This is an editorial by Tim Niemeyer, co-host of the Lincolnland Bitcoin Meetup.
As you may have learned by watching mainstream news, the price of Bitcoin has been on the rise recently. If you bought a top and have ever had one, consider taking advice from good old Mr. Goldsill. Peter Schiff, Please take this opportunity to sell. However, if you miss the boat, it might make sense to wait for confirmation and buy close to $70,000. You might take a ride just to try to get out. If you’re a communist and don’t believe there should be a non-coercive way to regulate human behavior…well, I can’t help you.
Whatever your story or specific situation, one thing is clear: buying bitcoin is useless.
Yes you read that right. The physical act of exchanging one monetary good for another does little for you.Sure, you might make a few bucks in the short term (saving Up to 37% of short-term income tax). Sometimes you can have a lover. How will you pay for your next vacation? Lambo? why not? ! But none of that matters, as the ultimate value of Bitcoin is simply qualitative, not quantitative. And to get any qualitative benefit, you have to prove you’ve done some work…
proof of work
The gift of Bitcoin is the key to an immeasurable amount of understanding that can be gained if you put the time and effort into studying it. The bad news is that there are many different rabbit holes to go. Spend months or years learning cryptography, computer science, distributed systems, open source software, network effects, game theory, economics, financial theory, 11th grade math, energy production, geopolitics, history, human rights, and more. can spend. , philosophy, human psychology, personal responsibility, just to name a few. The good news is there are a lot of rabbit holes to go in. I have been studying Bitcoin since his 2018 and I am still nowhere near exhausting the depth and breadth it has to offer. Moreover, derived wisdom is rooted in reason and logic. Acts as an anchor in a world where reality is constantly and increasingly manipulated.
At first, it is difficult to grapple with the fact that, as we all experience at some point in our lives, we have become accustomed to living with a relatively short-term mindset. is what is called “time-prioritized”. It may take time, but understanding how the money we choose changes our individual incentive structures is the first step towards understanding why Bitcoin is the best form of money. step. Inflationary fiat currencies incentivize users to make decisions based on their current needs, while disinflationary bitcoin encourages users to make future decisions instead of prioritizing current consumption. Incentivize them to plan. It took years of deliberate research to make that point clear and to truly understand its impact on society.Getting There in One Conversation, Article, or Podcast don’t expect that. This knowledge can only be given by the spoon. You need to build a “proof of work” mindset. Unfortunately, many of your friends think you already know things you don’t…
Find out around Dunning Kruger
Wikipedia state The Dunning-Kruger (DK) effect is a cognitive bias in which people with low competence, expertise, or experience with a particular type of task or knowledge area tend to overestimate their competence or knowledge.Most norms One of the main reasons why we don’t invest the time and effort to do our own research is because Diorbecause of arrogance.
The most recent glaring example of this with Bitcoin is Recent interview with Joe Rogan With geopolitical strategist, public speaker, and New York Times bestselling author Peter Zeihan. This guy is seemingly intelligent and familiar with much of what he writes and talks about, but his complete lack of knowledge and understanding of Bitcoin (and basic monetary theory) Fully exposed in a time span of less than 3 minutes. Listen below to learn more about how he was so wrong about Bitcoin. Guy Swann’s Awesome “Bitcoin Audible” Podcast.
The point here is not to hit Zeihan (too much). The point is, we are all human and it is easy to make false assumptions based on misunderstandings and ignorance.To approach Bitcoin, start with a degree of humility and intellectual honesty. I have to. Unfortunately, many of us outsource this to ‘trusted’ media sources full of people who haven’t yet done the work themselves. don’t trust, verifyIf you trust someone who is bravado but lacks deep knowledge, you share the same misconceptions. You have to do your own work and draw your own conclusions. It takes time… time (pun sure intended).
The physical act of buying Bitcoin is not the pinnacle of virtue. If you want to grasp all the value bitcoin has to offer, you’ll need to show some mental proof of the work it takes to understand at least part of what this invention can do. I don’t.Many continue to believe that the solution to life’s ailments can be solved by forcing the will to yield to equally flawed humans, whether red or blue. increase bread and circusMost people lose focus to support the ‘next thing’. Everyone has their reasons and justifications.some of your friends dislike salty, or remain intellectually dishonest.
On the other hand, you have the opportunity to expand and grow and look outside of yourself. Lower the time setting. dealing with twitter addictionPlease turn off the TV. Settle into reality. Don’t listen to the cocky DK. I read a book. listen to audiobooks. download the podcast. ask a question. Join a local meetupProve your work. take orange pillsPlease do your own research. Do not buy bitcoin. just learn about it.
This is a guest post by Tim Niemeyer. Opinions expressed are entirely his own and do not necessarily reflect those of his BTC Inc or Bitcoin Magazine.