Conclusion from watching this: 1)the students are inaudible either because of foreign accent or volume&background ruffling 2)Gary has all the answers to any question and they will be discussed thoroughly on the ever looming Thursday 3)compression of data & hash are king No really this is an amazing seminar..highly recommend watching all of his lectures. This tech is the future and we must get familiar with the fundamentals to understand why.

The actual lecture starts at 24:05, if you want to skip the class discussion and recap.

Gary "We'll talk about it on Thursday" Gensler

This guy will be the next head if the SEC :O

That guy in the purple T shirt at the front 😂 he wished he was anywhere else in the world than sat in the front of that class. He couldn’t wait to get out, check him out at the end! 😂😂

Thank you Prof, Gensier for tackling this emerging phenomenon. You have a great rapport with your students.

These free courses from MIT are always great! One thing we tell our blockchain developer students is to spend time on coding with Solidity, Rust, etc and the concepts will be much easier to grasp.

🙏 So lucky to be able to follow an elite programme.I shall have to rewatch it many times in order to absorb this subject .

Many thanks to MIT for sharing this! This is an excellent informative and nicely put MOOC course!

Indian guy talking about something Captions: *inaudible*

Congrats to everyone who has been committed thus far. Hope you keep going!

Had a fun time following this one. Did less rewinds than the previous lecture. Got it done faster understood 90% at depth. Woo!

I really love Gary's teaching style and when he's on a subject he knows well, he's truly amazing. Having said that, he does tend to get some little things wrong when answering questions about the mathematics/computer science topics. I don't think it makes much of a dent in the incredible value he's delivering with this course, but it's worth noting that one should take his answers on the aforementioned topics with some grains of salt.

Do not know how Blockchain centered vs BTC centered this is. Whatever it is a fantastic resource to have, more now he is Mr. SEC!

So much knowledge and so much power, however he is so calm

1:01:50 By 2032, over 99% of bitcoin will have been mined and it is estimated to take up until 2140 until 100% of the total bitcoin is mined.

he literally says he just learned the technical stuff. you nerds aren't cool for pointing out he's wrong about some of the details. talking for hours twice a week and saying nothing incorrect is hard. you ever teach all this technical prowess you show off on yt?

gas is a separate thing from the smallest amount of eth , wei is the smallest amount , gas is what you pay transactions with , and it's cost is variable in wei, gas is invented to separate price of eth from cost of transactions , to insert a modifiable/variable layer , it could've easily be wei but gas is a good idea/solution , price of gas depends of usage/no. of transactions , wei/eth price depends on markets

Wow !! Hats off to Prof. Gary Gensler !!!

Thank you MIT & prof. Gary Gensler.

You are the best MIT, always finding useful topics with great teachers to learn, proud to see how education is becoming open-source, society will have a better education and in the future, this will lead to faster development and world consensus

Wish i was on that class.

To any young kids watching this who think they aren't smart enough to go to MIT, this class shows you probably can if you want to, this is like every high school class where 10% do the reading and answer questions and the rest are thinking about their social lives and half asleep. And that 10% aren't necessarily geniuses either.

Thanks to the good people at MIT for opening up their university to the world!

I really like this guy, he's dry.

Great lectures and it's actually made me look into the MIT SLOAN program. Great initiative MIT!

Would it be possible for someone to put the reading and video links in the description?

All important lectures are last Thursday or next Thursday! lol

1:06:20 Mark Carney is correct, they should be called cryptoassets, not cryptocurrencies.

What an amazing professor! Thank you Professor Gensler for such engaging lectures!

My man at 41:00 coming in clutch had the same question or a similar one first time I wasn't annoyed by the amount of question cause this man saved my life

Too bad the questions were not saved for a separate class. This particular class was less lecture more Q&A. The questions detract from the lesson for myself.

this is awesome, please keep releasing more!

2140 ! not 2040 ! Capping at 21 million BTC in 2140.

It's really interesting to hear his insight on Ripple

No this is an unlikely gem for the average person.

Thank you Gary

Great subject and teacher, appreciate it

57:57 Energy Web Chain🙌🏽

Daniel is asking the right questions!

Guy in pink striped shirt must’ve been hungover/no sleep, struggled to pay attention and immediately stood up to leave once he knew the session was over.

Marked. Milestone for reaching this far. :)

Finally starting to understand blockchain and cryptocurrencies. Such an insightful and engaging lecture.

Great lecture.

Thanks, helpful intro.

Your Bitcoin address is actually your public key. You use your private key to sign signatures for transactions. The public key is the "address" where your Bitcoin is stored in the network.

Just what I was looking for.

Thank you!

Thank you, for another great class!

If one transaction was intended to be on the Bitcoin chain, but happened to be on the “hard forked” Bitcoin Cash chain, what would happen?

This is a really excellent video on the topic!

Regarding sequestering part of the internet as a forced fork, we do have at least two mining rigs in satellites, potentially reducing terrestrial threats of this nature.

So, in a hard fork like Bitcoin Cash, the initial(black) blocks will be in bitcoin native currency and later(purple) blocks will be in bitcoin cash native currency? I mean, in bitcoin cash chain what is the first block? the first purple block or the first bitcoin(genesis) block?

I like the slide on Bitcoin Mining Evolution.

If all of the students in this class owned Bitcoin then they all did very well if they held on to it. Those who sold when it peaked did very well.

Watching in 2022... great content!

First 24 minutes are a review from previous lecture, in case you guys want to skip them.

Thank you very much

Does a pool miner need to be a node? In your point of view, Bitcoin is really decentralized?

all of bitcoin will be mined in 2140 not 2040 Gensler got it wrong

Q: "is Bitcoin a deflationary currency?" GG: "it depends on your use of that word."

Shoot, i didnt know James Maynard Keenan knew this much about blockchain

The guy in purple t-shirt who stood in front of the professor is Satoshi Nakamoto and as professor Gary asks this question to find out who he really is, Satoshi goes with a smirk on his face muttering "Yare Yare". Insert anime background music.

Please explain elliptical curve multiplication 🥺

I am still waiting for that thursday

37:20 Thats a intersting situation to pay attention to! In the future, governments give up going agaist bitcoin and each country decides to hard fork the chain and have its own currency. We would have the China bitcoin, American bitcoin, Europe bitcoin, ...

Hey Gary, can you please use a whiteboard in the future? It make easier to understand some tech information, i.e. HashCash by Adam Back :)

Voting in a democracy is a Byzantine General’s problem. Blockchain offers a method to gain more accurate voting results and come to a 50.00001% consensus more quickly. In the extreme, proof-of-work by every participant also makes the voting process more secure.

23:38 How to not use the same public key twice? If i have 5 btc on my bitcoin adresse 1234. I send 1btc from my adresse 1234 to a friend. Then how I am suppose to use the remaining 4 on 1234?

1:06:16 just his thoughts on digital currency not having a central authority

They've all got the network part half wrong. Overtaking the network refers to the crypto network (ethereum network, bitcoin network, etc.). Those networks exist independently to the Internet, greenwalls or any other. By overtaking the network we talk about overtaking the crypto network by hoarding hosts and push fake transactions, or forks of any kind.

Execellent！

1:00:22 why does it say _created in a coinbase transaction_? Does it have to do anything with coinbase exchange?

10:10 Alene's going to turn up sedated and tied-up in an MIT dungeon.

Time (VDF:Verifiable Delay Function)was the missing piece for the proof of space (hard drives) concept. Therefore creating the more efficient more random blockchain in chia while still using the Nakamoto consensus.

What I don't understand is that the more miners on the network, the higher difficulty of mining (he showed the graph). but the rate of generation of blocks doesn't change (1 block roughly every 10 minutes). So that means no matter how much we increase the number of mining rigs, two things don't change, 1- transaction throughput of the blockchain (~1500 transactions every hours), and 2 - the rate of generating bitcoins (before halving periods).. This basically means that mining has become a competition in which you just try to have a bigger slice of the pizza (the mining pools chart he showed) to have a bigger chance at winning. But it doesn't mean the reward has improved.

sorry for being a smart ass but the last block reward will be mined in the year 2140 (not 2040)!

This was somewhat painful to watch, though grateful for MIT sharing (Im an MIT alum on Edx) but asking generally uninformed students who are merely learning so many questions, while they are not mic'd up to boot, makes a very frustrating experience in a recorded mass shared lecture. Would have far preferred all questions at the end and the course materials presented. Just an opinion, still grateful for MIT to share material.

Interesting, I will have to watch again. Thank you.🫀

Even if it was not deflationary, it would for sure create harsh boom and busts. The only way for the economy to grow would be private debt.

That desk is dangerous lol

Curious that what will happen when the miners find the same 18 leading zero with difference following. Or no matter the following, who found the first 18 leading zero win with block?

38:14 - Bitcoin, Etherium, "XRP"! For each Blockchain there's a "NATIVE CURRENCY"! - Gary Gensler "XRP IS A CURRENCY NOT A SECURITY"! BOOM! 🤯 END THE LAWSUIT AGAINST RIPPLE!

11:48 was that martin skrelli?

around 9:00 minute mark, can anyone explain or provide any valid source of what the phd student is referring to? maybe a selfish mining attack?

Is a digital signature of a message ever made WITHOUT hashing the message data first ?

Love this course but thus far there has been quite a bit of misinformation on the technical side. E.g. in previous session there was an articulation on only TX are hashed, that’s not true. In this session the lecturer continues to refer to the split chain that is part of mining and PoW as hard fork, that also isn’t correct. Hard forks are fundamental changes to the code that would require creation of a completely new chain (new blocks can’t be committed to the same chais because they are no longer compatible) as opposed to soft fork where the code is upgraded but the chain could sustain. There’s a bit of lack of knowledge on setting the difficulty, the address, cryptography, etc. I very much enjoyed the 1st couple of lectures but recommend lectures 3 and 4 be validated (and maybe the following sessions as well) by a blockchain expert.

I don't understand the how the frequency is handled here between Prof and stud! :-)

I don't think manipulating the internet itself is as big of a security threat that student (Alin?) seems to think it is, as the actual information of the blockchain is stored on the various nodes and hardware machines that are connected to the blockchain via the internet. You could disconnect all the nodes and the information up to the point of disconnection is not lost. In the hypothetical situation where an entire country tried to ban the blockchain, all you'd need to do is transfer the blockchain information stored on the various computers to another country and reconnect. The blockchain would verify the previous blocks and reintegrate without much of an issue, as far as I can tell.

25 hour course on KZfaq . Nice

Is the cap already reached in 2040 like this video says (after 1 hour and 1 minute) or no earlier than 2140 as many other sources on the Internet state? Also if it would stop in 2040, that would be after only 8 halvings in total and there would only be 20.9 MBTC, not 21.0 MBTC yet.

Are the readings anywhere to find ?

Anyone else hear him almost lick his lips when mentioning XRP ? 😂😂

At 1:01 maybe this has been addressed but bitcoin is not projected to be all mined until 2140

What happens when the last bitcoin is mined? What will the miners reward be after that?

Great teacher, great class, great content. Thanks MIT for sharing this!

Interesting

If eventually bitcoin caps at 21mil and miners stop mining and validating does that mean transaction can't take place and therefore the network would become unsustainable?

A question: Since the blockchain is append only, and stale blocks are formed ( however rarely) how come one block divide into two chains, i.e., how do two blocks get added to the same previous block?

1600 currencies then. Over 9600 now