2. Money, Ledgers & Bitcoin

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4 жыл бұрын

MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler
View the complete course: ocw.mit.edu/15-S12F18
KZfaq 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

Пікірлер: 909

@1patula 3 жыл бұрын

For somebody like me who would have potentially zero chance to be there physically, finding it on KZfaq is priceless! Thank you

@SoupLegion 3 жыл бұрын

and it did happen in 2018 (& now Gary Gensler is nominated to be a Chair on the SEC)

@sharifmohammadi5482 3 жыл бұрын

حح۸ه۰۷

@LowDowN- 3 жыл бұрын

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

@RFIREofficial 3 жыл бұрын

This is straight jewels do you understand that your taking a course at MIT.

@almaguapa-sailboatliveaboa440 3 жыл бұрын

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.

@JacobMichaelC 3 жыл бұрын

My notes after two lectures: "He didn't even know Larry was gonna be here"

@putinp4777 3 жыл бұрын

Classic Larry

@nickballard5975 3 жыл бұрын

Larry and Gary. Best buds forever

@Randall5005 3 жыл бұрын

I have to say, I heard this lecture in high school. Fifty years ago. Really? He's covering cowrie shells as money at MIT?

@krae2282 3 жыл бұрын

@@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! 🙌).

@Elless33 3 жыл бұрын

@@Randall5005 why wouldn't he cover cowrie shells in an introduction to currency?

@Ad4ms0n 2 жыл бұрын

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!

@RogerClubv 2 жыл бұрын

This is soooooo awesome. There's nothing better than learning something daily on youtube rather just watching mindless video content.

@soulandfresh 2 жыл бұрын

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.

@sonnyps413 2 жыл бұрын

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

@richardcastromzena5136 2 жыл бұрын

Well congrats boss

@GidzPaul Жыл бұрын

Commenting to boost this.

@onefull1 2 жыл бұрын

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!

@valerios1492 3 жыл бұрын

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!

@ThaEzioAuditore 3 жыл бұрын

They just come from wealthier families

@olufemidavies2135 3 жыл бұрын

@@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

@OfficialGOD 3 жыл бұрын

Ofc

@Streetshadowsprod 3 жыл бұрын

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.

@marcuscheung5025 2 жыл бұрын

@@ThaEzioAuditore they also have perfect grades

@catstothemoon6390 3 жыл бұрын

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.

@FadeStrategy 2 жыл бұрын

LMAO

@EmpireBuilding 2 жыл бұрын

@@FadeStrategy I feel like they don’t know.

@normzthezoundman4209 Жыл бұрын

He’s the SEC chairman now 😱

@waqidj Жыл бұрын

he is the SEC chairman or whatever you want to call him 🤣.

@dave4925yahoo 3 жыл бұрын

35:30 this guy is a prophet for DEFI

@hanzlee5173 3 жыл бұрын

That’s right man !!

@MrAM4D3U5 3 жыл бұрын

> 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!"_

@oida6802 3 жыл бұрын

BRRRRRRRRRBidenRRRRRRRRRRRR

@scbenna 3 жыл бұрын

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?

@treyquattro 3 жыл бұрын

@@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.

@kdcruz75 2 жыл бұрын

@@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

@kdcruz75 2 жыл бұрын

@@treyquattro Dudnt end it.. It went into hiding Utube: spiders web : second British empire

@nickballard5975 3 жыл бұрын

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

@Bryan-bh5pq 3 жыл бұрын

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.

@nickballard5975 3 жыл бұрын

@@Bryan-bh5pq oh you know it! I've been trading some this cycle and it's been amazing.

@jahnhansen3096 3 жыл бұрын

Not yet. He still hasn't been confirmed. But most likely will be. Hopefully he sees XRP as a currency and not a security 😭

@LowDowN- 3 жыл бұрын

Well the senate just approved him! Gary is the man! Just swinging his huge third leg around

@android12921 3 жыл бұрын

It's good to see Someone with sense and sense of humour being appointed as top official governing the fin sector.

@dakshinsiva7376 2 жыл бұрын

57:17 When the student says "It's sovereign debt, and it can't just issue new notes" America in 2020: * Prints $3 Trillion *

@UgurMahirOzkaya 3 ай бұрын

Can you update the number :)

@roosah6749 2 жыл бұрын

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.

@hggttffj 3 жыл бұрын

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 .

@MrBrick2099 2 жыл бұрын

Gary has an amazing speaking voice and disposition as an instructor. I would gladly sign up for any class he teaches.

@rik112 2 жыл бұрын

totally agree with you. His disposition is spot on. Causual but compelling to listen to.

@Shizomis 3 жыл бұрын

proud to have someone that understands the core fundamentals of bitcoin as our head of the SEC.

@JeremyB1039 3 жыл бұрын

Head of sec?

@ZenderBing 3 жыл бұрын

@@JeremyB1039 oh yeah. This guy will be the chairman of American SEC which is a big deal. Bullish news for market

@xrpkidotec520 3 жыл бұрын

Hell yeah the best thing that could've happened to the crypto market. In 10 yrs he will be respected as a crypto god.

@josephfriedman1305 3 жыл бұрын

@@JeremyB1039 Yes he was appointed by President Biden and approved by the senate to be the next chair of the sec

@chamy1857 3 жыл бұрын

@@JeremyB1039 4le

@elliot1784 3 жыл бұрын

2x speed all day :)

@nb9533 3 жыл бұрын

2x with subtitles ;)

@JinGwee 2 жыл бұрын

i need 3x speed. Wish there's a version of just him talking and not have all the class participation stuff.

@bodikhuutumurbaatar6626 2 жыл бұрын

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.

@wheelermerriweather6100 3 жыл бұрын

I love the this message that he is teaching on. It is a good insight and eyeopener.

@hectorccruzer 3 жыл бұрын

Am learning so much, even in 2018 this is still fundamental knowledge to internalize for future use, thank you MIT!!

@yogreeni5763 2 жыл бұрын

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 ❤️

@BlazeMrdr 3 жыл бұрын

Ive been watching these lectures like a movie. Thanks for the awesome work prof!

@ryanau7222 2 жыл бұрын

this lecture is so awesome. i'm learning more here than my years in state school.

@gapglobe 2 жыл бұрын

Thank you for recording and sharing this knowledge to millions of people’s in the 🌎.

@brandons7272 2 жыл бұрын

"You can't just print more notes out of thin air" 🤣🤣 what a great joke! Needed a laugh!

@massimovarano407 2 жыл бұрын

She's right

@Smudge564 3 жыл бұрын

OMG, explains the future in an easy to understand way, thank you MIT

@mercanchannel 4 жыл бұрын

thank you for publishing this prof. gensler. you make us a part of your thinking process. thank you for this generosity.

@almaguapa-sailboatliveaboa440 3 жыл бұрын

Great thx to MIT and Gensler in putting these YTs!!!

@akinieminen279 3 жыл бұрын

Thanks Gary and MIT for these courses!

@TheKingdidu 3 жыл бұрын

Does anybody know if Larry is attending the class?

@goldmantracks 7 ай бұрын

MIT and their integrity shown by not pulling this down at garys request is encouraging

@Lekol_ai 2 жыл бұрын

Awesome content here👌👌 The world is actually better when great knowledge is sharing to public.

@IndependentSpirit1923 3 жыл бұрын

Great lecture. Thank you very much Prof. Gary Gensler. Thank you very much MIT.

@nrg_fre 3 жыл бұрын

Priceless, Thanks MIT and CryptGary

@archetypealch3my290 2 жыл бұрын

This Man is head of the sec, wow just wow I'm going thru these MIT lectures fast

@bernardoalves3642 2 жыл бұрын

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

@kickinit333 3 жыл бұрын

I would love to see this course today. After the pandemic and the rise of Bitcoin.

@tokebi-industries 3 жыл бұрын

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.

@ironjustice3067 2 жыл бұрын

and he just turned out to be another establishment guy. Shame

@hemiacetal1331 2 жыл бұрын

@@ironjustice3067 What it's all about?

@johnzbeats Жыл бұрын

@35:30 - Absolutely nails what's happening now with all the chaos in crypto today (Luna, etc)

@paur196 2 жыл бұрын

This is worth more than the entire financial system thank you so much ❤️

@howlinwolfgangnester 3 жыл бұрын

This is an excellent course Mr Gensler

@georgethomson7231 3 жыл бұрын

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

@wackles123 3 жыл бұрын

its getting more attention, i got recommended this series of lecture recently. I believe many others too have similar recomd. to this vids.

@DaniIhzaFarrosi 3 жыл бұрын

@@wackles123 Yup.

@zaaxi7424 3 жыл бұрын

That's awesome, he seems like such an intelligent guy I'm so glad this content is freely available :)

@CD-pt8vy 3 жыл бұрын

Watching this all the way through has become my goal...Mr Gary knows!

@bradym23 3 жыл бұрын

Ahhhh I see we are on the same journey brothers. Welcome.

@alexkess8506 2 жыл бұрын

Loving these lectures. Thank you MIT.

@silloh888 3 жыл бұрын

Bravo, this class knows more about bitcoin than 99.999% of the world! Gensler will bring it!

@Gerald1062 Жыл бұрын

That's correct Mr. Gensler! There is no law against creating your own money!

@harwinderkarwal 3 жыл бұрын

Ist my 1st day on MIT Open Courseware. Especially I am keenly interesteed in Blockchain Software building as a professional.

@lordwise3539 3 жыл бұрын

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!

@eylmaz6696 2 жыл бұрын

what i nice lecturer..he is good at teaching of the course. great person, great lecturer, great energy

@joseantonioquentaramos8134 2 жыл бұрын

Thank you very much to the MIT. It is yime to search those lectures before the next class.

@gsallen9588 2 жыл бұрын

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.

@myx7 3 жыл бұрын

This is such an incredible resource!!

@tobyforstater7046 2 жыл бұрын

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

@tiagobritovyzis 2 жыл бұрын

Leverage is ON now!! Thanks for the precious content!

@dalytheos 3 жыл бұрын

Question at 52:22 and it’s conversation is gold.

@dalytheos 3 жыл бұрын

Now is late but better late than never. Luckily I got into crypto back 2017...

@heavenlord1 3 жыл бұрын

Great course, Keep up the good work

@sathyannair7991 2 жыл бұрын

Oh, Gary, you are a wonderful teacher.

@hubertg7100 2 жыл бұрын

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 .

@danielksc 3 жыл бұрын

My brain just expanded. Thank you.

@lorraineanderson5679 3 жыл бұрын

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

@marleyzlegacy9208 2 жыл бұрын

3 to 4 years later and still very beneficial!!

@michaelngwoke1289 Жыл бұрын

This is awesome intro to my dive into Blockchain Tech. Thanks Prof

@Horse-tradeEu 3 жыл бұрын

I see Monty Burns from Simpsons in him. He looks a sweet and kind person, even though he was a goldman partner :p

@josephweeks3815 3 жыл бұрын

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.

@josephweeks3815 3 жыл бұрын

He definitely seems like Monty burns though lmao

@TheNibiru720 3 жыл бұрын

Excccelent

@peaknonsense2041 3 жыл бұрын

I knew he looked familiar 😂

@htaylorja 2 жыл бұрын

🤣🤣🤣🤣🤣🤣🤣

@criticalwealththeory 3 жыл бұрын

great video, great class

@prepotentte 2 жыл бұрын

Great introduction! Learned a bunch about the history of money!

@Pain_Schmeren Жыл бұрын

First of all thank you for uploading the course videos. I think if I just get the chance, I could compete with them!

@ernestassimutis6239 3 жыл бұрын

priceless content

@QW3RTYUU 3 жыл бұрын

Love how he talks to persons, refers to them by their names (classic businessman tactic). Makes people feel important!

@minichanz 3 жыл бұрын

Classic human being

@QW3RTYUU 3 жыл бұрын

@@minichanz Hahahahahaha!

@minichanz 3 жыл бұрын

@@QW3RTYUU 👍

@kiananaderi7088 2 жыл бұрын

Thank you so much. This course has been incredible useful.

@blixx87 3 жыл бұрын

And ladies and gentlemen this man will pump our bags from the whitehouse

@pastaface9966 3 жыл бұрын

Professor Pumperino

@muhammadm4582 3 жыл бұрын

😂 prof. Gary pamp pamp

@keelus1923 3 жыл бұрын

hes the bull as fuck yeah xD

@age0fdef1 3 жыл бұрын

Oweeee

@luisalcantara7285 3 жыл бұрын

🤑

@mizraman 3 жыл бұрын

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.

@mizraman 3 жыл бұрын

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.

@user-gt2ug8hr5c 2 жыл бұрын

”You can’t just make money out of thin air” *2020 and FED printing money*: Hello boi

@nofeah89 2 жыл бұрын

Why are people not realizing this?

@WGchamara 6 ай бұрын

Thank you MIT & prof. Gary Gensler.

@hieuduong7447 2 жыл бұрын

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.

@SoupLegion 3 жыл бұрын

"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?

@michaelangelos5117 3 жыл бұрын

About 150

@riccaruso7791 3 жыл бұрын

Credit Card 💳 % rates definitely need “regulated”,.... they use-to-be, in my Commonwealth of Pennsylvania i think.

@KnightSwan 3 жыл бұрын

I think it might be like dog years, multiply by 7. =)

@twanus2657 3 жыл бұрын

'bout three fiddy

@sladeprendergast1167 2 жыл бұрын

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

@teajae5202 2 жыл бұрын

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?