17. Secondary Markets & Crypto-Exchanges

MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler
View the complete course: ocw.mit.edu/15-S12F18
KZbin Playlist: • MIT 15.S12 Blockchain ...
Prof. Gensler talks about crypto-exchange, while not directly an application of blockchain technology, is a major part of the crypto-finance ecosystem.
License: Creative Commons BY-NC-SA
More information at ocw.mit.edu/terms
More courses at ocw.mit.edu

[@mitocw]

Note that Lecture 18 is not available.

[@victorhenriquecp]

is there any chance we can get lecture 18? =)

[@Chris-dq3dj]

What was the topic? Thanks for providing - Highly educational

[@abypaul100]

@@Chris-dq3dj I think they had outside guests from NYSE and probably don't want to share that.

[@_B_B.]

Kelly Loeffler and Jeff Sprecher

[@stephanetyrmi2020]

What was the subject / title

[@cjjdnc]

Great class, as always. Would love to hear an update from Gensler on these topics, though I guess he’ll be busy for a while.

[@cryptoholic5120]

Shout out to Gary & MIT!

[@brainstormingsharing1309]

Absolutely well done and definitely keep it up!!! 👍👍👍👍👍

[@tonymon875]

Great course. A wash sale is a sale of a security at a loss and then repurchasing the same security shortly before or after. Those losses are not tax deductible by the IRS for obvious reasons. Your cost basis will be adjusted accordingly.

[@IronInforcersecond]

Yeah I got murdered by trading options on the same stocks all year long. Like holy moly. Owed more than my starting capital by the end. They were fool's gains.

[@cheppere]

@@IronInforcersecond That has nothing to do with a wash sale. If you 'got murdered by trading options' that was just actual losses... wash sales do not inflate/deflate any loss, they simply change your tax reporting.

[@KevinSmith-df5fz]

Yay made it to no 17. Well done everyone

[@jimbob2810]

Prof. Gensler informs us that _even the rocket scientists at MIT_ are not aware of the First Commandment of BTC: "Not your keys; not your coins."

[@riccaruso7791]

I’m still rather new to crypto currencies investing. Isn’t a thumb-drive style hardware wallet storage kinda fragile? What is the best solution?!

[@xrpkidotec520]

@@riccaruso7791 cold wallet/hardware wallet like a ledger nano x or a trezor.

[@andso7068]

Sad that #18 isn't uploaded...

[@ryanhanna2975]

Anyone notice class 18 is missing

[@gotdotnet]

The pre-read material and lecture slides are o the OCW website though

[@berajpatel8081]

kind of contradictory that exchange don't have AML but use blockchain to record final settlement ..... guess it will be fixed in the future

[@berajpatel8081]

kind of contradictory that the exchanges don't record AML/KYC but use blockchain to record final settlement.

[@alangough]

at what point in this video presentation (minutes seconds) does Gary Gensler suggest that about 75 percent of crypto are commodities and NOT SECURITIES?

[@nthny1875]

You are my news channel.

[@dadswithapurpose3167]

Does anyone know when our final is?

[@luvpreetsingh8020]

everyday

[@RiccardoVincelli]

The Gensler Exchange is a special purpose entity operating outside of the SEC supervision.

[@calanguteb]

8:35 Mr. Gensler: Remind me your name again... Zhongling: Zhongling Mr. Gensler: What? Zhongling: Zhongling Mr. Gensler: Ok Johnny 😂😂🤣

[@KirkBiglione]

Lecture 18 is the only one of 24 lectures not available? That's odd considering the session features a future Chairman of the SEC talking with a future US Senator about cryptocurrencies. On one hand, it seems like that lecture is historically relevant. On the other hand, it seems like it might have been misplaced for political reasons.

[@mitocw]

Put down the tin foil. This course published without lecture 18 two years before his SEC nomination. It was not removed as some nefarious political plot.

[@davidjohnson8655]

@@mitocw Given the past year, might not want to bring up tin foil. Few institutions have had more of their own PhDs speak out against them for making policy decisions without any real evidence. Meanwhile here you are responding to comments on a 2 year old video. Priorities seem to be a bit of an issue with MIT these days. Is the goal actually for your institution to become a joke?

[@daren32909]

@@davidjohnson8655 I’m sure there was some contract agreement between MIT and either Loeffler, the other guy or both. I’m politically very opposed to Gensler but still find the course interesting and him an engaging instructor.

[@ballgum]

and now...bakkt ceo is saying "no chance for listing xrp" ... does it have to do with something in lecture 18 and gary jizzler? hmmm?! why cant we see lec 18? whats the big mystery?

[@ballgum]

@@mitocw upload lecture 18

[@EliotMcLellan]

before a person might be inflinched or forced to perk their ear to someone talking about a money making scheme, but thanks to cryptocurrency markets there is a better investment - improve the quality of life as slow as it may seem, alas the environment will settle the score

[@BB-dq4gq]

Can you upload number # of the series 18.

[@mitocw]

Unfortunately, Lecture 18 is not available.

[@stephanetyrmi2020]

@@mitocw what was the subject/ title of lecture 18 ?

[@xrpkidotec520]

@@mitocw why isn't it available?

[@luvpreetsingh8020]

@@xrpkidotec520 see pinned comment

[@mustavogaia2655]

@@xrpkidotec520 blockchain would solve it.

[@RiccardoVincelli]

1:13:50 the FTX honeypot

[@bharatisikchi4157]

Anyone aware about QCOT and SSUS company working with USDT in crypto second market. Is it a genuine or fraud. Anyone has any idea. It's US based company.

[@bp094p21]

i think the only way of learning bout crypto is understanding from firstly a technical perspective.

[@TheTacoReview]

Well currency solves a social problem… for crypto to be useful it must meet those social needs first.

[@victordasilva5255]

Só I didn’t pay for the course....and this in my recommendations. Nothing to see here 🤓 folks

[@raphaelmok712]

Gary "Remind me your Last name" Gensler

[@campusseoul]

Financial Centers for Regulation Arbitrage

[@ewor99]

I'm going to cut you off 23 minutes in where you state: "clearly there is a freedom of speech". I disagree. Please explain.

[@lawniczakjohn]

45:50 PFOF

[@yurikpikh28]

Shaun must be very broke right now for shorting bitcoin lol

[@rodrigodiaz1321]

Gary, I would like to treat you to a few Starbucks coffees. Great lectures

[@matthewjackson9615]

Without central authority, how in the world can you maintain the stability of this digital currency? Who is going to want to transact large sums of money in a currency that a subject to wild volatility? If a cryptocurrency can remain fairly stable over time then in my humble opinion it's got a chance of becoming a valid Shadow currency.

[@schmetterling4477]

It is not a currency. In practice it behaves more like an unregulated security. Currencies are mostly stabilized by trust. If I can trust that bread will cost the same tomorrow as it costs today, I won't raise my prices for the raisins I am selling. If I can't, then I have to raise my raisin prices to be able to buy bread tomorrow. Crypto does not instill this kind of trust and it is not obvious how it ever will.

[@julkiewicz]

So not even crypto exchanges want to actually transact on the blockchain if they can avoid it... that's not exactly a vote of confidence in the robustness of the technology.

[@schmetterling4477]

Everybody pays their rent in dollars and other real currencies. :-)

[@kevin3434343434]

if we only saw it coming...

[@elliot1784]

one word: Dogecoin :)

[@seve5479]

smh

[@elliot1784]

@@seve5479 hello "smh" , I am "but why" lol

[@seanbrennan5192]

It’s all about that XRP crack. Doge doesn’t have enough utility for my taste. But hey, if you can market a rock with googly eyes, a doggy coin can go very far....