Conclusion from watching this: 1)the students are inaudible either because of foreign accent or volume&background ruffling 2)Gary has all the answers to any question and they will be discussed thoroughly on the ever looming Thursday 3)compression of data & hash are king No really this is an amazing seminar..highly recommend watching all of his lectures. This tech is the future and we must get familiar with the fundamentals to understand why.
good call. I like the directions for new employees. "you’ll see PRET and Au Bon Pain on the corner. Make a left in between both, passing the Auntie Annie’s and keep straight towards McDonald’s. Once you get to McDonald’s, make a left" (These are all restaurants. Auntie Annie’s is pretzels I think.)
@@quantumuniversetvinc.6117 I just get a kick out of the directions on I guess the SEC's website. They're talking about walking inside Union Station in Washington, D.C.
That guy in the purple T shirt at the front 😂 he wished he was anywhere else in the world than sat in the front of that class. He couldn’t wait to get out, check him out at the end! 😂😂
These free courses from MIT are always great! One thing we tell our blockchain developer students is to spend time on coding with Solidity, Rust, etc and the concepts will be much easier to grasp.
I really love Gary's teaching style and when he's on a subject he knows well, he's truly amazing. Having said that, he does tend to get some little things wrong when answering questions about the mathematics/computer science topics. I don't think it makes much of a dent in the incredible value he's delivering with this course, but it's worth noting that one should take his answers on the aforementioned topics with some grains of salt.
gas is a separate thing from the smallest amount of eth , wei is the smallest amount , gas is what you pay transactions with , and it's cost is variable in wei, gas is invented to separate price of eth from cost of transactions , to insert a modifiable/variable layer , it could've easily be wei but gas is a good idea/solution , price of gas depends of usage/no. of transactions , wei/eth price depends on markets
he literally says he just learned the technical stuff. you nerds aren't cool for pointing out he's wrong about some of the details. talking for hours twice a week and saying nothing incorrect is hard. you ever teach all this technical prowess you show off on yt?
I think he does a great job. You can tell he understands finance and is a bright academic. This is unchartered territory and I appreciate these lectures being made public.
Also i think this lectures are a couple of years old. It is easy to judge the information now since there s so much more data available involving crypto.
You are the best MIT, always finding useful topics with great teachers to learn, proud to see how education is becoming open-source, society will have a better education and in the future, this will lead to faster development and world consensus
My man at 41:00 coming in clutch had the same question or a similar one first time I wasn't annoyed by the amount of question cause this man saved my life
Regarding sequestering part of the internet as a forced fork, we do have at least two mining rigs in satellites, potentially reducing terrestrial threats of this nature.
I don't think that does anything really. One mining rig in a satellite is just as insignificant as one mining rig anywhere. Only thing that matters is the number of participants in each fork and also the social consensus surrounding it.
Too bad the questions were not saved for a separate class. This particular class was less lecture more Q&A. The questions detract from the lesson for myself.
Guy in pink striped shirt must’ve been hungover/no sleep, struggled to pay attention and immediately stood up to leave once he knew the session was over.
Your Bitcoin address is actually your public key. You use your private key to sign signatures for transactions. The public key is the "address" where your Bitcoin is stored in the network.
So, in a hard fork like Bitcoin Cash, the initial(black) blocks will be in bitcoin native currency and later(purple) blocks will be in bitcoin cash native currency? I mean, in bitcoin cash chain what is the first block? the first purple block or the first bitcoin(genesis) block?
This was somewhat painful to watch, though grateful for MIT sharing (Im an MIT alum on Edx) but asking generally uninformed students who are merely learning so many questions, while they are not mic'd up to boot, makes a very frustrating experience in a recorded mass shared lecture. Would have far preferred all questions at the end and the course materials presented. Just an opinion, still grateful for MIT to share material.
What I don't understand is that the more miners on the network, the higher difficulty of mining (he showed the graph). but the rate of generation of blocks doesn't change (1 block roughly every 10 minutes). So that means no matter how much we increase the number of mining rigs, two things don't change, 1- transaction throughput of the blockchain (~1500 transactions every hours), and 2 - the rate of generating bitcoins (before halving periods).. This basically means that mining has become a competition in which you just try to have a bigger slice of the pizza (the mining pools chart he showed) to have a bigger chance at winning. But it doesn't mean the reward has improved.
As the monetary value of a bitcoin increases. miners will have incentive to 1) invest in more equipment/electricity usage and 2) join pools. 6.25 bitcoins last year is not the same as 6.25 bitcoins right now. That's ~$70,000 vs ~$290,000 per reward. Huge incentives. Likewise, if the value of BTC decreases, miners will use less electricity and even consider selling some of their equipment because the incentive has reduced. When this happens, mining difficulty will reduce, and smaller groups of miners have a better chance of accessing the reward. While this reward will be valued less (because at the time the 6.25 BTC reward would be valued less), to this smaller group with fewer resources, the reward is worth it. That's the "mining equilibrium" as I understand it. I could be completely wrong.
@@bobsondugnutt7526 but what about the time when the last coin was mined? What reward will the miners receive? I understood that, next to the coins, miners also receive some fees from transactions they successfully validate, but it's something very small when compared to the actual reward (e.g. reward is 1 BTC and fee is 0.0001 BTC). If you remove the coin part from the reward, that leaves only transaction validation fee. So, miners will either accept to work for much smaller reward or the fees will increase, which will increase the cost of doing crypto transactions and it will definitely make people lose interest in it.
They've all got the network part half wrong. Overtaking the network refers to the crypto network (ethereum network, bitcoin network, etc.). Those networks exist independently to the Internet, greenwalls or any other. By overtaking the network we talk about overtaking the crypto network by hoarding hosts and push fake transactions, or forks of any kind.
To any young kids watching this who think they aren't smart enough to go to MIT, this class shows you probably can if you want to, this is like every high school class where 10% do the reading and answer questions and the rest are thinking about their social lives and half asleep. And that 10% aren't necessarily geniuses either.
The guy in purple t-shirt who stood in front of the professor is Satoshi Nakamoto and as professor Gary asks this question to find out who he really is, Satoshi goes with a smirk on his face muttering "Yare Yare". Insert anime background music.
37:20 Thats a intersting situation to pay attention to! In the future, governments give up going agaist bitcoin and each country decides to hard fork the chain and have its own currency. We would have the China bitcoin, American bitcoin, Europe bitcoin, ...
I don't think manipulating the internet itself is as big of a security threat that student (Alin?) seems to think it is, as the actual information of the blockchain is stored on the various nodes and hardware machines that are connected to the blockchain via the internet. You could disconnect all the nodes and the information up to the point of disconnection is not lost. In the hypothetical situation where an entire country tried to ban the blockchain, all you'd need to do is transfer the blockchain information stored on the various computers to another country and reconnect. The blockchain would verify the previous blocks and reintegrate without much of an issue, as far as I can tell.
What he's referring is that if the network is manipulated you can't manipulate what blocks will be added to the blockchain so the other blocks won't be delivered to the network
The simple answer is for mining nodes to use VPNs to networks outside the country. But most countries that ban BTC also have a means to isolate and disrupt VPNs that are routed across terrestrial paths. The answer to this dilemma is satellite access to networks outside the terrestrial gateways. Starlink is one such means. Blockstream is another.
Voting in a democracy is a Byzantine General’s problem. Blockchain offers a method to gain more accurate voting results and come to a 50.00001% consensus more quickly. In the extreme, proof-of-work by every participant also makes the voting process more secure.
Curious that what will happen when the miners find the same 18 leading zero with difference following. Or no matter the following, who found the first 18 leading zero win with block?
Basically it's a race - if two miners find a solution at the same time, it will result in two blocks competing for being the new head of the block chain - let's call them A and B. Now all nodes on the network will have a choice of whether to accept A or B as the actual head and whether to append their next mined blocks to the branch with A or B in it. How they decide that isn't really that important - they could randomize or they could pick one that they found out about earlier. The key idea is that over time one of the branches - that containing A or that containing B will form a longer continuation. Nodes on the network will no longer invest their resources into expanding the shorter branch and it'll become stale / dead. So essentially over time either A or B will win and the system will become consistent again.
Love this course but thus far there has been quite a bit of misinformation on the technical side. E.g. in previous session there was an articulation on only TX are hashed, that’s not true. In this session the lecturer continues to refer to the split chain that is part of mining and PoW as hard fork, that also isn’t correct. Hard forks are fundamental changes to the code that would require creation of a completely new chain (new blocks can’t be committed to the same chais because they are no longer compatible) as opposed to soft fork where the code is upgraded but the chain could sustain. There’s a bit of lack of knowledge on setting the difficulty, the address, cryptography, etc. I very much enjoyed the 1st couple of lectures but recommend lectures 3 and 4 be validated (and maybe the following sessions as well) by a blockchain expert.
He has expressed he is 8 months ahead of his students. He also stated MIT asked him to present this class. Lectures are often asked to present topics outside of their experience and expertise, he’s here sharing what knowledge he’s acquired. Common practice in universities. He often asks students to share their knowledge and knows he knows nothing comparatively. See it in his face occasionally.
Time (VDF:Verifiable Delay Function)was the missing piece for the proof of space (hard drives) concept. Therefore creating the more efficient more random blockchain in chia while still using the Nakamoto consensus.
If you mine to a pool you inherently use a node. Every miner runs a node. How would you know which block to build on top of if you don't run a node? How would you know which transactions to include if you don't run a node? The professor is wrong when he says there are miners who don't run a node.
If eventually bitcoin caps at 21mil and miners stop mining and validating does that mean transaction can't take place and therefore the network would become unsustainable?
So mining will stop at the cap but validation as to keep happening to sustain the network. Remember the block-chain has to have "blocks" of data which have to be validated (consensus) to be added to the chain. I hope I somehow answered you! :) #keepresearching
Is the cap already reached in 2040 like this video says (after 1 hour and 1 minute) or no earlier than 2140 as many other sources on the Internet state? Also if it would stop in 2040, that would be after only 8 halvings in total and there would only be 20.9 MBTC, not 21.0 MBTC yet.
23:38 How to not use the same public key twice? If i have 5 btc on my bitcoin adresse 1234. I send 1btc from my adresse 1234 to a friend. Then how I am suppose to use the remaining 4 on 1234?
You have one master private key (wallet) from which you can derive several private keys. Each private key generates one public key (address) that you have control over. So what some wallets do is that when you spend bitcoin, it generates a new address. So then your transaction will say "Send 1 bitcoin to [friends address] and 4 bitcoin to [your new address], from address 1234, signed by private key of 1234". When the signature is verified, your friend will get 1 bitcoin and you will get 3.99999 bitcoin (remember, there is a transaction fee).
he says it wrong, its only the public key, not private key for recieving that should not be used twice. that public key automatically refreshes after you recieve coins to your last public adress (atleast with trezor wallet ui)
38:14 - Bitcoin, Etherium, "XRP"! For each Blockchain there's a "NATIVE CURRENCY"! - Gary Gensler "XRP IS A CURRENCY NOT A SECURITY"! BOOM! 🤯 END THE LAWSUIT AGAINST RIPPLE!
He's a PhD in computer science and mathematics, why wouldn't you want to hear his extremely educated view point on the subject? Don't be so close minded.
@@Ryandcreations He disrupted the flow of the lecture to expound on ideas unsolicited and in a fashion that didn’t respect the boundaries between lecturer and student. He could have easily waited until after the class. The lecturer wasn’t saying anything incorrect as far as I know. I’m not being close-minded. Be less accusatory-you don’t know me.
Is Gary going too go down in history as helpful or detrimental to the crypto world in his new role at the SEC??? Everyone assumed he was such an ally due to his deep understanding however I fear his politics may get in the way I hope I'm wrong
A question: Since the blockchain is append only, and stale blocks are formed ( however rarely) how come one block divide into two chains, i.e., how do two blocks get added to the same previous block?
According to my knowledge, you are talking about SOFT FORK. It's created when both the computer solves problem aka mining at the same time and both the blocks are valid to be added. The problem is solved after another block is added on the nodes, one who solves another block first is the winner and that computer is rewarded. Lossing computer's block is discarded. The blocks now are not divided forming one body chain.
