Module 38: Crypto

Blockchain, Bitcoin, DeFi, and the promises and problems of decentralised finance

Part A · the problem crypto tries to solve — trust without intermediaries
The double-spend problem — why digital money is hard
Digital scarcityWhy banks existThe Byzantine generals problem
Cryptography basics — the maths underpinning all of crypto
Hash functionsPublic/private key cryptographyDigital signaturesMerkle trees
What Satoshi's Bitcoin whitepaper actually said — and what it proposed
Whitepaper summarySatoshi's identityThe original vision
Part B · how blockchain works
The blockchain data structure — blocks, chains, and immutability
Block anatomyChaining via hashesWhy tampering is expensiveVisual diagram
Consensus mechanisms — how a decentralised network agrees
Proof of WorkProof of StakeOther consensus typesEnergy comparison chart
Mining and validators — who maintains the blockchain and why
Mining economicsHash rate51% attackValidator staking
Wallets, keys, and addresses — how ownership works in crypto
Public addressPrivate keySeed phraseCustodial vs non-custodial
The blockchain trilemma — security, scalability, and decentralisation
Trilemma diagramLayer 2 solutionsSharding
Part C · Bitcoin — the original and what it is (and isn't)
Bitcoin as digital gold — the store of value thesis
Fixed supply (21M)Halving cyclesInflation hedge argumentCounterarguments
Bitcoin's price history — bubbles, crashes, and cycles
Major price chartBull/bear cyclesInstitutional adoptionETF approval
Bitcoin's limitations as currency — why it mostly isn't used for payments
Volatility problemTransaction speed & feesLightning Network
Part D · Ethereum and smart contracts
What Ethereum added — programmable blockchain and smart contracts
Smart contract conceptThe EVMSolidity basicsGas fees
The Ethereum ecosystem — tokens, protocols, and applications
ERC-20 tokensERC-721 (NFTs)DAppsThe Merge (PoS transition)
Other major chains — and the multi-chain landscape
SolanaBNB ChainLayer 2s (Arbitrum, Optimism)Chain comparison chart
Part E · DeFi — decentralised finance
What DeFi is — replacing banks with code
DeFi vs TradFiPermissionless accessComposability ("money legos")
DEXs, lending protocols, and yield farming
Uniswap & AMMsAave & CompoundLiquidity poolsAPY reality vs advertising
Stablecoins — the connective tissue of crypto
Fiat-backed (USDC, USDT)Algorithmic stablecoinsUST collapse case studyCBDC comparison
DeFi risks — hacks, exploits, rug pulls, and smart contract bugs
Major hacks timelineRug pull mechanicsImpermanent lossAudits & their limits
Part F · NFTs, DAOs, and other crypto applications
NFTs — what they are, what they aren't, and what happened
Non-fungibility explained2021 boom & bust chartWhat you actually ownLegitimate use cases
DAOs — decentralised autonomous organisations
DAO governance mechanicsToken votingReal examplesLimitations
Web3 — the vision of a decentralised internet
Web1 / Web2 / Web3The promiseThe criticism
Part G · regulation, risks, and the bigger picture
The regulatory landscape — how governments are responding to crypto
US SEC approachEU MiCAChina banEl SalvadorGlobal map
Major collapses — FTX, Terra/Luna, and what they reveal
FTX case studyTerra/Luna collapseCommon failure patterns
The environmental impact of crypto — energy, e-waste, and PoS transition
Bitcoin energy useCountry comparisonsPoS reductionRenewable mining
The honest balance sheet — what crypto has and hasn't delivered
Genuine innovationsFailed promisesEmerging real use casesSanity check