5. Blockchain Basics & Transactions, UTXO and Script Code

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


  1. I would like to hear his opinion on whether making crypto more friendly for accredited investors over retail is a good idea.

  2. Therefore BITCOIN is centralised due to miners ? consensus method is better, with no incentive (that's the best incentive)

  3. Satoshi Nakamoto is definitely not a group or govt body cuz then it is impossible to keep secret of who they r when theres so many ppl involved someone will spill the beans… and the fact that those 2 million BTC in Satoshis wallet havent even been spent yet proves its just one person otherwise someone would have touched that money…. looks like MIT ppl arent that smart after all

  4. "Like eating brocolli" – is having an unhealthy body now cool ? Or is that what big pharma and big agra want you to believe ? Well I ate my brocolli and enjoyed it and studied Antonopolous's great book – never looked back. Central Banks are the GMO of the financial world.

  5. Nick Szabo cannot be Satoshi. I know it may sound stupid but ive know satoshi as a pokemon trainer before i even knew about bitcoins and cryptocurrency. yes there was probably a hype of pokemon lover during the early 20's. Satoshi was definitely a pokemon lover and nakamoto sounds too japanese! so nah he is not a japanese… just a fan!!! Definitely North American, i would say a close associate of Nick Szabo. looking back how international social learning was tough back then, how can any other country acquire the idea of bitgold indepth which was very insignificant during that time if not together in an environment of precursor idealist. Maybe satoshi was that japanese associate working together with Nick szabo.

  6. one thing ill note from the students, assuming theyre smart (not necessarily all are), and giving some allowance for english not being their first language, you can see how one can be knowledgeable but being so damn poor at expressing and communicating their thoughts and ideas in a succinct coherent manner. half the time theyre blabbing about nonsense. either they think they know but they dont and are just spouting nonsense for participation marks or they just wanna appear smart (yes unfortunately its still a thing).

  7. Last about 40 min of this module is great. Students realized that not all of them had understood all those features very well yet and started asking basic and fundamental questions. They helped deepen my understanding about technical features of Bitcoin.

  8. What a wonderful lecture on blockchain and bitcoin. I have a question though, when it is said that the transactions have been spent does it mean the coins in circulation? It cant vanish.

  9. So, as I can understand, UTXO is dust of bitcoins, let's called a few satoshis that were awarded on coinbase or fees, that are so miniscule that are not worth spent them until they have some value in the future, and this UTXO, that are transactions outputs are stored in a seperate database in the bitcoin blockchain. What else did I miss ?? I might read further later.

  10. Hash function is a computation that transforms arbitrary length data into a fixed length output (the hash). E.g. for SHA256 the output is 256 bits of length. Goes without saying that if you hash the exact same thing twice you will get exactly the same hash (it's a function after all). However what hash functions also satisfy is that a small change to the input data (e.g. changing just one bit) should change the output in an unpredictable way. In other words hashing two similar inputs will not produce two similar hashes. If you have two inputs and you compute their hashes and then compare them: 1) if hashes are different, you know for sure the inputs are different as well 2) if the hashes are equal, there is a very high chance the inputs are the same as well. For instance, in case of a 256-bit hash, there should be roughly 1/ 2^256 chance for an accidental hash conflict. A good hash function should also be irreversible, meaning it shouldn't be possible to draw any conclusions about the input based on the hash output for that input. That last property is key for proof of work. If it wasn't satisfied, it would be possible to compute solutions faster than by blind trial and error.

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