字幕列表 影片播放 列印英文字幕 The following content is provided under a Creative Commons license. Your support will help MIT OpenCourseWare continue to offer high quality educational resources for free. To make a donation or to view additional materials from hundreds of MIT courses, visit MIT OpenCourseWare at ocw.mit.edu. GARY GENSLER: All right, so we're going to try to-- I was giving a little bit more time for more people to show up-- chat about what did we cover this semester. So I'm going to try to talk about-- we started out-- money and ledgers, and why does that matter, and if you go away from all this. Satoshi Nakamoto's innovation-- what is that again? The economics of blockchain technology, why the financial sector is so entwined in all of this, though it's not the only place we're going. A little bit about crypto finance and public policy frameworks, and then wrap it up with a quote from Ben Franklin-- will be the last thing we talk about at the end, about paying it forward. I don't know how many people read the article I wrote for Coin Desk, which will run in a day or two or something, but that, too, just like helped me wrap up the whole semester. As I told you, I'm neither a maximalist or a minimalist, but in a few minutes, I'm probably going to ask you all to kind of let me know where you ended up. So the role of money. Anybody remember the role of money in an economy, the three things? AUDIENCE: Medium of exchange, unit of account, store of value. GARY GENSLER: Medium of exchange, unit of account, store of value. I don't think we really know, when we go through all the history and the archeology of it, which came first, but all three really matter. So how many people think that Bitcoin-- just Bitcoin. I'm not talking about the other 1,600 tokens-- Bitcoin fulfills these three roles of money? James, was that a hand up? AUDIENCE: Yeah. Yep. GARY GENSLER: You're saying yes. AUDIENCE: Yes. GARY GENSLER: Alexis? Oh, we got two. Hugo? Somebody take the other side. Tom? AUDIENCE: Nope. GARY GENSLER: That's it? That's it? A whole semester, and all you can say is nope? AUDIENCE: Yeah. GARY GENSLER: Nope? All right. Anybody want to give more? Brotish? AUDIENCE: So not a store of value because of [INAUDIBLE].. GARY GENSLER: So Brotish says not a store of value, but isn't it $60 billion of value right now? AUDIENCE: [INAUDIBLE]. So there is a value, but it's too volatile. GARY GENSLER: James? AUDIENCE: I respectfully disagree. It's volatile when you think of it in exchange of a dollar, but if you move your mindset, a bitcoin is a bitcoin is a bitcoin. Right? It's only volatile if you think [INAUDIBLE] a dollar. GARY GENSLER: Oh, my god. Here we go. Ross? AUDIENCE: But that same thing is true of corn, right? A bushel of corn is-- I'm with Brotish on this. GARY GENSLER: I'm sorry, were you in the no camp or the yes camp? That it's a store of value. AUDIENCE: I'm in the no camp. GARY GENSLER: No? Is it a medium of exchange? AUDIENCE: Yes. GARY GENSLER: Oh, medium of exchange. Sean? AUDIENCE: In response to [INAUDIBLE] none of the currency can actually be treated as a stand alone currency. Everything has to be treated as a pair. So everything's a relative comparison. So you can't really treat Bitcoin on a standalone basis. AUDIENCE: I don't know if I agree with that. But I would say that pretty much anything can fit into all three of these buckets. It just depends on how dependable it is. In those three buckets, with US dollar's very good at being medium of exchange, very good at being a dependable store of value, and a steady unit of account. But you could also have a bushel of wheat or something. It would be all three of these things, but it wouldn't be equality. GARY GENSLER: Right, but-- please, Jihee. AUDIENCE: So the fiat currency-- the reason why I think US dollar is stable is because there is a US central bank that actually backs up that. Because it's just that fiat currency. It is a liability of the central bank, whereas Bitcoin doesn't have a center to worry that banks have. GARY GENSLER: Nice music that we're getting. [INAUDIBLE] a serenade. AUDIENCE: So therefore, I don't think the store of value argument will work. GARY GENSLER: So you think-- [INAUDIBLE] saying, well, there's no central bank behind it, so maybe it doesn't hold up. But if you take anything away from the class-- and I'm going to have some other takeaways, too. Remember, the three things that about the role of money-- but it's a social construct. Even with a central bank-- a central bank is, ultimately-- we enshrined in law. We enshrine it in a big institution, and bricks, and mortar, and columns usually. You always have to have those columns. But it's still a social construct. And Bitcoin does, in some ways, have all three of these. It's just not broadly acceptable. It's rarely used as a unit of account, but it is sometimes used as a unit account in some initial coin offerings. It's not used, generally, as a medium of exchange. But some people are paid in Bitcoin some. Software developers are actually paid in Bitcoin. And it's $60 billion. It might be volatile. It has a store value. So I'm not trying to take maximalist or minimalist, but I'm probably between Tom and James, because it does have all of those qualities in to some extent in there. Early money-- remember some of our walk down memory lane. Some of these early monies fell apart, became extinct, when they got debased. And we talked about, early in the semester, even the story about it. It was, I think, a British-- when the British got to the island of Yap, they went off a couple miles and quarried the stones and kept bringing more yap stones there. And all of a sudden, it got debased. And then, of course, money turned to paper money. And in the bottom left-hand corner, it started as warehouse receipts. So the paper was just a representation of the store of value-- the metal, or the corn, or the wheat that we had earlier. Another important thing was ledgers. Who wants to remind the class what a ledger is? Why do ledgers matter? Anybody want to-- ledgers? All right, clearly I didn't make it on ledgers. Hugo? AUDIENCE: It's transaction history, basically. GARY GENSLER: A store transaction history. What else is there? AUDIENCE: Balances. GARY GENSLER: Balances of?