2. Money, Ledgers & Bitcoin
Вставка
- Опубліковано 22 січ 2020
- MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler
View the complete course: ocw.mit.edu/15-S12F18
UA-cam Playlist: • MIT 15.S12 Blockchain ...
In this lecture, Prof. Gensler discusses the history of money, ledgers, fiat currency, central banking, early digital money, and mobile payments.
License: Creative Commons BY-NC-SA
More information at ocw.mit.edu/terms
More courses at ocw.mit.edu
For somebody like me who would have potentially zero chance to be there physically, finding it on UA-cam is priceless! Thank you
and it did happen in 2018 (& now Gary Gensler is nominated to be a Chair on the SEC)
حح۸ه۰۷
Well this is amazing, now I understand money a lot more. Just a ledger of transaction history and drugs is why we are printing so much money! Just brilliant Gary, and thank you MIT for making this for us to watch anywhere in the world
This is straight jewels do you understand that your taking a course at MIT.
Indeed. Have this funny feeling that Gensler did this to show that crypto+blockchain+bitcoin is here to stay. He's mentioned being a middle position (gold, fiat vs crypto), well that's what a good politician would say.
This is soooooo awesome. There's nothing better than learning something daily on youtube rather just watching mindless video content.
It’s great that you want to learn. The pursuit of knowledge is one of the noblest. However, don’t start acting like you’re better than anyone else for your endeavor. Stay humble.
Damn! Im sitting in middle eastern europe listening lectures from SEC Chairman at one of the best Uni's in the world. What a time to be alive!
> CPA girl @ 57:30 : "You cannot just issue new notes whenever you need them. You can't just make new money out of thin air."
> Money Printers: *_BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR_*
> JPOW: _"What was that?? I can't hear you over all this noise!"_
BRRRRRRRRRBidenRRRRRRRRRRRR
There comes a time to pay it back! Will it fall on our children and grandchildren or do we the people take our country back?
@@scbenna the national debt is never going to be paid off. All developed nations are in the same boat. We'll simply create a new global currency system and reset, with an implied debt forgiveness (as Prof. Michael Hudson is fond of saying, debts that can't be repaid won't be repaid). It's likely there'll be an even greater crisis than what we're going through - a war perhaps. We could end up with a Renminbi-backed cryptocurrency, just like Bretton Woods ended the British Empire, so the next crisis will probably end the American one.
@@treyquattro
Actuuly the crown treasury and US treasury has a bereu of public debt where u r able to reduce debt of the Crown or US debt..
We dont choose this.. Because we r not taught it...
Eg: a woman gave her whole house to reduce the crown treasury debt..
She insisted that the Crown allow her to stay for free and pick up the bills of maintennance of property..
Rent free and headache free..
We can do that with out currency..
The US and, or the Crown becomes our tristee and debtor..
Google : surety rights
@@treyquattro
Dudnt end it.. It went into hiding
Utube: spiders web : second British empire
I last attended college in 2006. I’m excited to have access to a top tier college classes at MIT! Thank you to all whom have made mitopencourseware a reality for those of us seeking wisdom!
Timestamps
0:00 - 8:00 Introduction, Revision of Last Lecture's survey
8:01 Role of money - Discussion around money
---- (8:32 - 3 classic roles of money | 10:00 Fiat currency backed by Gold?)
15:00 History of money
31:00 History of currency (Salt Bar, Rie stone - scarcity)
37:33 Ledger
Well congrats boss
Commenting to boost this.
proud to have someone that understands the core fundamentals of bitcoin as our head of the SEC.
Head of sec?
@@JeremyB1039 oh yeah. This guy will be the chairman of American SEC which is a big deal. Bullish news for market
Hell yeah the best thing that could've happened to the crypto market. In 10 yrs he will be respected as a crypto god.
@@JeremyB1039 Yes he was appointed by President Biden and approved by the senate to be the next chair of the sec
@@JeremyB1039 4le
So this guy is the SEC chairman now? BTW, love all of these free courses. They are simply amazing. Keep up the great work!
Edit: he is now actually confirmed as the chairman
Which is great for crypto and US will eventually remove all cash/checks and use stable coin.
You should consider investing into crypto... this will all happen next 10 years.
@@Bryan-bh5pq oh you know it! I've been trading some this cycle and it's been amazing.
Not yet. He still hasn't been confirmed. But most likely will be. Hopefully he sees XRP as a currency and not a security 😭
Well the senate just approved him! Gary is the man! Just swinging his huge third leg around
It's good to see Someone with sense and sense of humour being appointed as top official governing the fin sector.
2x speed all day :)
2x with subtitles ;)
i need 3x speed. Wish there's a version of just him talking and not have all the class participation stuff.
2 considerations: 1) this content Is so much valuable for people that aren't able to attend MIT 2) Students in this class, for my perspective, seems normal people eager to learn..they make mistakes like everyone else, they seems...like us!
They just come from wealthier families
@@ThaEzioAuditore a lot of them might also be there on scholarships, sometimes our brains can take us places, at least we get the course for free
Ofc
I took this class while at MIT and honestly, I mainly took it because I didn't know anything about blockchain. so sitting there, even though I studied machine learning, operations research, etc., in this field, I was a noob so yeah, I think people don't realize but at MIT, academic humility is key. you just cant be the best at everything. seek classes about topics that are strange to you.
@@ThaEzioAuditore they also have perfect grades
57:17 When the student says "It's sovereign debt, and it can't just issue new notes"
America in 2020: * Prints $3 Trillion *
Can you update the number :)
I love this professor. This subject matter is riveting to me. His relaxed demeanor and obvious thirst for learning and caring about others is so nice to see.
LMAO
@@FadeStrategy I feel like they don’t know.
He’s the SEC chairman now 😱
he is the SEC chairman or whatever you want to call him 🤣.
My notes after two lectures: "He didn't even know Larry was gonna be here"
Classic Larry
Larry and Gary. Best buds forever
I have to say, I heard this lecture in high school. Fifty years ago. Really? He's covering cowrie shells as money at MIT?
@@Randall5005 🤣🤣🤣 Yes... but this is setting the stage for pertinent information in subsequent lectures and discussion points in the remainder of the 24-class course. Covering information deemed banal and painfully elementary to some is the [nominal] price paid for taking graduate level courses without prerequisites (and bless Gary for doing that, BTW! 🙌).
@@Randall5005 why wouldn't he cover cowrie shells in an introduction to currency?
This is how classes should be, not just teaching but involvement. Everyone has done ideas not ask are correct just like not ask are wrong. The confluence of ideas is what makes education enriching and entertaining while still remaining relevant to the times. Really love this type of teaching where everyone's learning by participating.
Gary has an amazing speaking voice and disposition as an instructor. I would gladly sign up for any class he teaches.
totally agree with you. His disposition is spot on. Causual but compelling to listen to.
Prof Gary is a great teacher from what i see, very laid back keep the class involved . the classes doesn't seem like an hour. keeps me wanting more. great job Gary gensler .
Thank you for recording and sharing this knowledge to millions of people’s in the 🌎.
this lecture is so awesome. i'm learning more here than my years in state school.
The one thing about these video lectures is that you can stop and rewind where you did not catch or understand something is just awesome because irl you would be just smiling with the face that saying you got that part.
Great thx to MIT and Gensler in putting these YTs!!!
I love the this message that he is teaching on. It is a good insight and eyeopener.
It's so much fun to learn from this class. I feel like I'm actually in this room. Listening to their discussion deepens my understanding so much. Thank you MIT for making it into public for Free ❤️
Am learning so much, even in 2018 this is still fundamental knowledge to internalize for future use, thank you MIT!!
Bravo, this class knows more about bitcoin than 99.999% of the world! Gensler will bring it!
Ive been watching these lectures like a movie. Thanks for the awesome work prof!
1:25 this is just an insanely good sign on how exceptional of a teacher this man is. What a luck to be alive at a time where this is available for free
OMG, explains the future in an easy to understand way, thank you MIT
Thank you, MIT for these videos. Mr. Gensler, I'm glad you're chairman now. Your knowledge will be of much importance now that the Gov. wants to start getting dirty regulating cryptos.
and he just turned out to be another establishment guy. Shame
@@ironjustice3067 What it's all about?
35:30 this guy is a prophet for DEFI
That’s right man !!
Thanks Gary and MIT for these courses!
MIT and their integrity shown by not pulling this down at garys request is encouraging
Priceless, Thanks MIT and CryptGary
thank you for publishing this prof. gensler. you make us a part of your thinking process. thank you for this generosity.
"You can't just print more notes out of thin air" 🤣🤣 what a great joke! Needed a laugh!
She's right
This is worth more than the entire financial system thank you so much ❤️
Great lecture. Thank you very much Prof. Gary Gensler. Thank you very much MIT.
Love how he talks to persons, refers to them by their names (classic businessman tactic). Makes people feel important!
Classic human being
@@minichanz Hahahahahaha!
@@QW3RTYUU 👍
Does anybody know if Larry is attending the class?
Awesome content here👌👌
The world is actually better when great knowledge is sharing to public.
This Man is head of the sec, wow just wow I'm going thru these MIT lectures fast
Just pointing out that this guy is now leading the Biden-Harris transition agency review team responsible for the Fed, Banking and Securities Regulators group + BTC recently went over $40k but most of this series of lectures has
its getting more attention, i got recommended this series of lecture recently. I believe many others too have similar recomd. to this vids.
@@wackles123 Yup.
That's awesome, he seems like such an intelligent guy I'm so glad this content is freely available :)
Watching this all the way through has become my goal...Mr Gary knows!
Ahhhh I see we are on the same journey brothers. Welcome.
My brain just expanded. Thank you.
Loving these lectures. Thank you MIT.
”You can’t just make money out of thin air”
*2020 and FED printing money*: Hello boi
Why are people not realizing this?
This is an excellent course Mr Gensler
What do you think now? Could you rebroadcast the series to the online community with contemporary commentary by the Professor. Digress through the phenomenon of bubbles, solutions or crisis management & comparisons to Blockchain Tech & it's liabilit
I would love to see this course today. After the pandemic and the rise of Bitcoin.
Thank you very much to the MIT. It is yime to search those lectures before the next class.
Ist my 1st day on MIT Open Courseware. Especially I am keenly interesteed in Blockchain Software building as a professional.
Yeah but this is not the guy to listen to. He doesn't fully understand what Crypto/Blockchain really is. And what is really scary is he is going to be the new SEC leadership.....the crypto space is going suffer greatly under this man's leadership role at the SEC!
That's correct Mr. Gensler! There is no law against creating your own money!
what i nice lecturer..he is good at teaching of the course. great person, great lecturer, great energy
Leverage is ON now!! Thanks for the precious content!
This is such an incredible resource!!
Great course, Keep up the good work
Outstanding course Gary, you understand blockchain better then any one in gvt yet once you become chairman of the SEC the bureaucracy mindset took over. Your zeal to over regulate the industry, stiffle innovation will not succeed. You are squandering your chance to become a transformative leader. With or without you, the industry going to revolutionize the financial & tech industry .
3 to 4 years later and still very beneficial!!
priceless content
I'm excited studied economics undergrad and fell in love. So many of my friends are invested I want to learn more to understand the complete picture
Hi thank you for sharing this. I studied architecture but now I am in love with economics. I want to study it without having to go through the degree route. Any advice on what to do and how to go about it?
Oh, Gary, you are a wonderful teacher.
First of all thank you for uploading the course videos.
I think if I just get the chance, I could compete with them!
Question at 52:22 and it’s conversation is gold.
Now is late but better late than never. Luckily I got into crypto back 2017...
Let us not forget the penalization function of money: the court-imposed fine; payment for guilt. And in the markets for the guilt of greed.
I am so grateful for this opportunity. I'm dedicated because it will open so many doors and improve my life and those I can touch
@35:30 - Absolutely nails what's happening now with all the chaos in crypto today (Luna, etc)
Gary, Double entry accounting is different in essence. It essentially implies that a transaction shall have equal debit and credit effects. Debit doesn’t essentially imply someone to receive. Nor does a credit imply that someone will be giving. Debit and credit have different meaning depending on whether you are dealing with as an asset or a liability, or an equity.
For example, a payment of wages will cause a debit to an expense account and a credit to cash, an asset account. An expense account will ultimately closed to equity account. In summary, a payment for wage will cause a debit to equity account and a credit to an asset account.
I see Monty Burns from Simpsons in him. He looks a sweet and kind person, even though he was a goldman partner :p
The oil industry propagandized nuclear energy so the environmental movement would run a free smear campaign on their largest competitor. Oil companies have still not figured out baseload energy that nuclear solves, which is why Texas is screwed. So Mr. Burns is propaganda.
He definitely seems like Monty burns though lmao
Excccelent
I knew he looked familiar 😂
🤣🤣🤣🤣🤣🤣🤣
This is awesome intro to my dive into Blockchain Tech. Thanks Prof
Great introduction! Learned a bunch about the history of money!
Wonderful lecture/er...
I'd forgotten that cheques even exist in some parts of the world
"for homework: read Satoshi's white paper". Interesting point that credit cards went 15 years without regulation... how many years is that in the information age?
About 150
Credit Card 💳 % rates definitely need “regulated”,.... they use-to-be, in my Commonwealth of Pennsylvania i think.
I think it might be like dog years, multiply by 7. =)
'bout three fiddy
Thank you so much. This course has been incredible useful.
Minute 34: he actually mentioned concept of defi activities in 2018, and defi actually became a huge factor of growth of crypto market in just two years latter.
Thank you MIT and Gary for this amazing series. I'm so glad i didnt pay for college. :)
great video, great class
So cool thank you Tim berners lee and mit prob GG aswell ;-) great time to study in history
And ladies and gentlemen this man will pump our bags from the whitehouse
Professor Pumperino
😂 prof. Gary pamp pamp
hes the bull as fuck yeah xD
Oweeee
🤑
1:02:30 1.7 trillion in circulation 2 years ago. Now doubling year over year. Going parabolic.
Confirm the man already !
This is Great 👍! I can learn everything I need in my time off vs. Going back to college .
How have people disliked this. Thanks MITOpenCourseWare, and Gary Gensler!
More focused on this lecture than I ever was in college lol
Right when the discussion turns into the conduct of the Federal Reserve, the discussion turns vague. So dollars are considered liability against the double-ledger books of the Federal Reserve, but we don't know what the asset is that balances against that liability. What is that asset? How did the Federal Reserve acquire that asset?
Thank you MIT & prof. Gary Gensler.
35:23 Did Gary just predict in 2018 that Defi is coming?
1:09:19 - Here I am getting super annoyed at my zoom classes at a much lesser university every time someone asks a question that was already directly addressed...lol.
I surprised with the quality of students and their responses in the class - not to the standards i would have imagined of MIT students. Their responses to the questions seems very generic and not to the level of depth and insight one would expect from one of the most prestigious universities in the world - the responses here are more in-line with that of any average high schooler around america. Seems like these students are more human than one would perceive from the outside.
I'd say that the inherent value of cryptocurrency or "non-fiat" as he mentions around 11:00 is the blockchain &/or smart contracts the technology backing it up & also when it performs a service, as in a crypto like Matic & the Polygon network for example with helps global supply chains of goods, also NFT's just as any art, have at least intrinsic value of what a collector is willing to pay for art,collectibles, etc So it certainly has value that most out of the crypto loop don't know & don't get.
Love this content, thanks MIT for putting this up for us to watch. I found it very interesting. Thanks Prof Gary Gensler for your teachings sir.. Take care
I enjoyed listening to the students gradually realize what a sham fiat currency is as they tried to define its qualities.
Around 36:00 - there's a window opened to the world of DeFi ;-)
goosebumps :)
Right! Just got to that part and looked for this comment exactly!
So private bank notes are similar to the vast numbers of cryptocurrencies? And therefore there is a high chance that many won’t make it? Is that what he is saying? Thanks!
@@bcaominh That's not the part they're talking about. It's actually at 35:30 when he makes a prediction about how in the next 18-36 months (this is from 2018) there would be new forms of lending, and decentralized finance (DeFi) in the crypto space. And that's exactly what happened.
Inspirational Agenda introduction, thanks
What a diverse class.
This dude just called defi perfectly lol
Bought 10 bitcoins in 2013, best investment ever!! Problem is to sell or keep!
Trade it with trusted platform
@@millardlogan7183 like which one?
XRP
As an architect, thanks to Proff. Gary.
am from kenya and i think we should adopt this style of learning its the best
with the advent of decentralized exchanges (dexes) and the decentralization of utility (tokenonmics per industry), traditional currency as it is thought of today becomes completely irrelevant. Also this would imply the end of the insurance and banking industries in their current forms. Tokenization optimizes industry specific incentives while eliminating many inefficiencies simultaneously. Interoperability and fungibility issues between coins are being solved at a breathtaking pace. Bitcoin becomes the default store of value as it has no utility and therefore serves its store of value function perfectly. Regulation will be impossible ultimately as the number of regulatory permutations will increase asymptotic to infinity. Interest yields are accelerating adoption at a breathtaking pace.
57:12 have everyone missed the point?
liability not to print money out of thin air.
YES exactly that what private bank does, 10% secure 90% thin air.
READ up how credit/loan works!!!!!
BANK does not have that money which it loans, only 1/10th is required. 9/10 is your promise to give back...
correct me if I am wrong, with citations
You need to study up on economics, the monetary system and the role of the banking system.
Then you would not be making dopey comments... an embarrassment.
@Conrad Sheehan Elon Musk can smell big profits from a huge nest of gullible fools. Crypto / Bitcoin offers no product, no income, no asset backing, no regulations - it is a blatant PONZI scheme.
I wish I was there in the discussion. Sure have a lot of take away. But I take it if it is only video record. It's still very enrich. Thank You !
this was really helpful