As discussed in the previous article about bias, some of the misconceptions around bitcoin we can understand by looking at the various cognitive biases and their impact on people’s understanding of bitcoin resources and the bitcoin network.
“A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. From their perception of input, individuals create their own” subjective reality. “Wikipedia
These biases create systemic errors about what is said and what is believed about Bitcoin.
Understanding these biases can help us educate, inform, and respond.
The illusion of authority
The illusion of authority bias is “the tendency of the authority to give more accuracy to the person’s opinion (not related to its content) and the tendency to be more influenced by that opinion.”
Bitcoiners do not tend to have the illusion of authority around the legacy government and financial authorities.
However, the general public has this bias and often directly believes that the CEO, a president or government figure, or a high-profile authority in the current finance and financial system.
We have seen everyone from Warren Buffett to Peter Schiff, Ray Dalio to Elizabeth Warren, Christine Lagarde to Gary Gensler publishing and spreading false information about Bitcoin.
And yet these public figures are trusted and believed by many.
An inherent part of the authority of this public figure is that the authority is built on the thinking of a particular group or groups.
Consistency and group bias
There are two major biases associated with groups that have similar beliefs about Bitcoin misconceptions.
Groupthinking, which is a kind of consistent bias, “is a psychological phenomenon that occurs in a group of people when the desire for harmony or harmony in the group results in irrational or ineffective decision making.”
Explain the incentive to print more money through consistent biases বিশ্বাস beliefs, beliefs and group rules, politics or like-minded behaviors এম MMT because federal debt purchases, stimulus, grants and stock appreciation have become normal and harmonious for many groups of people. However, many believe that it is unreasonable to print so much money and devalue it by reducing the purchasing power of the currency. This view was traditionally inconsistent with tradition.
Ingroup bias is “the tendency to treat others as if they were members of their own group.”
In recent history, Keynesian economists, governments and financial authorities have been prominent authorities for money and most people have been socially biased in believing in the group policies of those authorities. This group bias overlaps with social circles, friends, family and work colleagues. This makes it difficult to change or think differently because of social barbarism or dissent.
Group bias also often leads people to give blankets and false statements that fit into a group ideology. The group ideology often strongly rejects ideas or systems if the ideas are outside the authority of their group or their group.
External groups and reactive devaluation bias
The bias not invented here is another in-group bias and it is “distaste for communication or use of products, research, values, or knowledge developed outside of a group.”
Reactive underestimation bias “occurs when an offer is underestimated if it appears to be derived from a competitor.”
All you have to do with Bitcoin – any potential problems – without the reaction of the authorities and the negative and broad, seemingly critical thinking.
Furthermore, since the authority of the person in authority is based on group sensitivities and group-thinking, the anti-Bitcoin words and opinions of the authority are more widespread within the group dependent on their authority.
Regardless of what each person may think individually or where they may be unsure, the authority figures always meet the key audience that they are talking about and must speak within the norms of that group.
Why authority and group bias is so widespread
First, bias in general enables us to reduce our cognitive burden.
The circular nature of authority and group bias may seem confusing, yet it is simple: we humans take many shortcuts to our thinking. Trusting someone else or an organization or authority removes the responsibility and cognitive burden from us individually. The “wisdom of the crowd” is understandable and easy to carry.
We can believe what they say.
We don’t need to do our own research if we trust an authority or a group.
We don’t need to change our thinking or learn something new.
It’s easier to go with group and group authority.
Also, a large number of people feel good about their fiat portfolio and the number of their home values and do not want to see the reality of how it affects financial expansion, inflation, debt and those who have less.
The group rules and the assurance of the authorities look good.
In addition, the network influence of the most common beliefs both overwhelms us and allows us to support the belief of a broader view. After all, that’s what almost everyone says and believes.
People The more people have historically adopted the way of thinking, the more others will adopt the same way of thinking.
If we zoom out, this widespread acceptance of thought is actually a plus for Bitcoin, because Bitcoin data is stronger than statements that create fear, doubt and uncertainty.
How D-Bias Authority and Group Bias
To help others with their authority and group bias, both they and you should take action. Some bitcoin aphorisms apply with caution here.
- See your confirmation bias that applies to authorities and groups, and set them aside. Look for sources and information that contradict your own.
- Do your own research (DYOR) on all opinions, including reliable and well-researched sources. This can feel uncomfortable, as it will give rise to some suspicion. However, suspicion is not a black and white operative; Many so-called events are possible and uncertain.
- If you are a Bitcoin learner, your extensive research will help you better understand the broader perspective.
- If you are not a Bitcoin learner, your Bitcoin research will help you see the problems with current Fiat authorities and group regulations.
3. Most importantly – again – question your authority and group bias. Understanding why you believe what you believe and why you don’t believe the conflicting views of other parties and authorities creates perseverance, resilience, and rational discourse when your opinions are challenged.
Reducing the Fiat FUD network, increasing the Bitcoin Fact Network
The network impact of the long-term use of Fiat currency, the historical historical time of its complex system, the authorities and the consolidated authoritarian views have a huge impact on the misconceptions around Bitcoin.
As we each help to dispel these myths rationally, honestly and wisely, understanding Bitcoin will increase group acceptance and increased network impact.
Conversely, Bitcoin itself will be under the illusion of any authority or authority; It will remain decentralized.
The acceptance of bitcoin by one person, group by group, city by city, nation by nation – the centralization of authority and its bias will increase with or without.
This is a guest post from Heidi Porter. The opinions expressed are entirely their own and BTC, Inc. Bitcoin Magazine.