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"Towards Proof-of-Work Cryptocurrency Valuation: Mining Games, Network Effects and the Social Value of Blockchain" (2019)
Savva Shanaev. Arina Shuraeva. Mikhail Vasenin. Maksim Kuznetsov

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https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3352098

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picked up via discussion

https://twitter.com/PeterRizun/status/1116721851114246147