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The Digital World: I - Bitcoin: from history to real life
Abstract
Bitcoin can be considered as a medium exchange restricted to online markets, it is not aunit of account and a store of value, and thus cannot be considered as a money. Bitcoinvalue is very volatile and traded for different prices in different exchanges platforms,and thus can be used for arbitrage purpose. His behavior can be associated with ahigh volatile stock, and most transactions in Bicoin are aimed to speculative instruments. The high volatility in Bitcoin and the occurrence of speculative bubble dependon positive sentiment and confidence about Bitcoin market: several variables my beconsidered as indicators (volume of transactions, number of transactions, number ofGoogle research, wikipedia requests). The star of the crypto-currencies has attainedthe 19 716 dollars in December 2017 and decreased to 6707 dollars March 29, 2018. Incapitalization is at this time the 30th mondial currency. We explain some limits andinterests of the Bitcoin system and why the central bankers and regulators need totake some decision on its existence, and in a second paper we suggest what could bethe possible evolution of the Bitcoin Blockchain.
... In this paper, we designate by crypto-currency any digital currency that is secured by a blockchain-related protocol, public and totally decentralized type like Bitcoin, or private type or consortium like Ripple for example. In Appendix A, we give more information about these two concepts of blockchains, private or public, see also [15,20,21,23]. ...
... 19 Concomitantly, Europe adopted the Directive 2014/95 / EU of the European Parliament and of the Council on October 22, 2014 amending Directive 2013/34 / EU concerning "the publication of information non-financial information and information on the diversity of their activities by certain large companies and groups ". Following this directive, for example in France, the Sapin II law passed in 2016 and imposes that companies with an international dimension comply with certain national and international laws and regulations linked to the fight against corruption in relation with extraterritoriality rules in particular 20 . ...
Libra was presented as a cryptocurrency on June 18, 2019 by Facebook. On the same day, Facebook announced plans for Calibra, a subsidiary in charge of the development of an electronic wallet and financial services. In view of the primary risk of sovereignty posed by the creation of Libra, regulators and Central Banks quickly took very clear positions against the project and addressed a lot of questions focusing on regulation aspects and national sovereignty. The purpose of this paper is to provide a holistic analysis of the project to encompass several aspects of its implementation and the issues it raises. We address a set of questions that are part of the cryptocurrency environment and blockchain technology that supports the Libra project. We describe the governance of the project based on two levels, one for the Association and the other for the Libra Blockchain. We identify the main risks considering at the same time political risks, financial risks, economical risks, technological risks and ethical risks. We emphasize the difficulty to regulate such a project as soon as it will depend on several countries whose legislations are very different. Finally, the future of this kind of projects is discussed through the emergence of Central Bank Digital Currencies.
Smart contracts written in Solidity can have various vulnerabilities, which can lead to significant losses if not detected and addressed in time. Static analysis is an effective method to identify potential security issues before deploying smart contracts on the blockchain.In this paper, we present a tool for static analysis of Solidity smart contracts that uses a graph as an intermediate representation to facilitate analysis. The tool converts Solidity code into a graph structure that captures the code’s structure and dependencies, allowing analysis at a higher level of abstraction.The tool provides a set of rules for detecting various security issues such as reentrancy attacks, integer overflows, and state variables shadowing. We evaluate the tool on a set of Solidity contracts, present en experimental comparison of the tool performance compared to other existing tools, and demonstrate its effectiveness in detecting security vulnerabilities previously reported in the literature.The tool’s use of a graph-based intermediate representation enables a high level of abstraction that can capture complex relationships and dependencies between the various components of the code. Overall, the proposed tool provides an efficient and effective approach to perform static analysis of Solidity smart contracts.KeywordsSolidityStatic analysisGraph representationSecurity vulnerabilities
This work presents a new method, called Controlled Filter with Active Perception (CFAP), to approach the problem of Simultaneous Localization and Mapping (SLAM). SLAM aims to map an unknown environment while estimating the trajectory of a mobile agent moving within that environment. CFAP combines the two fundamental pillars of SLAM, which are scan alignment and loop closure, into a single process. The method is inspired by human perception of locating oneself and for this, it uses a mental map to guide itself. CFAP uses a Gaussian distribution to estimate possible poses and performs the alignment process in cycles, where each cycle is influenced by the results of the previous one. The Active Perception mechanism is used in each cycle to determine the quality of each of the possible poses, allowing for more accurate simultaneous localization and mapping. Benchmarking tests were performed on 5 public datasets that demonstrate the effectiveness and efficiency of the proposed method.KeywordsActive perceptionSimultaneous localization and mappingOptimized search
Son zamanlarda finansal pazarlama kapsamında küresel olarak, hem tüketicilerin e-ticarette harcama yaptıkları dijital (sanal) bir para birimi olarak görülen hem de bir yatırım ürünü veya değer saklama aracı şeklinde algılanan ve popülaritesi sürekli artan Bitcoin kripto para birimi, uluslararası ve ulusal düzeyde tüketiciler ile kamuoyunun ilgisini çekmektedir. Araştırma, finansal pazarlama çerçevesinde küresel dijital (sanal) bir ürün olan Bitcoin kripto para biriminin pazarlama uygulamaları ile gerçekleştirdiği ve oluşturduğu yenilikçi pazarlama stratejilerini tespit etmek, Swot analizini yapmak ve pazarlama teorisi içerisinde değerlendirmesini gerçekleştirmenin yanı sıra, pazarlama açısından başarılı ve başarısız yönlerini ortaya koymak, tartışmak ve uygulamayla teori arasında köprü kurmak amacıyla hazırlanmıştır. Aynı zamanda küresel dijital (sanal) bir kripto para birimi olan Bitcoin'in markalaşma süreci, marka değeri ve marka derecelendirmesi ile gerçekleştirdiği konumlandırma pazarlama faaliyetleri doğrultusunda incelenmiştir. Araştırma, internet kullanımının yaygınlaşması ve Covid-19 pandemi süreciyle birlikte Bitcoin kripto para biriminin bilinirliği konusunun tüketiciler ile kamuoyu tarafından anlaşılması ve literatüre katkı sağlaması bakımından önemlidir. Çalışmada kullanılan veriler ve bilgiler, Bitcoin kayıtlarına ve Bitcoin kripto para biriminin ortaya çıkışından günümüze kadar konuyla ilgili yapılan bilimsel araştırmalardan elde edilen ikincil verilerin yanı sıra, araştırmacı deneyimleri ve gözlemleri ile markanın internet sitesinde yer verilen bilgilerinden geniş çapta yararlanılarak düzenlenmiştir. Araştırma gözlem yöntemi ışığında gerçekleştirilmiştir. Bitcoin en düşük fiyatlarla pazara sunulması ve bir halk markası olarak konumlandırmasıyla birlikte zamanla hızla artan fiyatı, marka değeri ve marka derecesi sayesinde Bitcoin kripto para birimi dünyadaki finansal varlık pazarında hızla küresel bir marka olmayı başarmıştır. Abstract Bitcoin crypto currency is a digital (virtual) currency that consumers spend in e-commerce within the scope of global financial marketing, which is perceived as an ever-increasing investment product or value storage tool. In addition, it attracts the attention of consumers and the public at international and national level. This research, within the framework of financial marketing, aims to identify the innovative marketing strategies that Bitcoin has developed and created with its marketing practices, to make Swot analysis and to evaluate it within the marketing theory, as well as to discuss and reveal the successful and unsuccessful aspects from marketing perspective, and to to make a bridge between practice and theory. At the same time, the branding process of Bitcoin, its brand value and its positioning with brand rating have been examined in line with its marketing activities. The research is important in terms of the widespread use of the internet and the awareness of the Bitcoin crypto currency with the Covid-19 pandemic process by consumers and the public and contributing to the literature. In this study, in addition to the Bitcoin records and secondary data obtained from scientific research on the subject since the emergence of Bitcoin, the experiences and observations of the researchers and the information on the brand's website were used. The research was carried out in the light of the observation method. With the introduction of Bitcoin at the lowest prices and positioning it as a public brand, Bitcoin cryptocurrency has quickly managed to become a global brand in the financial asset market in the world, thanks to its rapidly increasing price, brand value and brand rating.
This empirical study aims to examine the customer awareness and experience in both commercial and Islamic banks in the UK. It pays attention to the quality of services and the available support given to the customers. Banks pride in their financial services and support for customers. The banks’ mantra is about treating customers as priced assets and providing them with all the necessary support and guidance. Undoubtedly, the customers’ awareness of what the banks offer to them in terms of money safety, transfers, loans and interest rates are very important. The study utilises a questionnaire and focus group of 18 respondents with customers who use both banks to gain an understanding of their experiences. Evidence suggests that there is a general understanding of the banks’ services and commercial banks in particular expose their services more widely using various communication channels. The study found that some customers are aware of the specific charges and the interest rates. However, some were unaware of the services offered by the Islamic banks in relation to mortgage and interest rates and this had impact on customers’ satisfaction and loyalty. The study concludes that both commercial and Islamic banks need to do more to increase their customers services provisions in order to attract and retain existing customers. Offering customers and making them aware of a range of products and services tailored to their needs is way forward to acquire new and to increase customer retention.KeywordsCustomer experienceSatisfactionLoyaltyService chargesIslamic bankCommercial bankQuality of service
Tax accounting depends on many aspects, dimensions, and constituents that interact together in order to achieve its main goal, which is to reach the determination of the profit or the tax base on which the tax is imposed according to the laws, legislation, and regulations that govern this, and in light of the aspects of tax accounting. Shortcomings related to its current, non-renewable nature and development, the matter called for many scientific and practical opinions dealing with the need to develop and improve the performance of tax accounting to become more appropriate and capable of dealing with changes and developments as well as reducing the deficiencies faced, and then the general agreement between many of those. The views are that tax compatibility and standardization of procedures are achieved in a scientific framework, followed by access to international tax accounting, as one of the most important modern trends that the requirements for achieving international tax harmonization and unification on the one hand have called for, and also as a start toward issuing and building accounting standards directly directed to tax accounting as one of the attempts Overcoming the tax gap between financial accounting and tax accounting, not only as developing current tax accounting to make it relevant. A modern approach, rather working to make it with an international dimension that takes into account the international requirements of tax systems in light of the international problems and issues facing those tax systems, and this is what can be achieved through international tax accounting, specifically when it comes to virtual and digital tax issues.
The auditing profession is changing due to the advent and enforcement of artificial intelligence (AI) in its field. The implementation of artificial intelligence is introducing the advantages of taking over manual processes and promoting effective value-added decision making by the auditors. This chapter discusses the development and use of artificial intelligence in auditing from the prospects of education, profession, and ethical implications. It is not sufficient for the auditors to have professional knowledge only but to also develop the acumen for the implementation of artificial intelligence. Undergraduate and postgraduate degrees are being revamped to include knowledge of AI. Additionally, auditors are catching up on AI developments through professional development courses. The audit process benefits from AI due to the coverage of all the transactions instead of relying only on a sample to make a judgment. Auditing firms are investing in contract analysis software to go through complex documents. However, the ethical implications of AI are new and regulatory authorities are still in the process of providing adequate coverage toward the use of AI. The bottom-line of implementing AI processes is that it is complementary to the function of auditing and not a replacement.
The study examines intraday price relationships between SP500 and Dow Jones Industrial (DJI) in
the 3 months following the V-type recovery from the stock market crash due to the pandemic.
Analysis with Momentum Threshold Value (MTAR) cointegration and error correction models
revealed the existence of an intraday non-linear asymmetric relationship in US stock markets. While
the MTAR model shows small decreases for positive ex values , it shows significant decreases for
negative ex values. Vector error correction model findings indicate the existence of an asymmetric
causality relationship from the SP500 index to the DJI index in the long run.
Bu çalışmanın temel amacı Küresel Belirsizlik Endeksi ile BRICS ülkelerinin borsaları arasındaki volatilite etkileşimini araştırmaktır. Buna bağlı olarak Ocak 2005 – Ekim 2020 dönemine ait aylık veriler kullanılarak BEKK-GARCH modeli çalıştırılmıştır. Yapılan analizler sonucunda Küresel Belirsizlik Endeksinden BRICS ülkelerinin borsalarının tamamına doğru volatilite etkileşimi olduğu görülmüştür. Fakat BRICS borsalarından sadece Hindistan ve Güney Afrika borsalarından Küresel Belirsizlik Endeksine doğru volatilite yayılımı gerçekleşmektedir. Sonuç olarak Küresel Belirsizlik Endeksi ile Brezilya, Rusya ve Çin borsaları arasında tek yönlü volatilite yayılımı gerçekleşmekte, fakat Hindistan ve Güney Afrika borsaları ile çift yönlü yayılım bulunmaktadır
We study the causal relationship between the risk appetite indices (RISE) and several financial indicators over the period 2008M01–2021M05 by employing the causality-in-quantiles technique and using weekly observations. The results suggest one-way causality-in-mean from the changes in CDS spreads and interest rates to all RISE indices in all quantiles. The findings, for example, show that the strength of the causality from CDS peaks in the bearish market but weakens as we move towards the medium and upper quantiles, that is, in the normal and bullish markets. However, the results of causality-in-variance exhibit unidirectional linkages from all RISE indices to bond yields at the normal and upper quantiles, implying no predictability of bond markets in the bearish markets. The findings yield significant implications in constructing monetary policy and measuring risk factors during different market conditions.
Bu çalışmanın amacı, Bitcoin ile Euro/Dolar, İngiliz Sterlini/Dolar, Kanada Doları/Dolar, Japon Yeni/Dolar ve Çin Yuanı/Dolar gibi önemli döviz kurları arasındaki dinamik ilişkiyi incelemektir. Bu bağlamda, Bitcoin ve döviz kurları arasında ortalamada ve volatilitede yayılım etkisinin varlığını incelemek için Hong (2001) tarafından önerilen ortalamada ve varyansta nedensellik testi kullanılmıştır. Ayrıca, Bitcoin ve döviz kurları arasındaki kuyruk bağımlılığının varlığını araştırmak için Hong vd. (2009) tarafından önerilen risk durumlarında nedensellik testi kullanılmıştır. 19 Ağustos 2011 ile 6 Ağustos 2021 tarihleri arasında günlük verileri kullanarak, Euro, Pound ve Kanada Dolar’ından Bitcoin’e yönelik tek yönlü ortalamada nedensellik ilişkisi tespit edilmiştir. Öte yandan, varyansta nedensellik testi sonuçları, Bitcoin ile Euro ve Pound arasında çift yönlü bir oynaklık yayılım etkisinin olduğunu göstermektedir. Ayrıca, Yuan ve Kanada Dolar'ın Bitcoin'in varyansta Granger nedeni olduğu belirlenmiştir. Risk durumlarındaki nedensellik testi sonuçları, Euro ve Pound’dan Bitcoin’e yönelik nedensellik ilişkisine dair kanıt sunmaktadır. Bununla birlikte Bitcoin’deki beklenmedik kayıplar, Yen’deki beklenmedik kayıpların Granger nedenidir. Genel olarak, ampirik sonuçlar Çin para biriminin Bitcoin ile daha az entegre olduğunu göstermektedir.
يشهد العالم الآن ثورة رقمية وتطورات تكنولوجية متسارعة بشكل كبير، فضلًا عن التحول من الاقتصاد في شكله التقليدي إلى الاقتصاد الرقمي، مما ترتب عليه ظهور أدوات جديدة تتناسب مع تلك التطورات، ومن منطلق ذلك تحاول هذه الورقة استكشاف الخصائص الاقتصادية لعملة البيتكوين التي انتشر التعامل بها في الآونة الأخيرة، بسبب عديد من المزايا التي تميزها عن النقود في أشكالها التقليدية، التي ترتب عليها مجموعة من الآثار الاقتصادية. وقد توصلت الدراسة إلى أن عملة البيتكوين تعد من ضمن الابتكارات التكنولوجية، التي تحتوي على مجموعة من الخصائص التي تستحق الدراسة، تلك التي تجعلها في بؤرة الاهتمام، كالعملة الرقمية، وخاصية الند للند، وانخفاض تكلفة وسرعة المعاملات، والشفافية، والتحكم اللامركزي، والخصوصية، وحل مشكلة الانفاق المزدوج، بالإضافة إلى الأمان والتشفير، وأخيرًا التعدين.
Son zamanlarda finansal pazarlama kapsamında küresel olarak, hem tüketicilerin e-ticarette harcama yaptıkları dijital (sanal) bir para birimi olarak, görülen hem de bir yatırım ürünü veya değer saklama aracı şeklinde algılanan ve popülaritesi sürekli artan Bitcoin kripto para birimi, uluslararası ve ulusal düzeyde tüketiciler ile kamuoyunun ilgisini çekmektedir. Araştırma, finansal pazarlama çerçevesinde küresel dijital (sanal) bir ürün olan Bitcoin kripto para biriminin pazarlama uygulamaları ile gerçekleştirdiği ve kendine özgü oluşturduğu inovatif pazarlama stratejilerini tespit etmek, Swot analizini yapmak ve pazarlama teorisi içerisinde değerlendirmesini gerçekleştirmenin yanı sıra, pazarlama açısından başarılı ve başarısız yönlerini ortaya koymak, tartışmak ve uygulamayla teori arasında köprü kurmak amacıyla hazırlanmıştır. Aynı zamanda küresel dijital (sanal) bir kripto para birimi olan Bitcoin’in markalaşma süreci, marka değeri ve marka derecelendirmesi ile gerçekleştirdiği konumlandırma pazarlama faaliyetleri doğrultusunda incelenmiştir. Araştırma, internet kullanımının yaygınlaşması ve Covid-19 pandemi süreciyle birlikte Bitcoin kripto para biriminin bilinirliği konusunun tüketiciler ile kamuoyu tarafından anlaşılması ve literatüre katkı sağlaması bakımından önemlidir. Çalışmada kullanılan veriler ve bilgiler, Bitcoin kayıtlarına ve Bitcoin kripto para biriminin ortaya çıkışından günümüze kadar konuyla ilgili yapılan bilimsel araştırmalardan elde edilen ikincil verilerin yanı sıra, araştırmacı deneyimleri ve gözlemleri ile markanın internet sitesinde yer verilen bilgilerinden geniş çapta yararlanılarak ortaya konulmaktadır. Araştırma gözlem yöntemi ışığında gerçekleştirilmiştir.
In this research, the problem of predicting the edge weight in the Bitcoin network has been resolved by utilizing the structure of the community based Fairness and Goodness. Community detection using Newman-Girvan algorithm has been applied to obtaine the trusted communities which depends on the features representation generally. The former may represent the trusted transactions that have trust value more that certain threshold. Concering the missing edge weight, the prediction is based on the fairness and goodness that supported by the above communities. In fairness measure, can capture how fair the node is in rating other nodes’ trust that has transactions (trusted transactions) with. While the goodness of a node shows how much this node is liked or trusted by other nodes that have transactions (trusted transactions) with. In both cases, only the nodes that are within community of the target node contribute with setting the fairness or the goodness of the target. The model was evaluated in practice using two real-world datasets; the Bitcoin-OTC and the Bitcoin-Alpha datasets. The experimental findings explain the effectiveness of the proposed comparable with other methods. The percentage error minimization is 18% for the Alpha dataset and 26% for OTC dataset.
At first, money was used as a tool for goods and service, nowadays it becomes abstract from a physical structure with credit cards and bank accounts. More recently, the evolution of money has moved to a different dimension, expose the crypto currency type; bitcoin, the most common and valuable. Bitcoin is a crypto currency and payment system. The document published in 2008 as Bitcoin: A Peer-to-Peer Electronic Cash System, peer-to-peer refers to pointing to a decentralized system and arguing for eliminating agents that this can be happen with blockchain technology. 1 Bitcoin is around 10.000 USD / 55.000 TL during the period in which this study was prepared. However, the goal of this study is to explain the basis of bitcoin and blockchain technology behind it, rather than investment advice. In the study, the researches on bitcoin in the literature are also mentioned.
This paper presents a Context-Based Blockchain Platform Definition and Analysis Methodology (MetaBlockX) to analyse and identify the best blockchain platform to specific context. Nowadays the number of existing platforms is enormous, in this way, assessing and identifying which best suits to context and service needs is a great challenge. In addition, each use case has its specifics, which can vary from prophecy in a certain programming language or need to keep data private, or even response time and delay to process the data. In this way a holistic and well-documented analysis is required to identify such a blockchain development platform that is proposed at this paper.
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