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



MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler
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This lecture provides an introduction to the course and to blockchain technology.

Chapters
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


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47 thoughts on “1. Introduction for 15.S12 Blockchain and Money, Fall 2018

  • April 8, 2022 at 12:03 am
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    Gary I love you and your work and dedication please keep teachiiing <3

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  • April 8, 2022 at 12:03 am
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    XRP is not a security gary!!!!!!!!!!!!!!!!!!

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  • April 8, 2022 at 12:03 am
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    I know Laszlo paid(lost 10,000btc) but does the Papa John owner still have the BTC he received or what price he sold them?

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  • April 8, 2022 at 12:03 am
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    This channel looking forward to the rest of them

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  • April 8, 2022 at 12:03 am
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    Man, imagine having your exam graded by the future SEC chairmen!
    Crazy!

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  • April 8, 2022 at 12:03 am
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    So why doesn't this passion that Mr Gensler displayed here cross over to help meme traders and the Apes that are getting shafted by the hedge funds right now?

    The market manipulation and insider black market trading that is allowed and unpunished is not representative of such a passionate instructor. APES are going nowhere Mr Gensler. We want fair representation as the future of the global financial market…

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  • April 8, 2022 at 12:03 am
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    To get away from FAKE NEWS on this earth is a Noble Goal, as millions of others on this Earth already got rid of there TV years ago, but the propaganda machine is a growing hidden daily infection not realized by the masses. Become your own Filter as your on your own and no one is going to help you. Before you'll own Nothing & Be Happy Agenda before the Sheep revolt

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  • April 8, 2022 at 12:03 am
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    encrypt and decrypt >>

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  • April 8, 2022 at 12:03 am
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    Thank you for your analysis. You shared an interesting idea zooming out the chart but do you think that the fundamentals and trends on the global financial market will make this scenario come true? If FED increases the interest rate the forecast for BTC is not so positive, unfortunately. I am curious about your thoughts on this topic.

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  • April 8, 2022 at 12:03 am
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    It's now 2022 and it is still interesting and actual. Thanks for publishing!

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  • April 8, 2022 at 12:03 am
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    Interesting and informative

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  • April 8, 2022 at 12:03 am
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    Ignore all the XRP comments here, they are literal bots, XRP community are quite literally, not figuratively or comparatively, bot accounts with zero originality and an apparent huge effectiveness index

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  • April 8, 2022 at 12:03 am
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    We are very lucky to have GG as chairman of the SEC

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  • April 8, 2022 at 12:03 am
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    Wow this is very informative stuff. Thanks MIT

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  • April 8, 2022 at 12:03 am
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    The professor is Satoshi Nakamoto….

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  • April 8, 2022 at 12:03 am
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    When will KDA (Kadena) reaches $2000. Choose the Correct Answer:
    a) year 2025 b ) year 2026

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  • April 8, 2022 at 12:03 am
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    When professor say this class will change your life lol Bitcoin that summer was 3k and 10k during video and they usually say the class lectures kick in years later 😂

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  • April 8, 2022 at 12:03 am
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    We have crypto youtubers explaining blockchain technology wrong. This is a good place to start.

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  • April 8, 2022 at 12:03 am
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    Apply your Duck test to XRP.

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  • April 8, 2022 at 12:03 am
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    If your investing experience is less than 10 years start with 5-6 portfolio. Don't bet big on any single company, learn the process first. Initial diversification is not bad, it really worked for me during my early years. Remember that protection of capital is a must. Goodluck.

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  • April 8, 2022 at 12:03 am
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    Nice explanation!

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  • April 8, 2022 at 12:03 am
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    This guy currently is the chairman of securities and exchange commission ( usa)

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  • April 8, 2022 at 12:03 am
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    What's that accent

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  • April 8, 2022 at 12:03 am
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    1. What is SSL/TLS? How it works?
    2. Who appends new block?

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  • April 8, 2022 at 12:03 am
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    Is the syllabus & reading material available as digital documents?

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  • April 8, 2022 at 12:03 am
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    Those pizzas are worth $409,886,600 today……….

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  • April 8, 2022 at 12:03 am
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    Funny see the man who build a lawsuit to label a piece of protocol the same as a piece of a company, teaching blockchain and cryptos at MIT.

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  • April 8, 2022 at 12:03 am
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    My Guess:
    Satoshi is the FED.
    Getting the masses accustomed to using digital currency.
    Then FED-COIN will be implemented.

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  • April 8, 2022 at 12:03 am
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    That awkward moment when he asks if you hold a cryptocurrency and I hold XRP

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  • April 8, 2022 at 12:03 am
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    I wonder what are some examples of the ‘costs’ mentioned in 21:57?

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  • April 8, 2022 at 12:03 am
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    Let's not forget that the biggest payouts in the markets don't come from great performances but rather it's great promotions. Stay invested, diversification for streams of incomes is very important.

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  • April 8, 2022 at 12:03 am
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    Can't believe I haven't seen this channel before.

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  • April 8, 2022 at 12:03 am
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    Thank you MIT for this Video, lnteresting Prof Garry Gasler was a Professor Teaching about Bitcoin n Blocckchain, now SEC Chairman is very aware of the possibility to use Blockchain as separate market and how it might be used to address the lack of trust in said markets Now fighting XRP

    Blockchain is the catalyst for change.
    Today 24 February 2022
    Tkx MIT for this Great video, l was able learn more abt Bitcoin n Blocckchain
    From Mesh in South Africa
    From

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  • April 8, 2022 at 12:03 am
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    I wonder how many correctly guessed Satoshi’s identity

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  • April 8, 2022 at 12:03 am
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    Excellent explanation of blockchain technology. Wonderful presentation!

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  • April 8, 2022 at 12:03 am
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    Y'all need to stop gushing over how free all this is, before they get any bright ideas.

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  • April 8, 2022 at 12:03 am
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    wow amazing

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  • April 8, 2022 at 12:03 am
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    Good lecture. He is the SEC chairman now.

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  • April 8, 2022 at 12:03 am
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    Amazing that not a single person in a room full of MIT students didn't know who Tim Berners Lee was. Must be a lot of finance/business majors in there

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  • April 8, 2022 at 12:03 am
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    Will XRP holders be able to file a class action lawsuit?

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  • April 8, 2022 at 12:03 am
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    Thank you for your help!

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  • April 8, 2022 at 12:03 am
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    Our world has 3 fundamental practices that are problematic.

    If we dont understand the root causes of a problem we will address the symptoms or the actors, not the causes.

    The 1st is that large private and Central banks have obtained the Exclusive franchise to create ALL new Currency as Debt, with interest attached.

    An increasing population needs an increasing currency, but it is all created as a debt bearing interest.
    This indebts the whole world, every person, every government, in totally unpayable debts,  enslaving us all to bankers through personal debt or ever increasing excessive taxation, surcharges, permits, licences, registrations, regulations, fees, rates, duties, fines,  levies,  adinfinitum, of which an increasing volume goes straight to the debt creators, who created it for free. (At zero cost to themselves.)

    2nd. Virtually no limitation plus fractional banking allows banks to create massive new Currency,  blowing massive bubbles (housing/stocks) which devalues everyone's savings and work by raising all prices.  

    The fix ?

    Stop all banks and financial institutions loaning out more than they have on deposit. Return legal currency creation to national treasury departments with a zero Inflation policy. 

    This will not create inflation like some bankers/economists would like to have you think.  It is not WHO creates currency that drives the constant devaluation of your money & work,  it is THE VOLUME per population and productivity.
    The banks increased the base currency supply by over 45 % since March 2020. This is further multiplied by fractional banking. You can't spend it off planet, and we've had no increase in population or productivity. How can it not devalue our savings, wages and retirement funds by around 50% as it enters the economy ?

    3rd. Fiat currency whether paper or digital has no intrinsic value, thus it cannot be used as a long term store of value, particularly in an ever expanding fiat system.

    The fix ?

    Return to constitutional Silver, Gold, Copper & Nickle currency, designated by weight not cents/dollars. These will find their own local value.  These can't be printed to oblivion, have intrinsic value, and are a safeguard against selfish human nature.  Continue to keep the manufacture of Gold & Silver rounds by private mints & foundries to help keep the government mints honest as to premiums.

    Correct these 3 Principles and >80 % of a nation's problems would disappear. Do not allow your masters the Debt slave creator's to tell you it can't be done. It is easily done. Beware. The WEF wants you totally enslaved with digital currency.

    Otherwise, prepare for destruction.

    Seek to understand these 3 practices. Check on if I have stated them accurately for yourself. Then Print this out, and share, Tweet, post.    Only we can save ourselves  !

    These 3 paragraphs can change the world and get you and your family out of endless peasantry.

    Reply
  • April 8, 2022 at 12:03 am
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    The U.S. constitutional monetary system used real money ["gold and silver Coin"] as evidence of wealth. Under the U.S. constitutional monetary system, the national debt could be PAID DOWN (as it was after World War I) or even PAID OFF (as it was during the Presidency of the 7th President, Andrew Jackson). No action required, except to preserve, protect, and defend the U.S. constitutional monetary system. Unfortunately, the U.S. today is saddled with a completely unconstitutional debt-based fiat system that uses debt AS IF it were money. Under this debt-based fiat system, the national debt can NEVER be repaid, or even substantially paid down, because only debt is being used as money. If there were NO debt, there would be NO "money"! So, under this debt-based fiat system, the national debt can only be DEFAULTED OUTRIGHT or, more likely, DISCHARGED with worthless currency. The national debt [and unfunded liabilities] can thereby be eliminated completely — along with the Middle Class! Comprehensive Monetary & Banking Reform is required ASAP, to begin phasing out the Federal Reserve and restoring the constitutional monetary system based on "gold and silver Coin" and establishing an honest, 100%-reserve banking system compatible with it. #ENDTHEFED https://youtu.be/M1V0jqT1_SY

    Reply

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