\u00a0son yay\u0131nlanan makale<\/a> Merkezi olmayan finans\u0131n, 2000'lerin sonundaki mali krizden \u00f6nce gelen fenomen olan "g\u00f6lge bankac\u0131l\u0131k" hatalar\u0131n\u0131 tekrarlad\u0131\u011f\u0131n\u0131 savundu. Allen'\u0131n Wharton Okulu profes\u00f6r\u00fc Joanna Green ile ortak yazd\u0131\u011f\u0131 makalesinin ad\u0131 \u201cDefi Yeni Alt Prime: Merkezi Olmayan Finans i\u00e7in 2008'den Dersler\u201d.<\/p>\n\n\n\nAllen, r\u00f6portajda, Defi'nin ayn\u0131 g\u00f6lge bankac\u0131l\u0131k modeline dayanmas\u0131 nedeniyle 2008 krizinin tekrar\u0131 oldu\u011funu savunuyor. G\u00f6lge bankac\u0131l\u0131k, geleneksel bankac\u0131l\u0131k yasalar\u0131 taraf\u0131ndan d\u00fczenlenmeyen faaliyetleri finanse etmek i\u00e7in bor\u00e7 kullanma uygulamas\u0131d\u0131r. Bu, hedge fonlar\u0131, \u00f6zel sermaye ve risk sermayesi gibi \u015feyleri i\u00e7erir.<\/p>\n\n\n\n
Gazetede Allen ve Green, Defi'nin g\u00f6lge bankac\u0131l\u0131k oldu\u011funu \u00e7\u00fcnk\u00fc geleneksel bankac\u0131l\u0131k sisteminin d\u0131\u015f\u0131nda bor\u00e7 almaya ve bor\u00e7 vermeye dayand\u0131\u011f\u0131n\u0131 savunuyorlar. Allen'\u0131n tezi, DeFi'nin bor\u00e7lanma, bor\u00e7 verme, sigorta ve \u00f6demeler i\u00e7in yenilik\u00e7i yeni mekanizmalar\u0131n\u0131 \u00e7evreleyen y\u00fcksek d\u00fczeyde karma\u015f\u0131kl\u0131\u011fa sahip olmas\u0131d\u0131r. Mali kriz \u00f6ncesi gayrimenkul balonu s\u0131ras\u0131nda kredi temerr\u00fct takaslar\u0131n\u0131n (CDS) ve teminatland\u0131r\u0131lm\u0131\u015f bor\u00e7 y\u00fck\u00fcml\u00fcl\u00fcklerinin (CDO'lar) te\u015fvik etti\u011fi ba\u015fg\u00f6steren riskler etraf\u0131nda bariz bir netlik eksikli\u011fi var.<\/p>\n\n\n\n
Allen, "Karma\u015f\u0131kl\u0131\u011f\u0131n neden oldu\u011fu opakl\u0131k, bu t\u00fcr risklerin iyi zamanlarda hafife al\u0131nma (kabarc\u0131klara neden olur) ve k\u00f6t\u00fc zamanlarda abart\u0131lma (pani\u011fi daha da k\u00f6t\u00fcle\u015ftirerek) olas\u0131l\u0131\u011f\u0131n\u0131 art\u0131r\u0131r" diye yaz\u0131yor.<\/p>\n\n\n\n
Bu g\u00f6r\u00fc\u015fe sahip olan tek ki\u015fi Allen de\u011fil. Ba\u011f\u0131ms\u0131z ara\u015ft\u0131rmac\u0131 Hasu, Defi'nin b\u00fcy\u00fcmesinin kriz \u00f6ncesi ko\u015fullar\u0131 an\u0131msatt\u0131\u011f\u0131n\u0131 da savundu. Yak\u0131n tarihli bir blog g\u00f6nderisinde, "sentetik varl\u0131klar ve t\u00fcrevlerdeki patlay\u0131c\u0131 b\u00fcy\u00fcmenin" "kriz \u00f6ncesine \u00fcrk\u00fct\u00fcc\u00fc bir \u015fekilde benzer bir duruma" yol a\u00e7t\u0131\u011f\u0131n\u0131 yazd\u0131.<\/p>\n\n\n\n
2020'lerdeki Defi mucitleri ile 2000'lerdeki Wall Street mucitleri aras\u0131ndaki ezici fark, ikincisinin - bankac\u0131lar\u0131n - her \u015feyi kapsayan bir siyasi \u00e7er\u00e7eve i\u00e7inde faaliyet g\u00f6stermesi ve eski kripto geli\u015ftiricilerinin dokunmam\u0131\u015f olmas\u0131d\u0131r. Bankac\u0131lar, Federal Rezerv'in likiditesine ayr\u0131cal\u0131kl\u0131 eri\u015fim ile k\u0131smi rezerv kredisi yoluyla yeni para yaratma g\u00fcc\u00fcne sahipti. \u0130\u015fler ters giderse kurtarma paketlerinin her zaman orada olaca\u011f\u0131na dair z\u0131mni bir anlay\u0131\u015fla, devlet borcunu al\u0131p satma g\u00fcc\u00fcne sahiptiler. Medyay\u0131 sahiplenmeleri ve kampanya katk\u0131lar\u0131yla se\u00e7ilmi\u015f yetkilileri etkileme g\u00fcc\u00fcne sahiptiler. Kanunlar\u0131 kendi lehlerine de\u011fi\u015ftirme yetkisine sahiptiler. K\u0131sacas\u0131 devleti ele ge\u00e7irmi\u015flerdi.<\/p>\n\n\n\n
Kripto geli\u015ftiricileri, aksine, mevcut politik \u00e7er\u00e7evenin tamamen d\u0131\u015f\u0131ndad\u0131r. Kimseye bor\u00e7lu de\u011filler ve stat\u00fckoyu korumak gibi bir \u00e7\u0131karlar\u0131 da yok. Tek ilgi alanlar\u0131, mevcut olanlar\u0131 iyile\u015ftirecek yeni protokoller ve uygulamalar olu\u015fturmakt\u0131r. Bu onlar\u0131 daha \u00f6nce g\u00f6rd\u00fc\u011f\u00fcm\u00fcz her \u015feyden \u00e7ok daha radikal bir de\u011fi\u015fim g\u00fcc\u00fc haline getiriyor.<\/p>\n\n\n\n
Dolay\u0131s\u0131yla, Defi'nin 2008 krizinin tekrar\u0131 olmas\u0131 m\u00fcmk\u00fcn olsa da, tamamen yeni bir \u015feyi temsil etmesi daha olas\u0131d\u0131r. Eski muhaf\u0131z at\u0131ld\u0131 ve yeni muhaf\u0131z daha yeni ba\u015fl\u0131yor. Ne in\u015fa edecekleri ya da bizi ne kadar y\u00fckse\u011fe \u00e7\u0131karacaklar\u0131 belli de\u011fil. Ama kesin olan bir \u015fey var: d\u00fcnya asla eskisi gibi olmayacak.<\/p>\n\n\n\n
Ne d\u00fc\u015f\u00fcn\u00fcyorsun? Defi, 2008 krizinin tekrar\u0131 m\u0131 yoksa tamamen yeni bir \u015fey mi? A\u015fa\u011f\u0131daki yorumlarda bize bildirin!<\/p>","protected":false},"excerpt":{"rendered":"
Charlie Warzel'in haber b\u00fclteninden \u00e7\u0131kan b\u00fcltende ge\u00e7en hafta ilgin\u00e7 bir ba\u015fl\u0131k vard\u0131: "Kripto, 2008 Mali Krizini Yeniden mi Yarat\u0131yor?" Par\u00e7a, Ethereum \u00fczerine in\u015fa edilen ve geleneksel finansal hizmetleri tepetaklak etmeyi vaat eden yeni kripto projeleri ve protokolleri dalgas\u0131 i\u00e7in kapsaml\u0131 bir terim olan merkezi olmayan finans\u0131n (Defi) y\u00fckseli\u015fiyle ilgiliydi. Warzel olarak [\u2026]<\/p>","protected":false},"author":8,"featured_media":2341,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","_uag_custom_page_level_css":"","footnotes":""},"categories":[188,12],"tags":[223,172,222],"class_list":["post-2339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-news","category-news","tag-crisis","tag-crypto","tag-defi"],"acf":[],"uagb_featured_image_src":{"full":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/04\/oyxis2kalvg.jpg",1600,1200,false],"thumbnail":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/04\/oyxis2kalvg-500x330.jpg",500,330,true],"medium":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/04\/oyxis2kalvg-300x225.jpg",300,225,true],"medium_large":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/04\/oyxis2kalvg-768x576.jpg",640,480,true],"large":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/04\/oyxis2kalvg-1024x768.jpg",640,480,true],"1536x1536":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/04\/oyxis2kalvg-1536x1152.jpg",1536,1152,true],"2048x2048":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/04\/oyxis2kalvg.jpg",1600,1200,false],"trp-custom-language-flag":["https:\/\/bitcoinwisdom.com\/wp-content\/uploads\/2022\/04\/oyxis2kalvg.jpg",16,12,false]},"uagb_author_info":{"display_name":"Martin K","author_link":"https:\/\/bitcoinwisdom.com\/tr\/author\/martin\/"},"uagb_comment_info":0,"uagb_excerpt":"The newsletter from Charlie Warzel\u2019s newsletter had an interesting headline last week: \u201cIs Crypto Re-Creating the 2008 Financial Crisis?\u201d The The piece was about the rise of decentralized finance (Defi), a catchall term for the new wave of crypto projects and protocols that are built on Ethereum and that promise to upend traditional financial services. As Warzel…","_links":{"self":[{"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/posts\/2339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/comments?post=2339"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/posts\/2339\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/media\/2341"}],"wp:attachment":[{"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/media?parent=2339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/categories?post=2339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinwisdom.com\/tr\/wp-json\/wp\/v2\/tags?post=2339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}