以太幣信任機制與投資行為之關係：依附理論之觀點

The Relations between Ethereum Trust Mechanism and Behavior: The perspective of Attachment Theory

本研究基於依附理論，探討投資者對以太幣的信任建構歷程，並進一步分析此一信任機制如何影響其市場行為選擇。依附理論認為，信任為依附關係的核心構成元素，因此本研究假設投資者對以太幣所形成的信任基礎即為其情感依附的起點，且此種信任在市場動盪時期具有調節投資決策的重要作用。研究方法採用多元策略整合，包括內容分析、案例研究與情感信任分析。內容分析部分，透過社交媒體與論壇中與以太幣相關的言論進行語義編碼與情緒傾向判讀，評估投資者對以太幣的信任程度與其在投資決策中的語言表現。案例研究方面，選取以太幣2017年價格飆升與2018年價格回調兩大事件，分析信任語言在不同市場情境中的變化與投資者行為反應之間的關聯。情感與信任分析則透過自然語言處理與深度學習技術，建立投資者對以太幣的情感依附程度與信任強度間的對應結構，以呈現加密貨幣市場中信任建構的特殊性與心理動力。

Grounded in the theoretical framework of attachment theory, this study investigates the process by which investors develop trust in Ethereum, and further examines how this trust mechanism influences their market behavioral choices. Attachment theory posits that trust constitutes a central element of attachment relationships; accordingly, this research assumes that the foundation of investor trust in Ethereum serves as the initial point of emotional attachment. This form of trust is hypothesized to exert a regulatory function on investment decisions, particularly under conditions of market volatility. Methodologically, the study adopts a multi-strategy integrative approach, encompassing content analysis, case study methodology, and affective-trust analytics. The content analysis component involves semantic coding and sentiment assessment of discourse related to Ethereum on social media platforms and online forums, with the aim of evaluating the degree of investor trust and the linguistic manifestations of trust in investment-related discourse. The case study centers on two critical market events—the sharp price surge of Ethereum in 2017 and the significant correction in 2018—analyzing the shifts in trust-oriented language across differing market contexts and the corresponding investor behavioral responses. Affective and trust analysis employs natural language processing and deep learning techniques to model the structural correspondence between the intensity of emotional attachment and the level of trust expressed by investors toward Ethereum. Through this framework, the study highlights the distinctive dynamics and psychological underpinnings of trust formation in cryptocurrency markets.