Özet:

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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