13. Payments, Part 1

[@aneeqkalson5550]

beautiful to see the class become more comfortable with eachother through the semester. kudos to Gary for getting a class of 80 to share and debate.

[@andso7068]

Agreed. As someone who's been researching cryptocurrency for years, I love hearing their input from time to time.

[@tyleradams9545]

I find it easy to learn from Gary. Thanks for free knowledge

[@Cough0x]

I can't believe this is free. I paid $7k for my last semester of university, when I learned so much more here with Gary "the Ledgend" Gensler. Thanks for recording and posting. Can't wait for you to settle with Ripple. Let it Rip! #XRP

[@lordfilibuster5048]

Hey! I am from the Philippines. It's nice to hear my country as an example.

[@blim2020]

Excited for Gary to be head of SEC.

[@bhe8336]

We don't need an academic running the SEC we need an Andrew Jackson who will destroy it.

[@L7Fx]

@@bhe8336 andrew jackson jihad?

[@SkyHoustonCrypto]

Gary G is the man.

[@LowDowN-]

He’s swinging his big ass third leg around lol Money G

[@boardvision11]

@@garygensler8761 hi scammer bot

[@dailymanager7133]

Very useful content CONGRATULATIONS MIT for these value added videos

[@cavecanempe]

A pesar del odio y encono que genera el profesor Gensler a mundo de las criptomonedas, debemos reconocer que el tipo es un maestro....

[@bmo8898]

Flexa addresses all of these issues. Going to be interesting next few years.

[@berajpatel8081]

Thank you Prof Gary Gensler

[@romeostarlite21]

@@garygensler8761 Haha, stop pretending to be Gary

[@campusseoul]

Modern Payment Systems slide was helpful.

[@L7Fx]

I've watched this entire class and didn't realize until today that this is gary gensler, head of SEC lmao

[@DannW._.]

he's the head of the SEC????

[@L7Fx]

@@DannW._. as of april 19 2021.., yes

[@cauebraga]

Another very good class, thank you. I'm sure we'll see many big projects coming from those students.

[@Manifest_station369]

We students now aswell but for free 😆 🤣

[@cauebraga]

@@Manifest_station369 yeah! We'll have the same opportunities. I just finished class 23 today. Just one left to end the course!

[@mehdibidad1122]

Thanks, Prof. Gary Gensler.

[@kittu4573]

Thanks professor gensler. I like your lecture, learnt a lot.

[@bradynields9783]

It definitely shows it's by and for banks, it's built on the foundation of businessman not trusting each other to keep accurate records.

[@mennehgambia1962]

exactly

[@elizabethgutierrez8431]

1:16:33 Hi, I come from the future and in 2021, the most used payment methods were Mobile payments and digital wallets

[@dariuspleasant1761]

nice

[@lillysummer6447]

The eWallet's market share (by value, e.g. Digital/Mobile Wallet) of e-commence payments is about 49% in 2021, according to the Global Payments Report updated in 2022.

[@prula]

I often get paid in USD and each time it is translated into EUR, someone gets a cut. I have lost a lot of money because of that! Criminals! I am glad this will end soon!

[@QW3RTYUU]

Nodes in the blockchain are going to take a cut also... Welcome to the universe, where every change comes with friction. We can try to minimize it, but it's a law of nature first and foremost

[@EduardsESA]

nothing will end.

[@fractalzoomgoggles]

How dare they charge you a fee for conversion services (that are ready when you are) where they need to pay expenses and try to profit on top of that

[@prula]

@@fractalzoomgoggles I don”t give a fuck about their profits! It is my profit and they are taking a slice off from it for what? It is basically free with the new technology available! Banks are suckers and I have no hard feeling for them to loos my slice!

[@Chris-kq3ix]

@@prula Well said my man! Agreed! LOL

[@meanathradon]

14:38: Mentions Ripple... GG asks if its live. student says yes, in Japan and Korea

[@hidura]

I think that as always it have to be step by step and crypto could be a way to make payment cross countries at first.

[@jameskelly4656]

Great class and love the villainous cowboy outfit Gar

[@Manifest_station369]

See how he knows all business who got contract to make notes . True wall street investor coming out

[@bradynields9783]

56:36 Yes the assets volatility in this case would be negligible enough. If there were an issue with its volatility there is an incentive for the market to profit off a mutual market solution. Easily done in a decentralized distributed ledger connected economy. You get rewarded for telling the truth and not for having valuable information which reduces the incentives for liars.

[@SkyHoustonCrypto]

Bingo

[@Kamn_exe]

We're finally talking about XRP 56:00

[@enfantrouge666]

Thank you

[@bariswheel]

Respect Gary!

[@boardvision11]

@@garygensler8761 thanks scammer 🤖

[@G.dodgyMorning2YA]

When Larry talks about how Starbucks steals your $20 and holds it permanently I immediately thought of Ripple. This is why I will never use XRP

[@directorans]

Didn’t hear much from Brotish this time

[@adancastroharos9408]

Thank you for this information 🤝

[@michaelmarzolf6539]

the reason Starbucks charges $20 and stores it -- because charging $4 five times is more expensive to process, and if Starbucks can convince you to use a debit card to access your money, the fees are even lower

[@willcharles3021]

Nice one Gary

[@ethanf.6848]

Don't forget the skins and the swords.

[@mark_tapia]

And the shields, bro. THE SHIELDS.

[@NazriB]

Lies again? GIRO Payments

[@seppospencer1776]

MIT OCW should accept BTC payments for donations

[@luvpreetsingh8020]

So, clearing is like Layer 2, right? and Settlement is when the layer 2 goes on-chain?

[@Bamberosjose]

Not necessarily, layer 2 implies it is built on top of a layer 1. That’s why lightning network is a layer 2 solution for Bitcoin’s (layer 1) scalability issue. Lightning network is built on top of the Bitcoin blockchain. Not all Layer 2 are focusing on the same issues.

[@xiucai-finance]

I think Gary want to say Taobao when he mentioned a mixture of ebay and Amazon in China.

[@djfreaknique1587]

Just wanted to say thanks for the free courses

[@williamchurch711]

I like his analogy regarding game tokens, but aren’t those tokens/skins backed by actual fiat money?

[@bradynields9783]

They were purchased with fiat money but they are no longer money because they are non transferable outside the game. Now that we can tokenize anything digital or physical we need to rethink money as we knew it.

[@therecyclingguy256]

@@bradynields9783 Money is universal value transferrable over time.....my best thoughts 💭

[@boardvision11]

@@garygensler8761 thanks so much scammer bot

[@RiccardoVincelli]

Another hard fork, Classic/CS Alin vs Payments Alin

[@Ladymultiverse]

Gary Gensler believes Ripple used XRP as a security.

[@since94]

wonder what he thinks about Ethereum?😂

[@gravecode]

why are people paying for degrees anymore?

[@auntlynnonline6206]

DOES ANYONE HAVE LECTURE #18? Or know anyone who might? The internet has been absolutely cleansed of it... It is really important that we get it. Any videos, transcripts, etc? Thank you.

[@mitocw]

Lecture 18 is not available. The topic was "A New Approach to Crypto-Exchanges & Payments". See the course on MIT OpenCourseWare for Study Questions and the Readings for lecture 18 at ocw.mit.edu/15-S12F18. Best wishes on your studies!

[@michalziobro7890]

I think NFC is better than QR codes why to Scan QR code if you can use NFC. Mobile phones could have possibilitie to receive incoming NFC payment i.e. be like payment card terminal

[@castironlawnbunny]

Interesting to hear him say about remittances that there's no country-wide adoption of crypto so there has to be a crypto-to-fiat off-ramp on the receiving end. This is no longer a problem for people sending remittances to El Salvador. I am very curious to know how many Salvadorans who work in the US or other countries are using Bitcoin to send remittances back home, where the recipients can spend it right away without a second conversion.

[@marlonhopeton574]

Only two emails? I guess their schedules at MIT are heavy

[@stellaz1132]

what is payment system? 19:36

[@since94]

What changed Gary?

[@rick-kv1gl]

oh man this aged not that well

[@Dracut]

30:00 nose germs on bill

[@robertseidner6993]

3 years ago

[@venomobl6577]

they mentioned chain link a year ago 🤑🤑🤑

[@QW3RTYUU]

This is from 2018

[@EduardsESA]

@@garygensler8761 where can I send money?

[@boardvision11]

@@garygensler8761 thanks scammer bot

[@EliotMcLellan]

THIS IS A STICK-UP GIVE MY ALL YOUR CRYPTO

[@boardvision11]

@@garygensler8761 where can I sign up scammer bot?

[@rodrigodiaz1321]

I dislike when students interrupt Gary

[@jag61688]

30% of the grade is class participation

[@boardvision11]

@@garygensler8761 hi scammer bot

[@adamb2220]

Yeah there's a PhD student in there that voices strong skepticism about very basically accepted concepts like interoperability haha. Although to be fair, in 2018 I didn't understand interoperability either.

[@whatsup7184]

Sounds like you never sit in the tertiary lecture room I am pretty sure. We spent the tuition and got the first priority to throw our question. So what is your PROBLEM. Get your money to this school if you CAN. Guess NOT.

[@adamb2220]

@@whatsup7184 Others spent the tuition too. You can't ruin the experience for them.

[@dame5918]

They asked him abt ripple at the 15 min mark or so he ran away quickly lol and this was 2018

[@lasagna3106]

Fast forward to 55min and watch the whole video

[@dame5918]

@@lasagna3106 i watched all these videos in their entirety every one of those lectures but they took down some, that they tried to hide because of the case where he was clearly pro ripple lol 😂

[@rodrigodiaz1321]

Let’s see if XRP passes the security duck test

[@ruparuil9923]

well

[@michaelv.silvester8476]

My X-wife was great at spending, shopping, and everything else except something other then budgeting or planning, which were both impossible for her per "HER"! A lawyer, a mother, a woman, but not a wife. Can't trust one from "parents" that filed bankruptcy three(3) or more times. Good luck with trading you'll!!!! Mike S

[@whatsup7184]

WTF is your ex woman got to do with this site??? But got your message from the last line and recommend you to CNBC or Bloomberg site, NOT HERE, PLS.

[@whatsup7184]

Again, your last sentence is really interesting. Hahaha.... and I get what you meant. Because "they" also tried to suck money from you in this hunger game, right??? Hahahaha.....Bad luck, you too.

[@muhammadm4582]

He is on Hillary’s camp 😟

[@shubhambhatt6333]

too long priya

[@ВалерийШклярик-д2з]

буцефал

[@ewor99]

get rid of the middlewoman lol

[@since94]

What a hypocrite.

[@TheUnrider]

i have the feeling this course consists of more and more useless gibberish, hope it changes again later

[@andso7068]

Such as?

[@wadesuhr]

Watch on 1.5 speed then. This is a lecture not an edited 12 minute tutorial video.

[@MrMusic55123]

I liked his videos and been watching from video 1 up to this one but he lost me here when he said that he worked for Hilary Campaign. I thought he was smart enough to no support Hilary, I can't believe he said that

[@QW3RTYUU]

Imagine your political views interfering with your blockchain and money education

[@MrFinishLine]

@@QW3RTYUU also, Imagine he only found out about it in this video and not a few videos ago...

[@wadesuhr]

A very high percentage of US teachers from Kindergarten - university are lefties... Democrat/postmodernist/liberal/progressive/socialist/Marxist.

[@lasagna3106]

Good ole Gary calling XRP a bridge currency and it’s so ironic that he’s all locked up in arms with the sec in a lawsuit vs ripple… hahahahhahahahahahahahahhahahahahahahahhahahahahahahhahaha