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

[bbc.reporter]

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/

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[Kakmakr]

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. <People simply do not care, they just want it to work> 

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? <buying power> 

[hugeblack]

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.

[1Referee]

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.

[DooMAD]

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. <People simply do not care, they just want it to work> 

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? <buying power> 

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.

[Harlot]

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.

[meanwords]

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.

[bbc.reporter]

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. <People simply do not care, they just want it to work>  

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? <buying power>  

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?

[Darker45]

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.

[Juggy777]

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/

@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.

[mk4]

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.

[pooya87]

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++!

[avikz]

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/

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!

[DooMAD]

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?

[BrewMaster]

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/

[CryptoBry]

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.

[cr1776]

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.

[mk4]

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.

[DarkDays]

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?

[Saltius]

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.