1/n A new version of my paper with Kirill Shakhnov on "Cryptomarket Discounts" is now available at: ssrn.com/abstract=31243… #EconTwitter [short thread] 
2/n Investors buy #bitcoin on a multitude of exchanges, located in different countries, and against different fiat and cryptocurrencies.
3/n Their distribution is leptokurtic, with negative skewness for fiat pairs, and a standard deviation of 4.5%.
4/n Large and persistent documented differences in bitcoin prices across these exchange and currency pairs question the efficiency of both #cryptocurrency markets and cross-border payment systems.
5/n Relative bitcoin prices, across locations and currencies, are persistent over time, with the location component accounting for more than 50 percent of the variability.
6/n Counter- party risks, liquidity risks, blockchain and cryptocurrency factors contribute to the overall explanation of the distribution of bitcoin prices, while the variability of #mining activities is the only factor that explains both the time-series and spatial dimensions.
7/n We build a model with heterogenous investors, partially segmented markets, and a slow moving market-maker, to interpret these results.
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