Crypto

On a Saturday morning (10:19) when the pandemic of 2021 was in full swing and curfew was imposed, two former colleagues met at Whatsapp in Istanbul. One was a financier and the other an engineer. Now you decide which engineer / financier, do not write the whole phrase;

Fuat - Selam Zeki, how are you? Fuat me. I will have a few questions about these cryptocurrencies. As my wife said you were an expert on this business. His wife, Zeki's classmate is from university.

Hello Fuat, I'm fine, how are you? It would be more correct to say that I have some knowledge, not an expert. Virtual Coins are one of the most important financial technologies that have emerged in recent years. The Virtual Money phenomenon entered the financial world in 2009, when a Japanese programmer named Satoshi Nakamoto (1) created Bitcoin.

Fuat - What is the difference between the bitcoin wallet and the stock market?

Completely different things. Digital Wallet is a type of software that is not under government control and is stored on the Internet or on memory sticks.

The stock exchange, on the other hand, is a structure that is controlled by the laws and control of the states. Actually, the point is, we're talking about a multiple, decentralized structure with a classical center. There is actually a Blockchain Technology behind Bitcoin, which we often know as crypto or electronic money. So what is this Blockchain?

Blockchain, which has a chain structure consisting of blocks, is a distributed database system that provides encrypted transaction tracking. In money transfers, each step creates a block.

Fuat - We are talking about the Bitcoin exchange, right?

But Blockchain is not a single-centered structure. I have pointed out with the stock exchange here, Maslak, Borsa İstanbul. I describe it as a platform rather than a bitcoin / crypto exchange.

Fuat - When you buy Bitcoin from this platform, do you get a Bitcoin wallet?

You store digital / virtual currencies, coins such as Bitcoin, Etherium etc in the virtual wallet and transact through the wallet. Banks do not yet open virtual money accounts. They don't, I don't think so. Only %3 of the transactions made by the Platform whose founder goes abroad is Bitcoin. Other virtual currencies are heavily traded, Xxxecoin. All kinds of virtual money have to be kept in a digital wallet.

Fuat - Xxxecoin? Is this domestic virtual money?

There are many local virtual currencies, such as Bilira and Bitranium (3). It is known that the Central Bank is preparing to issue virtual money.

Since virtual currencies are not legally regulated assets, they pose many risks, especially for users. Despite all these risks, virtual currencies have become more and more preferred with the benefits they provide compared to traditional payment tools. Distributed ledger technology and mining activities, which constitute their infrastructures, have attracted great interest as they are new concepts and the possibility of using them in financial markets has started to be discussed. Currently, there are projects regarding alternative uses of distributed ledger technology. Despite this, the legal regulation of virtual currencies is still at the beginning level. (2)

Fuat - How is the price formed?

I will write a process to make it clearer;

It was the years when people who worked with sweat and sweat were thought to be cunning, those who got around the corner from the shortcut, it's still a valid approach, but whatever. In the early 1980s, the banker boom started. There was a famous banker, he was actually running a teahouse, he was not yet 20, he declared himself a banker and said that I give one point more than what other bankers pay interest, slapped a billion liras in a year.

And 1982, the Bankers Scandal ...

The banker rush, which spread like a corona epidemic, lasted 22 months. We had nearly two thousand bankers. Some fled to Switzerland, some to Syria. While the gross national product of the country was 8 trillion, our bankers collected 150 billion lira and defrauded 3 million citizens.

Wherever we invest our money, our dear citizens who have fallen on their heads embraced the invention of green capital. These holdings have mushroomed from Germany. They founded hockey pocus companies, opened stalls in mosques and collected money. They made openings arm in arm with our religious ministers.

At the time when our dear press created the term Anatolian Tigers, they were telling that our mute business people poured foreign currency into the country and prevented unemployment by providing employment.

What happened? One of them;

Of the 300 million Euros we have collected, 250 million have unfortunately collapsed, we could not realize our targeted factories, our dear partners should drink a glass of cold water. He said!

It is over… Our brother came from Siirt; Fadıl from the Jetsons, efem ... Remember, he even transferred Sergen Yalçın, who had a career in pursuit of the championship these days.

Turkey's first domestic automaker to produce exceptional in our province will establish five factories would produce over 1 million cars a year, and now he tells 300 countries distributorship grace. Maybe there were no more 300 countries in the world, but it should be.

Our dear people elected Fadil as a deputy and sent him to the parliament!

Fuat - Yes, I remember.

Fortunately, we have young people who want to contribute to our country. A young friend, who had been an overlocker until that day, founded Çiftlikbank on the internet.

The country that imported straw found this initiative very well and invested 500 million lira in cash to its personal account.

What to do… Palletized the money, fled to Uruguay. We have no extradition treaty with Uruguay. We import football players, cows and oxen from Uruguay, we cannot import young man.

Now, crypto trading, of course crypto, blog chain, technology, digital money, these are excuses ... There is also a group of people for our nation. Its rate is not less.

These are our smart and clever people who want to make easy money from the air without working. Those who think they know are smart, educated or uneducated balance holders who have taken their ignorance. These friends half knowingly prefer to invest in such initiatives, and they will.

Fuat- Thanks for the information, it is definitely a fraud.

It is mentioned that there are 60 crypto platforms in the country and 3500 platforms are working in the world.

Fuat- But in the old fraud cases, real money was always used in some way.

Blockchain can actually be considered a revolution in technology. Yes, there is a revolutionary technology on the one hand, and our smart entrepreneurs on the other. So they abuse technology.

Fuat - I understand, how is the price of this local virtual currency formed?

On the platforms, supply is formed by demand. Cüneyt Arkın played in the TV commercial of Banker Kastelli. The young person who is not in this country played the current famous models, but not on TV. Because people are on the internet now.

I think it's called branding

Fuat - So, will this affect normal Bitcoin investors? After all they got an international virtual currency?

These ones affect cryptocurrencies somehow. However, there is a free price. In other words, they say that the Bitcoin market volume is around $ 2 trillion, the kid who escaped took $ 2 billion. How much do you think it affects?

Fuat - Anyway, thank you very much. After all, Turkey full version of the scam ..

There may be fraud in other countries.

I think that science, scientists and intelligence should be valued, I do not know what you think. But I used Stephen Hawking's word to begin with, and now let me use it;

The biggest enemy of knowledge is not ignorance, but thinking that you know.

He said, what more shall we say now ...

If you like the article, applaud and follow the account, the writer will be motivated and wonderful between us. Yours…

References (1) Medium.com/bilişim-hareketi (2) Sanal para birimleri, TCMB (3) Yerli ve milli kripto paralar; Bitranium, Bilira