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1. Introduction for 15.S12 Blockchain and Money, Fall 2021



MIT 15.S12 Blockchain and Money, Fall 2021
Teacher: Prof. Gary Gensler
View the whole course:
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This lecture supplies an introduction to the course and to blockchain know-how.

Chapters
0:00 Title slates
0:20 Welcome; course introduction
4:15 Readings for sophistication
5:13 A historical past lesson to offer context
9:22 Cryptography is communication within the presence of adversaries
12:14 Listing of digital currencies that failed between 1989 and 1999
15:38 What blockchain is
19:26 Pizza for bitcoins
21:37 Blockchain know-how
22:41 Function of cash and finance
26:40 Monetary sector issues and blockchain potential alternatives
28:44 Monetary sector points with blockchain know-how and what the monetary sector favors
35:00 Public coverage framework
36:46 The duck check
37:25 Incumbents eyeing crypto finance
39:35 Monetary sector potential use instances
41:57 Larry Lessig’s guide “code and different legal guidelines of our on-line world”
48:46 Define of all courses
49:08 Examine questions
50:55 Readings and video
52:04 Conclusions
55:13 Questions
1:01:42 Credit

License: Artistic Commons BY-NC-SA
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36 Comments

  1. Why is so much time spent emphasizing on "who invented what before who in which year" and "how is this connected to MIT"? It's not a history lesson and I'm afraid I'll just forget all that information because in fact they aren't relevant after all. A list of paper assigned for reading is good enough, if credit assignment is important that'll shine through the reading assignments and maybe the lecturer can mention that briefly as well. No point asking students if they know "THE history".

  2. There are a number of confusions/conflations in this outline. Here are the corrected basics:
    1. Money is legally an agreement between two or more parties. Setting legal tender laws aside, anything can be money in private commerce.

    2. Currencies are the standardization of "money agreements" – i.e. a One Dollar Federal Reserve Note is a non-interest-bearing promissory note.

    3. The function of currency is that of language of value aka "pricing function" expressed as a unit of account. The largest network effects are attached to that function.

    4. The primary use case of currency today is lending. All digital government-issued fiat currency is in a constant state of lending, as such strictly speaking there are no 'deposits'.

    5. The secondary use case of currency is spending. The client software for the latter might be a web or mobile app, or coded into hardware – i.e. debit cards, ultimately accessing a demand deposit account.

    6. Setting physical cash aside, the medium of exchange (MOE) for all currencies – including "cryptocurrencies" – are bytes. In that respect bitcoin (BTC) uses the same MOE as the US Dollar and other fiat currencies.

    7. Globally the leading unit of account (UOA) is US Dollar. In that respect, bitcoin and other cryptocurrencies are frequently denominated in USD, with wallet interfaces offering other fiat currency translations.

    8. Tokens are standardized smart contracts built atop a public blockchain, which can be digital bearer instruments (DBIs). DBIs can in principle settle 'instantly' with finality and without a third party.

  3. is funny how youtube admins sends us to this video after each video that i see
    let me tell you all i sold bitcoin in 2021
    and i own 0 ethereum, there is a new ethereum, as is realy criptographic, more than bitcoin ethereum and monero

  4. It’s sad how Americans are so grateful for a normal lecture, in Portugal we have University for free, I think is on porpose your government don’t allow you to education, for you stay dumb and they do what they want.

  5. “区块链和货币简介”这个 YouTube 视频解释了加密的历史和技术基础,是 2018 年在麻省理工学院教授的一门课程中的第一堂课,该课程由现任证券交易委员会主席 Gary Gensler 教授。

  6. How interesting to be on the MIT class from the other side of my smartphone, I like the high level of knowledge being obtained but the crypto market is on a critical point now.

  7. If you have a smartphone, internet and the ability to understand English, you can literally be in the classroom of an MIT lecture on Bitcoin/Blockchain. What a world! Thank You!

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