2. Money, Ledgers & Bitcoin

MIT 15.S12 Blockchain and Money, Fall 2018 Instructor: Prof. Gary Gensler View the complete course: …


  1. I felt a lot of people there still didn't get what fiat money was. At least one erroneously said, you can't print money out of thin air. Yes, you can! Any country can print as much money as they wished, nothing rules prevent them to do so, but since money itself is a commodity with value, the more you print of it, the less value will ultimately have. So money is basically subject to supply/demand laws.

  2. Bitcoin is potentially risky for governments because it cannot be controlled by them thus making it attractive for illicit activities. Conversely, this portraited as a competitive advantage by the crypro maximalists. If the uncontrollably is outlawed by governments this will make crypro practically no different to the fiat system we have now.

    Crypto puts the social stability at risk. If there's no control there's anarchy. And most people will not like anarchy.

  3. Surgeon General puts a tiny warning on products that can cause you to lose your life…Why does the SEC feel the need to do more than a tiny warning on something where all you can lose is some money?

  4. The general ledger is the final draft of your sub ledgers or known as your general journals. the general journal is more of a rough draft verison of the final draft that is your general ledger. Payroll is a seperate book. Kids at MIT dont know anything.

  5. Fiat currency is extortion by the state in order to use a share of economic output for its own ends. Method. Taxation in the currency. You pay the tax or go to jail. But the good news is the state will provide you with the currency as long as you work for it. Distinctive feature. : State has to spend before it can collect the tax.

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