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İŞ KANITI COINLER İÇİN ÇOK KRİTERLİ YATIRIM KARARI: IQRBOW TABANLI VIKOR YAKLAŞIMI

Yıl 2024, Cilt: 6 Sayı: 2, 117 - 136, 31.12.2024

Öz

Bu çalışma, IQRBOW tabanlı Vikor yöntemini kullanarak Proof of Work (PoW) kripto para birimleri için çok kriterli bir yatırım karar verme sürecini incelemektedir. Çalışmanın amacı, Çok Kriterli Karar Verme metodolojileri aracılığıyla oluşturulan yatırım tercihinin performansını değerlendirmektir. Önerilen yöntemle 1 Ekim 2023'ten 1 Ekim 2024'e kadar elde edilen sonuçlar, diğer bazı yatırım tercihleriyle karşılaştırılarak kayda değer iyileştirmeler ortaya konmuştur. Araştırmanın motivasyonu, kripto para piyasasındaki önemli dalgalanmayı yönetme ve en uygun portföy stratejilerini belirleme ihtiyacından kaynaklanmaktadır. IQRBOW yönteminin, kriter ağırlıklandırmada objektif bir bakış açısı sunması ve aynı zamanda kolay uygulanabilirlik avantajı sağlaması, çalışma için tercih edilmesinde önemli bir rol oynamaktadır. Çalışmanın bulguları, IQRBOW tabanlı Vikor yönteminin, özellikle değişken piyasa ortamlarında önemli kazanç potansiyeline sahip daha dengeli yatırım kararı vermede yetkin olduğunu göstermektedir. Bu bulgular, portföy yönetiminde yenilikçi stratejiler formüle etmek isteyen araştırmacılar ve yatırımcılar için değerli bilgiler sunmaktadır.

Kaynakça

  • Akbar, N. A., Muneer, A., ElHakim, N., & Fati, S. M. (2021). Distributed hybrid double-spending attack prevention mechanism for proof-of-work and proof-of-stake blockchain consensuses. Future Internet, 13(11), 285. https://doi.org/10.3390/fi13110285
  • Biryukov, A., & Tikhomirov, S. (2019). Security and privacy of mobile wallet users in Bitcoin, Dash, Monero, and Zcash. Pervasive and Mobile Computing, 59, 101030. https://doi.org/10.1016/j.pmcj.2019.101030
  • Charfeddine, L., Benlagha, N., & Maouchi, Y. (2020). Investigating the dynamic relationship between cryptocurrencies and conventional assets: Implications for financial investors. Economic Modelling, 85, 198-217. https://doi.org/10.1016/j.econmod.2019.05.016
  • Ecer, F., Böyükaslan, A., & Hashemkhani Zolfani, S. (2022). Evaluation of cryptocurrencies for investment decisions in the era of Industry 4.0: A borda count-based intuitionistic fuzzy set extensions EDAS-MAIRCA-MARCOS multi-criteria methodology. Axioms, 11(8), 404. https://doi.org/10.3390/axioms11080404
  • Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: A comprehensive survey. Financial Innovation, 8, 13. https://doi.org/10.1186/s40854-021-00321-6
  • Fidan, Ü. (2022). Portföy çeşitlendirme kararı için Bitcoin bir alternatif olabilir mi? MEREC tabanlı VIKOR yaklaşımı. Akademik Yaklaşımlar Dergisi, 13(2), 526-545. https://doi.org/10.54688/ayd.1182620
  • Fidan, Ü. (2024). Basic statistical methods in determining criteria weights. International Journal of Information Technology and Decision Making. https://doi.org/10.1142/s0219622024500093
  • Gemeliarana, I. G. A. K., & Sari, R. F. (2018). Evaluation of proof of work (POW) blockchains security network on selfish mining. In 2018 International seminar on research of information technology and intelligent systems (ISRITI) (pp. 126-130). IEEE. https://doi.org/10.1109/ISRITI.2018.8864381
  • Gervais, A., Karame, G. O., Wüst, K., Glykantzis, V., Ritzdorf, H., & Capkun, S. (2016). On the security and performance of proof of work blockchains. In Proceedings of the 2016 ACM SIGSAC conference on computer and communications security (pp. 3-16). https://doi.org/10.1145/2976749.2978341
  • Ghosh, A., Gupta, S., Dua, A., & Kumar, N. (2020). Security of Cryptocurrencies in blockchain technology: State-of-art, challenges and future prospects. Journal of Network and Computer Applications, 163, 102635. https://doi.org/10.1016/j.jnca.2020.102635
  • Hashimoto, Y., & Noda, S. (2019). Pricing of mining ASIC and its implication to the high volatility of cryptocurrency prices. Available at SSRN 3368286. http://dx.doi.org/10.2139/ssrn.3368286
  • İç, Y. T., Çelik, B., Kavak, S., & Baki, B. (2022). An integrated AHP-modified VIKOR model for financial performance modeling in retail and wholesale trade companies. Decision Analytics Journal, 3, 100077. https://doi.org/10.1016/j.dajour.2022.100077
  • Investing.com. (2024). Geçmiş veriler. https://tr.investing.com/crypto/bitcoin/historical-data (Accessed Date: 10th October 2024).
  • Maghsoodi, A. I. (2023). Cryptocurrency portfolio allocation using a novel hybrid and predictive big data decision support system. Omega, 115, 102787. https://doi.org/10.1016/j.omega.2022.102787
  • Mingxiao, D., Xiaofeng, M., Zhe, Z., Xiangwei, W., & Qijun, C. (2017). A review on consensus algorithm of blockchain. In 2017 IEEE international conference on systems, man, and cybernetics (SMC) (pp. 2567-2572). IEEE. https://doi.org/10.1109/SMC.2017.8123011
  • Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf (Accessed Date: 25th October 2024).
  • Opricovic, S., & Tzeng, G. H. (2004). Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS. European Journal of Operational Research, 156(2), 445-455. https://doi.org/10.1016/S0377-2217(03)00020-1
  • Qarni, M. O., & Gulzar, S. (2021). Portfolio diversification benefits of alternative currency investment in Bitcoin and foreign exchange markets. Financial Innovation, 7, 17. https://doi.org/10.1186/s40854-021-00233-5
  • Sahoo, S. K., & Goswami, S. S. (2023). A comprehensive review of multiple criteria decision-making (MCDM) methods: advancements, applications, and future directions. Decision Making Advances, 1(1), 25-48. https://doi.org/10.31181/dma1120237
  • Singh, J., Sharma, A., & Kaur, S. (2023). Analysis of secured hash algorithm-256 in a blockchain-based money transaction system. In 2023 International conference on innovative computing, intelligent communication and smart electrical systems (ICSES) (pp. 1-6). IEEE. https://doi.org/10.1109/ICSES60034.2023.10465578
  • Tekletsadik, S. E. (2024). Application of TOPSIS, VIKOR and COPRAS for ideal investment decisions. Accounting, 10, 1-10. https://doi.org/10.5267/j.ac.2023.9.002
  • Watters, C. (2023). Digital gold or digital security? Unravelling the legal fabric of decentralised digital assets. Commodities, 2(4), 355-366. https://doi.org/10.3390/commodities2040020
  • Werth, J., Berenjestanaki, M. H., Barzegar, H. R., El Ioini, N., & Pahl, C. (2023). A Review of Blockchain platforms based on the scalability, security and decentralization trilemma. ICEIS, (1), 146-155. https://doi.org/10.5220/0011837200003467

MULTI-CRITERIA INVESTMENT DECISION MAKING FOR PROOF-OF-WORK COINS: IQRBOW-BASED VIKOR APPROACH

Yıl 2024, Cilt: 6 Sayı: 2, 117 - 136, 31.12.2024

Öz

This study examines a multi-criteria investment decision-making process for Proof of Work (PoW) cryptocurrencies using the IQRBOW-based Vikor method. The aim of the study is to evaluate the performance of the investment choice generated through multi-criteria decision-making methodologies. The results obtained with the proposed methodology from October 1, 2023, to October 1, 2024 are compared with some other investment choices, showing significant improvements. The motivation for the research stems from the need to manage the significant volatility in the cryptocurrency market and identify optimal portfolio strategies. The fact that the IQRBOW method offers an objective perspective in criteria weighting and also provides the advantage of easy applicability plays an important role in its choice for the study. The findings of the study show that the IQRBOW-based Vikor method is competent in making more balanced investment decisions with significant earning potential, especially in volatile market environments. These findings provide valuable insights for researchers and investors interested in formulating innovative strategies in portfolio management.

Kaynakça

  • Akbar, N. A., Muneer, A., ElHakim, N., & Fati, S. M. (2021). Distributed hybrid double-spending attack prevention mechanism for proof-of-work and proof-of-stake blockchain consensuses. Future Internet, 13(11), 285. https://doi.org/10.3390/fi13110285
  • Biryukov, A., & Tikhomirov, S. (2019). Security and privacy of mobile wallet users in Bitcoin, Dash, Monero, and Zcash. Pervasive and Mobile Computing, 59, 101030. https://doi.org/10.1016/j.pmcj.2019.101030
  • Charfeddine, L., Benlagha, N., & Maouchi, Y. (2020). Investigating the dynamic relationship between cryptocurrencies and conventional assets: Implications for financial investors. Economic Modelling, 85, 198-217. https://doi.org/10.1016/j.econmod.2019.05.016
  • Ecer, F., Böyükaslan, A., & Hashemkhani Zolfani, S. (2022). Evaluation of cryptocurrencies for investment decisions in the era of Industry 4.0: A borda count-based intuitionistic fuzzy set extensions EDAS-MAIRCA-MARCOS multi-criteria methodology. Axioms, 11(8), 404. https://doi.org/10.3390/axioms11080404
  • Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: A comprehensive survey. Financial Innovation, 8, 13. https://doi.org/10.1186/s40854-021-00321-6
  • Fidan, Ü. (2022). Portföy çeşitlendirme kararı için Bitcoin bir alternatif olabilir mi? MEREC tabanlı VIKOR yaklaşımı. Akademik Yaklaşımlar Dergisi, 13(2), 526-545. https://doi.org/10.54688/ayd.1182620
  • Fidan, Ü. (2024). Basic statistical methods in determining criteria weights. International Journal of Information Technology and Decision Making. https://doi.org/10.1142/s0219622024500093
  • Gemeliarana, I. G. A. K., & Sari, R. F. (2018). Evaluation of proof of work (POW) blockchains security network on selfish mining. In 2018 International seminar on research of information technology and intelligent systems (ISRITI) (pp. 126-130). IEEE. https://doi.org/10.1109/ISRITI.2018.8864381
  • Gervais, A., Karame, G. O., Wüst, K., Glykantzis, V., Ritzdorf, H., & Capkun, S. (2016). On the security and performance of proof of work blockchains. In Proceedings of the 2016 ACM SIGSAC conference on computer and communications security (pp. 3-16). https://doi.org/10.1145/2976749.2978341
  • Ghosh, A., Gupta, S., Dua, A., & Kumar, N. (2020). Security of Cryptocurrencies in blockchain technology: State-of-art, challenges and future prospects. Journal of Network and Computer Applications, 163, 102635. https://doi.org/10.1016/j.jnca.2020.102635
  • Hashimoto, Y., & Noda, S. (2019). Pricing of mining ASIC and its implication to the high volatility of cryptocurrency prices. Available at SSRN 3368286. http://dx.doi.org/10.2139/ssrn.3368286
  • İç, Y. T., Çelik, B., Kavak, S., & Baki, B. (2022). An integrated AHP-modified VIKOR model for financial performance modeling in retail and wholesale trade companies. Decision Analytics Journal, 3, 100077. https://doi.org/10.1016/j.dajour.2022.100077
  • Investing.com. (2024). Geçmiş veriler. https://tr.investing.com/crypto/bitcoin/historical-data (Accessed Date: 10th October 2024).
  • Maghsoodi, A. I. (2023). Cryptocurrency portfolio allocation using a novel hybrid and predictive big data decision support system. Omega, 115, 102787. https://doi.org/10.1016/j.omega.2022.102787
  • Mingxiao, D., Xiaofeng, M., Zhe, Z., Xiangwei, W., & Qijun, C. (2017). A review on consensus algorithm of blockchain. In 2017 IEEE international conference on systems, man, and cybernetics (SMC) (pp. 2567-2572). IEEE. https://doi.org/10.1109/SMC.2017.8123011
  • Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf (Accessed Date: 25th October 2024).
  • Opricovic, S., & Tzeng, G. H. (2004). Compromise solution by MCDM methods: A comparative analysis of VIKOR and TOPSIS. European Journal of Operational Research, 156(2), 445-455. https://doi.org/10.1016/S0377-2217(03)00020-1
  • Qarni, M. O., & Gulzar, S. (2021). Portfolio diversification benefits of alternative currency investment in Bitcoin and foreign exchange markets. Financial Innovation, 7, 17. https://doi.org/10.1186/s40854-021-00233-5
  • Sahoo, S. K., & Goswami, S. S. (2023). A comprehensive review of multiple criteria decision-making (MCDM) methods: advancements, applications, and future directions. Decision Making Advances, 1(1), 25-48. https://doi.org/10.31181/dma1120237
  • Singh, J., Sharma, A., & Kaur, S. (2023). Analysis of secured hash algorithm-256 in a blockchain-based money transaction system. In 2023 International conference on innovative computing, intelligent communication and smart electrical systems (ICSES) (pp. 1-6). IEEE. https://doi.org/10.1109/ICSES60034.2023.10465578
  • Tekletsadik, S. E. (2024). Application of TOPSIS, VIKOR and COPRAS for ideal investment decisions. Accounting, 10, 1-10. https://doi.org/10.5267/j.ac.2023.9.002
  • Watters, C. (2023). Digital gold or digital security? Unravelling the legal fabric of decentralised digital assets. Commodities, 2(4), 355-366. https://doi.org/10.3390/commodities2040020
  • Werth, J., Berenjestanaki, M. H., Barzegar, H. R., El Ioini, N., & Pahl, C. (2023). A Review of Blockchain platforms based on the scalability, security and decentralization trilemma. ICEIS, (1), 146-155. https://doi.org/10.5220/0011837200003467
Toplam 23 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Araştırma Makaleleri
Yazarlar

Ali Erbey 0000-0002-0930-4081

Yayımlanma Tarihi 31 Aralık 2024
Gönderilme Tarihi 30 Ekim 2024
Kabul Tarihi 10 Aralık 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 6 Sayı: 2

Kaynak Göster

APA Erbey, A. (2024). MULTI-CRITERIA INVESTMENT DECISION MAKING FOR PROOF-OF-WORK COINS: IQRBOW-BASED VIKOR APPROACH. Economics Business and Organization Research, 6(2), 117-136.