This is an opinion piece by Tim Niemeyer, co-host of the Lincolnland Bitcoin Meetup.
As you may have learned from watching the mainstream news, the price of bitcoin has exploded lately. If you bought the top and have held it so far, you might consider taking advice from good old Mr Goldshill himself, Peter Schiff, and take advantage of this opportunity to sell. If you are someone who missed the boat, you can reasonably wait for confirmation and buy closer to $70,000. For those who think they’ll make a quick buck, you can hop on a round just to try and cash out near the next all-time high. If you’re a communist who doesn’t believe we need a non-coercive way to coordinate human action… well, I can’t help you.
Whatever your story or specific situation, one thing is clear: buying bitcoin will not help you.
Yes, you read that right. The physical act of exchanging one monetary good for another does virtually nothing for you. Of course, you might earn a few dollars in the short term (except for up to 37% on taxes on short-term gains). You may even have a girlfriend. Paying for that next vacation? Lambo? Why not?! But none of that matters because bitcoin’s ultimate value is not just quantitative, but qualitative. And to benefit from the qualitative advantages, you will have to prove that you have worked…
proof of work
The gift of bitcoin lies in the unfathomable unlocking of understanding you receive by devoting time and effort to study it. The bad news is that there are so many different rabbit holes to go down. You could spend months to years learning any of the following: cryptography, computer science, distributed systems, open source software, network effects, game theory, economics, monetary theory, eleventh grade math, energy production , geopolitics, history, human rights. , philosophy, human psychology, personal responsibility, to name a few. The good news is that there are so many rabbit holes to go down. I’ve been studying Bitcoin since 2018, and I haven’t even exhausted the depth and breadth that Bitcoin offers yet. In addition to this, derived wisdom is rooted in reason and logic; it acts as an anchor in a world where reality is constantly and increasingly manipulated.
Initially, it is difficult to understand that you have become accustomed to living with a relatively short-term mindset, as we have all experienced at some point in our lives. This short-term mindset is what Bitcoiners call a “high time preference”. It may take some time, but understanding how the money we choose changes the incentive structure of individuals is the first step to understanding why bitcoin is the best form of money. Inflationary fiat urges its users to make decisions based on the needs of the present, while disinflationary bitcoin urges its users to plan for the future while deprioritizing current consumption. It took me years of studying intention to get to a point where I could articulate this point and really grasp its effect on society. Don’t expect to get there in a conversation, article, or podcast. This knowledge can only be fed with a spoon. You need to build a “proof of work” mindset. Unfortunately, many of your friends think they already know what they don’t know…
Dunning-Kruger around and discover
Source: author
Wikipedia states that the Dunning-Kruger (DK) effect is a cognitive bias whereby people with low ability, expertise, or experience regarding a certain type of task or area of knowledge tend to overestimate their ability or knowledge. One of the main reasons most normal people won’t take the time and effort to do their own research, or DYORis because of pride.
The most recent and obvious example of this with regard to Bitcoin came during The recent interview with Joe Rogan with geopolitical strategist, speaker and New York Times bestselling author Peter Zeihan. Although this guy is apparently smart and well versed in much of what he writes and talks about, he completely exposed his complete lack of knowledge and understanding of Bitcoin (and basic monetary theory) in less than three minutes. For a great breakdown of how he was epically wrong on Bitcoin, listen Guy Swann’s Brilliant “Bitcoin Audible” Podcast.
The point here is not to beat Zeihan (too much). The fact is, we are all human and are capable of making incorrect assumptions based on misconceptions and ignorance easily. To approach Bitcoin, you must start with a level of humility and intellectual honesty. Sadly, too many of us will outsource this to “trusted” media sources filled with people who haven’t yet done the work themselves. This is a core concept within Bitcoin: don’t trust, verify. If you choose to trust those who show bravado but have no in-depth knowledge, you will end up sharing their same misconceptions. You have to do the work yourself and come to your own conclusion. It takes…time (pun intended).
It takes time…
The physical act of buying bitcoin is not the height of virtue. If you want to capture all the value offered by Bitcoin, you need to show the mental proof of the work necessary to understand at least a fraction of what this invention can do. However, most of your normal friends won’t. Many will continue to believe that the solution to life’s ills can be solved by submitting their will to an equally flawed human, whether red or blue. Others will return to their bread and circus. Most will lose focus in order to support “the next thing”. Everyone will have their reasons and justifications. Some of your friends will even become salty haters or remain intellectually dishonest.
You, on the other hand, have the ability to expand and grow, to see outside of yourself. Reduce your time preference. Confront Your Twitter Addiction. Turn off your television. Ground yourself in reality. Don’t listen to any cocky DKs. To read a book. Listen to an audiobook. Download a podcast. To ask questions. Participate in a local meeting. Prove your work. Take the orange pill. Do your own research. I humbly beg you, do not buy bitcoin. Just learn about it.
This is a guest post by Tim Niemeyer. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
news.google.com
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