“Some people just didn’t like it, and I understand that,” Karony said in the interview. “The points that I wanted to come across, we just weren’t able to actually tell people in a structured manner.”
We set the stage for our formal econometric analysis by providing some graphical evidence. For example, in Figure 1, we see a close mapping of the prices of Bitcoin and Ethereum with their respective computing power values. Moreover, in Figure 2, we observe an even stronger mapping of the prices of Bitcoin and Ethereum with their respective network values. Interestingly, these graphs also show that when prices significantly exceed the trend in computing power or network (as was the case in late 2017), prices eventually fall and trace the trend in fundamentals. The convergence of prices to the trend with fundamentals suggests that fundamentals are the ultimate, long-run determinants of prices.

Cryptocurrencies are seen as an alternative to traditional banking methods, cheaper to move money around due to not being regulated by the government or its banks.
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