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🚨 The Dunning-Kruger Effect in Bitcoin 🚨

The Dunning-Kruger effect is alive and well in the world of Bitcoin.

This cognitive bias causes people with limited knowledge to overestimate their understanding—and nowhere is this more obvious than in debates about BTC.

💡 Stage 1: “Bitcoin is a scam.”

Newcomers often dismiss it outright after a Google search or a headline. No whitepaper read. No understanding of monetary policy. But confidence? 100%.

💡 Stage 2: “I’ve figured it out.”

They discover altcoins, start trading, and think they’re financial revolutionaries. They confuse price action with innovation and often fall for buzzwords like “faster,” “greener,” or “DeFi.”

💡 Stage 3: “Wait... maybe Bitcoin isn’t so dumb.”

They dig into the history, decentralization, energy debates, and game theory. They read Satoshi’s posts. They realize Bitcoin isn’t trying to do everything—just one thing extremely well: store and transmit value without trust.

💡 Stage 4: “I know how little I know.”

Now they see the depth: Austrian economics, network effects, hash rate dynamics, and Layer 2 solutions. They’ve been humbled. The confidence drops, but the understanding grows.

The irony?

Those who’ve gone deepest into Bitcoin are often the quietest in public. And those yelling “it’s dead” are usually still stuck in Stage 1.

Bitcoin doesn’t need you to believe in it. But maybe your confidence needs a second look.

#Bitcoin #DunningKruger #BTC #SelfCustody

Christine Lakin 7mo ago

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