .               : 526    2016 , 548   2020-  534   2024-[1190 - :    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).].[1191 -    : 09.07.2016 ? 17.12.2017; 11.05.2020 ? 10.11.2021; 20.04.2024 ? 06.10.2025.   ,   28.11.2012   30.11.2013,  367  (:    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp)).]   2024   Goldman Sachs   ,    -  ,              ,     5%[1192 - O. Godbole, Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions, CoinDesk, 17.04.2024 (  Goldman Sachs FICC and Equities  12.04.2024), https://www.coindesk.com/markets/2024/04/17/goldman-cautions-against-extrapolating-previous-bitcoin-halving-cycles-for-price-predictions.].[1193 - CoinDesk, 17.04.2024,   Goldman Sachs FICC and Equities  12.04.2024: Caution should be taken against extrapolating the past cycles and the impact of halving, given the respective prevailing macro conditions. (O. Godbole, Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions, CoinDesk, 17.04.2024 (  Goldman Sachs FICC and Equities  12.04.2024), https://www.coindesk.com/markets/2024/04/17/goldman-cautions-against-extrapolating-previous-bitcoin-halving-cycles-for-price-predictions)]         [1194 - O. Godbole, Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions, CoinDesk, 17.04.2024 (  Goldman Sachs FICC and Equities  12.04.2024), https://www.coindesk.com/markets/2024/04/17/goldman-cautions-against-extrapolating-previous-bitcoin-halving-cycles-for-price-predictions.].       .

   : 1) -    ; 2)  2012, 2016  2020     ,      ,  [1195 - O. Godbole, Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions, CoinDesk, 17.04.2024 (  Goldman Sachs FICC and Equities  12.04.2024), https://www.coindesk.com/markets/2024/04/17/goldman-cautions-against-extrapolating-previous-bitcoin-halving-cycles-for-price-predictions.]; 3)           ,       [1196 - :    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).]; 4)     ,        ,        [1197 - R. J. Shiller, Narrative Economics, American Economic Review 107(4), April 2017, pp. 9671004, DOI 10.1257/aer.107.4.967, https://www.aeaweb.org/articles?id=10.1257/aer.107.4.967; :    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).].  ,        ,   [1198 - :    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).].

     ,       .  ,  ,       ,   0,08%   2022 ,        5,33%[1199 - FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01.].     2021       ,    2022-     [1200 - FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01.].

  M2   (    ,  )   2020   2022     41%,      2020      2021-    18 [1201 - FRED,  M2SL (M2,  ,  .): https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2020-01-01&coed=2023-12-01.].[1202 - FRED:      (FEDFUNDS,   )   0,08%   2022 , 5,33%   2023-,  3,633,64%  2026 ; M2 (M2SL,   )  15,49     2020 , 21,79    2022-, 20,74    2023-.    18    3850  (13.03.2020)  69 000 (10.11.2021), Bitstamp (FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01; FRED,  M2SL (M2,  ,  .): https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2020-01-01&coed=2023-12-01).]         .         ,    .

         .      2022  ,      S&P 500 (    )   0,01  20172019   0,36  20202021-[1203 - T. Adrian, T. Iyer, M. Qureshi, Crypto Prices Move More in Sync With Stocks, Posing New Risks, IMF Blog, 11.01.2022, https://www.imf.org/en/blogs/articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks.].        ,     ,  0,36  ,      .    ,      ,   ,        [1204 - T. Adrian, T. Iyer, M. Qureshi, Crypto Prices Move More in Sync With Stocks, Posing New Risks, IMF Blog, 11.01.2022, https://www.imf.org/en/blogs/articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks.].  ,    ,   2024  ,       ,  ,     [1205 - L. Alden, September 2024 Newsletter, https://www.lynalden.com/september-2024-newsletter/.].[1206 - Alden L. September 2024 Newsletter: Bitcoin has been highly correlated with global liquidity, and I expect that to continue.    83%     M2,   ,   ,       (L. Alden, September 2024 Newsletter, https://www.lynalden.com/september-2024-newsletter/).]

    ,      20202022 ,    ,  . Ѹ    ,        ,       .          ,     ,         [1207 - S. Karau, Monetary policy and Bitcoin, Deutsche Bundesbank Discussion Paper No 41/2021, : https://ideas.repec.org/p/zbw/bubdps/412021.html;  : https://www.bundesbank.de/en/publications/research/discussion-papers/monetary-policy-and-bitcoin-880226;  : Journal of International Money and Finance 137, 2023, 102880.].[1208 - Karau S. Monetary policy and Bitcoin. Deutsche Bundesbank Discussion Paper No 41/2021;    Journal of International Money and Finance 137, 2023, 102880: a disinflationary monetary tightening by the ECB lowers valuations  consistent with the notion of Bitcoin as a digital gold , whereas a Fed tightening increases Bitcoin prices.     ;       (S. Karau, Monetary policy and Bitcoin, Deutsche Bundesbank Discussion Paper No 41/2021, : https://ideas.repec.org/p/zbw/bubdps/412021.html;  : https://www.bundesbank.de/en/publications/research/discussion-papers/monetary-policy-and-bitcoin-880226;  : Journal of International Money and Finance 137, 2023, 102880;  Crossref  OpenAlex: https://api.crossref.org/works/10.1016/j.jimonfin.2023.102880;  SSRN 2021, DOI 10.2139/ssrn.3988527).]     ,           [1209 - S. Karau, Monetary policy and Bitcoin, Deutsche Bundesbank Discussion Paper No 41/2021, : https://ideas.repec.org/p/zbw/bubdps/412021.html;  : https://www.bundesbank.de/en/publications/research/discussion-papers/monetary-policy-and-bitcoin-880226;  : Journal of International Money and Finance 137, 2023, 102880.].    2021 ,     2022-,      ,  ,        , .

    .  20252026    M2      ,     2024  ,           [1210 - FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01.].[1211 - FRED, M2SL: 22,41     2026 , 23,34    2026- (FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400).]    2026          ,      2026   [1212 - FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400.].     ,         ,  M2          [1213 - FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400.].  ,     ,   ,     -.

    ,   ,     ?

     .     .      .            ,   20202022     .      ,     ,     .     ,     2025 ,             [1214 - Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01.].    ,        .      ,      ,   .








 7.3.   

         :  ,   ,       .    ,         ,   ,    , ,   .  2021        ,           2022-.  2025      ,   ,        ,       .   :  2026        ,         .

   .       ,     ,   ;           ;     ,   2025 ,   .




  ,   


    ,   ,    .       .     ,     ,        .   ,        .

     :      ,   .        ,    .      CoinGlass[1215 - T. Shen, Hyperliquid founder says certain CEXs may underreport liquidations, The Block, 13.10.2025, https://www.theblock.co/post/374311/hyperliquid-founder-says-certain-cexs-may-underreport-liquidations.],        Galaxy[1216 - Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.],      .   :   2025   BitMEX           0,01%   ,     [1217 - BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2025-09-28&endTime=2025-10-14&count=100&reverse=false; Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.].    ,     .

 7.2.  :     







  



1.  

  ,      ,  ,         ;   

   



2.  

         ;      

,    



3.    

 ,      ;       

  :         



4. 

      ,     ,      

,     



5.  

          ;     

,     



6. 

       ,    ,  ;       

,    ,    :  2022        FTX



:[1218 - R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm; M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm; CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; Galaxy Research, Q3 2025; Galaxy Research, Q2 2026; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000; O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; T. Shen, Hyperliquid founder says certain CEXs may underreport liquidations, The Block, 13.10.2025, https://www.theblock.co/post/374311/hyperliquid-founder-says-certain-cexs-may-underreport-liquidations; BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false; BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2022-11-05&endTime=2022-11-25&count=100&reverse=false.].

   2026 ?     6  2025 ,   ,  57 700 ,   1  2026  (Bitstamp),        84 . [1219 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.].       2026    103  ,     [1220 - Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.],       [1221 - Galaxy Research, Q2 2026.].            .   ,   ,     .  1    ,       7.1     [1222 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.].




 8.  :    Mt. Gox  ICO (20102018)



            .

    2014 ,         ,     [1223 - WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html; Wikipedia, Mt. Gox (  Bloomberg, Reuters, Wired), https://en.wikipedia.org/wiki/Mt._Gox.].  2010  2018      ,        :   ,  ,     ,    ,     ,    .          .    ,        , ,    ,     .   ,   ,    .

      .   2011       206  [1224 - Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.],    2018      700 [1225 - CoinDesk, Down More than 70% in 2018, Bitcoin Closes Its Worst Year on Record, 02.01.2019, https://www.coindesk.com/markets/2019/01/02/down-more-than-70-in-2018-bitcoin-closes-its-worst-year-on-record.],             ,      .     .




   


     .     5  2009   New Liberty Standard.     1309,03 BTC,      0,08 [1226 - Bitcoin Wiki, History,  2009, https://en.bitcoin.it/wiki/History.].      .   ,       ,   :                ,    30 [1227 - R. Manly, The Very Early Bitcoin Exchanges of 2009 to 2011, BullionStar, https://www.bullionstar.com/blogs/ronan-manly/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/ (   NLS: web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate).].[1228 - Manly R. The Very Early Bitcoin Exchanges of 2009 to 2011. BullionStar     New Liberty Standard: dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days.   Bitcoin Wiki (History): theymos thought NLS was overcharging (R. Manly, The Very Early Bitcoin Exchanges of 2009 to 2011, BullionStar, https://www.bullionstar.com/blogs/ronan-manly/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/ (   NLS: web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate); Bitcoin Wiki, History,  2009, https://en.bitcoin.it/wiki/History).]       ,   ,      Bitcoin Wiki,      [1229 - R. Manly, The Very Early Bitcoin Exchanges of 2009 to 2011, BullionStar, https://www.bullionstar.com/blogs/ronan-manly/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/ (   NLS: web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate).].

    2010 . Bitcoin Market,        dwdollar,  6 ,      17 [1230 - Bitcoin Wiki, History ( ), https://en.bitcoin.it/wiki/History; Bitcoin Wiki, Bitcoin Market ( , PayPal), https://en.bitcoin.it/wiki/Bitcoin_Market.].    ,     ,     .

  ,    bitcointalk   laszlo, 18  2010   10 000 BTC    ,    ,    ,   [1231 - laszlo, Pizza for bitcoins?, bitcointalk.org, topic 137,   18.05.2010, 12:35:20 AM, https://bitcointalk.org/index.php?topic=137.0.].[1232 - laszlo. Pizza for bitcoins? bitcointalk.org, topic 137, 18.05.2010: Ill pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day.       : Jacksonville, Florida zip code 32224 United States.        (laszlo, Pizza for bitcoins?, bitcointalk.org, topic 137,   18.05.2010, 12:35:20 AM, https://bitcointalk.org/index.php?topic=137.0).]   , 22 ,      ,   ,        jercos[1233 - laszlo, bitcointalk, topic 137,   22.05.2010, 07:17:26 PM, https://bitcointalk.org/index.php?topic=137.0.].[1234 -  , 22.05.2010: I just want to report that I successfully traded 10,000 bitcoins for pizza. Pictures:  Thanks jercos!      12.06.2010: the 2 pizzas are only about 25 dollars total, maybe 30 if you give the guy a nice tip.   04.08.2010: I cant really afford to keep doing it since I cant generate thousands of coins a day anymore (laszlo, bitcointalk, topic 137,   22.05.2010, 07:17:26 PM, https://bitcointalk.org/index.php?topic=137.0; laszlo, bitcointalk, topic 137,   12.06.2010, 08:14:44 PM, https://bitcointalk.org/index.php?topic=137.0).]  jercos    ,    .       25 , ,  30,    [1235 - laszlo, bitcointalk, topic 137,   12.06.2010, 08:14:44 PM, https://bitcointalk.org/index.php?topic=137.0.].     ,     .

     ,     ,    .         ,   CoinDesk,     2010    81 432 BTC[1236 - CoinDesk, What You Didnt Know About Laszlo Hanyecz, the Bitcoin Pizza Day Legend, 22.05.2025, https://www.coindesk.com/tech/2025/05/22/what-you-didnt-know-about-laszlo-hanyecz-the-bitcoin-pizza-day-legend.].    ,     ,    ,      ,         [1237 - laszlo, bitcointalk, topic 137,   12.06.2010, 08:14:44 PM, https://bitcointalk.org/index.php?topic=137.0.].

        .     2026 ,  84 .     Bitstamp[1238 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.], 10 000 BTC    840  .    2019     . ,  , ,     ,  ,   ,    ,   [1239 - CoinDesk, What You Didnt Know About Laszlo Hanyecz, the Bitcoin Pizza Day Legend, 22.05.2025, https://www.coindesk.com/tech/2025/05/22/what-you-didnt-know-about-laszlo-hanyecz-the-bitcoin-pizza-day-legend.].[1240 - CoinDesk, 22.05.2025,   2019 : A trade happens because both parties think theyre getting a good deal. I felt like I was beating the internet, getting free food.  81 432 BTC      ,   .  10 000 BTC  : 10 000 ?  84 000  (Bitstamp,  26.09.2026  84 433 ) (CoinDesk, What You Didnt Know About Laszlo Hanyecz, the Bitcoin Pizza Day Legend, 22.05.2025, https://www.coindesk.com/tech/2025/05/22/what-you-didnt-know-about-laszlo-hanyecz-the-bitcoin-pizza-day-legend; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000).      .]    ,   ,   ,     ,    .

       .   ,       ,     .    2010       Mt. Gox,             Magic: The Gathering (Magic: The Gathering Online eXchange)[1241 - Bitcoin Wiki, History (July 17: MtGox established), https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox (18  2010), https://en.wikipedia.org/wiki/Mt._Gox.].       ,     .        Slashdot 11  ,   Bitcoin Wiki,        ,  0,008  0,08 [1242 - Bitcoin Wiki, History,  2010, https://en.bitcoin.it/wiki/History.].

 6    Mt. Gox  50 ,   ,    ,    [1243 - Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History.].          .

    ,   .            ,     20102011       Mt. Gox[1244 - Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History; Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History; Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.].        :     ,      .  2010     ,  ,          ,     ,  ,    .




2011:     


   ,   2011   ?     ,     ,    .

9  2011    Mt. Gox   [1245 - Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.],  8      31,91 [1246 - Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.].   32          .       . 1   Gawker   Silk Road,    2011     (  ,        ),   ,  5          [1247 - Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace); U.S. Attorneys Office SDNY, Manhattan U.S. Attorney Announces Seizure Of Additional $28 Million Worth Of Bitcoins Belonging To Ross William Ulbricht, 25.10.2013, https://www.justice.gov/archive/usao/nys/pressreleases/October13/SilkRoadSeizurePR.php.].       ,        8    .

      .   2011    Mt. Gox    ,    [1248 - Bitcoin Wiki, History (March 1: MagicalTux buys mtgox.com from its founder Jed McCaleb), https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox.]. ,     2013        90%    [1249 - G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers.],         .

    ,   12       10 [1250 - Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.].   ,   . 19  -      Mt. Gox (    )       ,   .      17,51    ,          ,  60 000  [1251 - Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox (   Ars Technica, 1519.06.2011), https://en.wikipedia.org/wiki/Mt._Gox.].[1252 - Bitcoin Wiki, History: June 19: Someone was able to access an admin account at MtGox and issue sell orders for hundreds of thousands of fake bitcoins, forcing the MtGox price down from $17.51 per bitcoin to $0.01. Bitcoin Wiki ( 2011)  Wikipedia      ;       (a few days later  Wikipedia) (Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox (   Ars Technica, 1519.06.2011), https://en.wikipedia.org/wiki/Mt._Gox).]

    ,   2011    .         (     ,    ),      ,         .

        . 19   600  - MyBitcoin     ,  20    EFF      -  [1253 - Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.].  , 4 , Bitcoin Market     PayPal - [1254 - Bitcoin Wiki, History ( ), https://en.bitcoin.it/wiki/History; Bitcoin Wiki, Bitcoin Market ( , PayPal), https://en.bitcoin.it/wiki/Bitcoin_Market.].         ,     ,       .

    ,            .        ,      ,     ,         .       ,     ,          -[1255 - McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.],         ,    .

          ,     ,           :      2011  .     .      ,  ,    ,    .    ,      : ,     ,     .  2011     ,     .

      . 20  2011    Bitstamp   2,22 ,   93%    Mt. Gox,  21    [1256 - Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki.].   WizSec,     Mt. Gox,       2011 [1257 - WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html.].       ,         .

       .  Silk Road   ,        ,     ,    ,     [1258 - Wikipedia, Silk Road (marketplace) (  , 2013), https://en.wikipedia.org/wiki/Silk_Road_(marketplace).].    2013 ,      9,5  BTC,  1,2       [1259 - U.S. Attorneys Office SDNY, Manhattan U.S. Attorney Announces Seizure Of Additional $28 Million Worth Of Bitcoins Belonging To Ross William Ulbricht, 25.10.2013, https://www.justice.gov/archive/usao/nys/pressreleases/October13/SilkRoadSeizurePR.php.].[1260 - U.S. Attorneys Office SDNY, 25.10.2013: All told, the site generated sales revenue of more than 9.5 million Bitcoins and collected commissions from these sales totaling more than 600,000 Bitcoins,  roughly equivalent to approximately $1.2 billion in sales and approximately $80 million in commissions.        2011  ( Wikipedia  ).    (9 519 664 BTC, 1 229 465 )     Wikipedia.    2015    ,   ,  200    ,      (U.S. Attorneys Office SDNY, Manhattan U.S. Attorney Announces Seizure Of Additional $28 Million Worth Of Bitcoins Belonging To Ross William Ulbricht, 25.10.2013, https://www.justice.gov/archive/usao/nys/pressreleases/October13/SilkRoadSeizurePR.php; Wikipedia, Silk Road (marketplace) (  , 2013), https://en.wikipedia.org/wiki/Silk_Road_(marketplace); SDNY/ICE, 29.05.2015).]   ,    ,        ,              .       ,       .       ,       ,   .

     .      -,       ,    2013        Silk Road       [1261 - Meiklejohn et al., 2013,  3.1  4.5.].    ,    ,     ,   .

1  2013     Silk Road      -,   [1262 - Wikipedia, Ross Ulbricht, https://en.wikipedia.org/wiki/Ross_Ulbricht; Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace).].        174 000 BTC,         2014    [1263 - SDNY, 25.10.2013; Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace).].[1264 -   27.06.2014,       (Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace)).    : approximately 29,655 Bitcoins,   144 336 BTC,   173 991 BTC (SDNY, 25.10.2013).    Silk Road 2.0 06.11.2013;         06.11.2014 (Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace)).]      ,    ,        .        ,   ,     [1265 - Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace).].[1266 -   (    )    ( ),    2015 ;            (     ) (Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace)).]   2015          ,  21  2025       [1267 - Wikipedia, Ross Ulbricht, https://en.wikipedia.org/wiki/Ross_Ulbricht; SDNY, Ross Ulbricht, A/K/A Dread Pirate Roberts, Sentenced In Manhattan Federal Court To Life In Prison, 29.05.2015, https://www.justice.gov/usao-sdny/pr/ross-ulbricht-aka-dread-pirate-roberts-sentenced-manhattan-federal-court-life-prison;      ICE: https://www.ice.gov/news/releases/ross-ulbricht-aka-dread-pirate-roberts-sentenced-life-federal-prison-creating; U.S. Department of Justice, Office of the Pardon Attorney, Clemency Grants by President Donald J. Trump (2025Present), https://www.justice.gov/pardon/clemency-grants-president-donald-j-trump-2025-present.].[1268 -    04.02.2015,    ,           (SDNY, Ross Ulbricht, The Creator And Owner Of The Silk Road Website, Found Guilty In Manhattan Federal Court On All Counts, 05.02.2015, https://www.justice.gov/archive/usao/nys/pressreleases/February15/UlbrichtRossVerdictPR.php?print=1).      29.05.2015: In addition to the life sentence prison term, Ulbricht was ordered to forfeit $183,961,921. (SDNY, Ross Ulbricht, A/K/A Dread Pirate Roberts, Sentenced In Manhattan Federal Court To Life In Prison, 29.05.2015, https://www.justice.gov/usao-sdny/pr/ross-ulbricht-aka-dread-pirate-roberts-sentenced-manhattan-federal-court-life-prison;      ICE: https://www.ice.gov/news/releases/ross-ulbricht-aka-dread-pirate-roberts-sentenced-life-federal-prison-creating)   ,    ,      ,     ;        (SDNY/ICE, 29.05.2015).        2017 ,    2018-    (Wikipedia, Ross Ulbricht, https://en.wikipedia.org/wiki/Ross_Ulbricht).   2024       (Wikipedia, Ross Ulbricht (  New York Times, 22.01.2025,  NBC News, 25.05.2024), https://en.wikipedia.org/wiki/Ross_Ulbricht). U.S. DOJ, Office of the Pardon Attorney. Clemency Grants by President Donald J. Trump (2025Present): Ross William Ulbricht, 21.01.2025, Full and unconditional pardon;  Offense: Aiding and abetting distribution of drugs over internet; continuing criminal enterprise; computer hacking conspiracy; fraud with identification documents; money laundering conspiracy (U.S. Department of Justice, Office of the Pardon Attorney, Clemency Grants by President Donald J. Trump (2025Present), https://www.justice.gov/pardon/clemency-grants-president-donald-j-trump-2025-present).]




20132015: ,   


    ,     2013     ?     ,   ,    ,   .

    2013 . 28    Mt. Gox   2011 , 28         ,  1  ,   Bitcoin Wiki,    100 [1269 - Bitcoin Wiki, History,  2013, https://en.bitcoin.it/wiki/History.].

        . 18  FinCEN,         , ,       ,      ,     [1270 - Bitcoin Wiki, History (March 18: FinCEN declares Bitcoin users subject to regulation only at USD-BTC exchange point), https://en.bitcoin.it/wiki/History; Wikipedia, History of bitcoin, https://en.wikipedia.org/wiki/History_of_bitcoin.].     ,     . (   28  2012 ,         [1271 - :    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).],       ,     .)

       . 16  2013   ,          ,       .             (   ).     ,   ,     ,     [1272 - Luther W. J., Salter A. W. Bitcoin and the Bailout. The Quarterly Review of Economics and Finance, vol. 66, 2017, pp. 5056; : https://ideas.repec.org/a/eee/quaeco/v66y2017icp50-56.html.].[1273 - Luther W. J., Salter A. W. Bitcoin and the Bailout. The Quarterly Review of Economics and Finance 66, 2017, pp. 5056; : while downloads of bitcoin apps increased following the announcement, the observed effect was not especially pronounced in countries thought to have had troubled banking systems at the time.    ,   (Luther W. J., Salter A. W. Bitcoin and the Bailout. The Quarterly Review of Economics and Finance, vol. 66, 2017, pp. 5056; : https://ideas.repec.org/a/eee/quaeco/v66y2017icp50-56.html).]    ,  ,     , .

      . 10  2013    Mt. Gox    200 ,    266,       105[1274 - P. Waldie, Bitcoin exchange halted after panic froze the trade engine!, The Globe and Mail, 11.04.2013, https://www.theglobeandmail.com/report-on-business/international-business/bitcoin-exchange-halted-after-panic-froze-the-trade-engine/article11097521/; V. Buterin, The Bitcoin Crash: An Examination, Bitcoin Magazine, 14.04.2013, https://bitcoinmagazine.com/markets/the-bitcoin-crash-an-examination-1365911041.].         70 .     :         75 000  ,   ,   ,   [1275 - Buterin, Bitcoin Magazine, 14.04.2013    75 000 ;  Mt. Gox  The Globe and Mail, 11.04.2013.].[1276 -  Mt. Gox   The Globe and Mail, 11.04.2013: As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine!    75 000   Buterin V. The Bitcoin Crash: An Examination. Bitcoin Magazine, 14.04.2013. Mt. Gox       DDoS-,  1011    .  12.04.2013  54,25   , 55,59  Wikipedia (P. Waldie, Bitcoin exchange halted after panic froze the trade engine!, The Globe and Mail, 11.04.2013, https://www.theglobeandmail.com/report-on-business/international-business/bitcoin-exchange-halted-after-panic-froze-the-trade-engine/article11097521/; V. Buterin, The Bitcoin Crash: An Examination, Bitcoin Magazine, 14.04.2013, https://bitcoinmagazine.com/markets/the-bitcoin-crash-an-examination-1365911041; Buterin, Bitcoin Magazine, 14.04.2013    75 000 ;  Mt. Gox  The Globe and Mail, 11.04.2013; The Globe and Mail, 11.04.2013; Singularity Hub, Bitcoin Exchange Mt. Gox Suspends Trading As Prices Crash, 11.04.2013, https://singularityhub.com/2013/04/11/bitcoin-exchange-mt-gox-suspends-trading-as-prices-crash/;     Buterin, 14.04.2013).] 11  Mt. Gox     12 ,    ,        55 ,  80%    ,      100[1277 - The Globe and Mail, 11.04.2013; Singularity Hub, Bitcoin Exchange Mt. Gox Suspends Trading As Prices Crash, 11.04.2013, https://singularityhub.com/2013/04/11/bitcoin-exchange-mt-gox-suspends-trading-as-prices-crash/;     Buterin, 14.04.2013.].

       .     ,  ,   ,    ,        .               ,         ,     .   , 16  2013 ,    bitcoincharts,  Mt. Gox   90%    [1278 - G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers.].[1279 - Hileman G. 2013 Bitcoin Trading Volume: The Winners and Losers. CoinDesk, 24.12.2013,   bitcoincharts: 16.04.2013 Mt. Gox alone equaled 572,186 BTC (90% of the total of the three exchanges); 18.12.2013 Bitstamp  137 070 BTC, Mt. Gox  109 723, BTC China  93 934.    ,   ,      .    70%        (G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers; Wikipedia, Mt. Gox (  Wired, 11.2013,   2014 ), https://en.wikipedia.org/wiki/Mt._Gox).]        .

      .           2,9       Mt. Gox    Dwolla   2,1    Wells Fargo,  20     [1280 - Wikipedia, Mt. Gox (   TechCrunch, 16.05.2013,  WSJ), https://en.wikipedia.org/wiki/Mt._Gox.].          [1281 - Wikipedia, Mt. Gox (   TechCrunch, 16.05.2013,  WSJ), https://en.wikipedia.org/wiki/Mt._Gox; Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014, https://arxiv.org/abs/1403.6676.].     ,   ,      ,   .

    .   Bitstamp   BTC China    Mt. Gox,  18  Bitstamp    [1282 - G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers.],       .  , 1163 , Bitstamp  30  2013 [1283 - Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000.].                .       ,     ,        ,         [1284 -     : http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2804576/index.html ( ,     );   Dorsey & Whitney LLP, Bitcoin  Could Beijing Make or Break It?  Part Three,  2013, https://www.dorsey.com/newsresources/publications/2013/12/bitcoincould-beijing-make-or-break-itpart-th__.].[1285 -  ???2013?289?  05.12.2013:   ,       ,    .   ???????, ?????????????????;    ???????????????? (   ) (    : http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2804576/index.html ( ,     );   Dorsey & Whitney LLP, Bitcoin  Could Beijing Make or Break It?  Part Three,  2013, https://www.dorsey.com/newsresources/publications/2013/12/bitcoincould-beijing-make-or-break-itpart-th__).]       ,     .

Mt. Gox    . 7  2014     ,  10        ,    [1286 - Wikipedia, Mt. Gox (  Bloomberg, Reuters, Wired), https://en.wikipedia.org/wiki/Mt._Gox.].

        ,    .     ,     ,    .      ,      ,     ,  ,      ,  ,    ,     [1287 - Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014, https://arxiv.org/abs/1403.6676.].

              . ,   , ,        Mt. Gox  [1288 - Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014, https://arxiv.org/abs/1403.6676.].[1289 - Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014: The encoded signature is valid in both cases but the hash identifying the transaction is different (. 2); while the problem is real, there was no widespread use of malleability attacks before the closure of MtGox.   Bitcoin Core   ,       ,        (. 2.2) (Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014, https://arxiv.org/abs/1403.6676).]      ,  ,    ,   .

24   Mt. Gox  ,          ,      744 408 BTC;      [1290 - Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox.]. 28  Mt. Gox             850 000 BTC,   750 000 ,  477     .   - ,    -,    -   [1291 - TechCrunch, Mt.Gox Files For Bankruptcy Protection, Says 850,000 Bitcoin Lost, 28.02.2014, https://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy/.].[1292 - TechCrunch, 28.02.2014: apologized with a bow, saying in Japanese that the Bitcoin was lost due to weaknesses in the system.     63,6  .   2014   199 999,99 BTC (TechCrunch, Mt.Gox Files For Bankruptcy Protection, Says 850,000 Bitcoin Lost, 28.02.2014, https://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy/; CoinDesk, 21.03.2014, https://www.coindesk.com/markets/2014/03/21/mt-gox-confirms-discovery-of-200000-btc-in-old-format-wallet; Wikipedia, Mt. Gox ( 20 ), https://en.wikipedia.org/wiki/Mt._Gox).]    ,        200 000 BTC,      650 000[1293 - CoinDesk, 21.03.2014, https://www.coindesk.com/markets/2014/03/21/mt-gox-confirms-discovery-of-200000-btc-in-old-format-wallet; Wikipedia, Mt. Gox ( 20 ), https://en.wikipedia.org/wiki/Mt._Gox.].

  ,    ,       .   Mt. Gox      - ,   200 000   .      ,     ,       .








 8.1.   Mt. Gox

,         ,      ,    .   ?  ,     .    ? ,      ,   2011 ,   ,       .     ? ,    2013     [1294 - Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox (   Ars Technica, 1519.06.2011), https://en.wikipedia.org/wiki/Mt._Gox; Wikipedia, Mt. Gox (   TechCrunch, 16.05.2013,  WSJ), https://en.wikipedia.org/wiki/Mt._Gox.].        ,   2009 ,   Mt. Gox    .

      XIX    ,           [1295 - A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.].   Mt. Gox    ,   ,      .     Mt. Gox  ,   Bitstamp[1296 - Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000.],        2013     [1297 - Wikipedia, Mt. Gox (   TechCrunch, 16.05.2013,  WSJ), https://en.wikipedia.org/wiki/Mt._Gox.]. -,    : ,   ,     ,          .         Mt. Gox,  ,    XIX ,     ,   .

  ,  . WizSec   2015    ,        2012     2013    [1298 - WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html.].[1299 - WizSec (Kim Nilsson). The missing MtGox bitcoins, 19.04.2015: MtGox was technically insolvent since at least 2012; by mid-2013 there are practically no (spendable) bitcoins left at all in MtGox.    300 000 BTC,      800 000 (WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html).      09.06.2023: allegedly caused the theft of at least approximately 647,000 bitcoins from Mt. Gox;     (IRS Criminal Investigation / DOJ, Russian nationals charged with hacking one cryptocurrency exchange and illicitly operating another, 09.06.2023, https://www.irs.gov/node/123336; https://justice.gov/usao-ndca/pr/russian-nationals-charged-hacking-one-cryptocurrency-exchange-and-illicitly-operating).]            .   Willy, ,   ,    ,     ,   2013 ,      ,        [1300 - WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html.].

  ,      .  2023          ,       2011   2014    Mt. Gox   647 000 BTC[1301 - IRS Criminal Investigation / DOJ, Russian nationals charged with hacking one cryptocurrency exchange and illicitly operating another, 09.06.2023, https://www.irs.gov/node/123336; https://justice.gov/usao-ndca/pr/russian-nationals-charged-hacking-one-cryptocurrency-exchange-and-illicitly-operating.].  ,    .       2019       (  )    30   ,      [1302 - Wikipedia, Mt. Gox (  Financial Times, Bloomberg, CNN), https://en.wikipedia.org/wiki/Mt._Gox.].            .          .

 2013 , ,   ,    ,           .      ,    .    WizSec   ,       ,   ,          ,  ,       .     ,  ,   .      ,    .

 ,           .     ( ,  ). ,     100 ,     60.         7 ,      5.   ,   ,    40    ,   ,    ,  .

  .   2   ,    8,     6   .     60    ,    .          ,    .

   ,     .

 Mt. Gox     .           [1303 - Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000; Wikipedia, Mt. Gox (  Bloomberg, Reuters, Wired), https://en.wikipedia.org/wiki/Mt._Gox.],       ,       .

   .     14  2015   152,40   Bitstamp,  87%     410   [1304 - Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000.].     ,  , ,      2013 .    Mt. Gox     Bitstamp   [1305 - G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers.],    ,   .   2015 ,   CoinDesk,  65%      [1306 - CoinDesk, Bitcoin Price Continues to Fall, Breaking Through $200 Barrier, 14.01.2015, https://www.coindesk.com/markets/2015/01/14/bitcoin-price-continues-to-fall-breaking-through-200-barrier;  ~$1 150  Wikipedia, History of bitcoin, https://en.wikipedia.org/wiki/History_of_bitcoin.],           .




  Mt. Gox    


 Mt. Gox   2014 ,         31  2026 [1307 - MtGox Co., Ltd., Notice Concerning Change of Repayments Deadline, 27.10.2025, https://www.mtgox.com/img/pdf/20251027_1cc36334-e8b2-4fe4-8135-97d9a149e4f7_announcement_en.pdf.].          .     ,     ,    ,        2021 [1308 - TechCrunch, Mt.Gox Files For Bankruptcy Protection, Says 850,000 Bitcoin Lost, 28.02.2014, https://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy/; CoinDesk, 21.03.2014, https://www.coindesk.com/markets/2014/03/21/mt-gox-confirms-discovery-of-200000-btc-in-old-format-wallet; Wikipedia, Mt. Gox ( 20 ), https://en.wikipedia.org/wiki/Mt._Gox; Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox.].        ,  20172018 ,  ,   ,     [1309 - MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Repayment in Bitcoin and Bitcoin Cash through Designated Cryptocurrency Exchange, etc. (6), 27.03.2025, https://www.mtgox.com/img/pdf/20250327_50441ef4-dc28-473a-9fd2-495db2da4bbd_announcement_en.pdf.].       2024      ,     2025     19 500 [1310 - MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Commencement of Repayments in Bitcoin and Bitcoin Cash, 24.06.2024, https://www.mtgox.com/img/pdf/20240624_announcement_en.pdf; MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Repayment in Bitcoin and Bitcoin Cash through Designated Cryptocurrency Exchange, etc. (6), 27.03.2025, https://www.mtgox.com/img/pdf/20250327_50441ef4-dc28-473a-9fd2-495db2da4bbd_announcement_en.pdf.].

  2025   ,        :     ,       .        ,     [1311 - MtGox Co., Ltd., Notice Concerning Change of Repayments Deadline, 27.10.2025, https://www.mtgox.com/img/pdf/20251027_1cc36334-e8b2-4fe4-8135-97d9a149e4f7_announcement_en.pdf.].[1312 - MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi. Notice Concerning Change of Repayments Deadline, 27.10.2025: However, many rehabilitation creditors still have not received their Repayments because they have not completed the necessary procedures for receiving Repayments. Additionally, a considerable number of rehabilitation creditors have not received their Repayments due to various reasons, such as issues arising during the Repayments process.  : 31.10.2023 ? 31.10.2024 ? 31.10.2025 ? 31.10.2026.      Bitcoin Cash,       .   20172018    2018     ( Wikipedia).     Arkham,   2025    Mt. Gox   34 700 BTC;       (D. Park, Mt. Gox moves $956 million worth of bitcoin to unmarked wallet address: Arkham, The Block, 18.11.2025, https://www.theblock.co/post/379197/mt-gox-956-million-bitcoin).  2017              (         11) (Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox).  27.09.2026      ;       (Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox; MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Commencement of Repayments in Bitcoin and Bitcoin Cash, 24.06.2024, https://www.mtgox.com/img/pdf/20240624_announcement_en.pdf; MtGox Co., Ltd., Notice Concerning Change of Repayments Deadline, 27.10.2025, https://www.mtgox.com/img/pdf/20251027_1cc36334-e8b2-4fe4-8135-97d9a149e4f7_announcement_en.pdf; MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Repayment in Bitcoin and Bitcoin Cash through Designated Cryptocurrency Exchange, etc. (6), 27.03.2025, https://www.mtgox.com/img/pdf/20250327_50441ef4-dc28-473a-9fd2-495db2da4bbd_announcement_en.pdf).]     ,    ,     ,    .

 Mt. Gox          .     ,       ,     .   ,       ,      ,      .          .

 ,      ,     .        ,    -       ,    ?     ,   ,      ,    ?            ,   ?       ,   .  ,      ,            (        ,     ).




  .


   .

   ,     (https://www.litres.ru/book/aleksandr-tsel-khert-34083174/doverie-v-dolg-kriptovaliuty-kak-den-gi-i-kredit-mekh-74531659/)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








1


Forbes, 05.10.2025, https://www.forbes.com/sites/digital-assets/2025/10/05/bitcoin-breaks-125000-the-convergence-of-confidence-capital-code/; CoinDesk (  record high of $126,000 reached last October, . 05.02.2026).




2


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; CNBC, 22.10.2025, https://www.cnbc.com/2025/10/22/the-biggest-crypto-wipeout-was-led-not-by-bitcoin-but-much-smaller-tokens-heres-what-happened.html.




3


CoinDesk, 05.02.2026, https://www.coindesk.com/markets/2026/02/05/bitcoin-drops-below-usd65-000-heading-to-worst-one-day-drawdown-since-ftx-blowup; CoinDesk, 06.02.2026, https://www.coindesk.com/markets/2026/02/06/crypto-markets-rebound-from-selloff-that-sent-bitcoin-to-lowest-since-october-2024.




4


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.




5


  126 272  06.10.2025,   57 734,63     01:0002:00 UTC 1  2026 ,      Bitstamp (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000);       126 000 (Forbes, 05.10.2025, https://www.forbes.com/sites/digital-assets/2025/10/05/bitcoin-breaks-125000-the-convergence-of-confidence-capital-code/; CoinDesk (  record high of $126,000 reached last October, . 05.02.2026)).  26.09.2026    ;      .




6


MIT Digital Currency Initiative, 51% Attacks (  PoW-; .-. , . , . ), http://www.dci.mit.edu/projects/51-percent-attacks.




7


Galaxy Research, Q3 2025.




8


Galaxy Research, Q2 2026.




9


Galaxy Research   :      2026     2025   ,       2025  (78,69   73,59  ) (Galaxy Research, Q3 2025).          ;       .




10


Federal Reserve Board, Economic Well-Being of U.S. Households in 2025 (SHED),  2026,  Banking, https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-banking.htm;  2024: https://www.federalreserve.gov/publications/2025-economic-well-being-of-us-households-in-2024-banking-and-credit.htm.




11


Federal Reserve Board. Economic Well-Being of U.S. Households in 2025,  Banking,  2026: The 10 percent of adults who used cryptocurrency for either purpose was up 2 percentage points from the prior year.




12


  https://www.lynalden.com/broken-money/; Amazon https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR; Goodreads, https://www.goodreads.com/book/show/197566578-broken-money.




13


Fortune, Review: Number Go Up is a funny if shallow look at the worst people in crypto, 2023, https://fortune.com/crypto/2023/09/12/review-number-go-up-is-a-funny-if-shallow-look-at-the-worst-people-in-crypto/; Kirkus Reviews, https://www.kirkusreviews.com/book-reviews/ben-mckenzie/easy-money-cryptocurrency/.




14


Wikipedia, Going Infinite, https://en.wikipedia.org/wiki/Going_Infinite; Ben McKenzie, Slate, 10.2023, https://slate.com/technology/2023/10/michael-lewis-going-infinite-sam-bankman-fried-ben-mckenzie-review.html ( ).




15


:     Lyn Alden, Broken Money (2023) (  https://www.lynalden.com/broken-money/; Amazon https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR);    Zeke Faux, Number Go Up (2023)  Ben McKenzie, Jacob Silverman, Easy Money (2023) (Fortune, Review: Number Go Up is a funny if shallow look at the worst people in crypto, 2023, https://fortune.com/crypto/2023/09/12/review-number-go-up-is-a-funny-if-shallow-look-at-the-worst-people-in-crypto/; Kirkus Reviews, https://www.kirkusreviews.com/book-reviews/ben-mckenzie/easy-money-cryptocurrency/);    Michael Lewis, Going Infinite (2023) (Wikipedia, Going Infinite, https://en.wikipedia.org/wiki/Going_Infinite; Ben McKenzie, Slate, 10.2023, https://slate.com/technology/2023/10/michael-lewis-going-infinite-sam-bankman-fried-ben-mckenzie-review.html ( )).    ,     ,    .




16


  https://www.lynalden.com/broken-money/; Amazon https://www.amazon.com/Broken-Money-Financial-System-Failing/dp/B0CG8985FR; Mark S. Rzepczynski, Book Review: Boom and Bust, CFA Institute Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust; Freie Universit?t Berlin, -, 2025, https://www.fu-berlin.de/en/presse/informationen/fup/2025/fup_25_065-wandel-von-kryptowaehrungen/index.html; : https://www.tandfonline.com/doi/full/10.1080/09692290.2025.2476738.




17


    (Bitstamp).




18


    (Bitstamp);  2011  V. Ganne (Swissquote), TradingView, 17.11.2025,   Glassnode, https://www.tradingview.com/chart/BTC_ATHDRAWDOWN/9AUq2iAG-Bitcoin-What-Historical-Drawdown-in-a-Bear-Market/; CoinDesk, 24.09.2026.




19


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000.




20


CoinDesk, The Fall of Celsius Network: A Timeline, 15.07.2022, https://www.coindesk.com/markets/2022/07/15/the-fall-of-celsius-network-a-timeline-of-the-crypto-lenders-descent-into-insolvency; CNBC, 29.06.2022, https://www.cnbc.com/2022/06/29/crypto-hedge-fund-three-arrows-capital-plunges-into-liquidation.html; FSOC 2022, . 35 (   WSJ, 01.07.2022); Wikipedia, Voyager Digital (  11     WSJ, 06.07.2022); SEC, Press Release 2023-7, 12.01.2023, https://www.sec.gov/news/press-release/2023-7.




21


Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).




22


Federal Reserve, FEDS Notes, Stablecoins in 2025: Developments and Financial Stability Implications, 08.04.2026, https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html.




23


Federal Reserve Board, Economic Well-Being of U.S. Households in 2025 (SHED),  2026,  Banking, https://www.federalreserve.gov/publications/2026-economic-well-being-of-us-households-in-2025-banking.htm;  2024: https://www.federalreserve.gov/publications/2025-economic-well-being-of-us-households-in-2024-banking-and-credit.htm.




24


NBER WP 31160, . 3, 19, 21, https://www.nber.org/papers/w31160.




25


U.S. Attorneys Office SDNY, Crypto-Enabled Fraudster Sentenced For Orchestrating $40 Billion Fraud, https://www.justice.gov/usao-sdny/pr/crypto-enabled-fraudster-sentenced-orchestrating-40-billion-fraud.




26


G. Gensler, Statement on the Approval of Spot Bitcoin Exchange-Traded Products, SEC, 10.01.2024, https://www.sec.gov/newsroom/speeches-statements/gensler-statement-spot-bitcoin-011023.




27


Covington & Burling, The GENIUS Act Becomes Law, 07.2025, https://www.cov.com/news-and-insights/insights/2025/07/the-genius-act-becomes-law-key-provisions-from-the-federal-stablecoin-regulatory-framework; Mayer Brown, 07.2025; The White House, https://www.whitehouse.gov/briefings-statements/2025/07/the-president-signed-into-law-s-1582.




28


AMF ( ), The European regulation Markets in Crypto-Assets (MiCA), https://www.amf-france.org/en/news-publications/depth/mica.




29


Broadridge, - Broadridges Distributed Ledger Repo Platform Processes $368 Billion in Average Daily Trade Volumes in November, 04.12.2025. https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november; ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf.




30


TechCrunch, 28.02.2014, https://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy; NPR, 28.02.2014, https://www.npr.org/sections/thetwo-way/2014/02/28/283863219/mtgox-files-for-bankruptcy-nearly-500m-of-bitcoins-lost.




31


CoinDesk, The Fall of Celsius Network: A Timeline, 15.07.2022, https://www.coindesk.com/markets/2022/07/15/the-fall-of-celsius-network-a-timeline-of-the-crypto-lenders-descent-into-insolvency; CNBC, 29.06.2022, https://www.cnbc.com/2022/06/29/crypto-hedge-fund-three-arrows-capital-plunges-into-liquidation.html.




32


CNBC, 11.03.2023, https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html; CoinDesk, 13.03.2023, https://www.coindesk.com/business/2023/03/13/usdc-stablecoin-regains-dollar-peg-after-silicon-valley-bank-induced-chaos;  : FEDS Notes, 17.12.2025, https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html.




33


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; CNBC, 22.10.2025, https://www.cnbc.com/2025/10/22/the-biggest-crypto-wipeout-was-led-not-by-bitcoin-but-much-smaller-tokens-heres-what-happened.html.




34


Minsky, 1992, pp. 78.




35


Minsky H. P. The Financial Instability Hypothesis. 1992, pp. 78: over periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system.




36


Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.




37


Cambridge Core,   12, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-12/type/book_part;   Crossref, DOI 10.1017/9781108367677.012.




38


Quinn W., Turner J. D. Boom and Bust: A Global History of Financial Bubbles. Cambridge University Press, 2020;   12 Predicting Bubbles: The chapter starts by arguing that the bubble triangle can explain why the cryptocurrency bubble occurred in 2017.




39


Nakamoto, 2008,  1 Introduction, https://bitcoin.org/bitcoin.pdf.




40


R. J. Shiller, Narrative Economics, American Economic Review 107(4), April 2017, pp. 9671004, DOI 10.1257/aer.107.4.967, https://www.aeaweb.org/articles?id=10.1257/aer.107.4.967.




41


Shiller R. J. Narrative Economics. American Economic Review, 2017, 107(4): The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing.




42


:    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).




43


FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400.




44


Satoshi Nakamoto, Bitcoin open source implementation of P2P currency, P2P Foundation, 11.02.2009, 22:27 UTC;  Satoshi Nakamoto Institute, https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/1/.




45


Nakamoto S. Bitcoin open source implementation of P2P currency. P2P Foundation, 11.02.2009: The root problem with conventional currency is all the trust thats required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.




46


Michael McLeay, Amar Radia, Ryland Thomas, Money in the modern economy: an introduction, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 413. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-in-the-modern-economy-an-introduction; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-in-the-modern-economy-an-introduction.pdf.




47


McLeay M., Radia A., Thomas R. Money in the modern economy: an introduction. Bank of England Quarterly Bulletin 2014 Q1, p. 4: Money today is a type of IOU, but one that is special because everyone in the economy trusts that it will be accepted by other people in exchange for goods and services.




48


Michael McLeay, Amar Radia, Ryland Thomas, Money in the modern economy: an introduction, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 413. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-in-the-modern-economy-an-introduction; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-in-the-modern-economy-an-introduction.pdf.




49


McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 7,  Why money is special. URL .




50


McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 7,  Why money is special. URL .




51


 , p. 7: Money is a social institution that provides a solution to the problem of a lack of trust.




52


Michael McLeay, Amar Radia, Ryland Thomas, Money in the modern economy: an introduction, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 413. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-in-the-modern-economy-an-introduction; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-in-the-modern-economy-an-introduction.pdf.




53


William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.




54


William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.




55


William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.




56


Furness W. H. The Island of Stone Money: Uap of the Carolines. Philadelphia; London: J. B. Lippincott, 1910, . Money and Currency.    Ը     ,    ,      .




57


William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.




58


William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.




59


McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 5   1 (As of December 2013);   Money creation in the modern economy, . 15 (97% of the amount currently in circulation).




60


McLeay, Radia, Thomas. Money in the modern economy: an introduction.           ,   97%      .




61


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.




62


McLeay M., Radia A., Thomas R. Money creation in the modern economy. Bank of England Quarterly Bulletin 2014 Q1, p. 16: Bank deposits are simply a record of how much the bank itself owes its customers.




63


Narayana R. Kocherlakota, Money Is Memory, Federal Reserve Bank of Minneapolis Staff Report 218, 01.10.1996;   Journal of Economic Theory 81(2), August 1998, pp. 232251. https://www.minneapolisfed.org/research/staff-reports/money-is-memory.




64


Narayana R. Kocherlakota, Money Is Memory, Federal Reserve Bank of Minneapolis Staff Report 218, 01.10.1996;   Journal of Economic Theory 81(2), August 1998, pp. 232251. https://www.minneapolisfed.org/research/staff-reports/money-is-memory.




65


Kocherlakota N. Money is Memory. Federal Reserve Bank of Minneapolis, Research Department Staff Report 218, 1996;    Journal of Economic Theory, 1998.  : Depending on the environment, the converse may or may not be true.   (McLeay, Radia, Thomas. Money in the modern economy: an introduction, p. 7,  4): Kocherlakota (1998) points out that a lack of a record of all transactions is another necessary condition.




66


Narayana R. Kocherlakota, Money Is Memory, Federal Reserve Bank of Minneapolis Staff Report 218, 01.10.1996;   Journal of Economic Theory 81(2), August 1998, pp. 232251. https://www.minneapolisfed.org/research/staff-reports/money-is-memory.




67


Satoshi Nakamoto, Bitcoin P2P e-cash paper, The Cryptography Mailing List, 31.10.2008, 14:10 EDT, https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html.




68


McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 6,  1.




69


A. Mitchell Innes, What is Money?, The Banking Law Journal, May 1913, pp. 377408. : http://www.newmoneyhub.com/www/money/mitchell-innes/what-is-money.html.




70


Mitchell Innes A. What is Money? The Banking Law Journal, May 1913: Credit and credit alone is money.       ;           (A. Mitchell Innes, What is Money?, The Banking Law Journal, May 1913, pp. 377408. : http://www.newmoneyhub.com/www/money/mitchell-innes/what-is-money.html).




71


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.




72


Michael McLeay, Amar Radia, Ryland Thomas, Money creation in the modern economy, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 1427. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf.




73


McLeay, Radia, Thomas. Money creation in the modern economy, p. 14: Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrowers bank account, thereby creating new money.




74


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.




75


Michael McLeay, Amar Radia, Ryland Thomas, Money creation in the modern economy, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 1427. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf.




76


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).




77


 , p. 14: Monetary policy acts as the ultimate limit on money creation.




78


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).




79


Michael McLeay, Amar Radia, Ryland Thomas, Money creation in the modern economy, Bank of England Quarterly Bulletin 2014 Q1, 14.03.2014, pp. 1427. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy; PDF: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf.




80


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.




81


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).




82


Nakamoto, P2P Foundation, 11.02.2009, https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/1/.




83


Nakamoto, P2P Foundation, 11.02.2009: Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.




84


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).




85


BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.




86


BIS. Annual Economic Report 2018, ch. V Cryptocurrencies: looking beyond the hype: Sustained episodes of stable money are historically much more of an exception than the norm. In fact, trust has failed so frequently that history is a graveyard of currencies.




87


McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 5 (   Sargent, 1982).




88


    . ,   1918    ,  1923     300   (McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 5 (   Sargent, 1982)).    1923   99%         30  (Sargent, The Ends of Four Big Inflations, 1982, . 75  82 (   Young, 1925)).  ,   ,   1,69     1920   0,000 000 000 043    1923- (Thomas J. Sargent, The Ends of Four Big Inflations, in: R. E. Hall (ed.), Inflation: Causes and Effects, University of Chicago Press / NBER, 1982, pp. 4198, . G1 (. 7475;  Young, 1925). PDF: https://www.nber.org/system/files/chapters/c11452/c11452.pdf). Sargent T. J. The Ends of Four Big Inflations. In: Hall R. E. (ed.) Inflation: Causes and Effects. University of Chicago Press, 1982.




89


Sargent, The Ends of Four Big Inflations, 1982, . 75  82 (   Young, 1925).




90


Sargent, The Ends of Four Big Inflations, 1982, . 8283.




91


Sargent, The Ends of Four Big Inflations, 1982, . 8283.




92


Sargent, The Ends of Four Big Inflations, 1982, . 8283.




93


Sargent, 1982, pp. 8284: a new currency unit called the Rentenmark was declared equivalent to 1 trillion (10


) paper marks; Simultaneously and abruptly three things happened: additional government borrowing from the central bank stopped, the government budget swung into balance, and inflation stopped.         ;        .      3,2 ,    1,2  (Sargent, The Ends of Four Big Inflations, 1982, . 8283).




94


The Block, Bitcoin ushers in fourth halving, 20.04.2024, https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc; CNBC, 19.04.2024, https://www.cnbc.com/2024/04/19/bitcoin-network-completes-fourth-ever-halving-of-rewards-to-miners.html.




95


S. H. Hanke, N. Krus, World Hyperinflations, Cato Working Paper No. 8, 2012 (. : R. Parker, R. Whaples (eds.), The Handbook of Major Events in Economic History, Routledge, 2013)    Wikipedia, Hyperinflation, https://en.wikipedia.org/wiki/Hyperinflation.




96


Hanke, Krus, 2012,  (  Scribd  ).




97


Hanke, Krus, 2012,  (  Scribd  ).




98


S. H. Hanke, N. Krus, World Hyperinflations, Cato Working Paper No. 8, 15.08.2012,  The Hyperinflation Table; : https://www.cato.org/sites/cato.org/files/pubs/pdf/workingpaper-8.pdf;   : The Hanke Krus Hyperinflation Table, Scribd, https://www.scribd.com/document/104816500/The-Hanke-Krus-Hyperinflation-Table.




99


Hanke S. H., Krus N. World Hyperinflations, 2012 (). ,  1946 :     15  (Hanke, Krus, 2012,  (  Scribd  )).     1923 , 29 500%  ,    3,7 ;     , ,    .    (  24,7     2008 ) ,          (S. H. Hanke, N. Krus, World Hyperinflations, Cato Working Paper No. 8, 15.08.2012,  The Hyperinflation Table; : https://www.cato.org/sites/cato.org/files/pubs/pdf/workingpaper-8.pdf;   : The Hanke Krus Hyperinflation Table, Scribd, https://www.scribd.com/document/104816500/The-Hanke-Krus-Hyperinflation-Table).




100


Reserve Bank of Zimbabwe, Press Statement: Demonetization of the Zimbabwe Dollar, Governor J. P. Mangudya, 11.06.2015, https://www.rbz.co.zw/documents/publications/press/demonetisation-press-statement-9-june-2015.pdf.




101


Reserve Bank of Zimbabwe. Press Statement: Demonetization of the Zimbabwe Dollar, 11.06.2015: Demonetisation is not compensation for the loss of value of the Z$ due to hyper-inflation. It is an exchange process.    2008    250      ;         , 35    (Reserve Bank of Zimbabwe, Press Statement: Demonetization of the Zimbabwe Dollar, Governor J. P. Mangudya, 11.06.2015, https://www.rbz.co.zw/documents/publications/press/demonetisation-press-statement-9-june-2015.pdf).   ,     ,    2009  (Reserve Bank of Zimbabwe, Press Statement: Demonetization of the Zimbabwe Dollar, Governor J. P. Mangudya, 11.06.2015, https://www.rbz.co.zw/documents/publications/press/demonetisation-press-statement-9-june-2015.pdf).




102


Sargent, The Ends of Four Big Inflations, 1982, . 8283.




103


Hanke, Krus, 2012,  (  Scribd  ).




104


BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.




105


BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.




106


William Henry Furness 3rd, The Island of Stone Money: Uap of the Carolines, J. B. Lippincott, Philadelphia & London, 1910, . VII Money and Currency. : Project Gutenberg #72830, https://www.gutenberg.org/ebooks/72830.




107


Caroline Shenton, Burning the House down: The Fire of 1834, The History of Parliament ( History of Parliament Trust), 16.10.2013, https://historyofparliament.com/2013/10/16/the-fire-of-1834/; Science Museum Group Collection, Medieval Exchequer Tally Sticks, https://collection.sciencemuseumgroup.org.uk/objects/co60506/medieval-exchequer-tally-sticks.




108


A. Mitchell Innes, What is Money?, 1913 (URL  ).




109


Caroline Shenton, Burning the House down: The Fire of 1834, The History of Parliament ( History of Parliament Trust), 16.10.2013, https://historyofparliament.com/2013/10/16/the-fire-of-1834/; Science Museum Group Collection, Medieval Exchequer Tally Sticks, https://collection.sciencemuseumgroup.org.uk/objects/co60506/medieval-exchequer-tally-sticks.




110


Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf (Abstract).




111


Nakamoto, 2008,  2, https://bitcoin.org/bitcoin.pdf.




112


Nakamoto S. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, section 2: The only way to confirm the absence of a transaction is to be aware of all transactions.




113


BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.




114


BIS, Annual Economic Report 2018, ch. V: For digital money, solving the double-spending problem requires, at a minimum, that someone keep a record of all transactions.




115


Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.




116


Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.




117


Nakamoto, 2008, section 2: The problem with this solution is that the fate of the entire money system depends on the company running the mint, with every transaction having to go through them, just like a bank.




118


BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.




119


David Chaum, Blind Signatures for Untraceable Payments, in: Advances in Cryptology: Proceedings of Crypto 82, Plenum Press, 1983, pp. 199203. PDF: https://chaum.com/wp-content/uploads/2022/01/Chaum-blind-signatures.pdf.




120


David Chaum, Blind Signatures for Untraceable Payments, in: Advances in Cryptology: Proceedings of Crypto 82, Plenum Press, 1983, pp. 199203. PDF: https://chaum.com/wp-content/uploads/2022/01/Chaum-blind-signatures.pdf.




121


David Chaum, Blind Signatures for Untraceable Payments, in: Advances in Cryptology: Proceedings of Crypto 82, Plenum Press, 1983, pp. 199203. PDF: https://chaum.com/wp-content/uploads/2022/01/Chaum-blind-signatures.pdf.




122


Chaum D. Blind Signatures for Untraceable Payments. Advances in Cryptology: Proceedings of Crypto 82, 1983, p. 199: knowledge by a third party of the payee, amount, and time of payment for every transaction made by an individual can reveal a great deal about the individuals whereabouts, associations and lifestyle.




123


Chaum, Blind Signatures for Untraceable Payments, 1983, . 202,   (10)(12).




124


 , p. 202,   (11): Bank adds note to comprehensive list of cleared notes and stops if note already on list.




125


Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.




126


chaum.com, eCash (), https://chaum.com/ecash/;    Wikipedia, DigiCash, https://en.wikipedia.org/wiki/DigiCash.




127


American Banker, Electronic Commerce: Bankrupt Digicash to Seek Financing, New Allies, 10.11.1998, https://www.americanbanker.com/news/electronic-commerce-bankrupt-digicash-to-seek-financing-new-allies.




128


    11    ,       (American Banker, Electronic Commerce: Bankrupt Digicash to Seek Financing, New Allies, 10.11.1998, https://www.americanbanker.com/news/electronic-commerce-bankrupt-digicash-to-seek-financing-new-allies).   -  Mark Twain Bank;   ,    eCash,  Deutsche Bank  Credit Suisse (chaum.com, eCash (), https://chaum.com/ecash/;    Wikipedia, DigiCash, https://en.wikipedia.org/wiki/DigiCash).




129


American Banker, Electronic Commerce: Bankrupt Digicash to Seek Financing, New Allies, 10.11.1998, https://www.americanbanker.com/news/electronic-commerce-bankrupt-digicash-to-seek-financing-new-allies.




130


American Banker, 10.11.1998: the licensee group  including Deutsche Bank, Den Norske Bank, Bank Austria, Advance Bank of Australia, and Mark Twain Bank of St. Louis  never got beyond pilot stages; credit cards have won the day.      DigiCash (  ,     ,       CyberCash).     ,         .




131


U.S. Department of Justice, Digital Currency Business E-Gold Indicted for Money Laundering and Illegal Money Transmitting, 27.04.2007, https://www.justice.gov/archive/opa/pr/2007/April/07_crm_301.html;      Wikipedia, E-gold, https://en.wikipedia.org/wiki/E-gold.




132


U.S. Department of Justice, Digital Currency Business E-Gold Indicted for Money Laundering and Illegal Money Transmitting, 27.04.2007, https://www.justice.gov/archive/opa/pr/2007/April/07_crm_301.html;      Wikipedia, E-gold, https://en.wikipedia.org/wiki/E-gold.




133


U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads.




134


  , - 27.04.2007  21.07.2008.    E-Gold Ltd.  Gold & Silver Reserve Inc.;    ,        .            ;    1,75   (U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads).




135


Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it.




136


Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it.




137


       (Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it).




138


Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it.




139


Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.




140


A long time ago I hit upon the idea of bit gold (Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html).       29.12.2005 (Satoshi Nakamoto Institute, Bit Gold (,   29.12.2005), https://nakamotoinstitute.org/library/bit-gold/; A. van Wirdum, The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing Bitcoin, Bitcoin Magazine, 12.07.2018, https://bitcoinmagazine.com/culture/genesis-files-bit-gold-szabo-was-inches-away-inventing-bitcoin).         1998  (Satoshi Nakamoto Institute, Bit Gold (,   29.12.2005), https://nakamotoinstitute.org/library/bit-gold/; A. van Wirdum, The Genesis Files: With Bit Gold, Szabo Was Inches Away From Inventing Bitcoin, Bitcoin Magazine, 12.07.2018, https://bitcoinmagazine.com/culture/genesis-files-bit-gold-szabo-was-inches-away-inventing-bitcoin).




141


Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.




142


Szabo N. Bit gold. Unenumerated, 29.12.2005: Precious metals and collectibles have an unforgeable scarcity due to the costliness of their creation; our money currently depends on trust in a third party for its value.




143


Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.




144


Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.




145


A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/papers/hashcash.pdf ( [6]  , https://bitcoin.org/bitcoin.pdf);   1997  Wikipedia, Hashcash, https://en.wikipedia.org/wiki/Hashcash (  http://www.hashcash.org/papers/announce.txt).




146


A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/papers/hashcash.pdf ( [6]  , https://bitcoin.org/bitcoin.pdf);   1997  Wikipedia, Hashcash, https://en.wikipedia.org/wiki/Hashcash (  http://www.hashcash.org/papers/announce.txt).




147


S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




148


Nakamoto, 2008, References, https://bitcoin.org/bitcoin.pdf.




149


 Wei Dai  Satoshi Nakamoto,    (   The Sunday Times, 2014); : https://gwern.net/doc/bitcoin/2008-nakamoto.




150


Satoshi Nakamoto, Re: They want to delete the Wikipedia article, bitcointalk.org, 20.07.2010, 18:38:28 UTC; : https://satoshi.nakamotoinstitute.org/posts/bitcointalk/249/.




151


Nakamoto S. Re: They want to delete the Wikipedia article. Bitcointalk, 20.07.2010: Bitcoin is an implementation of Wei Dais b-money proposal on Cypherpunks in 1998 and Nick Szabos Bitgold proposal.




152


Satoshi Nakamoto, reply in thread Bitcoin open source implementation of P2P currency, P2P Foundation, 15.02.2009; : https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/2/.




153


Nakamoto S. Reply. P2P Foundation, 15.02.2009: A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990s. I hope its obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time were trying a decentralized, non-trust-based system.       ,   ; DigiCash  e-gold    ,        .




154


Chaum, Blind Signatures for Untraceable Payments, 1983, . 202,   (10)(12).




155


American Banker, Electronic Commerce: Bankrupt Digicash to Seek Financing, New Allies, 10.11.1998, https://www.americanbanker.com/news/electronic-commerce-bankrupt-digicash-to-seek-financing-new-allies.




156


U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads.




157


Wei Dai, b-money, 1998, http://www.weidai.com/bmoney.txt (      ECONNREFUSED);   A. van Wirdum, The Genesis Files: If Bitcoin Had a First Draft, Wei Dais B-Money Was It, Bitcoin Magazine, 14.06.2018, https://bitcoinmagazine.com/technical/genesis-files-if-bitcoin-had-first-draft-wei-dais-b-money-was-it.




158


Nick Szabo, Bit gold,  Unenumerated, https://unenumerated.blogspot.com/2005/12/bit-gold.html.




159


A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/papers/hashcash.pdf ( [6]  , https://bitcoin.org/bitcoin.pdf);   1997  Wikipedia, Hashcash, https://en.wikipedia.org/wiki/Hashcash (  http://www.hashcash.org/papers/announce.txt).




160


Satoshi Nakamoto, Bitcoin P2P e-cash paper, The Cryptography Mailing List, 31.10.2008, 14:10 EDT, https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html.




161


Nakamoto S. Bitcoin P2P e-cash paper. The Cryptography Mailing List, 31.10.2008: Ive been working on a new electronic cash system thats fully peer-to-peer, with no trusted third party.




162


Satoshi Nakamoto, Bitcoin P2P e-cash paper, The Cryptography Mailing List, 31.10.2008, 14:10 EDT, https://www.metzdowd.com/pipermail/cryptography/2008-October/014810.html.




163


Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf (Abstract).




164


Nakamoto, 2008,  1 Introduction, https://bitcoin.org/bitcoin.pdf.




165


Nakamoto, 2008, section 1: What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.  : With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers




166


Satoshi Nakamoto, Bitcoin open source implementation of P2P currency, P2P Foundation, 11.02.2009, 22:27 UTC;  Satoshi Nakamoto Institute, https://satoshi.nakamotoinstitute.org/posts/p2pfoundation/1/.




167


Nakamoto, 2008,  1 Introduction, https://bitcoin.org/bitcoin.pdf.




168


Nakamoto, 2008,  2, https://bitcoin.org/bitcoin.pdf.




169


Nakamoto, 2008,  2, https://bitcoin.org/bitcoin.pdf.




170


Satoshi Nakamoto, Re: Transactions and Scripts: DUP HASH160 EQUALVERIFY CHECKSIG, bitcointalk.org, 18.06.2010, 16:17:14 UTC; : https://satoshi.nakamotoinstitute.org/posts/bitcointalk/127/.




171


Nakamoto S. Bitcointalk, 18.06.2010: Since 2007. At some point I became convinced there was a way to do this without any trust required at all and couldnt resist to keep thinking about it.




172


Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).




173


   : The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.




174


Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).




175


Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).




176


McLeay, Radia, Thomas, Money in the modern economy: an introduction, BoE QB 2014 Q1, . 9,  Recent developments in payment technologies and alternative currencies.




177


McLeay, Radia, Thomas. Money in the modern economy: an introduction, p. 9: As such they may have more conceptual similarities to commodities, such as gold, than money.




178


BIS, Annual Economic Report 2018, ch. V, https://www.bis.org/publ/arpdf/ar2018e5.htm.




179


BIS, Annual Economic Report 2018, ch. V: Overall, the decentralised technology of cryptocurrencies, however sophisticated, is a poor substitute for the solid institutional backing of money; The tried, trusted and resilient way to provide confidence in money in modern times is the independent central bank.




180


BIS, Annual Economic Report 2018, chapter V Cryptocurrencies: looking beyond the hype, 24.06.2018, https://www.bis.org/publ/arpdf/ar2018e5.htm.




181


Nakamoto, 2008,  12 Conclusion, https://bitcoin.org/bitcoin.pdf.




182


Nakamoto, 2008, section 12: We have proposed a system for electronic transactions without relying on trust.




183


Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf.




184


U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads.




185


Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf.




186


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 14 (Overview).




187


U.S. Department of Justice, Digital Currency Business E-Gold Pleads Guilty to Money Laundering and Illegal Money Transmitting Charges, 21.07.2008, https://www.justice.gov/archive/opa/pr/2008/July/08-crm-635.html; : U.S. Secret Service, 22.07.2008, https://www.secretservice.gov/press/releases/2008/07/us-secret-service-led-investigation-digital-currency-business-e-gold-pleads.




188


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.




189


Mastering Bitcoin, 3rd ed., 2023, . 12.




190


Antonopoulos A. M., Harding D. A. Mastering Bitcoin. 3rd ed. OReilly, 2023, ch. 12: It is also virtually impossible to select an input in such a way as to produce a desired digest, other than trying random inputs; it is computationally infeasible to find two different inputs that produce the same digest.




191


Mastering Bitcoin, 3rd ed., 2023, . 12.




192


Mastering Bitcoin, 3rd ed., 2023, . 12.




193


Antonopoulos A. M., Harding D. A. Mastering Bitcoin, 3rd ed., OReilly, 2023, . 12 Mining and Consensus;  : https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch12_mining.adoc.




194


Antonopoulos A. M., Harding D. A. Mastering Bitcoin, 3rd ed., OReilly, 2023, . 12 Mining and Consensus;  : https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch12_mining.adoc.




195


Mastering Bitcoin, 3rd ed., 2023, . 12.




196


 : Adding a single letter, punctuation mark, or any other character will produce a different hash.  :     10,      ,   799790f8fce2c7cb33c10efc8759c44f735222634cacb948c70e7c0554f21a83 ( ;   ).




197


NIST, FIPS 180-2 Secure Hash Standard (SHS), August 2002, https://csrc.nist.gov/pubs/fips/180-2/final;    FIPS 180-4, August 2015, https://csrc.nist.gov/pubs/fips/180-4/upd1/final.




198


NIST. FIPS 180-4 Secure Hash Standard, 2015, : - ,  detect whether messages have been changed since the digests were generated.    SHA-256  FIPS 180-2,  2002 : All four of the algorithms are iterative, one-way hash functions.




199


NIST, FIPS 180-2 Secure Hash Standard (SHS), August 2002, https://csrc.nist.gov/pubs/fips/180-2/final;    FIPS 180-4, August 2015, https://csrc.nist.gov/pubs/fips/180-4/upd1/final.




200


NIST, FIPS 180-2 Secure Hash Standard (SHS), August 2002, https://csrc.nist.gov/pubs/fips/180-2/final;    FIPS 180-4, August 2015, https://csrc.nist.gov/pubs/fips/180-4/upd1/final.




201


Nakamoto, 2008,  3 Timestamp Server, https://bitcoin.org/bitcoin.pdf.




202


Nakamoto, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf;    R. C. Merkle, Protocols for public key cryptosystems, Proc. 1980 Symposium on Security and Privacy, IEEE, pp. 122133 ( [7]  ).




203


Mastering Bitcoin, 3rd ed., 2023, . 12.




204


Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.




205


Mastering Bitcoin, 3rd ed., 2023, . 12.




206


Mastering Bitcoin, 3rd ed., 2023, . 12.




207


Nakamoto, 2008,  3 Timestamp Server, https://bitcoin.org/bitcoin.pdf.




208


Nakamoto S. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, section 3: Each timestamp includes the previous timestamp in its hash, forming a chain, with each additional timestamp reinforcing the ones before it.          1991, 1993  1997           Usenet.




209


Nakamoto, 2008,  3 Timestamp Server, https://bitcoin.org/bitcoin.pdf.




210


Bitcoin Wiki, Genesis block, https://en.bitcoin.it/wiki/Genesis_block (  coinbase    ).




211


Bitcoin Developer Reference, Block Chain.




212


Bitcoin Developer Reference, Block Chain.




213


Bitcoin Developer Reference, Block Chain, https://developer.bitcoin.org/reference/block_chain.html.




214


Bitcoin Developer Reference, Block Chain.




215


Bitcoin Developer Reference, Block Chain.




216


  -    ,        (Bitcoin Developer Reference, Block Chain).      1979  (   );      1980 .




217


Nakamoto, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf;    R. C. Merkle, Protocols for public key cryptosystems, Proc. 1980 Symposium on Security and Privacy, IEEE, pp. 122133 ( [7]  ).




218


Bitcoin Developer Reference, Block Chain.




219


Nakamoto, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf;    R. C. Merkle, Protocols for public key cryptosystems, Proc. 1980 Symposium on Security and Privacy, IEEE, pp. 122133 ( [7]  ).




220


Bitcoin Developer Reference, Block Chain.




221


Nakamoto, 2008,  4; Bitcoin Developer Reference, Block Chain.




222


Mastering Bitcoin, 3rd ed., 2023, . 12.




223


Nakamoto, 2008,  4; Bitcoin Developer Reference, Block Chain.




224


Nakamoto, 2008,  4; Bitcoin Developer Reference, Block Chain.




225


Bitcoin Developer Reference, Block Chain.




226


Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.




227


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




228


  Bitcoin Core, src/kernel/chainparams.cpp (CMainParams): nPowTargetSpacing = 10 * 60; nPowTargetTimespan = 14 * 24 * 60 * 60; nSubsidyHalvingInterval = 210000, https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp; Mastering Bitcoin, 3rd ed., . 12.




229


Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




230


Nakamoto, 2008, section 4: Once the CPU effort has been expended to make it satisfy the proof-of-work, the block cannot be changed without redoing the work. As later blocks are chained after it, the work to change the block would include redoing all the blocks after it.




231


Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




232


    Bitcoin Core, src/kernel/chainparams.cpp (assert hashGenesisBlock), https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp;  968 721  API mempool.space, https://mempool.space/api/block-height/968721 ( 2026-09-26).




233


  : 000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f (  Bitcoin Core).   968 721: 00000000000000000000ed8d95f43f038858adab98f852a40b461624b6825d20 (mempool.space, 26.09.2026).       .




234


Blockstream Explorer API,  968 721,  difficulty (https://blockstream.info/api/block/00000000000000000000ed8d95f43f038858adab98f852a40b461624b6825d20); CoinWarz, 132.76T  26.09.2026 (https://www.coinwarz.com/bitcoin-difficulty); Bitcoin Wiki Difficulty (https://en.bitcoin.it/wiki/Difficulty).    27.09.2026 (reviews/02-factcheck.md, . 1).




235


 ,  1,   0x00000000FFFF     (Bitcoin Wiki, Difficulty).   968 721  132 757 073 449 487,5 (Blockstream Explorer);     19,7  .    2016 ;      .




236


  Bitcoin Core, src/kernel/chainparams.cpp (CMainParams): nPowTargetSpacing = 10 * 60; nPowTargetTimespan = 14 * 24 * 60 * 60; nSubsidyHalvingInterval = 210000, https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp; Mastering Bitcoin, 3rd ed., . 12.




237


   : chainparams.cpp ( )  API mempool.space, https://mempool.space/api/v1/blocks (  968 721;  2026-09-26).




238


   (3  2009 )   968 721 (26  2026 )   6475 ,    9,6   ,   . 26  2026         8 ,      1530  (   mempool.space).




239


BIP-141 Segregated Witness (Consensus layer), Lombrozo E., Lau J., Wuille P., created 21.12.2015, https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki;      Trezor Blog, SegWit and its legacy: Taproot, UASFs and Lightning, https://trezor.io/blog/insights/segwit-and-its-legacy-taproot-uasfs-and-lightning.




240


API mempool.space, https://mempool.space/api/v1/blocks ( 2026-09-26).




241


 2017        ;  SegWit,    2017 ,         4   (   ,         ) (BIP-141 Segregated Witness (Consensus layer), Lombrozo E., Lau J., Wuille P., created 21.12.2015, https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki;      Trezor Blog, SegWit and its legacy: Taproot, UASFs and Lightning, https://trezor.io/blog/insights/segwit-and-its-legacy-taproot-uasfs-and-lightning).  15 ,   26  2026  (968 712968 726, mempool.space),  14     ,    1,44  1,73       2962  7256 ;   (968 718)     24 , 6904 .        ;      .




242


BTC Nodes (Bitnodes), https://btcnodes.io/; API : https://btcnodes.io/api/v1/snapshots/latest/ ( 2026-09-26;   bitnodes.io  ).   Rodrigo Mart?nez.




243


 BTC Nodes, 26.09.2026: 25 284  ,      . ,     ,     .      .




244


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




245


Nakamoto, 2008, section 5: Nodes accept the block only if all transactions in it are valid and not already spent.




246


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




247


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




248


Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




249


Mastering Bitcoin, 3rd ed., 2023, . 4 Keys and Addresses, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch04_keys.adoc.




250


Mastering Bitcoin, 3rd ed., 2023, . 4 Keys and Addresses, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch04_keys.adoc.




251


Mastering Bitcoin, 3rd ed., ch. 4: The size of Bitcoins private key space (2


) is an unfathomably large number. It is approximately 10


 in decimal. For comparison, the visible universe is estimated to contain 10


 atoms.




252


Mastering Bitcoin, 3rd ed., 2023, . 4 Keys and Addresses, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch04_keys.adoc.




253


Mastering Bitcoin, 3rd ed., 2023, . 4.




254


Mastering Bitcoin, 3rd ed., 2023, . 4.




255


Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.




256


Mastering Bitcoin, 3rd ed., 2023, . 4.




257


Mastering Bitcoin, 3rd ed., 2023, . 4.




258


 : anyone to verify every signature on every transaction, while ensuring that only the owners of private keys can produce valid signatures.




259


     ECDSA    secp256k1;  BIP-340 (2020)        (BIP-340 Schnorr Signatures for secp256k1, https://github.com/bitcoin/bips/blob/master/bip-0340.mediawiki).         .




260


Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf.




261


Mastering Bitcoin, 3rd ed., 2023, . 4.




262


Mastering Bitcoin, 3rd ed., 2023, . 4.




263


Mastering Bitcoin, 3rd ed., 2023, . 12; Mastering Bitcoin, 3rd ed., 2023, . 4.




264


Nakamoto, 2008,  2 Transactions, https://bitcoin.org/bitcoin.pdf; Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.




265


Mastering Bitcoin, 3rd ed., 2023, . 5 Wallet Recovery, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch05_wallets.adoc.




266


Mastering Bitcoin, 3rd ed., ch. 5: In fact, what many people call a Bitcoin walletwhich we call a wallet database to distinguish it from wallet applicationscontains only keys; Those keys are associated with bitcoins recorded on the blockchain.




267


Nakamoto, 2008,  8 Simplified Payment Verification, https://bitcoin.org/bitcoin.pdf.




268


Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf.




269


Nakamoto, 2008,  8 Simplified Payment Verification, https://bitcoin.org/bitcoin.pdf.




270


Nakamoto, 2008, section 8: As such, the verification is reliable as long as honest nodes control the network, but is more vulnerable if the network is overpowered by an attacker.




271


Nakamoto, 2008,  8 Simplified Payment Verification, https://bitcoin.org/bitcoin.pdf.




272


Mastering Bitcoin, 3rd ed., 2023, . 5 Wallet Recovery, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch05_wallets.adoc.




273


BIP-39 Mnemonic code for generating deterministic keys, Palatinus M., Rusnak P., Voisine A., Bowe S., created 10.09.2013, https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki; Mastering Bitcoin, 3rd ed., . 5.




274


BIP-39 Mnemonic code for generating deterministic keys, Palatinus M., Rusnak P., Voisine A., Bowe S., created 10.09.2013, https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki; Mastering Bitcoin, 3rd ed., . 5.




275


Mastering Bitcoin, 3rd ed., 2023, . 6 Transactions, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch06_transactions.adoc.




276


Mastering Bitcoin, 3rd ed., 2023, . 6 Transactions, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch06_transactions.adoc; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




277


Nakamoto, 2008,  9 Combining and Splitting Value, https://bitcoin.org/bitcoin.pdf; Mastering Bitcoin, 3rd ed., . 6.




278


Nakamoto, 2008,  9 Combining and Splitting Value, https://bitcoin.org/bitcoin.pdf; Mastering Bitcoin, 3rd ed., . 6.




279


Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.




280


Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.




281


BIP-141 Segregated Witness (Consensus layer), Lombrozo E., Lau J., Wuille P., created 21.12.2015, https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki;      Trezor Blog, SegWit and its legacy: Taproot, UASFs and Lightning, https://trezor.io/blog/insights/segwit-and-its-legacy-taproot-uasfs-and-lightning; API mempool.space, https://mempool.space/api/v1/blocks ( 2026-09-26).




282


Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.




283


Mastering Bitcoin, 3rd ed., . 6.




284


ethereum.org, Ethereum accounts, https://ethereum.org/en/developers/docs/accounts/; Blocks, https://ethereum.org/en/developers/docs/blocks/.




285


Mastering Bitcoin, 3rd ed., 2023, . 6 Transactions, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch06_transactions.adoc; Nakamoto, 2008,  9 Combining and Splitting Value, https://bitcoin.org/bitcoin.pdf; Mastering Bitcoin, 3rd ed., . 6; Nakamoto, 2008,  6 Incentive; Mastering Bitcoin, 3rd ed., . 6.




286


Mastering Bitcoin, 3rd ed., 2023, . 4.




287


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




288


Nakamoto, 2008,  7 Reclaiming Disk Space, https://bitcoin.org/bitcoin.pdf;    R. C. Merkle, Protocols for public key cryptosystems, Proc. 1980 Symposium on Security and Privacy, IEEE, pp. 122133 ( [7]  ).




289


Nakamoto, 2008,  4; Bitcoin Developer Reference, Block Chain; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




290


Mastering Bitcoin, 3rd ed., 2023, . 6 Transactions, https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch06_transactions.adoc; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




291


Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




292


Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.




293


Nakamoto, 2008, section 10: The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone; Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner.




294


Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.




295


Nakamoto, 2008,  2, https://bitcoin.org/bitcoin.pdf.




296


Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.




297


Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.




298


Nakamoto, 2008,  10 Privacy, https://bitcoin.org/bitcoin.pdf.




299


Meiklejohn S., Pomarole M., Jordan G., Levchenko K., McCoy D., Voelker G. M., Savage S. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. IMC 13, 2013. https://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf; DOI 10.1145/2504730.2504747.




300


Meiklejohn S., Pomarole M., Jordan G., Levchenko K., McCoy D., Voelker G. M., Savage S. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. IMC 13, 2013 (  , . ,     ).   13  2013 : 231 207 , 16 086 073 , 12 056 684  ; 5 579 176       3 383 904    .   344  (    Mt. Gox  Silk Road),   1070     2197  (Meiklejohn et al., 2013,  3.1  4.5).     pseudo-anonymous.




301


Meiklejohn S., Pomarole M., Jordan G., Levchenko K., McCoy D., Voelker G. M., Savage S. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. IMC 13, 2013. https://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf; DOI 10.1145/2504730.2504747.




302


Meiklejohn et al., 2013,  3.1  4.5.




303


Meiklejohn et al., 2013,  3.1  4.5.




304


Meiklejohn S., Pomarole M., Jordan G., Levchenko K., McCoy D., Voelker G. M., Savage S. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. IMC 13, 2013. https://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf; DOI 10.1145/2504730.2504747.




305


Meiklejohn et al., 2013,  3.1  4.5.




306


Biryukov A., Khovratovich D., Pustogarov I. Deanonymisation of clients in Bitcoin P2P network. arXiv:1405.7418, 2014 (. ACM CCS 2014). https://arxiv.org/abs/1405.7418.




307


Biryukov A., Khovratovich D., Pustogarov I. Deanonymisation of clients in Bitcoin P2P network. ACM CCS 2014 (arXiv:1405.7418): link user pseudonyms to the IP addresses where the transactions are generated.




308


Biryukov A., Khovratovich D., Pustogarov I. Deanonymisation of clients in Bitcoin P2P network. arXiv:1405.7418, 2014 (. ACM CCS 2014). https://arxiv.org/abs/1405.7418.




309


Chainalysis, The Data Accuracy Flywheel: How Chainalysis Consistently Identifies and Verifies Blockchain Entities, 16.01.2024, https://www.chainalysis.com/blog/chainalysis-data-accuracy/.




310


Chainalysis. The Data Accuracy Flywheel, 16.01.2024: Co-spend identifies co-ownership of addresses by identifying Unspent Transaction Outputs (UTXOs) that are spent as inputs in the same transaction.         ;  .




311


Cointelegraph, Founder of Bitcoin Fog crypto mixer sentenced to 12.5 years in jail, 11.2024, https://cointelegraph.com/news/crypto-mixer-bitcoin-fog-roman-sterlingov-founder-prison-sentence-united-states-doj; The Register, 11.11.2024, https://www.theregister.com/2024/11/11/bitcoin_fog_sentencing.




312


United States v. Sterlingov, Criminal Action No. 21-399 (RDM), Memorandum Opinion and Order, Document 259, filed 29.02.2024, U.S. District Court for the District of Columbia; PDF: https://www.moneylaunderingnews.com/wp-content/uploads/sites/12/2024/03/District_of_Columbia_USA_v._STERLINGOV_Memo_Opinion_and_Order.pdf.




313


United States v. Sterlingov, No. 21-cr-399 (RDM), Memorandum Opinion and Order, D.D.C., 29.02.2024, p. 3: substantial evidence supports the governments submission that the software is highly reliableand, if anything, conservativein clustering (and then attributing) bitcoin addresses.  . 2: bitcoin transactions are both uniquely anonymous and uniquely public.   ,  Bitcoin Fog  2011  2021    1,2  BTC.    12.03.2024;  ( 2024 )         . : United States v. Sterlingov, No. 24-3161 (D.C. Cir.), 25.09.2026     .             .




314


United States v. Sterlingov, Criminal Action No. 21-399 (RDM), Memorandum Opinion and Order, Document 259, filed 29.02.2024, U.S. District Court for the District of Columbia; PDF: https://www.moneylaunderingnews.com/wp-content/uploads/sites/12/2024/03/District_of_Columbia_USA_v._STERLINGOV_Memo_Opinion_and_Order.pdf.




315


Cointelegraph, Founder of Bitcoin Fog crypto mixer sentenced to 12.5 years in jail, 11.2024, https://cointelegraph.com/news/crypto-mixer-bitcoin-fog-roman-sterlingov-founder-prison-sentence-united-states-doj; The Register, 11.11.2024, https://www.theregister.com/2024/11/11/bitcoin_fog_sentencing.




316


Law360, 25.09.2026, DC Circ. Backs Bitcoin Fog Crypto Mixer Conviction (https://www.law360.com/appellate/articles/2530252); MLex, 25.09.2026 (https://www.mlex.com/mlex/financial-crime/articles/2530292);  : https://law.justia.com/cases/federal/appellate-courts/cadc/24-3161/24-3161-2026-09-25.html.




317


Cointelegraph, Founder of Bitcoin Fog crypto mixer sentenced to 12.5 years in jail, 11.2024, https://cointelegraph.com/news/crypto-mixer-bitcoin-fog-roman-sterlingov-founder-prison-sentence-united-states-doj; The Register, 11.11.2024, https://www.theregister.com/2024/11/11/bitcoin_fog_sentencing.




318


U.S. Department of Justice, Office of Public Affairs, Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021, https://www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside; : https://www.justice.gov/usao-ndca/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists.




319


U.S. Department of Justice, Office of Public Affairs, Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021, https://www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside; : https://www.justice.gov/usao-ndca/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists.




320


U.S. Department of Justice. Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021: By reviewing the Bitcoin public ledger, law enforcement was able to track multiple transfers of bitcoin and identify that approximately 63.7 bitcoins, representing the proceeds of the victims ransom payment, had been transferred to a specific address, for which the FBI has the private key     2,3  , ,     ,       .     Elliptic, 63,7 BTC    ,  85% ,     - (Krebs B. Justice Dept. Claws Back $2.3M Paid by Colonial Pipeline to Ransomware Gang, Krebs on Security, 06.2021, https://krebsonsecurity.com/2021/06/justice-dept-claws-back-2-3m-paid-by-colonial-pipeline-to-ransomware-gang/ (  );      .  7  2021 ., https://www.fbi.gov/news/press-releases/fbi-deputy-director-paul-abbates-remarks-at-press-conference-regarding-the-ransomware-attack-on-colonial-pipeline).




321


U.S. Department of Justice, Office of Public Affairs, Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021, https://www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside; : https://www.justice.gov/usao-ndca/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists.




322


U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ).




323


U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ).




324


U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ).




325


U.S. DOJ / IRS-CI. Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022.       2000  ;  94 000 BTC   3,6     ,          .  25 000 BTC        ,          .     : Cryptocurrency is not a safe haven for criminals (U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( )).   2024     60  ,    18  (U.S. ICE / HSI (  ), Bitfinex Hacker Sentenced in Money Laundering Conspiracy Involving Billions in Stolen Cryptocurrency, 20.11.2024, https://www.ice.gov/news/releases/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;  : https://www.justice.gov/usao-dc/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;    CoinDesk, 18.11.2024, https://www.coindesk.com/policy/2024/11/18/bitfinex-hack-launderer-heather-razzlekhan-morgan-sentenced-to-18-months-in-prison).




326


U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ).




327


U.S. ICE / HSI (  ), Bitfinex Hacker Sentenced in Money Laundering Conspiracy Involving Billions in Stolen Cryptocurrency, 20.11.2024, https://www.ice.gov/news/releases/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;  : https://www.justice.gov/usao-dc/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;    CoinDesk, 18.11.2024, https://www.coindesk.com/policy/2024/11/18/bitfinex-hack-launderer-heather-razzlekhan-morgan-sentenced-to-18-months-in-prison.




328


U.S. ICE / HSI (  ), Bitfinex Hacker Sentenced in Money Laundering Conspiracy Involving Billions in Stolen Cryptocurrency, 20.11.2024, https://www.ice.gov/news/releases/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;  : https://www.justice.gov/usao-dc/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen;    CoinDesk, 18.11.2024, https://www.coindesk.com/policy/2024/11/18/bitfinex-hack-launderer-heather-razzlekhan-morgan-sentenced-to-18-months-in-prison.




329


James Howells v Newport City Council [2025] EWHC 22 (Ch), 09.01.2025, https://caselaw.nationalarchives.gov.uk/ewhc/ch/2025/22.




330


James Howells v Newport City Council [2025] EWHC 22 (Ch), 09.01.2025,  ;   Control of Pollution Act 1974: Bitcoin are not tangible property and cannot be on the Hard Drive or in the Landfill.     ,   ;             .       12.




331


James Howells v Newport City Council [2025] EWHC 22 (Ch), 09.01.2025, https://caselaw.nationalarchives.gov.uk/ewhc/ch/2025/22.




332


Mastering Bitcoin, 3rd ed., 2023, . 4.




333


BIP-39 Mnemonic code for generating deterministic keys, Palatinus M., Rusnak P., Voisine A., Bowe S., created 10.09.2013, https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki; Mastering Bitcoin, 3rd ed., . 5.




334


BIP-39 Mnemonic code for generating deterministic keys, Palatinus M., Rusnak P., Voisine A., Bowe S., created 10.09.2013, https://github.com/bitcoin/bips/blob/master/bip-0039.mediawiki; Mastering Bitcoin, 3rd ed., . 5.




335


James Howells v Newport City Council [2025] EWHC 22 (Ch), 09.01.2025, https://caselaw.nationalarchives.gov.uk/ewhc/ch/2025/22.




336


Chainalysis, 60% of Bitcoin is Held Long Term as Digital Gold. What About the Rest?, 18.06.2020, https://www.chainalysis.com/blog/bitcoin-market-data-exchanges-trading/;      The Daily Hodl, 22.06.2020, https://dailyhodl.com/2020/06/22/staggering-35000000000-in-bitcoin-btc-is-forever-lost-reports-chainalysis/  Decrypt.




337


Chainalysis, 60% of Bitcoin is Held Long Term as Digital Gold. What About the Rest?, 18.06.2020, https://www.chainalysis.com/blog/bitcoin-market-data-exchanges-trading/;      The Daily Hodl, 22.06.2020, https://dailyhodl.com/2020/06/22/staggering-35000000000-in-bitcoin-btc-is-forever-lost-reports-chainalysis/  Decrypt.




338


Lerner S. D. The Well Deserved Fortune of Satoshi Nakamoto, Bitcoin creator, Visionary and Genius, Bitslog, 17.04.2013, https://bitslog.com/2013/04/17/the-well-deserved-fortune-of-satoshi-nakamoto/.




339


Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.




340


  bitcointalk (Satoshi Nakamoto Institute),  overflow bug SERIOUS, 15.08.2010, 19:04 UTC: seems a block at height 74638 has expoited a bug in the net. It uses an integer overflow to make a negative total transaction.   .




341


Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident.




342


Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.




343


Mastering Bitcoin, 3rd ed., . 6.




344


Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident.




345


Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident.




346


Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident; Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.




347


Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.




348


Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.




349


 , 21:06 UTC: It would help if people stop generating. We will probably need to re-do a branch around the current one, and the less you generate the faster that will be.




350


Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.




351


Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/.




352


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




353


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




354


  16    74 689;       .        ,     ,   .




355


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




356


, bitcointalk, 16.08.2010, 01:00 UTC: Its only if you generated a block in the bad chain after block 74638 that the 50 BTC from that will disappear.




357


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




358


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




359


Bitcoin Developer Reference, Block Chain;   Bitcoin Core, src/kernel/chainparams.cpp (CMainParams): nPowTargetSpacing = 10 * 60; nPowTargetTimespan = 14 * 24 * 60 * 60; nSubsidyHalvingInterval = 210000, https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp; Mastering Bitcoin, 3rd ed., . 12; Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




360


U.S. DOJ / IRS-CI, Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency, 08.02.2022,    IRS: https://www.irs.gov/zh-hant/compliance/criminal-investigation/two-arrested-for-alleged-conspiracy-to-launder-4-point-5-billion-in-stolen-cryptocurrency; : https://www.justice.gov/archives/opa/pr/two-arrested-alleged-conspiracy-launder-45-billion-stolen-cryptocurrency ( ); U.S. Department of Justice, Office of Public Affairs, Department of Justice Seizes $2.3 Million in Cryptocurrency Paid to the Ransomware Extortionists Darkside, 07.06.2021, https://www.justice.gov/opa/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists-darkside; : https://www.justice.gov/usao-ndca/pr/department-justice-seizes-23-million-cryptocurrency-paid-ransomware-extortionists.




361


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




362


Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident; Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.




363


Satoshi Nakamoto Institute,  bitcointalk:  overflow bug SERIOUS, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/185/;  Version 0.3.10 - block 74638 overflow PATCH!, https://satoshi.nakamotoinstitute.org/posts/bitcointalk/threads/186/; Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




364


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




365


Nakamoto, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




366


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




367


L. Lamport, R. Shostak, M. Pease, The Byzantine Generals Problem, ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401, https://lamport.azurewebsites.net/pubs/byz.pdf.




368


L. Lamport, R. Shostak, M. Pease, The Byzantine Generals Problem, ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401, https://lamport.azurewebsites.net/pubs/byz.pdf.




369


Lamport L., Shostak R., Pease M. The Byzantine Generals Problem. ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401.    SRI International. We imagine that several divisions of the Byzantine army are camped outside an enemy city, each division commanded by its own general. The generals can communicate with one another only by messenger.




370


L. Lamport, R. Shostak, M. Pease, The Byzantine Generals Problem, ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401, https://lamport.azurewebsites.net/pubs/byz.pdf.




371


L. Lamport, R. Shostak, M. Pease, The Byzantine Generals Problem, ACM Transactions on Programming Languages and Systems, vol. 4, no. 3, July 1982, pp. 382401, https://lamport.azurewebsites.net/pubs/byz.pdf.




372


Lamport, Shostak, Pease, 1982,    2 Impossibility results, https://lamport.azurewebsites.net/pubs/byz.pdf.




373


 , : It is shown that, using only oral messages, this problem is solvable if and only if more than two-thirds of the generals are loyal; so a single traitor can confound two loyal generals.




374


Lamport, Shostak, Pease, 1982, , https://lamport.azurewebsites.net/pubs/byz.pdf.




375


 : With unforgeable written messages, the problem is solvable for any number of generals and possible traitors.




376


Lamport, Shostak, Pease, 1982, , https://lamport.azurewebsites.net/pubs/byz.pdf.




377


BTC Nodes (Bitnodes), https://btcnodes.io/; API : https://btcnodes.io/api/v1/snapshots/latest/ ( 2026-09-26;   bitnodes.io  ).   Rodrigo Mart?nez.




378


M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf.




379


M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf.




380


Castro M., Liskov B. Practical Byzantine Fault Tolerance. Proceedings of the Third Symposium on Operating Systems Design and Implementation (OSDI 99), New Orleans, February 1999: it works in asynchronous environments like the Internet  :     ?(n?1)/3?    n,    f      3f+1   (M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf).




381


Castro, Liskov, 1999 ( : Colyer, The Morning Paper, 2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/).




382


     NFS,       NFS   Digital Unix   ,   (Castro, Liskov, 1999 ( : Colyer, The Morning Paper, 2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/)).




383


M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf.




384


Castro, Liskov, 1999, p. 2: All replicas know the others public keys.




385


M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of OSDI 99, 1999, https://www.usenix.org/conference/osdi-99/practical-byzantine-fault-tolerance (), http://pmg.csail.mit.edu/papers/osdi99.pdf;     A. Colyer, Practical Byzantine Fault Tolerance, The Morning Paper, 18.05.2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/.




386


Castro, Liskov, 1999 ( : Colyer, The Morning Paper, 2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/).




387


S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




388


S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




389


Nakamoto S. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, section 4: Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it.




390


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.




391


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.




392


C. Dwork, M. Naor, Pricing via Processing or Combatting Junk Mail, Advances in Cryptology  CRYPTO 92, Lecture Notes in Computer Science, vol. 740, Springer, 1993, pp. 139147, DOI 10.1007/3-540-48071-4_10, https://link.springer.com/chapter/10.1007/3-540-48071-4_10;  IACR: https://iacr.org/cryptodb/data/paper.php?pubkey=1268.




393


Dwork C., Naor M. Pricing via Processing or Combatting Junk Mail. Advances in Cryptology  CRYPTO 92, LNCS 740, Springer, 1993, pp. 139147.  proof-of-work    ,    (C. Dwork, M. Naor, Pricing via Processing or Combatting Junk Mail, Advances in Cryptology  CRYPTO 92, Lecture Notes in Computer Science, vol. 740, Springer, 1993, pp. 139147, DOI 10.1007/3-540-48071-4_10, https://link.springer.com/chapter/10.1007/3-540-48071-4_10;  IACR: https://iacr.org/cryptodb/data/paper.php?pubkey=1268).




394


Aaron van Wirdum, The Genesis Files: Hashcash or How Adam Back Designed Bitcoins Motor Block, Bitcoin Magazine, 04.06.2018, https://bitcoinmagazine.com/technical/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block;  : A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/hashcash.pdf (    SSL); Bitcoin Annotated, Hashcash, https://bitcoinannotated.com/entries/hashcash/;  : https://cypherpunks.venona.com/date/1997/03/msg00774.html (    522,  ); . van Wirdum.




395


Aaron van Wirdum, The Genesis Files: Hashcash or How Adam Back Designed Bitcoins Motor Block, Bitcoin Magazine, 04.06.2018, https://bitcoinmagazine.com/technical/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block;  : A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/hashcash.pdf (    SSL).




396


        : the idea of using partial hashes is that they can be made arbitrarily expensive to compute, and yet can be verified instantly (Aaron van Wirdum, The Genesis Files: Hashcash or How Adam Back Designed Bitcoins Motor Block, Bitcoin Magazine, 04.06.2018, https://bitcoinmagazine.com/technical/genesis-files-hashcash-or-how-adam-back-designed-bitcoins-motor-block;  : A. Back, Hashcash  A Denial of Service Counter-Measure, 01.08.2002, http://www.hashcash.org/hashcash.pdf (    SSL)).         28  1997 ,      2002 ,   ,  in May 1997 (Bitcoin Annotated, Hashcash, https://bitcoinannotated.com/entries/hashcash/;  : https://cypherpunks.venona.com/date/1997/03/msg00774.html (    522,  ); . van Wirdum);   1997 .




397


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.




398


S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




399


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




400


Nakamoto S., Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, section 5, https://bitcoin.org/bitcoin.pdf (. 3).




401


Nakamoto, 2008, section 5: The tie will be broken when the next proof-of-work is found and one branch becomes longer; the nodes that were working on the other branch will then switch to the longer one.          ;     Bitcoin Core: Transactions which are mined into blocks that later become stale blocks may be added back into the memory pool (Bitcoin Developer Guide, P2P Network) (Bitcoin Developer Guide, P2P Network,  Memory Pool, https://developer.bitcoin.org/devguide/p2p_network.html).




402


Bitcoin Developer Guide, P2P Network,  Memory Pool, https://developer.bitcoin.org/devguide/p2p_network.html.




403


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.




404


Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf.




405


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.




406


Nakamoto, 2008, section 4: To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes.      ,   ,       (Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf).




407


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.




408


Lamport, Shostak, Pease, 1982,    2 Impossibility results, https://lamport.azurewebsites.net/pubs/byz.pdf.




409


Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008, https://bitcoin.org/bitcoin.pdf.




410


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




411


Mastering Bitcoin, 3rd ed., 2023, . 4.




412


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




413


Nakamoto, 2008,  6 Incentive, https://bitcoin.org/bitcoin.pdf.




414


Nakamoto, 2008, section 6: He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth.




415


Bitcoin Gold, Responding to Attacks, 24.05.2018, http://www.bitcoingold.org/responding-to-attacks/.




416


  Bitcoin Core, src/kernel/chainparams.cpp (CMainParams): nPowTargetSpacing = 10 * 60; nPowTargetTimespan = 14 * 24 * 60 * 60; nSubsidyHalvingInterval = 210000, https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp; Mastering Bitcoin, 3rd ed., . 12.




417


Bitcoin Wiki, Difficulty, https://en.bitcoin.it/wiki/Difficulty;   Nakamoto, 2008,  4 (the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour).




418


Bitcoin Wiki, Difficulty, https://en.bitcoin.it/wiki/Difficulty;   Nakamoto, 2008,  4 (the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour).




419


Bitcoin Wiki, Difficulty, https://en.bitcoin.it/wiki/Difficulty;   Nakamoto, 2008,  4 (the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour).




420


mempool.space, API mining/hashrate/1m  mining/pools/1m,  26.09.2026: https://mempool.space/api/v1/mining/hashrate/1m (currentHashrate ? 9,3410?? H/s;   2426.09.2026: 837, 933, 880 /); https://mempool.space/api/v1/mining/pools/1m (   ? 1,0210?? H/s).




421


mempool.space, API mining/hashrate/1m  mining/pools/1m,  26.09.2026: https://mempool.space/api/v1/mining/hashrate/1m (currentHashrate ? 9,3410?? H/s;   2426.09.2026: 837, 933, 880 /); https://mempool.space/api/v1/mining/pools/1m (   ? 1,0210?? H/s).




422


 mempool.space  26.09.2026:  9,34 ? 10


   ,   2426    837  933   ;      1,02 ? 10


.   ,  ,       10%,      .     , 19.09.2026   967 680,    4,2% (mempool.space, API mining/hashrate/1m  mining/pools/1m,  26.09.2026: https://mempool.space/api/v1/mining/hashrate/1m (currentHashrate ? 9,3410?? H/s;   2426.09.2026: 837, 933, 880 /); https://mempool.space/api/v1/mining/pools/1m (   ? 1,0210?? H/s)).      .




423


   gov.cn,   51-  , 21.05.2021, https://www.gov.cn/xinwen/2021-05/21/content_5610192.htm.




424


  51-         , gov.cn, 21.05.2021: ????????????.       24.09.2021 (   gov.cn,   51-  , 21.05.2021, https://www.gov.cn/xinwen/2021-05/21/content_5610192.htm).




425


A. de Vries, U. Gallersd?rfer, L. Klaa?en, C. Stoll, Revisiting Bitcoins carbon footprint, Joule 6(3), 2022, pp. 498502, DOI 10.1016/j.joule.2022.02.005;   Euronews, Bitcoin mining was actually worse for the environment since China banned it, a new study says, 26.02.2022, https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa;    VU Amsterdam, https://research.vu.nl/en/publications/revisiting-bitcoins-carbon-footprint/.




426


mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573).




427


 689 472;    0,7206 (mempool.space) (mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573)).      ,       57,47   ,    2022     248,11 (Cambridge Judge Business School / CCAF, Bitcoin mining  an (un)surprising resurgence?, 17.05.2022, https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/).




428


mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573).




429


Cambridge Judge Business School / CCAF, Bitcoin mining  an (un)surprising resurgence?, 17.05.2022, https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/.




430


Cambridge Judge Business School / CCAF, Bitcoin mining  an (un)surprising resurgence?, 17.05.2022, https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/; CoinDesk (James Van Straten), China Returns as Third Largest BTC Mining Hub With a 14% Share: Reuters, 24.11.2025, https://www.coindesk.com/markets/2025/11/24/china-returns-as-third-largest-bitcoin-mining-hub-with-a-14-share-reuters.




431


Cambridge Judge Business School / CCAF. Bitcoin mining  an (un)surprising resurgence? 17.05.2022:     2022   21,11%,   37,84%,   (13,22%),  (6,48%),  (4,66%); significant underground mining activity has formed in the country     ,   IP   VPN   (Cambridge Judge Business School / CCAF, Bitcoin mining  an (un)surprising resurgence?, 17.05.2022, https://www.jbs.cam.ac.uk/2022/bitcoin-mining-new-data-reveal-a-surprising-resurgence/).   2025   ,    (Hashrate Index   CoinDesk    Reuters),   14% ;  CryptoQuant     1520% (CoinDesk (James Van Straten), China Returns as Third Largest BTC Mining Hub With a 14% Share: Reuters, 24.11.2025, https://www.coindesk.com/markets/2025/11/24/china-returns-as-third-largest-bitcoin-mining-hub-with-a-14-share-reuters).      .




432


Bitcoin Wiki, Difficulty, https://en.bitcoin.it/wiki/Difficulty;   Nakamoto, 2008,  4 (the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour); mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573).




433


Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.




434


Bitcoin Wiki, Halving day 2012, https://en.bitcoin.it/wiki/Halving_day_2012;  : https://en.bitcoin.it/wiki/Controlled_supply; The Block, Bitcoin ushers in fourth halving as miners block subsidy reward drops to 3.125 BTC, 20.04.2024, https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc;   https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc (  CNBC, 19.04.2024).




435


    210 000 ;        2140  (Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply).     210 000, 28.11.2012,  50 ? 25 BTC (Bitcoin Wiki, Halving day 2012, https://en.bitcoin.it/wiki/Halving_day_2012;  : https://en.bitcoin.it/wiki/Controlled_supply);    420 000, 09.07.2016, 25 ? 12,5 BTC (   mempool.space: https://mempool.space/api/block-height/420000 ?  000000000000000002cce816c0ab2c5c269cb081896b7dcb34b8422d6b74ffa1,   1468082773 (09.07.2016, 16:46 UTC); The Block, 20.04.2024 (  ), https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc);    630 000, 11.05.2020, 12,5 ? 6,25 BTC (mempool.space, https://mempool.space/api/block-height/630000 ?  000000000000000000024bead8df69990852c202db0e0097c1a12ea637d7e96d,   1589225023 (11.05.2020, 19:23 UTC); The Block, 20.04.2024 (the last halving on May 11, 2020));    840 000, 20.04.2024   , 6,25 ? 3,125 BTC,      900  450 BTC (The Block, Bitcoin ushers in fourth halving as miners block subsidy reward drops to 3.125 BTC, 20.04.2024, https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc;   https://www.theblock.co/post/289875/bitcoin-ushers-in-fourth-halving-as-miners-block-subsidy-reward-drops-to-3-125-btc (  CNBC, 19.04.2024)).     1 050 000,  2028 ;       (Bitcoin Wiki, Controlled supply (next expected around 2028), https://en.bitcoin.it/wiki/Controlled_supply).




436


Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.




437


Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.




438


J. Butterfill (CoinShares), Bitcoin Mining Report  Q1 2026, 25.03.2026, https://coinshares.com/insights/research-data/bitcoin-mining-report-q1-2026/; W. Suberg, Bitcoin Miner Squeeze In Focus As Fees Make Up Under 0.7% Of Revenue, Cointelegraph, 12.08.2026, https://cointelegraph.com/markets/bitcoin-miners-earn-under-07-of-revenue-from-fees-in-new-10-year-low.




439


  Glassnode   Cointelegraph (12.08.2026),   2026     0,69%  ,  1%    ;  Glassnode  -: Bitcoin was below $400 the last time fee share was this low (W. Suberg, Bitcoin Miner Squeeze In Focus As Fees Make Up Under 0.7% Of Revenue, Cointelegraph, 12.08.2026, https://cointelegraph.com/markets/bitcoin-miners-earn-under-07-of-revenue-from-fees-in-new-10-year-low).   CoinShares,    2025    consistently below 1% of total block rewards,    0,018 BTC     3,125 BTC (J. Butterfill (CoinShares), Bitcoin Mining Report  Q1 2026, 25.03.2026, https://coinshares.com/insights/research-data/bitcoin-mining-report-q1-2026/). 20.04.2024,     Runes,     127,97 ,         75% (CoinDesk   BitInfoCharts  YCharts;     ,     ) (B. Keoun, Bitcoin Miners Reap Windfall as Runes Debut Sends Transaction Fees to Record Highs, CoinDesk, 21.04.2024, https://www.coindesk.com/tech/2024/04/21/bitcoin-miners-reap-windfall-as-runes-debut-sends-transaction-fees-to-record-highs). Coin Metrics:    2025     1,33%  ,  3,6   (T. Ved, Q1 2025 Bitcoin Data Special, Coin Metrics State of the Network, Issue 304, 25.03.2025, https://coinmetrics.substack.com/p/state-of-the-network-issue-304).      .




440


B. Keoun, Bitcoin Miners Reap Windfall as Runes Debut Sends Transaction Fees to Record Highs, CoinDesk, 21.04.2024, https://www.coindesk.com/tech/2024/04/21/bitcoin-miners-reap-windfall-as-runes-debut-sends-transaction-fees-to-record-highs.




441


T. Ved, Q1 2025 Bitcoin Data Special, Coin Metrics State of the Network, Issue 304, 25.03.2025, https://coinmetrics.substack.com/p/state-of-the-network-issue-304.




442


M. Carlsten, H. Kalodner, S. M. Weinberg, A. Narayanan, On the Instability of Bitcoin Without the Block Reward, Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security (CCS 16), pp. 154167, DOI 10.1145/2976749.2978408; PDF: https://www.cs.princeton.edu/~smattw/CKWN-CCS16.pdf;    A. Narayanan, CITP Blog, 21.10.2016, https://blog.citp.princeton.edu/2016/10/21/bitcoin-is-unstable-without-the-block-reward/.




443


Carlsten M., Kalodner H., Weinberg S. M., Narayanan A. On the Instability of Bitcoin Without the Block Reward. ACM CCS 16, pp. 154167.   : with only transaction fees, the variance of the miner reward is very high due to the randomness of the block arrival time, and it becomes attractive to fork a wealthy block to steal the rewards therein (M. Carlsten, H. Kalodner, S. M. Weinberg, A. Narayanan, On the Instability of Bitcoin Without the Block Reward, Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security (CCS 16), pp. 154167, DOI 10.1145/2976749.2978408; PDF: https://www.cs.princeton.edu/~smattw/CKWN-CCS16.pdf;    A. Narayanan, CITP Blog, 21.10.2016, https://blog.citp.princeton.edu/2016/10/21/bitcoin-is-unstable-without-the-block-reward/).




444


E. Budish, The Economic Limits of Bitcoin and the Blockchain, NBER Working Paper 24717, June 2018, https://www.nber.org/papers/w24717;    E. Budish, Trust at Scale: The Economic Limits of Cryptocurrencies and Blockchains, The Quarterly Journal of Economics 140(1), 2025, https://academic.oup.com/qje/article/140/1/1/7824430.




445


Budish E. The Economic Limits of Bitcoin and the Blockchain. NBER Working Paper 24717, 2018: the recurring, flow, payments to miners for running the blockchain must be large relative to the one-off, stock, benefits of attacking it. This is very expensive!    The Quarterly Journal of Economics, 2025. ,      ,     ;      (E. Budish, The Economic Limits of Bitcoin and the Blockchain, NBER Working Paper 24717, June 2018, https://www.nber.org/papers/w24717;    E. Budish, Trust at Scale: The Economic Limits of Cryptocurrencies and Blockchains, The Quarterly Journal of Economics 140(1), 2025, https://academic.oup.com/qje/article/140/1/1/7824430).




446


Bitcoin Wiki, Controlled supply, https://en.bitcoin.it/wiki/Controlled_supply.




447


BTC Nodes (Bitnodes), https://btcnodes.io/; API : https://btcnodes.io/api/v1/snapshots/latest/ ( 2026-09-26;   bitnodes.io  ).   Rodrigo Mart?nez.




448


Foundry USA Pool, FAQ What is Foundry USA Pools Payout Methodology?, https://pool-faq.foundrydigital.com/what-is-foundry-usa-pools-payout-methodology.




449


Foundry USA Pool, FAQ: Foundry USA Pool pays out to all pool members according to the Full-Pay-Per-Share (FPPS) payout scheme;       ,      (Foundry USA Pool, FAQ What is Foundry USA Pools Payout Methodology?, https://pool-faq.foundrydigital.com/what-is-foundry-usa-pools-payout-methodology).         MARA Pool: MARA Pool is the only self-owned and operated mining pool among public miners (MARA, -   2025 ) (MARA, -     2025 , https://ir.mara.com/news-events/press-releases/detail/1396/mara-announces-bitcoin-production-and-mining-operation-updates-for-may-2025).




450


MARA, -     2025 , https://ir.mara.com/news-events/press-releases/detail/1396/mara-announces-bitcoin-production-and-mining-operation-updates-for-may-2025.




451


mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026).




452


mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026).




453


mempool.space, 4546     26.09.2026: Foundry USA  25,4%, AntPool  19,4%, F2Pool  15,0%, ViaBTC  8,7%, SpiderPool  8,4%, MARA Pool  5,3%;     45%,    77%.      ,     (mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026)).  2026 ,   Hashrate Index,  Foundry  34,2% (CoinDesk (Shaurya Malwa), Bitcoin mining pools with 75% of BTC hashrate join open standard for block construction, 11.05.2026, https://www.coindesk.com/markets/2026/05/11/bitcoin-mining-pools-with-75-of-btc-hashrate-join-open-standard-for-block-construction).      .




454


CoinDesk (Shaurya Malwa), Bitcoin mining pools with 75% of BTC hashrate join open standard for block construction, 11.05.2026, https://www.coindesk.com/markets/2026/05/11/bitcoin-mining-pools-with-75-of-btc-hashrate-join-open-standard-for-block-construction; mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026).




455


b10c, Block Template Similarities between Mining Pools, 16.09.2024, https://b10c.me/observations/12-template-similarity/.




456


b10c. Block Template Similarities between Mining Pools, 16.09.2024.  AntPool, Poolin  BTC.com    9899%,       ;        .         Foundry  31,3% (b10c, Block Template Similarities between Mining Pools, 16.09.2024, https://b10c.me/observations/12-template-similarity/).    Stratum V2   2026   Foundry, AntPool, F2Pool, SpiderPool, MARA Pool,   Block Inc  DMND       (CoinDesk (Shaurya Malwa), Bitcoin mining pools with 75% of BTC hashrate join open standard for block construction, 11.05.2026, https://www.coindesk.com/markets/2026/05/11/bitcoin-mining-pools-with-75-of-btc-hashrate-join-open-standard-for-block-construction).




457


b10c, Block Template Similarities between Mining Pools, 16.09.2024, https://b10c.me/observations/12-template-similarity/.




458


CoinDesk (Shaurya Malwa), Bitcoin mining pools with 75% of BTC hashrate join open standard for block construction, 11.05.2026, https://www.coindesk.com/markets/2026/05/11/bitcoin-mining-pools-with-75-of-btc-hashrate-join-open-standard-for-block-construction.




459


C. Stoll, L. Klaa?en, U. Gallersd?rfer, A. Neum?ller, Climate Impacts of Bitcoin Mining in the U.S., MIT CEEPR Working Paper 2023-11, June 2023, https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf.




460


C. Stoll, L. Klaa?en, U. Gallersd?rfer, A. Neum?ller, Climate Impacts of Bitcoin Mining in the U.S., MIT CEEPR Working Paper 2023-11, June 2023, https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf.




461


Stoll C., Klaa?en L., Gallersd?rfer U., Neum?ller A. Climate Impacts of Bitcoin Mining in the U.S. MIT CEEPR Working Paper 2023-11, June 2023: This number provides empirical evidence that at least 38% of all Bitcoin mining activity was located in the U.S. and Canada by December 2022.    100   .          (C. Stoll, L. Klaa?en, U. Gallersd?rfer, A. Neum?ller, Climate Impacts of Bitcoin Mining in the U.S., MIT CEEPR Working Paper 2023-11, June 2023, https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf).  :    75,4%     49 ,    7,1%;   ,        (Cambridge Judge Business School, Cambridge study: sustainable energy rising in Bitcoin mining, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/; : https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf).




462


Cambridge Judge Business School, Cambridge study: sustainable energy rising in Bitcoin mining, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/; : https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf.




463


Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




464


Semantic Scholar API,  DOI 10.1016/j.joule.2018.04.016  10.1016/j.joule.2022.02.005, https://api.semanticscholar.org/graph/v1/paper/DOI:10.1016/j.joule.2022.02.005.




465


CCAF, CBECI  Methodology, https://ccaf.io/cbnsi/cbeci/methodology.




466


Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026).




467


Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/, ).




468


Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026).




469


   :    ,    2025 ,   138  ( 0,54%  )  39,8  CO2-. (Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/, ));    20202021   173,42  (United Nations University, - UN Study Reveals the Hidden Environmental Impacts of Bitcoin: Carbon is Not the Only Harmful By-product, 24.10.2023, https://unu.edu/press-release/un-study-reveals-hidden-environmental-impacts-bitcoin-carbon-not-only-harmful-product; : S. Chamanara, S. A. Ghaffarizadeh, K. Madani, The environmental footprint of Bitcoin mining across the globe: Call for urgent action, Earths Future 11, e2023EF003871, https://agupubs.onlinelibrary.wiley.com/doi/10.1029/2023EF003871); Digiconomist  26.09.2026   204   114  CO2 (Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026)).  ,     (  17%  ,     2024 ),   2024 ;          ,     (Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/, )).          (   ),    (,    )      5    (CCAF, CBECI  Methodology, https://ccaf.io/cbnsi/cbeci/methodology). Digiconomist    ,      73,6%   (Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026)).  ,  2019        2080  (G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap).      .




470


CCAF, CBECI  Methodology, https://ccaf.io/cbnsi/cbeci/methodology.




471


J. Koomey, Estimating Bitcoin Electricity Use: A Beginners Guide, Coin Center,  2019, https://www.coincenter.org/estimating-bitcoin-electricity-use-a-beginners-guide/; G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap.




472


Koomey J. Estimating Bitcoin Electricity Use: A Beginners Guide. Coin Center, May 2019: consistently about a factor of two higher than the more credible estimates. ,    (Kamiya, 2019),  ,      60% : These key assumptions have been criticised to overestimate electricity consumption (G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap).




473


J. Koomey, Estimating Bitcoin Electricity Use: A Beginners Guide, Coin Center,  2019, https://www.coincenter.org/estimating-bitcoin-electricity-use-a-beginners-guide/.




474


CCAF, CBECI  Methodology, https://ccaf.io/cbnsi/cbeci/methodology; G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap.




475


Digiconomist, Bitcoin Energy Consumption Index, https://digiconomist.net/bitcoin-energy-consumption ( 26.09.2026).




476


G. Kamiya, Bitcoin energy use  mined the gap, IEA Commentary, 04.07.2019, https://www.iea.org/commentaries/bitcoin-energy-use-mined-the-gap.




477


Kamiya G. Bitcoin energy use  mined the gap. IEA Commentary, 04.07.2019: comparisons on a per-transaction basis are not meaningful in the context of PoW blockchains, particularly because the energy required for the networks to function is independent of the number of processed transactions.




478


API mempool.space, https://mempool.space/api/v1/blocks ( 2026-09-26).




479


United Nations University, - UN Study Reveals the Hidden Environmental Impacts of Bitcoin: Carbon is Not the Only Harmful By-product, 24.10.2023, https://unu.edu/press-release/un-study-reveals-hidden-environmental-impacts-bitcoin-carbon-not-only-harmful-product; : S. Chamanara, S. A. Ghaffarizadeh, K. Madani, The environmental footprint of Bitcoin mining across the globe: Call for urgent action, Earths Future 11, e2023EF003871, https://agupubs.onlinelibrary.wiley.com/doi/10.1029/2023EF003871.




480


A. de Vries, U. Gallersd?rfer, L. Klaa?en, C. Stoll, Revisiting Bitcoins carbon footprint, Joule 6(3), 2022, pp. 498502, DOI 10.1016/j.joule.2022.02.005;   Euronews, Bitcoin mining was actually worse for the environment since China banned it, a new study says, 26.02.2022, https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa;    VU Amsterdam, https://research.vu.nl/en/publications/revisiting-bitcoins-carbon-footprint/.




481


    (Joule, 2022):      41,6%  2020   25,1%   2021  (A. de Vries, U. Gallersd?rfer, L. Klaa?en, C. Stoll, Revisiting Bitcoins carbon footprint, Joule 6(3), 2022, pp. 498502, DOI 10.1016/j.joule.2022.02.005;   Euronews, Bitcoin mining was actually worse for the environment since China banned it, a new study says, 26.02.2022, https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa;    VU Amsterdam, https://research.vu.nl/en/publications/revisiting-bitcoins-carbon-footprint/).    ,       ;   Euronews  26.02.2022: It clearly is not working because the network actually got less green during the year.          65,4  CO2  ,     (A. de Vries, U. Gallersd?rfer, L. Klaa?en, C. Stoll, Revisiting Bitcoins carbon footprint, Joule 6(3), 2022, pp. 498502, DOI 10.1016/j.joule.2022.02.005;   Euronews, Bitcoin mining was actually worse for the environment since China banned it, a new study says, 26.02.2022, https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa;    VU Amsterdam, https://research.vu.nl/en/publications/revisiting-bitcoins-carbon-footprint/).




482


Cambridge Judge Business School, Cambridge study: sustainable energy rising in Bitcoin mining, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/; : https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf; Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining//https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf, ).




483


   20202021 :   45%,   21%,   16%,   9%,   5%,   2% (United Nations University, - UN Study Reveals the Hidden Environmental Impacts of Bitcoin: Carbon is Not the Only Harmful By-product, 24.10.2023, https://unu.edu/press-release/un-study-reveals-hidden-environmental-impacts-bitcoin-carbon-not-only-harmful-product; : S. Chamanara, S. A. Ghaffarizadeh, K. Madani, The environmental footprint of Bitcoin mining across the globe: Call for urgent action, Earths Future 11, e2023EF003871, https://agupubs.onlinelibrary.wiley.com/doi/10.1029/2023EF003871).   2025 : 52,4%    (42,6%  , 9,8%   ),   38,2%,   8,9%;  2022    36,6% (Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining//https://www.jbs.cam.ac.uk/wp-content/uploads/2025/04/2025-04-cambridge-digital-mining-industry-report.pdf, )).         ,       . ,     , ,           ,      ;        (C. Stoll, L. Klaa?en, U. Gallersd?rfer, A. Neum?ller, Climate Impacts of Bitcoin Mining in the U.S., MIT CEEPR Working Paper 2023-11, June 2023, https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf).




484


     . U.S. EIA. Tracking electricity consumption from U.S. cryptocurrency mining operations, 01.02.2024: annual electricity use from cryptocurrency mining probably represents from 0.6% to 2.3% of U.S. electricity consumption,         .   137   (U.S. EIA, Tracking electricity consumption from U.S. cryptocurrency mining operations, Today in Energy, 01.02.2024, https://www.eia.gov/todayinenergy/detail.php?id=61364).




485


Cambridge Judge Business School, 28.04.2025, https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/ (  https://www.jbs.cam.ac.uk/2025/cambridge-study-sustainable-energy-rising-in-bitcoin-mining/, ); ethereum.org, Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ ( 26.09.2026).




486


ethereum.org, Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ ( 26.09.2026).




487


ethereum.org, Ethereum energy consumption:   149   ,  -  190,    131.    ;     2023 ,      (ethereum.org, Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ ( 26.09.2026)).




488


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.




489


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf; Nakamoto, 2008,  6 Incentive, https://bitcoin.org/bitcoin.pdf.




490


ethereum.org, The Merge, https://ethereum.org/en/roadmap/merge/; Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ (  https://ethereum.org/en/roadmap/merge//https://ethereum.org/energy-consumption/,  26.09.2026).




491


Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend (  https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend).




492


CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly); ethereum.org, Ethereum Fork Timeline (DAO fork), https://ethereum.org/en/ethereum-forks/.




493


CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly).




494


  (1 )  3693 ,    4,2 .  (CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly); CoinDesk, Ethereum Classic Attacker Successfully Double-Spends $1.68M in Second Attack: Report, 07.08.2020, https://www.coindesk.com/markets/2020/08/07/ethereum-classic-attacker-successfully-double-spends-168m-in-second-attack-report).            Bitfly   CoinDesk (CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly)).




495


Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/.




496


Coinbase,   2020 ,   Crowdfund Insider: At 11:10 PM PST 7/31/2020, Coinbase Blockchain Security was alerted that Coinbases ETC nodes were not seeing new blocks at the expected interval. (Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/)




497


Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/.




498


CoinDesk, Ethereum Classic Attacker Successfully Double-Spends $1.68M in Second Attack: Report, 07.08.2020, https://www.coindesk.com/markets/2020/08/07/ethereum-classic-attacker-successfully-double-spends-168m-in-second-attack-report.




499


 Coinbase,         800 . ETC (?5,8  ),     460 . ETC (?3,2  ) (Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/).  Bitquery,    (6  2020   UTC)     465 444 ETC (?3,3  ),    238 306 ETC (?1,68  ) (CoinDesk, Ethereum Classic Attacker Successfully Double-Spends $1.68M in Second Attack: Report, 07.08.2020, https://www.coindesk.com/markets/2020/08/07/ethereum-classic-attacker-successfully-double-spends-168m-in-second-attack-report).




500


Coinbase, Coinbases perspective on the recent Ethereum Classic (ETC) double spend incidents, 08.2020, https://www.coinbase.com/blog/coinbases-perspective-on-the-recent-ethereum-classic-etc-double-spend;    Crowdfund Insider, Coinbase Clarifies It Wasnt Targeted By Any Of The Attack Transactions On Etherem Classic (ETC) During 51% Attack And Didnt Lose Funds, 08.2020, https://www.crowdfundinsider.com/2020/08/165589-coinbase-clarifies-it-wasnt-targeted-by-any-of-the-attack-transactions-on-etherem-classic-etc-during-51-attack-and-didnt-lose-funds/.




501


CoinDesk, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month.




502


 OKEx     ETC   -    (CoinDesk, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month).




503


Bitcoin Gold, Responding to Attacks, 24.05.2018, http://www.bitcoingold.org/responding-to-attacks/.




504


MIT Digital Currency Initiative, 51% Attacks (  PoW-; .-. , . , . ), http://www.dci.mit.edu/projects/51-percent-attacks.




505


MIT Digital Currency Initiative,  51% Attacks: Expanse, Litecoin Cash ( 2019 ), Vertcoin ( 2019 ),    Bitcoin Gold   2020        72 .  (MIT Digital Currency Initiative, 51% Attacks (  PoW-; .-. , . , . ), http://www.dci.mit.edu/projects/51-percent-attacks).




506


MIT Digital Currency Initiative, 51% Attacks (  PoW-; .-. , . , . ), http://www.dci.mit.edu/projects/51-percent-attacks.




507


BIP 50, March 2013 Chain Fork Post-Mortem, https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki.




508


BIP 50, March 2013 Chain Fork Post-Mortem, https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki.




509


BIP 50. March 2013 Chain Fork Post-Mortem: BTCGuild and Slush downgraded their Bitcoin 0.8 nodes to 0.7 so their pools would also reject the larger block.




510


BIP 50, March 2013 Chain Fork Post-Mortem, https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki.




511


mempool.space,   , https://mempool.space/api/v1/mining/difficulty-adjustments/all (:  1625294046,  689472,  0,720573).




512


mempool.space, https://mempool.space/api/v1/mining/pools/1m (4 546   ;  26.09.2026); Nakamoto, 2008,  5 Network, https://bitcoin.org/bitcoin.pdf.




513


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC; BIP 50, March 2013 Chain Fork Post-Mortem, https://github.com/bitcoin/bips/blob/master/bip-0050.mediawiki.




514


ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.




515


ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.




516


ethereum.org, Proof-of-stake: Time in proof-of-stake Ethereum is divided into slots (12 seconds) and epochs (32 slots).     ,      (ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/).




517


ethereum.org, Gasper, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/gasper/; Proof-of-stake, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.




518


ethereum.org, Gasper, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/gasper/; Proof-of-stake, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.




519


ethereum.org, Gasper, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/gasper/; Proof-of-stake, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.




520


Nakamoto, 2008,  4, https://bitcoin.org/bitcoin.pdf.




521


ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.




522


ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.




523


   32 ETH    0,007 812 5 ETH;       36 .        ,    36 : scales with the total staked ether of all slashed validators.         ,     ,        (ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/).




524


ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.




525


ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.




526


ethereum.org, Proof-of-stake attack and defense: Assuming that the Ethereum network is asynchronous an attacker controlling 34% of the total stake could cause double finality; The attacker would necessarily destroy their entire stake (ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/).




527


ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.




528


ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.




529


ethereum.org, The Merge, https://ethereum.org/en/roadmap/merge/; Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ (  https://ethereum.org/en/roadmap/merge//https://ethereum.org/energy-consumption/,  26.09.2026).




530


ethereum.org,   :     99,988%,   0,0026   ,   CCRI;  The Merge    99,95%.       ~21  ~94    (ethereum.org, The Merge, https://ethereum.org/en/roadmap/merge/; Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ (  https://ethereum.org/en/roadmap/merge//https://ethereum.org/energy-consumption/,  26.09.2026)).




531


ethereum.org, The Merge,   , https://ethereum.org/en/roadmap/merge/ (  https://ethereum.org/en/roadmap/merge/, ).




532


ethereum.org, The Merge: The Merge was a change of consensus mechanism, not an expansion of network capacity, and was never intended to lower gas fees.




533


ethereum.org, The Merge ( ), https://ethereum.org/en/roadmap/merge/; ethereum.org, Pectra, https://ethereum.org/en/roadmap/pectra/;  Shanghai  https://ethereum.org/en/ethereum-forks/ (ethereum.org, Fork Timeline).




534


Validator Queue ( beaconcha.in), https://www.validatorqueue.com/ ( 26.09.2026).




535


Validator Queue ( beaconcha.in)  26.09.2026:  43,3  ETH  ,  35,5%  ;  892 .  ;       1,66  ETH (Validator Queue ( beaconcha.in), https://www.validatorqueue.com/ ( 26.09.2026)).      .




536


Validator Queue ( beaconcha.in), https://www.validatorqueue.com/ ( 26.09.2026); ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.




537


CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, .




538


CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, .




539


ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.




540


Lido, API  stETH, https://eth-api.lido.fi/v1/protocol/steth/stats ( totalStaked = 9 797 125,47;  26.09.2026);    Validator Queue, https://www.validatorqueue.com/.




541


 9,80  ETH  API Lido  26.09.2026,    22,6%  43,3  ETH  ;     (Lido, API  stETH, https://eth-api.lido.fi/v1/protocol/steth/stats ( totalStaked = 9 797 125,47;  26.09.2026);    Validator Queue, https://www.validatorqueue.com/).   2025    24,4% (  Dune   CoinDesk) (CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, ).      .




542


CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, .




543


ethereum.org, The Merge ( ), https://ethereum.org/en/roadmap/merge/; ethereum.org, Pectra, https://ethereum.org/en/roadmap/pectra/;  Shanghai  https://ethereum.org/en/ethereum-forks/ (ethereum.org, Fork Timeline).




544


CoinDesk (Margaux Nijkerk), Figment outpaces rivals in ether staking growth; Lidos decline eases dominance concerns, 14.08.2025, https://www.coindesk.com/tech/2025/08/14/figment-outpaces-rivals-in-ether-staking-growth-lido-s-decline-eases-dominance-concerns ( Dune,  hildobby)      RC, .




545


Nakamoto, 2008,  6 Incentive, https://bitcoin.org/bitcoin.pdf.




546


Blockchain.com,  Confirmed Transactions Per Day, API: https://api.blockchain.info/charts/n-transactions?timespan=30days&format=json ( 26.09.2026).




547


Visa, Visa Fact Sheet (FY26), https://corporate.visa.com/content/dam/VCOM/corporate/documents/about-visa-factsheet.pdf.




548


Visa Fact Sheet: 329    12   30.09.2025,     ;           (Visa, Visa Fact Sheet (FY26), https://corporate.visa.com/content/dam/VCOM/corporate/documents/about-visa-factsheet.pdf). :  696 .      27   25  2026  (Blockchain.com) (Blockchain.com,  Confirmed Transactions Per Day, API: https://api.blockchain.info/charts/n-transactions?timespan=30days&format=json ( 26.09.2026)).    Visa (47 000, 56 000  65 000  )      ,     Visa    (J. Poon, T. Dryja, The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, DRAFT Version 0.5.9.2, 14.01.2016, https://lightning.network/lightning-network-paper.pdf; Visa, Visa Fact Sheet (FY26), https://corporate.visa.com/content/dam/VCOM/corporate/documents/about-visa-factsheet.pdf).      .




549


Blockchain.com,  Confirmed Transactions Per Day, API: https://api.blockchain.info/charts/n-transactions?timespan=30days&format=json ( 26.09.2026).




550


Castro, Liskov, 1999 ( : Colyer, The Morning Paper, 2015, https://blog.acolyer.org/2015/05/18/practical-byzantine-fault-tolerance/).




551


BTC Nodes (Bitnodes), https://btcnodes.io/; API : https://btcnodes.io/api/v1/snapshots/latest/ ( 2026-09-26;   bitnodes.io  ).   Rodrigo Mart?nez.




552


Croman et al., 2016,  1, https://www.comp.nus.edu.sg/~prateeks/papers/Bitcoin-scaling.pdf.




553


Croman et al., 2016,  1, https://www.comp.nus.edu.sg/~prateeks/papers/Bitcoin-scaling.pdf.




554


Croman K. et al. On Scaling Decentralized Blockchains (A Position Paper). Financial Cryptography 2016 Workshops: fundamental protocol redesign is needed for blockchains to scale significantly while retaining their decentralization.   ,  90%    ,        4  (  27   ),         12  (Croman et al., 2016,  1, https://www.comp.nus.edu.sg/~prateeks/papers/Bitcoin-scaling.pdf).       7    (K. Croman et al., On Scaling Decentralized Blockchains (A Position Paper), Financial Cryptography 2016 Workshops (BITCOIN16), https://www.comp.nus.edu.sg/~prateeks/papers/Bitcoin-scaling.pdf).




555


J. Poon, T. Dryja, The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, DRAFT Version 0.5.9.2, 14.01.2016, https://lightning.network/lightning-network-paper.pdf.




556


Poon J., Dryja T. The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments. Draft 0.5.9.2, 14.01.2016: The payment network Visa achieved 47,000 peak transactions per second (tps) on its network during the 2013 holidays Currently, Bitcoin supports less than 7 transactions per second with a 1 megabyte block limit.




557


V. Buterin, Why sharding is great: demystifying the technical properties, 07.04.2021, https://vitalik.eth.limo/general/2021/04/07/sharding.html;     ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/.




558


Buterin V. Why sharding is great: demystifying the technical properties, 07.04.2021: if you stick to simple techniques, you can only get two of those three.      ,    (V. Buterin, Why sharding is great: demystifying the technical properties, 07.04.2021, https://vitalik.eth.limo/general/2021/04/07/sharding.html;     ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/).




559


V. Buterin, Why sharding is great: demystifying the technical properties, 07.04.2021, https://vitalik.eth.limo/general/2021/04/07/sharding.html;     ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/.




560


Poon, Dryja, 14.01.2016, , https://lightning.network/lightning-network-paper.pdf.




561


Poon, Dryja, 14.01.2016, , https://lightning.network/lightning-network-paper.pdf.




562


      . Poon, Dryja, 2016, : A decentralized system is proposed whereby transactions are sent over a network of micropayment channels (a.k.a. payment channels or transaction channels) whose transfer of value occurs off-blockchain.




563


mempool.space, Lightning statistics, API: https://mempool.space/api/v1/lightning/statistics/latest (  2026-08-25;  26.09.2026).




564


mempool.space,   25.08.2026:  16,4 . , 33,3 . ,    3843 BTC.      (mempool.space, Lightning statistics, API: https://mempool.space/api/v1/lightning/statistics/latest (  2026-08-25;  26.09.2026)).      .




565


ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/.




566


ethereum.org, Layer 2, https://ethereum.org/en/layer-2/learn/.




567


ethereum.org, Ethereum Fork Timeline, https://ethereum.org/en/ethereum-forks/ (  https://ethereum.org/en/ethereum-forks/).




568


ethereum.org, Ethereum Fork Timeline, https://ethereum.org/en/ethereum-forks/ (  https://ethereum.org/en/ethereum-forks/); ethereum.org, The Merge,   , https://ethereum.org/en/roadmap/merge/ (  https://ethereum.org/en/roadmap/merge/, ).




569


L2BEAT, Activity, https://l2beat.com/scaling/activity ( 26.09.2026,    ).




570


L2BEAT, Activity,     26.09.2026:     26    ,       2120.       L2BEAT,       (L2BEAT, Activity, https://l2beat.com/scaling/activity ( 26.09.2026,    )).      .




571


L2BEAT, Stages, https://l2beat.com/stages; L2BEAT, Stages, https://l2beat.com/stages ( 27.09.2026).




572


L2BEAT, Scaling  Summary, https://l2beat.com/scaling/summary ( 27.09.2026).




573


L2BEAT, Stages:    the only way (other than bugs) for a rollup to indefinitely block an L2?L1 message or push an invalid L2?L1 message is by compromising ?75% of the Security Council;     ,       7    (L2BEAT, Stages, https://l2beat.com/stages ( 27.09.2026)). L2BEAT, Scaling  Summary, 27.09.2026:     Base, Arbitrum One, OP Mainnet, Starknet, Ink, Unichain;      (Base, Arbitrum One, OP Mainnet)    ;      Mantle, Linea, ZKsync Era, Scroll, Taiko.  L2BEAT    23 ,   17       ;      ,        (L2BEAT, Scaling  Summary, https://l2beat.com/scaling/summary ( 27.09.2026)).   ;      .




574


S. Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System, 2008,  4 Proof-of-Work, https://bitcoin.org/bitcoin.pdf.




575


ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/; ethereum.org, Gasper, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/gasper/; Proof-of-stake, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/; ethereum.org, Proof-of-stake rewards and penalties, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/.




576


Poon, Dryja, 14.01.2016, , https://lightning.network/lightning-network-paper.pdf.




577


ethereum.org, Ethereum Fork Timeline, https://ethereum.org/en/ethereum-forks/; ethereum.org, Ethereum Fork Timeline (DAO fork), https://ethereum.org/en/ethereum-forks/.




578


SEC,   The DAO, 2017, . 23 ( https://www.sec.gov/files/litigation/investreport/34-81207.pdf, ); SEC,   The DAO, 2017, . 6.




579


SEC,   The DAO, 2017, . 9 ( , ).




580


Vitalik Buterin, CRITICAL UPDATE Re: DAO Vulnerability, Ethereum Foundation Blog, 17.06.2016, https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability.




581


Buterin V. CRITICAL UPDATE Re: DAO Vulnerability. Ethereum Foundation Blog, 17.06.2016: An attack has been found and exploited in the DAO, and the attacker is currently in the process of draining the ether contained in the DAO into a child DAO; This is an issue that affects the DAO specifically; Ethereum itself is perfectly safe.




582


SEC,   The DAO, 2017, . 9 ( , ).




583


SEC,   The DAO, 2017, . 5 (   daohub.org,  18).




584


   daohub.org   SEC: SEC. Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO. Release No. 81207, 25.07.2017, p. 5: To blaze a new path in business for the betterment of its members, existing simultaneously nowhere and everywhere and operating solely with the steadfast iron will of unstoppable code.




585


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork; ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/ ( https://ethereum.org/en/ethereum-forks/, ); Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.




586


SEC,   The DAO, 2017, . 910   32 ( , ).




587


Nick Szabo, Smart Contracts, 1994 (    Copyright (c) 1994 by Nick Szabo), https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart.contracts.html;      1994  SEC    The DAO (2017),  3, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.




588


Szabo N. Smart Contracts, 1994: A smart contract is a computerized transaction protocol that executes the terms of a contract.      ;      ,      1994   SEC    The DAO ( 3).




589


Szabo, Smart Contracts, 1994,   SEC:   The DAO, Release No. 81207, 25.07.2017, . 2,  3, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.




590


 ,   SEC (  The DAO, . 2,  3): minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries.  ,  ,     ,      ,   .




591


Szabo, Smart Contracts, 1994,   SEC:   The DAO, Release No. 81207, 25.07.2017, . 2,  3, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.




592


Nick Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996 (: Extropy #16,  ; Copyright (c) 1996 by Nick Szabo), https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/smart_contracts_2.html.




593


Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996.




594


Szabo N. Smart Contracts: Building Blocks for Digital Markets. Extropy #16, 1996: A canonical real-life example, which we might consider to be the primitive ancestor of smart contracts, is the humble vending machine. Within a limited amount of potential loss (the amount in the till should be less than the cost of breaching the mechanism), the machine takes in coins, and via a simple mechanism dispense change and product fairly.  1996 : A smart contract is a set of promises, specified in digital form, including protocols within which the parties perform on these promises.




595


Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996.




596


Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996.




597


Nick Szabo, Formalizing and Securing Relationships on Public Networks, First Monday, vol. 2, no. 9, 1 September 1997, DOI 10.5210/fm.v2i9.548, https://firstmonday.org/ojs/index.php/fm/article/view/548; : https://www.fon.hum.uva.nl/rob/Courses/InformationInSpeech/CDROM/Literature/LOTwinterschool2006/szabo.best.vwh.net/formalize.html.




598


Szabo N. Formalizing and Securing Relationships on Public Networks. First Monday, vol. 2, no. 9, 01.09.1997: The vending machine is a contract with bearer: anybody with coins can participate in an exchange with the vendor.




599


ethereum.org, Introduction to smart contracts, https://ethereum.org/smart-contracts/; ethereum.org, Introduction to smart contracts (developers), https://ethereum.org/developers/docs/smart-contracts/.




600


Szabo, Smart Contracts: Building Blocks for Digital Markets, 1996.




601


    Bitcoin Core, src/kernel/chainparams.cpp (assert hashGenesisBlock), https://raw.githubusercontent.com/bitcoin/bitcoin/master/src/kernel/chainparams.cpp;  968 721  API mempool.space, https://mempool.space/api/block-height/968721 ( 2026-09-26).




602


V. Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/.




603


Buterin V. Ethereum Whitepaper: UTXO can either be spent or unspent; there is no opportunity for multi-stage contracts or scripts which keep any other internal state beyond that.      :   ,   ,      .




604


Vitalik Buterin, A Prehistory of the Ethereum Protocol, 14.09.2017, https://vitalik.eth.limo/general/2017/09/14/prehistory.html.




605


Buterin V. A Prehistory of the Ethereum Protocol, 14.09.2017: a long walk through San Francisco I took in November once I realized that smart contracts could potentially be fully generalized.       .




606


Vitalik Buterin, A Prehistory of the Ethereum Protocol, 14.09.2017, https://vitalik.eth.limo/general/2017/09/14/prehistory.html.




607


ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/; ethereum.org, Ethereum Whitepaper, https://ethereum.org/whitepaper/ ( https://ethereum.org/en/ethereum-forks/,   ).




608


      Ethereum:    27  2013 ,       2014  (ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/; ethereum.org, Ethereum Whitepaper, https://ethereum.org/whitepaper/ ( https://ethereum.org/en/ethereum-forks/,   )).   Ethereum (Yellow Paper)   ,    2014  (G. Wood, Ethereum: A Secure Decentralised Generalised Transaction Ledger, https://ethereum.github.io/yellowpaper/paper.pdf ( https://ethereum.github.io/yellowpaper/paper.pdf,  )).




609


Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/ ( https://ethereum.org/en/ethereum-forks/,  ).




610


Buterin V. Ethereum Whitepaper: What Ethereum intends to provide is a blockchain with a built-in fully fledged Turing-complete programming language that can be used to create contracts that can be used to encode arbitrary state transition functions.     ,      ,     .




611


ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/ ( https://ethereum.org/en/ethereum-forks/, ).




612


ethereum.org, Ethereum Fork Timeline: 30.07.2015, 15:26:13 UTC,  Frontier  ,    .




613


ethereum.org, Introduction to smart contracts, https://ethereum.org/developers/docs/smart-contracts/.




614


ethereum.org, Introduction to smart contracts: A smart contract is simply a program that runs on the Ethereum blockchain. Its a collection of code (its functions) and data (its state) that resides at a specific address on the Ethereum blockchain.




615


ethereum.org, Ethereum accounts, https://ethereum.org/en/developers/docs/accounts/; Blocks, https://ethereum.org/en/developers/docs/blocks/.




616


ethereum.org, Proof-of-stake (PoS), https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/.




617


ethereum.org, Ethereum Virtual Machine (EVM), https://ethereum.org/developers/docs/evm/.




618


ethereum.org, Ethereum Virtual Machine (EVM), https://ethereum.org/developers/docs/evm/.




619


ethereum.org, Ethereum Virtual Machine (EVM): The Ethereum Virtual Machine (EVM) is a decentralized virtual environment that executes code consistently and securely across all Ethereum nodes.  EVM     1024   256 ;       (, ,  )     (, ,  ) (ethereum.org, Ethereum Virtual Machine (EVM), https://ethereum.org/developers/docs/evm/).




620


ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.




621


Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/.




622


Buterin V. Ethereum Whitepaper: Note that contracts in Ethereum should not be seen as something that should be fulfilled or complied with; rather, they are more like autonomous agents




623


ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.




624


ethereum.org, Gas and fees: Gas refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.     gwei,    (ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/).   EIP-1559 (2021)     : The base fee is set by the protocol (  ,       )  The priority fee is a tip that you add to the base fee to make your transaction attractive to validators (ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/).   ,      (ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/).  2016 ,     ,     .




625


Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/; ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.




626


Buterin V. Ethereum Whitepaper: In order to prevent accidental or hostile infinite loops or other computational wastage in code, each transaction is required to set a limit to how many computational steps of code execution it can use.       STARTGAS  GASPRICE (Buterin, Ethereum Whitepaper, https://ethereum.org/whitepaper/; ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/).




627


ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.




628


ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.




629


Pter Szilgyi, DAO Wars: Your voice on the soft-fork dilemma, Ethereum Foundation Blog, 24.06.2016, https://blog.ethereum.org/2016/06/24/dao-wars-youre-voice-soft-fork-dilemma.




630


ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.




631


ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/; ethereum.org, Gas and fees, https://ethereum.org/developers/docs/gas/.




632


ethereum.org, Introduction to smart contracts, https://ethereum.org/developers/docs/smart-contracts/.




633


ethereum.org, Introduction to smart contracts:  cannot be deleted by default, and interactions with them are irreversible.




634


ethereum.org, Introduction to smart contracts, https://ethereum.org/developers/docs/smart-contracts/.




635


ethereum.org, Introduction to smart contracts, https://ethereum.org/developers/docs/smart-contracts/.




636


SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 35   7, 12, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.




637


 Slock.it   ,     ;   Devcon1 (,  2015 ).    The DAO   23  2016  (SEC,   The DAO, . 35) (SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 35   7, 12, https://www.sec.gov/files/litigation/investreport/34-81207.pdf).




638


SEC, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, Release No. 81207, 25.07.2017, . 1, https://www.sec.gov/files/litigation/investreport/34-81207.pdf (   27.09.2026).




639


SEC,   The DAO, . 1: The DAO is one example of a Decentralized Autonomous Organization, which is a term used to describe a virtual organization embodied in computer code and executed on a distributed ledger or blockchain. (SEC, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, Release No. 81207, 25.07.2017, . 1, https://www.sec.gov/files/litigation/investreport/34-81207.pdf (   27.09.2026))




640


SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 35   7, 12, https://www.sec.gov/files/litigation/investreport/34-81207.pdf.




641


SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 35   7, 12, https://www.sec.gov/files/litigation/investreport/34-81207.pdf; SEC,   The DAO, 2017, . 23 ( https://www.sec.gov/files/litigation/investreport/34-81207.pdf, ).




642


       1  1,5 ETH  100  DAO (SEC,   The DAO, 2017, . 6).    12,7  ETH   14%   (Mastering Ethereum);      SEC: approximately 12 million (SEC,   The DAO, 2017, . 23 ( https://www.sec.gov/files/litigation/investreport/34-81207.pdf, )).




643


SEC,   The DAO, 2017, . 6.




644


SEC,   The DAO, 2017, . 23 ( https://www.sec.gov/files/litigation/investreport/34-81207.pdf, ).




645


SEC,   The DAO, 2017, . 78,  2526.




646


SEC,   The DAO, . 78: noting that curators have tremendous power.       Ethereum (SEC,   The DAO, 2017, . 78,  2526).




647


SEC,   The DAO, 2017, . 5,  19 (   .    Slock.it  05.04.2016).




648


SEC,   The DAO, . 5,  19 (    .    Slock.it  05.04.2016): no stone was left unturned during those five whole days of security analysis.




649


SEC,   The DAO, 2017, . 7 ( 24: Dino Mark et al., A Call for a Temporary Moratorium on The DAO, Hacking, Distributed, 27.05.2016)  . 9 ( 2829).




650


Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security.




651


Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security.




652


Andreas M. Antonopoulos, Gavin Wood, Mastering Ethereum, OReilly, 2018:  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.




653


Antonopoulos A. M., Wood G. Mastering Ethereum. OReilly, 2018,  Ethereum Fork History: a crucial function in the DAO had two lines of code in the wrong order, meaning that the attacker could have requests to withdraw ether acted upon repeatedly     10.06.2016 (Reitwiessner C. Smart Contract Security)   : This means that while the send function is still in progress, the recipient can call back into withdrawRefund.          .




654


Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security.




655


Andreas M. Antonopoulos, Gavin Wood, Mastering Ethereum, OReilly, 2018:  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.




656


Vitalik Buterin, CRITICAL UPDATE Re: DAO Vulnerability, Ethereum Foundation Blog, 17.06.2016, https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability.




657


Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security; Andreas M. Antonopoulos, Gavin Wood, Mastering Ethereum, OReilly, 2018:  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.




658


SEC,   The DAO, 2017, . 9 ( , ); Vitalik Buterin, CRITICAL UPDATE Re: DAO Vulnerability, Ethereum Foundation Blog, 17.06.2016, https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability.




659


Christian Reitwiessner, Smart Contract Security, Ethereum Foundation Blog, 10.06.2016, https://blog.ethereum.org/2016/06/10/smart-contract-security.




660


SEC,   The DAO, 2017, . 5,  19 (   .    Slock.it  05.04.2016); SEC,   The DAO, 2017, . 7 ( 24: Dino Mark et al., A Call for a Temporary Moratorium on The DAO, Hacking, Distributed, 27.05.2016)  . 9 ( 2829).




661


SEC,   The DAO, 2017, . 9 ( , ).




662


SEC,   The DAO, . 1: an attacker used a flaw in The DAOs code to steal approximately one-third of The DAOs assets; . 9,  : Security Concerns, The Attack on The DAO, and The Hard Fork (SEC,   The DAO, 2017, . 9 ( , )).




663


An Open Letter, Pastebin, 18.06.2016, https://pastebin.com/CcGUBgDG.




664


An Open Letter, Pastebin, 18.06.2016,  The Attacker: I am disappointed by those who are characterizing the use of this intentional feature as theft; A soft or hard fork would amount to seizure of my legitimate and rightful ether, claimed legally through the terms of a smart contract.   .




665


An Open Letter, Pastebin, 18.06.2016, https://pastebin.com/CcGUBgDG.




666


Coinfox, Open letter from The DAO attacker  fake?, 20.06.2016, https://www.coinfox.info/news/5743-otkrytoe-pismo-ot-pokhititelya-tokenov-the-dao-poddelka-2/.




667


 Ethereum   ,       65     0x00  0x01,       0x32. : Signature looks shady at first glance; the first byte is 0x5f, which is not a standard v value by any encoding.      Coinfox, 20.06.2016;   Reddit  .




668


SEC,   The DAO, 2017, . 9 ( , ).




669


Bitcoin Wiki, Value overflow incident, https://en.bitcoin.it/wiki/Value_overflow_incident; ,  bitcointalk,  16.08.2010 01:00:45  12:59:38 UTC.




670


ethereum.org, The Merge, https://ethereum.org/en/roadmap/merge/; Ethereum energy consumption, https://ethereum.org/en/energy-consumption/ (  https://ethereum.org/en/roadmap/merge//https://ethereum.org/energy-consumption/,  26.09.2026).




671


Vitalik Buterin, CRITICAL UPDATE Re: DAO Vulnerability, Ethereum Foundation Blog, 17.06.2016, https://blog.ethereum.org/2016/06/17/critical-update-re-dao-vulnerability.




672


Pter Szilgyi, DAO Wars: Your voice on the soft-fork dilemma, Ethereum Foundation Blog, 24.06.2016, https://blog.ethereum.org/2016/06/24/dao-wars-youre-voice-soft-fork-dilemma.




673


Szilgyi P. DAO Wars: Your voice on the soft-fork dilemma. Ethereum Foundation Blog, 24.06.2016: weve decided to give the power to the people running Ethereum to decide whether they support this decision or not.




674


Pter Szilgyi, DAO Wars: Your voice on the soft-fork dilemma, Ethereum Foundation Blog, 24.06.2016, https://blog.ethereum.org/2016/06/24/dao-wars-youre-voice-soft-fork-dilemma.




675


Felix Lange, Security Alert  DoS Vulnerability in the Soft Fork, Ethereum Foundation Blog, 28.06.2016, https://blog.ethereum.org/2016/06/28/security-alert-dos-vulnerability-in-the-soft-fork.




676


Lange F. Security Alert  DoS Vulnerability in the Soft Fork. Ethereum Foundation Blog, 28.06.2016: The fork enactment code in geth (and other clients) allows execution of EVM code up to the block gas limit without paying for gas.




677


Felix Lange, Security Alert  DoS Vulnerability in the Soft Fork, Ethereum Foundation Blog, 28.06.2016, https://blog.ethereum.org/2016/06/28/security-alert-dos-vulnerability-in-the-soft-fork.




678


Felix Lange, Security Alert  DoS Vulnerability in the Soft Fork, Ethereum Foundation Blog, 28.06.2016, https://blog.ethereum.org/2016/06/28/security-alert-dos-vulnerability-in-the-soft-fork.




679


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.




680


Wilcke J. To fork or not to fork. Ethereum Foundation Blog, 15.07.2016: this is not a decision that can be made by the foundation or any other single entity.




681


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.




682


SEC,   The DAO, 2017, . 6.




683


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork; SEC,   The DAO, 2017, . 910   32 ( , ).




684


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.




685


Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; Wikipedia, Ethereum Classic (   Ethereum timeline  Mastering Ethereum), https://en.wikipedia.org/wiki/Ethereum_Classic.




686


     ,       .    (Wikipedia    Mastering Ethereum):  82 054 716 ETH  4 542 416,    87%,   13%,        ;       80% ,     85/15 (Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; Wikipedia, Ethereum Classic (   Ethereum timeline  Mastering Ethereum), https://en.wikipedia.org/wiki/Ethereum_Classic).   16.07.2016.      :          ,   .




687


Kathleen Breitman, Op Ed: Why Ethereums Hard Fork Will Cause Problems In The Coming Year, Bitcoin Magazine, 03.02.2017, https://bitcoinmagazine.com/business/op-ed-why-ethereums-hard-fork-will-cause-problems-coming-year.




688


Breitman K. Why Ethereums Hard Fork Will Cause Problems In The Coming Year. Bitcoin Magazine, 03.02.2017.       Tezos,    .




689


ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/ ( https://ethereum.org/en/ethereum-forks/, ).




690


Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.




691


Buterin V. Hard Fork Completed. Ethereum Foundation Blog, 20.07.2016: Block 1920000 contained the execution of an irregular state change which transferred ~12 million ETH from the Dark DAO and Whitehat DAO contracts into the WithdrawDAO recovery contract.




692


Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.




693


EIP-779, Hardfork Meta: DAO Fork, https://eips.ethereum.org/EIPS/eip-779.




694


EIP-779, Hardfork Meta: DAO Fork (Casey Detrio, 26.11.2017): The DAO Fork did not change the protocol; all EVM opcodes, transaction format, block structure, and so on remained the same.    114  The DAO    ,       .




695


SEC,   The DAO, 2017, . 910   32 ( , ).




696


SEC,   The DAO, . 910: A minority group, however, elected not to adopt the new Ethereum Blockchain created by the Hard Fork because to do so would run counter to the concept that a blockchain is immutable.  ethereum.org: Some miners refused to fork because the DAO incident wasnt a defect in the protocol. They went on to form Ethereum Classic.




697


ethereum.org, Ethereum Fork Timeline, https://ethereum.org/ethereum-forks/ ( https://ethereum.org/en/ethereum-forks/).




698


Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html.




699


Antonopoulos, Wood. Mastering Ethereum,  Ethereum Fork History: roughly 10% by value and mining power.      .




700


CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly).




701


Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html.




702


CoinDesk (Zack Voell), Ethereum Classic Hit by Third 51% Attack in a Month, 29.08.2020, https://www.coindesk.com/markets/2020/08/29/ethereum-classic-hit-by-third-51-attack-in-a-month (    Bitfly).




703


Bitcoin Wiki, Value overflow incident (CVE-2010-5139), https://en.bitcoin.it/wiki/Value_overflow_incident.




704


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.




705


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork; Antonopoulos, Wood, Mastering Ethereum, 2018,  Ethereum Fork History, https://cypherpunks-core.github.io/ethereumbook/appdx-forks-history.html; Wikipedia, Ethereum Classic (   Ethereum timeline  Mastering Ethereum), https://en.wikipedia.org/wiki/Ethereum_Classic.




706


Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.




707


ethereum.org, Proof-of-stake attack and defense, https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/attack-and-defense/.




708


Lawrence Lessig, Code and Other Laws of Cyberspace, Basic Books, 1999, . 1 Code Is Law, . 6 (PDF   : https://lessig.org/images/resources/1999-Code.pdf).




709


Lawrence Lessig, Code and Other Laws of Cyberspace, Basic Books, 1999, . 1 Code Is Law, . 6 (PDF   : https://lessig.org/images/resources/1999-Code.pdf).




710


Lessig L. Code and Other Laws of Cyberspace. Basic Books, 1999, ch. 1 Code Is Law, p. 6: In cyberspace we must understand how code regulateshow the software and hardware that make cyberspace what it is regulate cyberspace as it is. As William Mitchell puts it, this code is cyberspaces law. Code is law.




711


Lessig, Code and Other Laws of Cyberspace, 1999, . 6.




712


Lessig, Code and Other Laws of Cyberspace, 1999, . 6.




713


 : Code is never found; it is only ever made, and only ever made by us.       Harvard Magazine (   2000 ): This code, or architecture, sets the terms on which life in cyberspace is experienced.




714


Lawrence Lessig,   Harvard Magazine,  2000 (URL- code-is-law), https://www.harvardmagazine.com/2000/01/code-is-law-html.




715


ethereumclassic.org, Code is Law, https://ethereumclassic.org/why-classic/code-is-law.




716


ethereumclassic.org, Code is Law: It means that the code of a Smart Contract is the ultimate arbiter of the outcome of an on-chain interaction, as opposed to some overriding force from outside the network.




717


ethereumclassic.org, Code is Law, https://ethereumclassic.org/why-classic/code-is-law.




718


SEC, Report of Investigation The DAO, Release No. 81207, 25.07.2017, . 1, https://www.sec.gov/files/litigation/investreport/34-81207.pdf; - 2017-131, https://www.sec.gov/newsroom/press-releases/2017-131 ( https://www.sec.gov/newsroom/press-releases/2017-131,  ).




719


SEC,   The DAO, 2017, . 2.




720


SEC,   The DAO, . 1: the Commission has determined that DAO Tokens are securities under the Securities Act of 1933; . 2: The automation of certain functions through this technology, smart contracts, or computer code, does not remove conduct from the purview of the U.S. federal securities laws.




721


Van Loon v. Department of the Treasury, No. 23-50669 (5th Cir., 26.11.2024), https://law.justia.com/cases/federal/appellate-courts/ca5/23-50669/23-50669-2024-11-26.html; U.S. Treasury, Tornado Cash Delisting, 2025, https://home.treasury.gov/news/press-releases/sb0057 (  00-landscape-stories.md,  ).




722


Van Loon v. Department of the Treasury, No. 23-50669 (5th Cir., 26.11.2024):  - Tornado Cash      IEEPA;        ,  2025 .




723


ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.




724


ethereum.org, Oracles: if blockchains received information from external sources (i.e., from the real world), determinism would be impossible to achieve, preventing nodes from agreeing on the validity of changes to the blockchains state.




725


ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.




726


ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.




727


ethereum.org, Oracles, https://ethereum.org/developers/docs/oracles/.




728


 : Data from an oracle must be correct for a smart contract to execute correctly. Further, having to trust oracle operators to provide accurate information undermines the trustless aspect of smart contracts.




729


CFTC, CFTC Charges Avraham Eisenberg with Manipulative and Deceptive Scheme to Misappropriate Over $110 million from Mango Markets, a Digital Asset Exchange, - 8647-23, 09.01.2023, https://www.cftc.gov/PressRoom/PressReleases/8647-23.




730


CFTC, - 8647-23, 09.01.2023: the price of MNGO as reported by the oracle, jumped over 13-fold during a 30-minute span       ;       .   CFTC,    67       47  (CFTC, - 8647-23, 09.01.2023).




731


CFTC, - 8647-23, 09.01.2023.




732


Venable LLP, Venue Fatal in Crypto Fraud Case, 06.2025, https://www.venable.com/insights/publications/2025/06/venue-fatal-in-crypto-fraud-case-an-important; TRM Labs, Federal Judge Overturns All Criminal Convictions in Mango Markets Case, 05.2025, https://www.trmlabs.com/resources/blog/breaking-federal-judge-overturns-all-criminal-convictions-in-mango-markets-case-against-avraham-eisenberg;    Bloomberg  Axios, 18.04.2024 (  ,  ).




733


Opinion and Order,  23-cr-10 (AS),       -, 23.05.2025, https://nysd.uscourts.gov/sites/default/files/2025-05/23cr10%20Opinion%20and%20Order.pdf (. 13, 2427, 3235   27.09.2026); Venable LLP, 06.2025; CoinDesk, Judge Overturns Convictions in Mango Markets Exploiters Crypto Fraud Case, 24.05.2025, https://www.coindesk.com/business/2025/05/24/judge-overturns-convictions-in-mango-markets-exploiters-crypto-fraud-case; DL News, 07.01.2026 (  : vacate commodities fraud conviction and acquit him of wire fraud).




734


Opinion and Order,  23-cr-10 (AS),       -, 23.05.2025, https://nysd.uscourts.gov/sites/default/files/2025-05/23cr10%20Opinion%20and%20Order.pdf (. 13, 2427, 3235   27.09.2026); Venable LLP, 06.2025; CoinDesk, Judge Overturns Convictions in Mango Markets Exploiters Crypto Fraud Case, 24.05.2025, https://www.coindesk.com/business/2025/05/24/judge-overturns-convictions-in-mango-markets-exploiters-crypto-fraud-case; DL News, 07.01.2026 (  : vacate commodities fraud conviction and acquit him of wire fraud).




735


Opinion and Order,  23-cr-10 (AS),       -, 23.05.2025 ( 29    ), . 1: The Court vacates counts one and two and will enter a judgment of acquittal on count three; . 32: On a platform with no rules, instructions, or prohibitions about borrowing, the government needed more to show that [the defendant] made an implicit misrepresentation; . 24:  ,   intended to and did manipulate ,     (the trial record was replete with evidence).    18.04.2024:   ,   ,       (Venable LLP, Venue Fatal in Crypto Fraud Case, 06.2025, https://www.venable.com/insights/publications/2025/06/venue-fatal-in-crypto-fraud-case-an-important; TRM Labs, Federal Judge Overturns All Criminal Convictions in Mango Markets Case, 05.2025, https://www.trmlabs.com/resources/blog/breaking-federal-judge-overturns-all-criminal-convictions-in-mango-markets-case-against-avraham-eisenberg;    Bloomberg  Axios, 18.04.2024 (  ,  )).




736


Opinion and Order,  23-cr-10 (AS),       -, 23.05.2025, https://nysd.uscourts.gov/sites/default/files/2025-05/23cr10%20Opinion%20and%20Order.pdf (. 13, 2427, 3235   27.09.2026); Venable LLP, 06.2025; CoinDesk, Judge Overturns Convictions in Mango Markets Exploiters Crypto Fraud Case, 24.05.2025, https://www.coindesk.com/business/2025/05/24/judge-overturns-convictions-in-mango-markets-exploiters-crypto-fraud-case; DL News, 07.01.2026 (  : vacate commodities fraud conviction and acquit him of wire fraud).




737


DL News, Prosecutors appeal acquittal of Mango Markets exploiter Avraham Eisenberg, 07.01.2026, https://www.dlnews.com/articles/defi/prosecutors-appeal-acquittal-of-mango-markets-exploiter/.




738


   22.12.2025;   DL News, 07.01.2026: The plain meaning of the word borrow itself conveys an intent to repay, typically with interest.  DL News,        ,           .        .  .




739


Santiago Palladino (OpenZeppelin), On the Parity Wallet Multisig Hack, 19.07.2017, https://www.openzeppelin.com/news/on-the-parity-wallet-multisig-hack-405a8c12e8f7;     Mastering Ethereum, . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.




740


Palladino S. (OpenZeppelin). On the Parity Wallet Multisig Hack, 19.07.2017: 153 037 ETH,  31      (     Mastering Ethereum).      initWallet (Santiago Palladino (OpenZeppelin), On the Parity Wallet Multisig Hack, 19.07.2017, https://www.openzeppelin.com/news/on-the-parity-wallet-multisig-hack-405a8c12e8f7;     Mastering Ethereum, . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html).




741


Santiago Palladino (OpenZeppelin), On the Parity Wallet Multisig Hack, 19.07.2017, https://www.openzeppelin.com/news/on-the-parity-wallet-multisig-hack-405a8c12e8f7;     Mastering Ethereum, . Smart Contract Security, https://cypherpunks-core.github.io/ethereumbook/09smart-contracts-security.html.




742


Santiago Palladino (OpenZeppelin), The Parity Wallet Hack Reloaded, 07.11.2017, https://www.openzeppelin.com/news/parity-wallet-hack-reloaded.




743


GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017, https://github.com/openethereum/parity-ethereum/issues/6995;   Mastering Ethereum, . Smart Contract Security.




744


GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017:  anyone can kill your contract,  I accidentally killed it.    .




745


GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017, https://github.com/openethereum/parity-ethereum/issues/6995;   Mastering Ethereum, . Smart Contract Security.




746


GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017, https://github.com/openethereum/parity-ethereum/issues/6995;   Mastering Ethereum, . Smart Contract Security.




747


GitHub, openethereum/parity-ethereum, issue #6995, 06.11.2017, https://github.com/openethereum/parity-ethereum/issues/6995;   Mastering Ethereum, . Smart Contract Security; Coin Bureau, Parity issues a Post Mortem on the Kill that Froze Millions, 11.2017, https://coinbureau.com/news/parity-issues-post-mortem-kill-froze-millions/ (  Parity).




748


Santiago Palladino (OpenZeppelin), The Parity Wallet Hack Reloaded, 07.11.2017, https://www.openzeppelin.com/news/parity-wallet-hack-reloaded.




749


Santiago Palladino (OpenZeppelin), The Parity Wallet Hack Reloaded, 07.11.2017, https://www.openzeppelin.com/news/parity-wallet-hack-reloaded.




750


Palladino S. (OpenZeppelin). The Parity Wallet Hack Reloaded, 07.11.2017: Estimated losses may total over 500,000 ETH ($150 million USD), including over 300,000 ETH from the Web3 Foundation team.    Parity,  ,    514 . ETH (Coin Bureau, Parity issues a Post Mortem on the Kill that Froze Millions, 11.2017, https://coinbureau.com/news/parity-issues-post-mortem-kill-froze-millions/ (  Parity)).




751


Coin Bureau, Parity issues a Post Mortem on the Kill that Froze Millions, 11.2017, https://coinbureau.com/news/parity-issues-post-mortem-kill-froze-millions/ (  Parity).




752


 Parity,  2017 ,   Coin Bureau (  ): If the contract code had not included the functionality to suicide or kill, even if someone had taken ownership, they would not have been able to do anything.




753


EIP-999, Restore Contract Code at 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4,  Afri Schoedon,  04.04.2018,  Withdrawn, https://eips.ethereum.org/EIPS/eip-999.




754


Afri Schoedon, EIP-999 Restore Contract Code at 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4,  04.04.2018, https://eips.ethereum.org/EIPS/eip-999;   https://github.com/ethereum/EIPs/blob/master/EIPS/eip-999.md.




755


EIP-999, Restore Contract Code at 0x863DF6BFa4469f3ead0bE8f9F2AAE51c91A907b4,  04.04.2018,  Withdrawn: This proposal is necessary because the Ethereum protocol does not allow the restoration of self-destructed contracts and there is no other simple way to enable the affected users and companies regaining access to their tokens and Ether.   EIP    (16.04.2018): Merging as a draft does not imply approval (GitHub, ethereum/EIPs, Pull Request #999, https://github.com/ethereum/EIPs/pull/999;    https://github.com/ethereum/EIPs/commits/master/EIPS/eip-999.md ( e30becf, 16.04.2018)).      Etherchain, 1724.04.2018:  Cointelegraph, 55% , 39,4% ;     52,6%  ( )  330   300 (  ) (Cointelegraph, #EIP-999: Why A Vote To Release Parity Locked Funds Evoked So Much Controversy, 03.05.2018, https://cointelegraph.com/news/eip-999-why-a-vote-to-release-parity-locked-funds-evoked-so-much-controversy;  Etherchain      Brave New Coin (Kieran Smith), 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth; CCN, $330 Million: EIP-999 Stokes Debate Over ETH Frozen by Paritys Contract Bug, 23.04.2018,  Yahoo Finance https://finance.yahoo.com/news/330-million-eip-999-stokes-194329494.html; Colin Harper, The Evolving Debate Over EIP-999: Can (or Should) Trapped Ether Be Freed?, Bitcoin Magazine, 02.05.2018, https://bitcoinmagazine.com/business/evolving-debate-over-eip-999-can-or-should-trapped-ether-be-freed ( Yahoo: https://finance.yahoo.com/news/evolving-debate-over-eip-999-164500215.html); Cointelegraph, 03.05.2018). Parity,  Brave New Coin: we have no intention to split the Ethereum chain (Parity Technologies,  Our Commitment to Ethereum and a Decentralised Future,  2018    Brave New Coin, 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth;    Bitcoin Magazine, 02.05.2018). ,  CoinDesk (19.07.2018): I do not think it is my place to make that decision or even heavily influence it (Rachel-Rose OLeary, Ethereums Most Heated Tech Debate Is Proving Its Far From Over, CoinDesk, 19.07.2018, https://www.coindesk.com/markets/2018/07/19/ethereums-most-heated-tech-debate-is-proving-its-far-from-over).         2018      (GitHub, ethereum/EIPs, Pull Request #1221 Update EIP-999 status, 15.07.2018, https://github.com/ethereum/EIPs/pull/1221;   CoinDesk, 19.07.2018);    27.01.2020: Im no longer interested in restoring the contract code (GitHub, ethereum/EIPs, Pull Request #2441 Withdraw EIP-999, https://github.com/ethereum/EIPs/pull/2441;  75e354b, 27.01.2020, https://github.com/ethereum/EIPs/commits/master/EIPS/eip-999.md).




756


Vitalik Buterin, Hard Fork Completed, Ethereum Foundation Blog, 20.07.2016, https://blog.ethereum.org/2016/07/20/hard-fork-completed.




757


GitHub, ethereum/EIPs, Pull Request #999, https://github.com/ethereum/EIPs/pull/999;    https://github.com/ethereum/EIPs/commits/master/EIPS/eip-999.md ( e30becf, 16.04.2018).




758


Cointelegraph, #EIP-999: Why A Vote To Release Parity Locked Funds Evoked So Much Controversy, 03.05.2018, https://cointelegraph.com/news/eip-999-why-a-vote-to-release-parity-locked-funds-evoked-so-much-controversy;  Etherchain      Brave New Coin (Kieran Smith), 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth; CCN, $330 Million: EIP-999 Stokes Debate Over ETH Frozen by Paritys Contract Bug, 23.04.2018,  Yahoo Finance https://finance.yahoo.com/news/330-million-eip-999-stokes-194329494.html; Colin Harper, The Evolving Debate Over EIP-999: Can (or Should) Trapped Ether Be Freed?, Bitcoin Magazine, 02.05.2018, https://bitcoinmagazine.com/business/evolving-debate-over-eip-999-can-or-should-trapped-ether-be-freed ( Yahoo: https://finance.yahoo.com/news/evolving-debate-over-eip-999-164500215.html); Cointelegraph, 03.05.2018.




759


CCN, 23.04.2018; Brave New Coin, 27.04.2018; Cointelegraph, 03.05.2018.




760


Rachel-Rose OLeary, Ethereums Most Heated Tech Debate Is Proving Its Far From Over, CoinDesk, 19.07.2018, https://www.coindesk.com/markets/2018/07/19/ethereums-most-heated-tech-debate-is-proving-its-far-from-over.




761


GitHub, ethereum/EIPs, Pull Request #2441 Withdraw EIP-999, https://github.com/ethereum/EIPs/pull/2441;  75e354b, 27.01.2020, https://github.com/ethereum/EIPs/commits/master/EIPS/eip-999.md.




762


The Daily Hodl, $3,430,000,000 in Ethereum (ETH) Lost Forever, 28.07.2025, https://dailyhodl.com/2025/07/28/3430000000-in-ethereum-eth-lost-forever-due-to-this-reason-according-to-coinbase-director/ (    X).




763


   (Coinbase),  2025 ,   The Daily Hodl, 28.07.2025:    913 111 ETH,  0,76%  ,   -    ,      Parity  Web3 Foundation.   ,    .       .  .




764


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.




765


CCN, 23.04.2018; Brave New Coin, 27.04.2018; Cointelegraph, 03.05.2018; Parity Technologies,  Our Commitment to Ethereum and a Decentralised Future,  2018    Brave New Coin, 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth;    Bitcoin Magazine, 02.05.2018.




766


Parity Technologies,  Our Commitment to Ethereum and a Decentralised Future,  2018    Brave New Coin, 27.04.2018, https://bravenewcoin.com/insights/parity-tech-has-no-intention-of-splitting-ethereum-over-513000-stranded-eth;    Bitcoin Magazine, 02.05.2018.




767


Colin Harper, Bitcoin Magazine, 02.05.2018.




768


Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html; Kudelski Security Research, The Poly Network Hack Explained, 12.08.2021, https://kudelskisecurity.com/research/the-poly-network-hack-explained.




769


Euler Finance, War & Peace: Behind the Scenes of Eulers $240M Exploit Recovery,  2024, https://www.euler.finance/blog/war-peace-behind-the-scenes-of-eulers-240m-exploit-recovery; Chainalysis, Euler Finance Flash Loan Attack Explained, 15.03.2023, https://www.chainalysis.com/blog/euler-finance-flash-loan-attack/; Euler Finance, War & Peace,  2024.




770


Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html; Decrypt, Euler Finance Exploiter Returns All Recoverable Funds From $200M Hack, 03.2023, https://decrypt.co/125373/euler-finance-exploiter-returns-recoverable-funds-200m-hack ( ,  ); Euler Finance, War & Peace,  2024.




771


    Wikipedia Poly Network exploit    Reuters, BBC  CNBC;     .    15 ;   33     USDT      , Tether,       (Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html). Poly Network        ;        (Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html).   Kudelski Security (12.08.2021),     ,             (keepers); -,      ,  ,        (Kudelski Security Research, The Poly Network Hack Explained, 12.08.2021, https://kudelskisecurity.com/research/the-poly-network-hack-explained).    500 000  (Wikipedia, Poly Network exploit (   Reuters, BBC, CNBC, Chainalysis), https://en.wikipedia.org/wiki/Poly_Network_exploit; CNBC, Poly Network hacker returns remaining cryptocurrency, 23.08.2021, https://www.cnbc.com/2021/08/23/poly-network-hacker-returns-remaining-cryptocurrency.html).




772


Euler Finance. War & Peace: Behind the Scenes of Eulers $240M Exploit Recovery,  2024; Chainalysis, 15.03.2023.    donateToReserves (Euler Finance, War & Peace: Behind the Scenes of Eulers $240M Exploit Recovery,  2024, https://www.euler.finance/blog/war-peace-behind-the-scenes-of-eulers-240m-exploit-recovery; Chainalysis, Euler Finance Flash Loan Attack Explained, 15.03.2023, https://www.chainalysis.com/blog/euler-finance-flash-loan-attack/).    Euler,  3  2023       240      ;   Decrypt      177   (Decrypt, Euler Finance Exploiter Returns All Recoverable Funds From $200M Hack, 03.2023, https://decrypt.co/125373/euler-finance-exploiter-returns-recoverable-funds-200m-hack ( ,  ); Euler Finance, War & Peace,  2024).




773


Bitcoin Core 0.21.1 release notes, https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.21.1.md (, ,  709 632);    Blockstream Explorer API, https://blockstream.info/api/block-height/709632  https://blockstream.info/api/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244 ( 1636866927);    CoinDesk, Locked In: Bitcoins Taproot Upgrade Gets Its 90% Mandate, 12.06.2021, https://www.coindesk.com/tech/2021/06/12/locked-in-bitcoins-taproot-upgrade-gets-its-90-mandate ( ).




774


Bitcoin Core 0.21.1 release notes, https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.21.1.md (, ,  709 632);    Blockstream Explorer API, https://blockstream.info/api/block-height/709632  https://blockstream.info/api/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244 ( 1636866927);    CoinDesk, Locked In: Bitcoins Taproot Upgrade Gets Its 90% Mandate, 12.06.2021, https://www.coindesk.com/tech/2021/06/12/locked-in-bitcoins-taproot-upgrade-gets-its-90-mandate ( ).




775


Bitcoin Core 0.21.1 release notes, https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.21.1.md (, ,  709 632);    Blockstream Explorer API, https://blockstream.info/api/block-height/709632  https://blockstream.info/api/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244 ( 1636866927);    CoinDesk, Locked In: Bitcoins Taproot Upgrade Gets Its 90% Mandate, 12.06.2021, https://www.coindesk.com/tech/2021/06/12/locked-in-bitcoins-taproot-upgrade-gets-its-90-mandate ( ).




776


Bitcoin Core 0.21.1, release notes: taproot will then be active as of block 709632 (expected in early or mid November).    Speedy Trial. ,   ,    687 284 (12.06.2021);  709 632  14.11.2021  05:15   .   Taproot    (BIP-340) (Bitcoin Core 0.21.1 release notes, https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.21.1.md (, ,  709 632);    Blockstream Explorer API, https://blockstream.info/api/block-height/709632  https://blockstream.info/api/block/0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244 ( 1636866927);    CoinDesk, Locked In: Bitcoins Taproot Upgrade Gets Its 90% Mandate, 12.06.2021, https://www.coindesk.com/tech/2021/06/12/locked-in-bitcoins-taproot-upgrade-gets-its-90-mandate ( )). SegWit  24.08.2017   481 824 (BIP-141 Segregated Witness (Consensus layer), Lombrozo E., Lau J., Wuille P., created 21.12.2015, https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki;      Trezor Blog, SegWit and its legacy: Taproot, UASFs and Lightning, https://trezor.io/blog/insights/segwit-and-its-legacy-taproot-uasfs-and-lightning).




777


Jeffrey Wilcke, To fork or not to fork, Ethereum Foundation Blog, 15.07.2016, https://blog.ethereum.org/2016/07/15/to-fork-or-not-to-fork.




778


CoinGecko, 2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2026-q2-crypto-report.




779


Tether, Fees, https://tether.to/en/fees/ (  27.09.2026).




780


Tether,   (tether.to/en/fees):      100 000 ,      , 1000   0,1% (Tether, Fees, https://tether.to/en/fees/ (  27.09.2026)).  ,    ,         (MiCA, Art. 49(4), 49(6), 51(4)(b), OJ L 150, pp. 108109).




781


CoinGecko, 2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2026-q2-crypto-report.




782


  CoinGecko,   II  2026     305,1  ,   USDT  184,4 , USDC  73,5  (CoinGecko, 2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2026-q2-crypto-report).    ,  6  2026   317 ,    50% ,    2025  (Federal Reserve, FEDS Notes, Stablecoins in 2025: Developments and Financial Stability Implications, 08.04.2026, https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html).     515  ,     .      .




783


Tether, Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings, 30.01.2026, https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/.




784


Tether, Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings, 30.01.2026, https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/.




785


Tether, - 30.01.2026 ( 2025 ,     );  31.12.2025   141            (Tether, Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings, 30.01.2026, https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/).    2025    : $3.1 billion in recurrent profits, excluding mark-to-market contributions from gold and bitcoin, which added another $2.6 billion (- 31.07.2025) (Tether, Tether Delivers $10B+ Profits in 2025, $6.3B in Excess Reserves, and Record $141 billion Exposure in U.S. Treasury Holdings, 30.01.2026, https://tether.io/news/tether-delivers-10b-profits-in-2025-6-3b-in-excess-reserves-and-record-141-billion-exposure-in-u-s-treasury-holdings/).




786


R. Ahmed, I. Aldasoro, Stablecoins and safe asset prices, BIS Working Paper 1270,   28.05.2025 (      2026), https://www.bis.org/publ/work1270.htm.




787


Ahmed R. (Andersen Institute for Finance and Economics), Aldasoro I. (BIS). Stablecoins and safe asset prices. BIS Working Paper 1270,   28.05.2025,       2026 : we find a $3.5 billion (2-standard deviation) inflow lowers 3-month Treasury bill yields by 0.71 basis points on impact, and up to 4 basis points within 10 days.      .       (22,5  ).      ,        (R. Ahmed, I. Aldasoro, Stablecoins and safe asset prices, BIS Working Paper 1270,   28.05.2025 (      2026), https://www.bis.org/publ/work1270.htm).




788


GENIUS Act, sec. 4(a)(11).




789


GENIUS Act, sec. 4(a)(11):    solely in connection with the holding, use, or retention .             (GENIUS Act, sec. 4(a)(11)).




790


MiCA, Art. 50(1)(3), OJ L 150, p. 108.




791


G. B. Gorton, J. Y. Zhang, Taming Wildcat Stablecoins, The University of Chicago Law Review, 90(3), 2023, https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins.




792


Gorton G. B., Zhang J. Y. Taming Wildcat Stablecoins. The University of Chicago Law Review, 90(3), 2023: stablecoin issuers are unregulated banks.    ,    (   ,              ),   2025 , -,     (G. B. Gorton, J. Y. Zhang, Taming Wildcat Stablecoins, The University of Chicago Law Review, 90(3), 2023, https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins; GENIUS Act, enrolled bill text, sec. 4(a)(1)(A), https://www.govinfo.gov/content/pkg/BILLS-119s1582enr/html/BILLS-119s1582enr.htm;    The White House, https://www.whitehouse.gov/briefings-statements/2025/07/the-president-signed-into-law-s-1582; Covington & Burling, 07.2025).




793


G. B. Gorton, J. Y. Zhang, Taming Wildcat Stablecoins, The University of Chicago Law Review, 90(3), 2023, https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins.




794


New York State Attorney General, Attorney General James Ends Virtual Currency Trading Platform Bitfinexs Illegal Activities in New York, 23.02.2021, https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal.




795


New York State Attorney General, Attorney General James Ends Virtual Currency Trading Platform Bitfinexs Illegal Activities in New York, 23.02.2021, https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal.




796


New York State Attorney General, - 23.02.2021: Tethers claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.    ,       1  2018       Tether     (New York State Attorney General, Attorney General James Ends Virtual Currency Trading Platform Bitfinexs Illegal Activities in New York, 23.02.2021, https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal).




797


CFTC, Press Release 8450-21, CFTC Orders Tether and Bitfinex to Pay Fines Totaling $42.5 Million, 15.10.2021, https://www.cftc.gov/PressRoom/PressReleases/8450-21.




798


CFTC, 15.10.2021.




799


NYAG, 23.02.2021.




800


CFTC, - 15.10.2021:  Tether  41  ;    26  20162018 ;         (CFTC, Press Release 8450-21, CFTC Orders Tether and Bitfinex to Pay Fines Totaling $42.5 Million, 15.10.2021, https://www.cftc.gov/PressRoom/PressReleases/8450-21; CFTC, 15.10.2021).  Bitfinex      850  ,      - (NYAG, 23.02.2021).




801


Federal Reserve, FEDS Notes, 08.04.2026.




802


Federal Reserve, FEDS Notes, Stablecoins in 2025: Developments and Financial Stability Implications, 08.04.2026.   according to their attested disclosures,         ;      .      ,       (Federal Reserve, FEDS Notes, Stablecoins in 2025: Developments and Financial Stability Implications, 08.04.2026, https://www.federalreserve.gov/econres/notes/feds-notes/stablecoins-in-2025-developments-and-financial-stability-implications-20260408.html; Federal Reserve, FEDS Notes, 08.04.2026).




803


Tether, 01.05.2026.




804


    31  2026    141         ,  20       7    (Tether, 01.05.2026).   Tether,        141  191,8  ,    26%;    (1,04  0,74)   29% (Federal Reserve, FEDS Notes, 08.04.2026; Tether, 01.05.2026).




805


Federal Reserve, FEDS Notes, 08.04.2026.




806


Federal Reserve, FEDS Notes, 08.04.2026.




807


G. B. Gorton, J. Y. Zhang, Taming Wildcat Stablecoins, The University of Chicago Law Review, 90(3), 2023, https://lawreview.uchicago.edu/print-archive/taming-wildcat-stablecoins.




808


BIS Quarterly Review, 06.12.2021.




809


Tether, Tether Posts $1.04B Q1 2026 Profit Despite Highly Volatile Global Markets, Reaches All-Time-Highs $8.23B Reserve Buffer, 01.05.2026, https://tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/; Tether, Tether Posts Strong Q2 Performance, Generates $1.5B Net Operating Profit, Maintains $4.11B Reserve Buffer, and Expands Gold Holdings to More Than 146 Tons, 31.07.2026, https://tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/.




810


Tether, - 01.05.2026  31.07.2026,       BDO:  8,23    31   4,11   30  2026 ,       1,5  (Tether, Tether Posts $1.04B Q1 2026 Profit Despite Highly Volatile Global Markets, Reaches All-Time-Highs $8.23B Reserve Buffer, 01.05.2026, https://tether.io/news/tether-posts-1-04b-q1-2026-profit-despite-highly-volatile-global-markets-reaches-all-time-highs-8-23b-reserve-buffer-and-maintains-u-s-treasury-heavy-backing/; Tether, Tether Posts Strong Q2 Performance, Generates $1.5B Net Operating Profit, Maintains $4.11B Reserve Buffer, and Expands Gold Holdings to More Than 146 Tons, 31.07.2026, https://tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/).        ,  USDT   .   crypto.news,          1,8      4,1 ,    ,     ; Blockonomi        (Tether, Tether Posts Strong Q2 Performance, Generates $1.5B Net Operating Profit, Maintains $4.11B Reserve Buffer, and Expands Gold Holdings to More Than 146 Tons, 31.07.2026, https://tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/).      .




811


Circle, USDC Transparency, https://www.circle.com/transparency ( 26.09.2026).




812


Circle, USDC Transparency, https://www.circle.com/transparency ( 26.09.2026).




813


Du C., Sonawane R., Watsky C., In the Shadow of Bank Run, FEDS Notes, 17.12.2025, https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html; CNBC, 11.03.2023, https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html.




814


 Silicon Valley Bank  3,3    USDC.    86  87         (     90 ) (Du C., Sonawane R., Watsky C., In the Shadow of Bank Run, FEDS Notes, 17.12.2025, https://www.federalreserve.gov/econres/notes/feds-notes/in-the-shadow-of-bank-run-lessons-from-the-silicon-valley-bank-failure-and-its-impact-on-stablecoins-20251217.html; CNBC, 11.03.2023, https://www.cnbc.com/2023/03/11/stablecoin-usdc-breaks-dollar-peg-after-firm-reveals-it-has-3point3-billion-in-svb-exposure.html). Du C., Sonawane R., Watsky C. In the Shadow of Bank Run FEDS Notes, 17.12.2025.




815


GENIUS Act, enrolled bill text, sec. 4(a)(1)(A), https://www.govinfo.gov/content/pkg/BILLS-119s1582enr/html/BILLS-119s1582enr.htm;    The White House, https://www.whitehouse.gov/briefings-statements/2025/07/the-president-signed-into-law-s-1582; Covington & Burling, 07.2025.




816


GENIUS Act, sec. 4(a)(1)(C), 4(a)(3)(A)(B).




817


Regulation (EU) 2023/1114 (MiCA), Art. 54, OJ L 150, 09.06.2023, p. 111, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023R1114.




818


GENIUS Act, S. 1582,  18.07.2025, sec. 4(a)(1)(A): Treasury bills, notes, or bonds  with a remaining maturity of 93 days or less (GENIUS Act, enrolled bill text, sec. 4(a)(1)(A), https://www.govinfo.gov/content/pkg/BILLS-119s1582enr/html/BILLS-119s1582enr.htm;    The White House, https://www.whitehouse.gov/briefings-statements/2025/07/the-president-signed-into-law-s-1582; Covington & Burling, 07.2025).            18  2027    120     ;   2026      (Covington & Burling, The GENIUS Act Becomes Law: Key Provisions, 07.2025, https://www.cov.com/news-and-insights/insights/2025/07/the-genius-act-becomes-law-key-provisions-from-the-federal-stablecoin-regulatory-framework). Regulation (EU) 2023/1114 (MiCA), Art. 54: at least 30 % of the funds received is always deposited in separate accounts in credit institutions (Regulation (EU) 2023/1114 (MiCA), Art. 54, OJ L 150, 09.06.2023, p. 111, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023R1114).         11   .




819


MiCA, Art. 49(4), 49(6), 51(4)(b), OJ L 150, pp. 108109.




820


GENIUS Act, sec. 4(a)(1)(C), 4(a)(3)(A)(B).




821


BIS, - 24.06.2025, https://www.bis.org/press/p250624.htm;  III, https://www.bis.org/publ/arpdf/ar2025e3.htm.




822


BIS, Annual Economic Report 2025, ch. III; - 24.06.2025: they do not deliver singleness of money (acceptance for payment at par), elasticity (timely discharge of obligations, preventing gridlock) and integrity (safeguarding against financial crime).          ;        (BIS, Annual Economic Report 2025, ch. III, https://www.bis.org/publ/arpdf/ar2025e3.htm ( 26.09.2026)).




823


BIS, Annual Economic Report 2025, ch. III, https://www.bis.org/publ/arpdf/ar2025e3.htm ( 26.09.2026).




824


 : Stablecoin holdings are tagged with the name of the issuer, much like private banknotes circulating in the 19th century Free Banking era.




825


BIS, - 23.06.2026, The path to the next-generation monetary and financial system lies in safeguarding trust in money, https://www.bis.org/press/p260623.htm.




826


BIS, - 23.06.2026: wider stablecoin adoption could usher in significant changes in bank funding and credit provision and potentially pose financial stability challenges.     ,               (BIS, - 23.06.2026, The path to the next-generation monetary and financial system lies in safeguarding trust in money, https://www.bis.org/press/p260623.htm).




827


Chainalysis, 2024 LATAM Crypto Adoption: The Rise of Stablecoins, 09.10.2024, https://www.chainalysis.com/blog/2024-latin-america-crypto-adoption/.




828


Cointelegraph, Turkey tops the world in stablecoin buying share vs. GDP, 04.2024, https://cointelegraph.com/news/stablecoin-buys-turkey-4-percent-gdp (  Chainalysis       ).




829


Chainalysis, Sub-Saharan Africa: Nigeria Takes #2, 02.10.2024, https://www.chainalysis.com/blog/subsaharan-africa-crypto-adoption-2024/.




830


Chainalysis,     (09.10.2024)      (02.10.2024);       Crypto Spring Report (25.04.2024)   Cointelegraph.      Chainalysis    1  ; 60%     ,    .                ;    .      2022 ,     (Chainalysis, 2024 LATAM Crypto Adoption: The Rise of Stablecoins, 09.10.2024, https://www.chainalysis.com/blog/2024-latin-america-crypto-adoption/; Chainalysis, Sub-Saharan Africa: Nigeria Takes #2, 02.10.2024, https://www.chainalysis.com/blog/subsaharan-africa-crypto-adoption-2024/; Cointelegraph, Turkey tops the world in stablecoin buying share vs. GDP, 04.2024, https://cointelegraph.com/news/stablecoin-buys-turkey-4-percent-gdp (  Chainalysis       )).  ,    ,    ,     ;  ,     (Chainalysis, 2024 LATAM).




831


Chainalysis, Latin America Crypto Adoption 2025, 02.10.2025, https://www.chainalysis.com/blog/latin-america-crypto-adoption-2025/.




832


MakerDAO / Sky, The Maker Protocol White Paper, https://makerdao.com/en/whitepaper/ ( 26.09.2026;     Sky); SEC, Press Release 2023-32, SEC Charges Terraform and CEO Do Kwon with Defrauding Investors in Crypto Schemes, 16.02.2023, https://www.sec.gov/news/press-release/2023-32; Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026).




833


MakerDAO / Sky, The Maker Protocol White Paper, https://makerdao.com/en/whitepaper/ ( 26.09.2026;     Sky).




834


K. Qin, L. Zhou, P. Gamito, P. Jovanovic, A. Gervais, An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities, ACM IMC 21, 2021, https://arxiv.org/abs/2106.06389 (DOI 10.1145/3487552.3487811).




835


MakerDAO / Sky, The Maker Protocol White Paper, https://makerdao.com/en/whitepaper/ ( 26.09.2026;     Sky).




836


Qin et al., IMC 21, . 4.3.1  . 5.




837


MakerDAO Forum, Black Thursday Response Thread, 12.03.2020 (   ), https://forum.skyeco.com/t/black-thursday-response-thread/1433 (. forum.makerdao.com).




838


MakerDAO Forum, Black Thursday Response Thread, 12.03.2020 (   ), https://forum.skyeco.com/t/black-thursday-response-thread/1433 (. forum.makerdao.com).




839


MakerDAO Forum, Black Thursday Response Thread, 12.03.2020: only one keeper continued triggering liquidations, and bidding 0$ for the ETH, with no competition. This situation lasted around 2/3hours.    ;   MakerDAO    .       1213  (MakerDAO Forum, Black Thursday Response Thread, 12.03.2020 (   ), https://forum.skyeco.com/t/black-thursday-response-thread/1433 (. forum.makerdao.com); Qin et al., IMC 21, . 4.3.1  . 5).  MKR: 20 980   5,3  DAI, 1928  2020  (The Block, In a first, MakerDAO protocol to auction MKR tokens to cover $4M bad debt, 03.2020, https://www.theblock.co/post/58606/in-a-first-makerdao-protocol-to-auction-mkr-tokens-to-cover-4m-bad-debt; Blockonomi, MakerDAO Emergency Auctions Conclude with 5.3 Million Dai Raised, 02.04.2020, https://blockonomi.com/makerdao-emergency-5-million-dai-raised/).




840


Qin et al., IMC 21, . 1, 4.2, . 1.




841


CoinDesk, MakerDAO Users Hosed by March Flash Crash Wont Get MKR Payouts, Say MKR Whales, 23.09.2020 ( 12.2022), https://www.coindesk.com/tech/2020/09/23/makerdao-users-hosed-by-march-flash-crash-wont-get-mkr-payouts-say-mkr-whales.




842


MakerDAO Forum, Black Thursday Response Thread, 12.03.2020 (   ), https://forum.skyeco.com/t/black-thursday-response-thread/1433 (. forum.makerdao.com); The Block, In a first, MakerDAO protocol to auction MKR tokens to cover $4M bad debt, 03.2020, https://www.theblock.co/post/58606/in-a-first-makerdao-protocol-to-auction-mkr-tokens-to-cover-4m-bad-debt; Blockonomi, MakerDAO Emergency Auctions Conclude with 5.3 Million Dai Raised, 02.04.2020, https://blockonomi.com/makerdao-emergency-5-million-dai-raised/.




843


The Block, In a first, MakerDAO protocol to auction MKR tokens to cover $4M bad debt, 03.2020, https://www.theblock.co/post/58606/in-a-first-makerdao-protocol-to-auction-mkr-tokens-to-cover-4m-bad-debt; Blockonomi, MakerDAO Emergency Auctions Conclude with 5.3 Million Dai Raised, 02.04.2020, https://blockonomi.com/makerdao-emergency-5-million-dai-raised/.




844


CoinDesk, 23.09.2020.




845


CoinDesk, 23.09.2020.




846


SEC, Press Release 2023-32, SEC Charges Terraform and CEO Do Kwon with Defrauding Investors in Crypto Schemes, 16.02.2023, https://www.sec.gov/news/press-release/2023-32.




847


U.S. DOJ, SDNY, Do Kwon Pleads Guilty To Fraud, 08.2025, https://www.justice.gov/usao-sdny/pr/do-kwon-pleads-guilty-fraud.




848


U.S. DOJ, SDNY, Crypto-Enabled Fraudster Sentenced For Orchestrating $40 Billion Fraud, 12.2025, https://www.justice.gov/usao-sdny/pr/crypto-enabled-fraudster-sentenced-orchestrating-40-billion-fraud.




849


Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026).




850


Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026).




851


     ,    ()        :      ,    ,    . Ethena             ,          ,   (Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026)). Ethena, Ethena Overview: USDe is a synthetic dollar, backed with crypto assets and corresponding short futures positions.




852


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.




853


CoinDesk Research: On Binance, stablecoin USDe fell to $0.65, acting as a secondary trigger that forced liquidations.   :      ,  USDe  65     (CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto).




854


Qin et al., IMC 21, . 1, 3.1.




855


Qin et al., IMC 21, . 1, 3.1.




856


Qin et al., IMC 21, . 3.3.




857


Qin et al., IMC 21, . 2.3, 3.2; Aave, Liquidations (Aave v4 docs), https://aave.com/docs/concepts/liquidations.




858


Qin et al., IMC 21, . 3.3.




859


Qin et al., IMC 21, . 2.2.




860


Qin K. et al. An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities. ACM IMC 21, 2021: Lending and borrowing is a popular way to realize a leverage use case in DeFi.    :     5000 USDT,  1 ETH   ,    (Qin et al., IMC 21, . 2.2).




861


Qin et al., IMC 21, . 1, 4.2, . 1.




862


 . Aave, Compound, dYdX  MakerDAO    85%   Ethereum;   2011   (Qin et al., IMC 21, . 1, 4.2, . 1).




863


Qin et al., IMC 21, . 1, 4.2, . 1.




864


K. Qin, L. Zhou, P. Gamito, P. Jovanovic, A. Gervais, An Empirical Study of DeFi Liquidations: Incentives, Risks, and Instabilities, ACM IMC 21, 2021, https://arxiv.org/abs/2106.06389 (DOI 10.1145/3487552.3487811).




865


Qin et al., IMC 21, . 4.3.1  . 5.




866


BIS Quarterly Review, 06.12.2021.




867


S. Aramonte, W. Huang, A. Schrimpf, DeFi risks and the decentralisation illusion, BIS Quarterly Review, 06.12.2021, https://www.bis.org/publ/qtrpdf/r_qt2112b.htm.




868


Aramonte S., Huang W., Schrimpf A. DeFi risks and the decentralisation illusion. BIS Quarterly Review, 06.12.2021: DeFis vulnerabilities are severe because of high leverage, liquidity mismatches, built-in interconnectedness and the lack of shock-absorbing capacity.  : full decentralisation in DeFi is illusory (S. Aramonte, W. Huang, A. Schrimpf, DeFi risks and the decentralisation illusion, BIS Quarterly Review, 06.12.2021, https://www.bis.org/publ/qtrpdf/r_qt2112b.htm).




869


Qin et al., IMC 21, . 3.3.




870


Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026).




871


H. Adams, N. Zinsmeister, D. Robinson, Uniswap v2 Core,  2020, https://app.uniswap.org/whitepaper.pdf (. 1); Uniswap v2 Core, . 2.2.




872


Uniswap v2 Core, . 2.2.




873


H. Adams, N. Zinsmeister, D. Robinson, Uniswap v2 Core,  2020, https://app.uniswap.org/whitepaper.pdf (. 1).




874


Uniswap v2 Core, . 2.1.




875


Uniswap v2 Core, . 2.2.




876


SEC, Press Release 2023-32, SEC Charges Terraform and CEO Do Kwon with Defrauding Investors in Crypto Schemes, 16.02.2023, https://www.sec.gov/news/press-release/2023-32.




877


CoinDesk, 04.11.2025.




878


CoinDesk, Stream Finance Faces $93 Million Loss, Launches Legal Investigation, 04.11.2025, https://www.coindesk.com/markets/2025/11/04/stream-finance-faces-usd93-million-loss-launches-legal-investigation.




879


CoinDesk, 04.11.2025.




880


DL News, Stream Finance founders sue business partner, allege $93m used to cover personal losses, 11.12.2025, https://www.dlnews.com/articles/defi/stream-finance-founders-sue-partner-over-alleged-93m-loss/.




881


Morrison Foerster, 2023, https://www.mofo.com/resources/insights/230109-celsius-bankruptcy-court-customer-deposits-earn-accounts.




882


S. Aramonte, W. Huang, A. Schrimpf, DeFi risks and the decentralisation illusion, BIS Quarterly Review, 06.12.2021, https://www.bis.org/publ/qtrpdf/r_qt2112b.htm.




883


P. Saggese, M. Fr?wis, S. Kitzler, B. Haslhofer, R. Auer, Towards verifiability of total value locked (TVL) in decentralized finance, BIS Working Paper 1268, 14.05.2025, https://www.bis.org/publ/work1268.htm.




884


Saggese P., Fr?wis M., Kitzler S., Haslhofer B., Auer R. Towards verifiability of total value locked (TVL) in decentralized finance. BIS Working Paper 1268, 14.05.2025: A case study on 400 protocols shows that our estimations align with published figures for 46.5% of protocols.       .  939    Ethereum 10,5%     (P. Saggese, M. Fr?wis, S. Kitzler, B. Haslhofer, R. Auer, Towards verifiability of total value locked (TVL) in decentralized finance, BIS Working Paper 1268, 14.05.2025, https://www.bis.org/publ/work1268.htm).




885


Chainalysis, 02.08.2022.




886


Chainalysis, Vulnerabilities in Cross-chain Bridge Protocols Emerge as Top Security Risk, 02.08.2022, https://www.chainalysis.com/blog/cross-chain-bridge-hacks-2022/.




887


Elliptic, $540 Million Stolen from the Ronin DeFi Bridge, 2022, https://www.elliptic.co/blog/540-million-stolen-from-the-ronin-defi-bridge; CoinDesk, 14.04.2022, https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit.




888


Sky Mavis / Ronin, Community Alert: Ronin Validators Compromised, 29.03.2022,     tayvano, lazarus-bluenoroff-research: ronin_bridge.md, https://github.com/tayvano/lazarus-bluenoroff-research/blob/main/hacks-and-thefts/ronin_bridge.md;  Back to Building: Ronin Security Breach Postmortem, 27.04.2022     lazarus.day, https://lazarus.day/reports/back-to-building-ronin-security-breach-postmortem-bbMOK/.




889


The Hacker News, Hackers Used Fake Job Offer to Hack and Steal $540 Million from Axie Infinity, 07.2022, https://thehackernews.com/2022/07/hackers-used-fake-job-offer-to-hack-and.html (    The Block).




890


Elliptic, $540 Million Stolen from the Ronin DeFi Bridge, 2022, https://www.elliptic.co/blog/540-million-stolen-from-the-ronin-defi-bridge; CoinDesk, 14.04.2022, https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit.




891


    14.04.2022     Lazarus,     (Elliptic, $540 Million Stolen from the Ronin DeFi Bridge, 2022, https://www.elliptic.co/blog/540-million-stolen-from-the-ronin-defi-bridge; CoinDesk, 14.04.2022, https://www.coindesk.com/policy/2022/04/14/us-officials-tie-north-korean-hacker-group-to-axies-ronin-exploit).     (540, 615, 625 ) -    .  Sky Mavis 29.03.2022          ;       The Hacker News     The Block (Sky Mavis / Ronin, Community Alert: Ronin Validators Compromised, 29.03.2022,     tayvano, lazarus-bluenoroff-research: ronin_bridge.md, https://github.com/tayvano/lazarus-bluenoroff-research/blob/main/hacks-and-thefts/ronin_bridge.md;  Back to Building: Ronin Security Breach Postmortem, 27.04.2022     lazarus.day, https://lazarus.day/reports/back-to-building-ronin-security-breach-postmortem-bbMOK/; The Hacker News, Hackers Used Fake Job Offer to Hack and Steal $540 Million from Axie Infinity, 07.2022, https://thehackernews.com/2022/07/hackers-used-fake-job-offer-to-hack-and.html (    The Block)).   Chainalysis,       2022      1  ,       DeFi (Chainalysis, Vulnerabilities in Cross-chain Bridge Protocols Emerge as Top Security Risk, 02.08.2022, https://www.chainalysis.com/blog/cross-chain-bridge-hacks-2022/).




892


rekt.news, Wormhole  REKT, 2022, https://rekt.news/wormhole-rekt/.




893


rekt.news, Nomad Bridge  REKT, 2022, https://rekt.news/nomad-rekt/; Chainalysis, 02.08.2022 ().




894


The Block, Nomads $190 million bridge exploit drew hacking feeding frenzy of 300 addresses, 08.2022, https://www.theblock.co/post/160851/nomads-190-million-bridge-exploit-drew-hacking-feeding-frenzy-of-300-addresses.




895


The Block, Nomads $190 million bridge exploit drew hacking feeding frenzy of 300 addresses, 08.2022, https://www.theblock.co/post/160851/nomads-190-million-bridge-exploit-drew-hacking-feeding-frenzy-of-300-addresses.




896


CoinDesk, Jump Trading Backstops Wormholes $320M Exploit Loss, 03.02.2022, https://www.coindesk.com/business/2022/02/03/jump-trading-backstops-wormholes-320m-exploit-loss-sources;  Jump Crypto, https://x.com/jump_/status/1489301013408497666.




897


CoinDesk, 03.02.2022. Jump Crypto: Thats why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop. - Certus One Jump    2021  (CoinDesk, Jump Trading Backstops Wormholes $320M Exploit Loss, 03.02.2022, https://www.coindesk.com/business/2022/02/03/jump-trading-backstops-wormholes-320m-exploit-loss-sources;  Jump Crypto, https://x.com/jump_/status/1489301013408497666).




898


Axie Infinity (Sky Mavis), Sky Mavis Raises $150M Led By Binance, Funds to be Restored on the Ronin Bridge, 06.04.2022, https://blog.axieinfinity.com/p/funding.




899


CoinDesk, 20.04.2026, https://www.coindesk.com/markets/2026/04/20/defi-tvl-drops-more-than-usd13-billion-in-two-days-following-kelp-dao-hack ( DefiLlama).




900


CoinDesk, 20.04.2026, https://www.coindesk.com/markets/2026/04/20/defi-tvl-drops-more-than-usd13-billion-in-two-days-following-kelp-dao-hack ( DefiLlama).




901


Galaxy Research, The State of Crypto Lending, 14.04.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-lending/.




902


Galaxy Research    ,    .      . 5.3    The State of Crypto Leverage  Q2 2026 (17.08.2026):  IV  2021    73,8  ,  20222023    19 ,  III  2025   78,69 , II  2026   56,16 .  Galaxy   ;  20212023         0,5 ,     ,      (Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest).    2021    : 64,4  ( 2025 ;    III  2023   14,2 ,   78%)  69,37  ( 2025 ) (Galaxy Research, The State of Crypto Lending, 14.04.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-lending/; Galaxy Research, The State of Crypto Leverage  Q3 2025, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals).  2025   :  73,59 ,  78,6778,69  (Galaxy Research, The State of Crypto Leverage  Q3 2025, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Galaxy Research, Q1 2026; Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest).       ,   ,        .




903


Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.




904


CoinDesk, FTX Collapse Leaves Total Crypto Market Cap Under $800B, 17.11.2022, https://www.coindesk.com/markets/2022/11/17/ftx-collapse-leaves-total-crypto-market-cap-under-800b-close-to-2022-low.




905


Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.




906


Galaxy Research, The State of Crypto Leverage  Q2 2026, 17.08.2026: 56,16     II  2026    78,69 ;      ?10%, ?5%  ?17%. Galaxy ,    40,13%  ,      : (78,69 ? 56,16) / 78,69 ? 28,6%,  40%       .        (Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest).      .




907


CoinDesk, FTX Collapse Leaves Total Crypto Market Cap Under $800B, 17.11.2022, https://www.coindesk.com/markets/2022/11/17/ftx-collapse-leaves-total-crypto-market-cap-under-800b-close-to-2022-low; Forbes, 05.10.2025, https://www.forbes.com/sites/digital-assets/2025/10/05/bitcoin-breaks-125000-the-convergence-of-confidence-capital-code/; CoinDesk (  record high of $126,000 reached last October, . 05.02.2026).




908


Forbes, 05.10.2025, https://www.forbes.com/sites/digital-assets/2025/10/05/bitcoin-breaks-125000-the-convergence-of-confidence-capital-code/; CoinDesk (  record high of $126,000 reached last October, . 05.02.2026); CoinDesk, 25.06.2026, https://www.coindesk.com/markets/2026/06/25/bitcoin-plunges-to-new-multi-year-low-of-usd58-000-but-a-short-squeeze-setup-emerges; CoinDesk, 01.07.2026, https://www.coindesk.com/markets/2026/07/01/bitcoin-s-20-june-crash-looks-even-deadlier-on-the-charts-here-s-why; CoinGecko, 2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2026-q2-crypto-report.




909


Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.




910


taking the stairs down, not the elevator (Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest).




911


CoinGecko, 2025 Annual Crypto Industry Report  2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2025-annual-crypto-report; https://www.coingecko.com/research/publications/2026-q2-crypto-report.




912


Z. Pokorny, The State of Crypto Leverage  Q2 2025, Galaxy Research, 14.08.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-leverage-q2-2025.




913


Galaxy Research, The State of Crypto Leverage  Q2 2025, 14.08.2025:      132,6   (82%   ),     53,1  (Z. Pokorny, The State of Crypto Leverage  Q2 2025, Galaxy Research, 14.08.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-leverage-q2-2025).  :     ,      ,      ,      .  CoinGecko,  2025          86,2  ,    6,7  (CoinGecko, 2025 Annual Crypto Industry Report  2026 Q2 Crypto Industry Report, https://www.coingecko.com/research/publications/2025-annual-crypto-report; https://www.coingecko.com/research/publications/2026-q2-crypto-report).      .




914


Galaxy Research, 14.04.2025.




915


Galaxy Research, The State of Crypto Leverage  Q1 2026: DeFi Exploits, Price Declines, and Capital Flight, 21.05.2026, https://www.galaxy.com/insights/research/crypto-lending-leverage-q1-2026.




916


Morrison Foerster, 2023, https://www.mofo.com/resources/insights/230109-celsius-bankruptcy-court-customer-deposits-earn-accounts.




917


Galaxy Research, The State of Crypto Leverage  Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.




918


CoinDesk, 20.04.2026, https://www.coindesk.com/markets/2026/04/20/defi-tvl-drops-more-than-usd13-billion-in-two-days-following-kelp-dao-hack ( DefiLlama).




919


CoinDesk, 04.11.2025.




920


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.




921


S. Aramonte, W. Huang, A. Schrimpf, DeFi risks and the decentralisation illusion, BIS Quarterly Review, 06.12.2021, https://www.bis.org/publ/qtrpdf/r_qt2112b.htm.




922


ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf.




923


ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf.




924


 ASX  17.11.2022   : The independent report identifies significant challenges with the solution design and its ability to meet ASXs requirements.   : The CHESS replacement capitalised software will be derecognised resulting in a charge of $245255 million pre-tax;    172179 ,    (ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf).  ASX  : we have concluded that the path we were on will not meet ASXs and the markets high standards. (ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf)    20162017  (    , , -       );    Digital Asset (Ledger Insights, ASX pauses DLT settlement project, 17.11.2022. https://www.ledgerinsights.com/asx-pauses-dlt-settlement-chess/; The Register, Australian Securities Exchange pauses blockchain project, 17.11.2022. https://www.theregister.com/2022/11/17/asx_blockchain_reading_project_paused/).




925


Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).




926


Accenture. ASX CHESS Replacement Application Delivery Review,  2022, . 18: ASX is the central source of truth and final arbiter of outcomes, minimising many of the benefits of a DLT architecture. (Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ))




927


ASX, ASX announces product based solution for CHESS replacement  industry consultation on next phase to commence in 2024, 20.11.2023, https://www.asx.com.au/content/dam/asx/about/media-releases/2023/70-20-november-2023-chess-replacement-solution-announced-and-2024-consultation.pdf.




928


Yaga D., Mell P., Roby N., Scarfone K. Blockchain Technology Overview. NISTIR 8202, National Institute of Standards and Technology, October 2018, section 2, p. 5. https://nvlpubs.nist.gov/nistpubs/ir/2018/NIST.IR.8202.pdf; DOI https://doi.org/10.6028/NIST.IR.8202.




929


Yaga D., Mell P., Roby N., Scarfone K. Blockchain Technology Overview. NISTIR 8202, National Institute of Standards and Technology, October 2018, section 2, p. 5. https://nvlpubs.nist.gov/nistpubs/ir/2018/NIST.IR.8202.pdf; DOI https://doi.org/10.6028/NIST.IR.8202.




930


NISTIR 8202, 2018, section 2, p. 5.




931


NISTIR 8202 (Yaga D.  ., Blockchain Technology Overview, 2018), . 2: In simple terms, a permissioned blockchain network is like a corporate intranet that is controlled, while a permissionless blockchain network is like the public internet, where anyone can participate. (NISTIR 8202, 2018, section 2, p. 5)




932


NISTIR 8202, 2018, section 2.1, p. 5.




933


NISTIR 8202, 2018, section 2.2, pp. 56.




934


NISTIR 8202, 2018, section 2, p. 5.




935


M. Castro, B. Liskov, Practical Byzantine Fault Tolerance, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, February 1999; PDF (  MIT 6.824): https://css.csail.mit.edu/6.824/2014/papers/castro-practicalbft.pdf.




936


NISTIR 8202, 2018, section 2.2, pp. 56.




937


NISTIR 8202, . 2.2: However, if a single entity controls who can publish blocks, the users of the blockchain will need to have trust in that entity. (NISTIR 8202, 2018, section 2.2, pp. 56)




938


NISTIR 8202, 2018, section 2.2, p. 6.




939


W?st K., Gervais A. Do you Need a Blockchain? 2018 Crypto Valley Conference on Blockchain Technology (CVCBT), IEEE, pp. 4554. DOI 10.1109/CVCBT.2018.00011;  : https://eprint.iacr.org/2017/375.pdf.




940


W?st K., Gervais A. Do you Need a Blockchain? 2018 Crypto Valley Conference on Blockchain Technology (CVCBT), IEEE, pp. 4554. DOI 10.1109/CVCBT.2018.00011;  : https://eprint.iacr.org/2017/375.pdf.




941


Wikipedia, Blockchain,     ( 26.09.2026). https://en.wikipedia.org/wiki/Blockchain.




942


W?st & Gervais, 2018, section III.




943


W?st K., Gervais A. Do you Need a Blockchain? 2018 Crypto Valley Conference on Blockchain Technology, . III: In general, using an open or permissioned blockchain only makes sense when multiple mutually mistrusting entities want to interact and change the state of a system, and are not willing to agree on an online trusted third party.                   (W?st & Gervais, 2018, section III; W?st K., Gervais A. Do you Need a Blockchain? 2018 Crypto Valley Conference on Blockchain Technology (CVCBT), IEEE, pp. 4554. DOI 10.1109/CVCBT.2018.00011;  : https://eprint.iacr.org/2017/375.pdf).




944


W?st & Gervais, 2018, Fig. 1.




945


NISTIR 8202, 2018, Figure 6 DHS Science & Technology Directorate Flowchart, p. 42.




946


 -      (NISTIR 8202, . 6).        ,     ;   : If there are no trust or control issues over who runs the data store, traditional database solutions should suffice (NISTIR 8202, 2018, Figure 6 DHS Science & Technology Directorate Flowchart, p. 42).          :        .




947


NISTIR 8202, 2018, section 8, p. 43.




948


NISTIR 8202, 2018, section 8, p. 41.




949


NISTIR 8202, . 8: most organizations approach the problem as we want to use blockchain somewhere, where can we do that? which leads to frustrations with the technology as it cannot be applied universally.     ,     : most paths lead to no with only a few leading to maybe. (NISTIR 8202, 2018, section 8, p. 41; NISTIR 8202, 2018, section 8, p. 43)




950


ASX, ASX announces product based solution for CHESS replacement  industry consultation on next phase to commence in 2024, 20.11.2023, https://www.asx.com.au/content/dam/asx/about/media-releases/2023/70-20-november-2023-chess-replacement-solution-announced-and-2024-consultation.pdf.




951


Ledger Insights, ASX pauses DLT settlement project, 17.11.2022. https://www.ledgerinsights.com/asx-pauses-dlt-settlement-chess/; The Register, Australian Securities Exchange pauses blockchain project, 17.11.2022. https://www.theregister.com/2022/11/17/asx_blockchain_reading_project_paused/.




952


Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).




953


Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).




954


Accenture,  2022, . 6: Greater consideration is required regarding the purpose of the consensus layer given ASXs position as the central market operator for the CHESS use case. . 19: CHESS use case primarily uses the ledger for resiliency which adds undue complexity to the solution e.g., the consensus contributes to the round-trip latency. (Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ); Accenture,  2022, . 5, 1819)




955


Accenture,  2022, . 5, 1819.




956


Accenture,  2022, . 5, 1819.




957


Accenture,  2022, . 19: settlement under load with 100K+ transactions fail because of data or running out of time.       ,    :         Daml,    VMware (. 5) (Accenture,  2022, . 5, 1819; The Register, 17.11.2022 (   Accenture),).    45   12 ;        :         R40,      (,  -)   R41 (. 3334) (Accenture,  2022, . 5  34).




958


Ledger Insights, ASX pauses DLT settlement project, 17.11.2022. https://www.ledgerinsights.com/asx-pauses-dlt-settlement-chess/; The Register, Australian Securities Exchange pauses blockchain project, 17.11.2022. https://www.theregister.com/2022/11/17/asx_blockchain_reading_project_paused/.




959


ASIC, 22-204MR Delay to the ASX CHESS Replacement Project and Independent Review, 2022. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-204mr-delay-to-the-asx-chess-replacement-project-and-independent-review/.




960


ASIC, 22-204MR,   ASIC      03.08.2022 (  ASX  ).  ASIC  : It is very disappointing that there is a further delay to the CHESS Replacement Project.  ,          ,    Accenture    (ASIC, 22-204MR Delay to the ASX CHESS Replacement Project and Independent Review, 2022. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-204mr-delay-to-the-asx-chess-replacement-project-and-independent-review/).    2022    Ledger Insights (Ledger Insights, ASX pauses DLT settlement project, 17.11.2022. https://www.ledgerinsights.com/asx-pauses-dlt-settlement-chess/; The Register, Australian Securities Exchange pauses blockchain project, 17.11.2022. https://www.theregister.com/2022/11/17/asx_blockchain_reading_project_paused/).




961


Accenture,  2022, . 5  34.




962


Accenture,  2022, . 6.




963


Accenture,  2022, . 6: The code review highlighted the existence of a high quality Daml implementation providing considerable efficiencies relative to the current CHESS and is not contributing to the Core Issues ,  ,     -     .    ,       ,       Digital Asset (. 78);           (Accenture,  2022, . 6).




964


ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf.




965


Accenture,  2022, . 6.




966


Digital Asset, Digital Asset raises $135 million to accelerate adoption of Canton Network, 24.06.2025. https://blog.digitalasset.com/press-release/digital-asset-raises-135-million-to-accelerate-adoption-of-canton-network; Canton Network. https://canton.network/.




967


Digital Asset, - 24.06.2025: the only public, permissionless Layer-1 blockchain that offers configurable privacy and institutional-grade compliance at scale.   135    DRW  Tradeweb;    BNP Paribas, Citadel Securities,      DTCC  Goldman Sachs.    ( 400)      (Digital Asset, Digital Asset raises $135 million to accelerate adoption of Canton Network, 24.06.2025. https://blog.digitalasset.com/press-release/digital-asset-raises-135-million-to-accelerate-adoption-of-canton-network; Canton Network. https://canton.network/).




968


ASIC, 24-177MR ASIC sues ASX for alleged misleading statements, 13.08.2024, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-177mr-asic-sues-asx-for-alleged-misleading-statements/; ASIC, 26-119MR ASX admits misleading conduct relating to CHESS replacement project, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-119mr-asx-admits-misleading-conduct-relating-to-chess-replacement-project; ASIC, 26-143MR ASX ordered to pay $20.5 million penalty, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-143mr-asx-ordered-to-pay-205-million-penalty-for-misleading-conduct-relating-to-chess-replacement-project.




969


 ASIC     13.08.2024: 10.02.2022 ASX ,   progressing well      ,      21.12.2021  ;   , 28.03.2022, ASX      (ASIC, 24-177MR ASIC sues ASX for alleged misleading statements, 13.08.2024, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-177mr-asic-sues-asx-for-alleged-misleading-statements/).   15.06.2026;     2026  (ASIC, 26-143MR);  , ASX  3      ASIC.  : ASX is a gatekeeper for preserving the integrity of, and confidence in, Australias financial system and should have been setting a benchmark for accuracy and transparency in its own market disclosures. (ASIC, 26-119MR ASX admits misleading conduct relating to CHESS replacement project, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-119mr-asx-admits-misleading-conduct-relating-to-chess-replacement-project; ASIC, 26-143MR ASX ordered to pay $20.5 million penalty, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-143mr-asx-ordered-to-pay-205-million-penalty-for-misleading-conduct-relating-to-chess-replacement-project)     TCS BaNCS  Tata Consultancy Services;            ;      .   (ASX, ASX announces product based solution for CHESS replacement  industry consultation on next phase to commence in 2024, 20.11.2023, https://www.asx.com.au/content/dam/asx/about/media-releases/2023/70-20-november-2023-chess-replacement-solution-announced-and-2024-consultation.pdf).




970


ASX, ASX announces product based solution for CHESS replacement  industry consultation on next phase to commence in 2024, 20.11.2023, https://www.asx.com.au/content/dam/asx/about/media-releases/2023/70-20-november-2023-chess-replacement-solution-announced-and-2024-consultation.pdf.




971


W?st & Gervais, 2018, section IV.A  Fig. 3.




972


W?st & Gervais, 2018, section IV.A  Fig. 3.




973


W?st & Gervais, 2018, section IV.A  Fig. 3.




974


W?st & Gervais, 2018, section IV.A.




975


LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study; Wikipedia, Hyperledger ( 26.09.2026). https://en.wikipedia.org/wiki/Hyperledger; LF Decentralized Trust, About. https://www.lfdecentralizedtrust.org/about.




976


Hyperledger    Linux Foundation    (  2015 ; Fabric     IBM  Digital Asset).  ,   ;  :  2024        LF Decentralized Trust,     (Wikipedia, Hyperledger ( 26.09.2026). https://en.wikipedia.org/wiki/Hyperledger; LF Decentralized Trust, About. https://www.lfdecentralizedtrust.org/about).  Walmart    25     (LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study).




977


LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study.




978


Walmart, Walmart and Sams Club to Require Real-Time, End-to-End Food Traceability with Blockchain, 24.09.2018, https://corporate.walmart.com/content/dam/corporate/documents/press-center/in-wake-of-romaine-e-coli-scare-walmart-deploys-blockchain-to-track-leafy-greens/press-release-leafy-greens-on-blockchain.pdf.




979


Walmart, - 24.09.2018: Today, the most frequently used process to address issues in the industry is referred to as one-step-up and one-step-back traceability, which is often based on paper records    ,       IBM  11    (Walmart, Walmart and Sams Club to Require Real-Time, End-to-End Food Traceability with Blockchain, 24.09.2018, https://corporate.walmart.com/content/dam/corporate/documents/press-center/in-wake-of-romaine-e-coli-scare-walmart-deploys-blockchain-to-track-leafy-greens/press-release-leafy-greens-on-blockchain.pdf).  7   2,2        ,   ;      ,     (LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study).




980


LF Decentralized Trust (Hyperledger), How Walmart brought unprecedented transparency to the food supply chain with Hyperledger Fabric. https://www.lfdecentralizedtrust.org/case-studies/walmart-case-study.




981


Walmart, Walmart and Sams Club to Require Real-Time, End-to-End Food Traceability with Blockchain, 24.09.2018, https://corporate.walmart.com/content/dam/corporate/documents/press-center/in-wake-of-romaine-e-coli-scare-walmart-deploys-blockchain-to-track-leafy-greens/press-release-leafy-greens-on-blockchain.pdf; LF Decentralized Trust,  Walmart.




982


IBM Support, IBM Blockchain Platform software reaches end of support on April 30, 2023, https://www.ibm.com/support/pages/ibm-blockchain-platform-software-reaches-end-support-april-30-2023.




983


  2021  CoinDesk      ,  - IBM  ; IBM   (CoinDesk, IBM Blockchain Is a Shell of Its Former Self After Revenue Misses, Job Cuts: Sources, 01.02.2021, https://www.coindesk.com/business/2021/02/01/ibm-blockchain-is-a-shell-of-its-former-self-after-revenue-misses-job-cuts-sources).   IBM Blockchain Platform  30.04.2023,       Hyperledger Fabric (IBM Support, IBM Blockchain Platform software reaches end of support on April 30, 2023, https://www.ibm.com/support/pages/ibm-blockchain-platform-software-reaches-end-support-april-30-2023).




984


FDA, Drug Supply Chain Security Act Pilot Project Program: Final Program Report, May 2023, pp. 2, 11 (Table 5), 1718, https://www.fda.gov/media/168307/download.




985


PR Newswire, Leaders from 24 companies in the US Pharmaceutical Supply Chain collaborate to submit the MediLedger DSCSA Pilot Project Final Report to the FDA, 21.02.2020, https://www.prnewswire.com/news-releases/leaders-from-24-companies-in-the-us-pharmaceutical-supply-chain-collaborate-to-submit-the-mediledger-dscsa-pilot-project-final-report-to-the-fda-proposing-blockchain-for-an-interoperable-track-and-trace-system-for-us-prescription-301008871.html.




986


PR Newswire, 21.02.2020: A well-designed, industry-led, decentralized blockchain platform can successfully meet the 2023 DSCSA requirements.    ,    FDA (PR Newswire, Leaders from 24 companies in the US Pharmaceutical Supply Chain collaborate to submit the MediLedger DSCSA Pilot Project Final Report to the FDA, 21.02.2020, https://www.prnewswire.com/news-releases/leaders-from-24-companies-in-the-us-pharmaceutical-supply-chain-collaborate-to-submit-the-mediledger-dscsa-pilot-project-final-report-to-the-fda-proposing-blockchain-for-an-interoperable-track-and-trace-system-for-us-prescription-301008871.html).




987


FDA, Drug Supply Chain Security Act Pilot Project Program: Final Program Report, May 2023, pp. 2, 11 (Table 5), 1718, https://www.fda.gov/media/168307/download.




988


FDA. Drug Supply Chain Security Act Pilot Project Program: Final Program Report,  2023, . 17: Other data carriers and methods to transfer data exist and could be leveraged for supply chain security and other uses (e.g., radio frequency identification [RFID] tags, blockchain). . 18: this program report should not be viewed as FDAs endorsement of a particular technology, system, or approach used in the pilot projects.        5  (FDA, Drug Supply Chain Security Act Pilot Project Program: Final Program Report, May 2023, pp. 2, 11 (Table 5), 1718, https://www.fda.gov/media/168307/download).




989


CoinDesk, Blockchain Land Title Project Stalls in Honduras, 26.12.2015, https://www.coindesk.com/markets/2015/12/26/blockchain-land-title-project-stalls-in-honduras.




990


EU Blockchain Observatory and Forum, The Land Registry in the blockchain  testbed (2017), 31.05.2018, https://blockchain-observatory.ec.europa.eu/news/land-registry-blockchain-testbed-2017-2018-05-31_en?prefLang=fr.




991


U.S. SEC, press release 2021-121 SEC Charges Three Individuals with Insider Trading, 09.07.2021. https://www.sec.gov/newsroom/press-releases/2021-121; -    (21.12.2017): https://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468 (  ,  ).




992


Wikipedia, Long Blockchain Corp. ( 26.09.2026),    MarketWatch, 11.04.2018 (https://www.marketwatch.com/story/nasdaq-to-delist-long-blockchain-corp-underlining-fading-bitcoin-fervor-2018-04-11)  Bloomberg, 22.02.2021 (https://www.bloomberg.com/news/articles/2021-02-22/long-blockchain-delisted-by-sec-after-riding-2017-s-crypto-craze). https://en.wikipedia.org/wiki/Long_Blockchain_Corp.




993


U.S. SEC, press release 2021-121 SEC Charges Three Individuals with Insider Trading, 09.07.2021. https://www.sec.gov/newsroom/press-releases/2021-121; -    (21.12.2017): https://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468 (  ,  ).




994


SEC, - 2021-121, 09.07.2021.   ,     35 000       ,     ,             160 . .    ;   ,        (U.S. SEC, press release 2021-121 SEC Charges Three Individuals with Insider Trading, 09.07.2021. https://www.sec.gov/newsroom/press-releases/2021-121; -    (21.12.2017): https://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468 (  ,  )).   Long Blockchain (  Nasdaq 10.04.2018,   19.02.2021)    MarketWatch  Bloomberg (Wikipedia, Long Blockchain Corp. ( 26.09.2026),    MarketWatch, 11.04.2018 (https://www.marketwatch.com/story/nasdaq-to-delist-long-blockchain-corp-underlining-fading-bitcoin-fervor-2018-04-11)  Bloomberg, 22.02.2021 (https://www.bloomberg.com/news/articles/2021-02-22/long-blockchain-delisted-by-sec-after-riding-2017-s-crypto-craze). https://en.wikipedia.org/wiki/Long_Blockchain_Corp).




995


Jay Clayton, Opening Remarks at the Securities Regulation Institute, SEC, 22.01.2018. https://www.sec.gov/news/speech/speech-clayton-012218.




996


 ,  22.01.2018: The SEC is looking closely at the disclosures of public companies that shift their business models to capitalize on the perceived promise of distributed ledger technology and whether the disclosures comply with the securities laws, particularly in the case of an offering.  : (1) start to dabble in blockchain activities, (2) change its name to something like Blockchain-R-Us, and (3) immediately offer securities (Jay Clayton, Opening Remarks at the Securities Regulation Institute, SEC, 22.01.2018. https://www.sec.gov/news/speech/speech-clayton-012218).




997


Cheng S. F., De Franco G., Jiang H., Lin P. Riding the Blockchain Mania: Public Firms Speculative 8-K Disclosures. Management Science 65(12), 2019, pp. 59015913. DOI 10.1287/mnsc.2019.3357 (  Crossref: https://api.crossref.org/works/10.1287/mnsc.2019.3357).




998


Cheng S. F., De Franco G., Jiang H., Lin P. Riding the Blockchain Mania: Public Firms Speculative 8-K Disclosures. Management Science, 2019: investors overreact to a firms first 8-K disclosure of a potential foray into Blockchain technology and that overreaction is a function of the Bitcoin price bubble.        8-K   ,     (Cheng S. F., De Franco G., Jiang H., Lin P. Riding the Blockchain Mania: Public Firms Speculative 8-K Disclosures. Management Science 65(12), 2019, pp. 59015913. DOI 10.1287/mnsc.2019.3357 (  Crossref: https://api.crossref.org/works/10.1287/mnsc.2019.3357)).




999


Cheng S. F., De Franco G., Jiang H., Lin P. Riding the Blockchain Mania: Public Firms Speculative 8-K Disclosures. Management Science 65(12), 2019, pp. 59015913. DOI 10.1287/mnsc.2019.3357 (  Crossref: https://api.crossref.org/works/10.1287/mnsc.2019.3357).




1000


Riot Blockchain, Form 8-K, 04.10.2017, https://www.sec.gov/Archives/edgar/data/0001167419/000107997317000569/bioptix_8k.htm; Riot Blockchain, Form 10-K  2017 , https://www.sec.gov/Archives/edgar/data/1167419/000107997318000264/riot_10k-123117.htm.




1001


Riot Blockchain, Form 10-K  2017 .




1002


Riot Blockchain, Riot Blockchain, Inc. Announces Corporate Rebranding to Riot Platforms, Inc., GlobeNewswire, 03.01.2023, https://www.globenewswire.com/news-release/2023/01/03/2582242/0/en/Riot-Blockchain-Inc-Announces-Corporate-Rebranding-to-Riot-Platforms-Inc.html.




1003


Computer Weekly, Most CIOs not interested in massively hyped blockchain, finds Gartner, 04.05.2018, https://www.computerweekly.com/news/252440559/Most-CIOs-not-interested-in-massively-hyped-blockchain-finds-Gartner; - Gartner 03.05.2018.




1004


CIO Dive, Most blockchain applications sunk in the trough of disillusionment, Gartner says, 09.10.2019, https://www.ciodive.com/news/most-blockchain-applications-sunk-in-the-trough-of-disillusionment-gartn/564613/; The Next Web, Gartner says blockchain is sliding into the trough of disillusionment, 08.10.2019, https://thenextweb.com/news/gartner-says-blockchain-is-sliding-into-the-trough-of-disillusionment.




1005


  - (2018 CIO Survey) Gartner  03.05.2018;    ,    .     Computer Weekly (04.05.2018)   ;  - Gartner .  8%       .   77%: no interest in the technology and/or no action planned to investigate or develop it (Computer Weekly, Most CIOs not interested in massively hyped blockchain, finds Gartner, 04.05.2018, https://www.computerweekly.com/news/252440559/Most-CIOs-not-interested-in-massively-hyped-blockchain-finds-Gartner; - Gartner 03.05.2018).  , Gartner, 2019: Blockchain technologies have not yet lived up to the hype and most enterprise blockchain projects are stuck in experimentation mode.   Gartner     2028  (CIO Dive, Most blockchain applications sunk in the trough of disillusionment, Gartner says, 09.10.2019, https://www.ciodive.com/news/most-blockchain-applications-sunk-in-the-trough-of-disillusionment-gartn/564613/; The Next Web, Gartner says blockchain is sliding into the trough of disillusionment, 08.10.2019, https://thenextweb.com/news/gartner-says-blockchain-is-sliding-into-the-trough-of-disillusionment).




1006


Global Trade Review, Marco Polo brings in liquidators as funds run dry, 23.02.2023. https://www.gtreview.com/news/top-stories/marco-polo-brings-in-liquidators-as-funds-run-dry/; Irish Times, 22.02.2023. https://www.irishtimes.com/business/2023/02/22/provisional-liquidators-appointed-to-software-company-with-52m-debts/.




1007


Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/.




1008


Global Trade Review, we.trade calls it quits after running out of cash, 06.06.2022. https://www.gtreview.com/news/top-stories/we-trade-calls-it-quits-after-running-out-of-cash/.




1009


Global Trade Review, we.trade calls it quits after running out of cash, 06.06.2022. https://www.gtreview.com/news/top-stories/we-trade-calls-it-quits-after-running-out-of-cash/.




1010


Global Trade Review, Marco Polo brings in liquidators as funds run dry, 23.02.2023. https://www.gtreview.com/news/top-stories/marco-polo-brings-in-liquidators-as-funds-run-dry/; Irish Times, 22.02.2023. https://www.irishtimes.com/business/2023/02/22/provisional-liquidators-appointed-to-software-company-with-52m-debts/.




1011


Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/.




1012


we.trade: 12 -  IBM,   16   15 ;      26.05.2022 (Global Trade Review, we.trade calls it quits after running out of cash, 06.06.2022. https://www.gtreview.com/news/top-stories/we-trade-calls-it-quits-after-running-out-of-cash/). Marco Polo:  TradeIX  R3 Corda;        2019 ,   II  2020-;      ,   5,2   (Global Trade Review, Marco Polo brings in liquidators as funds run dry, 23.02.2023. https://www.gtreview.com/news/top-stories/marco-polo-brings-in-liquidators-as-funds-run-dry/; Irish Times, 22.02.2023. https://www.irishtimes.com/business/2023/02/22/provisional-liquidators-appointed-to-software-company-with-52m-debts/). Contour:    2020   R3 Corda;         10        .    GTR: The investment climate has been incredibly challenging in the past year, and like many companies, it has affected our ability to raise funds and sustain our operations. (Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/)




1013


Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/.




1014


A.P. Moller  Maersk, A.P. Moller  Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform, 29.11.2022. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens.




1015


A.P. Moller  Maersk, A.P. Moller  Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform, 29.11.2022. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens.




1016


Maersk, 29.11.2022.  , Maersk: Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved. As a result, TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business.     I  2023  (A.P. Moller  Maersk, A.P. Moller  Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform, 29.11.2022. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens).




1017


A.P. Moller  Maersk, A.P. Moller  Maersk and IBM to discontinue TradeLens, a blockchain-enabled global trade platform, 29.11.2022. https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens.




1018


UNLOCK Blockchain, SWIFT completes landmark DLT proof of concept, 12.03.2018 ( - SWIFT), https://www.unlock-bc.com/news/2018-03-12/swift-completes-landmark-dlt-proof-of-concept; - SWIFT Swift completes landmark DLT PoC, https://www.swift.com/news-events/press-releases/swift-completes-landmark-dlt-poc.




1019


  - SWIFT (UNLOCK Blockchain, 12.03.2018): To productise the solution, more than 100,000 channels would need to be established and maintained, covering all existing Nostro relationships (UNLOCK Blockchain, SWIFT completes landmark DLT proof of concept, 12.03.2018 ( - SWIFT), https://www.unlock-bc.com/news/2018-03-12/swift-completes-landmark-dlt-proof-of-concept; - SWIFT Swift completes landmark DLT PoC, https://www.swift.com/news-events/press-releases/swift-completes-landmark-dlt-poc).




1020


Broadridge, - Broadridges Distributed Ledger Repo Platform Processes $368 Billion in Average Daily Trade Volumes in November, 04.12.2025. https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november.




1021


Broadridge, - 04.12.2025:  7,4    ,  466% ,    2024 .        (Broadridge, - Broadridges Distributed Ledger Repo Platform Processes $368 Billion in Average Daily Trade Volumes in November, 04.12.2025. https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november).      .




1022


J.P. Morgan, Kinexys ( ). https://www.jpmorgan.com/kinexys/index; J.P. Morgan, Introducing Kinexys, 06.11.2024, https://www.jpmorgan.com/insights/payments/blockchain-digital-assets/introducing-kinexys.




1023


Kinexys: >$3 trillion in transaction volume across Kinexys since inception; >$7 billion in average daily transaction volume across Kinexys (   2025 ) (J.P. Morgan, Kinexys ( ). https://www.jpmorgan.com/kinexys/index).   06.11.2024      2        1,5      (J.P. Morgan, Introducing Kinexys, 06.11.2024, https://www.jpmorgan.com/insights/payments/blockchain-digital-assets/introducing-kinexys).      .




1024


J.P. Morgan Payments, First bank issues USD deposit token on a public blockchain, 12.11.2025. https://www.jpmorgan.com/payments/newsroom/jpm-coin-usd-deposit-token-institutional-clients.




1025


RWA.xyz,   BUIDL (  26.09.2026). https://app.rwa.xyz/assets/BUIDL.




1026


RWA.xyz, Tokenized Treasuries (  26.09.2026). https://app.rwa.xyz/treasuries.




1027


RWA.xyz,   26.09.2026:  BUIDL  2,24  , 107 ,     (RWA.xyz,   BUIDL (  26.09.2026). https://app.rwa.xyz/assets/BUIDL);      14,94    108  (RWA.xyz, Tokenized Treasuries (  26.09.2026). https://app.rwa.xyz/treasuries).      .




1028


RWA.xyz,   BUIDL (  26.09.2026). https://app.rwa.xyz/assets/BUIDL.




1029


BIS Innovation Hub, Project Agor, https://www.bis.org/about/bisih/topics/fmis/agora.htm; BIS Innovation Hub, Project Agor. https://www.bis.org/about/bisih/topics/fmis/agora.htm.




1030


MAS, media release First industry pilot for digital asset and decentralised finance goes live, 02.11.2022. https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live; MAS, Project Guardian. https://www.mas.gov.sg/schemes-and-initiatives/project-guardian; MAS, Project Guardian (.  12.11.2025). https://www.mas.gov.sg/schemes-and-initiatives/project-guardian; BIS Innovation Hub, Project mBridge. https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm.




1031


  Agor  - BIS 27.05.2026 (Project Agor shows how tokenisation can improve wholesale cross-border payments; work will advance to real-value testing);       2026 ,  BIS Real value testing: Twenty-eight private sector institutions and central banks completed transactions totalling approximately CHF 800,000;      80  (BIS Innovation Hub, Project Agor, https://www.bis.org/about/bisih/topics/fmis/agora.htm; BIS Innovation Hub, Project Agor. https://www.bis.org/about/bisih/topics/fmis/agora.htm).  Guardian -     2022 ;      ,   DBS  JPMorgan,             (MAS, media release First industry pilot for digital asset and decentralised finance goes live, 02.11.2022. https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live; MAS, Project Guardian. https://www.mas.gov.sg/schemes-and-initiatives/project-guardian);   (ASIC)      (MAS, Project Guardian (.  12.11.2025). https://www.mas.gov.sg/schemes-and-initiatives/project-guardian). mBridge       2021 ,          ;  2024     (BIS Innovation Hub, Project mBridge. https://www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm).




1032


CoinDesk, Swift, Chainlink Tokenization Experiment Successfully Transfers Value Across Multiple Blockchains, 31.08.2023, https://www.coindesk.com/tech/2023/08/31/swift-chainlink-tokenization-experiment-successfully-transfers-value-across-multiple-blockchains; - SWIFT    Business Wire  .




1033


Asset Servicing Times, Swift adds blockchain-based ledger to technology infrastructure, 30.09.2025, https://www.assetservicingtimes.com/assetservicesnews/paymentsarticle.php?article_id=17219; - SWIFT.




1034


Finadium, Swift announces MVP go-live of open source blockchain-based ledger in 2026, 01.04.2026, https://finadium.com/swift-announces-mvp-go-live-of-open-source-blockchain-based-ledger-in-2026/; Finovate, Swift Goes Live with New Blockchain-Based Ledger, 09.07.2026, https://finovate.com/swift-goes-live-with-new-blockchain-based-ledger/;  SWIFT Swifts blockchain ledger ready for use as 17 banks set to pioneer tokenised cross-border payments.




1035


Asset Servicing Times, 30.09.2025 (  Consensys,  30  ); Finovate, 09.07.2026 (, 17    ).       -,     SWIFT    ;       (Asset Servicing Times, Swift adds blockchain-based ledger to technology infrastructure, 30.09.2025, https://www.assetservicingtimes.com/assetservicesnews/paymentsarticle.php?article_id=17219; - SWIFT; Finadium, Swift announces MVP go-live of open source blockchain-based ledger in 2026, 01.04.2026, https://finadium.com/swift-announces-mvp-go-live-of-open-source-blockchain-based-ledger-in-2026/; Finovate, Swift Goes Live with New Blockchain-Based Ledger, 09.07.2026, https://finovate.com/swift-goes-live-with-new-blockchain-based-ledger/;  SWIFT Swifts blockchain ledger ready for use as 17 banks set to pioneer tokenised cross-border payments).




1036


MAS, media release First industry pilot for digital asset and decentralised finance goes live, 02.11.2022. https://www.mas.gov.sg/news/media-releases/2022/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live; MAS, Project Guardian. https://www.mas.gov.sg/schemes-and-initiatives/project-guardian.




1037


Exonum (Bitfury), Improving the security of a government land registry, https://exonum.com/story-georgia.




1038


New America, Blockchain and Property Rights ( PropRightsTech Primers,  ,  20182019), https://www.newamerica.org/insights/proprightstech-primers/blockchain-and-property-rights/.




1039


Exonum (Bitfury), Improving the security of a government land registry, https://exonum.com/story-georgia.




1040


Per Aarvik, Anti-corruption reforms have been successful in Georgia, but blockchain is stealing the limelight, U4 Anti-Corruption Resource Centre, 24.10.2022, https://www.u4.no/blog/anti-corruption-reforms-successful-in-georgia-blockchain-stealing-limelight.




1041


e-Estonia, KSI Blockchain. https://e-estonia.com/solutions/cyber-security/ksi-blockchain/.




1042


e-Estonia: KSI is a blockchain inspired technology designed in Estonia and used globally to ensure networks, systems, and data are free of compromise, all while retaining 100% data privacy. (e-Estonia, KSI Blockchain. https://e-estonia.com/solutions/cyber-security/ksi-blockchain/)




1043


e-Estonia, KSI Blockchain. https://e-estonia.com/solutions/cyber-security/ksi-blockchain/.




1044


e-Estonia, KSI Blockchain. https://e-estonia.com/solutions/cyber-security/ksi-blockchain/.




1045


Per Aarvik, Anti-corruption reforms have been successful in Georgia, but blockchain is stealing the limelight, U4 Anti-Corruption Resource Centre, 24.10.2022, https://www.u4.no/blog/anti-corruption-reforms-successful-in-georgia-blockchain-stealing-limelight.




1046


W?st & Gervais, 2018, section III; W?st & Gervais, 2018, Fig. 1; NISTIR 8202, 2018, Figure 6 DHS Science & Technology Directorate Flowchart, p. 42.




1047


W?st & Gervais, 2018, Fig. 1.




1048


Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).




1049


W?st & Gervais, 2018, section IV.A  Fig. 3.




1050


NISTIR 8202, 2018, section 2.2, pp. 56.




1051


Broadridge, - Broadridges Distributed Ledger Repo Platform Processes $368 Billion in Average Daily Trade Volumes in November, 04.12.2025. https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november; ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf; Global Trade Review, Marco Polo brings in liquidators as funds run dry, 23.02.2023. https://www.gtreview.com/news/top-stories/marco-polo-brings-in-liquidators-as-funds-run-dry/; Irish Times, 22.02.2023. https://www.irishtimes.com/business/2023/02/22/provisional-liquidators-appointed-to-software-company-with-52m-debts/; ASIC, 26-119MR ASX admits misleading conduct relating to CHESS replacement project, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-119mr-asx-admits-misleading-conduct-relating-to-chess-replacement-project; ASIC, 26-143MR ASX ordered to pay $20.5 million penalty, 2026, https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2026-releases/26-143mr-asx-ordered-to-pay-205-million-penalty-for-misleading-conduct-relating-to-chess-replacement-project.




1052


ASX, ASX will reassess all aspects of the CHESS replacement project and derecognise capitalised software of $245-255 million pre-tax in 1H23, 17.11.2022, https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf; Accenture, ASX CHESS Replacement Application Delivery Review, November 2022, . 18  . 6 (PDF, : https://www.euromoney.com/pdf/asx-chess-replacement-application-delivery-review-2022-pdf/; ASX   https://www.asx.com.au/content/dam/asx/about/media-releases/2022/60-17-november-2022-CHESS-Replacement-ASX-reassessing-financial-derecognition_.pdf      ).




1053


U.S. SEC, press release 2021-121 SEC Charges Three Individuals with Insider Trading, 09.07.2021. https://www.sec.gov/newsroom/press-releases/2021-121; -    (21.12.2017): https://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468 (  ,  ); Global Trade Review, Exclusive: Contour to shut down as bank shareholders pull funding, 27.10.2023. https://www.gtreview.com/news/top-stories/exclusive-contour-to-shut-down-as-bank-shareholders-pull-funding/; Riot Blockchain, Riot Blockchain, Inc. Announces Corporate Rebranding to Riot Platforms, Inc., GlobeNewswire, 03.01.2023, https://www.globenewswire.com/news-release/2023/01/03/2582242/0/en/Riot-Blockchain-Inc-Announces-Corporate-Rebranding-to-Riot-Platforms-Inc.html.




1054


Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.




1055


Bitstamp,  API v2,   BTC/USD   ,   26.09.2026.       ;      (, 14.01.2015    171,41 ) (Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000).  2011     :   Mt. Gox (08.06.2011),    Bitstamp,         ,      ,      ;    2,25  21.11.2011 (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki).  20192020      :     15.12.2018  13.03.2020  13 880  26.06.2019 (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600).     Bitstamp  57 734,63  01.07.2026;    59 930 (  2026 )  58 035 (25.06.2026) (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000).      .




1056


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki.




1057


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki.




1058


Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki.




1059


    (Bitstamp);  2011  V. Ganne (Swissquote), TradingView, 17.11.2025,   Glassnode, https://www.tradingview.com/chart/BTC_ATHDRAWDOWN/9AUq2iAG-Bitcoin-What-Historical-Drawdown-in-a-Bear-Market/; CoinDesk, 24.09.2026.




1060


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600.




1061


Bitstamp:     10 500,50  13.02.2020,   3 850  13.03.2020;   63%  29  (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600).




1062


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.




1063


    (Bitstamp).




1064


    (Bitstamp).




1065


    (Bitstamp);  2011  V. Ganne (Swissquote), TradingView, 17.11.2025,   Glassnode, https://www.tradingview.com/chart/BTC_ATHDRAWDOWN/9AUq2iAG-Bitcoin-What-Historical-Drawdown-in-a-Bear-Market/; CoinDesk, 24.09.2026.




1066


Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.




1067


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000.




1068


Bitstamp:   15.12.2018    30.11.2020 (19 864,15)  716 ;   21.11.2022    05.03.2024 (69 210)  470  (Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000).




1069


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1583798400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1581465600.




1070


O. Godbole, Bitcoins Crash Triggers Over $700M in Liquidations on BitMEX, CoinDesk, 12.03.2020 (  Skew), https://www.coindesk.com/markets/2020/03/12/bitcoins-crash-triggers-over-700m-in-liquidations-on-bitmex.




1071


FRED,  M2SL (M2,  ,  .): https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2020-01-01&coed=2023-12-01.




1072


Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf.




1073


Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf.




1074


Minsky H. P. The Financial Instability Hypothesis. Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67: Hedge financing units are those which can fulfill all of their contractual payment obligations by their cash flows For Ponzi units, the cash flows from operations are not sufficient to fulfill either the repayment of principle or the interest due on outstanding debts  principle     (Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf).




1075


Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf.




1076


Minsky, 1992, pp. 78.




1077


 , pp. 78.      : The second theorem of the financial instability hypothesis is that over periods of prolonged prosperity, the economy transits from financial relations that make for a stable system to financial relations that make for an unstable system. (Minsky, 1992, pp. 78)




1078


Minsky, 1992, p. 8.




1079


 , p. 8: speculative units will become Ponzi units and the net worth of previously Ponzi units will quickly evaporate. Consequently, units with cash flow shortfalls will be forced to try to make position by selling out position. This is likely to lead to a collapse of asset values. (Minsky, 1992, p. 8)




1080


FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01; Galaxy Research, Q2 2026.




1081


Minsky, 1992, p. 8.




1082


 , p. 8: The financial instability hypothesis is a model of a capitalist economy which does not rely upon exogenous shocks to generate business cycles of varying severity. (Minsky, 1992, p. 8)   ,     ,     (PIMCO)  1998 ;     .     ,      (Wikipedia, Minsky moment, https://en.wikipedia.org/wiki/Minsky_moment (   P. McCulley, Playing solitaire with a deck of 51, PIMCO Global Central Bank Focus, April 2009, : https://web.archive.org/web/20090416003203/http://www.pimco.com/LeftNav/Featured+Market+Commentary/FF/2009/Global+Central+Bank+Focus+April+2009+Money+Marketeers+Solitaire+McCulley.htm)).




1083


 Crossref: https://api.crossref.org/works/10.1007/978-3-031-16008-0_2; https://api.crossref.org/works/10.1007/978-3-031-16008-0_14; : DOI 10.1007/978-3-031-16008-0 (ISBN 978-3-031-16007-3 , 978-3-031-16008-0 );   1978  DOI 10.1007/978-1-349-04338-5.




1084


P. Mehrling, Minsky and Kindleberger: Fellow Traveling Theorists of National and International Financial Instability, Boston University Global Development Policy Center, GEGI Working Paper 059, March 2023, pp. 34, https://www.bu.edu/gdp/files/2023/03/GEGI_WP_059_FIN.pdf ( Kindleberger 1978, p. 15).




1085


R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, The Anatomy of a Typical Crisis,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, Cham, 2023, pp. 1735, DOI 10.1007/978-3-031-16008-0_2; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_2.html.




1086


Aliber R. Z., Kindleberger C. P., McCauley R. N. The Anatomy of a Typical Crisis // Manias, Panics, and Crashes. 8th ed. Palgrave Macmillan, 2023, pp. 1735,  : A displacement that flags a novel profit opportunity can lead to speculation, credit expansion, and euphoria; financial distress follows and then crisis that ends in a panic and crash.    ,      (R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, The Anatomy of a Typical Crisis,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, Cham, 2023, pp. 1735, DOI 10.1007/978-3-031-16008-0_2; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_2.html).       ,        .      ,             (, , , ),     1978      1972 :       ,         ,         (P. Mehrling, Minsky and Kindleberger: Fellow Traveling Theorists of National and International Financial Instability, Boston University Global Development Policy Center, GEGI Working Paper 059, March 2023, pp. 34, https://www.bu.edu/gdp/files/2023/03/GEGI_WP_059_FIN.pdf ( Kindleberger 1978, p. 15)).       :    .




1087


Wikipedia, Economic bubble,   , https://en.wikipedia.org/wiki/Economic_bubble     Kindleberger C., Manias, Panics and Crashes: A History of Financial Crises, 4th ed., Palgrave Macmillan, 2001, pp. 1322.




1088


       (Wikipedia, Economic bubble,    4-  , 2001, pp. 1322) (Wikipedia, Economic bubble,   , https://en.wikipedia.org/wiki/Economic_bubble     Kindleberger C., Manias, Panics and Crashes: A History of Financial Crises, 4th ed., Palgrave Macmillan, 2001, pp. 1322). ,       2  ,       ,      : musty terms used by earlier generations of economists including Adam Smith, John Stuart Mill, Knut Wicksell, and Irving Fisher (R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, The Anatomy of a Typical Crisis,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, Cham, 2023, pp. 1735, DOI 10.1007/978-3-031-16008-0_2; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_2.html).




1089


Mehrling, 2023, p. 5.




1090


    : Speculative Manias, Fueling the Flames: Monetary Expansion, The Emergence of Swindles, The Critical Stage, International Propagation.   2005        Fueling the Flames: The Expansion of Credit,       (Mehrling, 2023, p. 5).




1091


Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.




1092


M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust.




1093


A bubbles fuel is easy money and credit. Without cheap and bountiful funds for investment, there is no opportunity for asset prices to be bid higher.       CFA Institute (M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust).




1094


M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust.




1095


Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.




1096


Quinn W., Turner J. D. Boom and Bust: A Global History of Financial Bubbles. Cambridge University Press, 2020, . 1 The Bubble Triangle, : either technological change or a government policy decision.  : some bubbles may be useful (Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677).       .  (CFA Institute, 22.11.2021),     ;     (M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust).        .




1097


M. S. Rzepczynski, Book Review: Boom and Bust, CFA Institute, Enterprising Investor, 22.11.2021, https://rpc.cfainstitute.org/blogs/enterprising-investor/2021/book-review-boom-and-bust.




1098


Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.




1099


Cambridge Core,   12, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-12/type/book_part;   Crossref, DOI 10.1017/9781108367677.012.




1100


W. Quinn, Which historical bubble is most like the crypto bubble?,       Attack of the 50 Foot Blockchain, 05.01.2023, https://davidgerard.co.uk/blockchain/2023/01/05/which-historical-bubble-is-most-like-the-crypto-bubble-by-william-quinn/.




1101


R. J. Shiller, Narrative Economics, American Economic Review 107(4), April 2017, pp. 9671004, DOI 10.1257/aer.107.4.967, https://www.aeaweb.org/articles?id=10.1257/aer.107.4.967.




1102


Shiller R. J. Narrative Economics. American Economic Review 107(4), 2017, pp. 9671004: The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. (R. J. Shiller, Narrative Economics, American Economic Review 107(4), April 2017, pp. 9671004, DOI 10.1257/aer.107.4.967, https://www.aeaweb.org/articles?id=10.1257/aer.107.4.967)




1103


Yale Insights, 19.10.2017.




1104


Princeton University Press,  , https://press.princeton.edu/books/hardcover/9780691182292/narrative-economics.




1105


Smithsonian; E. A. Thompson, The tulipmania: Fact or artifact?, Public Choice 130, 2007, pp. 99114, https://link.springer.com/article/10.1007/s11127-006-9074-4.




1106


Smithsonian; E. A. Thompson, The tulipmania: Fact or artifact?, Public Choice 130, 2007, pp. 99114, https://link.springer.com/article/10.1007/s11127-006-9074-4.




1107


L. Boissoneault, There Never Was a Real Tulip Fever, Smithsonian Magazine, 18.09.2017, https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/; : A. Goldgar, Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age, University of Chicago Press, 2007, https://press.uchicago.edu/ucp/books/book/chicago/T/bo5414939.html.




1108


Smithsonian Magazine, 18.09.2017,   . ,   Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age (University of Chicago Press, 2007): I couldnt find anybody that went bankrupt. / There werent that many people involved and the economic repercussions were pretty minor. (L. Boissoneault, There Never Was a Real Tulip Fever, Smithsonian Magazine, 18.09.2017, https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/; : A. Goldgar, Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age, University of Chicago Press, 2007, https://press.uchicago.edu/ucp/books/book/chicago/T/bo5414939.html)




1109


A. Odlyzko, Newtons financial misadventures in the South Sea Bubble, Notes and Records: the Royal Society Journal of the History of Science 73(1), 2019, pp. 2959, https://royalsocietypublishing.org/doi/pdf/10.1098/rsnr.2018.0018; : https://www-users.cse.umn.edu/~odlyzko/doc/mania13.pdf.




1110


Odlyzko, 2019, . 13 .




1111


Odlyzko A. Newtons financial misadventures in the South Sea Bubble. Notes and Records: the Royal Society Journal of the History of Science 73(1), 2019: This is the earliest known version of the madness of the people story It does not have the extra flourish about computing the motions of the heavenly bodies that is common.     1756 ,   1820-;      (A. Odlyzko, Newtons financial misadventures in the South Sea Bubble, Notes and Records: the Royal Society Journal of the History of Science 73(1), 2019, pp. 2959, https://royalsocietypublishing.org/doi/pdf/10.1098/rsnr.2018.0018; : https://www-users.cse.umn.edu/~odlyzko/doc/mania13.pdf).  : His losses, even by conservative accounting, almost surely exceeded ?10,000, and plausible methods easily produce values that exceed the ?20,000 figure that family lore claimed  20 000      (1797);  , -,   1860- (Odlyzko, 2019, . 13 ).




1112


Odlyzko, 2019,  8 , . 20.




1113


Quinn, 2023.




1114


Quinn, 2023.




1115


Quinn, 2023: the market was deliberately created with the intention of causing a bubble; We can never completely rule it out  contagion mechanisms are complicated  but its almost inconceivable that its bursting will cause an economic or financial crisis. (Quinn, 2023)




1116


A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.




1117


A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.




1118


Rolnick A. J., Weber W. E. New Evidence on the Free Banking Era. American Economic Review 73(5), 1983, pp. 10801091.   -, , , ;    1,6   ( 1,42,1 ): Our preliminary conclusion from this evidence is that it is misleading to characterize the overall free banking experience as a failure of laissez-faire banking.     45,6    ( 1859 ).      .  (FRB Atlanta Economic Review, 1996) (A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673).




1119


A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.




1120


A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.




1121


FRED,  NASDAQCOM (NASDAQ Composite Index,  ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2000-03-08&coed=2000-03-14; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2002-10-07&coed=2002-10-11; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2015-04-20&coed=2015-04-24; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000.




1122


FRED,  NASDAQCOM (NASDAQ Composite Index,  ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2000-03-08&coed=2000-03-14; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2002-10-07&coed=2002-10-11; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2015-04-20&coed=2015-04-24.




1123


FRED, NASDAQCOM,  : 5048,62  10.03.2000; 1114,11  09.10.2002; 5056,06  23.04.2015 (FRED,  NASDAQCOM (NASDAQ Composite Index,  ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2000-03-08&coed=2000-03-14; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2002-10-07&coed=2002-10-11; https://fred.stlouisfed.org/graph/fredgraph.csv?id=NASDAQCOM&cosd=2015-04-20&coed=2015-04-24).




1124


Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; Galaxy Research, Q3 2025.




1125


Galaxy Research:        220,37   06.10.2025 (  III . 2025 , 19.11.2025);      III . 2025   73,59       78,69       II . 2026  (Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; Galaxy Research, Q3 2025).   ( 133   ,       )    Galaxy  II . 2025 , .  5 (Z. Pokorny, The State of Crypto Leverage  Q2 2025, Galaxy Research, 14.08.2025, https://www.galaxy.com/insights/research/the-state-of-crypto-leverage-q2-2025). Galaxy     ;        ( CoinDesk  217   10.10.2025) (CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto).




1126


Ethena, Ethena Overview, https://docs.ethena.fi/overview/ethena-overview.md ( 26.09.2026); BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false.




1127


BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false.




1128


BitMEX,  API,   XBTUSD;   04:00, 12:00  20:00   ;   26.09.2026.            ( 0,01%   ),            ;       .         ( ? 3 ? 365),    .  BitMEX    2020   ,    20212025       ,         (BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false; BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2025-09-28&endTime=2025-10-14&count=100&reverse=false).




1129


M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm.




1130


Schmeling M., Schrimpf A., Todorov K. Crypto carry. BIS Working Paper 1087, April 2023: can become very large (up to 60% p.a.) and varies strongly over time (M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm).        ø,       .




1131


M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm.




1132


O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; O. Godbole, Bitcoins Crash Triggers Over $700M in Liquidations on BitMEX, CoinDesk, 12.03.2020 (  Skew), https://www.coindesk.com/markets/2020/03/12/bitcoins-crash-triggers-over-700m-in-liquidations-on-bitmex.




1133


Hyman P. Minsky, The Financial Instability Hypothesis, Levy Economics Institute, Working Paper No. 74, May 1992, pp. 67, https://www.levyinstitute.org/pubs/wp74.pdf.




1134


R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html.




1135


R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html.




1136


Bitcoin is more akin to a decentralized pump and dump scheme with a negative sum. (R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html)




1137


Cambridge Core,   1 The Bubble Triangle, . 115, https://www.cambridge.org/core/product/identifier/9781108367677%23CN-bp-1/type/book_part; DOI  10.1017/9781108367677.




1138


Three Questions: Prof. Robert Shiller on Bitcoin, Yale Insights (Yale School of Management), 19.10.2017, https://insights.som.yale.edu/insights/three-questions-prof-robert-shiller-on-bitcoin.




1139


Three Questions: Prof. Robert Shiller on Bitcoin, Yale Insights (Yale School of Management), 19.10.2017, https://insights.som.yale.edu/insights/three-questions-prof-robert-shiller-on-bitcoin.




1140


Three Questions: Prof. Robert Shiller on Bitcoin. Yale Insights, 19.10.2017: The 2013 rise in value of Bitcoin was driven by some basic stories that have great resonance; glamorous spy-vs-spy appeal, like a James Bond movie; In 2017, the second rise in Bitcoin appears to have something to do with the appearance of ICOs which give Bitcoin an investment banking patina too; Bitcoin is the best example today of a speculative bubble, at least as I define a bubble. (Three Questions: Prof. Robert Shiller on Bitcoin, Yale Insights (Yale School of Management), 19.10.2017, https://insights.som.yale.edu/insights/three-questions-prof-robert-shiller-on-bitcoin)




1141


A. Oyedele, ROBERT SHILLER: Bitcoin is the best example right now of a bubble, Business Insider ( Yahoo Finance), 05.09.2017, https://finance.yahoo.com/news/robert-shiller-bitcoin-best-example-151300765.html.




1142


 2014  (  ): an amazing example of a bubble;  2017  ( Quartz   Business Insider, 05.09.2017): the best example right now;        4337  (A. Oyedele, ROBERT SHILLER: Bitcoin is the best example right now of a bubble, Business Insider ( Yahoo Finance), 05.09.2017, https://finance.yahoo.com/news/robert-shiller-bitcoin-best-example-151300765.html).




1143


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=6&start=1513209600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=8&start=1544486400; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.




1144


R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm.




1145


Auer R., Cornelli G., Doerr S., Frost J., Gambacorta L. Crypto trading and Bitcoin prices: evidence from a new database of retail adoption. BIS Working Paper 1049, 14.11.2022: when the price of Bitcoin rises, more people download and actively use crypto exchange apps (R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm).




1146


R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm.




1147


R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm.




1148


B. Popik, There is nothing so disturbing to ones well-being and judgment as to see a friend get rich, The Big Apple (barrypopik.com), https://barrypopik.com/index.php/new_york_city/entry/there_is_nothing_so_disturbing_to_ones_well_being_and_judgment_as_to_see_a.




1149


There is nothing so disturbing to ones well-being and judgment as to see a friend get rich. Kindleberger C. P. Manias, Panics and Crashes, 1978, p. 15     ,      ;        (B. Popik, There is nothing so disturbing to ones well-being and judgment as to see a friend get rich, The Big Apple (barrypopik.com), https://barrypopik.com/index.php/new_york_city/entry/there_is_nothing_so_disturbing_to_ones_well_being_and_judgment_as_to_see_a).




1150


W. Quinn, Which historical bubble is most like the crypto bubble?,       Attack of the 50 Foot Blockchain, 05.01.2023, https://davidgerard.co.uk/blockchain/2023/01/05/which-historical-bubble-is-most-like-the-crypto-bubble-by-william-quinn/.




1151


Quinn W. Which historical bubble is most like the crypto bubble?     .  Attack of the 50 Foot Blockchain, 05.01.2023: During 2021, the crypto exchanges facilitated all of these: they provided liquidity, used stablecoins to create a new flexible money supply    ,       : somewhere between a bubble and a fraud (W. Quinn, Which historical bubble is most like the crypto bubble?,       Attack of the 50 Foot Blockchain, 05.01.2023, https://davidgerard.co.uk/blockchain/2023/01/05/which-historical-bubble-is-most-like-the-crypto-bubble-by-william-quinn/).




1152


Mehrling, 2023, p. 5.




1153


BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false.




1154


BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false.




1155


BitMEX, XBTUSD, 26   34   8  19  2017 : 0,375% ? 3 ? 1,1%  , ? 365 ? 410%    .    , 0,375%          (BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false).




1156


Galaxy Research, Q3 2025.




1157


Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.




1158


Yale Insights, 19.10.2017.




1159


Three Questions: Prof. Robert Shiller on Bitcoin. Yale Insights, 19.10.2017: Usually nothing exogenous is needed to reverse a bubble. The bubble just wears off, as Bitcoin did starting in 2014. (Yale Insights, 19.10.2017)




1160


Minsky, 1992, p. 8.




1161


R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, The Anatomy of a Typical Crisis,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, Cham, 2023, pp. 1735, DOI 10.1007/978-3-031-16008-0_2; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_2.html.




1162


Wikipedia, Economic bubble,   , https://en.wikipedia.org/wiki/Economic_bubble     Kindleberger C., Manias, Panics and Crashes: A History of Financial Crises, 4th ed., Palgrave Macmillan, 2001, pp. 1322.




1163


O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; O. Godbole, Bitcoin Drops Below $31K Before Rebounding; $8B in Liquidations Triggered, CoinDesk, 19.05.2021 (  Bybt), https://www.coindesk.com/markets/2021/05/19/bitcoin-drops-below-31k-before-rebounding-8b-in-liquidations-triggered.




1164


CoinDesk, 19.04.2021  19.05.2021,    Bybt ( CoinGlass): 18   10      5,77  23  2021 ,  90%   ; 19   8 .    19     17 :        (O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; O. Godbole, Bitcoin Drops Below $31K Before Rebounding; $8B in Liquidations Triggered, CoinDesk, 19.05.2021 (  Bybt), https://www.coindesk.com/markets/2021/05/19/bitcoin-drops-below-31k-before-rebounding-8b-in-liquidations-triggered).  BitMEX:  2021   0,2997%    10.04.2021  20:00    (?328%    ); 0,1954% 18.02.2021 (?214%);      0,0719% (21.10.2021),       0,0605% (?66%) (BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false).




1165


BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false.




1166


Minsky, 1992, p. 8.




1167


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.




1168


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.




1169


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.




1170


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025: Total perpetual futures open interest across major exchanges dropped 43%, falling from $217 billion on October 10 to $123 billion on October 11. (CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto)




1171


T. Shen, Hyperliquid founder says certain CEXs may underreport liquidations, The Block, 13.10.2025, https://www.theblock.co/post/374311/hyperliquid-founder-says-certain-cexs-may-underreport-liquidations.




1172


The Block, 13.10.2025.          CoinGlass  Binance (Binance only reports one liquidation order per second);   100     Hyperliquid  ,    Binance: this could easily be 100x under-reporting under some conditions (T. Shen, Hyperliquid founder says certain CEXs may underreport liquidations, The Block, 13.10.2025, https://www.theblock.co/post/374311/hyperliquid-founder-says-certain-cexs-may-underreport-liquidations).  2020  2021      ,       ; 702    BitMEX   2020        2018-,     (O. Godbole, Bitcoins Crash Triggers Over $700M in Liquidations on BitMEX, CoinDesk, 12.03.2020 (  Skew), https://www.coindesk.com/markets/2020/03/12/bitcoins-crash-triggers-over-700m-in-liquidations-on-bitmex).




1173


O. Godbole, Bitcoins Crash Triggers Over $700M in Liquidations on BitMEX, CoinDesk, 12.03.2020 (  Skew), https://www.coindesk.com/markets/2020/03/12/bitcoins-crash-triggers-over-700m-in-liquidations-on-bitmex; O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto.




1174


BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2022-11-05&endTime=2022-11-25&count=100&reverse=false.




1175


BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2022-11-05&endTime=2022-11-25&count=100&reverse=false; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000.




1176


Galaxy Research, Q2 2026.




1177


Galaxy Research, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026: 56,16     II . 2026    78,69 ,     ?10%, ?5%  ?17%;   ?28,6%. 40%,    ,     (.  5) (Galaxy Research, Q2 2026).      .




1178


Galaxy Research, Q2 2026.




1179


Minsky, 1992, p. 8.




1180


R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html.




1181


Aliber, Kindleberger, McCauley. Bitcoin: Worse Than a Ponzi // Manias, Panics, and Crashes. 8th ed., 2023, pp. 349371, : The end game for bitcoin and its ilk could see investor revulsion at the abuses of the centralized institutions that have sprung up to trade it, including exchanges and near monies, so-called stablecoins.    2003 ;          ,          (R. Z. Aliber, C. P. Kindleberger, R. N. McCauley, Bitcoin: Worse Than a Ponzi,  . Manias, Panics, and Crashes, 8th ed., Palgrave Macmillan, 2023, pp. 349371, DOI 10.1007/978-3-031-16008-0_14; : https://ideas.repec.org/h/spr/sprchp/978-3-031-16008-0_14.html).




1182


BIS Working Paper 1049; : G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto shocks and retail losses, BIS Bulletin No 69, 20.02.2023, https://www.bis.org/publ/bisbull69.htm.




1183


Cornelli G., Doerr S., Frost J., Gambacorta L. Crypto shocks and retail losses. BIS Bulletin No 69, 20.02.2023: a majority of crypto app users in nearly all economies made losses on their bitcoin holdings.    (BIS Working Paper 1049, 14.11.2022,  ,   . ): around three-quarters of users have lost money on their Bitcoin investments.  :          ,     (BIS Working Paper 1049; : G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto shocks and retail losses, BIS Bulletin No 69, 20.02.2023, https://www.bis.org/publ/bisbull69.htm).




1184


BIS Working Paper 1049; : G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto shocks and retail losses, BIS Bulletin No 69, 20.02.2023, https://www.bis.org/publ/bisbull69.htm.




1185


BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2017-12-05&endTime=2017-12-20&count=100&reverse=false; BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false; BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2025-09-28&endTime=2025-10-14&count=100&reverse=false.




1186


M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm.




1187


BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false.




1188


CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.




1189


BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2025-09-28&endTime=2025-10-14&count=100&reverse=false.




1190


:    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).




1191


   : 09.07.2016 ? 17.12.2017; 11.05.2020 ? 10.11.2021; 20.04.2024 ? 06.10.2025.   ,   28.11.2012   30.11.2013,  367  (:    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp)).




1192


O. Godbole, Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions, CoinDesk, 17.04.2024 (  Goldman Sachs FICC and Equities  12.04.2024), https://www.coindesk.com/markets/2024/04/17/goldman-cautions-against-extrapolating-previous-bitcoin-halving-cycles-for-price-predictions.




1193


CoinDesk, 17.04.2024,   Goldman Sachs FICC and Equities  12.04.2024: Caution should be taken against extrapolating the past cycles and the impact of halving, given the respective prevailing macro conditions. (O. Godbole, Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions, CoinDesk, 17.04.2024 (  Goldman Sachs FICC and Equities  12.04.2024), https://www.coindesk.com/markets/2024/04/17/goldman-cautions-against-extrapolating-previous-bitcoin-halving-cycles-for-price-predictions)




1194


O. Godbole, Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions, CoinDesk, 17.04.2024 (  Goldman Sachs FICC and Equities  12.04.2024), https://www.coindesk.com/markets/2024/04/17/goldman-cautions-against-extrapolating-previous-bitcoin-halving-cycles-for-price-predictions.




1195


O. Godbole, Goldman Cautions Against Extrapolating Previous Bitcoin Halving Cycles for Price Predictions, CoinDesk, 17.04.2024 (  Goldman Sachs FICC and Equities  12.04.2024), https://www.coindesk.com/markets/2024/04/17/goldman-cautions-against-extrapolating-previous-bitcoin-halving-cycles-for-price-predictions.




1196


:    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).




1197


R. J. Shiller, Narrative Economics, American Economic Review 107(4), April 2017, pp. 9671004, DOI 10.1257/aer.107.4.967, https://www.aeaweb.org/articles?id=10.1257/aer.107.4.967; :    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).




1198


:    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).




1199


FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01.




1200


FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01.




1201


FRED,  M2SL (M2,  ,  .): https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2020-01-01&coed=2023-12-01.




1202


FRED:      (FEDFUNDS,   )   0,08%   2022 , 5,33%   2023-,  3,633,64%  2026 ; M2 (M2SL,   )  15,49     2020 , 21,79    2022-, 20,74    2023-.    18    3850  (13.03.2020)  69 000 (10.11.2021), Bitstamp (FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01; FRED,  M2SL (M2,  ,  .): https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2020-01-01&coed=2023-12-01).




1203


T. Adrian, T. Iyer, M. Qureshi, Crypto Prices Move More in Sync With Stocks, Posing New Risks, IMF Blog, 11.01.2022, https://www.imf.org/en/blogs/articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks.




1204


T. Adrian, T. Iyer, M. Qureshi, Crypto Prices Move More in Sync With Stocks, Posing New Risks, IMF Blog, 11.01.2022, https://www.imf.org/en/blogs/articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks.




1205


L. Alden, September 2024 Newsletter, https://www.lynalden.com/september-2024-newsletter/.




1206


Alden L. September 2024 Newsletter: Bitcoin has been highly correlated with global liquidity, and I expect that to continue.    83%     M2,   ,   ,       (L. Alden, September 2024 Newsletter, https://www.lynalden.com/september-2024-newsletter/).




1207


S. Karau, Monetary policy and Bitcoin, Deutsche Bundesbank Discussion Paper No 41/2021, : https://ideas.repec.org/p/zbw/bubdps/412021.html;  : https://www.bundesbank.de/en/publications/research/discussion-papers/monetary-policy-and-bitcoin-880226;  : Journal of International Money and Finance 137, 2023, 102880.




1208


Karau S. Monetary policy and Bitcoin. Deutsche Bundesbank Discussion Paper No 41/2021;    Journal of International Money and Finance 137, 2023, 102880: a disinflationary monetary tightening by the ECB lowers valuations  consistent with the notion of Bitcoin as a digital gold , whereas a Fed tightening increases Bitcoin prices.     ;       (S. Karau, Monetary policy and Bitcoin, Deutsche Bundesbank Discussion Paper No 41/2021, : https://ideas.repec.org/p/zbw/bubdps/412021.html;  : https://www.bundesbank.de/en/publications/research/discussion-papers/monetary-policy-and-bitcoin-880226;  : Journal of International Money and Finance 137, 2023, 102880;  Crossref  OpenAlex: https://api.crossref.org/works/10.1016/j.jimonfin.2023.102880;  SSRN 2021, DOI 10.2139/ssrn.3988527).




1209


S. Karau, Monetary policy and Bitcoin, Deutsche Bundesbank Discussion Paper No 41/2021, : https://ideas.repec.org/p/zbw/bubdps/412021.html;  : https://www.bundesbank.de/en/publications/research/discussion-papers/monetary-policy-and-bitcoin-880226;  : Journal of International Money and Finance 137, 2023, 102880.




1210


FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01.




1211


FRED, M2SL: 22,41     2026 , 23,34    2026- (FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400).




1212


FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400.




1213


FRED, M2SL, https://fred.stlouisfed.org/graph/fredgraph.csv?id=M2SL&cosd=2024-01-01&coed=2026-09-01; FEDFUNDS;   https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400.




1214


Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; FRED, Federal Reserve Bank of St. Louis,  FEDFUNDS (Effective Federal Funds Rate,    ): https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2021-12-01&coed=2023-09-01; https://fred.stlouisfed.org/graph/fredgraph.csv?id=FEDFUNDS&cosd=2024-06-01&coed=2026-09-01.




1215


T. Shen, Hyperliquid founder says certain CEXs may underreport liquidations, The Block, 13.10.2025, https://www.theblock.co/post/374311/hyperliquid-founder-says-certain-cexs-may-underreport-liquidations.




1216


Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.




1217


BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2025-09-28&endTime=2025-10-14&count=100&reverse=false; Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.




1218


R. Auer, G. Cornelli, S. Doerr, J. Frost, L. Gambacorta, Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, BIS Working Paper 1049, 14.11.2022, https://www.bis.org/publ/work1049.htm; M. Schmeling, A. Schrimpf, K. Todorov, Crypto carry, BIS Working Paper 1087, April 2023, https://www.bis.org/publ/work1087.htm; CoinDesk Research, Market Spotlight: Inside Cryptos $19 Billion Liquidation Event, 17.10.2025 ( 30.10.2025), https://www.coindesk.com/research/market-spotlight-the-19-billion-liquidation-that-shook-crypto; Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest; Galaxy Research, Q3 2025; Galaxy Research, Q2 2026; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1636329600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1668816000; O. Godbole, Crypto Futures Saw Record $10B Worth of Liquidations on Sunday, CoinDesk, 19.04.2021 (  Bybt    CoinGlass), https://www.coindesk.com/markets/2021/04/19/crypto-futures-saw-record-10b-worth-of-liquidations-on-sunday; T. Shen, Hyperliquid founder says certain CEXs may underreport liquidations, The Block, 13.10.2025, https://www.theblock.co/post/374311/hyperliquid-founder-says-certain-cexs-may-underreport-liquidations; BitMEX API: https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-02-01&endTime=2021-02-28&count=100&reverse=false; https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2021-10-25&endTime=2021-11-12&count=100&reverse=false; BitMEX API, https://www.bitmex.com/api/v1/funding?symbol=XBTUSD&startTime=2022-11-05&endTime=2022-11-25&count=100&reverse=false.




1219


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.




1220


Z. Pokorny, The State of Crypto Leverage  Q3 2025, Galaxy Research, 19.11.2025, https://www.galaxy.com/insights/research/crypto-leverage-q3-2025-defi-cefi-lending-digital-asset-treasury-debt-futures-perpetuals; Z. Pokorny, The State of Crypto Leverage Q2 2026: An Orderly, Measured Decline, 17.08.2026, https://www.galaxy.com/insights/research/crypto-leverage-report-q2-2026-defi-lending-decline-futures-open-interest.




1221


Galaxy Research, Q2 2026.




1222


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.




1223


WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html; Wikipedia, Mt. Gox (  Bloomberg, Reuters, Wired), https://en.wikipedia.org/wiki/Mt._Gox.




1224


Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.




1225


CoinDesk, Down More than 70% in 2018, Bitcoin Closes Its Worst Year on Record, 02.01.2019, https://www.coindesk.com/markets/2019/01/02/down-more-than-70-in-2018-bitcoin-closes-its-worst-year-on-record.




1226


Bitcoin Wiki, History,  2009, https://en.bitcoin.it/wiki/History.




1227


R. Manly, The Very Early Bitcoin Exchanges of 2009 to 2011, BullionStar, https://www.bullionstar.com/blogs/ronan-manly/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/ (   NLS: web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate).




1228


Manly R. The Very Early Bitcoin Exchanges of 2009 to 2011. BullionStar     New Liberty Standard: dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days.   Bitcoin Wiki (History): theymos thought NLS was overcharging (R. Manly, The Very Early Bitcoin Exchanges of 2009 to 2011, BullionStar, https://www.bullionstar.com/blogs/ronan-manly/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/ (   NLS: web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate); Bitcoin Wiki, History,  2009, https://en.bitcoin.it/wiki/History).




1229


R. Manly, The Very Early Bitcoin Exchanges of 2009 to 2011, BullionStar, https://www.bullionstar.com/blogs/ronan-manly/dawn-of-bitcoin-price-discovery-2009-2011-the-very-early-bitcoin-exchanges/ (   NLS: web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange+Rate).




1230


Bitcoin Wiki, History ( ), https://en.bitcoin.it/wiki/History; Bitcoin Wiki, Bitcoin Market ( , PayPal), https://en.bitcoin.it/wiki/Bitcoin_Market.




1231


laszlo, Pizza for bitcoins?, bitcointalk.org, topic 137,   18.05.2010, 12:35:20 AM, https://bitcointalk.org/index.php?topic=137.0.




1232


laszlo. Pizza for bitcoins? bitcointalk.org, topic 137, 18.05.2010: Ill pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day.       : Jacksonville, Florida zip code 32224 United States.        (laszlo, Pizza for bitcoins?, bitcointalk.org, topic 137,   18.05.2010, 12:35:20 AM, https://bitcointalk.org/index.php?topic=137.0).




1233


laszlo, bitcointalk, topic 137,   22.05.2010, 07:17:26 PM, https://bitcointalk.org/index.php?topic=137.0.




1234


 , 22.05.2010: I just want to report that I successfully traded 10,000 bitcoins for pizza. Pictures:  Thanks jercos!      12.06.2010: the 2 pizzas are only about 25 dollars total, maybe 30 if you give the guy a nice tip.   04.08.2010: I cant really afford to keep doing it since I cant generate thousands of coins a day anymore (laszlo, bitcointalk, topic 137,   22.05.2010, 07:17:26 PM, https://bitcointalk.org/index.php?topic=137.0; laszlo, bitcointalk, topic 137,   12.06.2010, 08:14:44 PM, https://bitcointalk.org/index.php?topic=137.0).




1235


laszlo, bitcointalk, topic 137,   12.06.2010, 08:14:44 PM, https://bitcointalk.org/index.php?topic=137.0.




1236


CoinDesk, What You Didnt Know About Laszlo Hanyecz, the Bitcoin Pizza Day Legend, 22.05.2025, https://www.coindesk.com/tech/2025/05/22/what-you-didnt-know-about-laszlo-hanyecz-the-bitcoin-pizza-day-legend.




1237


laszlo, bitcointalk, topic 137,   12.06.2010, 08:14:44 PM, https://bitcointalk.org/index.php?topic=137.0.




1238


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000.




1239


CoinDesk, What You Didnt Know About Laszlo Hanyecz, the Bitcoin Pizza Day Legend, 22.05.2025, https://www.coindesk.com/tech/2025/05/22/what-you-didnt-know-about-laszlo-hanyecz-the-bitcoin-pizza-day-legend.




1240


CoinDesk, 22.05.2025,   2019 : A trade happens because both parties think theyre getting a good deal. I felt like I was beating the internet, getting free food.  81 432 BTC      ,   .  10 000 BTC  : 10 000 ?  84 000  (Bitstamp,  26.09.2026  84 433 ) (CoinDesk, What You Didnt Know About Laszlo Hanyecz, the Bitcoin Pizza Day Legend, 22.05.2025, https://www.coindesk.com/tech/2025/05/22/what-you-didnt-know-about-laszlo-hanyecz-the-bitcoin-pizza-day-legend; Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=4&start=1759622400; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782691200; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=5&start=1782172800;       2026: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1767225600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=259200&limit=30&start=1782864000).      .




1241


Bitcoin Wiki, History (July 17: MtGox established), https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox (18  2010), https://en.wikipedia.org/wiki/Mt._Gox.




1242


Bitcoin Wiki, History,  2010, https://en.bitcoin.it/wiki/History.




1243


Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History.




1244


Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History; Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History; Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.




1245


Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.




1246


Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.




1247


Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace); U.S. Attorneys Office SDNY, Manhattan U.S. Attorney Announces Seizure Of Additional $28 Million Worth Of Bitcoins Belonging To Ross William Ulbricht, 25.10.2013, https://www.justice.gov/archive/usao/nys/pressreleases/October13/SilkRoadSeizurePR.php.




1248


Bitcoin Wiki, History (March 1: MagicalTux buys mtgox.com from its founder Jed McCaleb), https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox.




1249


G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers.




1250


Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.




1251


Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox (   Ars Technica, 1519.06.2011), https://en.wikipedia.org/wiki/Mt._Gox.




1252


Bitcoin Wiki, History: June 19: Someone was able to access an admin account at MtGox and issue sell orders for hundreds of thousands of fake bitcoins, forcing the MtGox price down from $17.51 per bitcoin to $0.01. Bitcoin Wiki ( 2011)  Wikipedia      ;       (a few days later  Wikipedia) (Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox (   Ars Technica, 1519.06.2011), https://en.wikipedia.org/wiki/Mt._Gox).




1253


Bitcoin Wiki, History,  2011, https://en.bitcoin.it/wiki/History.




1254


Bitcoin Wiki, History ( ), https://en.bitcoin.it/wiki/History; Bitcoin Wiki, Bitcoin Market ( , PayPal), https://en.bitcoin.it/wiki/Bitcoin_Market.




1255


McLeay, Radia, Thomas, Money creation in the modern economy, BoE QB 2014 Q1, . 16.




1256


Bitstamp API: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=61&start=1314835200 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=30&start=1320105600 ( 2011); https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=40&start=1322697600 ( 2011    2012);   Bitcoin Wiki.




1257


WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html.




1258


Wikipedia, Silk Road (marketplace) (  , 2013), https://en.wikipedia.org/wiki/Silk_Road_(marketplace).




1259


U.S. Attorneys Office SDNY, Manhattan U.S. Attorney Announces Seizure Of Additional $28 Million Worth Of Bitcoins Belonging To Ross William Ulbricht, 25.10.2013, https://www.justice.gov/archive/usao/nys/pressreleases/October13/SilkRoadSeizurePR.php.




1260


U.S. Attorneys Office SDNY, 25.10.2013: All told, the site generated sales revenue of more than 9.5 million Bitcoins and collected commissions from these sales totaling more than 600,000 Bitcoins,  roughly equivalent to approximately $1.2 billion in sales and approximately $80 million in commissions.        2011  ( Wikipedia  ).    (9 519 664 BTC, 1 229 465 )     Wikipedia.    2015    ,   ,  200    ,      (U.S. Attorneys Office SDNY, Manhattan U.S. Attorney Announces Seizure Of Additional $28 Million Worth Of Bitcoins Belonging To Ross William Ulbricht, 25.10.2013, https://www.justice.gov/archive/usao/nys/pressreleases/October13/SilkRoadSeizurePR.php; Wikipedia, Silk Road (marketplace) (  , 2013), https://en.wikipedia.org/wiki/Silk_Road_(marketplace); SDNY/ICE, 29.05.2015).




1261


Meiklejohn et al., 2013,  3.1  4.5.




1262


Wikipedia, Ross Ulbricht, https://en.wikipedia.org/wiki/Ross_Ulbricht; Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace).




1263


SDNY, 25.10.2013; Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace).




1264


  27.06.2014,       (Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace)).    : approximately 29,655 Bitcoins,   144 336 BTC,   173 991 BTC (SDNY, 25.10.2013).    Silk Road 2.0 06.11.2013;         06.11.2014 (Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace)).




1265


Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace).




1266


  (    )    ( ),    2015 ;            (     ) (Wikipedia, Silk Road (marketplace), https://en.wikipedia.org/wiki/Silk_Road_(marketplace)).




1267


Wikipedia, Ross Ulbricht, https://en.wikipedia.org/wiki/Ross_Ulbricht; SDNY, Ross Ulbricht, A/K/A Dread Pirate Roberts, Sentenced In Manhattan Federal Court To Life In Prison, 29.05.2015, https://www.justice.gov/usao-sdny/pr/ross-ulbricht-aka-dread-pirate-roberts-sentenced-manhattan-federal-court-life-prison;      ICE: https://www.ice.gov/news/releases/ross-ulbricht-aka-dread-pirate-roberts-sentenced-life-federal-prison-creating; U.S. Department of Justice, Office of the Pardon Attorney, Clemency Grants by President Donald J. Trump (2025Present), https://www.justice.gov/pardon/clemency-grants-president-donald-j-trump-2025-present.




1268


   04.02.2015,    ,           (SDNY, Ross Ulbricht, The Creator And Owner Of The Silk Road Website, Found Guilty In Manhattan Federal Court On All Counts, 05.02.2015, https://www.justice.gov/archive/usao/nys/pressreleases/February15/UlbrichtRossVerdictPR.php?print=1).      29.05.2015: In addition to the life sentence prison term, Ulbricht was ordered to forfeit $183,961,921. (SDNY, Ross Ulbricht, A/K/A Dread Pirate Roberts, Sentenced In Manhattan Federal Court To Life In Prison, 29.05.2015, https://www.justice.gov/usao-sdny/pr/ross-ulbricht-aka-dread-pirate-roberts-sentenced-manhattan-federal-court-life-prison;      ICE: https://www.ice.gov/news/releases/ross-ulbricht-aka-dread-pirate-roberts-sentenced-life-federal-prison-creating)   ,    ,      ,     ;        (SDNY/ICE, 29.05.2015).        2017 ,    2018-    (Wikipedia, Ross Ulbricht, https://en.wikipedia.org/wiki/Ross_Ulbricht).   2024       (Wikipedia, Ross Ulbricht (  New York Times, 22.01.2025,  NBC News, 25.05.2024), https://en.wikipedia.org/wiki/Ross_Ulbricht). U.S. DOJ, Office of the Pardon Attorney. Clemency Grants by President Donald J. Trump (2025Present): Ross William Ulbricht, 21.01.2025, Full and unconditional pardon;  Offense: Aiding and abetting distribution of drugs over internet; continuing criminal enterprise; computer hacking conspiracy; fraud with identification documents; money laundering conspiracy (U.S. Department of Justice, Office of the Pardon Attorney, Clemency Grants by President Donald J. Trump (2025Present), https://www.justice.gov/pardon/clemency-grants-president-donald-j-trump-2025-present).




1269


Bitcoin Wiki, History,  2013, https://en.bitcoin.it/wiki/History.




1270


Bitcoin Wiki, History (March 18: FinCEN declares Bitcoin users subject to regulation only at USD-BTC exchange point), https://en.bitcoin.it/wiki/History; Wikipedia, History of bitcoin, https://en.wikipedia.org/wiki/History_of_bitcoin.




1271


:    (Bitcoin Wiki, mempool.space, The Block);    (Bitstamp).




1272


Luther W. J., Salter A. W. Bitcoin and the Bailout. The Quarterly Review of Economics and Finance, vol. 66, 2017, pp. 5056; : https://ideas.repec.org/a/eee/quaeco/v66y2017icp50-56.html.




1273


Luther W. J., Salter A. W. Bitcoin and the Bailout. The Quarterly Review of Economics and Finance 66, 2017, pp. 5056; : while downloads of bitcoin apps increased following the announcement, the observed effect was not especially pronounced in countries thought to have had troubled banking systems at the time.    ,   (Luther W. J., Salter A. W. Bitcoin and the Bailout. The Quarterly Review of Economics and Finance, vol. 66, 2017, pp. 5056; : https://ideas.repec.org/a/eee/quaeco/v66y2017icp50-56.html).




1274


P. Waldie, Bitcoin exchange halted after panic froze the trade engine!, The Globe and Mail, 11.04.2013, https://www.theglobeandmail.com/report-on-business/international-business/bitcoin-exchange-halted-after-panic-froze-the-trade-engine/article11097521/; V. Buterin, The Bitcoin Crash: An Examination, Bitcoin Magazine, 14.04.2013, https://bitcoinmagazine.com/markets/the-bitcoin-crash-an-examination-1365911041.




1275


Buterin, Bitcoin Magazine, 14.04.2013    75 000 ;  Mt. Gox  The Globe and Mail, 11.04.2013.




1276


 Mt. Gox   The Globe and Mail, 11.04.2013: As expected in such situation people started to panic, started to sell Bitcoin in mass (Panic Sale) resulting in an increase of trade that ultimately froze the trade engine!    75 000   Buterin V. The Bitcoin Crash: An Examination. Bitcoin Magazine, 14.04.2013. Mt. Gox       DDoS-,  1011    .  12.04.2013  54,25   , 55,59  Wikipedia (P. Waldie, Bitcoin exchange halted after panic froze the trade engine!, The Globe and Mail, 11.04.2013, https://www.theglobeandmail.com/report-on-business/international-business/bitcoin-exchange-halted-after-panic-froze-the-trade-engine/article11097521/; V. Buterin, The Bitcoin Crash: An Examination, Bitcoin Magazine, 14.04.2013, https://bitcoinmagazine.com/markets/the-bitcoin-crash-an-examination-1365911041; Buterin, Bitcoin Magazine, 14.04.2013    75 000 ;  Mt. Gox  The Globe and Mail, 11.04.2013; The Globe and Mail, 11.04.2013; Singularity Hub, Bitcoin Exchange Mt. Gox Suspends Trading As Prices Crash, 11.04.2013, https://singularityhub.com/2013/04/11/bitcoin-exchange-mt-gox-suspends-trading-as-prices-crash/;     Buterin, 14.04.2013).




1277


The Globe and Mail, 11.04.2013; Singularity Hub, Bitcoin Exchange Mt. Gox Suspends Trading As Prices Crash, 11.04.2013, https://singularityhub.com/2013/04/11/bitcoin-exchange-mt-gox-suspends-trading-as-prices-crash/;     Buterin, 14.04.2013.




1278


G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers.




1279


Hileman G. 2013 Bitcoin Trading Volume: The Winners and Losers. CoinDesk, 24.12.2013,   bitcoincharts: 16.04.2013 Mt. Gox alone equaled 572,186 BTC (90% of the total of the three exchanges); 18.12.2013 Bitstamp  137 070 BTC, Mt. Gox  109 723, BTC China  93 934.    ,   ,      .    70%        (G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers; Wikipedia, Mt. Gox (  Wired, 11.2013,   2014 ), https://en.wikipedia.org/wiki/Mt._Gox).




1280


Wikipedia, Mt. Gox (   TechCrunch, 16.05.2013,  WSJ), https://en.wikipedia.org/wiki/Mt._Gox.




1281


Wikipedia, Mt. Gox (   TechCrunch, 16.05.2013,  WSJ), https://en.wikipedia.org/wiki/Mt._Gox; Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014, https://arxiv.org/abs/1403.6676.




1282


G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers.




1283


Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000.




1284


    : http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2804576/index.html ( ,     );   Dorsey & Whitney LLP, Bitcoin  Could Beijing Make or Break It?  Part Three,  2013, https://www.dorsey.com/newsresources/publications/2013/12/bitcoincould-beijing-make-or-break-itpart-th__.




1285


 ???2013?289?  05.12.2013:   ,       ,    .   ???????, ?????????????????;    ???????????????? (   ) (    : http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2804576/index.html ( ,     );   Dorsey & Whitney LLP, Bitcoin  Could Beijing Make or Break It?  Part Three,  2013, https://www.dorsey.com/newsresources/publications/2013/12/bitcoincould-beijing-make-or-break-itpart-th__).




1286


Wikipedia, Mt. Gox (  Bloomberg, Reuters, Wired), https://en.wikipedia.org/wiki/Mt._Gox.




1287


Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014, https://arxiv.org/abs/1403.6676.




1288


Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014, https://arxiv.org/abs/1403.6676.




1289


Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014: The encoded signature is valid in both cases but the hash identifying the transaction is different (. 2); while the problem is real, there was no widespread use of malleability attacks before the closure of MtGox.   Bitcoin Core   ,       ,        (. 2.2) (Decker C., Wattenhofer R. Bitcoin Transaction Malleability and MtGox. arXiv:1403.6676, 26.03.2014, https://arxiv.org/abs/1403.6676).




1290


Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox.




1291


TechCrunch, Mt.Gox Files For Bankruptcy Protection, Says 850,000 Bitcoin Lost, 28.02.2014, https://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy/.




1292


TechCrunch, 28.02.2014: apologized with a bow, saying in Japanese that the Bitcoin was lost due to weaknesses in the system.     63,6  .   2014   199 999,99 BTC (TechCrunch, Mt.Gox Files For Bankruptcy Protection, Says 850,000 Bitcoin Lost, 28.02.2014, https://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy/; CoinDesk, 21.03.2014, https://www.coindesk.com/markets/2014/03/21/mt-gox-confirms-discovery-of-200000-btc-in-old-format-wallet; Wikipedia, Mt. Gox ( 20 ), https://en.wikipedia.org/wiki/Mt._Gox).




1293


CoinDesk, 21.03.2014, https://www.coindesk.com/markets/2014/03/21/mt-gox-confirms-discovery-of-200000-btc-in-old-format-wallet; Wikipedia, Mt. Gox ( 20 ), https://en.wikipedia.org/wiki/Mt._Gox.




1294


Bitcoin Wiki, History, https://en.bitcoin.it/wiki/History; Wikipedia, Mt. Gox (   Ars Technica, 1519.06.2011), https://en.wikipedia.org/wiki/Mt._Gox; Wikipedia, Mt. Gox (   TechCrunch, 16.05.2013,  WSJ), https://en.wikipedia.org/wiki/Mt._Gox.




1295


A. J. Rolnick, W. E. Weber, New Evidence on the Free Banking Era, American Economic Review 73(5), 1983, pp. 10801091, https://www.jstor.org/stable/1814673.




1296


Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000.




1297


Wikipedia, Mt. Gox (   TechCrunch, 16.05.2013,  WSJ), https://en.wikipedia.org/wiki/Mt._Gox.




1298


WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html.




1299


WizSec (Kim Nilsson). The missing MtGox bitcoins, 19.04.2015: MtGox was technically insolvent since at least 2012; by mid-2013 there are practically no (spendable) bitcoins left at all in MtGox.    300 000 BTC,      800 000 (WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html).      09.06.2023: allegedly caused the theft of at least approximately 647,000 bitcoins from Mt. Gox;     (IRS Criminal Investigation / DOJ, Russian nationals charged with hacking one cryptocurrency exchange and illicitly operating another, 09.06.2023, https://www.irs.gov/node/123336; https://justice.gov/usao-ndca/pr/russian-nationals-charged-hacking-one-cryptocurrency-exchange-and-illicitly-operating).




1300


WizSec, The missing MtGox bitcoins, 19.04.2015, https://blog.wizsec.jp/2015/04/the-missing-mtgox-bitcoins.html.




1301


IRS Criminal Investigation / DOJ, Russian nationals charged with hacking one cryptocurrency exchange and illicitly operating another, 09.06.2023, https://www.irs.gov/node/123336; https://justice.gov/usao-ndca/pr/russian-nationals-charged-hacking-one-cryptocurrency-exchange-and-illicitly-operating.




1302


Wikipedia, Mt. Gox (  Financial Times, Bloomberg, CNN), https://en.wikipedia.org/wiki/Mt._Gox.




1303


Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000; Wikipedia, Mt. Gox (  Bloomberg, Reuters, Wired), https://en.wikipedia.org/wiki/Mt._Gox.




1304


Bitstamp API,   BTC/USD: https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=12&start=1385337600; https://www.bitstamp.net/api/v2/ohlc/btcusd/?step=86400&limit=15&start=1420416000.




1305


G. Hileman, 2013 Bitcoin Trading Volume: The Winners and Losers, CoinDesk, 24.12.2013, https://www.coindesk.com/markets/2013/12/24/2013-bitcoin-trading-volume-the-winners-and-losers.




1306


CoinDesk, Bitcoin Price Continues to Fall, Breaking Through $200 Barrier, 14.01.2015, https://www.coindesk.com/markets/2015/01/14/bitcoin-price-continues-to-fall-breaking-through-200-barrier;  ~$1 150  Wikipedia, History of bitcoin, https://en.wikipedia.org/wiki/History_of_bitcoin.




1307


MtGox Co., Ltd., Notice Concerning Change of Repayments Deadline, 27.10.2025, https://www.mtgox.com/img/pdf/20251027_1cc36334-e8b2-4fe4-8135-97d9a149e4f7_announcement_en.pdf.




1308


TechCrunch, Mt.Gox Files For Bankruptcy Protection, Says 850,000 Bitcoin Lost, 28.02.2014, https://techcrunch.com/2014/02/28/mt-gox-files-for-bankruptcy/; CoinDesk, 21.03.2014, https://www.coindesk.com/markets/2014/03/21/mt-gox-confirms-discovery-of-200000-btc-in-old-format-wallet; Wikipedia, Mt. Gox ( 20 ), https://en.wikipedia.org/wiki/Mt._Gox; Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox.




1309


MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Repayment in Bitcoin and Bitcoin Cash through Designated Cryptocurrency Exchange, etc. (6), 27.03.2025, https://www.mtgox.com/img/pdf/20250327_50441ef4-dc28-473a-9fd2-495db2da4bbd_announcement_en.pdf.




1310


MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Commencement of Repayments in Bitcoin and Bitcoin Cash, 24.06.2024, https://www.mtgox.com/img/pdf/20240624_announcement_en.pdf; MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Repayment in Bitcoin and Bitcoin Cash through Designated Cryptocurrency Exchange, etc. (6), 27.03.2025, https://www.mtgox.com/img/pdf/20250327_50441ef4-dc28-473a-9fd2-495db2da4bbd_announcement_en.pdf.




1311


MtGox Co., Ltd., Notice Concerning Change of Repayments Deadline, 27.10.2025, https://www.mtgox.com/img/pdf/20251027_1cc36334-e8b2-4fe4-8135-97d9a149e4f7_announcement_en.pdf.




1312


MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi. Notice Concerning Change of Repayments Deadline, 27.10.2025: However, many rehabilitation creditors still have not received their Repayments because they have not completed the necessary procedures for receiving Repayments. Additionally, a considerable number of rehabilitation creditors have not received their Repayments due to various reasons, such as issues arising during the Repayments process.  : 31.10.2023 ? 31.10.2024 ? 31.10.2025 ? 31.10.2026.      Bitcoin Cash,       .   20172018    2018     ( Wikipedia).     Arkham,   2025    Mt. Gox   34 700 BTC;       (D. Park, Mt. Gox moves $956 million worth of bitcoin to unmarked wallet address: Arkham, The Block, 18.11.2025, https://www.theblock.co/post/379197/mt-gox-956-million-bitcoin).  2017              (         11) (Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox).  27.09.2026      ;       (Wikipedia, Mt. Gox, https://en.wikipedia.org/wiki/Mt._Gox; MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Commencement of Repayments in Bitcoin and Bitcoin Cash, 24.06.2024, https://www.mtgox.com/img/pdf/20240624_announcement_en.pdf; MtGox Co., Ltd., Notice Concerning Change of Repayments Deadline, 27.10.2025, https://www.mtgox.com/img/pdf/20251027_1cc36334-e8b2-4fe4-8135-97d9a149e4f7_announcement_en.pdf; MtGox Co., Ltd., Rehabilitation Trustee Nobuaki Kobayashi, Notice regarding Repayment in Bitcoin and Bitcoin Cash through Designated Cryptocurrency Exchange, etc. (6), 27.03.2025, https://www.mtgox.com/img/pdf/20250327_50441ef4-dc28-473a-9fd2-495db2da4bbd_announcement_en.pdf).


