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.
Keywords :
Bitcoin , IOTA , Ripple , GSADF
