英文标题：
《Bitcoin market route to maturity? Evidence from return fluctuations,
  temporal correlations and multiscaling effects》
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作者：
Stanis{\\l}aw Dro\\.zd\\.z, Robert G\\k{e}barowski, Ludovico Minati,
  Pawe{\\l} O\\\'swi\\k{e}cimka, Marcin W\\k{a}torek
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最新提交年份：
2018
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英文摘要：
  Based on 1-minute price changes recorded since year 2012, the fluctuation properties of the rapidly-emerging Bitcoin (BTC) market are assessed over chosen sub-periods, in terms of return distributions, volatility autocorrelation, Hurst exponents and multiscaling effects. The findings are compared to the stylized facts of mature world markets. While early trading was affected by system-specific irregularities, it is found that over the months preceding Apr 2018 all these statistical indicators approach the features hallmarking maturity. This can be taken as an indication that the Bitcoin market, and possibly other cryptocurrencies, carry concrete potential of imminently becoming a regular market, alternative to the foreign exchange (Forex). Since high-frequency price data are available since the beginning of trading, the Bitcoin offers a unique window into the statistical characteristics of a market maturation trajectory.
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中文摘要：
根据2012年以来记录的1分钟价格变化，从收益分布、波动率自相关、赫斯特指数和多尺度效应等方面，评估了快速崛起的比特币（BTC）市场在选定的子周期内的波动特性。这些发现与成熟世界市场的典型事实进行了比较。虽然早期交易受到系统特定违规行为的影响，但我们发现，在2018年4月之前的几个月内，所有这些统计指标都接近标志成熟度的特征。这可以被视为一种迹象，表明比特币市场，以及可能的其他加密货币，具有成为外汇（Forex）替代品的常规市场的具体潜力。由于自交易开始以来就有高频价格数据可用，比特币为了解市场成熟轨迹的统计特征提供了一个独特的窗口。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Statistical Finance        统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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一级分类：Computer Science        计算机科学
二级分类：Computational Engineering, Finance, and Science        计算工程、金融和科学
分类描述：Covers applications of computer science to the mathematical modeling of complex systems in the fields of science, engineering, and finance. Papers here are interdisciplinary and applications-oriented, focusing on techniques and tools that enable challenging computational simulations to be performed, for which the use of supercomputers or distributed computing platforms is often required. Includes material in ACM Subject Classes J.2, J.3, and J.4 (economics).
涵盖了计算机科学在科学、工程和金融领域复杂系统的数学建模中的应用。这里的论文是跨学科和面向应用的，集中在技术和工具，使挑战性的计算模拟能够执行，其中往往需要使用超级计算机或分布式计算平台。包括ACM学科课程J.2、J.3和J.4（经济学）中的材料。
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一级分类：Economics        经济学
二级分类：Econometrics        计量经济学
分类描述：Econometric Theory, Micro-Econometrics, Macro-Econometrics, Empirical Content of Economic Relations discovered via New Methods, Methodological Aspects of the Application of Statistical Inference to Economic Data.
计量经济学理论，微观计量经济学，宏观计量经济学，通过新方法发现的经济关系的实证内容，统计推论应用于经济数据的方法论方面。
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