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

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

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!

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

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!

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

> 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!"_

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

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!

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

35:30 this guy is a prophet for DEFI

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.

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

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

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 .

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

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.

2x speed all day :)

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

Does anybody know if Larry is attending the class?

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.

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

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

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 ❤️

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

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

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.

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

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

Who’s watching this in 2024? 😅 I am sure he will still be influential.

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

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

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

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

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

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.

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

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

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

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

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.

Priceless, Thanks MIT and CryptGary

Thanks Gary and MIT for these courses!

"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?

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!

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 .

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

My brain just expanded. Thank you.

1:02:30 1.7 trillion in circulation 2 years ago. Now doubling year over year. Going parabolic.

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

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

This is an excellent course Mr Gensler

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

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

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.

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

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

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

Loving these lectures. Thank you MIT.

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?

This is such an incredible resource!!

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

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

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 enjoyed listening to the students gradually realize what a sham fiat currency is as they tried to define its qualities.

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

35:23 Did Gary just predict in 2018 that Defi is coming?

Great course, Keep up the good work

The "liabilty" question near the 50:00 min mark, was the reason I dropped out of accounting, if you keep trying to reason it, it eventually messes the comprehension of very basic principles in accounting, so what people do, is they just take it for a fact and stop questiong it. 15 years later and I still dont understand. The professor did not explained it either (even becoming nervous). My reasoning is that, under the eyes of the capitalistic system, every being is born with an intrinsic debt. Thats the only way I could somewhat explain whats going on there. Money is "someones debt" that you posses. And the only way the liability dissapears is by exchanging it for an asset of real value. So basically: Your existence is less than worthless, a liability. Responsability (saving) is worthless. Recklesness (expenses) is rewarded.

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

Oh, Gary, you are a wonderful teacher.

Bought 10 bitcoins in 2013, best investment ever!! Problem is to sell or keep!

great video, great class

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

Thank you MIT & prof. Gary Gensler.

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

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

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

3 to 4 years later and still very beneficial!!

More focused on this lecture than I ever was in college lol

Confirm the man already !

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

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

Thank you MIT and Gary for this amazing series. I'm so glad i didnt pay for college. :)

priceless content

How have people disliked this. Thanks MITOpenCourseWare, and Gary Gensler!

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.

play at 1.5x speed

Gensler points out that the US does not take bitcoin for taxes. Interestingly, in the end of 2018, Ohio legalized the payment of state taxes with bitcoin. Time keeps a rollin' ... and bitcoin keeps a growin' in terms of adoption.

Comment: there is USSC caselaw where an individual paid IRS tax debt with a pig, a pig is a commodity.... individual wrote on the pig like a check w signature, making it an acceptable negotiable instrument, court ruled the IRS had to accept the pig as payment. Bitcoin is ALSO meets the requirements for a negotiable instrument and IRS would have to accept it as a form of payment.

thank you 9:15 "what is fiat" a "xerox" of value 21:03 "what is ledger" spreadsheet 26:42 cash works 45:36 "what is ledger" infinite cells

He knows XRP is NOT a security. Give us the clarity please.

I'm getting Jerry Sienfield vibes from this guy.

i don't know if i understand that right but i think a "transaction ledger" is a record of all transactions on a blockchain, while a "balance ledger" is a record of each user's balance on a specific blockchain

am from kenya and i think we should adopt this style of learning its the best

This should be required learning

Around 36:00 - there's a window opened to the world of DeFi ;-)

What a diverse class.

Great lecture and prof.