In this paper, we analyse the impacts of exogenous and endogenous factors on wealth distribution in the Bitcoin token economy, where wealth distribution refers to the distribution of BTC between economic participants or groups of economic participants. The objective of the paper is to analyse the impact of economic policies on wealth distribution in the Bitcoin ecosystem. Different macroeconomic and microeconomic time series are used to eliminate noise in the wealth distribution time series, and the causality analysis is performed between Bitcoin Improvement Proposals (i.e., BIPs) and the cleaned wealth distribution data to reveal possible patterns in the impacts that the endogenous policies have on wealth distribution in token economies. Lastly, a structure for economic policy taxonomy in token economies is proposed where different the policy implementations are illustrated by existing BIPs. This approach highlights the actions available to the policy makers, as well as providing a technique for analysis of policy impacts in token economies and their categorization.

翻译：本文分析了外生与内生因素对比特币代币经济中财富分配的影响，其中财富分配指BTC在经济参与者或经济参与者群体间的分布。本文旨在研究经济政策对比特币生态系统中财富分配的作用机制。通过采用不同的宏观经济与微观经济时间序列数据以消除财富分配时间序列中的噪声，并对比特币改进提案（即BIPs）与清洗后的财富分配数据进行因果分析，从而揭示内生政策对代币经济财富分配影响的潜在规律。最后，本文提出代币经济中经济政策的分类框架，并通过现有BIPs实例阐释不同政策实施方案。该方法既明确了政策制定者可采取的行动路径，也为代币经济政策影响分析及其分类提供了技术支撑。