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The study provides an extent analysis of digital coins ecosystem from November 2017 to October 2018 based on an hourly time interval. I focus on correlation among these coins and the Bitcoin as Bitcoin to become a mainstream investable asset class, thus studying these properties is necessary. The findings show that bitcoin price and volume is not correlated with most of the traded digital coins while several digital coins are highly and significantly correlated with other coins, This has implications for risk management and financial engineering (such as bitcoin derivatives)-both from an investor's as well as from a regulator's point of view.

INTRODUCTIONThe proliferation of nuclear weapons has transformed the national security policies of most countries in recent decades. The technological revolution has also revolutionized international relations, and changed the nature and scale of security threats in the latter half of the twentieth century.This change has heightened the security threat faced by most countries in the world. Some have remained completely unable to meet the new challenge and have been forced to make difficult choices to deal with this threat. These states face a crucial dilemma which has serious implications for their survival in the future and the security of their citizens in the present: how to cope with the security threat? Should they "go the hard way", increasing their conventional power while bolstering their security with political agreements and coalitions? Or should they opt to take a "security leap", attempting to obtain nuclear weapons that would act as a deterrent, constituting a sort of "insurance policy"?Their dilemma does not end here, however. The latter of these two routes has a major drawback: by joining the nuclear arms race in an age when nuclear proliferation is not the international norm, these nations risk being excluded from the "family of nations", becoming pariahs or so-called "rogue nations", with all that this implies.Although dozens of countries initially chose to "go nuclear" in recent decades, few of them have persisted in this aim; many have either suspended nuclear development or even "rolled back" their nuclear programs completely.Libya and North Korea are two nations that face this type of security dilemma. Libya, which opted for nuclear deterrence some three decades ago, has recently declared its intention to disarm itself, while the North Korean nuclear test conducted recently suggests that Pyongyang already possesses nuclear capability. However, under 23-3 master 30/8/07 2:20 PM Page 297 Downloaded by [Wake Forest University] at 21:40 04 January 2015 298 • TIRAN ROTHMANthe strain of international pressure, this nation has become one of the most economically and politically isolated states in the world.Why have states facing similar threats chosen to cope with them differently? What is the role of perception in determining a country's defense policy? What role do the external and internal security environment play in the choices made by a state? What lessons can be learned from the "practical" choices recently made by Libya and North Korea? What happened in 2003 that led to a major change in the two cases analyzed here?These questions have yet to be adequately discussed by specialists in international relations and nuclear policy. Basing itself on the international literature concerning nuclear policy and the perceptions of states and their influence on international relations, this study analyzes the environment as perceived by these two states. In this, it attempts to reveal their subjective perspective, rather than the international perspective often used in the literature to analyze states' ...