.
If a person starts investing by acquiring only basic knowledge and then if he continues investing without acquiring any more knowledge, then he may collapse after a while. For example, due to lack of proper financial management, due to wrong decisions about investment, etc. Therefore, it is very necessary for a person to gain knowledge after investing.
What you are saying here is very true, basic knowledge alone about Bitcoin is not enough for a Bitcoin investor to have an be successful on the longer run, what all Investors are advice to do after starting is to seek for more knowledge on Bitcoin and what needs to be done to hold effectively, like having an emergency and reserve funds in place so that if for any reason an emergency situation arises in the future, you wouldn't have to fall back to your investment for survival or dip hands into your investment just to sorts out one emergency needs.
Lack of the right knowledge is mostly the brain behind most Investors failing in their investment, that's why going for more knowledge on Bitcoin is very much fundamental to the success of your investment.
Neither is more knowledge enough for someone to have a successful long term investment because there is a difference between having more knowledge and not practicalizing the knowledge you have. There are people who have Bitcoin knowledge and understanding but yet they are not successful in their investment reason because they don't apply the knowledge they have correctly and no one said basic knowledge is enough for someone to have a successful investment rather it was stated that basic knowledge is just the knowledge that is required for someone to start up because initially you don't need to have all the knowledge before starting but as you proceed In your accumulation journey you will be gaining more ideas.
I think the truth of the matter is that the basic knowledge is merely the ticket to long term survival, yet it is the consistency with which an investor expands that knowledge and makes use of it that will spell long term survival. This is evident in history in Bitcoin. In the early days, many sellers sold too early due to lack of conviction and risk management skills and others blindly sold in each cycle until they did not know when and how to make a profit, pay taxes and keep their own keys. The failure of both extremes was not due to something being bad about Bitcoin, but the investors ceased to learn.
I believe that the equation is as follows: have enough knowledge not to make blaringly obvious mistakes (such as sending coins to the wrong network or becoming a victim of a scam), but continuously learn about security, market psychology, and financial planning on the way. But knowledge is not the magic ingredient like you said. It must be disciplined and put into practise. Knowledge remains theoretical without proper budgeting, saving emergency funds and without cold storage. Finally, Bitcoin investment requires a combination of education, action, and patience, not a combination of one of them.