Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Many people will probably start to allocate before they fully understand what Bitcoin is, simply because key figures who they follow do.
Call me dumb.. but I don't feel like I am even close to fully understanding what bitcoin is, and sometimes my mind changes about various aspects of what I think bitcoin is.
I do have confidence that I have some angles of understanding about what bitcoin is that are better than some people who know other things about bitcoin that I don't really understand.. Sometimes I will hear a developer talking about some angle of bitcoin that I have hardly any clue about what they are talking about, and then when they start to talk about bitcoin's investment thesis or areas in which I feel that I spend a lot of time, then I might start to think.. wholey fuck, that person doesn't know some basic concepts that I know.
Oh there are some newbies to bitcoin, and they have podcasts, and maybe they have only been in a couple of years, sometimes they will present some bitcoin-related ideas that are quite out of my reach in terms of understanding, and other times, they will say things I consider to be dumb. I bet that there are some folks in El Salvador who got into bitcoin in less than a year, and they know way more about lighting network than some of us who have been in bitcoin 8 years or more (including yours truly because I don't know too much of about actually using lightning network through personal experiences), and maybe some of those folks in El Salvador might be bullish as fuck about bitcoin but only have less than a 3rd grade education..
My bad. To keep it short I wrote "fully understand what Bitcoin is". But that is indeed not very precise. I should have chosen another wording.
There are of course different aspects and levels/depths of understanding Bitcoin. "Fully" was meant as:
you could reliably explain all important aspects (technical, game theoretical, and monetary) to a newb. (Like explaining high school math to someone but not higher mathematics.)
I think sometimes we might get too accustomed to the fact that so many people around us don't understand Bitcoin yet, and that we are still early.
That might leave us with a feeling that causes us to miscalculate the size of impact, when people finally catch on ...or to miscalculate how quickly it can happen, once worldwide FOMO begins. But things can escalate very quickly.
That might leave us with a feeling that causes us to miscalculate the size of impact, when people finally catch on ...or to miscalculate how quickly it can happen, once worldwide FOMO begins. But things can escalate very quickly.
I cannot really disagree with anything you say here, and even some of the real world Gresham's law motivations might not really be apparent to some of us, even though there could be some bitcoin contagion that builds upon Gresham law motivations principles and some of the folks who are influenced by those kinds of sound money factors might not really realize why it is that they are getting some resonance in regards to bitcoin being better money than any other kinds of money out there... which as you say builds upon itself in a kind of snowballing gravitational way, even if the users might not really exactly know why they are being motivated in that direction.
To quote yourself: I cannot really disagree with anything you say here
