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

23 jan. 2020
2 251 661 Weergaven

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

  • This is boring

    Tianen ChenTianen Chen2 dagen geleden
  • Just subscribed! Will be watching these very closely.

    XuerebXuereb3 dagen geleden
  • Wow Cardano is going to change the world based on what he's talking about.

    dopenough2smokedopenough2smoke3 dagen geleden
    • Awwww yiisss

      Ethan DuysenEthan Duysen2 dagen geleden
  • Decrypt reader here. MUCH has changed since 2018.

    Mellow YellowMellow Yellow3 dagen geleden
  • Thanks MIT

    Unjuu SalvatoryUnjuu Salvatory3 dagen geleden
  • How many crypto investors are watching this after Gary got confirmed this week?

    Justwam761Justwam7613 dagen geleden
  • He is now SEC chairman 👍

    Jose PrithviJose Prithvi3 dagen geleden

    Etienne SAEtienne SA3 dagen geleden
  • hello

    sammy rodenskisammy rodenski3 dagen geleden
  • And the new SEC CHIEF! Prof. Gary Gensler. Bullish!

    TMute96TMute963 dagen geleden
  • I am so very grateful to have these university courses available for free. For the last few years I've been researching and studying crypto currencies, blockchain, buying, selling, trading, using exchanges as well as all the lingo etc... Just teaching myself. It seems every other youtuber (with a channel on crypto and such) is offering their own form of online courses to purchase for hundreds of dollars and up, and their idea of what is correct and helpful is questionable at best. So this is such a wonderful opportunity for me (and others) to finally get a great education at the university level, on this extremely important subject matter! I'm going to have a very busy rest of the year, who knows I might never stop school! lol. Thank you -

    Jane DoeJane Doe3 dagen geleden
  • I didn't know anything about Mr. Gensler until I heard that he was being nominated to take over the SEC. I'm new to cryptocurrency! I'm impressed with his demeanor, style! and amiable teaching style! I would have loved to have been in some of his classes! After watching this I'm glad that he's now heading up the SEC because we NEED someone who understands money AND cryptocurrencies!

    Dave ThompsonDave Thompson4 dagen geleden
  • I feel like i wanna do the assignments he's doling out , I'm coming from a cybersecurity student aspect

    Roel ReynaRoel Reyna4 dagen geleden
    • I was thinking the same thing.

      Tiffany.LightWorker 777Tiffany.LightWorker 7772 dagen geleden
    • Me too! He's a super teacher..

      David O'ConnorDavid O'Connor2 dagen geleden
  • Holy shit!! I accidentally stumbled upon this video last week and I just now realized who he is?!? 😳 No wonder the crypto market is jumpin right now!! 😂 What a time to be alive

    Dj SkoodaDj Skooda4 dagen geleden
  • The New Head of the SEC - Oranged pilled a lot of people with this video

    orange.cyanideorange.cyanide4 dagen geleden
  • Amazing

    Brian DeesBrian Dees5 dagen geleden
  • wow i remember watching this vid when it had < 20k views o,O Mass adoption incoming hahaha

    WHWH5 dagen geleden
    • Well... he's just been confirmed as SEC chief... so. Yeah.

      Tyler FurlowTyler Furlow3 dagen geleden
    • Kk

      Mark MossMark Moss4 dagen geleden
  • Could you activate subtitles for deafs?

    El IndómitoEl Indómito5 dagen geleden
  • How is this MIT in 2018 and so many of them are clueless about what's happening? 😳

    Apatura, IncApatura, Inc6 dagen geleden
  • I am sorry l am that old already, l would love to be his student.

    Marija RitchieMarija Ritchie6 dagen geleden
  • now that's a way to get rich as a pizza delivery agent !

    Austen HartwellAusten Hartwell6 dagen geleden
  • I stumbled on this by accident, Mr. Gensler himself lecturing computer engineers, mind blowing. We’re in good hands finally, crypto enthusiasts...i feel like he’s talking about xrp!!! #xrp0doubt

    Fiel PanerFiel Paner6 dagen geleden
  • Can someone take the time to put the suggested before and after reading lists in the description? I went back through but it would be helpful. thank you

    Adrian EmersonAdrian Emerson6 dagen geleden
    • See the course on MIT OpenCourseWare for the readings at: ocw.mit.edu/courses/economics/14-772-development-economics-macroeconomics-spring-2013/readings/. Best wishes on your studies!

      MIT OpenCourseWareMIT OpenCourseWare3 dagen geleden
  • Blockchain, no thanks

    ChristopherA- RealOneChristopherA- RealOne7 dagen geleden
  • Is this the guy taking over the SEC?

    Just ChillingJust Chilling7 dagen geleden
    • Yes, awaiting confirmation though. Has gone 2 day over deadline.

      NewsDropzNewsDropz5 dagen geleden
  • who is this freak? it's complete waste.

    V VV V7 dagen geleden
  • lol im in a MIT class in my pajamas debt free no commitments free knowledge

    use wateruse water7 dagen geleden
  • the guy that says technical side is an idiot.

    NeoKailthasNeoKailthas7 dagen geleden
  • What kind of American accent does this guy have?

    gamollygamolly8 dagen geleden
  • Nice video!! Very engaging from beginning to end. Nevertheless, businesses and investment are the easiest way to make money irrespective of which party makes it to the oval office..

    Benjamin WesleyBenjamin Wesley8 dagen geleden
  • This aged extremely well, especially with the US printing money like crazy. And because bitcoin just blowed up and is hovering around $58000 right now.

    كبيره رجلكبيره رجل8 dagen geleden
    • Yeah

      Lea FlorenceLea Florence4 dagen geleden
    • $65k now :)

      Netluxe TVNetluxe TV4 dagen geleden
    • 58k? Watch this >>>>> *breaks 63k*

      Daniel GrayDaniel Gray5 dagen geleden
  • Mpesa is used in Tanzania as well pretty much the whole of East Africa

    Richard NyakRichard Nyak8 dagen geleden
  • Thank you, MIT!!!!

    Will J SomersWill J Somers8 dagen geleden
  • Lol. 30% participation. Talk about the class being the experiment in and of itself.

    Fluriek FluriekFluriek Fluriek8 dagen geleden
  • Who is Satoshi Nakamoto? Everyone knows it's Alan Greenspan!

    Hafise AnwarHafise Anwar9 dagen geleden
  • now crypto is 2 trillion....booom

    Omar CLOmar CL9 dagen geleden
  • I'm learning more on the internet than I'm learning in school

    Jeremy GoodJeremy Good9 dagen geleden
    • And this is an amazing thing, having the ability to self taught any subject is gold nowadays

      msergio0293msergio02936 dagen geleden
    • This is the new chairman of the SEC

      Moon ManMoon Man6 dagen geleden
    • this was recorded in school.

      Carlos GonzalezCarlos Gonzalez6 dagen geleden
    • Obviously. Schools can't be counted on for anything but a piece of paper to get you through some doors.

      Ian MacLeanIan MacLean8 dagen geleden
  • Chair of the SEC, let's see if we can get his true outlook in the space!

    Kevin SKevin S10 dagen geleden
  • Would love to get access to the reading too 😩

    Talin RoweTalin Rowe10 dagen geleden
    • if you go to the ocw.mit.edu they've got all their courses listed as well as the readings

      Ioana TurcanIoana Turcan5 dagen geleden
    • You might be able to dig up a syllabus

      MikstaMiksta6 dagen geleden
  • What about course 18?

    Nasty TigerstyleNasty Tigerstyle10 dagen geleden
  • These are objectively terrible. The does this guessing game with his uneducated students, rather than actually teaching. Sad.

    Samuel Emmett BraySamuel Emmett Bray10 dagen geleden
  • 4:21 Morty is that you???

    Beep BoopBeep Boop10 dagen geleden
  • Dogecoin makes most sense

    tzznutstzznuts10 dagen geleden
  • Please provide an example of this ever occurring?

    Harley KhanHarley Khan10 dagen geleden
  • Subscribed and Liked!

    The Music LatteThe Music Latte11 dagen geleden
  • You can go to any University and sit in on classes.... see an advisor for a unit guide- and take all the classes- but no paper to show for it.

    3n1gma3n1gma11 dagen geleden
    • unit guide is the assignments?

      humshums10 dagen geleden
  • I'm buying XRP and 0xMR. 0xMR is a mineable privacy focused multi-chain, multi-contract project built on Ethereum.

    Alice IncognitoAlice Incognito11 dagen geleden
  • All this information for free. Amazing! Thanks!

    Reiz ArivaReiz Ariva12 dagen geleden
  • as at 7 April 2021, bitcoin alone is over 1 trillion dollars

    Olufemi DaviesOlufemi Davies12 dagen geleden
  • Jihee

    Dalibor JokicDalibor Jokic12 dagen geleden
  • Are any of these students born in USA

    Dalibor JokicDalibor Jokic12 dagen geleden
  • im high on LSD, but you look like a alien anyways Mr.Speaker

    Norse FjordNorse Fjord12 dagen geleden
    • How can i send a picture of what i am seeing?

      Norse FjordNorse Fjord12 dagen geleden
    • WTF, am i so high that i see an freaking ALIEN standing in front of us? It tries to teach us simple humans the new technology

      Norse FjordNorse Fjord12 dagen geleden
    • Is he an Alien trying to communicate with us?

      Norse FjordNorse Fjord12 dagen geleden
    • mabye im just too freaking high? am i ?

      Norse FjordNorse Fjord12 dagen geleden
  • this is what we need an SEC Chairman who knows the fundamentals of Crypto Currencies

    Raffi BorromeoRaffi Borromeo12 dagen geleden
  • Get rid of human greed. I hope this gets us closer.

    Prayer ClosetPrayer Closet12 dagen geleden
  • A lot of economic rents

    Prayer ClosetPrayer Closet12 dagen geleden
  • Ty

    Prayer ClosetPrayer Closet12 dagen geleden
  • 👍🦎😀❤️

    Hicham MouminHicham Moumin12 dagen geleden
  • He sucks. . Boring and not explaining anything. But asking lots of mundane questions

    Mister ManMister Man12 dagen geleden
  • First pizza sold by bitcoin 🤣

    karl velardekarl velarde12 dagen geleden
  • I love how this guy brought up transactions/s. A lot of newbie crypto investors make the mistake of FOMO'ing into Bitcoin or Ethereum when there are cryptocurrencies like Cardano that far surpass them in transaction load. There's still so much to discover about crypto, man I'm fired up! Great lecture on blockchain for beginners

    Samuel MontyPythonSamuel MontyPython12 dagen geleden
  • People spend tens of thousands to learn so little in a class? Could learn much more online for almost free..

    Dad DadDad Dad12 dagen geleden
  • High skilled professor 🙃

    FlameindicatorFlameindicator13 dagen geleden
  • 👍

    FlameindicatorFlameindicator13 dagen geleden
  • A professional academic is attending an introductory class... That's good learning environment these elite institutions cam afford, economically and socially

    Sophisticated, Desi wala!!!Sophisticated, Desi wala!!!13 dagen geleden
  • Wow I can attend MIT and not kms... technology is insane

    lseullseul13 dagen geleden
  • Thank you Prof. Gary Gensle for saying something quiet important. I am born in Germany, but my Family is from Poland and i am living in Poland since 2013, so i am interested in the history between Poland and Germany since i was a kid. Most poeple say Turing encrypted Enigma, but as you said, the Poles did it and thats important to know, at least for the Poles. Thank you very much for saying that!

    Denis HentDenis Hent13 dagen geleden
  • $40,000 invested into Bitcoin during Dec, 2018 of this course would be worth around $800,000 today as of April, 2021.

    Ojash ShresthaOjash Shrestha13 dagen geleden
  • "do you know who is associated with the invention of ___ ?" "me" *mic drop*

    17teacmrocks17teacmrocks13 dagen geleden
  • 1. Look at this video's thumbnail 2, look at the man in the bottom right ... That is Zach Galafanackis

    dawellerdaweller13 dagen geleden
  • Has anyone made a Marriage Contract on the Blockchain yet?

    James Allen jr.James Allen jr.14 dagen geleden
  • I wanna be a Bitcoin Billionaire!

    James Allen jr.James Allen jr.14 dagen geleden
    • I'll give ya 1 semester.

      James Allen jr.James Allen jr.14 dagen geleden
  • Alin must be punching air right now

    YoloSwagMasterYoloSwagMaster14 dagen geleden
  • One thing. @29:00 you start talking about tx throughput capacity. Originally Bitcoin didn't have a limit. It's why Satoshi said "it never reaches full capacity, so there is no need for it to "scale"". Then a bug happened, and the block-size limit was imposed. At one time it appeared to serve a positive function, but since 2015 it's been a hindrance, as the hardware capabilities of both individuals, and the internet as a whole have vastly improved since 2010 when the limit was first introduced. If the miners were ever wise enough to hard-fork Bitcoin into a version that doesn't have a block-size limit, the transaction throughput capacity would become your bandwidth capacity, tx fees would fall through the floor, and it would be profitable for far more people to mine.

    Frank DashwoodFrank Dashwood14 dagen geleden
  • How is this guy gonna kill bitcoin? He seems so nice.

    T BillT Bill14 dagen geleden
  • Stop paying for Education and invest your 9-5 income.

    JonnoJonno14 dagen geleden
  • thank you

    K imK im14 dagen geleden
  • Sadly, our tax dollars support idiot's like Clayton, the SEC and NASA which wants to kill you to prevent future mass starvation.

    New Age MockingbirdsNew Age Mockingbirds14 dagen geleden
  • The guy at the front with the beard 😍

    Mathilda FlowerMathilda Flower14 dagen geleden
  • After 23 minutes, about the role of money... not mentioned here is it's fourth role: system of control.

    Jan CostaJan Costa14 dagen geleden
  • Robinhood: get intel on the middle class and provide hedge funds with the data to get rich. Free stuff is the most expensive stuff!

    m niemanm nieman15 dagen geleden
    • there's no free lunch.

      Ramon MarceloRamon Marcelo5 dagen geleden
  • Most people venture into crypt0 to be a milli0naire, meanwhile, I just want to be debt free

    pop Sarahpop Sarah15 dagen geleden
  • Awesome class!

    Just ChillingJust Chilling15 dagen geleden
  • Really, It's an amazing start to a course. I am Rahat from Dhaka, Bangladesh participating in this course. Thanks, Prof. Gary Gensler and MIT OpenCourseWare.Go Ahead. Alhamdulillah.

    Rahat Ahmed-15Rahat Ahmed-1515 dagen geleden
  • He’s such a speaker

    Christopher MarreroChristopher Marrero15 dagen geleden
  • Enter Ripple. Its scalable, much faster, cheaper and cleaner

    Rob BlackburnRob Blackburn15 dagen geleden
  • Thank you for sharing obviously everything seems to be found dated truth/meets/ time lines Obvious evidence

    Peter LOAGUE, Jr.Peter LOAGUE, Jr.15 dagen geleden
    • What do you mean by that, you think that's a nice idea😕🤷🏻‍♂?

      Carolina WallaceCarolina Wallace14 dagen geleden
  • Crypto got a bad name because of the encryption blackmailing hackers used to hijack the hard disk of others and demand ransom for decrypting the data in the hard disk. It seems like all technology starts out with a good intention but always ends up being used for crimes.

    강정래강정래15 dagen geleden
  • Millennials don't love Robinhood now!

    Muneeb AhmedMuneeb Ahmed15 dagen geleden
  • Subscribed for this important content! Extremely important to note that the semester is not financial advice!

    Lai LaiLai Lai16 dagen geleden
  • Anybody know what the 3 min video he got them to watch was?

    SixSixSixSixSixSix16 dagen geleden
    • he put it up in the slide show its called "What is money? An artist make or take" can be found on youtube

      Brian MacDonellBrian MacDonell15 dagen geleden
  • That pizza is now worth over 500m

    Jamsranjav OdgerelJamsranjav Odgerel17 dagen geleden
  • 23 lessons more to go ! But Interesting :)

    Sagar PathakSagar Pathak17 dagen geleden
  • $66,000,000 when this was recorded. Now, only a year and a half later, you can add a 0 to that number. $660,000,000. Imagine what that number will be in a few more years?

    Jamie HopkinsJamie Hopkins17 dagen geleden
  • Este pelon es una pistola, si le sabe

    Victor MendezVictor Mendez17 dagen geleden
  • Internet is liberating education and making it accessible to anyone who wishes to learn, truly, can't believe it though easily! Such high-quality content is accessible to anyone from any corner of the world. These were the privilege of a select few until recent times. Thanks for sharing.

    Girish KumarGirish Kumar17 dagen geleden
  • Web developer and it horrifies seeing these sites lol. Great lecture

    Richard RichardsonRichard Richardson18 dagen geleden
  • Thank you to the very fascinating video! I watched it with pleasure. Release videos more frequently, I can watch brand new ones!

    Declan BennettDeclan Bennett18 dagen geleden
  • After your journey together in the end we all go out separate ways

    Gold GuilderGold Guilder18 dagen geleden
  • If I were to be in that class first day, I would walk out and drop it. His banking buddies are paying him good money haha

    J BJ B18 dagen geleden
    • Interested to know your reason behind your comment.

      Lucas WongLucas Wong15 dagen geleden
    • I haven't watched the video but why ? He is biased ? Leaning against crypto/blockchain ?

      Alexander SandinoAlexander Sandino15 dagen geleden
    • Why do you say that

      Che CharlesChe Charles16 dagen geleden
  • A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. You need to keep raw, irrational emotion under control

    John HowardJohn Howard19 dagen geleden
    • So true

      J BJ B17 dagen geleden