1. Introduction for 15.S12 Blockchain and Money, Fall 2018

23. jan. 2020
2 679 240 Ogledi

MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler
View the complete course: ocw.mit.edu/15-S12F18
SLworlds Playlist: slworlds.info/up/PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn.html
This lecture provides an introduction to the course and to blockchain technology.
0:00 Title slates
0:20 Welcome; course introduction
4:15 Readings for class
5:13 A history lesson to give context
9:22 Cryptography is communication in the presence of adversaries
12:14 List of digital currencies that failed between 1989 and 1999
15:38 What blockchain is
19:26 Pizza for bitcoins
21:37 Blockchain technology
22:41 Role of money and finance
26:40 Financial sector problems and blockchain potential opportunities
28:44 Financial sector issues with blockchain technology and what the financial sector favors
35:00 Public policy framework
36:46 The duck test
37:25 Incumbents eyeing crypto finance
39:35 Financial sector potential use cases
41:57 Larry Lessig's book "code and other laws of cyberspace"
48:46 Outline of all classes
49:08 Study questions
50:55 Readings and video
52:04 Conclusions
55:13 Questions
1:01:42 Credits
License: Creative Commons BY-NC-SA
More information at ocw.mit.edu/terms
More courses at ocw.mit.edu

  • The Professor looks like Mark Knopfler

    JDJDPred 2 urami
  • Which subject is this

    sattusattuPred 6 urami
  • Gary looks like a smooth Mr. Burns from the Simpsons

    NewTitan888NewTitan888Pred 9 urami
  • Im watching this for free. THX

    Lukas JosefLukas JosefPred 21 uro
  • Holy shit that was epic.

    Jake MorrJake MorrPred dnevom
  • how intensive does Blockchain make use of Grid Computing?

    紀章kisho紀章kishoPred 2 dnevi
  • what are the Risks of Blockchain?

    紀章kisho紀章kishoPred 2 dnevi
  • This is the best thing that could have happened for the blockchain community.

    vivek srivastavavivek srivastavaPred 2 dnevi
  • 21:15 Today the pizzas are worth $565,000,000 USD

    Hrnek BezuchaHrnek BezuchaPred 2 dnevi
  • Fascinating lecture Professor Gensler. Better than any I had in business school at Maryland (both underg and grad). And congratulations on the new post as SEC Chairman.

    Team RRTeam RRPred 2 dnevi
  • Who has safemoon?

    Zahid BZahid BPred 2 dnevi
  • amazing teacher

    Andreas MeinartAndreas MeinartPred 2 dnevi
  • The United States is now a Technocracy.

    The Chronicles of Daniel DoeThe Chronicles of Daniel DoePred 2 dnevi
  • commissioner Gary please help us get regulatory clarity for XRP and the crypto space!

    FrankJDMFrankJDMPred 3 dnevi
  • Finally got free information. Could you please tell from where can I download this ppt?

    Ashish SharmaAshish SharmaPred 4 dnevi
    • The lecture slides are available on the OCW course site ocw.mit.edu/15-S12F18, the link can be found in the video descriptions/information. Good luck with your studies!

      MIT OpenCourseWareMIT OpenCourseWarePred 2 dnevi
  • Man I lo've the content and the delivery, but classroom systems just never disappoint🤦‍♂️🤢🤮

    LangaLangaPred 4 dnevi
  • 🤯🤯🤯🤯🤯

    LangaLangaPred 4 dnevi
  • I went to school.with Gary at Pikesville . Needs hard regulation Listen to Gary

    sammyvh11sammyvh11Pred 4 dnevi
  • Are you serious this guy is the new chairman of the sec ? If so i have more faith than i did yesterday !

    npcwillnpcwillPred 4 dnevi
  • Fair Play for mentioning who really cracked enigma.

    Olek StankiewiczOlek StankiewiczPred 4 dnevi
  • Sarbanes Oxley was bad news!

    Larry GinderLarry GinderPred 5 dnevi
  • The first two pizzas bought in 2010 was for 10000 BTC... would have been worth $540 million today.

    D.BD.BPred 6 dnevi
  • it is clearly written to be pronounced: dog E coin just look at the icon and say the words dog E coin. and don't you feel stupid for not seeing that? Dogue? Dodge? really? who was it that first got that wrong? and why are the rest of you following their bad example? what is the reason for not saying it correctly? is that too cute? are you afraid it will be too catchy? ----- ----- Sorry for the length of the following lesson; IT IS AS SHORT AS WAS POSSIBLE. ----- ALL UNSECURED DIGITAL CURRENCY WILL GO TO ZERO WHEN GOLD BACK DIGITAL CURRENCY IS BROUGHT OUT BY THE GOVERNMENT. When the government offers gold bullion holders FREE storage inside of government warehouses; If the gold bullion holders will allow their gold bullion to be used to back the release of the number of pieces of digital currency which equals their gold bullion. Imagine names such as KNOX COIN, and PENTAGON COIN, all those different U.S. Government Mints, and well, where ever they store it; THAT IS THE NAME OF THE COIN. NAH! THERE IS JUST GOING TO BE ONE NAME. I VOTE FOR KNOX COIN. WELL, ANYWAY: THAT IS THE DAY WHEN ALL OTHER DIGITAL CURRENCY WILL GO TO A VALUE OF ZERO! I MYSELF WILL NOT BE ONE OF THOSE WHO GET CAUGHT OUT! I JUST TOLD YOU THE REAL FUTURE OF CRYPTO. EVERYTHING UP TO AND UNTIL THEN IS TOTALLY WORTHLESS BULL SHYTE! And nobody has to mine it. All of those BLOCK-CHAIN cryptocurrencies will be off on their own, absolutely useless up against what people would much rather trust; Simple electronic gold, silver, platinum, copper, etcetera, etcetera, etcetera. ----- ----- The government will offer FREE storage of gold bullion, in exchange for using that gold bullion to back the release of an equal amount of 100 percent gold-backed digital currency. And it will run right alongside our U.S. Dollar, - FAVORED BY SOME PEOPLE, - HATED BY OTHERS DUE TO TOTAL TRACKING. And the government will argue over the dangers that a second gold-backed currency will pose to the U.S. Dollar. And it won't. They are wrong to think that it will. That gold already exists. But it exists in a useless state of existence; Just storing and guarding it is costing the owner money; And this will give it a purpose for existing. And when the owner wants it back, they will buy back that digital currency which that gold did cover. ----- ----- It will not be like the silver certificate of the past. No one holding the digital currency will ever be able to cash those in for gold or silver of platinum or copper or nickel or any of the other real and true assets that are chosen to be allowed to back the 100 percent backed digital currency. ----- ----- And, NO that gold that lives inside of the market for collectible coins, will not be welcome; Those poor fools who have paid above melt value are just stuck with their collectible coins. The U.S. Government Warehouse into which you put your gold will measure it by ounces in and ounces out; None of the this is your pallet and that is his pallet games. So if you were to put your fancy coins in; You are not getting those same fancy coins out.

    Felix BFelix BPred 6 dnevi
  • RIPPLE is the answer... And look at their partners list.

    得救者得救者Pred 6 dnevi
  • Good for you if you trust thus guy!

    Ale DojirskiAle DojirskiPred 6 dnevi
  • Thank you to the very wonderful video. Dude, keep it up!

    Mark RichMark RichPred 6 dnevi
  • Self Disclosure: I’ve been through top tier US educational institutions (UCSD, Colorado College (BA) & NYU (JD & MBA). Gary Gensler is a phenomenal, great teacher. I echo those comments here. His example shows that the very best teachers are not only very bright, but fine human beings- empathically generous, and kind of heart. Thank you Professor, now (2021) SEC Chair, Gary Gensler, and MIT as well, for offering and publicly posting this exceptional and timely 2018 course.

    harlanglassharlanglassPred 6 dnevi
  • Non technical discussions of "verification" are rough. Lots of possible attacks are obfuscated by abstractions.

    splugereportsplugereportPred 6 dnevi
  • Is that Sean Murray in the thumbnail??

    bjtucker5bjtucker5Pred 7 dnevi
  • Latest lectures 2021, cost $2600

    Sangam Agarwal Youtube mixSangam Agarwal Youtube mixPred 7 dnevi
  • I'd be so bored in his lessons

    Pictland PickersPictland PickersPred 7 dnevi
  • Gary Gensler now as Chairman of SEC will now reiterate who's boss by regulating the hell out of all these ex students😂

    Keifu ChanKeifu ChanPred 7 dnevi
  • Gary Gensler being Brain Foote (Humbl CEO) professor at a time is a legend. I can see the relation in P2P relation between these lectures and Brian's innovation. Not sure if anyone here is a humbl believer, but lets go.

    sam albysam albyPred 7 dnevi
  • Good pick up for SEC MAN

  • I'm surprised how non well-educated the audience is. If the best students from my country even had a chance to study at MIT...

    Jane GaroJane GaroPred 7 dnevi
  • XRP!!

    J MoneyJ MoneyPred 8 dnevi
  • Do I have people that love me here?

    ADAM OSNICKfxADAM OSNICKfxPred 8 dnevi
  • Are there any other crypto investors that are constantly algorithmically directed to this video series? It's a little disturbing and perplexing... What are you trying to tell me, Google?

    TomithyTomithyPred 8 dnevi
  • wow he is so qualified and open minded. I’m optimistic about him running the SEC

    Zachary RothZachary RothPred 8 dnevi
    • Absolutely!

      Haoyuan WangHaoyuan WangPred 3 dnevi
    • Ü

      guess whoguess whoPred 7 dnevi
  • Isn't Cardano solving all the problems he mentioned with block chain???

    Shalom NoronhaShalom NoronhaPred 8 dnevi
    • Yes. But try to compare their partners list with Ripple's partners list first.

      得救者得救者Pred 6 dnevi
  • why is this a Graduate class? I have a aas degree in network security and get this fine so this is more like a intro class. comments?

    Matthew KinneyMatthew KinneyPred 9 dnevi
  • MIT knows they are putting these videos out there for mass consumption, the lecturers know this material out there for mass consumption, so why do they not adjust teaching styles or production for the larger audience? more microphones across the room would facilitate this so that questions and comments can be heard more clearly especially in classes where participation is such a big deal. all of MITs open courseware videos suffer with this issue.

    Sajjad KhanSajjad KhanPred 9 dnevi
    • Yes. However, not many will have interest on such topic nor many will have such intellectual capability, try explain it to a Nepalese mall guard 🤣

      得救者得救者Pred 6 dnevi
  • Im barely a high school graduate now I’m taking courses at MIT. #KnowledgeisPower

    • Keep watching videos like this and you'll have a education for free.

      Marlin ShanklinMarlin ShanklinPred 3 dnevi
  • No money can buy you such great teachers and course...it's just possible with MIT, thankyou so much.

    Deepak SinghDeepak SinghPred 9 dnevi
  • Drops out of college , SLworldss lectures. Lifes funny lol

    ShanksyShanksyPred 9 dnevi
  • 'Finance can collect a lot of economic rents'...shit...this is a course on 'Capitalism'....and the rents we have to pay. Can you really teach this stuff?

    Edward WhittakerEdward WhittakerPred 9 dnevi
  • OK even better...sorry for ignorance IT IS A SCAM...but very well explained.

    Edward WhittakerEdward WhittakerPred 9 dnevi
  • If you want to know how neo-liberal rightwing governments work with the digitized financial and security 'industry' this is invaluable.

    Edward WhittakerEdward WhittakerPred 9 dnevi
  • Wheres that technical "genius" that said blockchain was all hype ?

    Mister GaylordMister GaylordPred 9 dnevi
  • Thanks for the course...Please upload a course in Macroeconomics

    Chhandama ChhangteChhandama ChhangtePred 9 dnevi
  • I wish I had a teacher like Gensler. Easy to absorb, concise, follow thru, topics etc ... excellent.

    KILISKILISPred 11 dnevi
  • I love the fact that I know more about crypto/blockchain than M.I.T. students and professors and I never went to college , I took it upon myself to learn about it on my own without paying someone to teach me. I also love the fact that they are now teaching it and people are as eager now as I was to learn about it.

    kking1367kking1367Pred 11 dnevi
    • Up to?

      yaboydiffyaboydiffPred 7 dnevi
  • As bears and bulls battle one another to claim theirs preferable strike rate, the bitcoin spot market expects to undergo major price swings. And that is happening already ahead of the london opening bell. It surged 4.9 to $53,524usd(data from coinbase) after falling to nearly $50,000usd in the previous trading session.

    Lewis HamiltonLewis HamiltonPred 11 dnevi
  • Why am I watching this?

    Atharva BhokseAtharva BhoksePred 11 dnevi
  • We have to take into account that the class was before the covid crisis so the use of cryptocurrencies has increased and the valuation of Bitcoin has increased (although it is very volatile) and more people have convinced themselves to have a more maximalist point of view.

    Jhonathan ParedesJhonathan ParedesPred 11 dnevi
  • I feel like I go to MIT now

    Jerrod FollowwellJerrod FollowwellPred 12 dnevi
  • I love this.

    Mr BabyearsMr BabyearsPred 12 dnevi
  • Very informative. Thanks.

    DADs Investment Funds DIFDADs Investment Funds DIFPred 12 dnevi
  • Excellent

    Benjamin Lawson. All things MusicBenjamin Lawson. All things MusicPred 12 dnevi
    • NFTs are coming. Bring it on.

      Benjamin Lawson. All things MusicBenjamin Lawson. All things MusicPred 12 dnevi

    Crypto JuiceCrypto JuicePred 12 dnevi
  • Boy youtubes really pushing these lectures before and now during his sec chairmanship. Like they are trying to establish him as a ceypto expert.

    auracleauraclePred 12 dnevi
  • hi normies

    opis pisoopis pisoPred 13 dnevi
  • 21:19 now 600 million dollars!

    Aye MAye MPred 13 dnevi
  • So basically HBAR, IOTA can do the job in terms transactions, scalability, governance and security :).

    Vicard GibbingsVicard GibbingsPred 13 dnevi
  • 3.14

    S. ChenS. ChenPred 13 dnevi
  • first of all the net was a good movie second that is all

    RP Music TVRP Music TVPred 13 dnevi
  • I was curious who Gary was since he got sworn in to SEC. I gotta say... I really like his energy... Wish I had had the opportunity to take one of his classes! lucky ducks :)

    Evelyne MonroeEvelyne MonroePred 13 dnevi
  • This is what a leader looks like! So glad the US now has competant representation in the SEC.

    Anthony!Anthony!Pred 13 dnevi
  • I like the guy but his technical explanation was somewhat lackluster to say the least, you can tell that this course is probably the reason he read up on the technical side

    yourordinarymeyourordinarymePred 13 dnevi
  • lets see how ADA is yr 2031.. 1 buck 20 today ...

    Riki HekeRiki HekePred 14 dnevi
  • This is like having a hot girl paying to take you out. After you paid to take her ugly friend on a date. His class is the later. Your finance classes is the latter

    FernanddiFernanddiPred 14 dnevi
  • well THIS needs to be updated with some content about what just happened because of Robinhood

    Cyberwizard ProductionsCyberwizard ProductionsPred 14 dnevi
  • Wonder if he's still talking as of today about Robinhood with the same sentiment

    Roberto OrtizRoberto OrtizPred 14 dnevi
  • 38:18 man if only these keedz had diamond handed GME back in 2018

    Chase BlakeleyChase BlakeleyPred 14 dnevi
  • Could anyone please say where you can find the 2 readings of the begining of the video? thanx in advance

    Francisco RocaFrancisco RocaPred 14 dnevi
  • This dude recommend robinhood lmaoooooo

    Rellek BeatsRellek BeatsPred 14 dnevi
  • Gold is 10 trillion lol

    Rellek BeatsRellek BeatsPred 14 dnevi
  • i dont trust bald people

    EmporioArmaanEmporioArmaanPred 15 dnevi
  • 33-33-333

    Thom ScottThom ScottPred 15 dnevi
    • Satoshi is watching

      Thom ScottThom ScottPred 15 dnevi
    • Btc32

      Thom ScottThom ScottPred 15 dnevi
    • ("333-33-33") ("33-33-333")

      Thom ScottThom ScottPred 15 dnevi
  • L to the guy that said bitcoin is all hype. 🤣🤣🤣🤣

    The LawThe LawPred 15 dnevi
    • LOL fr

      Connor BraceyConnor BraceyPred 11 dnevi
  • 5 minutes in and I can tell XRP is fucked. Bad news for me.

    Victor Da SilvaVictor Da SilvaPred 15 dnevi
  • Gary bout to lay the smack down on Wallstreet and their level of greed that has passed insane, unethical and unsmart for the entire economy. See you in prison soon Kenny G!

    Jade LocklearJade LocklearPred 15 dnevi
  • I'm the rich kid technical guy. Crypto sounds like hype with no real use. 🤭 Rich kid should be pushing brooms guys. Let's redistribute.

    Orphan BearOrphan BearPred 15 dnevi
  • Definitely a video to download to “Real Player”!”

    Mark VidalesMark VidalesPred 16 dnevi
  • Wow!

    William MinWilliam MinPred 16 dnevi
  • Satoshi Nakamoto=Grigori Perelman

    alexios magdalidisalexios magdalidisPred 16 dnevi
  • Gary! Be friendly to XRP!

    ZapzapparooZapzapparooPred 16 dnevi
  • Someone know any transcripts of this video? Thanks

    Cristian NarvaezCristian NarvaezPred 17 dnevi
    • Transcripts are available on MIT OpenCourseWare at: ocw.mit.edu/15-S12F18. Best wishes on your studies!

      MIT OpenCourseWareMIT OpenCourseWarePred 14 dnevi
  • From the G Man himself.

    Noah PuggaranaNoah PuggaranaPred 17 dnevi
    • Come on GG do us proud

      claire johnsonclaire johnsonPred 14 dnevi
  • Exactly who we need in regulating and keep the world of blockchain safe for us

    Chase HuntChase HuntPred 17 dnevi
  • This increase in money supply will not generate inflation, because the only way to have inflation is if you put this money on the economy, and they will not do this, so they are holding this to themselfes and will act as warranty (deposit) to these global elite remaining imune to the financial help of the goverment... of course this is a scam but they are not letting this money get in the pockets of people right know, so because of this we will not have inflation, do you understand ? this is a major bailout to the bilionaries...

    M HenriqueM HenriquePred 17 dnevi
  • This guy runs SEC now, could be good, be bad for cryto.?

    Adam McCulloughAdam McCulloughPred 18 dnevi
  • Fun Fact: This professor got sworn in today as the SEC chairman. pretty cool

    Toxic CityToxic CityPred 18 dnevi
    • Woww!!

      Deenu YadavDeenu YadavPred 8 dnevi
    • #XRP to the moon

      Abdel Ghani Mohamed AliAbdel Ghani Mohamed AliPred 8 dnevi

      B__W_45B__W_45Pred 8 dnevi
    • That's gotta be huge for crypto

      Shajan MiahShajan MiahPred 11 dnevi
    • HES SO COOL. !!!!!!!!!!!

      Rest In Peace Kobe 24Rest In Peace Kobe 24Pred 13 dnevi
  • Sir, with all due respect, you are not cut out to teach. Your definition of blockchain was clear as mud. Please give up teaching and stay in some government job, where you will get paid for staying obtuse and saying gibberish!

    Max47340Max47340Pred 18 dnevi
  • I'm learning Blockchain from the Chairman of the SEC

    Mason PageMason PagePred 18 dnevi
  • Block chain is sold as a way to free humanity from the money changers. It is not, even by its name it says you will be chained to the cube/ Borg

    Brett MooreBrett MoorePred 18 dnevi
  • 28:45 43:43 56:30 This is the new head of the SEC saying this, mind you.

    D BD BPred 18 dnevi
  • Thank you!

    Mario AlvarezMario AlvarezPred 19 dnevi
  • SEC CHAIR!!!!

    Kevin PoolKevin PoolPred 19 dnevi
  • This is boring

    Tianen ChenTianen ChenPred 20 dnevi