{"id":25392,"date":"2018-01-07T09:52:09","date_gmt":"2018-01-07T00:52:09","guid":{"rendered":"http:\/\/www.smallake.kr\/?p=25392"},"modified":"2018-01-17T09:48:12","modified_gmt":"2018-01-17T00:48:12","slug":"%ec%95%94%ed%98%b8%ed%86%b5%ed%99%94%ec%9e%90%ec%82%b0-%ec%95%94%ed%98%b8%ed%86%b5%ed%99%94%ed%8e%80%eb%93%9c","status":"publish","type":"post","link":"https:\/\/smallake.kr\/?p=25392","title":{"rendered":"\uc554\ud638\ud1b5\ud654\uc790\uc0b0, \uc554\ud638\ud1b5\ud654\ud380\ub4dc"},"content":{"rendered":"<p>1.<br \/>\n \uad6d\ub0b4 \ub300\ud45c\uc801\uc778 \uc554\ud638\ud1b5\ud654\uac70\ub798\uc18c\uc778 \ube57\uc378\uc758 \ub300\ud45c\uc774\uc0ac\ub85c NHN\ucd9c\uc2e0\uc744 \ub0b4\uc815\ud588\ub2e4\uace0 \ud569\ub2c8\ub2e4. \ub300\ud45c\uc801\uc778 \ube0c\ub85c\ucee4\uc778 \uc5c5\ube44\ud2b8\ub294 \uce74\uce74\uc624\ucd9c\uc2e0\uc744 \ub300\ud45c\ub85c \uc120\uc784\ud588\uc2b5\ub2c8\ub2e4. \ubbf8\uad6d\uc758 \uacbd\uc6b0 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\ucd9c\uc2e0\uc744 \uc120\uc784\ud558\ub294 \uac83\uacfc \ube44\uad50\ud558\uba74 \uc774\ud574\ud558\uae30 \ud798\ub4ed\ub2c8\ub2e4. \uadf8\ub7f0\ub370 \ud574\uc11d\ud560 \ub2e8\ucd08\uac00 \uc788\uc2b5\ub2c8\ub2e4. \uc554\ud638\ud1b5\ud654\uac70\ub798\uc18c\ub4e4\uc774 \ubaa8\uc778 \ube14\ub85d\uccb4\uc778\ud611\ud68c \ucd08\ub300\ud611\ud68c\uc7a5\uc73c\ub85c \uc9c4\ub300\uc81c\uc528\ub97c \uc720\ub825\ud558\uac8c \uac80\ud1a0\ud55c\ub2e4\uace0 \ud569\ub2c8\ub2e4. \uc774\uc0c1\uc744 \uc5f0\uacb0\ud558\uba74 \uae08\uc735\uacfc\ub294 \ubd88\uac00\uadfc\ubd88\uac00\uc6d0(\u4e0d\u53ef\u8fd1\u4e0d\u53ef\u9060)\uc73c\ub85c \ud558\uace0 \uc815\ubcf4\uae30\uc220\ub85c \uc81c\ub3c4\ud654\ud558\ub824\ub294 \ud76c\ub9dd\uc744 \ub2f4\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ube14\ub85d\uccb4\uc778\ud611\ud68c\uac00 &#8220;\uc554\ud638\ud1b5\ud654\uc640 \ubbf8\ub798 \uae30\uc220\uc774\ub77c\ub294 \ube14\ub85d\uccb4\uc778\uc744 \uc5f0\uacb0\uc2dc\ud0a4\ub294&#8221; \ub17c\ub9ac\ub97c \ud3b4\ub294 \uac83\ub3c4 \uac19\uc740 \uc774\uc720\uc785\ub2c8\ub2e4. \uc800\ub294 \uc0dd\uc874\uc804\ub7b5\uc73c\ub85c \uc774\ud574\ud569\ub2c8\ub2e4.<\/p>\n<p> \uc554\ud638\ud1b5\ud654\uac00 \ud654\ud3d0\ub0d0, \uc544\ub2c8\ub0d0\ub294 \ub17c\uc7c1\uc740 \uac70\uc758 \uacb0\ub860\uc5d0 \uc774\ub978 \ub4ef \ud569\ub2c8\ub2e4. \uc544\ubb34\ub9ac \uc2dc\uc7a5\uc5d0\uc11c \uc9c0\ubd88\uc218\ub2e8\uc73c\ub85c \uc0ac\uc6a9\ud558\uc5ec\ub3c4 \uc911\uc559\uc740\ud589\uc774 \ubcf4\uc99d\ud558\ub294 \uc554\ud638\ud1b5\ud654\uac00 \uc544\ub2cc\ud55c \ud654\ud3d0\ub85c \uc778\uc815\ubc1b\uae30 \ud798\ub4e4 \ub4ef \ud569\ub2c8\ub2e4. \ubc18\uba74 \uc554\ud638\ud1b5\ud654\ub294 \uae08\uc735\uc790\uc0b0(Asset)\uc73c\ub85c \uc790\ub9ac\ub97c \uc7a1\uc544\ub098\uac00\ub294 \ub4ef \ud569\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4 <a href=\"https:\/\/next.autonomous.com\/\" target=\"_blank\" rel=\"noopener\">Autonomous NEXT<\/a>\uac00 \ubc1c\ud45c\ud55c <a href=\"https:\/\/next.autonomous.com\/cryptofundlist\" target=\"_blank\" rel=\"noopener\">\uc554\ud638\ud1b5\ud654\ud380\ub4dc\uc758 \ubaa9\ub85d<\/a>\uc744 \ubcf4\uba74 175\uac1c\uac00 \uc788\ub2e4\uace0 \ud569\ub2c8\ub2e4. \ub300\uccb4\ud22c\uc790\uc218\ub2e8\uc73c\ub85c \uc778\uc815\ubc1b\ub294 \ubd84\uc704\uae30\uc785\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2018\/01\/cryptofund.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-25515\" src=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2018\/01\/cryptofund.png?resize=874%2C762\" alt=\"\" width=\"874\" height=\"762\" srcset=\"https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2018\/01\/cryptofund.png?w=874&amp;ssl=1 874w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2018\/01\/cryptofund.png?resize=300%2C262&amp;ssl=1 300w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2018\/01\/cryptofund.png?resize=200%2C174&amp;ssl=1 200w\" sizes=\"auto, (max-width: 874px) 100vw, 874px\" \/><\/a><\/p>\n<p>\uc544\ub798\uc758 \ud45c\ub97c \ubcf4\uba74 \uc554\ud638\ud1b5\ud654\ud22c\uc790\ub85c \uc62c\ub9b0 \uc218\uc775\ub960\uc774 S&amp;P 500\uac00 \ubc94\uc811\ud560 \uc218 \uc5c6\ub294 \uc218\uc900\uc785\ub2c8\ub2e4.<\/p>\n<div class=\"atlas-chart\" data-id=\"ByF-fTkMz\" data-width=\"640\" data-height=\"449\"><img data-recalc-dims=\"1\" decoding=\"async\" style=\"max-width: 100%;\" src=\"https:\/\/i0.wp.com\/www.theatlas.com\/i\/atlas_ByF-fTkMz.png?w=1130&#038;ssl=1\" \/><\/div>\n<p><script src=\"https:\/\/www.theatlas.com\/javascripts\/atlas.js\"><\/script><\/p>\n<p>\ub3c4\ud45c\uc5d0 \ub098\uc628 <a href=\"https:\/\/www.bitwiseinvestments.com\/index\" target=\"_blank\" rel=\"noopener\">HOLD 10 Index<\/a>\uc640 <a href=\"https:\/\/www.hedgefundresearch.com\/family-indices\/hfr-blockchain\" target=\"_blank\" rel=\"noopener\">HFR Blockchain Index<\/a>\uc740 \uc554\ud638\ud1b5\ud669\ud654 \uad00\ub828\ud55c \uc804\ubb38\uc801\uc778 \uc778\ub125\uc2a4\uc11c\ube44\uc2a4\ub97c \ud558\ub294 \uacf3\uc785\ub2c8\ub2e4.<\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F12%2FHFR_Blockchain_Indices_methodology.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/12\/HFR_Blockchain_Indices_methodology.pdf\" class=\"gde-link\">Download (PDF, 625KB)<\/a><\/p>\n<p>2.<br \/>\n\ud55c\uad6d\uc774\ub098 \uc77c\ubcf8\uc758 \uc554\ud638\ud1b5\ud654\uc790\uc0b0\uc5d0 \ub300\ud55c \ud22c\uc790\uac00 \uac1c\uc778\ud22c\uc790\uc790\ub97c \uc911\uc2ec\uc73c\ub85c \uc774\ub8e8\uc5b4\uc9c0\ub294 \ubc18\uba74 \ud574\uc678\uc758 \uacbd\uc6b0 \uc55e\uc11c \uc18c\uac1c\ud55c \uc0ac\ub840\ucc98\ub7fc \uae30\uad00\ud22c\uc790\uc790\uc758 \ucc38\uc5ec\uac00 \uc810\uc810 \ub298\uc5b4\ub098\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\uac83\uc774 CME\ub098 CBOE\uac00 \ube44\ud2b8\ucf54\uc778\uc120\ubb3c\uc744 \uc0c1\uc7a5\ud55c \ubc30\uacbd\uc774 \uc544\ub2d0\uae4c \ud569\ub2c8\ub2e4. \uc554\ud638\ud1b5\ud654\ub294 \uc804\ud1b5\uc801\uc778 \uae08\uc735\uc790\uc0b0\uacfc \ube44\uad50\ud560 \ub54c \uc5b4\ub5a4 \ud2b9\uc9d5\uc744 \uac00\uc9c0\uace0 \uc788\uc744\uae4c\uc694? \ub2e8\uc21c\ud788 \ud22c\uae30\uc801\uc778 \uc0c1\ud488\uc77c\uae4c\uc694? \uc774\ub97c \ubd84\uc11d\ud55c \ub17c\ubb38\ub4e4\uc744 \uc18c\uac1c\ud569\ub2c8\ub2e4.<\/p>\n<p><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3070288\" target=\"_blank\" rel=\"noopener\">Exploring the Dynamic Relationships between Cryptocurrencies and Other Financial Assets<\/a>\uc758 \uacb0\ub860\uc740 \uc804\ud1b5\uc801\uc778 \uc790\uc0b0\uc744 \ub300\uccb4\ud558\uc5ec \ub2e4\uac01\ud654(diversifier)\ud560 \uc218 \uc788\ub294 \uc0c8\ub85c\uc6b4 \uc790\uc0b0(evidence suggests that cryptocurrencies comprise a new asset class, potentially (but with considerable risk) useful as a diversifier of conventional asset classes)\uc774\ub77c\uace0 \ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>Cryptocurrencies are highly volatile compared to conventional asset classes. In particular, cryptocurrencies are highly sensitive to changes in regulation, existence\/effectiveness of an exchange market and technological\/hacking failures.<br \/>\nCryptocurrencies are largely isolated from all other asset classes. It therefore appears that external financial market conditions are less important for cryptocurrency pricing than are internal issues of design, operation and clearing.<br \/>\nCryptocurrencies are substantially interconnected. For example, Bitcoin price affects Ripple and Litecoin prices, particularly during Bitcoin price surges. In view of the isolation of cryptocurrencies from other asset classes, this interconnectedness suggests speculation.<br \/>\nFindings suggest that cryptocurrencies can be useful as a portfolio diversifier, and can offer investors a safe haven.<\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F12%2FSSRN-id3070288.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/12\/SSRN-id3070288.pdf\" class=\"gde-link\">Download (PDF, 874KB)<\/a><\/p>\n<p><a href=\"https:\/\/www.cxoadvisory.com\/30308\/currency-trading\/what-kind-of-asset-is-bitcoin\/\" target=\"_blank\" rel=\"noopener\">What Kind of Asset Is Bitcoin?<\/a>\uc740 \ub2e4\ub978 \uc790\uc0b0\ub4e4\uacfc\uc758 \uc5f0\uad00\uad00\uacc4\ub97c \ubd84\uc11d\ud55c \uae00\uc785\ub2c8\ub2e4. \uae00\uc4f4\uc774\ub294 2010\ub144\ubd80\ud130 2017\ub144 9\uc6d4\uae4c\uc9c0 34\uac1c \ube44\ud2b8\ucf54\uc778\uac70\ub798\uc18c\uc758 \uc77c\ubcc4 \uc6d4\ubcc4 \uac00\uaca9\uacfc <a href=\"https:\/\/www.cxoadvisory.com\/18886\/momentum-investing\/simple-asset-class-etf-momentum-strategy-performance\/\">Simple Asset Class ETF Momentum Strategy<\/a>,<a href=\"https:\/\/www.cxoadvisory.com\/28418\/momentum-investing\/sacems-portfolio-asset-addition-testing\/\">\u201cSACEMS Portfolio-Asset Addition Testing\u201d<\/a>,<a href=\"https:\/\/finance.yahoo.com\/quote\/BIL\/profile?p=BIL\" target=\"_blank\" rel=\"noopener\">SPDR Bloomberg Barclays 1-3 Month T-Bill<\/a>, <a href=\"https:\/\/finance.yahoo.com\/quote\/UUP\/profile?p=UUP\" target=\"_blank\" rel=\"noopener\">Powershares DB US Dollar Index Bullish Fund \ub4f1\uc73c\ub85c\u00a0<\/a> \ub4f1\uc73c\ub85c \uc120\ud0dd\ud55c 34\uac1c\uc758 \uac70\ub798\uc18c\uc0c1\ud488\uc744 \ube44\uad50\ud558\uc600\uc2b5\ub2c8\ub2e4. \ube44\uad50\ud55c \uacb0\uacfc\ub294 \uc544\ub798\uc640 \uac19\uc2b5\ub2c8\ub2e4. \uc790\uc138\ud55c \uc0ac\ud56d\uc740 \uc6d0\ubb38\uc744 \ucc38\uc870\ud558\uc138\uc694.<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2017\/12\/asset-classes-with-low-middle-high-correlations-with-Bitcoin.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-25395\" src=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2017\/12\/asset-classes-with-low-middle-high-correlations-with-Bitcoin.png?resize=302%2C296\" alt=\"\" width=\"302\" height=\"296\" srcset=\"https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/12\/asset-classes-with-low-middle-high-correlations-with-Bitcoin.png?w=302&amp;ssl=1 302w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/12\/asset-classes-with-low-middle-high-correlations-with-Bitcoin.png?resize=300%2C294&amp;ssl=1 300w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2017\/12\/asset-classes-with-low-middle-high-correlations-with-Bitcoin.png?resize=200%2C196&amp;ssl=1 200w\" sizes=\"auto, (max-width: 302px) 100vw, 302px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2018\/01\/Bitcoin-correlations-with-various-asset-classes.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2018\/01\/Bitcoin-correlations-with-various-asset-classes.png?resize=542%2C556\" alt=\"\" width=\"542\" height=\"556\" class=\"aligncenter size-full wp-image-25516\" srcset=\"https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2018\/01\/Bitcoin-correlations-with-various-asset-classes.png?w=542&amp;ssl=1 542w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2018\/01\/Bitcoin-correlations-with-various-asset-classes.png?resize=292%2C300&amp;ssl=1 292w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2018\/01\/Bitcoin-correlations-with-various-asset-classes.png?resize=195%2C200&amp;ssl=1 195w\" sizes=\"auto, (max-width: 542px) 100vw, 542px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2867339\" target=\"_blank\" rel=\"noopener\">A Statistical Risk Assessment of Bitcoin and Its Extreme Tail Behaviour<\/a>\uc740 \uc790\uc0b0\uc73c\ub85c\uc368\uc758 \ube44\ud2b8\ucf54\uc778\uc758 \uc704\ud5d8\uc744 10\uac1c\uad6d\uc758 \ud1b5\ud654\uc640 \ube44\uad50\ud569\ub2c8\ub2e4. \uc800\uc790\ub294 \ube44\ud2b8\ucf54\uc778\uc758 \uc704\ud5d8\uc744 Tail Risk\ub85c \ubc14\ub85c\ubd05\ub2c8\ub2e4.<\/p>\n<blockquote><p>\uac70\ub300\ud55c \uc77c\ud68c\uc131 \uc0ac\uac74\uc774 \uc790\uc0b0 \uac00\uce58\uc5d0 \uc5c4\uccad\ub09c \uc601\ud5a5\uc744 \uc904 \uc218 \uc788\ub294 \ub9ac\uc2a4\ud06c\ub85c \uc0ac\ub78c\uc758 \ud0a4\ub098 \ubab8\ubb34\uac8c \ub4f1 \ub9ce\uc740 \uc790\uc5f0 \ud604\uc0c1\uc740 \ub300\uac1c \ud2b9\uc815\ud55c \ud3c9\uade0\uce58\ub97c \uc911\uc2ec\uc73c\ub85c \ub300\uce6d\uc744 \uc774\ub8e8\ub294 \uc885 \ubaa8\uc591\uc758 \uc815\uaddc\ubd84\ud3ec \uace1\uc120\uc744 \ub530\ub974\ub098, \uacbd\uc6b0\uc5d0 \ub530\ub77c \ubc1c\uc0dd\ud655\ub960\uc774 \uc801\uc740 \ud604\uc0c1\uc774 \ub098\ud0c0\ub098\uba74\uc11c \uc815\uaddc\ubd84\ud3ec\uac00 \uc608\uce21\ud558\ub294 \uac83\ubcf4\ub2e4 \ube48\ub3c4\uac00 \ud6e8\uc52c \ucee4\uc838 \uaf2c\ub9ac\uac00 \uad75\uc5b4\uc9c8 \uacbd\uc6b0 \ud14c\uc77c \ub9ac\uc2a4\ud06c\uac00 \ubc1c\uc0dd\ud558\ub294\ub370 \uc774\ub7ec\ud55c \ud14c\uc77c \ub9ac\uc2a4\ud06c\ub294 \ubc1c\uc0dd \uac00\ub2a5\uc131\uc774 \ub0ae\uace0 \uc608\uce21\ud558\uae30 \uc5b4\ub835\uc9c0\ub9cc \ud55c\ubc88 \uc704\ud5d8\uc774 \ubc1c\uc0dd\ud558\uba74 \ud070 \uc601\ud5a5\uc744 \ubbf8\uce68<\/p><\/blockquote>\n<p>\uc774\ub7f0 \uad00\uc810\uc5d0\uc11c \ubd84\uc11d\ud55c \uacb0\uacfc\uc785\ub2c8\ub2e4.<\/p>\n<blockquote><p> Our findings show that the bitcoin return distribution not only exhibits higher volatility than traditional G10 currencies, but also stronger non-normal characteristics and heavier tails. This has implications for risk management, financial engineering (such as bitcoin derivatives) &#8211; both from an investor&#8217;s as well as from a regulator&#8217;s point of view. To our knowledge, this is the first detailed study looking at the extreme value behaviour of the cryptocurrency Bitcoin. <\/p><\/blockquote>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F12%2FSSRN-id2867339.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/12\/SSRN-id2867339.pdf\" class=\"gde-link\">Download (PDF, 233KB)<\/a><\/p>\n<p>\uc55e\uc11c \ub17c\ubb38\uc774 \uc678\ud658\uacfc \ube44\ud2b8\ucf54\uc778\uc744 \ube44\uad50\ud55c \uac83\uc778 \ubc18\uba74 <a href=\"http:\/\/umu.diva-portal.org\/smash\/record.jsf?pid=diva2%3A1114804&amp;dswid=-1213\" target=\"_blank\" rel=\"noopener\">Bitcoin a favourable instrument for diversification?: A quantitative study on the relations between Bitcoin and global stock markets<\/a>\uc740 \uc8fc\uc2dd\uacfc \ube44\uad50\ud55c \ub17c\ubb38\uc785\ub2c8\ub2e4. \uacb0\ub860\uc740 \uc8fc\uc2dd\uacfc \ubd80(\u8ca0)\uc758 \uc0c1\uad00\uacc4\ub97c \uac00\uc9c0\uace0 \uc788\uc73c\ubbc0\ub85c \ub300\uccb4\ud22c\uc790\uc218\ub2e8\uc73c\ub85c \uad00\uc2ec\uc744 \uae30\uc6b8\uc77c \ud544\uc694\uac00 \uc788\ub2e4\uace0 \ud569\ub2c8\ub2e4.<\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F12%2FFULLTEXT01.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/12\/FULLTEXT01.pdf\" class=\"gde-link\">Download (PDF, 2.6MB)<\/a><\/p>\n<blockquote><p>The purpose of this research is to find out how Bitcoin returns correlate with stock markets and to assess the risk that the electronic currency bears, to conclude whether Bitcoin is a favourable instrument for investors that want to diversify their portfolios. Therefore, daily data from 2013 to 2017 is used to measure correlations with major global stock markets and analyse in a regression to what extend Bitcoin is integrated into financial systems.<\/p>\n<p>In addition, Bitcoin\u2019s risk has been measured by estimating value at risk, as well as the volatility and a regression analysis with explanatory variables has been performed to identify the driving factors of the unusually high volatility. Finally, the researchers constructed models to forecast expected returns to identify whether Bitcoin is rather a short or long term instrument.<\/p>\n<p>The researchers came to the conclusion that Bitcoin is a favourable instrument to diversify a portfolio as it correlates negatively with most of the analysed stock market indices and the research result showed that Bitcoin is not yet integrated into financial systems. It has however been paid attention to the new types of risk and the questionable image the electronic currency has as it is often used to support criminal activities. The fact that no authority, clearing house or central bank&#8217;s involvement is present, creates uncertainty for many investors.<\/p><\/blockquote>\n<p>\uc774\uc0c1\uc758 \ub17c\ubb38\ub4e4\uc774 \ube44\ud2b8\ucf54\uc778\uc744 \ub2e4\ub8e8\uc5c8\uc9c0\ub9cc  <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2948315\" rel=\"noopener\" target=\"_blank\">A Statistical Analysis of Cryptocurrencies<\/a>\uc740 \ub2e4\ub978 \uc554\ud638\ud1b5\ud654\uae4c\uc9c0 \ub2e4\ub8e8\uace0 \uc788\uc2b5\ub2c8\ub2e4. <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2872158\" target=\"_blank\" rel=\"noopener\">The Statistics of Bitcoin and Cryptocurrencies<\/a>\uc744 2017\ub144\uc5d0 \uac1c\uc815\ud55c \ub17c\ubb38\uc785\ub2c8\ub2e4. \uc55e\uc11c \ub17c\ubb38\ub4e4\uacfc \ube44\uc2b7\ud55c \uacb0\ub860\uc785\ub2c8\ub2e4.<\/p>\n<iframe src=\"\/\/docs.google.com\/viewer?url=http%3A%2F%2Fwww.smallake.kr%2Fwp-content%2Fuploads%2F2017%2F12%2F212674.pdf&hl=ko&embedded=true\" class=\"gde-frame\" style=\"width:100%; height:500px; border: none;\" scrolling=\"no\"><\/iframe>\n<p class=\"gde-text\"><a href=\"http:\/\/www.smallake.kr\/wp-content\/uploads\/2017\/12\/212674.pdf\" class=\"gde-link\">Download (PDF, 1.12MB)<\/a><\/p>\n<p>3.<br \/>\n\ud55c\uad6d\uc758 \uae30\uad00\ud22c\uc790\uc790\ub4e4\uc774 \uc554\ud638\ud1b5\ud654\uc2dc\uc7a5\uc5d0 \ub6f0\uc5b4\ub4e4\uae4c\uc694? \uc6b0\uc120 \uae08\uc735\ud68c\uc0ac\ub4e4\uc740 \uae08\uc735\uc704\uc6d0\ud68c\ub54c\ubb38\uc5d0 \uc5bc\uc2e0\ub3c4 \ud558\uc9c0 \ubabb\ud569\ub2c8\ub2e4. \ubb3c\ub860 \uae08\uc735\uc704\uc6d0\ud68c\uac00 \uc815\ucc45\uc744 \ubc14\uafb8\uba74 \uac00\ub2a5\ud569\ub2c8\ub2e4. \uc0ac\ubaa8\ud380\ub4dc\ub098 \ud5e4\uc9c0\ud380\ub4dc\ub3c4 \ub9c8\ucc2c\uac00\uc9c0\uc785\ub2c8\ub2e4. \uae08\uc735\uc704\uc6d0\ud68c\uac00 \uad00\ub828\ud55c \uc0c1\ud488\uc5d0 \ud22c\uc790\ub97c \ubaa9\uc801\uc73c\ub85c \ud558\ub294 \ud380\ub4dc\ub97c \ud5c8\uac00\ud560\ub9ac \ub9cc\ubb34\ud569\ub2c8\ub2e4. \uacb0\uad6d \uc81c\ub3c4\ubc16\uc785\ub2c8\ub2e4. \uc774\ub7f0 \ub54c \ub4f1\uc7a5\ud558\ub294 \uac83\uc774 \ub2e4\ub2e8\uacc4\uc785\ub2c8\ub2e4. \ud53c\ud574\ub294 \uace0\uc2a4\ub780\ud788 \ud22c\uc790\uc790\uc758 \ubaab\uc774\uace0 \ucc45\uc784 \ub610\ud55c \ud22c\uc790\uc790\uc758 \ubaab\uc785\ub2c8\ub2e4. \uc54c\uace0 \ud22c\uc790\ud574\uc57c \ud569\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. \uad6d\ub0b4 \ub300\ud45c\uc801\uc778 \uc554\ud638\ud1b5\ud654\uac70\ub798\uc18c\uc778 \ube57\uc378\uc758 \ub300\ud45c\uc774\uc0ac\ub85c NHN\ucd9c\uc2e0\uc744 \ub0b4\uc815\ud588\ub2e4\uace0 \ud569\ub2c8\ub2e4. \ub300\ud45c\uc801\uc778 \ube0c\ub85c\ucee4\uc778 \uc5c5\ube44\ud2b8\ub294 \uce74\uce74\uc624\ucd9c\uc2e0\uc744 \ub300\ud45c\ub85c \uc120\uc784\ud588\uc2b5\ub2c8\ub2e4. \ubbf8\uad6d\uc758 \uacbd\uc6b0 \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\ucd9c\uc2e0\uc744 \uc120\uc784\ud558\ub294 \uac83\uacfc \ube44\uad50\ud558\uba74 \uc774\ud574\ud558\uae30 \ud798\ub4ed\ub2c8\ub2e4. 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\uc554\ud638\ud1b5\ud654\uac00&#8230;<br \/><a class=\"read-more-button\" href=\"https:\/\/smallake.kr\/?p=25392\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":25518,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"\ud55c\uad6d\uacfc \uc77c\ubcf8\uc758 \uc554\ud638\ud1b5\ud654\ud22c\uc790\uac00 \uac1c\uc778\uc744 \uc911\uc2ec\uc73c\ub85c \uc774\ub8e8\uc5b4\uc9c0\ub294 \ubc18\uba74 \ubbf8\uad6d\uc758 \uacbd\uc6b0  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