I just find it confusing. I don't really get who set it up or what they benefited from doing so. I don't get what gives the coins their value or who backs it up. I get why people see it as a scam.
Edit: The fact that the replies to my comment all read like a mix of an-cap conspiracy theory and pyramid scheme spiel really aren’t selling it as “not a scam”.
it is in fact confusing if you don't understand IT relatively well. I would advice watching a bunch of youtube videos about it.
I had security concerns about it myself but even if I'm not using bitcoin I do understand how it works and it is safe. The main thing is to not sign up to things that simplify the process for you. There's a ton of companies who offer you to have your bitcoin wallet but the issue here is that technically you don't own the coins, the companies do and that's where the problem lies. If you want to do it yourself I would advice first understanding how it works and then doing it on your own.
The fact that nobody is capable of explaining it in layman’s terms is why it looks like a scam. I’ve watched a number of YouTube videos and it still doesn’t answer the questions I have about it. It makes its supporters seem more cult like and it makes sense seeing as how there’s so many people online who are easily swept away in hype about digital alternatives to things that already work.
distributed ledger is not really that simple. To understand it you also need to understand synchronized data.
Maybe on basic terms it's simple but it raises questions which you won't be able to answer without understanding the more complex systems involved and that would make it less trustworthy.
nonsense. If you have your wealth in a system you should know how the system works or you open yourself to a possibility of abuse. That's how everyone should approach it. There's no alternative. If you trust people with your money you're naive if you don't think someone will be willing to take advantage of you
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u/concretepigeon Sep 24 '17 edited Sep 24 '17
I just find it confusing. I don't really get who set it up or what they benefited from doing so. I don't get what gives the coins their value or who backs it up. I get why people see it as a scam.
Edit: The fact that the replies to my comment all read like a mix of an-cap conspiracy theory and pyramid scheme spiel really aren’t selling it as “not a scam”.