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title: Decentralised Finance at Finec MGIMO (copy)

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title: "Decentralised Finance at Finec MGIMO (copy)"

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# Teaching cryptocurrencies and decentralised finance

Evgeniy Pogrebnyak, Finec MGIMO

Draft 2021-09-24, edited - 2021-09-30.

This note is a migration from original: <https://hackmd.io/@defi/S1QQ35uXY>

## Introduction

At [Finec MGIMO](https://finec.mgimo.ru/en/) we are taken by surprise 
by student interest cryptocurrencies and decentralised finance. 

Often times the students lead us, the faculty, to explain 
what is new and why it is to experiment and bear the risks.

There is a clear generational shift in financial behavior 
and attitude, that remains to be explored.

## Goals

This guide serves the following purposes:

1. Explain the basics and document advanced use cases 
   of distributed ledger technology, cryptocurrencies, 
   and decentralised finance.
2. List competences needed to work in decentralised finance
   and how to acquire them through our classes, 
   self-learning using open material and starter projects. 
3. Building a network of between students, interested faculty
   members and market professionals to make better 
   teaching cases and formulate engaging research topics.

## Calendar

- 04.10.2021 - Pavel Gusev, Finec MGIMO 2021 graduate and cofounder of Digital Assets Capital 
  joins our Financial Technologies undergrad class to discuss frontier markets, including cryptogaming. 

> В понедельник 4 октября к нашему занятию по курсу "Финансовые технологии и цифровые компетенции будущего" (4 курс ФЭТ) 
> присоединится Павел Гусев, выпускник Финэка МГИМО 2021 года, сооснователь фонда Digital Assets Capital. 
> Это хорошая возможность получить информацию из первых рук о том, что нового происходит в "крипте", 
> а также обсудить возможные темы дипломных работ – для тех, кто активно погружен в эту область. 
> Недавнее выступление Павла на конференции по крипто-геймингу: <https://teletype.in/@da_capital/_Iai80jTXXg>

- 22.09.2021 - lecture on cryptocurrencies and cryptoassets
  as part of Fintech and Digital Finance course MGIMO-ADA MBA program,
  with Andrey Zlotnik (HSE/CMF) as guest speaker ([link][fb])
  
[fb]: https://web.facebook.com/e.pogrebnyak/posts/10219851403020932


## Topic plan

### Introduction

1. Blockchain and distributed ledger technology (DLT)
2. BTC and ETH 
3. Source of value and acceptance
4. Limitations (high volatility, slow transactions, operational risks) 
5. Uncertain regulation

### Extensions

- Geography of mining 
- Stock exchanges, trading of altcoins and price arbitrage
- Stable coins - tether example:
  - asset side composition of tether 
  - [tether white paper](https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf)
- NFT and pricing of "art"
- Trading for derivatives for cryptoassets
- Regulators attitude

### Discussion

Entering the market:

- Does one have to always buy BTC or can buy altcoins directly?
- What kind of references or values does a wallet hold? Are they the identifiers of a BTC chunk?

More questions:

- We acknowledge we are old and younger generation are more eager adopters
- Is DLT well-described by a read-only database metaphor?
- Is 100% BTC economy deflationary?


## Student experiences

Undergraduate class:

- 3-4 students very active in this space
- many students interested
- few reluctant

MBA class:

- Student case in a brokerage: clients come to buy and hold BTC for just 
  a few weeks, up to three months, seeking upside. Do not leave long position on BTC.
- Some students bought BTC or ETH, but do not see any upside or use case.


## Upcoming topics

### Parachains and bridges

- https://polkadot.network/about/
- https://www.parity.io/
- Cosmos (ATOM)
- web3 / solidity

### Gary Gensler MIT Course

- [Course readings][sy]
- [Payments lecture 1][pay]

[sy]: https://ocw.mit.edu/courses/sloan-school-of-management/15-s12-blockchain-and-money-fall-2018/readings/
[pay]: https://ocw.mit.edu/courses/sloan-school-of-management/15-s12-blockchain-and-money-fall-2018/lecture-slides/MIT15_S12F18_ses13.pdf

### Code example for tinyest blockchain

Very simplistic: https://colab.research.google.com/drive/1OLb19MIYDzJLsMQux7nL4v16aLO-bU71

### Twitter

- [@PrasoonPratham - topic introduction and links](https://twitter.com/PrasoonPratham/status/1441032455729844226?s=20)

- [@petergyang - optimistic beginner guide](https://creatoreconomy.so/p/curious-beginner-guide-to-crypto)

- [@davidrevoy - do not buy NFT made with my art.](https://twitter.com/davidrevoy/status/1440655287686348813)

## Glossary

Blockchain - time-stamped append-only blocks 

Consensus - agreement on legitimate sequence of blocks

Proof of work vs proof of stake

Utility (dapp) and security tokens