[2019-09-10] CNBC’s Ran NeuNer Nails One of Crypto’s Biggest Flaws - page 2.

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Quote from: Kakmakr on September 10, 2019, 01:19:22 AM

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. Wink

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? Roll Eyes

Agreed! The people shold know that it already works as a form of currency. However, if they want to learn more, it should take more than 1 hour. This is not a flaw.

Schools have whole courses only to study fiat banking systems. Why not bitcoin?

meanwords

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I think the thing here is that the technology behind Bitcoin and the Blockchain is quite difficult to explain to an average person because of how it is used, but the usage itself is easy. The fiat is one thing, we are taught by our parents how to use it in a satisfactory level although we don't really quite understand it fully so we are using it till this day.

But Bitcoin and Blockchain is different, you cannot learn it if you don't want to learn it. Even if you want to, you'll still need time.

I've tried explaining to my friend in past the way Bitcoin and Blockchain works but it is indeed hard.

Harlot

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Why blame the technology itself when its not at fault here? I can't remember one influencial person complaining about how smart phones are hard to learn in the past but I just saw people adjust to it gradually. I just really don't see why cryptocurrencies are at fault here especially when they are made to be future-proofed already. It may have a steep learning curve but its really up to the person or anyone who is willing to teach how to adjust for it.

DooMAD

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Quote from: Kakmakr on September 10, 2019, 01:19:22 AM

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. Wink

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? Roll Eyes

It's a tricky one. Even though they clearly don't understand fiat properly, they think they do. And that's enough for them. They're content to continue using it.

So on one hand they have this fiat thing they "understand" (even if they don't) and on the other hand they have this Crypto thing they definitely don't understand and see no real incentive to learn about.

As such, Crypto's biggest flaw is that it's not the incumbent system people are accustomed to. So we need to find a better way to explain it.

1Referee

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People like Ran are the biggest flaw of the crypto sphere. This toxic being has promoted a whole set of shitcoins including BCash which got a lot of people rekt hard. Now the alt bubble has popped and Bitcoin is the only one making moves he has become a soft Bitcoiner. Watch until the next altcoin bubble starts, he will promote them by pointing out how much better they are than Bitcoin.

In the end, explaining Bitcoin isn't that difficult. What makes it difficult is to explain people what the importance is of secure coin storage, how to do it, and that Bitcoin hasn't ever been hacked, but the incompetent services have, hence the importance of not storing coins on an exchange when you aren't trading.

People need to be aware of the fact that there isn't a centralized institution that can give you your funds back. If you lose your coins in crypto then they're lost for ever, unless you use EOS and bribe the block producers to reverse transactions.

hugeblack

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The risks in crypto to a layperson are fluctuations in price and alternatives that provide easier solutions for users.
If I give you a wallet and ask you to wait 10 minutes to buy coffee with a price fluctuation you will not use BTC as a daily currency.
As for investment, most people tend to have safe investments because they do not understand the nature of money and people are programmed to hate loss, not logical thinking about turning losses into profits.

Kakmakr

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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. Wink

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? Roll Eyes

bbc.reporter

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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/

Topic: [2019-09-10] CNBC’s Ran NeuNer Nails One of Crypto’s Biggest Flaws - page 2. (Read 319 times)