MIT

bandoonparade

Dude has also been a partner at Goldman and a professor at MIT. I've heard those jobs pay pretty ok. It's not like he's been some line govt worker for the past 15 years and *somehow* made money. There's lots of legitimate reasons to hate Gary as the SEC chairman. No reason to also imply that he's somehow a criminal.

lj26ft

JPM tried to buy them they wanted 50% Ripple refused. The meeting where JPM executives showed up in Brad's office is documented. Gensler is also on video in his MIT course talking about having to give up ownership to the big banks already in those markets. When they didn't they were attacked by Sullivan & Cromwell and JPM through the SEC.

moarnao

Ok, so I hate this guy like everyone else. . . But you do have to ask yourself where the fuck this guy even came from. Like, he just suddenly showed up on TV in interviews a few years ago, suddenly a billionaire, suddenly getting everyone's attention?? He's a tech bro from MIT. How did he even know how to start up this company, base himself in the Bahamas, organize all these layers of trading companies sending funds to each other?! He's literally some 30 year old with the business sense of a 55 year old scammer. The layers of fraud and balance sheets he had to show people. . .where does a tech bro even learn any of this?? I dunno. I think it's a little too easy to just blame SBF. Yeah, he should go to jail but Brett Harrison (or whatever the old CEOs name is) should be on trial too. And clearly some people with hardcore business acumen helped SBF and Brett set the company up into the fraud it was. It's one thing for a few million dollars to float around before someone gets caught. But these were Bernie Madoff levels of cash flying around before FTX was caught?? Bullshit. SBF couldn't orchestrate this all himself. And someone helped put him in front of all those cameras, news agencies, etc really fast. . . That guy had major help.

throwaway345t632

All is not as simple as it's made out to be. 1) People who were early on Bitcoin were making one among many irrational choices. They were not all geniuses. Many other projects they invested in, and things they tried, were failures. I'm talking the druggie types and trust fund types who thought they were "alternative", etc. 2023 people are different from 2013 people. 2) People who poopooed Bitcoin early on were not all idiots. It was far from obvious that this monetary experiment would work. It was just an experiment and time would tell. MOST forms of electronic cash had already failed by the time Bitcoin was created. Points (1) and (2) above are about TIME. Things are clearer about Bitcoin now then they were in 2013 when it was mostly just people buying and selling drugs. Bitcoin is different and more proven here in 2023 than it was in 2013. 3) What Blackrock and other investment banks say about Bitcoin may not be necessarily what they believe to be true. I've watched Larry Fink being interviewed. He's got a lot of things up his sleeve. People in his position don't just reveal their strategy to the TV. Maybe he was against Bitcoin but not really. Maybe now he's for Bitcoin but not really. All you can be 100% sure about is that he's looking after Blackrock's interests. 4) The only consistent enemy of Bitcoin from 2009 until today was and is Gary Gensler and the machinery of fiat central banks, including the US government. He comes out of that CIA/MIT thing and he's going to drag his heels and conspire every step of the way to bring it down. Blackrock is not incentivised to do that. Gensler is a Democrat powerplay. These guys are lifelong enemies of the cyberpunks.

chimpay19

Also, if your friend actually understood the technology he would be a firm believer in the product. I think the super majority of the world is either not smart enough or does not want to understand the inner workings of bitcoin/blockchain. I've taken courses offered from Oxford and MIT on blockchain technology and it truly is incredible and will change the way normal business functions... but it will happen behind the scenes and you wont notice the difference... back to BTC price, there are many sound counterarguments to your friend including risks against (well, a lot of things), institutions allocating a small portion of their holdings to capture market exposure, simple supply/demand economics, etc.

BitcoinBeatsTyranny

I worked at ICE in 2019. Intercontinental Exchange(ICE)- the company that owns the NYSE. I was telling my new boss (MIT grad) about the halving approaching and how it was a good chance that the bitcoin price would take off similar to 2017 bull market. He had never heard of halving, after I explained it he said ,"but market probably already knows that right?" to his credit he quickly said, .."but I guess I didn't so maybe you have something". Most people have no idea.

maxcoiner

Then read this investor's report and spread it to people who should understand it better: [https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf](https://ceepr.mit.edu/wp-content/uploads/2023/06/MIT-CEEPR-WP-2023-11.pdf)

Simke11

I guess we'll see if he does. If I remember correctly people were initially bullish on Gensler because he taught blockchain at MIT, and we know how his appointment turned out.

farkinga

Absolutely not. Swartz was using a university IP address to download journal articles from JSTOR (because the articles were freely available to students). MIT found out, JSTOR found out who was behind it, and the prosecution were rather zealous in their pursuit of Swartz. Reddit was already in the distant past and he had moved on to Open Access considerations that extended far beyond this social media site.

jeter880

It trips me out he taught a Cryptocurrency and Money course at MIT. The corruption is astonishing! He should be getting crucified for his blatant hypocrisy, but instead 'don't worry nothing to see here'

NoPea1663

There are commissioners in the SEC that disagree with Gensler's management style. He can't answer simple questions at the Financial Services hearings. He teaches Bitcoin at MIT and never even purchased a dollars worth of BTC. He was in bed with SBF. He arbitrarily rejected all spot Bitcoin ETFs. He was sued by Ripple and Grayscale and lost. He calls every crypto exchange fraudsters. Investors lost billions on his watch.

Hope_for_tendies

If it was that obvious of a scam it wouldn’t have gone on so long and no one would’ve invested with them. It would’ve never got off the ground. I don’t think their genius is secret . He has a degree in physics from MIT which is one of the hardest schools to get into . Whether or not he bought his way in he didn’t buy his grades. Also he has aspergers which often comes with above average iq .

Yattiel

I like that it's created from bitcoins main premise, but with a few things made better that weren't known back when it was created. I really like that it's Harvard and MIT grads at its helm. It's kdx wallet works amazingly. And the dagknight protocol is a top runner for cryptocurrencies speed and efficiency. From its website: "Kaspa is the fastest, open-source, decentralized & fully scalable Layer-1 in the world. The world’s first blockDAG – a digital ledger enabling parallel blocks and instant transaction confirmation – built on a robust proof-of-work engine with rapid single-second block intervals. Built by industry pioneers, led by the people."

VeludoVeludo

While I cant quite put a handle on the current day Gary, It's worth typing his name in youtube. His MIT course is surprisingly balanced and good crypto education.

turick

No problem. If you want a really deep technical dive, checkout this fee MIT course. https://youtube.com/playlist?list=PLUl4u3cNGP61KHzhg3JIJdK08JLSlcLId&si=RnWVcftAykWNLWFv

jennyYESs

Gary worked with Caroline's father when they both taught at MIT. Something is for sure fishy here and I want to see how this shitshow unfolds.

WaitDontKillThatBaby

The MIT course with Gary Gensler is free and surprisingly informative. It’s interesting to watch him present the lectures as a crypto neutral instead of his current anti crypto position

TheCryptoAccountant1

Check out his lecture at MIT on YT for free

Jaxelino

Pretty sure he's not really "against" Bitcoin but heavily against every other shitcoin. I remember in one of his MIT classes he mentioned he's keeping a neutral stance. Perhaps singlehandedly declaring Bitcoin a commodity is not within his reach.

DaVirus

He is not on anyone's side but his own. That said, he does know what he is talking about. The dude gave MIT classes on the topic for fucks sake.

Oheson

There is no way Gensler does not have Bitcoin. I watched his MIT lectures and the glow in his eyes while explaining it shows someone who is fascinated by it.

GuyWithNoEffingClue

There was a warning a least 4 years ago about Deep Fakes when MIT introduced their Deep Learning Course with a completely AI generated speech from Obama. Since then, it seemed only considered as a far-in-the-future kind of problem when even mentioned. Here we are, in the Fake News Era with Deep Fake videos of industry and political leaders.

Dubznation300

It sickening how corrupt Gensler is and his ties to FTX are immoral. SEC never once questioned or looked into FTX yet continue to throw lawsuits at other exchanges. His ties are absolutely crazy. The guy is in bed with FTX. - Gensler refused to be transparent to Congress on his meetings with FTX - Gensler never requested permission to meet with SBF. A breach of protocol - FTX hired one of Gensler’s previous legal counsel serve as their own counsel - Caroline’s dad was head of MIT Econ dept where Gensler taught a blockchain course in 2018

DavidHallack

There is a large difference between "Humans are leading the current mass extinction event" (true) and "If you do not do what we tell you and give us everything you own (own nothing and be happy) and live in poverty on toxic battery systems (that make fossil fuels look like an ice cream social) dug out of the ground by hand and use children to walk around naked in chemical vats to refine and process deadly toxic materials for said batteries so we can go green... You are all going to die to global freezing...er...global warming...er...fk it we will just call it climate change...." A hoax you cannot question despite all evidence and even MIT studies proving it a hoax is still a hoax - in fact after the whole covid thing it should be a knee jerk reaction Can I question it? No? Then it is a hoax.

Wise-Application-144

He went to MIT and worked on Wall St for a number of years and generated billions, he ran a successful high-frequency trading operation. He solicited a couple of hundred million in startup investment from his previous colleagues and contacts. Keep in mind his previous contacts were billionaires, so securing a few million from them wasn't hard. Once Alameda and FTX were generating significant profits, FTX threw absurd amounts of cash at sponsorship deals (often breaking records), which brought them into the public eye. After that. celebs were throwing themselves at him to invest. ​ The whole thing is a cautionary tale in "don't trust - verify". Right from the start, people failed to do due diligence and invested based on personal relationships. And towards the end, people were simply investing because so many others had already, and they assumed *someone* must have done their due diligence at some point. The bizarre exception seems to be Taylor Swift, who saw right through it and declined to invest.

Impossible-Injury932

Her father heads MIT's used to work with Gary Gensler. Her father, Glenn Ellison, is head of the economics department at Massachusetts Institute of Technology.

Crafty_Supermarket15

Pretty sure Gensler is a Bitcoin bull all the way back to his MIT class. People just knee jerk react with hatred towards folks in power without doing any research.

CointestMod

#Algorand Pro-Arguments Below is a Algorand pro-argument written by CreepToeCurrentSea. > Algorand is an open-source, decentralized cryptocurrency and smart contract platform founded by Silvio Micali on 2017. It operates through a Proof of Stake variation called the Pure Proof of Stake. It officially launched it's main network on 2019. It's native token is called ALGO. Algorand is composed of a company and a foundation. The company functions on the core development of the protocol whereas the foundation oversees award funding, cryptographic research, on-chain governance, and decentralization of the Algorand network including nodes. > > # PROs > > **The Founders** > > * The creators/founders of a network/protocol are one of the most important factors influencing its future. The more experience they have in the field, the more likely a project will succeed. Enter Algorand's founders, Silvio Micali and Jing Chen. Micali is an Italian computer scientist and professor at MIT. He is best known for his early work on public-key cryptosystems, pseudorandom functions, digital signatures, oblivious transfer, secure multiparty computation, and is one of the co-inventors of zero-knowledge proofs. Chen is Algorand Inc.'s Chief Scientist and Head of Theory Research. Game theory, mechanism design, distributed ledgers, smart contracts, and algorithms are among her research interests. She is a member of the Computer Science Department at Stony Brook University. She is also associated with the Department of Economics and the Center for Game Theory in Economics. This is just a summary of their experiences, and it demonstrates how serious they are about finding a solution to the blockchain trillemma while also improving the Algorand protocol's unique strengths. > > **The Protocol** > > * As indicated previously in the introduction, Algorand employs PPoS, a variant of the PoS algorithm in which validators of the network are not rewarded and are not at risk of being slashed. It becomes hard for the minority to cheat, and cheating the system would be illogical for the majority because it would devalue their assets. There is also no token locking, thus a user's tokens are always available. Based on this rationale, regardless of the amount of alleged bad actors in the system, it would result in a loss for them while keeping the network safe. > > **Security** > > * Security is essential for a network to run efficiently, safeguard digital assets, and build confidence with other companies/entities. Without this, a network will eventually fail or, worse, be hacked. Algorand divides security into three levels: user security, consensus security, and partition security. > * User-Level Security is primarily concerned with the security of a user's stake. Users will be given a spending key as well as a participation key. The Spending key will be used to sign transactions and spend stakes, whilst the Participation key will be used to propose and confirm blocks. Both these keys are separated with the Participation key being secret and can be stored in cold storage. > * Consensus-Level Security focuses on preventing bad actors from corrupting the network by seizing control of block generation. This is accomplished through the secret and random selection of users to participate in the certification of blocks. The bad actor will be unable to determine which user will generate the block, and by the time the bad actor does, the action will have already been completed. > * Partition-Level Security increases resistance to network partition attacks. The goal of bad actors who do this is to double-spend their money in the network by creating a contradiction of transactions, completely asynchronous the network, and have complete control over who receives which messages and when. This does not happen in the Algorand network because the bad actor cannot deceive the users in the same round with this strategy because the Algorand blockchain will never fork, and all transactions in the network are final. > > **Scalability** > > * Algorand utilises Pure Proof of Stake (PPoS) consensus, in which network validators are not rewarded and are not at risk of being slashed. In contrast to Bitcoin's Proof of Work model, it will not require network participants solving cryptographic puzzles for the production/validation of blocks, resulting in less computation waste. A user only needs to generate and verify signatures and count operations, with the cost based solely on the number of selected users for each block, which is constant and unaffected by the overall network size. As a result, the network would be able to serve millions of users while maintaining a higher TPS and lower computation cost. > > > **Crypto Rating** > > * Algorand received a 2 out of 5 rating from the Crypto Rating Council (CRC) in its Securities Framework Asset Ratings. When an asset appears to have many characteristics that are consistent with the Howey-test factors, it receives a score of 5. When an asset appears to have few characteristics that are consistent with the Howey-test factors, it receives a score of 1. Based on this rating, the SEC will be less likely to rule Algorand as a security. It also helps that both the foundation and the company, Algorand, are committed to decentralized development. > > *Sources:* > [*https://en.wikipedia.org/wiki/Algorand*](https://en.wikipedia.org/wiki/Algorand) > [*https://doi.org/10.48550/arXiv.1607.01341*](https://doi.org/10.48550/arXiv.1607.01341) > [*https://en.wikipedia.org/wiki/Silvio\_Micali*](https://en.wikipedia.org/wiki/Silvio_Micali) > [*https://www3.cs.stonybrook.edu\/\~jingchen/*](https://www3.cs.stonybrook.edu\/~jingchen/) > [*https://www.algorand.com/technology/technical-advantages*](https://www.algorand.com/technology/technical-advantages) > [*https://messari.io/asset/algorand/profile/technology*](https://messari.io/asset/algorand/profile/technology) > [*https://www.algorand.com/technology/security*](https://www.algorand.com/technology/security) > [*https://www.algorand.com/technology/scalability*](https://www.algorand.com/technology/scalability) > [*https://www.cryptoratingcouncil.com/asset-ratings*](https://www.cryptoratingcouncil.com/asset-ratings) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Algorand) to find submissions for other topics.

SneaksStressMeOut

The bitcoin and cryptocurrency on MIT open course is pretty good

FullTimeWorkIsCancer

Softwar is good but it got banned and pulled from the MIT library. you can still find PDF online.

jarviez

I like Saylor ... but I don't see him as a guru or even anyone who intentionally became a "personality" for BTC. Saylor is an engineering geek, he went to MIT. I think Saylor (in true semi-autisic science & engineering geek fashion) found something he likes ... ... and now he can shut up about it! Because, God love him, he's a big nerd! He's the kind of guy who would cause a hot woman to roll her eyes and walk away on a date because he couldn't shut up about this really hard line of computer code he was trying to get to compile. ... but unlike the rest of us schlubs he was also a business geek and is uber rich. I don't think his 'status' makes him someone worth listening to ... No I think he might be worth listening to because he's just autistic enough that he might know what he's talking about. That said, I always remember to take him with a grain of salt because he is so very very heavily invested in BTC.

Probably_notabot

Don’t know, this guys name was Gary Wang. Apparently he and SBF were roommates at MIT too

eetaylog

I never expected much. His mum is a super pac donor for the Democratic party. And his girlfriends dad used to work with Gary Gensler at MIT. https://www.influencewatch.org/person/barbara-fried/

lj26ft

Gensler's MIT Blockchain course was partnered with Wanxiang institute directly. Joe Lubin also worked with Gensler when Lubin was VP of technology in wealth management at GoldmanSachs. He is a corrupt piece of shit.

The_Chorizo_Bandit

I agree, but what I’m saying is “why doesn’t he like the SEC”? Is it because he thinks crypto should be allowed to flourish without limiting regulations, or does he perhaps think they aren’t heavy handed enough? Would he actually support regulating crypto heavily but just differently to the way the SEC does? Until we know these things we should proceed with caution and scepticism and resist hero worshipping anyone (which this sub has a tendency to do). It feels the same as the way that people here were excited about Gary Gensler becoming SEC chair because he was “pro-crypto” and had given some lectures on it at MIT. And look what a shit he turned out to be.

Cptn_BenjaminWillard

WAIT! Gensler used to do lectures on crypto at MIT. What if he's been secretly laying the foundations for a crypto-friendly future this entire time?! Maybe it's not Evil G. Gensler. Maybe it's Good Guy Gary who has been trying to act as if he is fighting against crypto for the benefit of old guard established powers-that-be, while secretly *intentionally* fumbling all of these cases, so everything enshrined in civil law becomes in favor of crypto? Probably not the case, but if it was, it would be one of the funniest things that I've ever seen. What a movie that would make someday.

coinfeeds-bot

tldr; Sam Bankman-Fried, often referred to as SBF, is about to face one of the most significant legal battles in the crypto industry. Less than a year ago, SBF was a renowned figure in the crypto industry, leading the celebrity-endorsed cryptocurrency exchange FTX. With an impeccable academic record from MIT and a promise to philanthropically distribute […] The post The Trial of Sam Bankman-Fried: Key Points to Understand appeared first on CryptoSlate. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

lj26ft

Joe Lubin worked for Gensler at GoldmanSachs when he was VP of technology in wealth management. He was also invited along with Novagratz who was his college roommate to speak at MIT Blockchain course by Gensler. Also Gensler's MIT Blockchain course was partnered with Wanxiang the CCP company that setup the Ethereum foundation wallets.

harambetidepod

MIT graduate

WWCJGD

Is there any compelling reasoning for not approving it other than that GaRy gEnSlEr is in charge of the SEC? A person who has publicly been pro bitcoin with a deep enough understanding of it to teach a class at MIT. Have you read the documents? The only reason the SEC has been declining it is because they believe the spot market can be manipulated by Binance (basically). Many other countries have one approved. Look at the political pressure being very publicly broadcast and Gary gets lashed in front of politicians. Read the room it is not just Blackrock applying for one lol. I'm not saying the ETF is for sure getting approved, but there are plenty of compelling reasons to believe it could.

JamesBondMI6007

Except he actually believes in crypto and blockchain and understands how it all works incredibly well. You don’t get to teach courses at one of the worlds leading technology universities (MIT) if you don’t understand the subject matter incredibly well. His stance has always been the same, BTC is a commodity, premines/ICOs/VC backed coins are potentially securities. It’s all outlined in his MIT coursework, two of his lectures go in depth on the topic. Anyone surprised by the way he runs the SEC hasn’t paid any attention for years prior to him taking the post.

samurai321

he had a course on blockchain on MIT, he is a finance guy and told everyone that most shitcoins are securities and then lo and behold he went on to preside the SEC and actually keept his word. He is hated because he crashed the market and suing everyone except FTX.

mochi_ball223

He was the professor teaching Blockchain and Money course at MIT so he definitely is aware of the halving...

Collectibl3

So back in 2018 Gary was actually very pro crypto. He even taught a crypto course at MIT. Apparently he was lined up to get a big paying job at Binance. It didn't work out, and now he seems to be doing everything in his power to go after crypto.

RookXPY

How did he get that job though? And why did he get that job? He admitted under oath he has never owned or used any crypto including Bitcoin. He started with Goldman Sachs. Then he moved to chair the CFTC where he exonerated those same Wall Street banks for manipulating the silver market. Then he goes to MIT... Glen Ellison (Head of Economics at MIT) is an insider. His daughter Caroline is the one that blew up the space while heading FTX's investment arm at Alameda. SBF had closed door meetings with Gensler, how did he get those? Anyone who thinks Gary was ever a good guy is delusional. He has always been a semen guzzling demon.

bbien12

Softwar by MIT Jason Ap. Lowery is becoming reality, holy f**k. If this goes as outlined.. wow. Read the book.

DingDongWhoDis

Agreed. I wasn't the one commenting to that effect, but the claim that he's bullish is stretched from his time at MIT rubbing shoulders with Silvio Micali. A mere mention or acknowledgment doesn't mean he's bullish, though.

OddballDensity

What's interesting is that his class lectures at MIT were very pro blockchain: [MIT 15.S12 Blockchain and Money, Fall 2018](https://youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn&si=G9I30rt4NSBKGXVI) Makes me think he's purposefully shutting down the legal avenues for the SEC to deal with blockchain regulation. The only direction regulation can come from now is congress, which is in complete gridlock when it comes to understanding blockchain, let alone regulate it.

gandrewstone

Its not that he was incorrect. Its that it took him 43 seconds to answer the simplest question, which should require no thought because it has already been answered. It appears that it took him 30 seconds to recall his prior statements about the howie test. At some point a while back this appearance of incompetence has reputationally blown back on the SEC and on MIT. And it undermines the US government itself -- its disrespectful to the process of government. "Contempt of government" citation needed. What's so strange about the deliberate prevarication theory is he's not doing himself any favors here by presenting as incompetent and pissing off all the lawmakers who suspect a deliberate act. It feels like a career ending strategy to me.

pizzapicnic

He was a professor at MIT and taught about BTC and the blockchain. He understands it

IDoThingsOnWhims

The guy taught a class on cryptocurrency at MIT. In the first class he said the only thing he likes more than crypto is legislation. I'm sure there are other reasons but there you go.

CryptoScamee42069

Everyone needs to keep this hearing in perspective. Gary knows *exactly* what a security is. He facilitated courses at MIT, he’s no stranger to what crypto is or how it works. The real issue is he’s a bureaucrat, which makes him a patsy for whatever the agenda is for the government of the day. He’s little more than a scapegoat. The bigger picture is the US government, regardless of who is currently in it, is generally not supportive of crypto, and the SEC chair will always reflect that attitude until it changes.

recessiontime

1) Gensler taught blockchain courses in MIT 2) SEC already approved bitcoin futures etf The argument that they dont understand BTC is not convincing.

goldyluckinblokchain

Yeah I hear you but as others have said I just don't get why they would delay the inevitable Gary is clearly a puppet he seemed so enthusiastic about Blockchain technology in his MIT talks but now apparently feels the need to protect us all from crypto. Something doesn't seem right

loksfox

I hate him so much because he is acting like he doesn't know shit when in reality we have him on record that he actually knows a lot about crypto. USA is so corrupt that even an MIT professor like Garry looks like an idiot when he tries to play by those corrupt rules. It hurts to see how low he can go when it fills his pockets.

-johoe

He needs to understand further how exactly bitcoin works to be able to answer the question whether bitcoin fails the Howie test. I mean he's only the chair of the SEC and a former MIT professor who gave a course on crypto currencies,. How can you expect him to know the answer? /s

Every_Hunt_160

Gary really fell off from the days he was lecturing about crypto in MIT and when he was an Algo maxi 😂

pizzapicnic

Right? I watched a few of his classes on btc at MIT and had high hopes when he was appointed chiar, which quickly turned into disappointment.

WaitDontKillThatBaby

I’m not sure if I believe that. Even since the days of his MIT lecturing he stated he was “neutral on crypto, probably leaning towards against”, so I just can’t see him applying for a job at binance

Disastrous_Chain7148

Great journalism on uncovering the SBF story. I have the following questions: 1. When did you first notice that FTX had a big problem? Did anyone inside the firm leak it to you? 2. What is your opinion on WorldCoin? A scam or a great innovation on digital identity? A MIT tech review in 2022 has revealed the dark sides of Worldcoin when collecting biometric data. Anyone in CoinDesk investigating whether their biometric days collection violate personal data privacy laws? And any unethical wrongdoings they found now during data collection? 3. What would be the next big scoop of coin desk?

Elegant_Tale_3929

He's a graduate of MIT in physics, I doubt he's a puppet. That doesn't he couldn't be manipulated though, finance isn't his forte, remember. Why? I can think of one reason, maybe the parents and him thought FTX could be considered the "only" viable exchange in the US after regulation with their political connections. If they got approval and other exchanges didn't, how much money do you think they'd make off of it? Just guessing, of course.

moonkingdome

I guesse book will be called MIT gating surrogate stance

pizzapicnic

DID YOU KNOW, Caroline Ellison, SBFs ex-girlfriends, dad, Glenn Ellison, is a professor of economics at MIT and also Gary genslers former boss..

pizzapicnic

DID YOU KNOW, Caroline Ellison, SBFs ex-girlfriends, dad, Glenn Ellison, is a professor of economics at MIT and also Gary genslers former boss 🤔

bt_85

You also going to thank Tether for printing money in the time since then to pump and prop up the price at critical junctures to keep it from falling into irrelevancy? (MIT researchers proved this)

bt_85

Seriously. People forget / ignore all the others that came before Bitcoin that were nearly exactly the same. A large proportion of success is timing. Btc hit the timing better than the others did. Not intelligence or smarts, just good timing that he was already doing that work when one of the biggest black swan events ever happened, and it was a black swan event that related to what he was doing in a way that he could use it to market it. ​ They should also thank Tether for printing money in the time since then to pump the price and keep it from falling into irrelevancy at critical junctures. (MIT researcher proved this)

assholeTea

He used to do lectures at MIT about blockchains lol

Mr_Bob_Ferguson

>he did teach a blockchain class at MIT He is a believer in blockchain, which is not the same as being a believer in cryptocurrencies. During his teaching career he highlighted the need for regulation and the lack of protection for investors in the space.

InevitableBudget510

For what it’s worth, he did teach a blockchain class at MIT. And he offered to serve as an advisor at Binance. I think he is pro crypto and is just a mere puppet under the SEC.

ssissterfisster

I was sold on Algorand after listening to countless speeches from Silvio. Also it’s a MIT project and has direct ties to the Boston Fed…name any other blockchain that’s openly working with the Fed.

slasula

the gensler MIT blockchain lectures were informative and easy viewing, plus Gary’s sweet smile, and sudden appearances from his identical twin added a nice element of theatre to the whole thing

Elegant_Tale_3929

He went to MIT and got a degree in physics, but I bet he forgot to take an Ethics class in there somewhere.

CointestMod

#IOTA Con-Arguments Below is a IOTA con-argument written by Blendzi0r. > *First published on: 28.07.2021* > > **Long history of vulnerabilities and controversies** > > > > In 2017, security researchers from Boston University and MIT disclosed to IOTA a critical flaw: the hash function was broken. Weeks later, they published their findings and IOTA patched the vulnerabilities. > > > > However, in 2018 the e-mails exchanged between the researchers and IOTA regarding the critical flaw were made public. Those e-mails exposed that the IOTA’s response to the disclosure of the critical flaw was very aggressive and IOTA founders even accused the researchers of “academic fraud” and threatened them with legal action. > > > > As a result, many renowned security researchers and academic cryptographers criticized IOTA and advised others to avoid the project. > > > > It is also important to note that it was not the first time that MIT and Boston University researchers found vulnerabilities in IOTA. > > > > ( source: https://spectrum.ieee.org/tech-talk/computing/networks/cryptographers-urge-users-and-researchers-to-abandon-iota-after-leaked-emails ) > > > > **IOTA is not decentralized** > > > > IOTA is not decentralized and the security of the network continues to be exposed. > > > > In February 2020, IOTA turned off the coordinator node and shut down the network because their wallet was hacked. Not only the hacking was embarrassing but shutting down the network proved beyond any doubt that IOTA is not really decentralized (shutting down a decentralized network should not be possible). > > > > ( source: https://www.coindesk.com/iota-being-shut-off-is-the-latest-chapter-in-an-absurdist-history ) > > > > **Transactions on IOTA are marketed as free but they are not free** > > > > IOTA claims to have no transaction fees but in reality it requires users to perform PoW on their own devices. This is questionable marketing strategy as users are forced to validate two other transactions before their own transaction is processed. So even though users do not have to pay for the transaction, they have to become "miners/validators" for IOTA. > > ( source: https://www.media.mit.edu\/posts/iota-response/ ) > > > > **Melody of the future?** > > > > IOTA is one of the oldest crypto projects but it is not production-ready yet. It also does not have smart contracts. IOTA strives to provide machine-to-machine transactions. But, as mentioned above, in order to make a transaction you are required to validate two other transactions. This requires you to have a full node so that you know the true state of consensus. Small IoT devices cannot host Gb/Tb of data in order to validate transactions. As a result, IOTA is not really suitable for machine-to-machine communication of devices with limited capabilities. > > > > It is also important to realize that Internet of Things is in its infancy. It might take years before it’s widely adopted. IOTA might be long gone before it happens. Especially when you take into consideration their bumpy past. > > > > **New beginning** > > > > Speaking of bumpy past – failure to achieve their goals for so many years prompted IOTA team to completely revamp the network. Instead of their original and rather peculiar ideas which made the network insecure, the team has finally decided to adopt industry standards. Chrysalis update is to bring decentralization and better scalability, among other. But this also means that it might still be years before IOTA is production-ready. Again. And it also remains to be seen if IOTA team has learned from their mistakes. > > > > ( source: https://chrysalis.iota.org/ ) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_IOTA) to find submissions for other topics.

eetaylog

The same parents that were Superpac donors for the Democrat party, and used to work with Gary Gensler at MIT? Well I never!

CointestMod

#Algorand Pro-Arguments Below is a Algorand pro-argument written by CreepToeCurrentSea. > Algorand is an open-source, decentralized cryptocurrency and smart contract platform founded by Silvio Micali on 2017. It operates through a Proof of Stake variation called the Pure Proof of Stake. It officially launched it's main network on 2019. It's native token is called ALGO. Algorand is composed of a company and a foundation. The company functions on the core development of the protocol whereas the foundation oversees award funding, cryptographic research, on-chain governance, and decentralization of the Algorand network including nodes. > > # PROs > > **The Founders** > > * The creators/founders of a network/protocol are one of the most important factors influencing its future. The more experience they have in the field, the more likely a project will succeed. Enter Algorand's founders, Silvio Micali and Jing Chen. Micali is an Italian computer scientist and professor at MIT. He is best known for his early work on public-key cryptosystems, pseudorandom functions, digital signatures, oblivious transfer, secure multiparty computation, and is one of the co-inventors of zero-knowledge proofs. Chen is Algorand Inc.'s Chief Scientist and Head of Theory Research. Game theory, mechanism design, distributed ledgers, smart contracts, and algorithms are among her research interests. She is a member of the Computer Science Department at Stony Brook University. She is also associated with the Department of Economics and the Center for Game Theory in Economics. This is just a summary of their experiences, and it demonstrates how serious they are about finding a solution to the blockchain trillemma while also improving the Algorand protocol's unique strengths. > > **The Protocol** > > * As indicated previously in the introduction, Algorand employs PPoS, a variant of the PoS algorithm in which validators of the network are not rewarded and are not at risk of being slashed. It becomes hard for the minority to cheat, and cheating the system would be illogical for the majority because it would devalue their assets. There is also no token locking, thus a user's tokens are always available. Based on this rationale, regardless of the amount of alleged bad actors in the system, it would result in a loss for them while keeping the network safe. > > **Security** > > * Security is essential for a network to run efficiently, safeguard digital assets, and build confidence with other companies/entities. Without this, a network will eventually fail or, worse, be hacked. Algorand divides security into three levels: user security, consensus security, and partition security. > * User-Level Security is primarily concerned with the security of a user's stake. Users will be given a spending key as well as a participation key. The Spending key will be used to sign transactions and spend stakes, whilst the Participation key will be used to propose and confirm blocks. Both these keys are separated with the Participation key being secret and can be stored in cold storage. > * Consensus-Level Security focuses on preventing bad actors from corrupting the network by seizing control of block generation. This is accomplished through the secret and random selection of users to participate in the certification of blocks. The bad actor will be unable to determine which user will generate the block, and by the time the bad actor does, the action will have already been completed. > * Partition-Level Security increases resistance to network partition attacks. The goal of bad actors who do this is to double-spend their money in the network by creating a contradiction of transactions, completely asynchronous the network, and have complete control over who receives which messages and when. This does not happen in the Algorand network because the bad actor cannot deceive the users in the same round with this strategy because the Algorand blockchain will never fork, and all transactions in the network are final. > > **Scalability** > > * Algorand utilises Pure Proof of Stake (PPoS) consensus, in which network validators are not rewarded and are not at risk of being slashed. In contrast to Bitcoin's Proof of Work model, it will not require network participants solving cryptographic puzzles for the production/validation of blocks, resulting in less computation waste. A user only needs to generate and verify signatures and count operations, with the cost based solely on the number of selected users for each block, which is constant and unaffected by the overall network size. As a result, the network would be able to serve millions of users while maintaining a higher TPS and lower computation cost. > > > **Crypto Rating** > > * Algorand received a 2 out of 5 rating from the Crypto Rating Council (CRC) in its Securities Framework Asset Ratings. When an asset appears to have many characteristics that are consistent with the Howey-test factors, it receives a score of 5. When an asset appears to have few characteristics that are consistent with the Howey-test factors, it receives a score of 1. Based on this rating, the SEC will be less likely to rule Algorand as a security. It also helps that both the foundation and the company, Algorand, are committed to decentralized development. > > *Sources:* > [*https://en.wikipedia.org/wiki/Algorand*](https://en.wikipedia.org/wiki/Algorand) > [*https://doi.org/10.48550/arXiv.1607.01341*](https://doi.org/10.48550/arXiv.1607.01341) > [*https://en.wikipedia.org/wiki/Silvio\_Micali*](https://en.wikipedia.org/wiki/Silvio_Micali) > [*https://www3.cs.stonybrook.edu\/\~jingchen/*](https://www3.cs.stonybrook.edu\/~jingchen/) > [*https://www.algorand.com/technology/technical-advantages*](https://www.algorand.com/technology/technical-advantages) > [*https://messari.io/asset/algorand/profile/technology*](https://messari.io/asset/algorand/profile/technology) > [*https://www.algorand.com/technology/security*](https://www.algorand.com/technology/security) > [*https://www.algorand.com/technology/scalability*](https://www.algorand.com/technology/scalability) > [*https://www.cryptoratingcouncil.com/asset-ratings*](https://www.cryptoratingcouncil.com/asset-ratings) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Algorand) to find submissions for other topics.

NonTokeableFungin

Most important observation here is that, on Bitcoin : *Everything changes*. The entire security feature rests on spending enough on mining to keep the “…prohibitively high cost of attack…” that defends a PoW network. [MIT Paper - PoW security](https://dci.mit.edu/51-attacks). This has been quite true. In the past. For BTC to be investable - longer term - this would need to continue to be true. This is the one and only true thing we can say for certain, though. On Bitcoin, the entire business plan changes. The past tells us very close to **zero** about the future. On that particular chain. Other than that Tx Fees so far have grown to around : [$700 k per day.](https://cryptofees.info). And if they don’t grow enough to support a $30 Million per day Security Budget, (Along with the declining Subsidy). Then the chain’s Security fails. . So, We earn $0.7 M per day. We need $30 M per day. Thoughts ?

MrMogz

I see someone gave a source, also the fact that he was pro crypto and taught a blockchain class at MIT before his position here kind of tells us that he’s being pushed to have this anti-crypto stance now.

WineMakerBg

MIT professor founder, what could go wrong. Wait, SBF is MIT alumni as wel ...

SpudPlugman

Sure! My phrasing is somewhat anecdotal, but you might be surprised to see all the adoption that’s been going on behind the scenes. I’d start [here](https://cointelegraph.com/news/blockchain-gaining-adoption-in-more-than-just-defi-report) and [here](https://research.cointelegraph.com/reports/detail/blockchain-use-cases-and-adoption-report) for that. There’s even adoption of blockchain in regards to AI as they complement each other quite nicely. You can google around and find use cases but I’d start [here](https://www.ibm.com/topics/blockchain-ai) and [here](https://www.forbes.com/sites/forbesbooksauthors/2023/02/28/the-intersection-between-ai-and-blockchain-technology--industries-of-tomorrow/?sh=3e4d24fa4de7). Additionally all the major US tech schools offer blockchain tracks (MIT, RIT, CIT, Caltech, RPI, Stanford, etc.). Given just these starting points it’s easy to make the argument that if you’re 16 and looking at tech school right now you could be debating “AI? Or blockchain? Or blockchain for AI? Or AI for blockchain?”

RookXPY

All narratives are BS, some just line up more closely with the cold hard factual reality we all have to exist in. Two sides of the same spectrum to highlight a point. Jim Cramer obvious intellectually and morally bankrupt establishment shill on one end, Michael Saylor the MIT big brained software CEO on the other. Both gave bad advice based on their BS narratives. Saylor's is just more educated, closer to factual reality, and he actually believes it.

trrrring

I HAVE to check it out. Problem is, I'm still struggling with the lectures of Gary Gensler for MIT in 2018. I stopped and I don't feel like starting again, while I know I actually have to.

Bunker_Beans

**Gensler**: I applied for a job at Binance and was rejected! Me! The guy who taught blockchain at MIT! Prepare to face my unadulterated wrath! 

CointestMod

#Algorand Pro-Arguments Below is a Algorand pro-argument written by CreepToeCurrentSea. > Algorand is an open-source, decentralized cryptocurrency and smart contract platform founded by Silvio Micali on 2017. It operates through a Proof of Stake variation called the Pure Proof of Stake. It officially launched it's main network on 2019. It's native token is called ALGO. Algorand is composed of a company and a foundation. The company functions on the core development of the protocol whereas the foundation oversees award funding, cryptographic research, on-chain governance, and decentralization of the Algorand network including nodes. > > # PROs > > **The Founders** > > * The creators/founders of a network/protocol are one of the most important factors influencing its future. The more experience they have in the field, the more likely a project will succeed. Enter Algorand's founders, Silvio Micali and Jing Chen. Micali is an Italian computer scientist and professor at MIT. He is best known for his early work on public-key cryptosystems, pseudorandom functions, digital signatures, oblivious transfer, secure multiparty computation, and is one of the co-inventors of zero-knowledge proofs. Chen is Algorand Inc.'s Chief Scientist and Head of Theory Research. Game theory, mechanism design, distributed ledgers, smart contracts, and algorithms are among her research interests. She is a member of the Computer Science Department at Stony Brook University. She is also associated with the Department of Economics and the Center for Game Theory in Economics. This is just a summary of their experiences, and it demonstrates how serious they are about finding a solution to the blockchain trillemma while also improving the Algorand protocol's unique strengths. > > **The Protocol** > > * As indicated previously in the introduction, Algorand employs PPoS, a variant of the PoS algorithm in which validators of the network are not rewarded and are not at risk of being slashed. It becomes hard for the minority to cheat, and cheating the system would be illogical for the majority because it would devalue their assets. There is also no token locking, thus a user's tokens are always available. Based on this rationale, regardless of the amount of alleged bad actors in the system, it would result in a loss for them while keeping the network safe. > > **Security** > > * Security is essential for a network to run efficiently, safeguard digital assets, and build confidence with other companies/entities. Without this, a network will eventually fail or, worse, be hacked. Algorand divides security into three levels: user security, consensus security, and partition security. > * User-Level Security is primarily concerned with the security of a user's stake. Users will be given a spending key as well as a participation key. The Spending key will be used to sign transactions and spend stakes, whilst the Participation key will be used to propose and confirm blocks. Both these keys are separated with the Participation key being secret and can be stored in cold storage. > * Consensus-Level Security focuses on preventing bad actors from corrupting the network by seizing control of block generation. This is accomplished through the secret and random selection of users to participate in the certification of blocks. The bad actor will be unable to determine which user will generate the block, and by the time the bad actor does, the action will have already been completed. > * Partition-Level Security increases resistance to network partition attacks. The goal of bad actors who do this is to double-spend their money in the network by creating a contradiction of transactions, completely asynchronous the network, and have complete control over who receives which messages and when. This does not happen in the Algorand network because the bad actor cannot deceive the users in the same round with this strategy because the Algorand blockchain will never fork, and all transactions in the network are final. > > **Scalability** > > * Algorand utilises Pure Proof of Stake (PPoS) consensus, in which network validators are not rewarded and are not at risk of being slashed. In contrast to Bitcoin's Proof of Work model, it will not require network participants solving cryptographic puzzles for the production/validation of blocks, resulting in less computation waste. A user only needs to generate and verify signatures and count operations, with the cost based solely on the number of selected users for each block, which is constant and unaffected by the overall network size. As a result, the network would be able to serve millions of users while maintaining a higher TPS and lower computation cost. > > > **Crypto Rating** > > * Algorand received a 2 out of 5 rating from the Crypto Rating Council (CRC) in its Securities Framework Asset Ratings. When an asset appears to have many characteristics that are consistent with the Howey-test factors, it receives a score of 5. When an asset appears to have few characteristics that are consistent with the Howey-test factors, it receives a score of 1. Based on this rating, the SEC will be less likely to rule Algorand as a security. It also helps that both the foundation and the company, Algorand, are committed to decentralized development. > > *Sources:* > [*https://en.wikipedia.org/wiki/Algorand*](https://en.wikipedia.org/wiki/Algorand) > [*https://doi.org/10.48550/arXiv.1607.01341*](https://doi.org/10.48550/arXiv.1607.01341) > [*https://en.wikipedia.org/wiki/Silvio\_Micali*](https://en.wikipedia.org/wiki/Silvio_Micali) > [*https://www3.cs.stonybrook.edu\/\~jingchen/*](https://www3.cs.stonybrook.edu\/~jingchen/) > [*https://www.algorand.com/technology/technical-advantages*](https://www.algorand.com/technology/technical-advantages) > [*https://messari.io/asset/algorand/profile/technology*](https://messari.io/asset/algorand/profile/technology) > [*https://www.algorand.com/technology/security*](https://www.algorand.com/technology/security) > [*https://www.algorand.com/technology/scalability*](https://www.algorand.com/technology/scalability) > [*https://www.cryptoratingcouncil.com/asset-ratings*](https://www.cryptoratingcouncil.com/asset-ratings) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Algorand) to find submissions for other topics.

mochi_ball223

I mean he did teach the Blockchain and Money course at MIT

Altruistic-Risk1102

Just about anybody is better than somebody who is a sellout. Gary Gensler taught blockchain at MIT and now advocates against what he used to teach. He is bought and paid for by who knows who, but most likely big finance

MittenSplits

My house got robbed and the cops didn't do anything 😂 Volatile just means that the price fluctuates relative to other assets, that is function of market dynamics. Vulnerability is a different questions that has to do with security. Allow me to introduce you to one of the least understood, but most insightful Bitcoiners. He also happens to be an MIT defense fellow who advises the Joint Chiefs of Staff and POTUS. [Jason Lowery and his Softwar Thesis](https://youtu.be/yfYDSE7T_cQ?si=WNWeq4O86csjOuD4)

No-Introduction-6368

How the hell did they do the math on this one? Whoa MIT student alert!

Beerupalready

Hey thanks for the links, also there is a free MIT course by our very own Gary Gensler. Surprisingly, it’s pretty good!

mochi_ball223

He's taught the Blockchain and Money course at MIT. No way he isn't holding BTC at least

mochi_ball223

Interesting fact, Gensler taught the Blockchain and Money course at MIT

mochi_ball223

Interesting fact, Gensler taught the Blockchain and Money course at MIT.

EffUtube

Something something Gary sucks something something he doesnt know anything (MIT professor).

filthybusstop

He taught crypto stuff as a professor at MIT (?) if I remember correctly. You can assume he has more knowledge about the tech than 99.99% of all users in this sub.

TotalBeefcall

Senior advisor to the MIT Media lab. Dude used to preach the gospel. What turned him?

Ben_Dover1234

Yet I wouldn't be surprised if he has been holding a bag since his MIT days.

Nisyth_

Sad to think that a few years ago he gave classes on crypto at the MIT. Now he's become the villain of the whole ecosystem.

Successful_Craft3076

Coin 1: A shady unknown man, with a funny alias orders a pizza with it. Coin 2: A renowned MIT professor trying to revolutionize the blockchain technology. Coin 1 is still the number 1 crypto in the world by far, coin 2 ruined itself, along with most of its bag holders. Big claims and fancy titles are not necessarily gonna bring you wealth.

NoRugPlz

I find it a bit sad since Gary used to teach a course on blockchain at MIT, shame he couldn’t be the knowledgeable spokesperson and advocate he very well could’ve been.

CreepToeCurrentSea

Gary used to be respectable by promoting crypto by having classes about Bitcoin at MIT.

BrowsingCoins

the MIT blockchain course with mr Gennsler online I did - was actually very interesting