What's up with Linkedin and skill endorsements?

Second Summer

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Can anyone explain the skill endorsement phenomenon on Linkedin? I'm being endorsed by people I rarely have any contact with several times per week now, and I'm fairly certain none of them have a clue about my skills. So what's the point? Surely potential employers will see right through this...?
 
I'm wondering if I need to "endorse" other people's skills now. I don't think I've endorsed one single person's skills so far because it seems like a pretty worthless feature.