Thanks MIT. Very good course to understand the complexity of the banking system and the real issues that needs to be considered with care. I really enjoy the diversity of prescribed readings. It’s really helped me understand what’s happening in this landscape. As a banker, I respect Prof Gensler’s thorough approach and helping me think critically about blockchain as it stands today
@24:30 I would've started laughing during that class absolutely dead😵💀not at the accent, but at the way GaryGensler reacted with a simple surprised expression, and then moved to the next idea with nonchalance
I too can't understand anything a foreign person who speaks English is saying. They might as well be speaking a foreign language to me. I like how he took probably the only word he understood being spoken from that guy's mouth: the word "critical" and simply repeated the word back to him and just shook his head up and down. That's what I would have done then thought internally to myself: "WTF did that guy just try to say?". 😂😂
You really have this class locked in and 100% of their attention. It's fun to watch. I'm not sure if it's your teaching (better than any of my teachers) or the topic itself.
I would define central banks as organisations having the infrastructure and knowledge that enable them to act as trustable intermediaries of value transfer
i made it too.. great learnings.. but big challenge is that these lectures are from 2 years back and now i am seriously concerned about getting up to date for current happenings in 2020.
Some say it's good thing and some say it isn't. Personally I don't know enough yet to even have an opinion on that but will say at least ( it appears ) he's not an obvious idiot.
At min 51 in the lecture, would some form of blockchain, particularly using crypto’s as to expedite cross border payments (you mention USD and MXN) would that possibly replace the existing SWIFT system used by banks today?
Albeit the inherent moral hazard that was allowed, commercial banks becoming FHC’s under the Fed provided a huge backstop to the system and added much needed liquidity to credit market, which in turn freed up global trade that had been halted.
We had a tough time in the 1840's? You sure about that? Controller of the currency? Interesting how this is tied to the civil war...NOW we are starting to get to the bottom of this mess...
Yeah, why not talk about holder in due course, or what type of instruments there are, or what is presentment or acceptance. Oh yeah Cuz you represent a bank and that kind of knowledge is not meant to be yours.
@mitocw It is very much a shame that, despite how good this course ostensibly is, Gary Gensler doesn’t address the fact that Bitcoin was originally designed to carry multiple different kinds of tokens issued by central and retail banks, using ‘Bitcoin Script’. If you know your history, the early (anarchist) Bitcoin devs turned this function off in Satoshi’s absence, and hacked it down to a shadow of its former self. The other crucial issue which Gensler misses is that Proof of Work is specifically implemented to force miners to scale up into large, regulated and visible companies (now known as ‘pools’). Put these two pieces of the puzzle together and quite a different story emerges about what Bitcoin is, and how it works. Finally, Blocksize is a competitive variable by default. It’s not a constant. And part of what makes Bitcoin decentralised is the competition between miners to increase blocksize and transaction volume and decrease transaction fees. Bitcoin can only become the single global currency if it’s more efficient than any other form of money, and you can only do that by making a commodity currency that becomes more efficient and competitive, indefinitely.
![Seungmin "그렇게, 천천히, 우리(As we are)" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/kAzmhLHePqU/mqdefault.jpg)
Imagine having Gary Gensler as your lecturer at university. What a privilege. Thank you MIT.
You gets what you pay for!
Kudos to you if you have reached this far👍
I love him because he looks so excited to answer questions and to hear his students speak. Granted they seem to all be experts in their fields
This man has a gift for teaching and breaking complex matters down in the most clear way.
Thanks MIT. Very good course to understand the complexity of the banking system and the real issues that needs to be considered with care. I really enjoy the diversity of prescribed readings. It’s really helped me understand what’s happening in this landscape. As a banker, I respect Prof Gensler’s thorough approach and helping me think critically about blockchain as it stands today
quality of content is incredible and the future of finance is about to shift thanks to some technologists and the community supporting this
' We will discuss about that next Thursday'
Gary you are an amazing professor
@24:30 I would've started laughing during that class absolutely dead😵💀not at the accent, but at the way GaryGensler reacted with a simple surprised expression, and then moved to the next idea with nonchalance
I too can't understand anything a foreign person who speaks English is saying. They might as well be speaking a foreign language to me. I like how he took probably the only word he understood being spoken from that guy's mouth: the word "critical" and simply repeated the word back to him and just shook his head up and down. That's what I would have done then thought internally to myself: "WTF did that guy just try to say?". 😂😂
DeFi in the back like “They don’t know I’m flipping the legacy financial system on its head”
hell yeah
Thank you for offering such great content for free.
If you’ve made it this far keep going. This info is still very relevant!
You really have this class locked in and 100% of their attention. It's fun to watch. I'm not sure if it's your teaching (better than any of my teachers) or the topic itself.
this keeps coming on and i keep looking at the classic thanks
Shoutout to Gary and the people at MIT.
Aleen must be fun at parties. Get him 4 beers in and then casually mention the current price of btc. Lmfao
Thank you, Gary!
Well, professor, it happened!
Thank God that you are here to save our Country.
He’s a con artist.
XRP #DLT #ILP 4th indutrial revolution - Flare network DEFI - Exciting times we live in
Central Bank Digital Currency (CBDC)
Interesting that when the professor discusses central banks that the military is often mentioned in next next sentence
Aynone know what is the name of the professor from Harvard that have created the non collateralized seigniorage solution at 51:47?
Well, Today (09/06/2021), El-Salvador became the first country to adopt Bitcoin as legal tender.
It didnt take too long after 2018 to see the first country, El Salvador, adopting Bitcoin as legal tender :) #justthebeginning
44:17 Tether back by dollars 🙃
I would define central banks as organisations having the infrastructure and knowledge that enable them to act as trustable intermediaries of value transfer
1:11:47 Corona is the most interesting one. yes. yes.
1:16:34 Lecture 18 with Kelly Loeffler has been removed...
Lecture 18 was not removed, it was not published.
welcome to 2021. bitcoin as of march this year now accepted by mortgage lenders in the USA. A long ways away came in one quick year.
Bless your heart Rich Buddy
Am I the only one to have made it to class 16 ?
i made it too.. great learnings.. but big challenge is that these lectures are from 2 years back and now i am seriously concerned about getting up to date for current happenings in 2020.
don't worry we are with you buddy
I've watched all the way through. I'll see you at class 24!
Nope. Coming here for my podcast book. Still recording. Hahaha. Trump Gone and Sleepy Biden on
No
This guy is the new head of the SEC?? Gensler.
Yes
Some say it's good thing and some say it isn't. Personally I don't know enough yet to even have an opinion on that but will say at least ( it appears ) he's not an obvious idiot.
He’s a fan of crypto. He’s going to be the guy to help usher in the era.
@@AztekViking he works for the biden administration does that not say enough
Distributed ledger technology - XRP is the one - It was always meant to be the one.
MIT problem with mic
At min 51 in the lecture, would some form of blockchain, particularly using crypto’s as to expedite cross border payments (you mention USD and MXN) would that possibly replace the existing SWIFT system used by banks today?
Xrp
⚡️ @ln_strike
Great story from Gary on his dad’s small business
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I wonder what Brotish got in the class?
Albeit the inherent moral hazard that was allowed, commercial banks becoming FHC’s under the Fed provided a huge backstop to the system and added much needed liquidity to credit market, which in turn freed up global trade that had been halted.
Would like to see a lecturer from Mises in this class
30:25
Xrp is better, more cost efficient, and more green friendly than btc
Lies
We had a tough time in the 1840's? You sure about that?
Controller of the currency? Interesting how this is tied to the civil war...NOW we are starting to get to the bottom of this mess...
Yeah, why not talk about holder in due course, or what type of instruments there are, or what is presentment or acceptance. Oh yeah Cuz you represent a bank and that kind of knowledge is not meant to be yours.
XRP
all that glitchy noises tho :(
29:00 (2023) 👀
Y
e-pee-so.
yep guess what guys world adoption is happening
@mitocw It is very much a shame that, despite how good this course ostensibly is, Gary Gensler doesn’t address the fact that Bitcoin was originally designed to carry multiple different kinds of tokens issued by central and retail banks, using ‘Bitcoin Script’.
If you know your history, the early (anarchist) Bitcoin devs turned this function off in Satoshi’s absence, and hacked it down to a shadow of its former self.
The other crucial issue which Gensler misses is that Proof of Work is specifically implemented to force miners to scale up into large, regulated and visible companies (now known as ‘pools’).
Put these two pieces of the puzzle together and quite a different story emerges about what Bitcoin is, and how it works.
Finally, Blocksize is a competitive variable by default. It’s not a constant. And part of what makes Bitcoin decentralised is the competition between miners to increase blocksize and transaction volume and decrease transaction fees.
Bitcoin can only become the single global currency if it’s more efficient than any other form of money, and you can only do that by making a commodity currency that becomes more efficient and competitive, indefinitely.