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Russian
00:00:01
crypt commands specifically for yasenka00:00:03
community was based on material a00:00:05
mighty and freely accessible links to00:00:07
All original sources can be found in00:00:09
attached to this video if you want00:00:11
to find further released00:00:13
high quality courses for free00:00:14
you can help them by donating to us00:00:16
it will be enough if you just00:00:18
share the video with whoever it might be00:00:19
be interesting enjoy watching00:00:22
So what are we going to do today?00:00:24
last week you gave me a little00:00:26
feedback with your wishes, whatever you want00:00:27
wanted to see studied in our class00:00:29
so let's talk a little about this too00:00:32
I'm asking you about an article that00:00:35
I gave you about the part I looked at as a child00:00:36
read any and then we’ll talk about00:00:39
6 7 things that are the topic of our00:00:42
today's lesson is the history of money00:00:44
ledger and that is, accounting books00:00:46
also in fiat currencies central banks00:00:49
credit cards and also we'll talk about00:00:51
the role of money I'll give you a better article again00:00:53
readings about early digital failures00:00:55
assets we will also talk about mobile00:00:57
payments and how this is related example00:00:59
starbucks and alipay00:01:00
We will also look at what other riddles00:01:02
remain in the digital space and we00:01:04
We will definitely talk more deeply00:01:06
about Bitcoin in the next three lessons00:01:08
however, today's lesson is for us00:01:09
to get such a compressed foundation for00:01:12
topic of money accounting finance and technology and00:01:15
then of course I like to finish the lesson00:01:17
by what we talk about why we00:01:19
we do what we do now and what we00:01:22
we will do in the future and despite that00:01:24
that reading the articles that he crushed00:01:27
this is a must and I understand what you have00:01:29
there are many other items but this00:01:32
need to be done and therefore at the end of the lesson I00:01:34
I always try to give you a better understanding00:01:35
why you should read these articles00:01:38
rather than oblige you to do this, well00:01:41
and of course at the end of the lesson we will sum you up00:01:42
some conclusions and let's summarize so00:01:45
survey results what do you want to learn00:01:47
and this is actually your class and I will00:01:50
also learn from you as you do from me and00:01:52
I hope we learn exactly what you00:01:54
want to learn and so here is a list of topics00:01:56
which at least two of you wrote and00:01:58
the first topic is technical topics 1800:02:01
voices said what they want00:02:02
understand blockchain technology and me in more detail00:02:05
I hope we get there but maybe00:02:07
turn out so you have to00:02:08
study additional material after00:02:10
lessons in understanding the blockchain system and00:02:12
getting the opportunity to conduct some00:02:14
educated dialogue in the blockchain field i00:02:17
I think we're definitely on board with this00:02:19
we'll cope, but in the end anyway00:02:21
this semester we will open these slides and00:02:23
let's see how well we do it00:02:25
many of you talked about applications00:02:27
blockchain as really possible00:02:30
apply blockchain blockchain technology00:02:32
for example in venture industries and wherever00:02:35
the technology really will be better00:02:37
work in our world and I think that we00:02:39
we devote a lot of time to this in the second00:02:42
halfway through the 2nd semester and we say we will00:02:44
talk a lot about the economy and what00:02:47
the difference between reality and hype you also00:02:50
wanted to understand its impact on people's lives00:02:53
and some of you also said that you00:02:56
want to know about its regulation and00:02:58
about six people said that to you00:03:00
interesting topic of regulation, I'm glad that00:03:02
so few because there will only be us00:03:03
one lecture on this topic00:03:05
however we will be quite wide00:03:06
distribute and apply because how00:03:08
we talked in our first lesson and I00:03:11
I'm glad that Lari is here again today00:03:12
present we will always think about00:03:14
four areas of cryptocurrency which00:03:16
established faith and now I see you as you00:03:20
name and Tajiks yes you you left00:03:22
head so stopped Lorelai si a00:03:24
before I know I'll tell you in a second but00:03:28
the fact that whose block consists of four00:03:30
fundamental things is software00:03:32
code architecture market and laws and regulations00:03:34
yes, you understood that correctly00:03:36
does anyone want to tell me how it is00:03:37
connected specifically with the blockchain00:03:39
you won't have to ask more often yes00:03:47
let's see who I know, here you are Joe00:03:53
oh yeah, I briefly remember what we’re talking about00:03:55
we said last time but I can't do it00:03:57
not how to connect beggars from the blockchain can00:04:01
maybe you can tie something else00:04:02
from life it seems no Alan try00:04:05
help your classmate00:04:07
they are not, I’m not ready yet, I’m still waiting for my chance00:04:09
moment to shine and good can00:04:11
be she began to know I have fun with yours00:04:14
groups and this is what I will do to you by the way00:04:16
By the way, idols care that you didn’t answer00:04:19
let's think about why markets are laws and00:04:22
the code is related to our topic and yes I tell you00:04:25
I see your name, I can’t see it00:04:27
your name, well, tell me how it relates to00:04:30
our topic00:04:31
could you repeat jihye's question to you?00:04:35
I'll have to repeat the question because you00:04:37
Before this, they answered my question as follows:00:04:41
like these 4 fundamental forces00:04:44
which has established the least influence on our00:04:46
today's topic yes everything is correct and these00:04:50
here are 4 forces they are called business that is00:04:53
the market is laws and from technology or00:04:57
architecture in general is code and social00:05:00
the norm is clear, but it seems to me00:05:03
due to the fact that it’s like new00:05:05
tool for making old00:05:08
things are more modern what I mean00:05:11
this is that, for example, we already existed00:05:13
some accounting systems and technologies for00:05:15
this, however, since our world now00:05:17
there's a lot more stuff going on00:05:19
this also needs to be taken into account somehow00:05:20
blockchain is very good for this00:05:23
fits like new technology yes you are00:05:26
actually summed it all up well and00:05:27
that was quite dishonest from me00:05:29
ask this question because00:05:31
was not in your readings that I published00:05:33
but it seems to me that in everything in life we00:05:35
we find these 4 things very closely00:05:38
tied together and I spent00:05:40
quite a lot of time for political00:05:41
reasons in Washington is that I understood it there00:05:44
the fact that markets and business are very tight00:05:47
are working on technology that in their own way00:05:49
the queue is very close to the laws00:05:52
and of course we have here and00:05:53
social norms and all this turns00:05:55
in such a big pile that is tight00:05:57
connected with a friend and I would ask you00:05:59
take this into account for the future00:06:01
and it doesn’t matter what the topic of the lesson is00:06:02
consider these 4 things in your00:06:05
thought process00:06:06
and I'm not going to ask you what worked00:06:08
Eric is not even required reading00:06:09
knew he would be here00:06:11
however I think it's good discipline00:06:13
always think in these 4 terms00:06:15
the commercial part, that is, business and how00:06:17
they influence this or that moment00:06:19
technology goes down even there will be a car00:06:22
which in the old days replaced00:06:24
horses are also important to consider as00:06:30
legislators integrate one way or another00:06:32
the topic can be within some framework if you do it00:06:34
or it is impossible and despite the law also00:06:36
social norms must also be taken into account00:06:38
people generally look at it so it's00:06:41
these are the 4 driving reasons for any event00:06:44
This is how I summarize it for myself, I understand00:06:47
I probably haven't passed the certification yet00:06:49
Liri class no I passed he nods00:06:52
head then everything is fine so00:06:53
regulation is one of the power00:06:55
which affects absolutely all of our00:06:56
aspects of life and therefore we will take into account00:06:59
it is in each of our lectures however00:07:00
little by little00:07:01
and that's why my own stopped here00:07:02
next you want to learn about markets and00:07:04
money and five of you said what you00:07:07
interested in how to make money and I praise00:07:09
you who wrote this because you are in00:07:11
business school why not someone else00:07:13
asked about investments and trends in00:07:15
markets and there were also many single00:07:18
questions that I won’t voice all of00:07:19
however the last question is I00:07:21
found us very entertaining and this00:07:23
asked about jokes from my past00:07:25
I don't know what you want to know you want00:07:28
know about my work or my own 300:07:30
daughters or about things she did00:07:32
on wall street00:07:33
we'll see and I'd like to do the same00:07:35
understand what Hyper Bitcoin means00:07:38
I just don't know who asked this question00:07:41
and I myself don’t know what a hypercube means00:07:42
conization so I'll try to understand it00:07:45
who not you can tell who00:07:47
asks the question no they just weren't00:07:48
anonymous but not so okay so00:07:51
today's educational topic which we are with00:07:52
First of all, we will study the role of money00:07:55
was it historical and what is the role of money?00:07:57
today in our digital economy and this00:08:01
topic about which I love00:08:03
discuss so maybe00:08:04
Do any of you want to share yours?00:08:06
opinion what you think about the role of money in00:08:08
economics yes Anton well first of all this00:08:14
transaction medium00:08:15
also this economic unit and00:08:19
this is also the status of value, that is, it00:08:23
displays scenes from something, that is00:08:26
these are the three classic roles of money when we00:08:28
talking about money and kelly you wanted00:08:31
repeat what he said well he answered00:08:33
already on part of the question but it seems to me that00:08:35
historically money was used for00:08:37
in order to pay your debts as well00:08:40
in order to finance everything or00:08:42
other movements, for example, when we00:08:43
gathered war from it and conquered00:08:46
some new lands are needed for this00:08:48
there was money as a form of nobody00:08:50
financing yes all this is part of the term00:08:52
money and today we will discuss it00:08:54
details and in the end I hope we00:08:55
we will come to the point that we will understand that money00:08:57
it is some form of social construction00:08:59
it's very difficult to say when we will get there00:09:01
come whether it's five or ten thousand00:09:03
years ago but in essence it is00:09:05
social mechanism of consensus that is00:09:06
no agreement we'll talk about now00:09:10
articles that I asked you to read and00:09:12
then we'll come back to this question later00:09:13
a minute further what is it00:09:16
fiat a-currency there you want to say00:09:18
what is 5 currency no but it's a shame00:09:22
that's why I'm already starting to realize00:09:26
well, in general it is some form of currency which00:09:28
set by the central bank or00:09:31
government00:09:32
well in order to use it for00:09:34
payment and for it to circulate00:09:36
On the market00:09:37
then you say that this is central00:09:38
currency and it is issued by the legislator00:09:41
does anyone want to add anything else sda00:09:43
What’s your name and I’m like, well, yes, although I’m already00:09:46
add that fiat currency is nothing00:09:48
she is not provided with anything but00:09:50
well yeah it's just how she holds on00:09:52
credit, that is, it is a credit to the nation which00:09:54
it is produced by Denmark, we also wanted it00:09:57
something to add, well, yes, I wanted to say that00:09:59
that again, that currency is nothing00:10:01
secured like gold for example or00:10:02
something else but has it always been like this?00:10:04
so no before she was provided with than00:10:06
right, so currency can be something00:10:08
physically provided, well, someone else00:10:11
at least add something and remind me with yours00:10:13
my name is josh and george00:10:15
well currencies are used specifically for00:10:17
in order to regulate debts such as00:10:19
especially long to the state, for example about00:10:21
tax and that is, you can use00:10:23
to pay taxes what else do you want00:10:25
add remind me I don’t see the survey00:10:26
shon shon card in fiat currency00:10:29
for example there is no native value00:10:33
I mean what if no one believes00:10:35
in some currency and does not accept this00:10:37
it's worth nothing, but here's a question for00:10:41
the whole class because Sean said that00:10:43
fiat currency does not have its own00:10:45
Do you have your own values?00:10:46
value of any types of non-fiat00:10:49
flight because it would be it would be00:10:51
key difference before my name is series i00:10:54
I would like to say that I disagree00:10:56
because the same can be said about00:10:58
any physical assets that are not00:11:00
are currencies that provide00:11:02
currencies because the only thing that affects00:11:05
on the value of a particular asset is00:11:08
his need for society and his00:11:10
disadvantage these two are two parameters00:11:12
which form its value and00:11:14
value yeah good let's ask00:11:18
audience, which of you agree with whom?00:11:21
I’ll say right away that there is no right thing here00:11:22
wrong answer because it00:11:24
a question that has debuted several times already00:11:26
hundreds and thousands of years, well which of you is in00:11:30
Sean's camp, well, it actually seems to me that00:11:33
it depends on the situation because00:11:36
we have let's say gold and up to gold00:11:37
it is also determined by the consent method00:11:40
there it has some value because00:11:41
that we have decided so, however there is a certain00:11:44
product such as grapes which we00:11:46
we can eat and I believe that grapes have a certain00:11:49
basic value00:11:50
well because we can use it00:11:51
so there are differences in this as well00:11:56
your name is adzhiki enough too00:11:57
what what do you say Thomas yes I wanted00:12:01
add that the currency is legal00:12:02
means of payment in one way or another00:12:04
region and how would the people who live in00:12:07
in one place or another they are obliged00:12:08
use a certain currency and this00:12:10
seems to simplify the calculation process because00:12:12
that everyone uses the same currency, that is00:12:14
this is the same question of convenience for that00:12:17
to do simpler calculations Thomas00:12:19
says what fiat currency is00:12:21
legal and funds are in the calculation but first00:12:23
we need to figure out what legality is00:12:25
means of calculation00:12:26
does anyone want to say something?00:12:28
which of you hasn't raised your hand yet?00:12:34
I think this is where I answer my question00:12:37
previous comment00:12:38
this is a tool that can be used00:12:40
to pay debts00:12:41
especially those at the expense of the government00:12:44
there is for example gold then you can00:12:45
use this as your means00:12:47
payment you can use this like00:12:49
store of value but not00:12:50
for example, pay taxes in gold00:12:53
wait a second is this right00:12:54
imagine the 19th century then it was possible00:12:57
pay gold taxes for example USA00:12:59
either in Great Britain or00:13:02
in other countries it is a question of yes and no00:13:07
James will answer him the answer is yes because00:13:09
that, for example, until 1970 we still had00:13:12
gold standard which means paper00:13:14
the money they were tied to was secured00:13:16
gold and accordingly it was one and00:13:18
the same because money was measured in00:13:20
sauce and that's just changed00:13:22
literally recently already in our time and so00:13:25
James says what we can00:13:26
use gold as legal00:13:28
Escher's means of payment what is the law00:13:30
and means of payment are a certain thing00:13:32
when society gets together and decides what00:13:34
we can use that currency00:13:36
as laws means of payment that is00:13:38
they make the law and that's not00:13:40
some social norms and a specific00:13:42
a law that obliges all persons00:13:44
living in the same social structure00:13:46
or you can say00:13:47
the region accept certain00:13:49
means of payment as payment for00:13:51
any debt path from debt to00:13:54
state or debt for some00:13:56
shopping at the store and we'll be there a little later00:14:00
we will come to the point that we will discuss00:14:01
when it's true that someone is obliged00:14:04
accept your cash but we're a bit00:14:07
let's leave this thought for later and in my opinion00:14:10
jihye also said a very important thing00:14:11
which has a certain middle position to00:14:14
between erica mou sean like here00:14:16
physically in the classroom and mentally00:14:19
exactly what she said is that currencies for example00:14:21
paper currency can be of no use at all00:14:24
not physically present in terms of value00:14:26
just like from gold which in fact00:14:28
you are only valuable if00:14:30
we will give it to him but there are some other forms00:14:35
for example products that we can00:14:36
directly use tempt and they already00:14:38
are of some value and may00:14:40
some things have a certain gradation00:14:42
values and then we have the following00:14:44
question for today's lesson how to bitcoin00:14:46
generally fits into this whole financial00:14:48
the system that we are with you today00:14:50
discussed the next three lessons we will00:14:53
talk very closely about technology00:14:54
Bitcoin however we can now00:14:56
look ahead a little and talk00:14:58
about the financial country and we now let's00:15:00
We'll discuss this and then in about forty minutes00:15:02
five at the end of the lesson we will return to this topic00:15:04
and we’ll discuss this again based on the article00:15:07
which he handed over does anyone want00:15:08
share your opinion remind00:15:09
my name is isabelle isabelle well s00:15:12
bitcoin and about the same story00:15:14
where society gives him some value00:15:17
however he has no one central00:15:19
zatarra like the central bank00:15:20
which produces it and therefore many00:15:22
I think that Bitcoin has no00:15:23
values, however, due to the reading that00:15:25
I was asked, it seems to me that she exists and00:15:27
so what isabelle saying is that00:15:29
Bitcoin fits pretty well into the general00:15:32
picture of money because it’s like fiat money00:15:34
money and even gold as he says00:15:35
for example, jihae bitcoin does not have any00:15:39
native monetary value but still00:15:41
there is a set of social norms because00:15:43
there is a group of people who are ready00:15:45
accept bitcoin as no payment and00:15:47
means of payment this is what gives it value as well00:15:50
the main difference between Bitcoin and other currencies00:15:51
this is that it is not controlled by any00:15:53
centrals but ram dolan I listen to you there and00:15:56
Bitcoin is a unique thing00:15:58
that the value of Bitcoin will be00:16:00
change with time and I don't mean00:16:02
its market value is almost empty00:16:04
the cost of 60 is 90 thousand dollars I00:16:06
I mean exactly00:16:07
methods of using bitcoin which00:16:10
will give it the value that I have00:16:11
in view of this, for example today we00:16:14
we can buy pizza or a cup for example00:16:16
coffee00:16:17
using bitcoin with it somewhere00:16:18
we will translate it, however, over time it is possible00:16:21
bitcoin will be stronger stronger00:16:22
adapt earthly technological00:16:24
it will be even easier to use00:16:25
and this will increase its value that is Alan00:16:31
this raises the question if I may00:16:33
insert your words tell me if I00:16:35
I understood you correctly that Bitcoin00:16:37
may be different from all other feat of them00:16:40
currency in that its value will be with00:16:42
change over time as he00:16:44
will adapt00:16:45
well at least that's what you said00:16:50
yes, call it yours again please00:16:53
you'll give up, you'll turn around, but you're definitely not up to it00:16:56
this was spoken as british only with00:16:57
letters e00:16:58
Well, it seems to me that in Bitcoin00:17:00
the issue of money updates is raised00:17:02
due to the fact that we will improve00:17:04
technology and the big difference here is00:17:07
relation to past eras of money here00:17:10
is a ledger system that is a system00:17:13
accounting for funds, that is, with the advent00:17:15
bitcoin and its use of blockchain00:17:17
some detail appears00:17:20
allows you to show more confidence in00:17:22
it allows other people to00:17:24
qualitatively monitor certain00:17:26
translations and it seems to me with this00:17:28
Bitcoin technology we are entering a new00:17:30
throw away the era of money and what you need00:17:33
say quit this is what besides00:17:34
that bitcoin fits into the big picture00:17:37
development of money and also falls into00:17:38
there is a picture of the development of major auto00:17:40
system of money accounting technologies that00:17:42
have existed for many many millennia00:17:45
and bitcoin now continues to develop them00:17:47
I completely agree with this and bitcoin00:17:50
this is a new form of accounting for funds before alan yes00:17:53
I also ask the cashier to make the fabric look like00:17:55
gold because he has it00:17:56
limited supply accordingly00:17:58
he has an increased demand and that's all00:18:00
the fact is that bitcoin00:18:02
it is produced in only a few pieces00:18:04
every couple of minutes and every 4 years00:18:07
offer00:18:08
decreases by half, that is00:18:10
limited supply of accounting system00:18:12
funds is an important component to Aviv00:18:14
yes you said what he has00:18:16
limited offer but I think00:18:19
that the more we adapt it00:18:21
the more it will be distributed00:18:23
accordingly, the larger it will be00:18:24
divided into smaller parts and me00:18:27
it seems that what will happen is what he has00:18:29
divisibility is also an important function00:18:31
and an important component, yes, that is, divisibility00:18:33
these are very important characteristics of money00:18:35
so that they can be distributed as well00:18:37
as well as limited supply and00:18:38
adaptability as Alan said00:18:40
before Thomas before wanted centralization again00:18:45
because bitcoin technology is00:18:46
allows you to do without a regulator and00:18:49
accordingly we can use00:18:50
technology of money and for the form of money in00:18:53
in principle in any environment without00:18:55
some central zatarra who00:18:57
dictates its price or conditions to us00:19:00
consensus yes I listened to one more00:19:06
person and then start talking about00:19:08
stories what do you want to say00:19:09
remind me with yours and lexus lexus00:19:11
hi yes I wanted to say again about00:19:14
Bitcoin is precisely what he doesn’t have00:19:15
there is no central za'atar00:19:17
no organs that would establish00:19:19
its rate means what Bitcoin has00:19:22
let's say it's like cryptocurrencies00:19:23
detailed, no fixed rate00:19:25
exchange and this is what makes it different from others00:19:28
currencies00:19:29
she's good, I understand that Alex is trying00:19:32
say he says what is in the plan00:19:34
Bitcoin has no fixer00:19:37
no fixed exchange rate00:19:38
however, can't we spread00:19:41
the same for all forms of currency that I00:19:45
I mean this is what we can do00:19:47
name some fixed rate00:19:48
exchange between for example even ounces of gold00:19:50
and a bushel of grain for them, well, actually yes and no00:19:55
because some states they00:19:57
really controlled by the course00:19:58
exchange of certain goods00:20:00
aha good point that Oleg is now00:20:03
trying to say yes and no because00:20:05
some states they are fixed00:20:07
exchange rate for some product and tell me00:20:10
is it good when something00:20:12
The government does this, it’s just interesting00:20:15
what the class thinks because I think that00:20:17
in the short term this00:20:19
what to work however if we stretch it00:20:21
in the long term by tens00:20:23
yo then such fixed control00:20:25
it will work much worse let's00:20:27
I'll ask one more and then we need it already00:20:29
will move on yes I wanted00:20:30
say what can be regulated and00:20:33
fix the cost of working hours then00:20:35
there is how much one worker will cost00:20:36
an hour is an option, but in general I have a different one00:20:39
question I wanted to know what a ledger is and00:20:41
what is a ledger very good question I00:20:43
I'll talk about this in a couple of days00:20:45
minutes but maybe someone wants00:20:47
now the answer to this question is yes00:20:52
I'm listening, no wait, let's do better00:20:55
please, ledger is just words for00:20:57
numerical recording of some event00:21:00
there is record keeping numeric entry yes00:21:02
well said I would say what Ledger00:21:05
is a way of recording some kind of economic00:21:09
activity or it could be a way00:21:12
records of some social or financial00:21:14
relationships00:21:15
I would say that this is this other one00:21:17
method of recording and accounting financial00:21:19
activity of social relationships and00:21:21
also economic relations and00:21:25
although it is unhealthy to read these articles00:21:28
there are many scientific works that00:21:30
indicate that the first00:21:32
writing was numbers and numbers00:21:35
that is, they focused specifically on00:21:37
taking into account something they are on the tongue and not on00:21:40
communication, that is, writing in00:21:42
first used first00:21:44
to take into account something because it is very00:21:47
fundamental for any society00:21:49
write down00:21:50
economic transactions or00:21:52
write down some economic00:21:54
relationships with each other and it doesn’t matter00:21:57
We used to live in small00:21:58
villages or later moved to00:22:01
larger some social00:22:03
structure is still important so00:22:06
I hope we made this clear, but we00:22:08
In any case, we’ll come back to this later00:22:10
good thing you asked it's here they are on00:22:12
accounting subject00:22:16
so let's get back to the topics that I told you00:22:18
asked let's talk about them00:22:21
a little three-minute video with dollars00:22:23
see which of you is his00:22:25
I looked who remembered and you haven’t yet00:22:28
they talked to you like you00:22:29
Well, yes, it seems to me that in any country00:22:32
any currency has only that value00:22:34
which they give her society is how strong people are00:22:36
believe in this currency because it makes sense00:22:38
the video was that there was some00:22:40
the guy who printed his currency is me00:22:43
I sent it to people and he said that she00:22:44
really if you believe that she00:22:46
really so this is the question00:22:48
a little cute story I just wanted00:22:50
mine let me see this one I would give00:22:52
a dollar for his currency you would give him00:22:53
dollar interesting yes it's like a story00:22:56
knitting needles at first no one believed in currencies00:22:57
and then she shot00:22:59
did anyone else give him a dollar for00:23:00
this currency is no one but fell on yes00:23:04
in fact I'm working with local currency00:23:07
and it's basically the same00:23:09
currency like any other is simple and possible00:23:10
use only locally and such00:23:12
the system keeps all the money inside00:23:14
some society that enjoys00:23:16
of this particular currency, that is, there is also00:23:18
these currency options are correct yes00:23:22
we will return to these articles later00:23:24
our lesson, well, yes, I’m listening to your question to me00:23:25
I was wondering if that guy violated00:23:27
the law launched its own currency00:23:29
because the official currency in America00:23:30
also, of course, a dollar and that’s why I00:23:33
I wonder if this is legal you00:23:35
they asked a very good question and how00:23:38
I know I don't know any law or00:23:41
there is more than one state that says that00:23:43
we have specific currencies00:23:45
there we are on the field on it, that is, it’s possible00:23:47
use only this currency however00:23:49
I'll tell you another interesting fact00:23:50
related to state monopoly00:23:52
you know this crack in the doors where it usually goes?00:23:54
letters pass through or these postal ones00:23:56
boxes are next to houses so there is a law00:23:59
which says that the USA has a complete00:24:02
monopoly on the use of these00:24:04
taught doors and other postal companies00:24:06
private they can't use them00:24:09
that is, only the US Post can send00:24:12
there your letters and parcels but again00:24:14
the question was very good and let's get back to00:24:17
Bitcoin topic what we learned so far00:24:20
the last 10 years if we are very simple00:24:22
let's sum it all up, this is what is shown in the example00:24:24
bitcoins we see that it is legal00:24:26
create your own form of money because00:24:28
bitcoin can be a form of money and00:24:30
can be used for payment so00:24:31
in principle this is possible, but at the same time you00:24:33
need to follow a bunch of others00:24:35
laws and these laws we must00:24:37
we'll look at it in the next lessons, but they00:24:39
fall under the theme of what is00:24:42
there is definitely bank secrecy too00:24:44
anti-money laundering law and law00:24:45
against the financing of terrorism that is00:24:48
these things also need to be observed00:24:49
also the government wants us to pay00:24:51
taxes no matter what currency00:24:53
we take advantage of any market fluctuations00:24:54
from any other from any investment we00:24:55
must also pay federal tax00:24:58
reserve system and other financial00:25:00
organizations around the world they don't care00:25:02
trying to create some form of financial00:25:03
stability so let's get back to history00:25:06
that guy from the video and from the street who00:25:08
sold on the streets I don’t remember which city00:25:10
half in new york your dollars and when00:25:12
his father's mafia girl what's your name at00:25:15
on00:25:16
yes yes how does your name appeal00:25:19
so if you bought this form00:25:21
currency for a couple of dollars dollar economy00:25:23
it would still be stable00:25:24
it wouldn't hurt the economy00:25:26
but if we millions of people would buy from00:25:28
currency then it would be worth thinking about, but00:25:30
There is also a third nuance, which is that00:25:32
we have an investor protection law and00:25:33
consumer rights but in general it seems to me00:25:35
Let’s create our own currency and create it00:25:37
I'll answer a couple more questions and we'll be done00:25:39
move on yes I have a question00:25:41
Is it possible to legally pay wages in the USA?00:25:43
Well, for example, bitcoins, yes it is possible and who00:25:47
can answer the question why00:25:48
Is it possible to legally pay wages in the USA?00:25:51
bitcoins00:25:53
does anyone want to answer I understand that00:25:55
this is not on the topic of our lesson but still00:25:58
maybe someone knows which ones you have00:26:00
thoughts on this matter yes what is your name kyle00:26:02
Well, it seems to me because the wages00:26:04
this form of compensation is compensation00:26:06
Any payment method is accepted00:26:08
stipulated of course in any way00:26:10
contracts that is, you can negotiate00:26:12
my man any form of payment you even00:26:13
you can agree with him that he will00:26:15
get paid in these here00:26:16
poster and I doubt that they will00:26:18
satisfied are valuable to him but it is possible00:26:20
you can also pay for labor in euros00:26:22
and in gold and even thessaloniki00:26:25
startups that pay their own labor00:26:27
employees in bitcoins or other00:26:29
cryptocurrencies00:26:30
and what is interesting for employees00:26:32
convert the value of your bitcoins00:26:34
in dollars to pay00:26:36
US government tax because00:26:38
the state will not accept payment00:26:40
tax00:26:41
in bitcoins so people produce00:26:44
assessment of the market value of your assets00:26:46
and then pays taxes on this amount and00:26:48
USA has a company that produces00:26:50
payment in bitcoins is usually people00:26:52
who work in the blockchain field00:26:54
technology but they get it by paying00:26:56
bitcoins then convert them into00:26:57
dollars and in dollars they already pay taxes and00:26:59
in Arizona, for example, there was an initiative to00:27:02
creating a new bill that00:27:04
would let the people house their taxes00:27:06
directly in bitcoin00:27:07
and then Arizona would become the first state00:27:09
USA which would allow00:27:10
pay taxes to the state00:27:12
bitcoins, however, the bill is not00:27:14
he started, he didn’t even type in what he needed00:27:16
number of votes so they didn't00:27:18
further promote and so let's start00:27:24
great history lesson I would like00:27:26
talk about the history of money in a short00:27:28
interesting format and so in Ethiopia people00:27:31
used drain rods and it happened00:27:34
it's even quite recently salt like00:27:36
product as I talk about before this jiha it00:27:38
very valuable things in society and therefore00:27:41
they made a standard form and00:27:42
standard size these pants are00:27:44
we use it as a means of exchange00:27:46
We'll get back to listing them all later.00:27:48
specific characteristics of money but how do you00:27:50
what characteristics do you think it had?00:27:53
salt in ethiopia because of what it became00:27:55
valued used as currency salt00:28:00
used for oil production00:28:02
why for the production of oils00:28:03
oh well, that’s actually not very common00:28:06
characteristics of money but we will leave this one00:28:08
thought for later, what other options do you have?00:28:10
Why was salt so highly valued?00:28:17
could for example be used for00:28:18
preservation of food until it was possible00:28:21
use and preservation but since00:28:22
it was very difficult to obtain salt00:28:24
a rather scarce product and very00:28:27
a large number of currencies as00:28:28
history was precisely this distinctive00:28:30
trait for example in Africa in some countries00:28:33
used shells as a means of exchange00:28:34
because they were rare00:28:37
remembers when the shells stopped being00:28:39
a means of exchange, that is, they ceased to be00:28:41
currency why this happened00:28:43
Probably was in articles but I don’t remember00:28:45
I assigned you this article to read or00:28:47
no it's cancer00:28:50
currencies ceased to exist when00:28:51
depreciated due to the fact that00:28:53
Europeans came to Africa, they understood00:28:55
that shells are used as a remedy00:28:57
trade and exchange and this is very strong00:29:00
related to a really sad topic00:29:02
slave trade in Africa that is, they00:29:04
we arrived and saw that shells were something00:29:06
valuable in this people and started them00:29:08
devalue and they also captured00:29:11
lands and captured people and sold them00:29:13
there were so many slave cores there00:29:15
a large collection of not very good things00:29:16
which happened there tag you and00:29:19
sticks from england has anyone read00:29:22
the article you asked you want00:29:24
talk about how these things were00:29:26
used as currency and here I am by the way00:29:28
they can also bring stones at once00:29:30
paradise which was also used as00:29:32
currency, how does this even fit the topic?00:29:35
1 article whether money appeared as a result00:29:37
partner or due to the accounting system00:29:40
debts, that is, where do these things go?00:29:43
more suitable like this what do you think00:29:45
how they were more used because00:29:47
what is this thing about which00:29:48
has been debuting for many, many years00:29:53
any thoughts00:29:55
which of these early types of money is greater00:29:58
fits the theme of barter00:30:01
well, in general there are two theories, there are two00:30:04
theories and some of these currencies and00:30:07
they relate more to one theory like00:30:09
for example, these are these currencies00:30:12
used to measure dollars00:30:13
which00:30:14
Well, here's a test tube, you sticks, I say yes yes00:30:16
sticks are used to measure for a long time00:30:18
there is also a second currency which00:30:20
used to record debts to me00:30:22
it seems to me yes everything is correct00:30:24
the stones were not called heaven and these stones are heaven00:30:27
on the island they were so heavy00:30:30
that people just couldn't carry them there00:30:33
here with you because there are a lot of them00:30:35
weighed so they couldn't00:30:36
use as traditional method00:30:38
exchange and these stones were used as00:30:40
some lodger as some form00:30:42
accounting because I have00:30:44
let's say you have one sixth of the stones00:30:46
nominally there is one 16 stones and when we00:30:49
do top who we remember how much00:30:52
who is there00:30:53
either stones and this was equal to money and00:30:56
the society was quite small and00:30:58
even when some stones are for such00:30:59
river society I still remember how much00:31:01
who has the money for this and00:31:04
these were used for me00:31:06
does anyone know why these stones are like this00:31:08
highly valued this was not in the readings00:31:11
but maybe someone knows00:31:15
Paradise stones were mined on another island00:31:17
which was two thousand00:31:19
kilometers from the island of Java so their00:31:21
it was extremely difficult to obtain00:31:24
for example gold because gold mining00:31:26
it's quite a difficult process00:31:28
what else is being mined these days?00:31:30
we could use it as money00:31:32
say poll I can't hear everyone I'm talking00:31:34
lithium what do you say, well fly which00:31:36
used in batteries because00:31:37
I think there will be more on it in the future00:31:39
higher deficit00:31:40
because now he is very active00:31:42
used given what is mined directly00:31:44
now what is the topic of our lesson00:31:47
bitcoin yes that's right but back to the topic00:31:49
our lesson on this island were very00:31:51
prices prices these are the stones that00:31:53
the stones were called paradise and what depreciates00:31:56
currency it was a certain merchant who00:31:57
his name was Akif and he sailed to these islands00:32:00
and I realized that these stones are finally worth more than the price00:32:02
accordingly began to swim out to00:32:04
neighboring islands where these stones are00:32:06
were mined many kilometers away from them00:32:08
islands and began to import these stones and00:32:10
a couple of years from all the canonical system00:32:12
collapsed then we moved what00:32:16
metal money and at first they00:32:18
there was no specific form00:32:20
they were just pieces of metal00:32:21
quite uncomfortable and heavy00:32:24
form of money appeared in many00:32:25
states and states began00:32:27
stamp to mark what it is00:32:29
it was their currency and then we got00:32:31
these coins are precisely minted money00:32:33
about two and a half thousand appeared00:32:35
years ago and still debated00:32:38
I did not appear first in Greece or in00:32:40
China, but the essence of such coins was00:32:43
the fact that they were tied to some00:32:45
resource and on this resource was00:32:47
official emblem of paper money was00:32:51
entered for a reason like you00:32:53
Why do you think paper money appeared?00:32:55
in our society what we had for00:32:58
this may be the reason00:33:02
because there isn't enough gold in the world00:33:03
in order to distribute it evenly to everyone00:33:05
distribute ok this is one reason not00:33:07
enough gold is possible and ease00:33:10
ease of use00:33:12
usage is also an important factor00:33:13
imagine gold silver and bronze it00:33:15
you should always carry it with you00:33:17
quite a difficult process or00:33:18
let’s say you need cereal somewhere00:33:20
store and this also entails certain00:33:23
expenses the first paper money came from00:33:25
China and they were nothing more than00:33:27
cult receipts and I worked five00:33:29
years in the Commodities Trade Commission00:33:31
futures, so I probably know a lot about00:33:33
you fecal receipt from the keyboard receipt00:33:35
this is nothing more than sales receipts00:33:38
some process when you put your00:33:39
the goods are in the warehouse and you have a piece of paper00:33:42
which says what you are00:33:44
you don't need the owner of this product00:33:46
then it was time to carry this product with you00:33:49
therefore, the first type of paper money is00:33:50
there was a consequence of the fact that you have00:33:51
some goods are stored in a warehouse and then00:33:53
you had a piece of paper that00:33:55
testified to your right00:33:56
property later we already had00:33:58
other types of money, for example here are five00:34:00
points in England but the difference between00:34:02
the first Chinese money and ours already00:34:04
in more modern money is00:34:06
about 700 years and here I have00:34:08
the question is imposed somewhere before the 18th century00:34:11
there are more ancient times00:34:12
who do you think were the first00:34:14
bankers, what craft did they possess?00:34:17
earlier before they became banks00:34:19
either bankers I think traders yes I00:34:24
I also thought about the merchant, yes definitely00:34:25
international traders international00:34:27
no, by the way, they were doing something more00:34:29
locally it seems to me that these were people00:34:35
who were engaged in land activities00:34:37
some kind of that is, they had lands that00:34:40
there was land on the road they had00:34:44
there is no land and there is no land they worked on00:34:48
actually something else00:34:50
maybe they were artists or00:34:52
there are no engravers or any other artists00:34:54
options maybe they were doing00:34:58
insurance a little later until00:35:02
agriculture00:35:04
there is actually no such sky in the lecture00:35:05
so I’ll say they were jewelers00:35:09
that is, most of the first bankers00:35:12
in London they were jewelers00:35:13
that is, they were going to people gold and you00:35:16
gave them a piece of paper stating that they own00:35:18
with this gold they are with these00:35:19
jewelers weren't invented that way00:35:22
started some kind of lending system with this00:35:24
study a little later this semester00:35:26
we'll talk about bitcoin lending and00:35:28
By the way, this hasn’t been invented yet, but in my opinion00:35:31
I think it will begin to take place in 18 to00:35:33
36 months and we will see script platforms00:35:36
loans and they will do the same00:35:38
what did jewelers do earlier in00:35:41
18th century Dolan before wanted to ask00:35:46
how much bitcoin do you think00:35:47
scalable because it exists00:35:48
limited quantity and suddenly not everyone00:35:50
that's enough, that's a very good question, what's it like?00:35:52
scalability with limited00:35:54
the number of coins is my opinion about00:35:56
this is what scalability is00:35:58
good enough but not yet00:36:00
made bitcoin yet they don't give two so00:36:02
we will see in the future yes just when you00:36:06
lending money to someone it can00:36:08
be in the form of bitcoins but I am now00:36:09
I say, for example, a dollar, then you actually00:36:12
may not have this amount that you00:36:14
borrow now I'm talking about banks and00:36:16
so we just increase00:36:17
the total supply of money in the market that is00:36:20
more money is being printed00:36:22
out of thin air absolutely true this is how00:36:24
absolutely all banking works00:36:25
today it's called00:36:26
fractal support but we'll talk00:36:28
more on that later00:36:29
the bottom line is that we can00:36:30
borrow the same amount several times from00:36:32
we get a multiplier effect00:36:34
this is briefly later we got00:36:36
private banks that began to issue00:36:38
your own banknotes and these banknotes00:36:40
were the bank's liability with which it00:36:43
was obliged to trade and the history of private00:36:47
banknotes it usually looks like this00:36:49
way she's doing very well so far00:36:51
has become bad in the history of money at least00:36:55
at least this happened a lot in our country00:36:57
private banks they went bankrupt and this00:37:00
happened during the revolution and then during00:37:02
the second time was the period of the civil war and00:37:06
the essence of us is now absolutely the same00:37:08
situation with many different cryptocurrencies00:37:10
in fact, there are now 600 thousand of us00:37:12
various everyone creates with their own currency and everyone00:37:15
with his coins and this is him now00:37:17
I’m just saying for general development though00:37:19
we will remember this again when we are with you00:37:21
we will talk about SEO and primary00:37:23
offer of coins etc. lodger and00:37:28
or financial accounting forms or00:37:29
accounting books you in my opinion00:37:31
you asked before what a ledger is00:37:33
still remember what it is yes yes it is00:37:36
way of recording economic transactions00:37:38
yes absolutely true, this is the recording principle00:37:42
accounts and the first ledger appeared00:37:46
about 5000 years ago or maybe00:37:48
and earlier you also had an article to read00:37:50
on this matter however it was just that00:37:53
this short article is not for you00:37:54
strained00:37:55
but it’s just that you had some basic00:37:57
information about what he will be00:37:58
today to discuss, for example, personal00:38:01
ledger of our first president00:38:03
George Washington he was 15 years old00:38:06
he started driving this lodger00:38:07
and according to various stories he led such00:38:10
give account books your whole life00:38:12
I remember it turns out he kept such books00:38:15
for 52 years and used00:38:18
just to introduce for yourself00:38:19
some reporting to whom he gave the money00:38:21
what kind of figurative transactions did he have?00:38:24
for example Mary Washington I don’t remember00:38:26
who is this or his cousin00:38:27
maybe it's his mom in general if00:38:31
lojer and were used as a basis for00:38:33
account records then I already answered mine00:38:35
ledger question used to record00:38:38
economic activity and financial00:38:40
relations00:38:41
economic activity is of course in00:38:43
in terms of transactions regarding financial00:38:46
let's think about relationships00:38:48
key financial relationship ledger00:38:50
may include debt what do you say00:38:54
duty yes everything is correct if everything is correct00:38:56
answered the debts and it brings us back00:38:58
back to that question durable question00:39:00
where we ask ourselves where we came from00:39:02
was it money, was it some kind of barter system?00:39:04
or the money came from the accounting system00:39:07
records and credits and the like00:39:10
perhaps it was some kind of merger of both00:39:12
options00:39:13
however, always keep in mind that this00:39:15
the question is there are two countries00:39:17
euler giraffe also has both of these two00:39:19
countries and when will we talk about00:39:21
Bitcoin, please note that Bitcoin is00:39:23
mechanism to save transactions00:39:25
however there are other blockchains like00:39:26
for example the Ethereum blockchain which00:39:28
maintains balance and there are even two types00:39:31
get them on the blockchain that holds them00:39:33
transaction ledger and blockchain and which00:39:35
keep a ledger of balances and I speak from00:39:38
faces to confuse you now and therefore00:39:40
that this is a really important part00:39:41
to understanding blockchains what types of ledger00:39:46
of we have, I just named one00:39:48
these are transactions against balance00:39:51
George Washington's ledger00:39:53
by the way, she was like a ledger00:39:55
transactions because I just kept it in00:39:57
himself a record of all his translations of all and00:39:59
movements of his funds and all his00:40:02
operations but that's just my opinion because00:40:03
that I did not study his notebooks in detail00:40:05
does anyone know enough information about00:40:08
accounting department so he can tell me00:40:10
difference between the main lojer and00:40:13
additionally younger just an opinion00:40:15
I would like to conduct all the lectures myself, which one of you00:40:18
enrolled in an accounting course00:40:20
and I once taught Tyrian in the corner00:40:24
undergraduate accounting so sorry00:40:27
so for those who are now reaching out and00:40:30
chose accounting and you're done00:40:33
in the room they extended their hand, who is this anyway?00:40:35
this is Aviva well actually I'm an accountant00:40:38
and you are an accountant wiki-wiki you passed00:40:41
exam yourself and yes, of course, but00:40:44
that means we have a class in public00:40:45
certified accountant who00:40:46
can tell us the difference now, well00:40:48
again ledger or main accounting00:40:50
a book is a certain element that includes00:40:52
himself absolutely all transactions, that is, he00:40:54
records absolutely all activity00:40:56
company or some other element00:40:57
however, Joe's nozzles only describe00:40:59
some specialized transactions00:41:01
well, for example we can have00:41:03
soup ledger to00:41:05
record salary records there, that is00:41:08
how much money did we spend on salaries?00:41:10
employees or maybe us00:41:12
some other expense column is acceptable00:41:14
some company investments or maybe00:41:16
maybe companies need to do something00:41:17
other expenses but it doesn't matter we have00:41:19
general ledger where it fits absolutely00:41:22
all expenses and all absal00:41:23
financial movement but if we want00:41:26
look at something more specific00:41:28
area then we open the corresponding00:41:30
ledger for this particular00:41:31
region00:41:32
Aviva said it exactly00:41:34
much better than I could say00:41:36
thank you very much, now we know for sure00:41:38
we have a certified accountant in00:41:39
class and this conversation between Elle Jorah and00:41:42
especially Jorah I started for a reason not00:41:44
by the way this is a very important part00:41:46
in general, everyone in the financial world00:41:49
accounting books have some form00:41:51
hierarchy and books alone contain themselves00:41:52
more information, others less and so00:41:55
this accounting system is00:41:57
the heart of our banking system and also00:42:00
it is the center of our financial00:42:02
economy today for example00:42:05
the central bank of america is just that00:42:07
and is the general manager or00:42:10
the main major of our financial00:42:11
systems and all other banks are approximately 900000:42:14
that are under it they already have00:42:16
your saber jer that is your own00:42:18
however they do not have an account book00:42:20
control over the main major that is00:42:22
over our federal reserve and this00:42:25
The following distinctive feature is also important00:42:29
feature of accounting systems00:42:30
it is a unit accounting system against00:42:33
double accounting system and let's say young00:42:37
george washington he is just that00:42:38
use a unit accounting system where00:42:40
it's just a list of all transactions00:42:42
I want to strain the class for a long time because I00:42:44
I will talk about the dual system00:42:45
accounting in accounting but someone can00:42:47
tell me what it is all about00:42:49
such as Aviva pineapple will check yes00:42:52
Yes, I’m listening to you, and the double system00:42:54
parity it simply means that00:42:55
every transaction is entered into the ledger00:42:58
twice once on the demeter side00:43:00
another time to heat up this country because00:43:01
that when someone gives money to someone00:43:04
someone else gets it so we do it twice00:43:06
this transaction and I enter yes this00:43:08
the explanation suits me perfectly00:43:10
Does anyone else have a different opinion, yes yes you can00:43:14
another thing to say is that we have two00:43:15
columns 1 column expenses other year or two00:43:17
income column and in the end if we compare00:43:19
these two columns then in the end we have00:43:21
it will turn out like, well, are they each other?00:43:23
I regulate00:43:24
yes everyone is back we can balance00:43:26
our assets our liabilities this is what we have00:43:29
remains after this subtract from ours00:43:31
assets our thank you this will be ours and00:43:33
the balance sheet will be our capital and so00:43:36
way you can say that the heart00:43:37
capitalism is just the same double00:43:39
system in the corner of Osinsky accounting00:43:40
our transactions and such a system00:43:42
began more than a thousand years ago00:43:44
somewhere in the 13th century when the Italians00:43:46
came up with the idea of keeping track of funds from00:43:49
it was this system that helped us get out of00:43:51
such dark times according to many00:43:53
experts the Middle Ages is over00:43:56
partly due to the fact that people00:43:58
developed in terms of accounting for money and steel00:44:00
use a double accounting system in00:44:02
in general, the money accounting system is very00:44:04
the important thing is not this is not the center of our00:44:07
class and not our main topic but00:44:08
bitcoin which uses the system00:44:11
transaction ledger and ether which00:44:13
using the major balance system00:44:15
definitely plays a big role in them00:44:18
in general, our entire financial system00:44:19
built on various accounting systems00:44:21
finances and assets and don't be afraid of it00:44:24
the term ledger is just a word00:44:26
which you need to know for the future and know00:44:28
how is bitcoin connected to it just so00:44:31
be savvy in this regard, further what00:44:35
characteristics make good ledger ed00:44:37
the slide was not filled in now we will do it00:44:39
together and who wants to give an answer because00:44:42
further into ourselves stream we will think about our00:44:44
best projects00:44:45
it would be good to put some kind of base already00:44:48
for this I have something for you now00:44:50
I won’t tell you so let’s go ahead00:44:53
maybe the blockchain should be immutable00:44:55
very much must be unchanged good you00:44:58
can you make me big00:44:59
do me a favor and write down all these ideas00:45:01
students for me and then you take them together00:45:04
upload to presentation slides00:45:06
does anyone else want to say00:45:08
what does a good ledger depend on?00:45:10
time what you say in connection with00:45:13
time yes everything is correct time reference00:45:14
it is also very important that you know when you00:45:16
made one or another entry unambiguously and00:45:19
possession is clearly possession that you00:45:21
you mean Well, when did the transaction take place?00:45:23
when someone send money to someone00:45:24
got it to be clear on the blockchain00:45:26
it's clear who it belongs to00:45:28
means it is if we have00:45:29
transaction so we can see00:45:31
both parties to the transaction if it00:45:33
blockchain with balance for you to see00:45:35
unambiguous balance sheet owners all00:45:37
okay let's see maybe us00:45:40
some new one will appear here you are00:45:42
at the back table I’m telling you again how00:45:44
your name is my name is ros as you say00:45:46
rost and rose about dating I grew up too00:45:50
perhaps an important point is this accuracy00:45:52
accuracy says rose let me ask00:45:55
one or two more00:45:56
and then look at the transaction description00:45:58
eager says transaction description ok00:46:01
let's ask another one, smart guy00:46:05
what are you saying, you're a hell of a lot smarter and00:46:08
so these are all good attributes and00:46:10
Ledger characteristics may be someone00:46:12
is burning because he wants something else00:46:13
add a word jae hee come on you well I00:46:18
I just thought it might be permanent00:46:21
Well I think this category falls into00:46:24
category of immutability00:46:25
because essentially this category00:46:26
means that whatever is better cannot be changed00:46:28
can't be rewritten00:46:29
he is forever valid and some00:46:32
data cannot be changed or falsified there00:46:33
what you will also understand is that00:46:35
characteristics of a good ledger are very00:46:37
very similar to the characteristics of good00:46:39
money they are not identical but they are very00:46:41
payment systems often overlap00:46:44
here I will say only one sentence00:46:46
payment systems are a deposit method00:46:48
amendments and entries valerii00:46:51
or in the ledgers for money I00:46:54
I know that this is not what we were used to when00:46:55
you hear the term payment systems00:46:57
but imagine this situation00:46:59
go to starbucks and buy a cup of coffee00:47:02
you pay with your phone for what00:47:04
happening at this moment00:47:05
but only that you are changing the system00:47:07
accounts starbucks balance rises00:47:10
the balance in this case is lowered and00:47:13
we are now talking about the balance of funds on00:47:16
your bank account, of course, if00:47:18
drink a cup of lott then maybe yours00:47:20
your mental balance will become better00:47:22
better mood00:47:23
but now we are talking about financial00:47:25
side and I would like you to remember00:47:27
another thing when we talk about00:47:28
payment systems we are essentially just00:47:30
we talk about what we are rewriting00:47:32
balances of the ledger and two sides of one00:47:35
person's balance increases in another00:47:37
goes down of course it wasn’t always like this00:47:39
because before we could just00:47:41
pay by giving a person a piece of gold00:47:43
or we physically gave away a piece of silver00:47:45
money and this was not taken into account anywhere however00:47:48
Now in the modern world payments00:47:49
looks like a balance change00:47:52
Of course, we are not always inside the ledger00:47:54
sometimes we can teach you to pay00:47:55
in cash, but it’s gradually going away as it is00:48:00
what were our early payments?00:48:02
systems that did only this00:48:03
have the entries been changed in jors or in00:48:06
in accounting books they are called00:48:09
negotiable orders00:48:10
or simply checks and I would say00:48:13
that this payment system is already the least00:48:15
Are any of you popular?00:48:18
someone prescribed it for a month, I think00:48:20
that most likely not, hardly any of them00:48:22
I wrote you out here last month00:48:23
or in the last week to someone else00:48:25
check well, you see how but however in more00:48:29
old time was enough00:48:30
popular and even normal I write checks00:48:32
someone in the class might have another question00:48:34
be there is no check book at all three00:48:37
a quarter of the class do not have a check00:48:39
book of faith how you feel at the same time00:48:40
feel and I often feel very old00:48:43
what is a checkbook?00:48:46
the essence of checkbooks and what we write out in general00:48:49
on the check book it has direct00:48:50
attitude towards bitcoin is not me now00:48:52
I’m just saying this to remember the past00:48:54
times I'm Larry and00:48:55
my youth let's think about what00:48:57
the receipt has important details, that is, what is there00:49:00
must be entered in order for the person to be00:49:01
really for it to work00:49:02
it was possible to complete the transaction there00:49:05
there should be a signature and there should be00:49:07
signature what else should be on the check I00:49:09
Now I want to talk only with those with00:49:11
who I haven't talked to yet from you behind00:49:12
what's your name but I don't remember your name00:49:14
name is Dana, well, we are writing first to receive00:49:16
or write the amount and also write to you00:49:18
purpose of payment to the cells it is00:49:20
you just named a new criterion, which means you have00:49:22
we have a signature we have it turns out00:49:24
we have a sum and we have a purpose00:49:26
what else do we have also there for sure00:49:29
must be the sender's account00:49:31
send light yes everything is correct00:49:33
think about it this way00:49:37
essentially the sender indicates from which00:49:41
bills will need money to be written off well00:49:42
naturally from his account and the recipient00:49:45
It’s just amazing information about where00:49:47
must be00:49:48
without perry credited money also start00:49:50
As a rule, the month is written and the day means00:49:54
time is written on the check us00:49:55
the signature indicates the recipient and00:49:57
sender and we also have there00:49:59
the amount we send and now00:50:02
meaning they are very critical and00:50:03
definitely and you will see that they will00:50:06
right in the middle of this whole bitcoin story00:50:08
and also some kind of00:50:10
other information but it will already be there00:50:11
so important yes excuse me something00:50:14
wanted to add before kyle kyle yes you00:50:18
consider payment system companies by00:50:20
like paypal or venmo like00:50:22
negotiable order maybe they can00:50:24
be a new form but they are anyway00:50:27
payment system participants why they00:50:30
for example, there may not be negotiable forms00:50:33
orders are because they may not00:50:35
to be an authority for banks, that is00:50:37
they may not send directly and00:50:39
they can move funds through banks00:50:41
as an option they lived at their age then00:50:43
whatever they were according to negotiable orders then00:50:45
there is a nuance here, but you00:50:47
will definitely ask all the right questions00:50:49
so once again let's go back to the extreme form of money00:50:52
We originally had tags in England00:50:54
sticks or heat and to me on the island I00:50:56
these were early forms of nobody ledger and00:50:59
this is quite interesting because00:51:00
accounting and and jerry appeared00:51:03
much earlier they only with the advent00:51:04
electricity and computers now00:51:06
let's go back to fiat currency00:51:07
the basis of our topic today and we have already00:51:11
talked today days so let's00:51:13
Now let's see what I wrote because00:51:15
what have you already said about fiat currencies?00:51:18
today number one is00:51:20
socio-economic consensus00:51:21
there is an agreement mechanism I believe00:51:24
that the cotton currency is just part00:51:26
history is not much different from00:51:28
other forms of currencies that existed before00:51:31
let's say00:51:32
bill and China which will00:51:33
existed 700 years ago or something00:51:35
what did you do as a jewelry example?00:51:37
seventeenth century just now00:51:38
states took the initiative00:51:39
and now they are responsible for the currency00:51:44
fiat currencies represent liabilities00:51:47
central bank is very important00:51:48
point because the currency for the central00:51:50
the bank is not its asset but it is their liability and00:51:53
from their obligation and still exists00:51:56
the second form of money is when you have00:51:58
deposit in some bank and your00:52:00
the deposit turns into theirs for the bank00:52:02
liability, that is, these are the obligations of the bank00:52:04
in front of you and this is also very important00:52:08
the central bank in our system is00:52:10
the most important bank, that is, it is so00:52:12
say the most basic main ledger a00:52:14
all other commercial banks that00:52:15
under it they are the so-called00:52:18
Bludgers Dolan I'm listening to you yes I wanted to00:52:20
ask I'm not an economist or anything00:52:22
this kind of thing and that's why I didn't quite understand00:52:24
which means that when you have money in00:52:26
some bank that for them it is a liability00:52:29
what does this mean before I answer00:52:31
someone else might have an answer to this question00:52:32
wants to try to answer the question00:52:34
salon, well, the passive is called differently00:52:38
bond and accordingly if in the bank00:52:41
your money lies here, I owe you something00:52:44
because our system is social00:52:46
consensus00:52:47
this is actually a very good question00:52:48
which was blown to us which means that00:52:51
something is the passive of the central00:52:53
bank when in fact it is just currency00:52:56
which is in our pocket is00:52:59
federal reserve note right here00:53:01
That's what the federal banknote says00:53:02
reserve and keep looking you can00:53:08
pass them on I'm not afraid that you00:53:10
steal it's just a dollar I could00:53:13
distribute sits in the sediment but then I would like00:53:14
them back but here anyway00:53:16
says federal reserve notes00:53:18
that is, it is a commercial obligation00:53:20
banks at an earlier time could00:53:25
exchange a banknote for gold like this00:53:28
or for silver00:53:29
but then the crisis came in the 1930s00:53:32
years, President Roosevelt said what00:53:34
ordinary citizens no longer have the right00:53:36
cancel00:53:37
dollars for gold and then in the 1970s00:53:41
President Nixon has already said what before00:53:44
at this point other states could00:53:46
still exchange money for gold but then00:53:49
this has become impossible, but when00:53:53
paper money just appeared, it didn't00:53:55
were backed by gold we had00:53:57
the gold standard and we reached it00:54:00
we stepped up from him again, let's say00:54:02
throughout the first world war we00:54:03
abandoned the gold standard then00:54:05
returned to him00:54:06
that would simply be an untrue statement00:54:08
if we said now what we were00:54:10
on the gold standard the first one hundred and forty00:54:12
years of existence of currency is because00:54:13
and so we went to the gold standard we00:54:15
got off it then fell and came back00:54:17
towards him and it was such a movement00:54:19
back and forth constantly but in any case00:54:21
whether the state currency is a liability therefore00:54:23
clearly recognizable if we look at a00:54:25
state ledger with dual system00:54:27
accounting and I'll show you now through00:54:28
a minute the balance of the state where we will see00:54:30
their assets and liabilities and then they take00:54:32
your question is still not answered00:54:34
I understand why this is a bank liability00:54:36
that is, earlier you could go to the bank00:54:37
give them a dollar, not yourself, give them gold then00:54:39
is from was their duty and what00:54:41
now it's their responsibility it's essentially00:54:45
here is our first point that we wrote down00:54:47
that is, the central bank undertakes00:54:50
transfer your assets on your own00:54:53
jerry at your request that is if you00:54:55
do you want to give money to someone?00:54:57
you can take your physical dollar00:54:58
go into the bank, give them this dollar and00:55:00
say that you want to put it on00:55:02
your bank account and if your00:55:04
the bank undertakes it will be obliged00:55:05
execute this transaction write write00:55:07
your dollar on your ledger00:55:09
also the us government which00:55:11
technically a separate central bank00:55:13
like the government of England or00:55:16
for example, the Chinese government is not all00:55:17
technically separate father structures00:55:20
its central bank but these00:55:23
states they say what they will00:55:25
accept payment for taxes in some00:55:27
its specific currency, that is, it00:55:29
a social construct that depends on00:55:32
that now I’ll quickly go for a run00:55:34
to answer your question it depends00:55:36
from the banking accounting system, that is00:55:39
integration this is the accounting system00:55:41
finance is a very important part in00:55:43
deposit 9 thousand into the banking system in the USA00:55:46
commercial banks and what our00:55:49
the federal reserve tells us and00:55:51
the same thing, by the way, says00:55:52
central bank of china and central00:55:53
bank00:55:54
of the European Union all these laws00:55:56
regulations and they are not the same00:55:59
they say what if you bring us00:56:01
your paper money then we undertake00:56:03
record your transaction in our00:56:05
banking system and in addition to this you00:56:08
it will still be possible to pay taxes to our00:56:10
partnership structure right here under00:56:11
name of the state sorry removes00:56:13
disappointed myself but on to this topic00:56:16
really don't apply to anything else00:56:17
yes I have potentially the answer to I00:56:19
I could be completely wrong no please00:56:20
I think this is a legitimate reliable way00:56:23
to run a ponzi scheme no00:56:28
really a normal ponzi scheme where is it00:56:30
value will increase by 1-300:56:32
percent per year if the central bank00:56:35
for example, will reach its inflation target00:56:38
I see, maybe there are some more00:56:40
other points of view here you are how how00:56:43
your name is I don't know your name00:56:45
but no, they didn’t want to say anything, okay00:56:47
I think we should go back to the first one00:56:50
the point is that money is again00:56:52
a construct in which you can someone00:56:55
give your dollar and now return it later00:56:57
for this some kind of product, of course00:56:59
which will cost the same dollar00:57:02
or you can approach someone and00:57:04
ask for some product that costs00:57:06
again the same dollar that00:57:07
print the central bank and they will give you00:57:09
they will give you what you want, that is, this is the method00:57:11
translating something is also00:57:14
responsibility of this bank because00:57:16
conditionally if he has some00:57:17
sovereign debt then he can't just00:57:20
take it and print new money because00:57:22
that it's back in shape00:57:23
responsibility can already be printed00:57:25
only as much money as you like00:57:26
can provide therefore this also00:57:28
central bank responsibility00:57:30
because you can't just take and00:57:31
print new money when you get it00:57:33
necessary, that is, you can’t take them out of thin air00:57:36
so it’s like this is a field00:57:37
responsibility is the bank's responsibility00:57:39
I'll take one more comment00:57:41
and then I'll tell you something else00:57:43
currency is actually just00:57:45
small portion of total reserves00:57:47
Federal Reserve I think that00:57:49
bank reserve is more suitable00:57:52
term that will help us here00:57:53
discussion because a bank is essentially00:57:55
may require the FRS to print more00:57:57
more money if he00:57:59
issue more loans therefore legal00:58:02
the money printing mechanism is still00:58:04
exists00:58:05
I'm very glad to have these discussions00:58:07
now even allan's comment happened00:58:09
about the Japanese schemes which is from00:58:11
said there is a discussion00:58:13
if by jeep god anyone is here today00:58:15
you become and knows who jay paul is00:58:18
who is jay paul00:58:23
lab jay on the street who is jeep ou00:58:26
la federal reserve head00:58:28
Federal Reserve thank you sorry but00:58:32
if jay paul were here right now00:58:34
then firstly awu laughed at the fact that00:58:36
Alan was telling us now but00:58:40
he would also say that00:58:42
banks are also socially responsible00:58:44
responsibility also because00:58:47
a central banker he is very00:58:49
deeply believes that his work is his00:58:51
responsibility is provision00:58:53
security of that social construct00:58:55
which we call money and they00:58:57
try to do everything to00:58:58
money has not depreciated and so that they00:59:00
there was some value and so fiat money00:59:03
can we use tax evasion00:59:05
this has already been discussed and also paper00:59:07
money and coins are legal and legal00:59:09
means of payment00:59:10
let's imagine that I go into00:59:12
starbucks and tell me please a cup00:59:15
coffee here's my 5 dollars or whatever it is00:59:18
now the coffee costs00:59:21
obliged by the person behind the counter00:59:24
make me this coffee and I want to hear00:59:26
the only answer is yes no who who wants00:59:30
try to answer00:59:31
I will hear no from Christopher what and Chris00:59:36
Chris said no who agrees with him okay00:59:40
now let's imagine that they have already cooked00:59:43
a cup of coffee is already there, I just00:59:45
I want to recoup00:59:46
now they are obliged to accept my 500:59:49
dollars before they made coffee00:59:54
no one would have to take away my $500:59:56
but as soon as the debt arose they01:00:00
they produced the product they provided01:00:03
service they are obliged to accept payment01:00:05
this is just an example for clarity and this01:00:07
there are legal tenders01:00:09
and now it was already01:00:10
eggs many establishments around the world01:00:12
which they hang signs like this where01:00:14
it is written that we do not accept tu-tu-tu-tu01:00:16
currency or we do not accept01:00:19
Swedish krona in paper form01:00:21
they will still accept electronic payment01:00:23
so now we have a little01:00:24
there are some changes in the term01:00:27
legal tender also01:00:29
there are several modes01:00:31
taxation but about this site will be01:00:33
talk about central banks and money01:00:35
We've already talked about this a little and now01:00:38
here is a small diagram01:00:39
which I lent to another person and01:00:42
the central bank is located here01:00:44
from above right in the very center and also with us01:00:48
here is alice and bob spent their vova01:00:50
we will still talk a lot when we01:00:52
Let's start with the topic of Bitcoin so remember01:00:54
but for now we only want maybe01:00:57
know that they want to make a transaction and01:00:59
they are in the same place01:01:01
a bank in this case, for example a bank01:01:03
number one make the transaction very01:01:05
just because they just have to01:01:06
change it in your ledger01:01:09
two people balance money in front01:01:10
crossed from one person to another but01:01:12
if we have two banks and need01:01:14
make a payment and re-bank to another01:01:16
then we need some connecting link01:01:19
which will combine these two01:01:22
the books of account of the two banks i.e.01:01:24
we need to merge the ledger of one bank01:01:26
or jor of another bank and the only one01:01:29
possibility of how to equalize the balance of the two01:01:31
different banks this is some kind of action01:01:33
must happen from above and this one here01:01:36
the top block is called the central block01:01:37
bank and later when we talk about01:01:39
payment systems and we will continue01:01:41
use this slide later in the semester01:01:43
and that's why I won't be on it for long now01:01:45
stop01:01:46
but we will talk about in jorah i01:01:47
books and whenever we want01:01:49
do carry out transaction inside01:01:52
one system from one bank in01:01:54
another bank but within our society in01:01:57
time within the system of one central bank01:02:00
everything is quite simple but much more difficult01:02:01
everyone when we transfer money from one01:02:03
currencies to other currencies about leads01:02:05
money to another country because here01:02:08
the question is already raised about how to do it01:02:10
2 closed financial systems between01:02:12
are workable these are questions on01:02:14
today but we'll leave that for next01:02:16
time when we talk about payment01:02:18
systems01:02:21
central bank central bank of usa01:02:23
this is the only good picture01:02:25
which I was able to find for about a year now01:02:27
its assets and liabilities are approximately01:02:29
four and a quarter trillion dollars and01:02:32
of which 1 and center leons is the currency01:02:35
By the way, will you give me back my dollars?01:02:38
yes it's just my paperwork01:02:40
liabilities and so 1 out of 7 trillion01:02:43
dollars in green bills now01:02:45
is in circulation in our economy and01:02:48
which is surprising though probably01:02:51
most of you don't use01:02:53
so often you don’t even have cash01:02:55
check books amount of cash in01:02:58
economy is growing faster than itself01:03:00
economy in most developed countries01:03:03
What do you think is the reason for this?01:03:08
a word can describe it, maybe this01:03:11
due to the 2008 crisis its consequences01:03:13
it's not more than one word drugs01:03:16
they won't trust drugs, but damn I trust01:03:20
here I was looking for trust drugs yes this01:03:24
connected with trust but these are also related01:03:26
with drug cash it is01:03:28
great way to01:03:30
launder money and launch a hit01:03:32
illegal businesses and also this01:03:34
wonderful thing for what it is01:03:36
keep your assets so there is01:03:38
some sectors in our economy01:03:39
who do not want to switch to01:03:41
cashless payment I'll quickly01:03:45
I'll go over this topic but there's one more thing01:03:47
a word that is also very important for01:03:49
our semester and for our class in01:03:51
in general and this is credit and credit01:03:53
mediation is such a short story01:03:55
credit cards they just appeared01:03:57
very recently 60 or 70 years ago01:04:00
however, the very concept of credit01:04:01
Artem is already over 100 years old and he is growing01:04:04
roots still due to a rather old book01:04:06
science fiction writer wrote back in 188701:04:10
a book about what the world will look like in01:04:12
2000 and just used it there01:04:14
for the first time the word credit card even 1801:04:17
since he used it and he wrote that01:04:18
that society will be some form of money and01:04:21
it will be possible to take out loans without problems and01:04:23
it's surprising that someone is so far away01:04:26
was watching at the time01:04:27
however, it was at this time that they began01:04:28
issue and trading cards so01:04:30
maybe he wasn't like that01:04:32
visionary in the 1920s oil01:04:34
companies launched their payment cards01:04:37
however, these were not full-fledged credit cards01:04:38
because they could be used01:04:40
only in one specific company in01:04:44
1946, a guy named Beginss from01:04:47
Brooklyn launched this thing and01:04:50
using it, what the hell is it called01:04:52
it was really possible01:04:53
pay in southern places throughout01:04:56
Brooklyn literally and then01:05:00
suddenly suddenly the topic shot dein01:05:03
arsch club it started in the early 50s01:05:05
years and he approached the restaurants and01:05:07
says let's launch a credit card01:05:09
program and we will give these loans01:05:10
provide American Express too01:05:12
launched its loan program in the 50s01:05:14
years and then already in the sixties bank01:05:16
America which at that time01:05:18
Californian bank he realized that they01:05:21
can launch a corporate program01:05:23
with all other banks in America and01:05:25
create a comprehensive loan program01:05:27
and then this is really the topic01:05:29
exploded and and what's interesting about the law01:05:32
who should have regulated all this01:05:33
they weren't introduced until the 70s at least01:05:36
at least it was like that in the USA there were three big ones01:05:37
law in the seventies law fair01:05:39
credit on reporting and the like I01:05:42
I often attend different conferences01:05:43
and we're talking about bitcoin he asks me01:05:45
Why can't the government decide?01:05:47
regulation now I eat in this case01:05:49
I answer that remember the story with01:05:51
credit cards for almost 15-20 years01:05:54
it was necessary for the legislator to01:05:55
to01:05:56
put some regulations in place because01:05:58
credit cards came out still in the wounds01:06:00
early 50s 60s and accordingly01:06:02
were adopted only in the seventies01:06:04
relevant laws so if you01:06:07
want to make your own startup crypt01:06:09
industry please note that it may continue01:06:11
about 15 years until they accept some01:06:13
laws in the crypto industry like this01:06:18
looked like the machine that was processing01:06:19
credit inquiries in the 1950s and me01:06:22
made the picture quite small01:06:23
Sorry01:06:24
visas made this device better even now01:06:27
we already have these payment cards01:06:28
terminal and which we all know about the role01:06:32
money we already talked so I01:06:34
I'll skip this slide01:06:35
however, we will now talk about01:06:37
characteristics of money what it is made of01:06:40
good money they are durable and it's very01:06:43
the important thing is that they don’t break because01:06:45
albeit not like in the example with salt before01:06:47
if it rained a lot then she could just01:06:50
dissolve gold silver various01:06:52
the metals are very durable which is good01:06:54
portability01:06:55
the heavier the metal, it's harder for everyone01:06:57
carry around therefore the gold in this01:06:59
plan was more fortunate than for example01:07:01
silver or copper or bronze01:07:04
divisibility money had to be distributed01:07:07
a lot of people need them01:07:08
competently be able to separate they must be01:07:11
unified and exchange them on loan and01:07:13
if you want to dive headfirst into this01:07:15
topic, I recommend you read the book01:07:17
ukrov for the sake of against the royal bank01:07:20
1749 there was once a gentleman in01:07:25
early days of paper money who took01:07:27
and mailed two 20 bills01:07:30
pounds and he wrote his own on these bills01:07:33
their name was lost in the mail and he turned01:07:36
to the court to declare that as soon as01:07:38
banknotes with his signature will be found so that01:07:40
they returned it to him because it was his money01:07:42
and at that time there was no law yet01:07:44
what to do in such a situation01:07:47
Scotland is not in England, however, if01:07:49
you have had some piece of art stolen01:07:51
they would return it to you if you found it and in01:07:54
1749 then they passed a law on this and that01:07:57
what if money doesn't find it for you?01:07:59
return anyone wants to think about it01:08:02
why such a law was passed01:08:03
a question of primary interpretation because01:08:05
Let us once again recall the earlier laws in this01:08:07
there were no areas at all01:08:09
compliance, it was necessary to accept a new one01:08:11
the law and why did the court decide what01:08:13
art returns however the same01:08:16
is not done with currency it is related to01:08:19
fundamental characteristics and fiat01:08:21
money01:08:22
anyone guess why01:08:24
legislators did exactly that01:08:25
could have done it differently but they01:08:27
we did that, but how did they know?01:08:29
what does he really send by mail01:08:30
he signed the bill, that is, it was01:08:33
it has been proven that the bills were signed by me01:08:36
I'm just telling you not to get confused01:08:38
good opinion but he signed these bills01:08:41
they couldn't afford this money01:08:43
be used as a medium of exchange if01:08:45
if they belonged to some person01:08:47
in general, if we go back in history and01:08:49
we honor the court case itself, it’s like01:08:52
if that’s what the court said, that is01:08:55
we have to make money01:08:56
they were invented as a medium of exchange and money01:08:59
for the common good as if society01:09:01
accordingly they must be mutual01:09:04
we change them so that they are correct01:09:06
function and also pan scotland01:09:08
was closer to the judge than of course this01:09:11
gentleman but in general the banks said that01:09:13
that they cannot record and maintain01:09:16
reporting which banknote is for whom01:09:18
belongs01:09:19
and now we are talking about those banknotes01:09:21
specific which signed yes yes yes01:09:23
hands and also serial numbers on the money01:09:26
and they signed here in 174901:09:29
a little different from today of course01:09:31
they are acceptable as a method of payment and they01:09:33
steadily we will talk a lot01:09:35
about the last one remember that they01:09:37
Bitcoin cryptocurrencies are also stable and they have01:09:39
there is also this characteristic design01:09:43
money also plays a very important role01:09:45
we can make money like token token this01:09:47
something physical01:09:49
or the money can simply be written down01:09:50
virtual accounts and we are already living01:09:53
in a world where money is easy01:09:54
money can also be written down as01:09:56
physical and digital they can01:09:59
be issued as a private sector as01:10:01
early banknotes either the same as bitcoin or01:10:04
can be issued by the central bank01:10:06
two options money can widely01:10:08
either they can be used like this01:10:10
say only to be given out01:10:11
wholesale the best example of wholesale money is01:10:15
us federal reserve which can01:10:16
be issued only to other commercial01:10:18
for banks we will study this one01:10:22
money flower later but I added it01:10:25
now because I didn't create this one01:10:27
money flower you will have reading about01:10:30
Bank for International Settlements a little later01:10:32
this one will also be used there01:10:34
the flower here has several characteristics01:10:36
is money still not zero?01:10:37
are they released cb is not01:10:39
digital and use or they are in01:10:42
to the general public and any form of money01:10:44
falls into one of the categories here01:10:46
money flower there is a professor city01:10:47
who invented this thing and later our01:10:50
semester will be for such voluntary01:10:52
reading on this topic you did at home01:10:56
assignment to read an article on this topic01:11:00
I don't have time to get it all exactly right01:11:01
make out but which of you knows why everything01:11:03
these are the currencies digital currencies01:11:06
why they were unsuccessful and how01:11:08
failed you read the article before01:11:11
Has anyone else read the article on Here I Am01:11:14
I don’t remember your name don what do you understand zone01:11:17
What is the ozone zone? What did you understand from01:11:21
articles what is the main or main two reasons01:11:23
failures and these currencies01:11:24
Well, first of all, they were in some form01:11:27
dependent on some central zatarra yes01:11:29
that's right, first of all it was what they01:11:32
some others were centralized01:11:34
important reasons lind that you think them01:11:37
it was very difficult to adapt to01:11:38
traders and under some kind of general01:11:40
sellers yes absolutely true that too01:11:41
a very important point if there is any other01:11:43
the third reason for which let's say I decided01:11:45
bitcoin which other currencies haven't solved well01:11:48
for example there may be centralization01:11:50
ledger is what bitcoin decided and01:11:52
this didn’t happen to others but that’s right01:11:54
decentralization that other currencies do not01:11:57
could solve the problem of double billing01:11:59
yes that's right, this is the name I wanted01:12:01
hear the problem of double counting then01:12:03
there were no other currencies01:12:04
prevent what we could have done01:12:05
two payments from the same amount then01:12:07
there were four problems in general01:12:09
the first is that their area is difficult01:12:10
adapt to traders or lose01:12:12
the store itself they were centralized01:12:14
also could not solve the problem of double01:12:16
payment and there were problems with consensus and in01:12:18
Let's talk about this topic very quickly01:12:20
but we have virtual mobile payment01:12:22
were still successful, for example paypal01:12:23
which was founded in 1998 and in01:12:26
Norway was the company Ericsson01:12:27
veterinarians this was the first mobile01:12:29
application but is used to01:12:31
download movies to your phone in 199901:12:36
entered the market from companies also here01:12:38
there is a Lipene company we will often be01:12:40
talk when we touch on the topic01:12:41
payments and also to Pace companies which01:12:44
came out in 2007 and from remember we01:12:45
talked about this last week where01:12:47
people transfer money to kenya well01:12:50
They practically transferred money01:12:52
mobile minutes that were like his01:12:55
money ribbons in Kenya of course now01:12:57
there is a lot of regulation on this topic, but this01:13:00
it doesn't matter anymore01:13:01
then we got it in 201101:13:03
starbucks01:13:05
Well, then the race began between01:13:06
other applications who will make the most01:13:08
the best mobile payments in this already01:13:10
you know one of the key features01:13:12
which we will consider in each01:13:14
virtual currency in everyone abundantly01:13:16
payment application we will look at01:13:18
where exactly is the value stored and this01:13:21
quite a difficult question because01:13:23
when I consider something new01:13:24
application or check out the new one01:13:25
service and sometimes I get confused about what01:13:28
exactly what happens whether they store ours01:13:31
means or are they just a provider for01:13:33
so that they move the means01:13:35
back and forth in some other01:13:37
to the outsider jerry and many of these01:13:39
applications such as mps or01:13:42
starbucks app they do it themselves01:13:44
because they save and are stored01:13:46
value, however, many of these01:13:48
applications just do what01:13:50
they move assets to some others01:13:52
accounting books elsewhere and even01:13:55
with the advent of these applications of these systems01:13:57
and we still have a mystery as to how01:13:58
move money from person to person without01:14:01
some01:14:02
central zatarra and I asked you to01:14:04
next lesson that is until Thursday01:14:07
read this and I wouldn't mind it and01:14:10
I wouldn't be afraid to read it because there01:14:13
everything will be clear enough Satoshi01:14:16
Nakamoto wrote a document which all of01:14:18
you will have to be understood because you01:14:21
are here wash some of01:14:22
you happened even at Harvard so you01:14:25
you will understand at least half maybe01:14:27
even two-thirds of everything she wrote01:14:29
this documentary is super technical and there01:14:32
only 8 or 9 pages01:14:33
I'm also behind the houses of the national article01:14:36
Institute of Science and Technology so that you01:14:38
got acquainted with it there are about 20 pages01:14:40
to read the question will be01:14:42
is this bitcoin and we01:14:44
let's skip the questions to the next one now01:14:46
lesson because their essence boils down to this01:14:47
like cryptography and how01:14:50
we use timestamps01:14:52
Let's dive into the details right in the following01:14:54
I couldn't do three lessons very deeply01:14:57
visit all this the whole semester however01:14:59
it's Thursday there are the next two lessons01:15:01
next week will be dedicated to01:15:03
exactly no01:15:04
if you have any questions01:15:05
you can come to me without any problems01:15:06
ask me somewhere to sleep Sabrina01:15:08
she still sits very well too01:15:10
understands perhaps even better than I do01:15:12
our blockchain technical advisor01:15:14
Madar was here last week01:15:17
I know here with us today but he is01:15:18
part of the digital currency movement on01:15:21
over the course of three lectures we will01:15:23
discuss what cryptography is and01:15:25
why cryptography is important how01:15:29
time stamps are set and how01:15:32
how to use bitcoin as money01:15:33
transaction occurs before you can specify01:15:35
final question you can answer us01:15:37
to a question from the last lesson about the most01:15:40
old blockchain I can answer this01:15:42
but the task was due to you before Thursday01:15:44
it’s not you who needs to prepare for this01:15:46
spoke today on Thursday01:15:48
what is your name carolina outskirts am i01:15:52
I say that for today yes but maybe not01:15:54
today who will not write down this is what01:15:57
I said so I answered today if01:16:00
you want, but someone in the class already has01:16:03
is there an answer to this question yes it is a service01:16:07
which is called sharite anon he started01:16:10
work in 1995 somewhere it was01:16:14
service for digital documents with01:16:17
specific time stamp and that they01:16:19
did they use a hash function to01:16:22
in order to put01:16:23
some temporary seal that indicated01:16:25
time when01:16:26
the document was created and then they01:16:28
collected all these stamps every week01:16:30
together information about this by the way01:16:32
published just in the New York Times and01:16:36
so garanina it’s good that you asked this01:16:40
I thought this was a question for Thursday but01:16:41
thanks erased Hayward and his colleague01:16:45
bell labs I chop off cryptographers with a grater and01:16:49
he wondered how it was possible01:16:51
notarize documents in01:16:54
digital form and we will talk about it very much01:16:56
a lot to say on Thursday but in general01:16:58
they use something like01:16:59
hash function they were just trying01:17:04
notarize certain information and01:17:06
in 1995 they were entrepreneurs they01:17:10
opened a company in hustle and bustle and once a week01:17:13
they publish this information in new york01:17:16
Times and they still do it you01:17:18
you can buy the New York Times edition for you01:17:20
on Saturday and Sunday she goes out and01:17:22
it's in the classification section01:17:24
them there is a hash function which we are talking about01:17:26
we learn about Thursday and this hash contains01:17:30
to yourself all the previous information so01:17:33
they put temporary seals using01:17:35
New York Times and they use01:17:37
cryptography and this thing already exists01:17:39
23 years old, that is, they get it01:17:42
It’s like a new block appears every once in a while01:17:46
a week yes everything is correct because the block01:17:48
than bitcoins contain about 55001:17:50
thousands of blocks and everything here is exactly that much01:17:52
block how old is 23 years old?01:17:54
multiplied by conditionally 52 weeks thank you01:17:57
I'll be waiting for you at the next lectureDescription:
Вебинар «Х10 быстро и безопасно»: https://cryptus.education/webinar Хочешь узнать, как заработать свой первый биткоин? CRYPTUS ACADEMY поможет тебе в этом: https://t.me/+RMGXNGgPWORlN2Fi Присоединяйся к нам на ₵ⱤɎ₱₮Ʉ₴ media! 📢 Telegram канал: https://t.me/CRYPTUSMEDIA 💬 Telegram чат: https://cutt.ly/LvtmyCd 📃Твиттер - https://cutt.ly/zvtmQs1 Вторая лекция профессора Гари Генслера MIT, блокчейн и деньги. Если первое видео было вводной частью, то второй видос очень насыщенный и переполнен полезной и ценной информацией. Здесь речь пойдет о том, что такое деньги во всех их формах, о системах учета или так называемых ледгерах и немного коснется биткоина. 🎥Оригинальное видео: https://www.youtube.com/watch?v=5auv_xrvoJk 📚Полный авторский курс MIT: https://ocw.mit.edu/15-S12F18%E2%80%8B/ Становись нашим партнером и получай приятные бонусы! Nominex - место в нашей фарминг команде и $50 бонус на комиссию: https://nominex.io/?r=64329 Binance - лучшая биржа и кэшбэк 5% с комиссии. https://accounts.binance.me/ru/register?ref=P7C4TQEQ Huobi - широкий выбор активов и кэшбэк 5% с комиссии. https://www.huobi.ge/ru-ru/topic/double-reward/?invite_code=z77h2223&t=1625834679929 Получить $50 для торговли на Polysynth: 5615ab85 Рекомендуемые средства хранения крипты: Холодный кошелек Trezor - https://bit.ly/3rkitd0 Холодный кошелек Ledger - https://shop.ledger.com/?r=51adce18e2bf Поддержать наш канал: https://donatty.com/cryptuschannel ⛔️ CRYPTUS напоминает Наши видео создаются в образовательных целях и не содержат финансовые рекомендации. Команда CRYPTUS призывает каждого проводить свой собственный анализ проектов. Мы не несем ответственности за возможные риски, дампы, раг пулы, скамы и прочие термины с убытками. Следуйте своей стратегии, соблюдайте риск-менеджмент и проводите анализ. Всем профита!
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You can download a video to your smartphone using the website or the PWA application UDL Lite. It is also possible to send a download link via QR code using the UDL Helper extension.
How can I download an audio track (music) to MP3 "2 лекция MIT - деньги, леджеры и биткоин, Гари Генслер - русская озвучка | Cryptus"?
The most convenient way is to use the UDL Client program, which supports converting video to MP3 format. In some cases, MP3 can also be downloaded through the UDL Helper extension.
How can I save a frame from a video "2 лекция MIT - деньги, леджеры и биткоин, Гари Генслер - русская озвучка | Cryptus"?
This feature is available in the UDL Helper extension. Make sure that "Show the video snapshot button" is checked in the settings. A camera icon should appear in the lower right corner of the player to the left of the "Settings" icon. When you click on it, the current frame from the video will be saved to your computer in JPEG format.
What's the price of all this stuff?
It costs nothing. Our services are absolutely free for all users. There are no PRO subscriptions, no restrictions on the number or maximum length of downloaded videos.