| 00:00 |
The following content is provided under a Creative Commons license.
以下内容在知识共享许可下提供。 |
| 00:04 |
Your support will help MIT OpenCourseWare
你的支持将帮助麻省理工学院开放课程网 |
| 00:06 |
continue to offer high-quality educational resources for free.
继续免费提供高质量的教育资源。 |
| 00:10 |
To make a donation or to view additional materials
要捐款或查看其他材料 |
| 00:13 |
from hundreds of MIT courses, visit MIT OpenCourseWare at ocw.mit.edu.
来自数百门麻省理工学院课程，请访问麻省理工学院开放课程网 ocw.mit.edu。 |
| 00:22 |
PROFESSOR: So today, what we're going to be doing is--
教授：那么今天我们要做的是—— |
| 00:26 |
last week, you gave us some feedback what you wanted to do in the class.
上周，你们给了我们一些反馈，告诉我们你们想在课堂上做什么。 |
| 00:30 |
We're going to go through that and talk about the readings.
我们将讨论这些内容并谈谈阅读材料。 |
| 00:33 |
I'm going to do a little calling on you
我会稍微点名你们 |
| 00:35 |
and helping you take the class through the readings.
并帮助你们通过阅读材料来上课。 |
| 00:38 |
And then the six or seven things I'm going to do--
然后我将做六到七件事情—— |
| 00:41 |
history of money; ledgers; fiat currency, central banks,
货币的历史；账本；法定货币，中央银行， |
| 00:46 |
and credit cards; the role of money; some early digital money.
和信用卡；货币的角色；一些早期的数字货币。 |
| 00:52 |
You had the Clark reading as to a bunch of failed attempts.
你们有克拉克的阅读材料，关于一系列失败的尝试。 |
| 00:56 |
All the way through a little bit of mobile money,
一直到一些移动支付， |
| 00:58 |
all the way up to Starbucks and Alipay.
一直到星巴克和支付宝。 |
| 01:01 |
And yet, the riddle remains.
然而，谜团依然存在。 |
| 01:03 |
We're going to get really deep into Bitcoin in the next three classes.
在接下来的三节课中，我们将深入探讨比特币。 |
| 01:07 |
But this is to give some foundational
但这将提供一些基础知识 |
| 01:11 |
bits of money and ledgers and central banking and technology.
关于货币、账本、中央银行和技术的基础知识。 |
| 01:16 |
And then, of course, I always like to finish the class talking a little bit
当然，我总是喜欢在课堂结束时稍微谈谈 |
| 01:19 |
about why we're doing what we're doing between now and then.
我们为什么要在这段时间做我们正在做的事情。 |
| 01:23 |
Even though the readings are required, I know you're all busy.
尽管阅读材料是必需的，我知道你们都很忙。 |
| 01:25 |
I know that you've all got a bunch of classes.
我知道你们都有很多课程。 |
| 01:27 |
And like good business students and business people, you optimize.
作为优秀的商科学生和商人，你们会进行优化。 |
| 01:33 |
So I'm trying to give you a sense of why you might read it,
所以我试图让你们了解为什么你们可能会阅读它， |
| 01:35 |
rather than it's required, at the end of each class
而不是因为它是必需的，在每节课结束时 |
| 01:38 |
and how it fits into the course narrative.
以及它如何融入课程叙事。 |
| 01:42 |
And then we'll do a little bit of conclusions.
然后我们将做一些总结。 |
| 01:45 |
So the survey results.
那么调查结果。 |
| 01:46 |
What did you want to learn?
你们想学什么？ |
| 01:47 |
This is really your class, and I'm going to learn as much from you.
这真的是你们的课堂，我也会从你们身上学到很多。 |
| 01:52 |
But hopefully, we're going to cover what you want.
但希望我们能涵盖你们想要的内容。 |
| 01:54 |
So here's a list of those things that were at least written by two of you.
所以这是至少有两位同学写下的内容列表。 |
| 01:58 |
First was technical things.
首先是技术方面的内容。 |
| 02:01 |
18 of you said understanding blockchain technology.
你们18位提到理解区块链技术。 |
| 02:04 |
Hopefully, we get to that, but you
希望我们能讨论到这一点，但你们 |
| 02:07 |
might find that you'll want to do more after this class.
可能会发现你们在这节课后想要了解更多。 |
| 02:10 |
The ecosystem and being able to have an educated discussion,
生态系统以及能够进行有知识的讨论， |
| 02:14 |
sort of the dinner party conversation around blockchain.
类似于围绕区块链的晚宴对话。 |
| 02:18 |
I think we'll be successful.
我认为我们会成功。 |
| 02:19 |
But at the end of the semester, we're going to pull these slides up again,
但在学期末，我们将再次展示这些幻灯片， |
| 02:23 |
and we'll see how we did as a group.
看看我们作为一个团队的表现如何。 |
| 02:26 |
You all talked a lot about applications.
你们都谈到了很多应用。 |
| 02:29 |
How can you actually apply it, learning in the venture space
你们如何实际应用它，在风险投资领域学习 |
| 02:34 |
and thinking about where it really works in the world.
并思考它在世界上真正有效的地方。 |
| 02:38 |
And I think we're going to spend a lot of time on that in the second half.
我认为我们将在下半部分花很多时间讨论这个。 |
| 02:42 |
But all throughout, we're going to be talking about the economics and what's
但在整个过程中，我们将讨论经济学以及什么是 |
| 02:46 |
the reality versus the hype.
现实与炒作之间的区别。 |
| 02:50 |
You also wanted to understand its impact on people's lives, the regulation.
你们还想了解它对人们生活的影响，监管。 |
| 02:58 |
About six of you said something about regulation.
大约六位同学提到了一些关于监管的内容。 |
| 03:01 |
I'm glad, because we're only doing one lecture on that.
我很高兴，因为我们只会进行一节关于这个的讲座。 |
| 03:05 |
But we're going to spread it out,
但我们会将其分散开来， |
| 03:07 |
because as we talked about in our first class--
因为正如我们在第一节课上所讨论的—— |
| 03:10 |
and I'm honored Larry's here again--
我很荣幸拉里再次来到这里—— |
| 03:12 |
but we're going to always be thinking about Larry's four ways.
但我们将始终考虑拉里的四种方式。 |
| 03:17 |
And I see-- is it Jihei?
我看到——是Jihei吗？ |
| 03:20 |
What are Larry Lessig's-- you shook your head yes.
拉里·莱西格的四种方式是什么——你点头了。 |
| 03:25 |
AUDIENCE: I know-- let's see.
观众：我知道——让我们看看。 |
| 03:29 |
It is code and architecture, market, law, and norms.
它是代码和架构、市场、法律和规范。 |
| 03:34 |
PROFESSOR: You got it.
教授：你答对了。 |
| 03:36 |
Does anybody want to say how that relates to blockchain,
有没有人想说这与区块链有什么关系， |
| 03:38 |
why we're chatting about that?
我们为什么要讨论这个？ |
| 03:44 |
Oh, my god, I'm going to have to cold call fast, right?
哦，我的天，我得快点点名了，对吧？ |
| 03:48 |
You're from R3.
你来自R3。 |
| 03:51 |
Joe?
乔？ |
| 03:54 |
AUDIENCE: No, I remember we saw it last class,
观众：不，我记得我们在上节课看过这个， |
| 03:56 |
but I can't relate it now to blockchain.
但我现在无法将其与区块链联系起来。 |
| 04:00 |
PROFESSOR: Can you relate it to anything in life?
教授：你能将其与生活中的任何事物联系起来吗？ |
| 04:04 |
Maybe not.
也许不能。 |
| 04:05 |
Alan, help your tablemate out.
艾伦，帮帮你的同桌。 |
| 04:07 |
AUDIENCE: I'm waiting for my moment to shine.
观众：我在等待我闪光的时刻。 |
| 04:11 |
PROFESSOR: This isn't it.
教授：这不是。 |
| 04:12 |
AUDIENCE: This isn't it.
观众：这不是。 |
| 04:13 |
PROFESSOR: I'm having fun.
教授：我很开心。 |
| 04:15 |
This is what I'm going to do.
这就是我将要做的。 |
| 04:16 |
I'm just going to have-- don't worry about it.
我只是会这样做——别担心。 |
| 04:19 |
So why do markets, code, law-- I can't see your name, but is it [INAUDIBLE]??
那么市场、代码、法律为什么会这样——我看不到你的名字，但它是[听不清]吗？ |
| 04:29 |
Yeah, why?
是的，为什么？ |
| 04:30 |
Why does that relate to all this?
这与所有这些有什么关系？ |
| 04:32 |
AUDIENCE: Can you repeat the question?
观众：你能重复一下问题吗？ |
| 04:36 |
PROFESSOR: Jihei, you're going to repeat the question,
教授：Jihei，你来重复一下问题， |
| 04:39 |
because you went through it.
因为你经历过这个。 |
| 04:40 |
AUDIENCE: So how does Larry's four forces relate to our topic of blockchain.
观众：那么拉里的四种力量与我们的区块链主题有什么关系？ |
| 04:49 |
PROFESSOR: And the four forces, again, are market,
教授：四种力量再次是市场， |
| 04:52 |
so business; law; code or architecture, call it technology; and social norms.
即商业；法律；代码或架构，称之为技术；以及社会规范。 |
| 05:02 |
AUDIENCE: So I think it's because it brings a new way of doing those things,
观众：所以我认为这是因为它带来了做这些事情的新方式， |
| 05:07 |
like a new tool in order to--
就像是一种新的工具，以便于—— |
| 05:10 |
so what I got from the reading is these ledgers already
所以我从阅读中了解到，这些账本已经 |
| 05:15 |
existed, but given that now we have big data, for example,
存在，但考虑到现在我们有大数据，例如， |
| 05:20 |
then more things going on helps our society roll it out better.
那么更多的事情发生有助于我们的社会更好地推广它。 |
| 05:25 |
PROFESSOR: Good way to say it.
教授：说得好。 |
| 05:27 |
Look, it's unfair of me.
教授：听着，这对我来说不公平。 |
| 05:28 |
It wasn't one of the readings.
这不是阅读材料之一。 |
| 05:29 |
I'm just saying, in everything in life,
我只是想说，在生活中的一切事物中， |
| 05:31 |
I find these things grind up against each other.
我发现这些事物彼此冲突。 |
| 05:35 |
I spent a lot of time in Washington in politics,
我在华盛顿的政治中花了很多时间， |
| 05:39 |
but the markets and how the commercial enterprise
但市场和商业企业如何 |
| 05:42 |
and the economy grinds up against technology and sort
与技术相互冲突，以及 |
| 05:47 |
of grinds up against the law--
与法律相互冲突—— |
| 05:50 |
and then, of course, just social normative behavior.
然后，当然，还有社会规范行为。 |
| 05:53 |
These four forces, in almost everything one does in life, you will find.
这四种力量，在生活中几乎每个人所做的事情中，你都会发现。 |
| 05:59 |
And so I just ask you to always, whether it's
所以我只是请你们始终，无论是 |
| 06:02 |
one reading or another reading, bring that
一篇阅读材料还是另一篇阅读材料，都要将其带入 |
| 06:03 |
into your thought process of this class.
你们的课堂思维过程中。 |
| 06:06 |
I'm not going to assign Larry's assignment.
我不会布置拉里的作业。 |
| 06:08 |
I didn't know he was even going to be here.
我甚至不知道他会在这里。 |
| 06:10 |
But I've always thought it's a good discipline
但我一直认为这是一个好的学科 |
| 06:13 |
to think, OK, what are the commercial realities, the markets?
去思考，好的，商业现实是什么，市场是什么？ |
| 06:18 |
What's the technology, even if it's in an earlier day
技术是什么，即使是在早期的日子里 |
| 06:23 |
and it's the technology of the car replacing the horse and carriage?
而且是汽车取代马车的技术？ |
| 06:29 |
How does government or the official sector
政府或官方部门如何 |
| 06:32 |
put it into a set of standards that are required?
将其纳入所需的标准？ |
| 06:36 |
And then how do we, as a society,
然后我们作为一个社会如何 |
| 06:38 |
even if it's not required, just have our behaviors?
即使这不是强制性的，也要有我们的行为？ |
| 06:41 |
Those are the four forces.
这就是四种力量。 |
| 06:43 |
So that's why.
所以这就是原因。 |
| 06:45 |
I probably just failed Larry's class, but that's how I've thought about it.
我可能刚刚在拉里的课上失败了，但这就是我对它的看法。 |
| 06:50 |
I did, probably, right?
我确实，可能，对吧？ |
| 06:52 |
No, he's shaking his head.
不，他在摇头。 |
| 06:53 |
But regulation is just one of those four forces.
但监管只是这四种力量之一。 |
| 06:56 |
And that's why I pause there.
这就是我在这里停顿的原因。 |
| 06:58 |
And so we'll have it in every class, but only one lecture.
所以我们在每节课中都会讨论，但只有一节讲座。 |
| 07:02 |
Money and markets, that's one of the other forces.
金钱和市场，这是其他力量之一。 |
| 07:05 |
Five of you said you want to make money,
你们五个说你们想赚钱， |
| 07:06 |
and I applaud those who said that, because own it.
我为那些这样说的人鼓掌，因为要拥有它。 |
| 07:10 |
You're in a business school.
你们在商学院。 |
| 07:11 |
Why not?
为什么不呢？ |
| 07:14 |
But investing and trends.
但投资和趋势。 |
| 07:16 |
Now, there was a bunch of other miscellaneous topics.
现在，还有一堆其他杂项主题。 |
| 07:18 |
I'm not going to go through them.
我不打算逐一讲解。 |
| 07:19 |
I kind of thought the last two were interesting-- anecdotes from my past.
我觉得最后两个很有趣——我过去的轶事。 |
| 07:24 |
I'm not sure who said that.
我不确定是谁说的。 |
| 07:27 |
I'm not sure what you want to know about-- my three
我不确定你想知道什么——我的三个女儿， |
| 07:29 |
daughters, my running, or this Wall Street stuff and finance.
我的跑步，还是这些华尔街的东西和金融。 |
| 07:34 |
And I'd like to understand hyperbitcoinization, as well,
我也想了解一下hyperbitcoinization， |
| 07:38 |
but I don't know who asked that question.
但我不知道是谁问的这个问题。 |
| 07:41 |
I don't know what it is, so I'll try to figure out what hyper-- does anyone want
我不知道这是什么，所以我会试着弄清楚hyper——有没有人想 |
| 07:46 |
to own up to that question?
承认这个问题？ |
| 07:47 |
They were anonymous.
他们是匿名的。 |
| 07:48 |
All right.
好的。 |
| 07:50 |
So today's study questions.
所以今天的学习问题。 |
| 07:55 |
What's the role of money historically and in today's digital economy?
货币在历史上和今天的数字经济中扮演什么角色？ |
| 08:02 |
And this is when I'm going to look for discussion.
接下来我会寻找讨论。 |
| 08:04 |
So does anybody want to tell me what
那么有没有人想告诉我 |
| 08:06 |
the role of money-- what would be your answer to this?
货币的角色——你对此的回答是什么？ |
| 08:11 |
Anton?
安东？ |
| 08:14 |
AUDIENCE: The medium of the transaction, and the unit of-- like a counting unit.
观众：交易的媒介，以及单位——像是计数单位。 |
| 08:22 |
And also, the state of the value.
还有，价值的状态。 |
| 08:25 |
PROFESSOR: So the three classic rolls of money that people talk about.
教授：所以人们谈论的货币的三个经典角色。 |
| 08:30 |
Kelly, you want to repeat what he just said?
凯莉，你想重复一下他刚才说的内容吗？ |
| 08:33 |
AUDIENCE: [INAUDIBLE] the question, but I think historically, it was pay off
观众：[听不清]这个问题，但我认为在历史上，它是用来偿还 |
| 08:37 |
debts, starting and conquering various lands and wards,
债务，开始和征服各种土地和战争， |
| 08:41 |
and then also funding trade wars, cutting taxes.
然后还用于资助贸易战争，减税。 |
| 08:45 |
So a lot of societal things that drove civilization forward.
所以很多社会因素推动了文明的发展。 |
| 08:51 |
PROFESSOR: And what we'll discuss today
教授：我们今天要讨论的内容 |
| 08:52 |
and what it is, is that money is a social construct.
以及它的本质是，货币是一种社会构建。 |
| 08:55 |
It's something that societies came together--
这是社会共同形成的—— |
| 08:58 |
it's hard to tell whether it was 5,000 years ago or 8,000 or 10,000 years ago.
很难判断这是5000年前、8000年前还是10000年前。 |
| 09:04 |
Really, it's a social consensus mechanism.
实际上，它是一种社会共识机制。 |
| 09:09 |
But we're going to chat about the readings in a minute
但我们马上会讨论阅读材料 |
| 09:12 |
and come back to that question.
然后再回到那个问题。 |
| 09:15 |
What is fiat currency?
法定货币是什么？ |
| 09:16 |
Does anybody want to-- Tom, you want to tell us what fiat currency is?
有没有人想——汤姆，你想告诉我们法定货币是什么吗？ |
| 09:21 |
It's a shame, Tom.
真可惜，汤姆。 |
| 09:22 |
See, I recognize you.
我认出你来了。 |
| 09:24 |
AUDIENCE: [INAUDIBLE].
观众：[听不清]。 |
| 09:27 |
This is like a established currency
这就像是由中央政府建立的货币 |
| 09:30 |
by a central government, by a government that proposed a market or [INAUDIBLE].
由中央政府建立的，由一个提出市场或[听不清]的政府。 |
| 09:35 |
PROFESSOR: Right.
教授：对。 |
| 09:36 |
So you said it's a central currency, and it's by government.
所以你说这是中央货币，是由政府发行的。 |
| 09:41 |
Anybody else want to add some things?
还有其他人想补充吗？ |
| 09:43 |
Is it Kyle?
是凯尔吗？ |
| 09:45 |
AUDIENCE: I would just add that it's not backed by any physical commodity.
观众：我想补充的是，它并不以任何实物商品作为支持。 |
| 09:48 |
PROFESSOR: So it's not backed by any physical commodity.
教授：所以它并不以任何实物商品作为支持。 |
| 09:50 |
AUDIENCE: Yeah.
观众：是的。 |
| 09:51 |
Really just the good faith and credit of the nation that issues it.
实际上只是发行国的诚信和信用。 |
| 09:56 |
PROFESSOR: Daniel, did you want to add anything?
教授：丹尼尔，你想补充什么吗？ |
| 09:58 |
AUDIENCE: I was just going to say somewhere
观众：我只是想说某个地方 |
| 09:59 |
that it's not gold backed or anything like that.
它并不是以黄金或其他任何东西作为支持。 |
| 10:02 |
PROFESSOR: But was it always that way?
教授：但它一直是这样吗？ |
| 10:04 |
AUDIENCE: It wasn't originally that way.
观众：最初并不是这样。 |
| 10:06 |
PROFESSOR: Right.
教授：对。 |
| 10:06 |
A fiat currency might be backed by something physical.
法定货币可能会以某种实物作为支持。 |
| 10:10 |
Was there other-- remind me your name.
还有其他的——请提醒我你的名字。 |
| 10:13 |
I'm sorry.
抱歉。 |
| 10:13 |
AUDIENCE: Josh.
观众：乔希。 |
| 10:14 |
PROFESSOR: Josh.
教授：乔希。 |
| 10:15 |
AUDIENCE: Specifically used to settle
观众：专门用于结算 |
| 10:18 |
debts, specifically those to the government, so taxes.
债务，特别是对政府的债务，比如税收。 |
| 10:22 |
PROFESSOR: All right, so it can be used for taxes.
教授：好的，所以它可以用于税收。 |
| 10:24 |
And remind me of your name, because I can't see a card.
请提醒我你的名字，因为我看不到卡片。 |
| 10:26 |
What?
什么？ |
| 10:26 |
AUDIENCE: Sean.
观众：肖恩。 |
| 10:27 |
PROFESSOR: Sean.
教授：肖恩。 |
| 10:28 |
AUDIENCE: So, basically, there's no inherent value in fiat currency.
观众：所以，基本上，法定货币没有内在价值。 |
| 10:33 |
So basically, there's no one recognize that specific currency itself.
所以基本上，没有人认可那种特定的货币本身。 |
| 10:39 |
There's no government.
没有政府。 |
| 10:40 |
PROFESSOR: So here's a question for the class.
教授：那么这是给班级的问题。 |
| 10:42 |
Is there inherent value to non-fiat currencies?
非法定货币是否具有内在价值？ |
| 10:46 |
Because Sean's saying that maybe a distinguishing characteristic
因为肖恩说，也许法定货币的一个显著特征是 |
| 10:50 |
of fiat is it has no inherent value.
法定货币没有内在价值。 |
| 10:53 |
AUDIENCE: Terry.
观众：特里。 |
| 10:54 |
PROFESSOR: Terry.
教授：特里。 |
| 10:54 |
AUDIENCE: Well, actually, the same applies to any commodity that's used to--
观众：实际上，这同样适用于任何被用作—— |
| 11:02 |
currency in general.
一般的货币。 |
| 11:03 |
Because it's just the scarcity of some specific resource
因为这只是某些特定资源的稀缺性 |
| 11:07 |
and social common agreement that that's going to be the parameter.
以及社会的共同协议，这将成为参数。 |
| 11:16 |
PROFESSOR: So how many people are more in line with Eric or--
教授：那么，有多少人更倾向于埃里克或—— |
| 11:22 |
there's not one right answer to this.
对此没有一个正确的答案。 |
| 11:24 |
This is a question that's been debated for decades or centuries.
这是一个已经争论了几十年或几个世纪的问题。 |
| 11:29 |
How many are more in Sean's camp?
有多少人更倾向于肖恩的观点？ |
| 11:32 |
AUDIENCE: I think it depends.
观众：我认为这要看情况。 |
| 11:33 |
For example, gold is definitely a social construct.
例如，黄金绝对是一个社会构造。 |
| 11:36 |
We decide that, as a human society, that gold is going to be something valuable.
我们作为人类社会决定，黄金将是有价值的东西。 |
| 11:41 |
But if it's, like, grains that humans can [INAUDIBLE]
但如果是人类可以[听不清]的谷物， |
| 11:44 |
and that, I think, has an inherent value.
我认为那是有内在价值的。 |
| 11:47 |
So I think there are non-fiat currencies that does have inherent values and that
所以我认为有一些非法定货币确实具有内在价值，而 |
| 11:52 |
does not have inherent values.
也有一些没有内在价值。 |
| 11:54 |
PROFESSOR: All right, anybody-- what's your-- Jihi, yeah.
教授：好的，有人——你有什么看法——吉希，是的。 |
| 11:58 |
Tom?
汤姆？ |
| 11:58 |
Tomas?
托马斯？ |
| 11:59 |
AUDIENCE: Tomas.
观众：托马斯。 |
| 12:00 |
I just want to say that the [INAUDIBLE] is
我只想说[听不清]是 |
| 12:02 |
another component which the fact that it is a legal tender.
另一个组成部分是它是法定货币。 |
| 12:07 |
So the government and some [INAUDIBLE]
所以政府和一些[听不清] |
| 12:10 |
forced the society to use the currency, which makes more
迫使社会使用这种货币，这使得人们更 |
| 12:16 |
comfortable for people to use.
容易使用。 |
| 12:18 |
PROFESSOR: So Tomas is saying that fiat currency is legal tender.
教授：所以托马斯说法定货币是法定货币。 |
| 12:22 |
So first, we have to discuss, what is legal tender?
所以首先，我们必须讨论，什么是法定货币？ |
| 12:25 |
Does anybody want to knock that one out
有没有人想来解释一下这个问题 |
| 12:27 |
of the ballpark who hasn't raised their hand yet?
在场中还没有举手的人？ |
| 12:31 |
No?
没有吗？ |
| 12:33 |
All right.
好的。 |
| 12:34 |
AUDIENCE: I think that's maybe my earlier comment.
观众：我想这可能是我之前的评论。 |
| 12:38 |
It can be used to settle debts, and specifically those to the government.
它可以用来偿还债务，特别是对政府的债务。 |
| 12:44 |
So you can use gold as a money.
所以你可以把黄金当作货币。 |
| 12:46 |
It can be a stored value.
它可以是储存的价值。 |
| 12:48 |
It can be a means of exchange.
它可以是交换的手段。 |
| 12:50 |
But you can't pay your taxes in gold, right?
但你不能用黄金来缴税，对吧？ |
| 12:52 |
You have to-- PROFESSOR: Is that correct?
你必须——教授：那是正确的吗？ |
| 12:54 |
So 19th century, could you pay your taxes in gold in the US
那么在19世纪，你可以在美国用黄金缴税吗 |
| 12:59 |
and in Britain and other countries that had gold currency?
以及在英国和其他拥有黄金货币的国家？ |
| 13:05 |
This is just a yes or no, but James?
这只是一个是或否的问题，詹姆斯？ |
| 13:07 |
AUDIENCE: It's yes, but after 1970s, the paper currency
观众：是的，但在1970年代之后，纸币 |
| 13:12 |
is attached to the gold standard.
与金本位挂钩。 |
| 13:13 |
So inherently, there is an exchange of value
所以本质上，存在一种价值的交换 |
| 13:15 |
that is picked by the government or the central bank.
这是由政府或中央银行决定的。 |
| 13:19 |
So it's almost one of the same thing at that time, until more recent years.
所以在那个时候几乎是同一回事，直到最近几年。 |
| 13:24 |
PROFESSOR: James is saying you could use gold as legal tender.
教授：詹姆斯说你可以把黄金用作法定货币。 |
| 13:28 |
Legal tender, again, is something
法定货币，再次强调，是某种 |
| 13:30 |
that a society comes together and creates a law-- back to the Lessig four.
社会共同制定的法律——回到莱西格的四个原则。 |
| 13:36 |
Society together says-- it's not just a social normative behavior.
社会共同说——这不仅仅是一种社会规范行为。 |
| 13:41 |
It's a law.
这是法律。 |
| 13:43 |
One must accept this.
必须接受这一点。 |
| 13:46 |
And the US and the UK and many countries
美国、英国和许多国家 |
| 13:49 |
it says for all debts, public and private.
规定所有债务，无论是公共的还是私人的。 |
| 13:52 |
So a debt to the government or a debt in a store.
因此，向政府的债务或商店的债务。 |
| 13:59 |
We're going to get to, later, as to when
我们稍后会讨论，何时 |
| 14:01 |
is it true that somebody has to take your cash.
有人必须接受你的现金。 |
| 14:05 |
But I'm going to hold off on that in a minute and talk about it.
但我会稍后再谈这个问题。 |
| 14:10 |
But I think, also, Jihei said--
但我认为，吉希也说—— |
| 14:12 |
it was somewhere between Sean and Eric, both physically
这在肖恩和埃里克之间，既在课堂上 |
| 14:17 |
in the class and in terms of her articulation--
在课堂上，也体现在她的表达上—— |
| 14:19 |
that fiat currency might not have anything inherently behind it.
法定货币可能没有任何内在的支持。 |
| 14:26 |
But gold mostly doesn't have anything inherently behind it.
但黄金大多也没有任何内在的支持。 |
| 14:30 |
And then some forms of currency, like grain, had more.
而某些形式的货币，如谷物，则有更多的内在价值。 |
| 14:35 |
So maybe it's a continuum.
所以也许这是一个连续体。 |
| 14:38 |
Maybe it's not black and white, 100% or 0%.
也许它不是黑白分明的，100%或0%。 |
| 14:42 |
And then we're going to talk a little bit about how Bitcoin fits into it.
接下来我们将讨论比特币如何融入其中。 |
| 14:47 |
And our next three classes are going
接下来的三节课我们将深入探讨 |
| 14:49 |
to be really into the technology of Bitcoin,
比特币的技术， |
| 14:51 |
but just a little bit of teasing out before I go through some lecture slides.
但在我展示一些讲义之前，先稍微引入一下。 |
| 14:56 |
Who wants to talk about how Bitcoin might fit into this history of money?
谁想谈谈比特币如何融入货币历史？ |
| 15:00 |
And then I'm going to return to that question in about
然后我将在大约 |
| 15:04 |
45 minutes and ask you again.
45分钟后再问你们。 |
| 15:07 |
Does anybody want to say from the readings?
有没有人想根据阅读材料说说？ |
| 15:09 |
And you remind me your name?
你能提醒我你的名字吗？ |
| 15:10 |
AUDIENCE: Isabel.
观众：伊莎贝尔。 |
| 15:11 |
PROFESSOR: Isabel.
教授：伊莎贝尔。 |
| 15:12 |
AUDIENCE: So with Bitcoin, it's kind of the same, where the value is given
观众：所以比特币也是一样，价值是由社会赋予的 |
| 15:15 |
by society, except with Bitcoin, it's not backed by a central bank.
但比特币并不是由中央银行支持的。 |
| 15:19 |
So people don't think that there is an inherent value.
所以人们认为它没有内在价值。 |
| 15:22 |
But the readings pointed out that there's
但阅读材料指出，存在着 |
| 15:24 |
sort of that same history, except it doesn't have [INAUDIBLE].
类似的历史，只是它没有[听不清]。 |
| 15:27 |
PROFESSOR: So Isabel is saying that Bitcoin
教授：所以伊莎贝尔说，比特币 |
| 15:29 |
fits into the history of money because, like fiat currencies
融入了货币历史，因为像法定货币一样 |
| 15:33 |
and like Jihei said about gold, it doesn't necessarily
以及吉黑所说的黄金，它不一定 |
| 15:36 |
have any inherent monetary value,
具有任何内在的货币价值， |
| 15:40 |
but it's a societal set of norms that people are accepting it as having value.
但这是一个社会规范，人们接受它具有价值。 |
| 15:45 |
But the key distinction that Isabel said was that it's no central.
但伊莎贝尔提到的关键区别是它没有中央。 |
| 15:49 |
AUDIENCE: It's not backed by any kind of central bank.
观众：它不是由任何中央银行支持的。 |
| 15:51 |
PROFESSOR: It's not backed by a central bank or a central authority.
教授：它不是由中央银行或中央权威支持的。 |
| 15:54 |
Alan?
艾伦？ |
| 15:55 |
AUDIENCE: Yes.
观众：是的。 |
| 15:56 |
So Bitcoin, in my opinion, is unique,
所以在我看来，比特币是独特的， |
| 15:59 |
because I think the value of Bitcoin changes over time, not
因为我认为比特币的价值随着时间变化，而不是 |
| 16:03 |
the fluctuation that we see like $6,000 or $90,000,
我们看到的像6000美元或90000美元的波动， |
| 16:07 |
but in terms of the utility of the coin itself.
而是从币本身的实用性来看。 |
| 16:12 |
So today, for example, we might be able to buy pizza or coffee
所以今天，例如，我们可能能够用比特币购买比萨或咖啡 |
| 16:16 |
or whatever with Bitcoin, so there is an inherent value
或其他东西，所以在交换媒介方面存在内在价值 |
| 16:19 |
in terms of medium of exchange.
作为交换媒介。 |
| 16:21 |
And it will change as society adopts it more and more.
随着社会越来越多地接受它，这种价值会发生变化。 |
| 16:25 |
So I think it's hard to define if there is inherent value or not.
所以我认为很难定义是否存在内在价值。 |
| 16:30 |
PROFESSOR: So Alan is raising that Bitcoin--
教授：所以艾伦提到，比特币— |
| 16:33 |
if I can put some words in your mouth, and tell me if I'm correct, that Bitcoin
如果我可以替你说几句话，请告诉我我是否正确，比特币 |
| 16:38 |
might have some distinguishing features
可能具有一些独特的特征 |
| 16:39 |
from even fiat currency, that its value is shifting over time with adoption.
与法定货币相比，它的价值随着采用而变化。 |
| 16:46 |
Is that-- I mean, you didn't use that word.
是这样吗——我的意思是，你没有用那个词。 |
| 16:51 |
Please let me know your name again.
请再告诉我你的名字。 |
| 16:53 |
AUDIENCE: Brotish.
观众：布罗提什。 |
| 16:54 |
PROFESSOR: Right.
教授：对。 |
| 16:55 |
Like British, but with an O, you told me earlier-- Brotish.
就像英国人，但有个O，你之前告诉我的——布罗提什。 |
| 17:01 |
AUDIENCE: Another way I was thinking of [INAUDIBLE]
观众：我想到的另一种方式是[听不清] |
| 17:04 |
the evolution of the later technology like accounting
后来的技术演变，比如会计 |
| 17:08 |
and the evolution of money, along with-- so initially, we saw in the reading
以及货币的演变，最初我们在阅读中看到 |
| 17:14 |
how it happened in the prehistoric age and then
它是如何在史前时代发生的，然后 |
| 17:16 |
the advent of the [INAUDIBLE] and then [INAUDIBLE]
[听不清]的出现，然后[听不清] |
| 17:19 |
later, which is kind of one of the fundamental blocks of Bitcoin.
后来，这也是比特币的基本构件之一。 |
| 17:23 |
PROFESSOR: Right.
教授：对。 |
| 17:24 |
AUDIENCE: So that is another way kind
观众：所以这也是另一种方式 |
| 17:26 |
of natural progression of how money [INAUDIBLE]..
自然演变货币的方式[听不清]。 |
| 17:31 |
PROFESSOR: Brotish?
教授：布罗提什？ |
| 17:31 |
AUDIENCE: Yeah.
观众：是的。 |
| 17:32 |
PROFESSOR: So what Brotish has raised
教授：所以布罗提什提到的 |
| 17:34 |
is also Bitcoin fits into the history of ledgers,
也是比特币融入了账本的历史， |
| 17:36 |
whether it's double entry ledgers as recognized through T
无论是通过T型账户识别的复式记账 |
| 17:40 |
accounts or other forms of ledgers,
还是其他形式的账本， |
| 17:42 |
that it adds to this whole long history of ledgers.
它为这整个悠久的账本历史增添了内容。 |
| 17:47 |
I agree with that.
我同意这一点。 |
| 17:50 |
And it's a new form of keeping ledgers.
这是一种新的记账方式。 |
| 17:52 |
Alan?
艾伦？ |
| 17:53 |
AUDIENCE: So Bitcoin is also similar to gold.
观众：所以比特币也类似于黄金。 |
| 17:56 |
There is an element of scarcity.
有一种稀缺性。 |
| 17:59 |
PROFESSOR: Of scarcity.
教授：稀缺性。 |
| 17:59 |
AUDIENCE: Yeah.
观众：是的。 |
| 18:00 |
So you cannot generate that many Bitcoin.
所以你不能生成那么多比特币。 |
| 18:02 |
PROFESSOR: Correct.
教授：正确。 |
| 18:03 |
AUDIENCE: You can only generate 50 bitcoins every 10 minutes,
观众：你每10分钟只能生成50个比特币， |
| 18:06 |
and it keeps happening every four years.
而且每四年就会发生一次。 |
| 18:09 |
PROFESSOR: So it seems like scarcity and ledgers are important components.
教授：所以稀缺性和账本似乎是重要的组成部分。 |
| 18:14 |
Aviva?
阿维瓦？ |
| 18:14 |
AUDIENCE: Yes.
观众：是的。 |
| 18:15 |
So it does have a fixed demand--
所以它确实有一个固定的需求—— |
| 18:17 |
sorry, a fixed supply, like you said, in terms of scarcity.
抱歉，固定的供应，就像你说的那样，关于稀缺性。 |
| 18:20 |
But the more we adopt it, the more it becomes divisible in terms of units.
但是我们越是采用它，它在单位上就越可分割。 |
| 18:24 |
And so we can increase its use,
因此我们可以增加它的使用， |
| 18:27 |
because now you can divide them up to [INAUDIBLE].
因为现在你可以将它们分割到[听不清]。 |
| 18:31 |
PROFESSOR: This is good.
教授：这很好。 |
| 18:32 |
So divisibility is another characteristic of money,
所以可分割性是货币的另一个特征， |
| 18:35 |
scarcity, adoption as Alan said, ledgers.
稀缺性，正如阿兰所说的，采用，账本。 |
| 18:41 |
Sorry, Tomas?
抱歉，托马斯？ |
| 18:42 |
AUDIENCE: We mention decentralization,
观众：我们提到去中心化， |
| 18:43 |
because this implementation make feasible the Bitcoin
因为这种实现使比特币成为可能 |
| 18:50 |
and makes feasible to implement this kind of thing
并使在去中心化环境中实现这种事情成为可能 |
| 18:52 |
in the decentralized environment.
在去中心化环境中。 |
| 18:54 |
So without any central authority to design or dictate
因此没有任何中央权威来设计或规定 |
| 18:59 |
the supply and all the aspects of the concepts.
供应和所有概念的各个方面。 |
| 19:04 |
PROFESSOR: We'll take one more, and then I'll start to talk about the history.
教授：我们再来一个，然后我将开始谈论历史。 |
| 19:08 |
Why don't we go here?
我们为什么不去这里？ |
| 19:09 |
And remind me your name.
请提醒我你的名字。 |
| 19:10 |
AUDIENCE: Alexis.
观众：亚历克西斯。 |
| 19:11 |
PROFESSOR: Alexis.
教授：亚历克西斯。 |
| 19:12 |
AUDIENCE: [INAUDIBLE] of like money and other forms of currency, even
观众：[听不清]像货币和其他形式的货币，即使 |
| 19:17 |
if it's controlled by central government or central bank,
如果它是由中央政府或中央银行控制的， |
| 19:21 |
there's no fixed exchange rate.
也没有固定的汇率。 |
| 19:24 |
It trades extremely quickly with other types of currency,
它与其他类型的货币交易非常迅速， |
| 19:27 |
so I mean, it's still very different.
所以我的意思是，它仍然非常不同。 |
| 19:30 |
PROFESSOR: So, Alexis, if I understand Alexis' point,
教授：所以，亚历克西斯，如果我理解亚历克西斯的观点， |
| 19:33 |
it's that there's no fixed exchange rate about Bitcoin we're talking about.
就是我们所谈论的比特币没有固定的汇率。 |
| 19:40 |
But couldn't we really broaden that to all forms of currency?
但我们能否将其真正扩展到所有形式的货币？ |
| 19:45 |
I mean, what really is the exchange
我的意思是，真正的汇率是什么 |
| 19:47 |
rate between an ounce of gold and a bushel of corn?
一盎司黄金和一蒲式耳玉米之间的汇率？ |
| 19:54 |
AUDIENCE: Yes and no.
观众：是的，也不是。 |
| 19:54 |
I mean, yes, that, for example, some states do control exchange
我的意思是，是的，例如，一些州确实控制汇率 |
| 19:59 |
rates with other counties.
与其他国家的汇率。 |
| 20:01 |
PROFESSOR: All right, good point.
教授：好的，好的观点。 |
| 20:02 |
So Alexis is saying yes and no, because some governments try to fix.
所以亚历克西斯说是的，也不是，因为一些政府试图固定。 |
| 20:07 |
Now back to markets.
现在回到市场。 |
| 20:08 |
How well does that work when governments try to fix an exchange rate?
当政府试图固定汇率时，这样做效果如何？ |
| 20:14 |
I mean, just as a sense of the class, does that work well?
我的意思是，作为课堂的一个感觉，这样做有效吗？ |
| 20:19 |
So it sort of might work well in temporal, short periods.
所以在短期内可能会有效。 |
| 20:22 |
Works less well for decades on end.
在几十年内效果较差。 |
| 20:26 |
I'll take one more, and then I'm just-- I want to go through a couple--
我再来一个，然后我只是——我想过一遍几个—— |
| 20:29 |
AUDIENCE: Just one comment.
观众：只是一条评论。 |
| 20:30 |
That way you can teach hours of work.
那样你可以教几个小时的工作。 |
| 20:32 |
That's how economies define it previously, right?
这就是经济体之前如何定义它，对吧？ |
| 20:36 |
But I just want to ask, what is a ledger?
但我只是想问，什么是账本？ |
| 20:41 |
PROFESSOR: What is a ledger?
教授：什么是账本？ |
| 20:42 |
Very good question.
非常好的问题。 |
| 20:45 |
I'm going to be chatting about that in a minute.
我马上就会聊到这个。 |
| 20:47 |
But does anybody want to hit that?
但有没有人想谈谈这个？ |
| 20:53 |
I'm sorry.
抱歉。 |
| 20:53 |
No, over here.
不，这边。 |
| 20:55 |
AUDIENCE: I was going to say, it's just
观众：我想说，这只是 |
| 20:57 |
a numerical record of everything recorded, in a fashion.
以某种方式记录的一切的数字记录。 |
| 21:01 |
[INAUDIBLE] PROFESSOR: A numerical record.
[听不清]教授：一个数字记录。 |
| 21:03 |
I think that's a good thing.
我认为这是个好事。 |
| 21:04 |
A ledger is basically a way to record economic activity
账本基本上是一种记录经济活动的方式 |
| 21:11 |
or social relationships or financial relationships.
或社会关系或金融关系。 |
| 21:16 |
I would say it's both a way to record economic activity,
我会说它既是一种记录经济活动的方式， |
| 21:20 |
and it's a system of recording financial relationships.
这是一个记录金融关系的系统。 |
| 21:25 |
And while I didn't assign these readings,
虽然我没有布置这些阅读材料， |
| 21:29 |
some very good academic research suggests
一些非常好的学术研究表明， |
| 21:34 |
that the first methods of writing and symbols of writing
最早的书写方法和书写符号 |
| 21:38 |
had to do with numbers and had to do with ledgers, rather
与数字和账本有关，而不是 |
| 21:41 |
than words and communication.
与文字和交流有关。 |
| 21:46 |
Because it's so fundamental to society to record various economic transactions
因为记录各种经济交易对社会来说是如此基本， |
| 21:53 |
or to record the financial relationships
或记录社区成员之间的金融关系， |
| 21:57 |
amongst and between members of a community,
无论是小村庄还是 |
| 22:00 |
whether it was a small village or when
几千年前社会从村庄中崛起时。 |
| 22:02 |
society burst out of villages thousands of years ago.
几千年前社会从村庄中崛起时。 |
| 22:05 |
Does that help?
这有帮助吗？ |
| 22:07 |
We'll be back to it.
我们会再回到这个话题。 |
| 22:10 |
And better that you ask that here than in your accounting fundamentals class.
在这里问比在你的会计基础课上问要好得多。 |
| 22:15 |
I don't know.
我不知道。 |
| 22:16 |
So the readings-- we've sort of talked about the readings.
关于阅读材料——我们已经讨论过这些材料。 |
| 22:20 |
How many of you actually watched the little three-minute video?
你们中有多少人实际上看了那段三分钟的小视频？ |
| 22:25 |
What'd you think?
你觉得怎么样？ |
| 22:26 |
I mean, just as a-- I'm sorry, here.
我的意思是，作为一个——抱歉，等一下。 |
| 22:29 |
We haven't chatted yet.
我们还没有聊天呢。 |
| 22:30 |
AUDIENCE: I think the broad-based message was
观众：我认为这个视频传达的广泛信息是 |
| 22:32 |
that any currency, or anything, for that matter,
任何货币，或者说任何东西， |
| 22:35 |
has value equivalent to what the society assigns it with.
其价值等同于社会赋予它的价值。 |
| 22:38 |
Because the video basically just showed
因为视频基本上只是展示了 |
| 22:40 |
a guy who created his own currency and was just selling it to the public.
一个创造自己货币并向公众出售的人。 |
| 22:43 |
And his whole claim was that it is real if you believe it is real.
他的整个主张是，如果你相信它是真的，它就是真的。 |
| 22:47 |
PROFESSOR: So it was just a nice little ditty, in a way.
教授：所以从某种意义上说，这只是一个不错的小曲子。 |
| 22:50 |
Matthew, I'm sorry?
马修，抱歉？ |
| 22:51 |
AUDIENCE: I would have given him $1 for it.
观众：我会给他1美元的。 |
| 22:52 |
PROFESSOR: You would have given him $1?
教授：你会给他1美元？ |
| 22:54 |
Great.
太好了。 |
| 22:54 |
AUDIENCE: Seeing how much the pizzas went for.
观众：看看披萨的价格。 |
| 22:57 |
AUDIENCE: Who knows?
观众：谁知道呢？ |
| 22:58 |
PROFESSOR: Would anybody else have given him $1 for it?
教授：还有其他人会给他1美元吗？ |
| 23:01 |
No?
没有吗？ |
| 23:02 |
Oh, you would have?
哦，你会吗？ |
| 23:05 |
AUDIENCE: Actually, I'm working with local currencies.
观众：实际上，我正在研究地方货币。 |
| 23:08 |
And it's kind of the same, but you can use them just locally.
这有点相似，但你只能在当地使用它们。 |
| 23:14 |
I mean, it keeps the money inside the community
我的意思是，它保持了资金在社区内部 |
| 23:17 |
that decides to use that way of transactions.
决定以这种方式进行交易的社区内部。 |
| 23:20 |
PROFESSOR: We're going to refer back to each of these readings
教授：我们将在接下来的45分钟中回顾每一篇阅读材料。 |
| 23:22 |
as we go through the next 45 minutes.
在接下来的45分钟中。 |
| 23:25 |
Yeah?
是吗？ |
| 23:25 |
AUDIENCE: I was wondering if he was actually
观众：我在想他是否真的 |
| 23:27 |
breaking the law by launching his own competing currency to the US dollar?
通过推出自己的竞争货币来违反法律？ |
| 23:30 |
Is that a legitimate-- obviously, it didn't compete with the US dollar, but--
这是否合法——显然，它并没有与美元竞争，但—— |
| 23:34 |
PROFESSOR: You raise a very good question.
教授：你提出了一个非常好的问题。 |
| 23:36 |
I'm not aware of any statute, federal or state,
我不知道有任何联邦或州的法规， |
| 23:43 |
that says there's an absolute monopoly on forms of currency
规定货币形式有绝对垄断的法律， |
| 23:49 |
as there is in other things, like you
就像在其他事物中一样，比如你 |
| 23:51 |
know that slot in the door that's called the--
知道门上的那个投信口—— |
| 23:55 |
where you can put a letter through the door or a mailbox?
你可以把信放进门里或邮箱里？ |
| 23:59 |
There's actually a law that says that the US Postal Service has
实际上有一项法律规定美国邮政服务拥有 |
| 24:02 |
a monopoly, and that's why UPS is not
垄断，这就是为什么UPS不被允许 |
| 24:05 |
allowed to put their boxes or anything in there.
在里面放置他们的箱子或任何东西。 |
| 24:10 |
There's a government fiat monopoly.
这是一个政府法定的垄断。 |
| 24:14 |
But you raise a very good question.
但你提出了一个非常好的问题。 |
| 24:17 |
What we've found in the last 10 years with Bitcoin,
在过去10年中，我们发现比特币的情况是， |
| 24:20 |
with really oversimplifying, is that it
简单来说， |
| 24:24 |
is legal to create your own form of money, as Bitcoin is possibly this money.
创造自己的货币形式是合法的，比特币可能就是这种货币。 |
| 24:34 |
But you have to comply with all the other laws.
但你必须遵守所有其他法律。 |
| 24:36 |
And all those other laws that we'll talk about
我们将讨论的所有其他法律 |
| 24:38 |
in other lectures, in essence, fall
在其他讲座中，实质上属于 |
| 24:40 |
into buckets of guarding against illicit activity,
防范非法活动的范畴， |
| 24:43 |
so the Bank Secrecy Act and all the laws
例如《银行保密法》和所有与 |
| 24:45 |
related to anti-money laundering and terrorism finance and so forth.
反洗钱和恐怖融资等相关的法律。 |
| 24:50 |
One still has to pay your taxes if you're gaining or losing on this investment.
如果你在这项投资中获利或亏损，仍然需要缴纳税款。 |
| 24:58 |
The Federal Reserve and other authorities around the globe
美联储和全球其他当局 |
| 25:01 |
still want to insure for financial stability.
仍然希望确保财务稳定。 |
| 25:04 |
The fellow on the streets of-- I don't remember what city.
街头的那个人——我不记得是什么城市。 |
| 25:07 |
New York?
纽约？ |
| 25:07 |
Selling his dollars, when Matthew bought it for $1
他在卖美元，当马修以1美元买下时。 |
| 25:11 |
and I think over here-- Brianna?
我想这里有——布里安娜？ |
| 25:14 |
AUDIENCE: [INAUDIBLE] PROFESSOR: What's that?
观众：[听不清] 教授：那是什么？ |
| 25:16 |
AUDIENCE: My name?
观众：我的名字？ |
| 25:17 |
PROFESSOR: Yes.
教授：是的。 |
| 25:17 |
AUDIENCE: [INAUDIBLE] PROFESSOR: Bought it.
观众：[听不清] 教授：买下了。 |
| 25:21 |
The society's still going to be stable.
社会仍然会保持稳定。 |
| 25:23 |
It's going to be all right.
一切都会好的。 |
| 25:26 |
But if millions of people were buying it, then people might worry.
但如果数百万人在购买它，人们可能会担心。 |
| 25:29 |
And then there's the third big bucket
然后还有第三个大类 |
| 25:31 |
that we look at is investor and consumer protection.
我们关注的是投资者和消费者保护。 |
| 25:34 |
But I think it's allowed.
但我认为这是被允许的。 |
| 25:37 |
So we'll refer to these, Joaquin, and then I'm going to go on.
所以我们会提到这些，华金，然后我将继续。 |
| 25:40 |
AUDIENCE: Can you legally pay, for example, salaries in bitcoin in the US?
观众：例如，在美国，你可以合法地用比特币支付工资吗？ |
| 25:45 |
PROFESSOR: Yes.
教授：可以。 |
| 25:47 |
And why is it that you can legally pay for wages in bitcoin in the US?
那么，为什么你可以在美国合法地用比特币支付工资呢？ |
| 25:54 |
I know it's outside of the readings,
我知道这超出了阅读材料， |
| 25:55 |
but why do you think it is allowed in this society?
但你认为为什么在这个社会中这是被允许的？ |
| 26:01 |
Is it Kyle?
是凯尔吗？ |
| 26:04 |
AUDIENCE: Wouldn't those compensation forms be allowed under any contract?
观众：那些补偿形式在任何合同下都被允许吗？ |
| 26:10 |
PROFESSOR: Most things-- you could pay somebody in these placards.
教授：大多数事情——你可以用这些标牌支付给某人。 |
| 26:14 |
I doubt, really, that you're going to value them much.
我真的怀疑你会重视它们。 |
| 26:18 |
But you could pay somebody in this.
但你可以用这个支付给某人。 |
| 26:20 |
You could pay somebody in gold, euros, bitcoin.
你可以用黄金、欧元、比特币支付。 |
| 26:24 |
And there are firms that are paying--
而且有公司在支付—— |
| 26:26 |
usually, they're developing blockchain applications.
通常，他们正在开发区块链应用。 |
| 26:31 |
And interestingly, they have to compute the value of the wages
有趣的是，他们必须计算工资的价值 |
| 26:37 |
to do withholding taxes, because the US government will not
以便进行预扣税，因为美国政府不会 |
| 26:40 |
accept taxes in bitcoin.
接受比特币作为税款。 |
| 26:43 |
So they figure out the fair market value--
所以他们计算出公平市场价值—— |
| 26:47 |
and there are companies in the US that pay people
在美国有公司支付给人们 |
| 26:49 |
in bitcoin who are doing development work around blockchain applications.
用比特币进行区块链应用开发工作。 |
| 26:54 |
But the taxes need to be computed and analyzed and then paid in US dollars.
但税款需要计算和分析，然后以美元支付。 |
| 27:00 |
There was a legislative initiative in Arizona
今年早些时候在亚利桑那州有一个立法倡议 |
| 27:04 |
earlier this year where a state legislature
今年早些时候，州立法机构 |
| 27:06 |
wanted to have Arizona be the first state in the land
希望让亚利桑那州成为全国第一个 |
| 27:09 |
to accept bitcoin for taxes.
接受比特币作为税款的州。 |
| 27:11 |
But it failed in committee.
但在委员会中失败了。 |
| 27:13 |
It didn't even get a full vote of--
甚至没有得到全体投票—— |
| 27:15 |
I can't remember if it was the Arizona Senate or the Arizona House of Delegates.
我记不清是亚利桑那州参议院还是亚利桑那州代表大会。 |
| 27:24 |
So just a little walk through the history.
所以稍微回顾一下历史。 |
| 27:26 |
I was going to do a little history of money and have some fun.
我本来想做一点货币历史，玩得开心。 |
| 27:30 |
So in Ethiopia, people put together salt bars.
在埃塞俄比亚，人们把盐块放在一起。 |
| 27:33 |
This is not that long ago.
这并不是很久以前。 |
| 27:36 |
Salt, as Jihei said earlier, is really valuable in society,
正如吉黑之前所说，盐在社会中非常有价值， |
| 27:40 |
and they standardize the shape and size.
他们对形状和大小进行了标准化。 |
| 27:42 |
And so here's salt bars.
所以这里是盐块。 |
| 27:46 |
We're going to get to, a little bit later, all the characteristics of money.
稍后我们将讨论货币的所有特征。 |
| 27:50 |
But what else do you think a salt bar in Ethiopia,
但你认为在埃塞俄比亚的盐块还有什么其他特征， |
| 27:53 |
as opposed to maybe some other country--
与其他国家相比—— |
| 27:56 |
what did it have, as well, as to why people might use that?
它还有什么，为什么人们可能会使用它？ |
| 28:01 |
AUDIENCE: Oil.
观众：石油。 |
| 28:02 |
PROFESSOR: What's that?
教授：那是什么？ |
| 28:02 |
AUDIENCE: Crude oil.
观众：原油。 |
| 28:03 |
PROFESSOR: Crude oil.
教授：原油。 |
| 28:05 |
All right, I hadn't thought of that.
好吧，我没想到这一点。 |
| 28:06 |
I'm going to keep thinking about that.
我会继续思考这个问题。 |
| 28:08 |
It's not a common characteristic of money.
这不是货币的常见特征。 |
| 28:10 |
But why salt bars?
但为什么是盐块？ |
| 28:11 |
What else might it have in Ethiopia?
在埃塞俄比亚它还有什么？ |
| 28:16 |
AUDIENCE: Are you going to say that you can use salt to preserver food?
观众：你是说可以用盐来保存食物吗？ |
| 28:20 |
PROFESSOR: Well, you can preserve food,
教授：嗯，你可以保存食物， |
| 28:21 |
but because it was mined, there was some scarcity, as well.
但因为它是开采的，所以也有一些稀缺性。 |
| 28:27 |
And a lot of currencies, a lot of moneys over time, have that fundamental issue.
而且许多货币，许多货币随着时间的推移都有这个基本问题。 |
| 28:32 |
Cowrie shells from West Africa.
来自西非的海螺壳。 |
| 28:37 |
Does anyone know the history of when
有没有人知道海螺壳何时被贬值并停止使用的历史？ |
| 28:39 |
cowrie shells got really debased and stopped being used, from the readings?
从阅读材料中可以找到答案吗？ |
| 28:44 |
I can't remember if that was in the readings or not.
我不记得那是否在阅读材料中。 |
| 28:49 |
They got debased when Europeans started
当欧洲人开始意识到它们被接受为一种价值时，它们就被贬值了。 |
| 28:52 |
to realize that they were accepted as a value.
他们意识到这些被视为一种价值。 |
| 28:55 |
And it's a very sad and terrible history, too,
这也是一个非常悲惨和可怕的历史， |
| 28:57 |
because it's related to the whole slave trade.
因为这与整个奴隶贸易有关。 |
| 29:00 |
But that the Europeans could figure out
但欧洲人能够弄清楚 |
| 29:03 |
that societies accepted this as something of value,
社会接受这些作为一种价值， |
| 29:07 |
but they also debased that currency
但他们也贬低了这种货币 |
| 29:09 |
and they debased the land and captured people as slaves.
并贬低了土地，把人们抓为奴隶。 |
| 29:12 |
It was quite a collection of not particularly good things going on.
这是一系列并不特别好的事情。 |
| 29:19 |
Tally sticks in England.
英国的记账棍。 |
| 29:20 |
Does anybody, from the readings--
有没有人从阅读材料中-- |
| 29:22 |
because there was a little bit of the debate in the first
因为在第一篇阅读中有一点争论 |
| 29:24 |
reading about the history of money-- want to chat?
关于货币历史的内容--想聊聊吗？ |
| 29:29 |
And I'll pull up the Rai stones from Yap.
我将提到雅浦岛的赖石。 |
| 29:33 |
How this fits into that first reading and the debate between
这如何与第一篇阅读和关于 |
| 29:37 |
did money come from a history of barter,
货币是否源于以物易物的历史， |
| 29:40 |
or did money come from a history of ledgers and credit,
还是货币源于账本和信用的历史， |
| 29:45 |
which is kind of a setup of that first reading?
这大致是第一篇阅读的设置？ |
| 29:52 |
Any thoughts?
有什么想法吗？ |
| 29:55 |
Which ones of these four bits of money, early money,
这四种早期货币中哪一种 |
| 29:58 |
are more about maybe barter?
更可能与以物易物有关？ |
| 30:03 |
AUDIENCE: There are two theories, right?
观众：有两个理论，对吧？ |
| 30:08 |
Debt, which corresponds to this one.
债务，与这个相对应。 |
| 30:11 |
This was a way to measure debt.
这是一种衡量债务的方法。 |
| 30:13 |
PROFESSOR: Which one?
教授：哪一个？ |
| 30:14 |
AUDIENCE: The sticks.
观众：记账棍。 |
| 30:15 |
PROFESSOR: The sticks.
教授：记账棍。 |
| 30:16 |
The tally sticks, yes, correct.
记账棍，是的，正确。 |
| 30:18 |
Which is the second one on here that has to do with debts,
这里第二个与债务有关的是什么， |
| 30:20 |
actually, and credits?
实际上，还有信用？ |
| 30:22 |
AUDIENCE: The stones.
观众：石头。 |
| 30:23 |
PROFESSOR: The stone, the Rai stones.
教授：石头，赖石。 |
| 30:26 |
So it's remarkable.
所以这很了不起。 |
| 30:27 |
The Rai stones were so heavy that on this island of Yap,
赖石非常重，以至于在雅浦岛上， |
| 30:32 |
they couldn't possibly lug it around and use it
他们根本无法搬运并使用它 |
| 30:35 |
in a traditional medium of exchange.
作为传统的交换媒介。 |
| 30:38 |
But it was viewed as, well, I have 1/6 of this Rai stone.
但它被视为，我拥有这个赖石的1/6。 |
| 30:42 |
You have 1/16.
你有1/16。 |
| 30:43 |
And then if I make an exchange, we'd remember.
然后如果我进行交换，我们会记住。 |
| 30:46 |
And the society was small enough to keep a form of ledgers, even
而且这个社会足够小，可以保持一种账本的形式， |
| 30:51 |
to the extent that when a Rai stone was lost in a river,
甚至在赖石在河中丢失时， |
| 30:55 |
they said, you know, the river Rai stone, we each have this piece.
他们会说，你知道，河里的赖石，我们每个人都有这块。 |
| 31:00 |
So on the island of Yap, I can assure you,
所以在雅浦岛上，我可以向你保证， |
| 31:03 |
these stones could not be used for anything else.
这些石头不能用于其他任何东西。 |
| 31:07 |
Does anyone know, because it was outside the readings, what
有没有人知道，因为这不在阅读材料中， |
| 31:10 |
made these stones so scarce?
是什么让这些石头如此稀缺？ |
| 31:15 |
So Rai stones were quarried on an island about 200 kilometers
赖石是在距离雅浦岛约200公里的一个岛上开采的， |
| 31:19 |
away from Yap, so were they exceedingly
所以它们非常难以获取， |
| 31:22 |
hard to get, like gold, like mining of gold.
就像黄金一样，像开采黄金一样。 |
| 31:27 |
What else is mined these days that might be a money?
现在还有什么其他东西被开采可能成为货币？ |
| 31:31 |
AUDIENCE: Lithium.
观众：锂。 |
| 31:31 |
PROFESSOR: What's that?
教授：那是什么？ |
| 31:32 |
Can I hear everybody?
我能听到大家的声音吗？ |
| 31:34 |
AUDIENCE: I'm saying lithium.
观众：我说的是锂。 |
| 31:35 |
PROFESSOR: What's that?
教授：那是什么？ |
| 31:36 |
AUDIENCE: For batteries.
观众：用于电池。 |
| 31:37 |
For batteries.
用于电池。 |
| 31:38 |
It's going to be very difficult in the future
未来将会非常困难 |
| 31:41 |
for electric batteries and whatnot.
对于电池等。 |
| 31:43 |
PROFESSOR: But what's mined right now that's at the center of this class?
教授：但现在在这门课中心开采的是什么？ |
| 31:46 |
AUDIENCE: Bitcoin.
观众：比特币。 |
| 31:47 |
PROFESSOR: Bitcoin, right?
教授：比特币，对吧？ |
| 31:48 |
The Yap stone was, in essence, quarried a couple kilometers away.
雅浦石本质上是在几公里外开采的。 |
| 31:53 |
And what debased that currency was when sailors from England came.
贬低这种货币的是当来自英国的水手到来时。 |
| 31:58 |
There's a specific sailor-- I think his name was O'Keefe--
有一个特定的水手——我想他的名字是奥基夫—— |
| 32:00 |
in the late 19th century, and he realized that these stones were valuable.
在19世纪末，他意识到这些石头是有价值的。 |
| 32:05 |
And he went to the other island, and he started quarrying
他去了另一个岛屿，开始采石 |
| 32:07 |
and came back and forth.
并来回往返。 |
| 32:09 |
And within a few years, the whole economic system collapsed.
几年之内，整个经济系统崩溃了。 |
| 32:15 |
We moved to metal money.
我们转向了金属货币。 |
| 32:16 |
At first, it wasn't really stamped.
起初，它并没有真正被铸造。 |
| 32:18 |
It was just heavy.
它只是很重。 |
| 32:19 |
It was hard to quarry.
这很难开采。 |
| 32:21 |
Bronze in Rome.
罗马的青铜。 |
| 32:23 |
There was some China and Sweden.
有一些来自中国和瑞典的货币。 |
| 32:25 |
These were starting to be stamped by the official sector.
这些开始由官方部门铸造。 |
| 32:29 |
And then we had minted money starting somewhere around 2,500 years ago.
然后我们大约在2500年前开始有了铸币。 |
| 32:35 |
And there's debates as to whether it started in Greece or in China.
关于它是起源于希腊还是中国存在争议。 |
| 32:40 |
But where an official emblem was placed upon a scarce resource that was used.
但在一个稀缺资源上放置官方标志的地方。 |
| 32:50 |
Paper money came along, in a sense, for what reason?
纸币的出现，某种意义上是出于什么原因？ |
| 32:55 |
Why did society first tip in to paper money?
为什么社会最初会倾向于纸币？ |
| 33:01 |
AUDIENCE: Because there's not enough gold to back it up.
观众：因为没有足够的黄金来支持它。 |
| 33:04 |
I mean, like because there's-- PROFESSOR: All right.
我的意思是，因为没有——教授：好的。 |
| 33:06 |
One reason is not enough gold.
一个原因是黄金不够。 |
| 33:08 |
I'm sorry, I haven't-- AUDIENCE: I think it's just easy to--
抱歉，我没有——观众：我认为这只是更容易—— |
| 33:12 |
PROFESSOR: Ease of use.
教授：使用方便。 |
| 33:13 |
It's kind of heavy, especially if there wasn't gold
这有点重，尤其是如果没有黄金的话 |
| 33:17 |
and if it was copper or bronze.
如果是铜或青铜的话。 |
| 33:19 |
It was just heavy.
它就是很重。 |
| 33:20 |
Or if it was wheat, you'd have to put it in a storage unit.
或者如果是小麦，你必须把它放在储存单元里。 |
| 33:23 |
So the first paper monies from China were basically warehouse receipts.
因此，中国的第一种纸币基本上是仓库收据。 |
| 33:29 |
And I spent five years running something
我花了五年时间管理一个 |
| 33:31 |
called a Commodity Futures Trading Commission,
叫做商品期货交易委员会的机构， |
| 33:33 |
and so I guess I learned a lot about warehouse receipts,
所以我想我学到了很多关于仓库收据的知识， |
| 33:36 |
commodity receipts, where you put a commodity in a warehouse.
商品收据，你把商品放在仓库里。 |
| 33:40 |
And then you got a piece of paper that said, yes, you have that commodity there.
然后你会得到一张纸，上面写着，你确实在那儿有那个商品。 |
| 33:44 |
So the first paper monies were basically warehouse receipts in China.
因此，第一种纸币基本上是中国的仓库收据。 |
| 33:49 |
Because whatever it was-- grain or gold.
因为无论是什么——谷物或黄金。 |
| 33:54 |
And then you had a piece of paper backing it.
然后你会有一张纸作为支持。 |
| 33:56 |
These are five pound notes from England and the continental notes of the US.
这些是来自英国的五英镑纸币和美国的大陆纸币。 |
| 34:00 |
But that note in China is about 700 years old.
但中国的那张纸币大约有700年的历史。 |
| 34:04 |
But between that first paper money and the 18th century,
但在那第一种纸币和18世纪之间， |
| 34:10 |
who do you think we're kind of the first bankers
你认为谁是最早的银行家 |
| 34:13 |
in the late 17th century, early 18th century?
在17世纪末，18世纪初？ |
| 34:18 |
What craft had they been in before they were in banking?
在他们进入银行业之前，他们从事什么行业？ |
| 34:22 |
AUDIENCE: Trading.
观众：贸易。 |
| 34:24 |
PROFESSOR: Alpha?
教授：阿尔法？ |
| 34:25 |
AUDIENCE: International trading.
观众：国际贸易。 |
| 34:26 |
PROFESSOR: International trade.
教授：国际贸易。 |
| 34:27 |
They actually did something more local.
他们实际上做了一些更本地的事情。 |
| 34:33 |
AUDIENCE: I just talked about this.
观众：我刚刚谈到这个。 |
| 34:36 |
The ones that have lands and all the--
拥有土地和所有的—— |
| 34:39 |
the ones that have lands and all the [INAUDIBLE]..
拥有土地和所有的[听不清]。 |
| 34:43 |
PROFESSOR: Lanes?
教授：小巷？ |
| 34:44 |
AUDIENCE: Lands.
观众：土地。 |
| 34:45 |
AUDIENCE: Land.
观众：土地。 |
| 34:45 |
PROFESSOR: Land.
教授：土地。 |
| 34:46 |
Land.
土地。 |
| 34:47 |
No, they had something else that they were doing.
不，他们还有其他事情在做。 |
| 34:49 |
Tom?
汤姆？ |
| 34:50 |
AUDIENCE: Printmakers.
观众：印刷商。 |
| 34:51 |
PROFESSOR: They were printmakers.
教授：他们是印刷商。 |
| 34:52 |
I like that.
我喜欢这个。 |
| 34:53 |
We're not there yet.
我们还没到那一步。 |
| 34:55 |
AUDIENCE: Money lenders?
观众：放贷人？ |
| 34:56 |
PROFESSOR: What's that?
教授：那是什么？ |
| 34:57 |
AUDIENCE: They're underwriting insurance.
观众：他们在承保保险。 |
| 34:59 |
PROFESSOR: A little bit later.
教授：稍后再说。 |
| 35:02 |
AUDIENCE: They were doing agriculture?
观众：他们在从事农业？ |
| 35:04 |
PROFESSOR: It's definitely outside of the reading.
教授：这绝对不在阅读范围内。 |
| 35:06 |
They were goldsmiths.
他们是金匠。 |
| 35:10 |
Some of the first dominant bankers in London, they were small goldsmiths.
伦敦一些最早的主导银行家，他们是小金匠。 |
| 35:17 |
And they took the gold, they gave you a piece of paper,
他们拿走了黄金，给你一张纸， |
| 35:20 |
and then they went from there.
然后他们就从那里开始。 |
| 35:22 |
And then, all of a sudden, they figured out how to do credit.
然后，突然间，他们想出了如何进行信用。 |
| 35:25 |
Later in the semester, we're going to talk about Bitcoin credit.
在学期后期，我们将讨论比特币信用。 |
| 35:28 |
It's not there yet, by the way.
顺便说一下，现在还没有。 |
| 35:31 |
I think in the next 18 to 36 months,
我认为在接下来的18到36个月内， |
| 35:33 |
we're going to start seeing cryptolending and cryptofinance
我们将开始看到加密借贷和加密金融 |
| 35:38 |
in the form similar to what the goldsmiths were doing
以类似于金匠在 |
| 35:41 |
in the early 1700s in England.
18世纪初英格兰所做的形式。 |
| 35:44 |
Alan?
艾伦？ |
| 35:45 |
AUDIENCE: Is that scalable with a finite number of bitcoins, in your opinion?
观众：在你看来，这在有限数量的比特币下是否可扩展？ |
| 35:50 |
PROFESSOR: It's a very good question.
教授：这是个很好的问题。 |
| 35:51 |
Is it scalable to lend against a finite currency?
借贷有限货币是否可扩展？ |
| 35:58 |
I think so, but it's not done yet, right?
我认为是的，但还没有完成，对吧？ |
| 36:05 |
AUDIENCE: Yeah, because when you lend money to someone,
观众：是的，因为当你借钱给某人时， |
| 36:10 |
I guess it could be in the form of bitcoin.
我想这可以是比特币的形式。 |
| 36:12 |
But you lend someone dollars, they could redeem in bitcoin.
但你借给某人美元，他们可以用比特币兑换。 |
| 36:16 |
You'd be increasing kind of the money supply.
你会增加货币供应量。 |
| 36:18 |
So you don't need-- you're not moving money around.
所以你不需要——你并不是在转移资金。 |
| 36:21 |
You're actually [INAUDIBLE].
你实际上是在[听不清]。 |
| 36:22 |
PROFESSOR: So this is exactly the central of commercial banking today.
教授：所以这正是今天商业银行的核心。 |
| 36:25 |
It's called fractional banking.
这被称为部分银行业务。 |
| 36:26 |
We'll be talking about that in a bit.
我们稍后会谈到这个。 |
| 36:28 |
But yes, you could lend and then have a multiplier effect.
但确实，你可以借贷，然后产生乘数效应。 |
| 36:35 |
You also had, then, banks come up and started to issue private bank notes.
然后，银行开始发行私人银行票据。 |
| 36:39 |
Private bank notes effectively a liability of that bank
私人银行票据实际上是该银行的负债 |
| 36:43 |
and saying it would trade.
并表示它将进行交易。 |
| 36:45 |
And the history of private bank notes is usually what?
私人银行票据的历史通常是什么？ |
| 36:50 |
Good until it's really bad.
好到真的很糟糕。 |
| 36:54 |
And the history of money, a lot of private banks
在货币的历史中，许多私人银行 |
| 36:58 |
went bust in this country around the revolutionary period,
在这个国家的革命时期破产， |
| 37:02 |
again around the Civil War.
再次在内战期间。 |
| 37:06 |
And in essence, that's what we have now with 1,600 different cryptocurrencies.
本质上，这就是我们现在拥有的1600种不同的加密货币。 |
| 37:11 |
We have sort of a new period of a little bit of private currencies.
我们有一种新的私人货币时期。 |
| 37:17 |
And I only ask you to remember that as we
我只要求你记住这一点，当我们 |
| 37:20 |
start to look at ICOs, Initial Coin Offerings, and so forth.
开始关注ICO（首次代币发行）等时。 |
| 37:26 |
So ledgers-- the earlier question is, what was a ledger?
所以账本——早先的问题是，什么是账本？ |
| 37:32 |
You asked it.
你问过这个。 |
| 37:33 |
Can you remember, what's a ledger?
你能记得，什么是账本吗？ |
| 37:36 |
AUDIENCE: It's a way to record economic transaction.
观众：这是一种记录经济交易的方法。 |
| 37:39 |
PROFESSOR: There you go.
教授：没错。 |
| 37:40 |
Principal recordings of accounts.
账户的主要记录。 |
| 37:44 |
And 5,000 years ago-- you had a little reading on this, just a medium post.
5000年前——你对此有一点阅读，只是一篇中等的文章。 |
| 37:51 |
It wasn't meant to be a deep economic, academic paper.
这并不是为了成为一篇深刻的经济学术论文。 |
| 37:54 |
But it was to try to get the class thinking about ledgers.
但这是为了让班级思考账本。 |
| 38:01 |
This is the personal ledger of George Washington, our first president.
这是乔治·华盛顿，我们第一任总统的个人账本。 |
| 38:05 |
He was 15 years old when he kept this ledger.
他在15岁时就保持了这个账本。 |
| 38:08 |
And he apparently kept ledgers until his death in-- let's see.
他显然一直保持账本，直到他去世——让我们看看。 |
| 38:14 |
52 years later.
52年后。 |
| 38:19 |
So ledgers could be kept just to record the transactions of the day.
所以账本可以仅用于记录当天的交易。 |
| 38:25 |
He's got one up there-- Mary Washington.
他那里有一个——玛丽·华盛顿。 |
| 38:26 |
It must have been a cousin, or I can't remember if it was his mother.
那一定是一个表亲，或者我记不清是不是他的母亲。 |
| 38:31 |
So if they're the principal recordings of accounts--
所以如果它们是账户的主要记录—— |
| 38:34 |
and I've already sort of said this-- they
我已经说过这个——它们 |
| 38:36 |
record economic activity and financial relationships.
记录经济活动和金融关系。 |
| 38:41 |
Economic activity in a sense of transactions.
经济活动在交易的意义上。 |
| 38:45 |
Financial relationships-- what's a key financial relationship
金融关系——账本可能记录的关键金融关系是什么？ |
| 38:50 |
a ledger might record?
账本可能记录的？ |
| 38:53 |
I'm sorry?
对不起？ |
| 38:53 |
AUDIENCE: Debt.
观众：债务。 |
| 38:54 |
PROFESSOR: Kelly said it-- debt.
教授：凯莉说了——债务。 |
| 38:57 |
And it goes back to the debate you had in the reading.
这回到了你在阅读中进行的辩论。 |
| 38:59 |
Is money a history of barter-- did it come out of barter?
货币是以物易物的历史吗——它是从以物易物中产生的吗？ |
| 39:02 |
Did it come out of a sense of debts and credit and store of value?
它是出于债务、信用和价值储存的意识吗？ |
| 39:08 |
For this purpose today, it doesn't really matter.
对于今天的目的，这并不重要。 |
| 39:11 |
It may have come from both.
它可能来自两者。 |
| 39:12 |
But know that it has both sides.
但要知道它有两个方面。 |
| 39:14 |
And ledgers have both sides, too.
而账本也有两个方面。 |
| 39:16 |
And when we're talking about Bitcoin, Bitcoin, you will see,
当我们谈论比特币时，你会看到，比特币， |
| 39:19 |
is a mechanism to store transactions.
是一种存储交易的机制。 |
| 39:24 |
Some other blockchains, like Ethereum, stores balances.
其他一些区块链，比如以太坊，存储余额。 |
| 39:29 |
So even in the blockchain world, you
所以即使在区块链世界中，你 |
| 39:31 |
will see some that are balance ledgers and some
会看到一些是余额账本，一些 |
| 39:35 |
which are transaction ledgers, not to lose you and confuse you.
是交易账本，以免让你迷失和困惑。 |
| 39:40 |
It's an important part of what is blockchain.
这是区块链的重要组成部分。 |
| 39:45 |
Some types of ledgers.
一些类型的账本。 |
| 39:47 |
I just mentioned one-- transactions versus balance.
我刚提到了一种——交易与余额。 |
| 39:52 |
George Washington's ledger, by the way, I think was a transaction ledger.
顺便说一下，乔治·华盛顿的账本，我认为是一个交易账本。 |
| 39:56 |
He was just keeping a list of sales and movements.
他只是记录销售和流动的清单。 |
| 40:01 |
But I haven't studied President George Washington's ledger close enough.
但我还没有仔细研究乔治·华盛顿总统的账本。 |
| 40:06 |
Does anybody know enough accounting
有没有人懂得足够的会计 |
| 40:08 |
to tell me the difference between a general ledger
来告诉我总账和 |
| 40:10 |
and a subledger or a general ledger and a supporting ledger?
子账本或总账和辅助账本之间的区别？ |
| 40:15 |
I mean, I don't want to do the whole lecture myself.
我的意思是，我不想自己讲整个讲座。 |
| 40:18 |
How many of you have taken accounting?
你们中有多少人学过会计？ |
| 40:22 |
Uh-huh.
嗯。 |
| 40:24 |
I taught undergraduate accounting once.
我曾经教过本科会计。 |
| 40:27 |
Sorry.
抱歉。 |
| 40:28 |
So those of you who just put up your hand who took accounting--
所以那些刚举手学过会计的人—— |
| 40:32 |
did I see, in the back of the room, did you take accounting?
我看到在教室后面，你学过会计吗？ |
| 40:35 |
And that's Aviva.
那是阿维瓦。 |
| 40:36 |
AUDIENCE: I'm an accountant, actually.
观众：其实我是会计。 |
| 40:37 |
PROFESSOR: You're an accountant?
教授：你是会计？ |
| 40:39 |
All right, all right.
好的，好的。 |
| 40:41 |
Did you pass the CPA?
你通过CPA考试了吗？ |
| 40:43 |
Oh, we have a Certified Public Accountant who's going to tell us the difference
哦，我们有一位注册会计师，他将告诉我们之间的区别 |
| 40:46 |
between a general ledger and a subledger.
总账和子账本之间的区别。 |
| 40:48 |
AUDIENCE: So a general ledger is one that records all kinds of transactions.
观众：所以总账是记录各种交易的账本。 |
| 40:52 |
Any kind of activity that takes place, you record in the general ledger.
发生的任何活动，你都记录在总账中。 |
| 40:56 |
And subledgers, you can call them as like a specialization.
子账本，你可以称之为一种专业化。 |
| 40:59 |
So let's say if there's a salary to be paid, you have your salary subledger.
比如说如果有工资要支付，你就有工资子账本。 |
| 41:05 |
But it'll also go in the general ledger, and the other part of the transaction's
但它也会记录在总账中，交易的另一部分 |
| 41:08 |
in the salary ledger.
在工资账本中。 |
| 41:09 |
Or if there's capital or if there's new stuff that you buy,
或者如果有资本，或者你购买的新东西， |
| 41:16 |
so all of that goes specifically in the general ledger.
所以所有这些都具体记录在总账中。 |
| 41:19 |
And each of them have their own specific ledgers.
而它们各自都有自己的特定账本。 |
| 41:21 |
If you want to say how much you spent
如果你想说你在 |
| 41:22 |
on Saturdays for the month, then you go to your Saturday ledger and see.
这个月的星期六上花了多少钱，那么你就去你的星期六账本看看。 |
| 41:27 |
But if you want to see, overall, how much money you've spend
但如果你想看看，总体上你花了多少钱 |
| 41:29 |
and how much has moved around, then you look at your general ledger.
以及有多少资金流动，那么你就查看你的总账。 |
| 41:33 |
PROFESSOR: Aviva clearly said it better than I could have.
教授：阿维瓦显然说得比我好。 |
| 41:36 |
Thank you.
谢谢你。 |
| 41:37 |
Now we know we have one CPA in the class.
现在我们知道班上有一位注册会计师。 |
| 41:41 |
But the importance-- it's not just a passing note.
但重要性——这不仅仅是一个简单的说明。 |
| 41:44 |
The importance of a general ledger and subledgers
总账和子账本的重要性 |
| 41:48 |
is there is a hierarchy, as well.
在于它们之间也存在层次结构。 |
| 41:50 |
Subledgers have more detail, and maybe the net number
子账本有更多细节，也许净额 |
| 41:54 |
is kept in the general ledger.
记录在总账中。 |
| 41:57 |
That is at the heart of our system of banking
这正是我们银行系统的核心 |
| 42:00 |
and is at the heart of our system of financial markets,
也是我们金融市场系统的核心， |
| 42:05 |
where the central bank is like a general ledger for money,
中央银行就像是货币的总账， |
| 42:09 |
and every commercial bank, all 9,000 of them or so in the US,
而每一家商业银行，约有9000家在美国， |
| 42:14 |
in essence keep a subledger for money.
本质上都保持着货币的子账本。 |
| 42:17 |
But they do not have control of what
但他们并不控制我所称的 |
| 42:19 |
I will call the master ledger or general ledger at the Federal Reserve.
联邦储备银行的主账本或总账。 |
| 42:28 |
Then, a third distinction about ledger is a single entry.
然后，关于账本的第三个区别是单一条目。 |
| 42:31 |
A little, young, 15-year-old George Washington
一个年轻的15岁乔治·华盛顿 |
| 42:34 |
was keeping a single entry ledger-- just a list of things that was going on.
在记录一个单一条目账本——只是一个正在发生的事情的清单。 |
| 42:40 |
And I didn't think I was going to bore the class with readings
我不认为我会让班级厌烦阅读 |
| 42:43 |
about double-entry bookkeeping, because you've taken accounting.
关于复式记账，因为你们学过会计。 |
| 42:46 |
But does anybody want to tell me, other than Aviva,
但有没有人想告诉我，除了阿维瓦， |
| 42:48 |
what double-entry bookkeeping-- and she'll bail you out.
什么是复式记账——她会帮你解答。 |
| 42:52 |
[INAUDIBLE]?
[听不清]？ |
| 42:53 |
AUDIENCE: Double-entry bookkeeping basically means any
观众：复式记账基本上意味着任何 |
| 42:55 |
transaction has two places in the lender--
交易在借方有两个地方—— |
| 42:58 |
one on the credit side and one on the debt side.
一个在贷方，一个在借方。 |
| 43:00 |
Because every transaction involves one person lending, whereas the other person
因为每笔交易涉及一个人借出，而另一个人 |
| 43:04 |
is getting the thing.
正在获得东西。 |
| 43:08 |
PROFESSOR: It works for me.
教授：这对我来说有效。 |
| 43:09 |
Anybody else want a different view?
还有其他人想要不同的看法吗？ |
| 43:14 |
AUDIENCE: In other words, [INAUDIBLE]
观众：换句话说，[听不清] |
| 43:16 |
asset and liability [INAUDIBLE] two sites and then [INAUDIBLE]
资产和负债[听不清]两个方面，然后[听不清] |
| 43:20 |
to balance each other [INAUDIBLE]..
相互平衡[听不清]。。 |
| 43:23 |
PROFESSOR: So there's a balancing between assets
教授：所以资产之间有一个平衡 |
| 43:25 |
and liabilities, and then the resulting bit
和负债，然后结果是 |
| 43:28 |
of capitalism in it is if assets are more than liabilities, the rest is capital.
资本主义的核心在于，如果资产超过负债，其余部分就是资本。 |
| 43:33 |
So at the heart of capitalism, in a sense, is double-entry bookkeeping.
因此，从某种意义上说，复式记账是资本主义的核心。 |
| 43:38 |
And in fact, while it probably goes back a little
实际上，虽然它可能追溯到一点 |
| 43:41 |
over 1,000 years, when it was truly written up
超过1000年前，当它真正被记录下来 |
| 43:44 |
by the Italians in the 1300s, it started
由意大利人在1300年代记录时，它开始 |
| 43:48 |
to help Europe come out of the Dark Ages.
帮助欧洲走出黑暗时代。 |
| 43:51 |
I mean, the commercial Renaissance of the Middle Ages,
我的意思是，中世纪的商业文艺复兴， |
| 43:55 |
some would say, was in part-- not entirely, but in part--
有人会说，部分是——不是完全，但部分是—— |
| 43:59 |
on the backs of double-entry bookkeeping.
依赖于复式记账。 |
| 44:01 |
So ledgers matter is my point.
所以，我的观点是账本很重要。 |
| 44:04 |
They're not going to be the heart and soul of this class,
它们不会是这门课的核心， |
| 44:06 |
but Bitcoin, which is a transaction ledger, Ethereum,
但比特币是一个交易账本，以太坊， |
| 44:10 |
which is a balance ledger, our financial system, which
是一个余额账本，我们的金融系统， |
| 44:14 |
is all set up on ledgers is a relevant sort of subtext.
都是基于账本建立的，这是一个相关的潜在主题。 |
| 44:19 |
You don't have to be afraid of it,
你不必害怕它， |
| 44:21 |
just as you don't have to be afraid of hashing power
就像你不必害怕我们将在星期四讨论的哈希算力 |
| 44:24 |
that we'll be talking about on Thursday and cryptography.
和密码学。 |
| 44:27 |
You have to have some sort of basic sense of where
你必须对 |
| 44:30 |
does Bitcoin fit in, in terms of ledgers.
比特币在账本中适合什么有一些基本的认识。 |
| 44:36 |
I didn't feel this slide in.
我没有感觉到这个幻灯片。 |
| 44:37 |
You'll find out it's blank.
你会发现它是空白的。 |
| 44:39 |
Does anybody want to tell me what are some characteristics of a good ledger?
有没有人想告诉我一个好的账本的一些特征？ |
| 44:42 |
Because again, as you start to think about your blockchain
因为当你开始考虑你的区块链 |
| 44:45 |
projects later in the semester, it's like, what makes a good ledger?
项目在学期后期，什么构成一个好的账本？ |
| 44:49 |
I don't have any answers here.
我在这里没有答案。 |
| 44:53 |
AUDIENCE: The bitcoin were immutable.
观众：比特币是不可变的。 |
| 44:55 |
PROFESSOR: So you want it to be immutable, maybe.
教授：所以你可能希望它是不可变的。 |
| 44:57 |
Thalita can you do me a favor and keep these?
Thalita，你能帮我保留这些吗？ |
| 45:00 |
We'll put them on the slides.
我们会把它们放在幻灯片上。 |
| 45:02 |
We'll keep the class's list, and we'll put them in the slides.
我们会保留班级的列表，并将其放入幻灯片中。 |
| 45:05 |
Immutable, I like that.
不可变，我喜欢这个。 |
| 45:07 |
Anybody else want to grab something which is a good ledger?
还有其他人想要说说什么是好的账本吗？ |
| 45:10 |
AUDIENCE: Time stamped.
观众：时间戳。 |
| 45:11 |
PROFESSOR: What's that?
教授：那是什么？ |
| 45:12 |
Time stamped, all right, so that you know when you made your entry.
时间戳，好吧，这样你就知道你何时做了记录。 |
| 45:17 |
Kelly?
Kelly？ |
| 45:18 |
AUDIENCE: Ownership.
观众：所有权。 |
| 45:19 |
PROFESSOR: Ownership.
教授：所有权。 |
| 45:19 |
What do you mean by ownership?
你所说的所有权是什么意思？ |
| 45:21 |
AUDIENCE: Essentially, the receiver and the person giving.
观众：本质上，接收者和给予者。 |
| 45:25 |
So essentially, who's taking what and who's giving what.
所以本质上，谁在拿什么，谁在给什么。 |
| 45:28 |
PROFESSOR: So if there's a transaction,
教授：所以如果有一笔交易， |
| 45:30 |
the two counterparties to the transaction, right?
交易的两个对手方，对吧？ |
| 45:33 |
And if it's a balance, then who owns the balance?
如果是一个余额，那么谁拥有这个余额？ |
| 45:37 |
I was just adding a little bit.
我只是补充了一点。 |
| 45:39 |
Let's see if we have a new name or face.
让我们看看是否有新名字或新面孔。 |
| 45:41 |
Back here, on the back table.
在这里，后面的桌子上。 |
| 45:44 |
I haven't chatted with you yet.
我还没有和你聊天。 |
| 45:45 |
AUDIENCE: Ross.
观众：罗斯。 |
| 45:46 |
PROFESSOR: What is that?
教授：那是什么？ |
| 45:47 |
AUDIENCE: Ross.
观众：罗斯。 |
| 45:47 |
PROFESSOR: Ross.
教授：罗斯。 |
| 45:48 |
Thank you, Ross.
谢谢你，罗斯。 |
| 45:49 |
Good to meet you.
很高兴见到你。 |
| 45:49 |
AUDIENCE: Pleasure to meet you, as well.
观众：我也很高兴见到你。 |
| 45:51 |
Accuracy.
准确性。 |
| 45:52 |
PROFESSOR: Accuracy.
教授：准确性。 |
| 45:53 |
So Ross says accuracy.
所以罗斯说准确性。 |
| 45:55 |
And can we take one or two more, just to--
我们能再来一两个吗，来-- |
| 45:56 |
AUDIENCE: So a description of the transaction.
观众：所以是交易的描述。 |
| 45:59 |
PROFESSOR: Andrew says a description of the transaction.
教授：安德鲁说交易的描述。 |
| 46:01 |
And last, Mr. [INAUDIBLE]?
最后，某位先生？ |
| 46:04 |
AUDIENCE: Comprehensive.
观众：全面的。 |
| 46:05 |
PROFESSOR: What's that?
教授：那是什么？ |
| 46:06 |
AUDIENCE: Comprehensive.
观众：全面的。 |
| 46:06 |
PROFESSOR: Comprehensive.
教授：全面的。 |
| 46:07 |
So all good attributes of a-- characteristics.
所以这些都是好的属性-- 特征。 |
| 46:12 |
Somebody's burning desire that we missed one or two?
有没有人迫切希望我们遗漏了一两个？ |
| 46:16 |
Jihei?
吉黑？ |
| 46:17 |
All right.
好的。 |
| 46:17 |
AUDIENCE: I just was curious.
观众：我只是好奇。 |
| 46:19 |
Consistency, maybe?
也许是一致性？ |
| 46:20 |
But I don't know if that's-- PROFESSOR: Consistency.
但我不知道这是否-- 教授：一致性。 |
| 46:22 |
Well, I think that's inside of immutability, that, in essence,
我认为这在不可变性之内，本质上， |
| 46:25 |
that it's valid, that you can't change it.
它是有效的，你不能改变它。 |
| 46:30 |
You can't counterfeit it and the like.
你不能伪造它等等。 |
| 46:33 |
And what you'll find is the characteristics
你会发现好的账本的特征 |
| 46:35 |
of a good ledger is also, in some part,
在某种程度上也是 |
| 46:38 |
similar to the characteristics of good money.
与好货币的特征相似。 |
| 46:40 |
They're not identical, but they overlap a lot.
它们并不完全相同，但有很多重叠。 |
| 46:43 |
Payment systems-- I'm just going to say one line about it.
支付系统-- 我只想说一句话。 |
| 46:47 |
It's a method, basically, to amend and record changes in a ledger for money.
这基本上是一种修正和记录货币账本中变更的方法。 |
| 46:53 |
I know it's not what you usually think about a payment system.
我知道这不是你通常对支付系统的看法。 |
| 46:56 |
But if you go into Starbucks and buy a cup of coffee
但如果你去星巴克买一杯咖啡 |
| 47:01 |
and use your cell phone, aren't you really just amending a set of ledgers?
并使用你的手机，你不就是在修正一组账本吗？ |
| 47:08 |
Starbucks' ledger goes up, and yup, your ledger goes down.
星巴克的账本增加，而你的账本减少。 |
| 47:14 |
Well, your monetary ledger goes up.
好吧，你的货币账本增加。 |
| 47:18 |
Your utility, your fulfillment from that latte might go up.
你从那杯拿铁中获得的效用和满足感可能会增加。 |
| 47:23 |
I'm talking about the financial ledger.
我说的是财务账本。 |
| 47:26 |
So I just wanted to ground-- when we talk about payment
所以我想要明确-- 当我们谈论支付 |
| 47:29 |
systems, think about it's really just a way to amend, usually,
系统时，想想这实际上只是修正的方式，通常是 |
| 47:33 |
two parties ledgers'-- one going up, one going down.
两个当事方的账本-- 一个增加，一个减少。 |
| 47:38 |
Now, in an earlier time, it was handing somebody a bit of gold
现在，在早期的时候，给某人一小块黄金 |
| 47:43 |
or a bit of silver, and it was not recorded on central ledgers.
或一小块白银，而这并没有记录在中央账本上。 |
| 47:47 |
But we already live in an age of electronics,
但我们已经生活在电子时代， |
| 47:50 |
so this is really what a payment system largely is.
所以这实际上就是支付系统的主要内容。 |
| 47:54 |
It's not entirely.
这并不是全部。 |
| 47:55 |
There's still some other ways to do finance.
还有其他一些金融方式。 |
| 48:00 |
So what were some early forms of payment systems
那么早期的支付系统有哪些形式 |
| 48:04 |
that did just that, that moved and changed ledgers?
正是如此，移动和改变账本？ |
| 48:08 |
They're called negotiable orders.
它们被称为可转让订单。 |
| 48:11 |
I would dare say that most of you
我敢说你们大多数人 |
| 48:12 |
probably have not used negotiable orders of withdrawal
可能在过去一周或一个月内没有使用过可转让的提款订单。 |
| 48:16 |
that much in the last week or the last month.
921在过去一周或一个月内。 |
| 48:20 |
Has anybody here written a personal check in the last week?
这里有人在过去一周写过个人支票吗？ |
| 48:28 |
But in an earlier era, it would have been the whole class.
但在早期的时代，这将是整个班级。 |
| 48:32 |
Anybody in the class not even have a checkbook?
班上有没有人连支票本都没有？ |
| 48:37 |
3/4 of the class.
班上四分之三的人。 |
| 48:38 |
Larry, how's that make you feel?
拉里，这让你感觉如何？ |
| 48:40 |
AUDIENCE: Old.
观众：老了。 |
| 48:44 |
PROFESSOR: But a checkbook is, in essence, with a-- what do you put on a check?
教授：但支票本本质上是，你在支票上写什么？ |
| 48:51 |
This is all about Bitcoin now.
这现在都是关于比特币的。 |
| 48:53 |
I'm not doing this just as a walk down memory lane for Larry and myself.
我这样做并不是为了拉里和我自己回忆往事。 |
| 49:00 |
What are the important pieces of negotiable order, withdraw, or a check?
可转让订单、提款或支票的重要组成部分是什么？ |
| 49:04 |
AUDIENCE: Signature.
观众：签名。 |
| 49:05 |
AUDIENCE: Put your signature on it.
观众：在上面签名。 |
| 49:07 |
PROFESSOR: So there's a signature.
教授：所以有一个签名。 |
| 49:08 |
What else is there?
还有什么？ |
| 49:10 |
I want to get to people I haven't talked to.
我想和我还没谈过的人交流。 |
| 49:12 |
In the back.
在后面。 |
| 49:13 |
I can't remember your name.
我记不住你的名字。 |
| 49:14 |
AUDIENCE: Me?
观众：我吗？ |
| 49:15 |
I'm Dana.
我是达娜。 |
| 49:15 |
You put who you're paying to, how much, and what it's for.
你需要填写收款人、金额和用途。 |
| 49:19 |
PROFESSOR: All right, so there's a bunch.
教授：好的，所以有很多信息。 |
| 49:21 |
So a signature, a payee, how much, and what it was for.
包括签名、收款人、金额和用途。 |
| 49:27 |
What else?
还有什么？ |
| 49:28 |
AUDIENCE: There's an account number and routing number.
观众：还有账户号码和路由号码。 |
| 49:30 |
PROFESSOR: Account numbers and routing numbers.
教授：账户号码和路由号码。 |
| 49:33 |
So think about it.
所以想一想。 |
| 49:33 |
Account numbers and routing numbers is to say,
账户号码和路由号码是为了说明， |
| 49:39 |
in essence, what ledger is this coming from?
本质上，这来自于哪个账本？ |
| 49:44 |
And the payee is the ledger to whom it's going.
而收款人是指资金要转到哪个账本。 |
| 49:48 |
And I'm sorry, Dan?
抱歉，Dan？ |
| 49:50 |
AUDIENCE: Also a date, and a day.
观众：还有日期和星期。 |
| 49:52 |
PROFESSOR: So there's a timestamp, a signature,
教授：所以还有时间戳、签名， |
| 49:55 |
a payee, the payor in the form of the account number, and an amount.
收款人、付款人（以账户号码的形式）和金额。 |
| 50:02 |
Those five are really critical, and you'll
这五个信息非常关键，你会 |
| 50:04 |
find them all are going to be right in the middle of all this Bitcoin.
发现它们都在比特币的核心中。 |
| 50:09 |
And then the reason why you're-- you know, some other information.
然后你需要的一些其他信息。 |
| 50:13 |
I'm sorry, was there something else?
抱歉，还有其他问题吗？ |
| 50:15 |
AUDIENCE: Kyle.
观众：Kyle。 |
| 50:16 |
PROFESSOR: Kyle.
教授：Kyle。 |
| 50:17 |
AUDIENCE: I just have a question.
观众：我有一个问题。 |
| 50:18 |
Would you consider something like PayPal or Venmo like a negotiable order?
你会认为像PayPal或Venmo这样的东西是可转让的订单吗？ |
| 50:23 |
PROFESSOR: They may be.
教授：它们可能是。 |
| 50:24 |
They may be new forms.
它们可能是新形式。 |
| 50:26 |
They're certainly parts of the payment system.
它们无疑是支付系统的一部分。 |
| 50:30 |
They might not be negotiable orders to withdraw.
它们可能不是可转让的提款订单。 |
| 50:33 |
They might not be a direct authorization
它们可能不是直接授权 |
| 50:37 |
for a bank with one ledger to move money to another ledger.
让一个账本的银行将资金转移到另一个账本。 |
| 50:42 |
They might be moving it on their own ledger.
它们可能是在自己的账本上进行转移。 |
| 50:47 |
You're asking the right question.
你问了一个很好的问题。 |
| 50:50 |
So some early money that we already talked about that
所以我们之前提到的一些早期货币 |
| 50:52 |
was ledger where the tally sticks in England and the Yap stone.
是账本，比如英国的计数棍和雅浦石。 |
| 50:55 |
These were ledger types and forms of money and was kind of interesting.
这些是账本类型和货币形式，挺有趣的。 |
| 51:00 |
So ledgers didn't just come with electricity and computers.
所以账本并不是只有电和计算机才出现。 |
| 51:05 |
So now let's get back to fiat currency, the heart of the earlier question.
现在让我们回到法定货币，这是之前问题的核心。 |
| 51:12 |
We already talked about it, so let's see
我们已经讨论过这个问题，所以让我们看看 |
| 51:13 |
how the professor did, because you already
教授是如何解释的，因为你已经 |
| 51:15 |
said some of the things that you said were fiat currency.
说过你提到的一些东西是法定货币。 |
| 51:19 |
One, social and economic consensus.
首先，社会和经济共识。 |
| 51:24 |
I'm in the school that it's just part of the history.
我认为这只是历史的一部分。 |
| 51:27 |
It's not that different than everything that came,
这与之前的一切并没有太大区别， |
| 51:31 |
even though it built on that promissory note from China
尽管它建立在700年前中国的本票基础上， |
| 51:34 |
700 years ago and the private bank notes and the goldsmiths in the 1700s.
以及18世纪的私人银行票据和金匠。 |
| 51:40 |
But ultimately, governments took control.
但最终，政府掌控了这一切。 |
| 51:44 |
It represents central bank liabilities, and that's important.
它代表了中央银行的负债，这一点很重要。 |
| 51:48 |
It's a liability of a central bank.
这是中央银行的负债。 |
| 51:51 |
It's not an asset.
这不是资产。 |
| 51:53 |
It's their liability side.
这是它们的负债方。 |
| 51:56 |
But it's also-- guess what?
但这也是——你猜怎么着？ |
| 51:58 |
There's a second form of money.
还有第二种货币形式。 |
| 52:00 |
And that's when you have a deposit
这就是当你在银行有存款时， |
| 52:04 |
in a bank, that's a liability of a commercial bank.
这是一家商业银行的负债。 |
| 52:09 |
Central bank is the top gold standard, in a sense.
中央银行在某种意义上是最高的金本位。 |
| 52:12 |
Using the word gold, but it's the top ledger.
使用“黄金”这个词，但它是最高的账本。 |
| 52:15 |
Commercial banks are like subledgers, in a sense.
商业银行在某种意义上就像子账本。 |
| 52:19 |
Please, Alan?
请，Alan？ |
| 52:20 |
AUDIENCE: Sure.
观众：当然。 |
| 52:20 |
I'm not an economist or anything, but what does it mean for a coin or a note
我不是经济学家，但对于硬币或纸币来说， |
| 52:25 |
to be a liability of the central bank?
成为中央银行的负债意味着什么？ |
| 52:26 |
What does that actually mean?
这实际上意味着什么？ |
| 52:29 |
PROFESSOR: So before I answer, does anybody want to try to answer what it is?
教授：在我回答之前，有人想尝试回答一下吗？ |
| 52:36 |
Eric?
Eric？ |
| 52:37 |
AUDIENCE: Liability is basically an obligation to, in this case,
观众：负债基本上是指在这种情况下的义务， |
| 52:41 |
pay someone an amount.
支付某人一定金额。 |
| 52:44 |
PROFESSOR: So because it's a social consensus,
教授：所以因为这是一个社会共识， |
| 52:46 |
it's a very good question that Alan asked, is what does it
这是Alan问的一个非常好的问题，是什么使它 |
| 52:51 |
mean to be a liability of a central bank
成为中央银行的负债。 |
| 52:53 |
when it's just the currency in our pocket, right?
当它只是我们口袋里的货币，对吧？ |
| 52:58 |
This Federal Reserve note, this says Federal Reserve note on it.
这张联邦储备券，上面写着联邦储备券。 |
| 53:07 |
We can pass it around.
我们可以传递一下。 |
| 53:08 |
I'm not afraid.
我不害怕。 |
| 53:09 |
It's only $1.
这只是1美元。 |
| 53:10 |
Right?
对吧？ |
| 53:12 |
If you want me to pass around 20's, then I want them.
如果你想让我传递20美元的，那我想要它们。 |
| 53:15 |
But it says Federal Reserve note, right?
但上面写着联邦储备券，对吧？ |
| 53:19 |
So it's a liability of the commercial bank.
所以这是商业银行的负债。 |
| 53:24 |
In an earlier day, it said you could exchange it for gold or silver.
在早些时候，它说你可以用它兑换黄金或白银。 |
| 53:28 |
AUDIENCE: Right, so that's what I don't understand.
观众：对，所以我不明白这一点。 |
| 53:30 |
PROFESSOR: By the 1930s, for retail deposits
教授：到1930年代，对于零售存款 |
| 53:34 |
in the middle of the Depression, President Roosevelt said, no more.
在大萧条期间，罗斯福总统说，不再允许。 |
| 53:38 |
You cannot redeem gold and silver.
你不能兑换黄金和白银。 |
| 53:41 |
And then President Nixon, in the 1970s,
然后尼克松总统在1970年代， |
| 53:43 |
said in the official sector that he was going off of the--
在官方领域他说他将不再使用-- |
| 53:47 |
until that point in time, other governments could redeem in gold.
直到那时，其他政府可以用黄金兑换。 |
| 53:53 |
But when paper money started, it was not backed by gold.
但当纸币开始流通时，它并没有以黄金作为支持。 |
| 53:57 |
We had a period of the gold standard.
我们经历了一个金本位的时期。 |
| 53:59 |
We were on and off of it.
我们时而使用，时而停止使用。 |
| 54:00 |
We fell off of it during World War I. We went back on it.
我们在第一次世界大战期间停止使用。我们又重新使用了它。 |
| 54:06 |
It would be a false narrative to say
说我们在前140年里一直使用金本位是错误的叙述。 |
| 54:08 |
that we were on the gold standard for our first 140 years.
我只是想澄清这一点。 |
| 54:13 |
I just wanted to clear that up.
我只是想澄清这一点。 |
| 54:15 |
I mean, we sort of went on the gold standard, we went off,
我的意思是，我们曾经使用金本位，然后又停止使用， |
| 54:18 |
we went back on, and so forth.
我们又重新使用，等等。 |
| 54:21 |
But it is a liability on the books and records.
但它在账簿和记录上是一个负债。 |
| 54:23 |
So it is a matter of accounting in double-entry bookkeeping.
所以这是双重记账中的一个会计问题。 |
| 54:27 |
I will show you in a minute the balance sheet of the Federal Reserve, and I'll
我马上会给你展示联邦储备的资产负债表，然后我会 |
| 54:31 |
come back to this question.
再回到这个问题。 |
| 54:32 |
Is that all right?
这样可以吗？ |
| 54:33 |
AUDIENCE: Can you clarify what is the bank liable for?
观众：你能澄清一下银行的负债是什么吗？ |
| 54:35 |
So before, it gave me $1, and I could go to $1 and get back the gold, right?
所以之前，它给了我1美元，我可以去兑换黄金，对吧？ |
| 54:39 |
PROFESSOR: Right.
教授：对。 |
| 54:40 |
AUDIENCE: Now, what are they liable for now?
观众：现在，他们的负债是什么？ |
| 54:44 |
PROFESSOR: It is, in essence, a social-- it's the first point.
教授：本质上，这是一个社会问题——这是第一点。 |
| 54:48 |
I'm going to separate it.
我将把它分开。 |
| 54:49 |
The central bank is liable that they will move on its ledgers
中央银行有责任在其账本上进行记录 |
| 54:54 |
if you want to move that to somewhere else.
如果你想把它转移到其他地方。 |
| 54:57 |
So you could take that physical $1 in and say, I want to deposit this in a bank.
所以你可以把这张实物1美元拿去说，我想把它存入银行。 |
| 55:03 |
And they have to record it on the ledger of that bank.
他们必须在该银行的账本上记录。 |
| 55:06 |
That is what they are-- and the US government, which is technically
这就是他们的责任——而美国政府，技术上 |
| 55:11 |
separate from the central bank-- or the UK government or the Chinese government.
与中央银行是分开的——或者英国政府或中国政府。 |
| 55:16 |
they're all technically separate from their banks--
它们在技术上都与各自的银行分开—— |
| 55:19 |
People's Bank of China or the Bank of England.
中国人民银行或英格兰银行。 |
| 55:22 |
Their governments are saying they will accept it for payments against taxes.
他们的政府表示，他们将接受用于支付税款。 |
| 55:28 |
So there's a set of social constructs.
所以这是一套社会构建。 |
| 55:33 |
I'm going to just go through this to answer your question.
我将简单地讲解一下以回答你的问题。 |
| 55:35 |
It relies on a system of ledgers,
它依赖于一个账本系统， |
| 55:39 |
and it's an integration of those ledgers between the banking
这是一种银行系统与商业银行之间账本的整合。 |
| 55:42 |
system and the commercial banks.
系统与商业银行。 |
| 55:44 |
In the US, we have about 9,000 commercial banks.
在美国，我们大约有9000家商业银行。 |
| 55:49 |
And what the Federal Reserve is saying--
而联邦储备所说的—— |
| 55:50 |
but it's true about the People's Bank of China.
但这同样适用于中国人民银行。 |
| 55:53 |
It's true about the European Central Bank.
这同样适用于欧洲中央银行。 |
| 55:57 |
Each of these central banks are basically
这些中央银行基本上都在说， |
| 55:59 |
saying, if you bring your paper money in,
如果你把纸币带进来， |
| 56:03 |
we'll record it on the ledger of a commercial bank.
我们会在商业银行的账本上记录。 |
| 56:07 |
And you can pay your taxes to our sister over here called the government.
你可以把税款支付给我们这边的一个叫做政府的姐妹。 |
| 56:13 |
I'm sorry to let you down.
抱歉让你失望。 |
| 56:15 |
It's not more than that.
就仅此而已。 |
| 56:16 |
Sorry, Alan.
抱歉，艾伦。 |
| 56:17 |
AUDIENCE: I have a potential answer.
观众：我有一个可能的答案。 |
| 56:18 |
I might be totally wrong.
我可能完全错了。 |
| 56:19 |
PROFESSOR: Please, no.
教授：请，不要。 |
| 56:20 |
AUDIENCE: I think it's a legal and sustainable way
观众：我认为这是一种合法且可持续的方式 |
| 56:22 |
to conduct a Ponzi scheme with a proper Ponzi scheme, where
进行庞氏骗局的方式，采用适当的庞氏骗局，其中 |
| 56:31 |
the value will increase by 1% to 3%
价值将增加1%到3% |
| 56:33 |
if the central bank reaches the goal of inflation.
如果中央银行达到了通货膨胀的目标。 |
| 56:39 |
PROFESSOR: All right, any other points of view on that?
教授：好吧，还有其他观点吗？ |
| 56:41 |
I saw-- I'm not sure of your name.
我看到——我不确定你的名字。 |
| 56:44 |
Oh, no, you don't want to say anything?
哦，不，你不想说什么？ |
| 56:46 |
No?
不？ |
| 56:47 |
All right.
好的。 |
| 56:48 |
AUDIENCE: I think I'll go back to point one.
观众：我想我会回到第一点。 |
| 56:50 |
It's a construct that someone would give you something.
这是一个构造，某人会给你某物。 |
| 56:53 |
So your dollar with the central bank, the central bank
所以你与中央银行的美元，中央银行 |
| 56:57 |
owes you that dollar's worth of whatever you desire.
欠你那美元的价值，无论你想要什么。 |
| 57:00 |
And someone will happily take that dollar
而某人会乐意接受那美元 |
| 57:02 |
from the central bank and give you the goods that you want.
从中央银行那里，并给你你想要的商品。 |
| 57:05 |
So it's a roundabout way of-- it's
所以这是一种迂回的方式——这是 |
| 57:08 |
a way of transacting something, whatever value that dollar has.
一种交易某物的方式，无论那美元有什么价值。 |
| 57:14 |
AUDIENCE: It's also central bank liability,
观众：这也是中央银行的负债， |
| 57:16 |
because whenever the government has sovereign debt,
因为每当政府有主权债务时， |
| 57:18 |
it can't just issue new notes.
它不能仅仅发行新钞。 |
| 57:21 |
It's liable.
它是有责任的。 |
| 57:22 |
So that's why it's a liability, because you can only
所以这就是为什么它是负债，因为你只能 |
| 57:24 |
issue notes against a certain amount of reserves that you carry.
根据你持有的某些储备发行钞票。 |
| 57:27 |
So that's why you refer to it as a liability.
所以这就是为什么你称之为负债。 |
| 57:30 |
Because you can't just issue new notes whenever you need them.
因为你不能在需要时随意发行新钞。 |
| 57:34 |
You can't just make new money out of thin air.
你不能凭空创造新钱。 |
| 57:36 |
So you're liable for every new note.
所以你对每一张新钞负责。 |
| 57:38 |
PROFESSOR: I'm going to take one more comment on this
教授：我将再接受一个关于这个的评论 |
| 57:41 |
and then give a couple more things.
然后再说几件事。 |
| 57:42 |
Eric?
埃里克？ |
| 57:44 |
AUDIENCE: The currency is actually
观众：货币实际上是 |
| 57:46 |
a small part of the total reserves of the Federal Reserve System.
联邦储备系统总储备的一小部分。 |
| 57:50 |
I think maybe the bank reserves are maybe
我认为银行储备可能是 |
| 57:53 |
a more applicable application, because a bank can actually
更适用的应用，因为银行实际上可以 |
| 57:56 |
require the Fed to print money by making more loans.
通过发放更多贷款要求美联储印钞。 |
| 58:00 |
So in that way, there's this mechanism to ensure that liability [INAUDIBLE]..
因此，以这种方式，有这个机制来确保负债[听不清]。 |
| 58:06 |
PROFESSOR: I'm very pleased with this discussion, even
教授：我对这个讨论非常满意，甚至 |
| 58:08 |
Alan's contributions about the schemes.
艾伦关于这些方案的贡献。 |
| 58:13 |
This is the debate.
这是辩论。 |
| 58:14 |
If Jay Powell were here-- how many of you know who Jay Powell is?
如果杰伊·鲍威尔在这里——你们有多少人知道杰伊·鲍威尔是谁？ |
| 58:19 |
Who's Jay Powell?
杰伊·鲍威尔是谁？ |
| 58:20 |
AUDIENCE: It's a lab.
观众：这是一个实验室。 |
| 58:24 |
PROFESSOR: Jay Powell.
教授：杰伊·鲍威尔。 |
| 58:25 |
No.
不。 |
| 58:25 |
Who's Jay Powell?
杰伊·鲍威尔是谁？ |
| 58:26 |
AUDIENCE: Head of the Federal Reserve.
观众：联邦储备委员会主席。 |
| 58:27 |
PROFESSOR: Head of the Federal Reserve.
教授：联邦储备委员会主席。 |
| 58:29 |
Thank you.
谢谢。 |
| 58:30 |
Sorry.
抱歉。 |
| 58:32 |
But if Jay Powell were here, he'd have a laugh along with what Alan just said,
但如果杰伊·鲍威尔在这里，他会和艾伦刚才说的笑一笑， |
| 58:39 |
but he would say, also, the liability is a social liability, as well.
但他也会说，负债也是一种社会负债。 |
| 58:46 |
That a central banker, to their core, believes what they are trying to do
作为中央银行家，他们内心深处相信他们所做的事情 |
| 58:51 |
is ensure for the stability of this social thing we call money
是为了确保我们所称之为货币的这种社会事物的稳定性 |
| 58:57 |
and to make sure that it doesn't get debased and it has some value.
并确保它不会贬值并且具有一定的价值。 |
| 59:03 |
So it's accepted for taxes, we talked about.
所以它被接受用于税收，我们谈过。 |
| 59:06 |
Notes and coins are legal tender for all debts, public and private.
纸币和硬币是所有公共和私人债务的法定货币。 |
| 59:11 |
I walk into a Starbucks and I say, I'd like a cup of coffee.
我走进星巴克，我说，我想要一杯咖啡。 |
| 59:16 |
Here's my $5 or whatever it costs these days.
这是我的5美元，或者现在的价格。 |
| 59:22 |
Does the person behind the counter have to brew the coffee?
柜台后面的人必须煮咖啡吗？ |
| 59:25 |
Is just a yes or no?
只是一个是或不是？ |
| 59:26 |
Can I see?
我可以看看吗？ |
| 59:30 |
Who wants to go for it?
谁想试试？ |
| 59:32 |
There's a no from Christopher.
克里斯托弗说不。 |
| 59:35 |
What, Chris?
怎么了，克里斯？ |
| 59:36 |
There's a no from Chris.
克里斯说不。 |
| 59:37 |
Who agrees with Chris?
谁同意克里斯的观点？ |
| 59:39 |
OK.
好的。 |
| 59:41 |
They brew a cup of coffee.
他们泡了一杯咖啡。 |
| 59:43 |
I go to the other side of the counter.
我走到柜台的另一边。 |
| 59:44 |
The coffee's sitting there.
咖啡就在那里。 |
| 59:47 |
Now, do they have to accept my $5 at that point?
那么，他们此时必须接受我的5美元吗？ |
| 59:51 |
Yes.
是的。 |
| 59:53 |
Before they brew the coffee, nobody has to take dollars.
在他们泡咖啡之前，没有人必须接受美元。 |
| 59:57 |
But once a debt is established, they've produced the good,
但一旦债务建立，他们就提供了商品， |
| 60:02 |
they've provided the service, they have to take it.
他们提供了服务，他们必须接受。 |
| 60:05 |
Just a small, little thing.
这只是一个小事情。 |
| 60:06 |
That's what legal tender is.
这就是法定货币的定义。 |
| 60:08 |
And so there's many establishments around the globe that are basically
因此，全球有许多机构基本上 |
| 60:13 |
now putting little signs out, we don't take Swedish krona.
现在在张贴小标志，我们不接受瑞典克朗。 |
| 60:17 |
We don't take this.
我们不接受这个。 |
| 60:18 |
We don't take that in paper form.
我们不接受纸币形式的那个。 |
| 60:22 |
They'll still take it electronically.
他们仍然会以电子方式接受。 |
| 60:24 |
And there's a new little bit of definitional thing going on about legal tender.
关于法定货币，出现了一些新的定义。 |
| 60:29 |
There's also some unique tax treatments,
还有一些独特的税收处理， |
| 60:31 |
but I'm not going to go through the currency.
但我不打算详细讲解货币。 |
| 60:34 |
So central banking and money we talked about a little bit.
所以我们稍微谈了一下中央银行和货币。 |
| 60:37 |
This is a kind of chart that I borrowed from somebody else's paper.
这是我从别人论文中借来的一个图表。 |
| 60:42 |
But the central banks at the top is at the center.
但中央银行在顶部，位于中心。 |
| 60:48 |
And if Alice and Bob-- and we'll be talking about Alice and Bob
如果Alice和Bob——我们将讨论Alice和Bob |
| 60:50 |
in Bitcoin time, so you can pull this chart down later--
在比特币时代，所以你可以稍后下载这个图表—— |
| 60:54 |
want to transact and they're at the same commercial bank,
想要进行交易并且他们在同一家商业银行， |
| 60:58 |
Bank Number 1, then commercial Bank Number 1
银行1，那么商业银行1 |
| 61:00 |
has to change their ledgers, moving money from Alice to Bob.
必须更改他们的账本，将钱从Alice转移到Bob。 |
| 61:05 |
In essence, if you're both two people at Bank of America,
本质上，如果你们都是在美国银行的两个人， |
| 61:08 |
you can move your balance at Bank of America.
你可以在美国银行转移你的余额。 |
| 61:12 |
But if you're at Bank of America going over to Citicorp,
但如果你在美国银行转到花旗银行， |
| 61:16 |
then something has to go between two ledgers, Bank of America's
那么就必须在两个账本之间进行某种操作，美国银行的 |
| 61:22 |
ledger and Citicorp's ledger.
账本和花旗银行的账本。 |
| 61:24 |
And the only way to transact between two banks' ledgers
在两个银行的账本之间进行交易的唯一方式 |
| 61:30 |
is some balancing act has to happen at the top ledger, called the central bank.
是某种平衡行为必须在顶部账本中发生，称为中央银行。 |
| 61:38 |
And later, when we talk about payment systems-- and I'm
稍后，当我们谈论支付系统时——我将 |
| 61:41 |
going to use this slide again later in the semester.
在学期后期再次使用这个幻灯片。 |
| 61:43 |
That's why I'm not going to spend as much time now on it.
这就是为什么我现在不打算花太多时间在这上面。 |
| 61:45 |
We're going to talk about ledgers.
我们将讨论账本。 |
| 61:48 |
And when you move money between two banks, it's all within one closed system--
当你在两个银行之间转移资金时，这一切都在一个封闭系统内—— |
| 61:53 |
that country's or that society's central banking system.
该国或该社会的中央银行系统。 |
| 61:59 |
But then it gets really a little bit more iffy
但当你从一种货币转移到另一种货币时，就变得有点模糊了 |
| 62:02 |
and woolly when you're moving from one currency to another currency.
并且不清晰。 |
| 62:09 |
Because how do you make two closed ledger systems operable?
因为你如何使两个封闭的账本系统可操作？ |
| 62:13 |
Not for today, but we'll go through
今天不讨论，但我们稍后会讨论 |
| 62:15 |
that later when we do payment systems and the like.
当我们讨论支付系统等内容时。 |
| 62:21 |
The central bank, the US central bank-- this
中央银行，美国中央银行——这是 |
| 62:24 |
was the only good slide I could find, which was about a year old.
我能找到的唯一好的幻灯片，大约一年前的。 |
| 62:27 |
Its liabilities and assets are about 4 and 1/4 trillion dollars, $4.3 trillion.
它的负债和资产大约是4.25万亿美元，4.3万亿美元。 |
| 62:32 |
$1.7 trillion of that is in currency.
其中17万亿美元是以货币形式存在的。 |
| 62:36 |
Do I get my $1 back, by the way?
顺便问一下，我能拿回我的1美元吗？ |
| 62:39 |
I mean, my liability.
我的负债。 |
| 62:40 |
So $1.7 trillion of those greenbacks are in circulation.
所以17万亿美元的钞票在流通中。 |
| 62:49 |
And remarkably, even though half of you
值得注意的是，尽管你们中有一半 |
| 62:52 |
probably don't use cash that much, you don't even
可能不太使用现金，甚至没有 |
| 62:55 |
have checking accounts, the amount of cash in circulation
支票账户，流通中的现金数量 |
| 62:59 |
is growing faster than the economy in most developed nations.
在大多数发达国家中，增长速度超过经济。 |
| 63:04 |
Why do you think that is?
你认为这是为什么？ |
| 63:07 |
What probably one word?
可能用一个词来形容？ |
| 63:10 |
AUDIENCE: The amount of 2008 crisis [INAUDIBLE]..
观众：2008年危机的数量[听不清]。。 |
| 63:14 |
PROFESSOR: Oh, that's more than one word.
教授：哦，那超过一个词。 |
| 63:16 |
AUDIENCE: Trust.
观众：信任。 |
| 63:16 |
PROFESSOR: Drugs.
教授：毒品。 |
| 63:17 |
AUDIENCE: Trust.
观众：信任。 |
| 63:18 |
PROFESSOR: Oh, trust.
教授：哦，信任。 |
| 63:19 |
I thought you said drugs.
我以为你说的是毒品。 |
| 63:23 |
Trust.
信任。 |
| 63:24 |
Well, it does have to do with trust, but it also has to do with drugs.
嗯，这确实与信任有关，但也与毒品有关。 |
| 63:28 |
Paper currency is a wonderful method
纸币是一种很好的方法 |
| 63:31 |
of money laundering, drug running, and a store of value.
用于洗钱、贩毒和价值储存。 |
| 63:35 |
So there's certain segments of our economy and segments
所以我们经济中的某些部分和全球经济中的某些部分 |
| 63:38 |
of the worldwide economy that does not
并不想 |
| 63:40 |
want to be in the electronic banking system.
进入电子银行系统。 |
| 63:45 |
I'm going to slip through these quickly,
我将快速浏览这些内容， |
| 63:47 |
but there's another piece that we need for this whole class
但我们需要另一个部分来支持整个课程 |
| 63:50 |
and for the semester is credit and credit intermediation.
以及本学期的信用和信用中介。 |
| 63:54 |
But just a little thing-- credit cards started only 60 or 70 years ago,
但有一点-- 信用卡仅在60或70年前开始出现， |
| 63:59 |
but they go back to a book a little over 100 years ago.
但它们可以追溯到100多年前的一本书。 |
| 64:03 |
The word "credit card" is used 18 times
“信用卡”这个词在这本书中出现了18次 |
| 64:05 |
in this book, where a science fiction writer in 1887 said,
在这本书中，一位科幻作家在1887年说， |
| 64:12 |
what would the world be like in the year 2000?
2000年的世界会是什么样子？ |
| 64:15 |
And it was the first use of the word "credit card."
这是“信用卡”一词的首次使用。 |
| 64:18 |
And he said that society would have a form of money,
他说社会将会有一种货币形式， |
| 64:21 |
and you would have credit against it.
而你将拥有相应的信用。 |
| 64:24 |
And it's a fascinating thing that somebody could be that visionary.
这真是一个迷人的事情，某人能够如此具有远见。 |
| 64:27 |
But there were merchant cards starting, so maybe he wasn't so visionary.
但当时已经有商户卡了，所以也许他并不是那么具有远见。 |
| 64:32 |
Oil companies in the 1920s, charge cards were starting,
1920年代的石油公司开始出现收费卡， |
| 64:37 |
but they were single-merchant cards.
但它们是单一商户卡。 |
| 64:39 |
You could have credit from that merchant.
你可以从该商户获得信用。 |
| 64:43 |
In 1946, in a bank in Brooklyn, a guy named Biggins started with that.
1946年，在布鲁克林的一家银行，一位名叫Biggins的人开始了这一切。 |
| 64:50 |
That was the first real charge it.
那是第一个真正的收费卡。 |
| 64:51 |
You could charge things in a few dozen places in Brooklyn, literally.
你可以在布鲁克林的几十个地方进行消费，字面上说。 |
| 65:00 |
And then, all of a sudden, it took off.
然后，突然间，它开始蓬勃发展。 |
| 65:02 |
Diner's Club started in the early 1950s.
Diner's Club在1950年代初期成立。 |
| 65:05 |
They found that they could get a bunch of restaurants to say,
他们发现可以让一群餐厅说， |
| 65:07 |
wouldn't you want to extend credit, and we'll back it?
你们不想扩展信用吗，我们会支持的？ |
| 65:11 |
American Express in the mid-1950s.
1950年代中期的美国运通。 |
| 65:14 |
And then, finally, in the mid-1960s,
然后，最终，在1960年代中期， |
| 65:16 |
Bank of America, which at that time was a California bank,
美国银行，当时是一家加利福尼亚银行， |
| 65:19 |
figured out they would create a co-operative
想出了要与其他一些美国银行建立一个合作社 |
| 65:23 |
with a bunch of other US banks to extend credit.
以扩展信用。 |
| 65:27 |
And the credit boom took off.
信用繁荣开始了。 |
| 65:30 |
And what was interesting, the laws to regulate all this
有趣的是，监管这一切的法律 |
| 65:33 |
didn't come until the 1970s, at least in the US--
直到1970年代才出现，至少在美国-- |
| 65:36 |
the Fair Credit Reporting Act and all the other laws.
《公平信用报告法》和所有其他法律。 |
| 65:39 |
There's three big ones in the 1970s.
1970年代有三部重要的法律。 |
| 65:42 |
I go to conferences sometime and talk about Bitcoin regulation,
我有时会参加会议，谈论比特币监管， |
| 65:46 |
and they say, well, why can't the government solve this now?
他们会问，为什么政府现在不能解决这个问题？ |
| 65:49 |
I sort of remind them that it took 15 to 20 years from
我提醒他们，从 |
| 65:53 |
the introduction of credit cards kind of in the early to mid
信用卡在1950年代初到中期的引入 |
| 65:57 |
1950s and the real take-off in the 1960s--
到1960年代的真正起飞， |
| 66:01 |
it was 1974, 1970, '77, the three big credit laws.
是1974年、1970年和1977年，三部重要的信用法。 |
| 66:06 |
So if you're going to be an entrepreneur in Bitcoin,
所以如果你想成为比特币的企业家， |
| 66:10 |
know that it could be 15 years until there's some cryptolaws in the future.
要知道，未来可能需要15年才能有一些加密法律。 |
| 66:17 |
That was the processing machine from the 1950s.
那是1950年代的处理机器。 |
| 66:20 |
I made it too small, sorry.
我做得太小了，抱歉。 |
| 66:24 |
Visa made it better.
Visa改进了它。 |
| 66:26 |
And then, of course, that's what we all see today, how your cards get processed.
然后，当然，这就是我们今天看到的，你的卡是如何处理的。 |
| 66:32 |
So the role of money we've talked about.
所以我们谈到了货币的作用。 |
| 66:35 |
So I'm going to skip over that.
所以我将跳过这一部分。 |
| 66:37 |
But now the characteristics of money.
但现在谈谈货币的特性。 |
| 66:39 |
What makes a good money?
什么是好的货币？ |
| 66:42 |
We talked about some of this earlier.
我们之前谈到过一些内容。 |
| 66:43 |
It's durable, meaning that that salt cube wasn't the greatest,
它是耐用的，这意味着那个盐块并不是最好的， |
| 66:48 |
because if a lot of rain came, that would wash away.
因为如果下了很多雨，那会被冲走。 |
| 66:51 |
Gold and silver, metals, are durable.
黄金和白银，金属，是耐用的。 |
| 66:54 |
They're portable.
它们是可携带的。 |
| 66:55 |
The heavier it is, the less portable
越重就越不便携带 |
| 66:57 |
it is, and that's why gold was a better money than silver.
这就是为什么黄金比白银更适合作为货币。 |
| 67:01 |
You could move it-- and better than copper and bronze.
你可以移动它——而且比铜和青铜更好。 |
| 67:05 |
It was divisible easily.
它很容易被分割。 |
| 67:07 |
You could slice things up.
你可以把东西切分开。 |
| 67:11 |
Uniform and fungible.
统一且可替代。 |
| 67:13 |
And anyone who's who down the rabbit hole on this stuff,
任何对这些内容深入研究的人， |
| 67:15 |
if you really want to learn about money,
如果你真的想了解货币， |
| 67:18 |
read about Crawford versus Royal Bank in 1749.
阅读1749年克劳福德诉皇家银行的案例。 |
| 67:24 |
There was a gentleman at the early part of paper money
在纸币早期，有一位绅士 |
| 67:28 |
that mailed two 20-pound notes, and he wrote his name on them.
他寄出了两张20英镑的钞票，并在上面写了他的名字。 |
| 67:34 |
They got lost in the mail, and he took the banks to court
它们在邮寄过程中丢失了，他将银行告上法庭 |
| 67:39 |
to say, those were mine, when they were found.
声称那些是他的，当它们被找到时。 |
| 67:43 |
And there was no law in Scotland or in England at the time
当时在苏格兰或英格兰没有法律 |
| 67:47 |
as to what to do about it.
来处理这种情况。 |
| 67:48 |
But if you lose or somebody stole a piece of art, you get it back.
但如果你丢失了或有人偷了一件艺术品，你会把它找回来。 |
| 67:54 |
And the law was settled in 1749 that you actually don't get your money back.
1749年法律裁定，你实际上无法拿回你的钱。 |
| 67:59 |
Does anybody want to guess as to why the courts--
有人想猜测为什么法院—— |
| 68:02 |
it was a matter of first interpretation.
这是一个首次解释的问题。 |
| 68:04 |
The courts had no jurisprudence on this before 1749.
在1749年之前，法院对此没有判例法。 |
| 68:10 |
Why did the courts decide that a piece of art was different than currency?
为什么法院决定艺术品与货币是不同的？ |
| 68:17 |
And it goes to the fundamental of what money is, fiat money is.
这涉及到货币的基本定义，法定货币是什么。 |
| 68:22 |
Anybody want to take a guess as to why the courts--
有人想猜测为什么法院—— |
| 68:25 |
they could have gone the other way.
他们本可以作出相反的决定。 |
| 68:27 |
AUDIENCE: How could you tell if someone really owned money?
观众：你怎么能判断某人是否真的拥有钱？ |
| 68:29 |
How could you [INAUDIBLE]?
你怎么能[听不清]？ |
| 68:30 |
PROFESSOR: He signed it.
教授：他签了名。 |
| 68:31 |
Actually, the facts were clear it was the currency he signed.
实际上，事实很清楚，那是他签名的货币。 |
| 68:36 |
I'm just helping you out so that-- that's a good point, but he signed it.
我只是帮你澄清一下——这是一个好点子，但他确实签了名。 |
| 68:42 |
AUDIENCE: It can't be used as a medium of exchange
观众：如果它不属于某人，就不能作为交换媒介 |
| 68:44 |
if it doesn't belong to the person [INAUDIBLE]..
如果它不属于某人[听不清]。 |
| 68:47 |
PROFESSOR: In essence, if you were
教授：本质上，如果你 |
| 68:48 |
to go back and read-- there's some history on this, and read the court cases.
回去阅读——这方面有一些历史，阅读法庭案例。 |
| 68:54 |
This was the point.
这就是关键。 |
| 68:55 |
The court basically said, we have to make this a medium of exchange,
法院基本上说，我们必须将其作为交换媒介， |
| 68:59 |
the greater social good.
为了更大的社会利益。 |
| 69:01 |
It has to be fungible.
它必须是可替代的。 |
| 69:02 |
And the Royal Bank of Scotland was, of course, kind of
而皇家银行当然在某种程度上 |
| 69:08 |
closer to the courts than this gentleman, Crawford.
比这位绅士克劳福德更接近法院。 |
| 69:12 |
But the banks were also saying, we can't keep track of this.
但银行也在说，我们无法跟踪这些。 |
| 69:15 |
So it was a mixture of the two, but it made it fungible.
所以这是两者的结合，但它使其变得可替代。 |
| 69:18 |
Eric?
埃里克？ |
| 69:19 |
AUDIENCE: Was it those specific notes that he had signed [INAUDIBLE]?
观众：是他签名的那些特定钞票吗[听不清]？ |
| 69:22 |
PROFESSOR: Yeah.
教授：是的。 |
| 69:23 |
Yeah.
是的。 |
| 69:24 |
AUDIENCE: [INAUDIBLE].
观众：[听不清]。 |
| 69:25 |
PROFESSOR: And in 1749, they all had serial numbers,
教授：在1749年，它们都有序列号， |
| 69:28 |
and they were signed in a way that not today.
并且它们的签名方式与今天不同。 |
| 69:30 |
Of course, they're acceptable, and they're stable.
当然，它们是可接受的，并且是稳定的。 |
| 69:34 |
And we're going to talk a lot about the last point.
我们将详细讨论最后一点。 |
| 69:36 |
They're stable because they're hard to mine,
它们之所以稳定，是因为它们难以开采， |
| 69:38 |
and Bitcoin has that embedded in it, as well.
比特币也嵌入了这一点。 |
| 69:42 |
The design of money is really important, as well.
货币的设计也非常重要。 |
| 69:45 |
You can make it a token-- a token is like something physical-- or account based.
你可以将其制作成代币——代币就像某种实物——或基于账户。 |
| 69:51 |
We're of course now living in a world of account-based money,
我们现在当然生活在一个基于账户的货币世界中， |
| 69:55 |
and it's digital, not physical.
而且它是数字的，而不是实物的。 |
| 69:59 |
It can be issued by the private sector, just like banknotes in the 18th century,
它可以由私营部门发行，就像18世纪的银行券一样， |
| 70:04 |
or private sector like Bitcoin, or it can be central.
或者像比特币这样的私营部门，或者它可以是中央的。 |
| 70:08 |
It can be widely acceptable or just wholesale.
它可以被广泛接受或仅限于批发。 |
| 70:10 |
There are forms of wholesale money.
有批发货币的形式。 |
| 70:13 |
One of the biggest forms of wholesale money
最大的批发货币形式之一 |
| 70:15 |
is the central bank's reserves are only
是中央银行的储备仅仅 |
| 70:17 |
available to the commercial banking system.
可供商业银行系统使用。 |
| 70:21 |
We're going to study this money flower later,
我们稍后会研究这个货币花。 |
| 70:23 |
but I put it in the slides because this-- I didn't create this flower.
但我把它放在幻灯片中，因为这个——我并没有创造这个花。 |
| 70:28 |
You have a reading later in the semester
你们在学期后期有一篇阅读材料 |
| 70:30 |
from the Bank of International Settlement that has this money flower in it.
来自国际清算银行，其中包含这个货币花。 |
| 70:35 |
But it's basically across these four things--
但它基本上涵盖了这四个方面—— |
| 70:37 |
is it token our account based, physical or digital,
它是基于账户的代币，还是物理的或数字的， |
| 70:40 |
private or central, or widely accessible?
是私有的还是中心化的，或者是广泛可访问的？ |
| 70:43 |
And then all monies fall into one piece of this money flower.
然后所有的货币都属于这个货币花的一个部分。 |
| 70:47 |
There's a Professor Garrett that came up with this flower,
有一位名叫Garrett的教授提出了这个花， |
| 70:50 |
and there's an optional reading later in the semester from him.
在学期后期还有一篇来自他的可选阅读材料。 |
| 70:57 |
You had a reading from Clark.
你们有一篇来自Clark的阅读材料。 |
| 70:58 |
There's not enough time, but all this stuff failed.
时间不够，但所有这些东西都失败了。 |
| 71:02 |
Does anybody want to give me a flavor for one
有没有人想给我一个或两个理由，说明 |
| 71:04 |
or two reasons why a bunch of digital cash failed?
为什么一堆数字现金失败了？ |
| 71:07 |
Did anybody read the Clark reading, the history of some DigiCash?
有没有人读过Clark的阅读材料，关于一些DigiCash的历史？ |
| 71:10 |
Oh, Alan read it.
哦，Alan读过。 |
| 71:11 |
Anybody else read it?
还有其他人读过吗？ |
| 71:13 |
Over here.
在这里。 |
| 71:14 |
I can't remember-- AUDIENCE: Zhan.
我记不清了——观众：Zhan。 |
| 71:15 |
PROFESSOR: Don.
教授：Don。 |
| 71:16 |
So what did you-- AUDIENCE: Zhan.
那么你——观众：Zhan。 |
| 71:17 |
PROFESSOR: What?
教授：什么？ |
| 71:18 |
AUDIENCE: Zhan.
观众：Zhan。 |
| 71:18 |
PROFESSOR: Zhan.
教授：Zhan。 |
| 71:19 |
Zhan, what did you take from the reading?
Zhan，你从阅读中得到了什么？ |
| 71:20 |
Why did these all fail?
为什么这些都失败了？ |
| 71:21 |
What's the one or two biggest reasons they failed?
它们失败的一个或两个最大原因是什么？ |
| 71:24 |
AUDIENCE: Most of them still relied on kind of some form of a central authority.
观众：大多数仍然依赖某种形式的中央权威。 |
| 71:28 |
PROFESSOR: All right, they relied on central--
教授：好的，他们依赖于中心—— |
| 71:30 |
DigiCash certainly did it, David Chaum's case, and some of the others.
DigiCash肯定是这样，David Chaum的案例，以及其他一些。 |
| 71:34 |
Any other big reason?
还有其他重要原因吗？ |
| 71:35 |
Alan, did you have--
Alan，你有什么—— |
| 71:37 |
AUDIENCE: There wasn't enough adoption by merchants, I recall.
观众：我记得商家没有足够的采用。 |
| 71:39 |
PROFESSOR: Definitely not adoption by merchants.
教授：绝对不是商家的采用。 |
| 71:41 |
Very good.
很好。 |
| 71:42 |
Third reason why they failed?
它们失败的第三个原因是什么？ |
| 71:43 |
One that's at the core of what Bitcoin solved.
这是比特币解决的核心问题之一。 |
| 71:49 |
AUDIENCE: Incentivizing like a decentralized network
观众：激励像一个去中心化的网络 |
| 71:51 |
to keep that ledger, maintain the ledger.
来保持那个账本，维护账本。 |
| 71:53 |
PROFESSOR: All right, incentivizing the ledger.
教授：好的，激励账本。 |
| 71:55 |
Behind Eric.
在Eric后面。 |
| 71:57 |
AUDIENCE: They couldn't solve the double spend problem.
观众：他们无法解决双重支付问题。 |
| 71:59 |
PROFESSOR: That's it.
教授：就是这样。 |
| 72:00 |
Couldn't spend the double spend problem.
无法解决双重支付问题。 |
| 72:02 |
Could a currency be spent not just once, but twice?
一种货币能否不仅被花费一次，而是两次？ |
| 72:04 |
So there's four things that were raised.
所以提出了四个问题。 |
| 72:06 |
Four things about centralization, the double spend.
关于中心化、双重支付的四个方面。 |
| 72:11 |
They couldn't get merchants to adopt it,
他们无法让商家采用它， |
| 72:13 |
and there was couldn't-- some form of consensus as to what the ledger was.
并且没有——对账本是什么的某种共识。 |
| 72:17 |
I'm going to flip through these quickly,
我将快速浏览这些内容， |
| 72:19 |
but digital and mobile money did happen.
但数字和移动货币确实发生了。 |
| 72:21 |
We were asked about PayPal earlier.
我们之前被问到PayPal。 |
| 72:22 |
It was 1998.
那是1998年。 |
| 72:25 |
In Norway, Ericsson and Telenor had the first mobile app.
在挪威，爱立信和电信公司推出了第一个移动应用。 |
| 72:31 |
And it was to get movies on your mobile phone.
它是为了在你的手机上观看电影。 |
| 72:35 |
1999, Alipay comes along that we'll talk a lot about when we do payments later.
1999年，支付宝出现了，我们稍后在讨论支付时会多谈到。 |
| 72:41 |
And of course, M-Pesa that we talked about a little last week
当然，还有我们上周稍微提到的M-Pesa |
| 72:44 |
in Kenya, where Safaricom noticed that a bunch of money-- near money.
在肯尼亚，Safaricom注意到一堆钱——近似货币。 |
| 72:51 |
It was mobile minutes that was being used as money in Kenya,
在肯尼亚，移动分钟被用作货币， |
| 72:55 |
and now there's 20 million users of that.
现在有2000万用户使用它。 |
| 72:58 |
And of course, there's a bunch of regulations now and so forth.
当然，现在有一堆法规等等。 |
| 73:02 |
Starbucks started in 2011.
星巴克在2011年开始。 |
| 73:06 |
And then, of course, it's now off to the races in mobile money.
然后，当然，现在移动货币已经开始蓬勃发展。 |
| 73:11 |
One of the key things about mobile money we will discuss and learn together
关于移动货币的一个关键点，我们将一起讨论和学习 |
| 73:15 |
is the question each one of these is, where is the stored value?
是每一个问题，存储的价值在哪里？ |
| 73:21 |
And I have to tell you, sometimes
我必须告诉你，有时候 |
| 73:23 |
I get quite confused when I research a new app.
当我研究一个新应用时，我感到相当困惑。 |
| 73:26 |
Are they storing the value?
他们是在存储价值吗？ |
| 73:28 |
Or are they just a processing provider to move--
还是他们只是一个处理提供者来转移—— |
| 73:34 |
as we said earlier, payment systems move and change and amend other ledgers.
正如我们之前所说，支付系统移动、变化并修改其他账本。 |
| 73:39 |
In a number of these, like M-Pesa, initially they were storing the value.
在其中一些应用中，比如M-Pesa，最初他们是在存储价值。 |
| 73:44 |
And mobile apps Starbucks stores the value.
而移动应用Starbucks也存储价值。 |
| 73:47 |
But many of them are just applications, computer code,
但许多应用只是应用程序，计算机代码， |
| 73:51 |
to move the ledger somewhere else.
用于将账本转移到其他地方。 |
| 73:54 |
But the riddle remained.
但谜题依然存在。 |
| 73:57 |
You remember that riddle--
你还记得那个谜题—— |
| 73:58 |
how to move money peer to peer without a central authority.
如何在没有中央权威的情况下进行点对点转账。 |
| 74:03 |
And that's what I'm asking for next class, Thursday, to actually read.
这就是我要求下节课，星期四，实际阅读的内容。 |
| 74:11 |
I wouldn't wing it, and I wouldn't be afraid of it.
我不会临时应付，也不会害怕它。 |
| 74:16 |
Satoshi Nakamoto wrote a paper that everybody
中本聪写了一篇论文，大家 |
| 74:19 |
in this class-- if you're at MIT, and a few of you are at Harvard.
在这个班上——如果你在麻省理工学院，而你们中的一些人在哈佛。 |
| 74:23 |
I'm telling you, you can read it.
我告诉你们，你们可以阅读它。 |
| 74:25 |
You'll understand maybe 1/2 to 2/3 of it.
你们可能能理解其中的1/2到2/3。 |
| 74:28 |
It's not deeply technical.
这并不是非常技术性。 |
| 74:32 |
And it's only eight or nine pages.
而且只有八到九页。 |
| 74:35 |
I've also assigned National Institute
我还布置了国家标准与技术研究所 |
| 74:37 |
of Science Technology, about 20 pages of reading from NIST.
的阅读材料，大约20页来自NIST。 |
| 74:42 |
The question is whether that's Bitcoin.
问题是这是否是比特币。 |
| 74:44 |
I'm going to skip through the study questions,
我将跳过学习问题， |
| 74:46 |
but the study questions are really
但学习问题实际上是关于 |
| 74:48 |
about cryptography and how append-only timestamping.
密码学以及如何进行仅附加时间戳。 |
| 74:51 |
We are going to get into the nitty-gritty over three lectures.
我们将在三次讲座中深入探讨细节。 |
| 74:55 |
I couldn't commit the whole course, the whole semester.
我无法承诺整个课程，整个学期。 |
| 74:59 |
But I think three lectures-- Thursday and the two next week.
但我认为三次讲座——星期四和下周的两次。 |
| 75:03 |
Anytime you want to come to see me--
任何时候你想来见我—— |
| 75:05 |
Sabrina is somewhere here on the floor, who's
Sabrina在这里的某个地方，她是 |
| 75:08 |
one of our TAs, who's a computer science master's student
我们的助教之一，她是计算机科学硕士生 |
| 75:13 |
and knows more about all of this.
并且对这一切了解更多。 |
| 75:15 |
Madores, who was here last week--
Madores，上周在这里的人—— |
| 75:17 |
I don't know if Madores is here, who's part of the Digital Currency Initiative.
我不知道Madores是否在这里，他是数字货币倡议的一部分。 |
| 75:21 |
Over three lectures, we're going to try to work through what's the cryptography,
在三次讲座中，我们将尝试解决什么是密码学， |
| 75:26 |
and why does that matter?
以及这有什么重要性？ |
| 75:29 |
How does the time stamping happen?
时间戳是如何生成的？ |
| 75:31 |
How's this look like money, and how are the transactions kept?
这看起来像钱吗，交易是如何保存的？ |
| 75:34 |
Yes?
是吗？ |
| 75:35 |
You get to close it out, almost.
你几乎可以结束它。 |
| 75:36 |
AUDIENCE: Can you just answer the question
观众：你能回答一下关于 |
| 75:38 |
posed about the longest running blockchain?
最长运行的区块链的问题吗？ |
| 75:41 |
PROFESSOR: I can answer that, but the assignment
教授：我可以回答这个，但作业 |
| 75:43 |
was to answer it by Thursday, right?
是要在星期四之前回答，对吗？ |
| 75:45 |
AUDIENCE: Oh, Thursday.
观众：哦，星期四。 |
| 75:46 |
OK.
好的。 |
| 75:46 |
PROFESSOR: So by Thursday.
教授：所以在星期四之前。 |
| 75:48 |
What's your first name?
你叫什么名字？ |
| 75:49 |
AUDIENCE: Caroline.
观众：Caroline。 |
| 75:50 |
PROFESSOR: Caroline.
教授：Caroline。 |
| 75:51 |
Did I say I was going to answer it today?
我说过今天要回答吗？ |
| 75:53 |
AUDIENCE: [INAUDIBLE].
观众：[听不清]。 |
| 75:53 |
PROFESSOR: Oh, did I say today?
教授：哦，我说过今天吗？ |
| 75:55 |
No, is there a mutable record of what I said?
不，我说过的话有可变记录吗？ |
| 75:58 |
I'll answer it now if you want.
如果你想，我现在可以回答。 |
| 76:02 |
Does anyone have the answer in the whole class?
班上有人知道答案吗？ |
| 76:05 |
AUDIENCE: Yeah.
观众：有。 |
| 76:06 |
It's a service called Surety that Gillespie
这是一个名为Surety的服务，Gillespie |
| 76:10 |
begun working in 1995, was a timestamp service for digital documents.
在1995年开始工作，是一个用于数字文档的时间戳服务。 |
| 76:19 |
And the way they did it was use a hash
他们的做法是使用哈希 |
| 76:21 |
function to create a seal with a timestamp on the document.
函数在文档上创建一个带时间戳的印章。 |
| 76:28 |
And then present the weekly batch of seals.
然后提交每周的印章批次。 |
| 76:32 |
And they actually published it in the New York Times [INAUDIBLE].
他们实际上在《纽约时报》上发布了它[听不清]。 |
| 76:37 |
PROFESSOR: So Caroline, it's good to raise the question.
教授：所以Caroline，提出这个问题很好。 |
| 76:40 |
I thought it was for Thursday, but thank you.
我以为是星期四的，但谢谢你。 |
| 76:42 |
Stewart Haber, a cryptographer, and a colleague
斯图尔特·哈伯，一位密码学家和他的同事 |
| 76:48 |
at Bell Labs in the early '90s, said,
在90年代初的贝尔实验室说， |
| 76:51 |
how do we notarize information, digitally notarize?
我们如何对信息进行公证，进行数字公证？ |
| 76:55 |
And we're going to be talking about this Thursday a lot.
而我们将在周四讨论这个话题很多。 |
| 76:57 |
They used a cryptographic method called hash functions.
他们使用了一种称为哈希函数的密码学方法。 |
| 77:02 |
And they were just trying to notarize information.
他们只是试图对信息进行公证。 |
| 77:06 |
And by 1995, they took-- they were entrepreneurs.
到1995年，他们成为了企业家。 |
| 77:09 |
They created a company called Surety.
他们创建了一家公司，名为Surety。 |
| 77:12 |
And once a week, they published, in the New York Times-- and they still do it.
他们每周在《纽约时报》上发布一次——他们现在仍然这样做。 |
| 77:17 |
You can get a New York Times-- I believe it's on Saturday or Sunday.
你可以在《纽约时报》上看到——我相信是在星期六或星期天。 |
| 77:20 |
And they take-- it's in the classifieds section.
他们在分类广告部分发布—— |
| 77:24 |
And they have the hash function, which you'll read about
他们有哈希函数，你将在 |
| 77:27 |
between now and Thursday.
现在到周四之间阅读到。 |
| 77:28 |
They have the hash of all the pre-existing information.
他们有所有现有信息的哈希值。 |
| 77:33 |
And so they timestamp it by using the New York Times, and they use cryptography.
因此，他们通过使用《纽约时报》来时间戳，并使用密码学。 |
| 77:38 |
And it's currently 23 years in running.
目前已经运行了23年。 |
| 77:41 |
AUDIENCE: So that's the longest in terms
观众：所以在时间上这是最长的 |
| 77:42 |
of time, not the longest with how many ledgers or how many--
而不是在账本数量或多少方面最长的—— |
| 77:46 |
PROFESSOR: Correct, because Bitcoin is about 550,000 blocks, and this would be
教授：正确，因为比特币大约有550,000个区块，而这将是 |
| 77:52 |
whatever 23 years times 52 is.
23年乘以52的结果。 |
| 77:55 |
Longest in time.
时间上最长。 |
| 77:57 |
Thank you.
谢谢。 |
| 77:58 |
I look forward to seeing you.
期待见到你。 |
