Bitcoin is simply a community-driven decentralized currency. It's censorship-resistant, regulated by math, can be used without the middle-man, can be safely held by the owner as long as possible. There is really nothing difficult in explaining Bitcoin to a lay person if you understand the idea behind it well.
Topic: [2019-09-10] CNBC’s Ran NeuNer Nails One of Crypto’s Biggest Flaws (Read 319 times)
September 14, 2019, 01:13:15 AM
September 13, 2019, 02:27:51 AM
schools can step up their game by advancing their curriculum, teaching students how cryptocurrency affects the world positively and how they can benefit from it
September 12, 2019, 10:38:56 PM
So, ask yourself this question... does the average person on the street know how the Fiat system work? People I have spoken too, still thought that every Dollar bill was backed by Gold and that Gold gave Fiat currencies it's value. They still used Fiat currencies, even if they did not know how it worked and after I told them that it was not backed by Gold, they continued using it. 
Let's take it one step further, do people know how governments and Banks are manipulating Fiat currency value? Do they know how the value of their Fiat currency is dropping over time? 
Let's take it one step further, do people know how governments and Banks are manipulating Fiat currency value? Do they know how the value of their Fiat currency is dropping over time?
I can't agree w/ this more. You honestly do not need a 100% top-down knowledge of bitcoin in order to use it. You really only need to know the basics, and at the end of the day, with the amount of tools available for Bitcoin, Bitcoin is as easy to use as online banking.
September 12, 2019, 09:55:06 PM
It all boils down to this:
How much knowledge do you need?
If you can explain to someone how to send and receive a Bitcoin transaction, then they already know as much as they do about fiat. That gets us about halfway there. Then you have to explain security, backups and personal responsibility, which might take a bit longer. Emphasise the part about how there's no one who can intervene to cancel or refund a transaction for them and you're pretty much done.
How is any of that difficult to explain?
How much knowledge do you need?
If you can explain to someone how to send and receive a Bitcoin transaction, then they already know as much as they do about fiat. That gets us about halfway there. Then you have to explain security, backups and personal responsibility, which might take a bit longer. Emphasise the part about how there's no one who can intervene to cancel or refund a transaction for them and you're pretty much done.
How is any of that difficult to explain?
Agreed. It is similar to saying that people should be careful on taking loans from banks because the fractional banking system takes more than 1 hour to explain.
However, people should be careful taking loans from banks because of the fractional banking system heheheeh.
September 12, 2019, 09:42:14 AM
He could be more spot on. It's difficult to get individuals to understand what bitcoin, cryptocurrency and blockhain technology is all about; even educated folks. Conveyance is a major issues with many seeing it as a get rick quick scheme(some advanced ponzi). Well its only a matter of time before people begin to realize that they should educate themselves on block chain technology.
September 12, 2019, 09:05:37 AM
His situation is quite synonymous on previous two decades advent of mobile technology revolution where it seems its very difficult to explain
mobile technology such as Symbian and Android terms to ordinary folks but look at us now, almost everybody had embraced the technology,
and we only need some trailblazers in the industry and everybody will follow suit. But I admit it will take some time to do it. Imho.
mobile technology such as Symbian and Android terms to ordinary folks but look at us now, almost everybody had embraced the technology,
and we only need some trailblazers in the industry and everybody will follow suit. But I admit it will take some time to do it. Imho.
September 12, 2019, 08:59:44 AM
Well if Neuner is trying to explain the whole of BTC (technically), an hour or even a day is not enough. Even a week won't suffice. But if we are to explain the basic of BTC such as creating wallet, sending transactions and receiving, it will take less than an hour for the person to know it. Of course if we explain it to those who have no foundation about internet and its technology, it will take more time. But to those with internet knowledge, it is just a piece of cake to explain the basic of BTC.
September 12, 2019, 08:17:22 AM
If a lay person just goes to Bitpay and Coinbase using their custodian service then the explanation of bitcoin to him are totally nothing.
After being fucked by those centralised 3rd parties, he may even claim what you said about Bitcoin are totally lies.
After being fucked by those centralised 3rd parties, he may even claim what you said about Bitcoin are totally lies.
That does raise a valid point. There are definitely people, blogs and websites talking about "being your own bank", but then somehow managing to finish the explanation with a link to Coinbase or whatever. It doesn't quite follow rationally. I always tried to refer people to localbitcoins where possible, as it's at least a little closer to Bitcoin's ethos compared to conventional custodial exchanges.
September 12, 2019, 04:26:20 AM
If a lay person just goes to Bitpay and Coinbase using their custodian service then the explanation of bitcoin to him are totally nothing.
After being fucked by those centralised 3rd parties, he may even claim what you said about Bitcoin are totally lies.
After being fucked by those centralised 3rd parties, he may even claim what you said about Bitcoin are totally lies.
September 12, 2019, 04:13:37 AM
One of the biggest flaws of crypto is that it is so difficult to explain quickly to a lay person. When people ask me to explain Bitcoin to them I know it’s going to take at least an hour before they really understand it.
An hour huh? How about this.
Bitcoin is a type of digital money that is transferrable on the internet, similar to PayPal, Moneygram, Venmo etc.
However, unlike these currencies which are basically only digital representations of the dollar or some other government-backed currency, Bitcoin is an entirely new system.
Imagine a currency that isn't backed by any government, nor issued by a central bank. Instead, Bitcoin is maintained by the community using something known as blockchain technology, which basically ensures that the system is free of corruption, counterfeiting and fraud.
Like the USD, EUR, JPY etc, Bitcoin (BTC) is used as a store of value and can be transferred between countries cheaply since there are no bank settlement fees, tariffs or other issues slowing it down.
How long did that take? 2 minutes?
September 12, 2019, 03:23:22 AM
Precisely! When I was very active on Reddit back in the day, and some newbie asks some question concerning bitcoin, I always respond in a way that's easy to understand regardless if it's technically correct or not. One example would be when talking about wallets, whereas I sometimes say something along the lines of "coins stored in your wallet", even though the wallet technically doesn't hold any coins, but only holds the private keys. Sometimes I think too much technical info actually does more harm when explaining stuff to the older crowd.
September 11, 2019, 09:35:29 AM
Perhaps the flaw is in the way Ran is explaining it? Few people need to know how the internals of bitcoin work. Few people, for example, need to understand that "addresses" really don't hold bitcoins, but bitcoins are a product of inputs and outputs. People don't need to understand how CPU, GPU and now ASIC mining work specifically, just that it is a complicated function that can't be forged which provides security to the network. The details don't matter.
Just as the average person doesn't need to know everything about fiat, from the anti-counterfeiting protections, to how banks transport cash, to how the central banks inflate value away (they should know that part), etc. Or most people couldn't explain all the parts of an automobile engine, or the internals of a television.
So, it isn't a flaw in bitcoin, it is someone with a poor understanding of what people need to know not doing a good job explaining what they need to know.
Just as the average person doesn't need to know everything about fiat, from the anti-counterfeiting protections, to how banks transport cash, to how the central banks inflate value away (they should know that part), etc. Or most people couldn't explain all the parts of an automobile engine, or the internals of a television.
So, it isn't a flaw in bitcoin, it is someone with a poor understanding of what people need to know not doing a good job explaining what they need to know.
September 11, 2019, 09:27:45 AM
Is Bitcoin really that very hard to grasp and explain to ordinary guys on the street? I have to admit that there is a learning curve with Bitcoin but this did not stop me from being a part of the Bitcoin bandwagon even I really lack the technical understanding. Do we have to understand everything on something before we adopt it and get benefited with its many good features? I don't think so. When I opened a bank account, it is not actually my business to get into the details of the bank I am just interested too much on the services they can offer to me. With Bitcoin, there are many ways to explain and make it very simple. Maybe Ran should start watching some YouTube videos for his own education and his followers.
September 11, 2019, 08:55:47 AM
maybe Ran needs to check out some of the videos by Andreas Antonopoulos to realize that explaining bitcoin is not really that hard, it just needs the right person with enough familiarity with bitcoin to be able to explain it correctly and in simple terms to the uninformed audience.
here is a link: https://aantonop.com/
here is a link: https://aantonop.com/
September 11, 2019, 08:12:09 AM
It all boils down to this:
How much knowledge do you need?
If you can explain to someone how to send and receive a Bitcoin transaction, then they already know as much as they do about fiat. That gets us about halfway there. Then you have to explain security, backups and personal responsibility, which might take a bit longer. Emphasise the part about how there's no one who can intervene to cancel or refund a transaction for them and you're pretty much done.
How is any of that difficult to explain?
How much knowledge do you need?
If you can explain to someone how to send and receive a Bitcoin transaction, then they already know as much as they do about fiat. That gets us about halfway there. Then you have to explain security, backups and personal responsibility, which might take a bit longer. Emphasise the part about how there's no one who can intervene to cancel or refund a transaction for them and you're pretty much done.
How is any of that difficult to explain?
September 10, 2019, 11:04:09 PM
Is this the best flaw he can find? The fractional banking system might take a longer time to explain, however, that did not stop the people from applying for fiat loans hehe.
Ran NeuNer, the host of CNBC’s Crypto Trader, is honing on a big flaw and a big challenge for the cryptocurrency industry: conveyance. In a tweet to his 109,000 followers, NeuNer says that cryptocurrency is hard to explain.
One of the biggest flaws of crypto is that it is so difficult to explain quickly to a lay person. When people ask me to explain Bitcoin to them I know it’s going to take at least an hour before they really understand it.
— Ran NeuNer (@cryptomanran)
Read in full https://dailyhodl.com/2019/09/09/cnbcs-ran-neuner-nails-one-of-cryptos-biggest-flaws/
Ran NeuNer, the host of CNBC’s Crypto Trader, is honing on a big flaw and a big challenge for the cryptocurrency industry: conveyance. In a tweet to his 109,000 followers, NeuNer says that cryptocurrency is hard to explain.
One of the biggest flaws of crypto is that it is so difficult to explain quickly to a lay person. When people ask me to explain Bitcoin to them I know it’s going to take at least an hour before they really understand it.
— Ran NeuNer (@cryptomanran)
Read in full https://dailyhodl.com/2019/09/09/cnbcs-ran-neuner-nails-one-of-cryptos-biggest-flaws/
It's not a flaw of cryptocurrency in any way! If Ran has made such claim then It's laughable!
But I wouldn't disagree with the fact that it takes time for a layman to understand crypto because I have faced similar situations quite a few times already. It's not about the technicalities, but just the working and usage of cryptos. Explaning the technical nitty gritty would take even more time to explain! It's a very new currency system which is totally different from the conventional currencies, so it's difficult to understand for a lot of people who have never been exposed to such things! But it's not a flaw of cryptos!
September 10, 2019, 10:47:58 PM
in my experience those who struggle in explaining bitcoin to others, specially the "lay person", themselves suffer from not knowing what bitcoin is exactly which is why they struggle at explaining it to others. the first rule of telling others about something is for you to understand it yourself.
additionally the other challenge these people face is over explaining things that are not necessary. it is like explaining how programming languages like C and C++ work and teaching them to a "lay person" because he asked you how he should turn his computer on and off and windows is written in C and C++!
additionally the other challenge these people face is over explaining things that are not necessary. it is like explaining how programming languages like C and C++ work and teaching them to a "lay person" because he asked you how he should turn his computer on and off and windows is written in C and C++!
September 10, 2019, 10:17:06 PM
So, ask yourself this question... does the average person on the street know how the Fiat system work?
Great take. When bitcoin gets totally ready for global adoption, people don't need to know the technical specifics of bitcoin. All they need to know that bitcoin is leaderless, unconfiscatable, and really really secure. Just like how a lot of people right now, pretty much even some of our grandparents, use the internet for various uses without knowing how things like TCP/IP work.
September 10, 2019, 09:57:20 PM
Is this the best flaw he can find? The fractional banking system might take a longer time to explain, however, that did not stop the people from applying for fiat loans hehe.
Ran NeuNer, the host of CNBC’s Crypto Trader, is honing on a big flaw and a big challenge for the cryptocurrency industry: conveyance. In a tweet to his 109,000 followers, NeuNer says that cryptocurrency is hard to explain.
One of the biggest flaws of crypto is that it is so difficult to explain quickly to a lay person. When people ask me to explain Bitcoin to them I know it’s going to take at least an hour before they really understand it.
— Ran NeuNer (@cryptomanran)
Read in full https://dailyhodl.com/2019/09/09/cnbcs-ran-neuner-nails-one-of-cryptos-biggest-flaws/
Ran NeuNer, the host of CNBC’s Crypto Trader, is honing on a big flaw and a big challenge for the cryptocurrency industry: conveyance. In a tweet to his 109,000 followers, NeuNer says that cryptocurrency is hard to explain.
One of the biggest flaws of crypto is that it is so difficult to explain quickly to a lay person. When people ask me to explain Bitcoin to them I know it’s going to take at least an hour before they really understand it.
— Ran NeuNer (@cryptomanran)
Read in full https://dailyhodl.com/2019/09/09/cnbcs-ran-neuner-nails-one-of-cryptos-biggest-flaws/
@bbc.reporter it doesn’t really matter if they don’t understand it, because all they care is about making more money and they understand that if they invest in bitcoins they’ll make loads of money . Truth be told many people who invest in stock market do not understand how it works, yet they’ll invest in it because it’ll make them lots of money same theory applies to bitcoins too.
September 10, 2019, 09:33:45 PM
It could be the case if we try to explain Bitcoin down to its tiniest nitty-gritty aspect to someone who hasn't heard of it. You do not expect someone to truly understand how exactly are transactions recorded in the blocks or how its hash rate determines the current form of the network. A day may not even be enough if we delve deep into it. Even a lot of people who are truly supporting Bitcoin may not sufficiently explain everything.
But the same goes with fiat. Even banking and finance graduates cannot sufficiently explain how exactly money are made, how much money exactly does the central bank need to release or absorb back in order to hit the perfect inflation rate, how much money could me made in a day, what interest rates should the central bank offers for bonds to make sure only the enough amount of fiat is in circulation, and so on.
But the same goes with fiat. Even banking and finance graduates cannot sufficiently explain how exactly money are made, how much money exactly does the central bank need to release or absorb back in order to hit the perfect inflation rate, how much money could me made in a day, what interest rates should the central bank offers for bonds to make sure only the enough amount of fiat is in circulation, and so on.
Jump to: