Abstract:

The money has been used in different ways throughout the history. Today’s technological intensity has led to changes in the form of making money different forms. This change usually occurred in relation to the value of the money and occurred by a change in the value of the money from the mine in which it was made, to the central authority that pushed the money. The central authorities have made projects that resulted in major social events and problems to increase their currency conversibility. This problematic human being has reached unacceptable points and has accelerated the process of integration by many sections with the feature of technological transformation and reducing the medium of change, products and services. In the beginning of these transformations, the application of artificial intelligence, industry 4. 0 production systems and the name comes from the blockchain system that we hear with the value increase of Bitcoin. Blockchain system is a cryptographic transfer and storage system that allows for reliable transfer of money or data and was introduced to use by one/one named Satoshi Nakamoto in 2008. The distinctive feature of the Blockchain system is that it reduces transaction costs and provides confidence with cryptocurrency software. This system can be defined as a reward coin that uses the Bitcoin Blockchain infrastructure and has an important position for the system’s operation. In 2008, the value of Bitcoin was measured by cents, and in 2017, the price rose to $19.050. This increase has also increased the recognition of Bitcoin throughout the world. While the constant change in the prices of Bitcoin annoys many investors, the interest in Bitcoin and other cryptocurrencies is increasing every day. Because this study is not supported by a central authority, the accuracy of the constant balloon or dust price concepts will be tried to be mathematically proven. In this context, speculative balloon existence was tried to be identified comparatively in the prices of cryptocurrencies. The study includes the daily closing prices of Bitcoin, IOTA and Ripple cryptocurrencies, the detection of speculative ballons and the periods of ballon formation. The generalized edge developed by 2013 was tested with the ADF GSADF unit root test. According to the study, balloon formation was detected in the price of each of the three cryptocurrencies, especially in the last quarter of 2017. The periods identified balloon formation were historically assessed and the result was that the effects of news manipulations were achieved.

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Abstract:

The use of money has been in different forms throughout history. Today's technology intensive period has caused changes by giving money different forms. This change has generally been related to the value of money and has occurred from a change in the value of money from the mine to the central authority that issued the money. In order to increase the convertibility of their own money, the central authorities carried out projects that turned into major social events and problems. This problematic has become unacceptable to human beings and accelerated the integration process by many segments with the feature of technological transformation and change, reducing the mediator of products and services. At the beginning of these transformations, artificial intelligence applications, industry 4.0 production systems and the blockchain system which we hear with the increase of Bitcoin are the most important ones. The Blockchain system is a cryptographic transfer and storage system that was introduced in 2008 by a person named Satoshi Nakamoto, which enables reliable transfer of money or data without any intermediary. The distinctive feature of the Blockchain system is that it reduces transaction costs and provides confidence with cryptographic software.It can be defined as the prize money, which uses Bitcoin Blockchain infrastructure, which is a reward for this system, which is an important position for the operation of the system. Bitcoin, whose value was measured in cents in 2008, increased to US $ 19,050 in 2017. This increase has increased Bitcoin's recognition throughout the world. Although the constant change in Bitcoin's prices worries many investors, the interest in Bitcoin and other crypto currencies is increasing day by day. In this study, the accuracy of continuous balloon or foam price concepts will be tried to be proved mathematically because it is not supported by a central authority. In this context, the existence of speculative balloon was determined comparatively in the prices of crypto currencies. Within the scope of the study, the daily closing prices of Bitcoin, IOTA and Ripple crypto currencies were determined by Phillips et al. 2013 developed by the generalized ecus Sup ADF GSADF unit root test was tested. As a result of the study, bubble formation was determined in the price of all three crypto currencies, especially in the last quarter of 2017. When the periods determined as balloon formation were evaluated historically, it was concluded that news manipulations had an effect